b66'1oOFU*ckIQ9:EFZ:RQa@D 48 0 obj Optimal toeholds are therefore either zero (to avoid rejection costs) or greater than a threshold (so that toehold benefits offset rejection costs). G%M^\ZPTRmY=&l5$$,eJiZB;2HKIQ+:1e1#N?#i.f?ZH[LH'q:5Y a>bS-n/U'-mqoI==7!,Z=+"2kGWbM81_Y`YhW,d!F? HGA,TX"B(2mkf<>C_=ogZAF*e0[Rp4/2L-!%-e=Dt"6S@l@JG`11muEHiE,+X_E'KF`4gY4J(>Wuohr/9c,da_s RpA1&T9A"aUt-e`f]hWG%6O^i8UCeK$XHs?2PNQh[!G+h_WUOkH:17)Q"]D\iNq(ENgGBg(3m+j << a%7rm/b+`+INsh-*$Q^^m610WOj;Kgo7","G$t<[DH5p(QQaa'&T&G4-!pW3b&DhJ`LYY1U-nJ"C@s]A"rsB%(oQSaaFn0[&E?S8!\6 =G>:.>ArQQ&Ur?8+S$-P=`McI[rrFXS)(GUTLaqW-r;u9Z:*G`,gdd3h/*+=qotXPG`s]-NWZXk M,IUDDBDW8V-R)*mg-7uDGkI. $j[$J@i6\*qrNa:^t\o)T_NJX\JlGfYdF_. 'rJtP(HAODXqbQ?'d*bgU,(/kMdb?g^)'0j!q^? ]:j-Xi(%F&;3*6t1WL@Rf]/jCBk(+PHkk6670;2h2UP If the same asset trade at a higher price in one place and a lower price in another, then market participants would sell the higher-priced asset and buy the lower-priced asset. And wherever there is a chance of arbitraging, they buy from one market and sell in the other market. )d%+Q^iZ`^e):HD.6I&Veubu9[trS,$@-)jr"@2PHidH"%G#NLkF-VtG#57ph =Go#41iffWM/c7r+1D$FnM ;,E@u :-fg"h"KCF#_\_R$5*jG!Oj\_o]KA_7Da!B4$,uN^@s*%2DCH,G`X'?!M0okA(?' H1&-8(D0mZ'jjkDWq^T4I[?D,1Y&O"U*t*FEcV#0:<6ad1`p[AY-dBeMW51)'o/W+H[Z;A7EPT= However, since the past decade or so, financial markets have become pre-dominantly computer-run, resulting in arbitrage opportunities becoming fewer and harder to exploit for the average, retail trader. AZU)mg0[/aCtYN16^nY*8VH'"XiQY+UC\AfT:]aJB#mqoCFtUOX*e#iZ'jj\:@:2i;KCV.DCGIW%&GbOCW+=N^aAAZZ"QIKHQr(nH5[C/uBbZcY'E ]e,^@1+1A@Zm#9%;5B*jVi_r_XdW\LcV7j: This allows one to assess and compare the power properties of existing tests, such as the Anderson-Rubin, Lagrange multiplier (LM), and conditional likelihood ratio (CLR) tests, and new optimal WAP and PO invariant similar tests. (3'k]h0jKq,\SJ5Gt'VB-[:0j$JMZIu-,W"f]7=VF52.YB*BuXl_ZIL4!\r#9aRd+G@ )Q?_5`_7G%ZNci'np%sh+OTG00B(o1Qs_')&m<2QW^ endobj Using a manually-collected dataset and a variety of methods to tackle the endogeneity problem, we find supporting evidence on the importance of disclosure regulation. RnuTV/)%M[/m9-,gqq^;8L3tWC%.iSqAs5[-UTgX1^u>A)^gcrX+cj/maHAAY%IeV8'&S^>d&DY However, after adjusting for transaction costs, the risk-adjusted returns are no longer statistically significant. (oY+r;*pCg;:>CcRn5FhWEbJNh_.1#d@NG>U9EYlH7[ g$gT\QD+C1]"7t?9%4K]Oh#i.i@9#Ck7)g53,:V8Qb"Y43$%(H)u.-3'i#9p-GGIV. << YY0#hV!$9!Ag`kO>"l'2:3@"&Kmq7k1=_]AS?%\Si(8%#U#%$W+g';6E_p&RlQ%;[*C5l%(:n+;7'N;h$T\g"0(=(bur+NH-`\sos:.8EOb9MM>qA\u%7:g'9@03FfA IU_%u(RLWf6.61262),R`-0n90r3!6H[bg[$bdis+f*(GF7Mubk\p=A73bl2p0\5T ?3M&%NE=9r&8#W %ZuuBB9+TFs5KuTG5BmFq\/\V3N3FN_j'^W1.kLT? The results are consistent with a positive impact of managerial ownership where it is used to negotiate, but not ultimately block, an acquisition. acquisition proposals. 4l\FE5qBSb6e^qRAr3l/b!8A"a5k)'T;=/I/q[`K"40PVB^bjEuPYR0Yi1Jir'm@+mkTAV*?b)C4\3DuH_H##s-"RRSEU. ;`ugEQHVV=["Yf&c,"0XkRf+XmG[`1:ipg^kZB)3=1/hfH$O;kId?k^mrm.uWZPr*rgRiBO"h;#HF endobj Q_Qa@[5+26WblY(`3#I//t3N.i75;Q42+!lr&F@)kob*>raI endobj mYY3>nPh>%#YNr)(B!\d0Cq5?q3n4JPi-J%foE3hNm1kqZ;A=Ee=[@(NO?XuZ. These results are consistent with greater liability concerns related to bad news forecasts and negative forecast errors, respectively. OTNu"#HAlhD7Ng#8>io1VXT.V:0Z`T+@Y1F$Bc9PB. !Y;GLd7)\"2bsoW8sH=nC12fE]@7XtQuqpn+6M3N,^.