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Merger Arbitrage: How to Profit from Event-Driven Arbitrage, by Thomas Kirchner
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A detailed look at an important hedge fund strategy
Written by a fund manager who invests solely in merger arbitrage, also referred to as risk arbitrage, and other event-driven strategies, Merger Arbitrage is the definitive book on how this alternative hedge fund strategy works. Initial chapters are dedicated to the ins and outs of the strategy–cash mergers versus stock for stock mergers, legal aspects of mergers, and pitfalls of the merger process–while later chapters focus on giving the reader sound advice for integrating merger arbitrage into an investment portfolio. Merger Arbitrage helps readers understand leverage and options, shorting stocks, and legal aspects of merger arbitrage, including seeking appraisal or filing lawsuits for inadequate merger consideration. For those looking to gain an edge in the merger arbitrage arena, this book has everything they need to succeed.
Thomas F. Kirchner, CFA (New York, NY), is the founder and portfolio manager of Pennsylvania Avenue Funds (www.pennavefunds.com), which invests in merger arbitrage and other event-driven strategies.
- Sales Rank: #1336050 in Books
- Published on: 2009-08-03
- Original language: English
- Number of items: 1
- Dimensions: 9.30" h x 1.22" w x 6.40" l, 1.26 pounds
- Binding: Hardcover
- 355 pages
From the Inside Flap
Merger arbitrage, also known as risk arbitrage, is not a new concept in the field of finance, yet information about this discipline has been hard to come by—until now.
Written by Thomas Kirchner, President of the Pennsylvania Avenue Funds and Manager of the Pennsylvania Avenue Event-Driven Fund—a mutual fund that uses merger arbitrage as one of its investment strategies—this is the definitive book on one of the most effective forms of arbitrage. Organized into three comprehensive parts, this reliable resource introduces you to the basics of the arbitrage process in Part One, discusses the possible pitfalls of the approach in Part Two, and deals with some practical questions of investing in merger arbitrage in Part Three.
Filled with in-depth insights and expert advice, Merger Arbitrage goes beyond the description of the arbitrage process to examine the benefits of adding merger arbitrage to your portfolio, while introducing you to the vehicles that can be used to incorporate this strategy into your everyday investment endeavors.
Initial chapters are dedicated to the ins and outs of the strategy—cash mergers versus stock-for-stock mergers, sources of risk and return, and deal structure—while later chapters focus on making merger arbitrage work in today's dynamic market. Along the way, you'll also become familiar with other essential aspects of this discipline, such as management incentives for getting mergers done, fighting for full value of shares when a company is taken over, and government involvement in the merger process. The potential for the abuse of shareholder value and conflicts of interests in mergers are highlighted throughout the text, as are the red flags to watch out for. Designed with the serious investor in mind, Merger Arbitrage addresses the most important issues in this field and will put you in a position to profit from a better understanding of leverage and options, shorting stocks, and the legal aspects of merger arbitrage, including seeking appraisal or filing lawsuits for inadequate merger consideration.
Merger arbitrage is an event-driven strategy that generally has a low correlation with market movements. If you're looking to gain an edge in the merger arbitrage arena—and profit regardless of market direction—this book has everything you need to succeed.
From the Back Cover
Praise for Merger Arbitrage
"This is a knowledgeable and detailed review of risk arbitrage. Mr. Kirchner demonstrates a command of his subject and touches on a nice range of issues that confront the merger arb professional. A nice introduction and reference guide to this exciting and challenging investment strategy."
—Scott Stuart, Risk Arbitrage Columnist for the Daily Deal and thedeal.com
"Merger arbitrage is a strategy that appears to be simple but where the devil is in the details. Thomas Kirchner has done a great job explaining all the technical and legal aspects behind the business of merger arbitrage in a user-friendly way. This book is a must-read for every serious investment professional and savvy individual investor interested in this strategy."
—François Lhabitant, Chief Investment Officer, Kedge Capital, and Professor of Finance, HEC Lausanne and EDHEC Business School
Merger Arbitrage is the definitive book on one of the most effective forms of arbitrage. Organized into three comprehensive parts, this reliable resource introduces you to the basics of the arbitrage process in Part One, discusses the possible pitfalls of the approach in Part Two, and deals with some practical questions of investing in merger arbitrage in Part Three.
Filled with in-depth insights and expert advice, this timely guide goes beyond the description of the arbitrage process to examine the benefits of adding merger arbitrage to your portfolio, while introducing you to the vehicles that can be used to incorporate this strategy into your everyday investment endeavors.
About the Author
THOMAS KIRCHNER, CFA, is the founder and portfolio manager of the Pennsylvania Avenue Funds (www.pennavefunds.com), which invests in merger arbitrage and other event-driven strategies. He also serves as the President and a trustee of the fund. Kirchner¿s personal blog, The Deal Sleuth, tracks problematic mergers. He holds a BSc from King¿s College, University of London, a Dipl¿me from the Institut d¿Etudes Politiques de Paris (Sciences Po), and an MBA from the University of Chicago Booth School of Business.
Most helpful customer reviews
5 of 7 people found the following review helpful.
Excellent Read for Any Investor
By Daniel Scott
I just finished reading the Merger Arbitrage book by Thomas Kirchner and I really enjoyed it. Mr. Krichner's book broke down the philosophy and process behind investing in mergers in a simple and concise way so that anyone can understand how merger arbitrage works. The book has detailed examples of past mergers which really help to illustrate how mergers operate and how to take advantage of them. The book also talks about risks involved with mergers and explains how some risks really aren't that bad considering the potential up side for merger arbitrage strategies.
My favorite part of the book was chapter 12 which talked about how merger arbitrage strategies complement traditional investment strategies. Mr. Kirchner pointed out simple benefits such as diversification of risk and return streams as basic reasons to incorporate a merger arbitrage strategy into traditional investment strategies and he backs up his claims with data that shows exactly what he is talking about.
Overall I would recommend this book to any person who wants to learn more about investing. The book caters to any level of investor and it has great examples which really help out!
6 of 9 people found the following review helpful.
Highly readable and informative
By Tristan Yates
Merger Arbitrage is informative and engaging and if you like finance and investing you will love this book, even if you haven't spent more than five minutes in your life thinking about mergers & acquisitions. A more descriptive title might have been 99 Mergers because that's essentially what the book is, the definitive collection of mergers and what we can learn from each one.
There are hostile takeovers, management buyouts, bidding wars, busted mergers, spinoffs, proxy wars, insider scams, activist shareholders, private equity kings, anti-trust suits, appraisal actions, and a few other situations that you've never thought of but should know about because let's face it, anything can and does happen in the financial markets.
It is a fun and informative read and Kirchner includes enough statistics to let us see the big picture, for example what mergers are more likely to succeed and why, both for firms and investors. It is also pro-shareholder and pro-investor and rightfully skeptical about both Wall Street (including private equity) and management. I still have one chapter to go in the book but am already recommending it to my friends and colleagues who have an interest in the markets.
1 of 3 people found the following review helpful.
Based on the author's track record I would not recommend this bok
By Jackal
I read a lot of books, but I also do due diligence before I read something. When I looked at the author's fund, it was clear that it was underperforming for very long stretches of time. Before you buy the book, do the research.
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