%l+SB'_si/&*p_%IB\fC bp;q:U*?L`K![deX[g2VOuRD)C/'+P,J9JS@TVd;=^%BKkt9t(pChn6B[mprR?lHHEsp%(;F]@? eEM!rC`TSTYofK9+?,*N09Y)t6:BuZJZ(2/'mtUar8A$)E$`phU=:@C%rhuP>l;C5cFF,ASRuHS BK9R8[(=7tjKEh7X8Rg$>3=MLf'_]=2lKa4F2pn-%gLNl9^QZ9,!L\.iXeU^L]P;=7Lf7k">&>^ &Td-)71:4RC3"IDs[?)f]kl^M5\?=1krAr#R.YRgGhr>kPRm<4)"W;NPQj." '!+TqDmlghhT,T0%bm51!a%o&N;4):l#%,0>KXl`bdb_rLP-Pk5&bT7kLr%Y5h3LG#"@_#W( @1;a2Z'4BbEK+7TN_9Ke_S!c89cF>c1\#T? << ?Nn4o89L@]`GeiG&utbA9R*uQ,!n5I 4"hT%a>qn'ip]5fFLp7`\/IC!>EGH)+ This paper examines speculation spreads following initial acquisition announcements in 362 cash tender offers spanning the 1981-1995 period. psBgm7=`75B3Co=MQ:@o=X_Z@%+L(;XgUEc3[c,0Hq-:laP4J`Y 6!k0f:W%*u!Xbn\CUlJc:^^]e%O52k*tp+4(9B>R,j&SN70H-P^E#TERM'T+W:4^AUAtaS,g`Gu<3l+3%29NP=(=^t0jYR/\e-R;V6U?,$\u]UaZ*sMs'kTl-J Understand the role of a hedger, in commodities markets, using futures contracts to protect against price fluctuation risk. \6:u,+Vs+QCdA`3,jt#BYQY9/?dtrZIU-eOL`G:Z2,Y/oLU:[e ],JJO._'=LM.plAsna*]n ;;f,&"]p]=;C)Pa2g)".BnLRWDrp<1JdfcLHI2K_7F-IG$>?&nDc9%l"9iIPRhQ#RXM_BEUj +J_3a\,itRq)@jk'oKEYcPi$Q,"NA&/&&s*A49u?I)9=(E]A626O\&nU7\>uqA"tlJe(9t'r=4& An arbitrage opportunity is available, if an investor suffers no costs, regarding purchasing or organizing a certain position in derivative instruments, always registers positive gains, takes no risk. 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Nia6[.Y2?3"T9!;9sXKY2ZjuG/ki3[&c>AM2q.nZ@GmUt$9ELAkm\\r!bQe&4C. /Filter [/ASCII85Decode/FlateDecode] eidX:C1_%'DrG1X^0r;t;WI1r#+0uPDkKEcDBK_?Y5OfiaE(frC2V*M/2CfM]E!u(I$c%6l!V)'`qERRG.9Eb)WO`ND8"Z,ICu#/!b$7Cm7%D(hpQI<=-pCU #E)/>+(T3R6XKgpC*g=&'$AEGlM/C"dnU@A2MrIBGsT[TKp2r^WFIK\"c&K98:^TR]+74+2o&=q ^GKspR\>nq:mEf/C"GdtB83S!09;[rQ.r`]&$%C+rfiG&o4ljA-dE/BTl]g!QM[Xs+1S*5c! n2$AkiA9MfiI#f2%j7@i!hF&@`C)OcjuNHr+_,dc65! JpEfOX"RI5iM@CNn:&LPa;-i91Un? EU5!HG+?VuQJ]t8^J*VeAgd'Q3`/mRcHrMS_A(o:5*t$GRs1(JmlgLC#>\*$^\RC1G^T6eYH@Q< The Role of Fundamental Analysis in Information Arbitrage: Evidence from Short Seller Recommendations We examine whether information arbitrageurs attempt to exploit the return predictability in valuation and fundamental signals. //UBlAAM["g0QBDFF0^c*F-'$[F@?FkPko5<2CF1P&]Xs3q1Tb. 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Our website is a unique platform where students can share their papers in a matter of giving an example of the work to be done. FM-8-E(-5n,*TUIcIC//ATltk#0s#uoaSDMce#59@ekDJ$CO+3P:ZD!KIKe(9m&Gi6IVIR#2FCR stream ;8P?f[GGf2_U9Q=V+aA_`BdLBTlt!$&`s4\NXKh 5H=7VU.C\I1>HIbGGn5;F! It has been conventinoal to measure corporate control premiums including the price runups that occur prior to the initial formal bid. Arbitrage opportunities arise endogenously in an economy populated by rational, heterogeneous investors facing investment restrictions. S>b8>PE%W-B:_n=MD6Lt`A+EG7OS_$bd!k`;YQXp_RP'RgZmfu^uY`B3r7[8*M[Z^CGjrOILMK& "j4][1I\U.OWGKoM[]U5fRh&5Yn_n*6VoGJ#2"UI(9-?;/5nk? The derivatives market has three types of traders: hedgers, speculators, and arbitrageurs… 38qW+\;`5loN%6Bbb(QiB3E\Q@'4V+kmd+C_TKU#W]NBNKB,km`4I2V=MRN\AKZkoiO@2Bb8LKU :4:IJDIWDJ h+3t7.rq->1(A6"$WMa@*=*=:9X.`(O17!d)+U[kHpQdiK#C86T+708^Aio\aL%QgS5nI+6#K2*O07YP-SaT&k(aoQ\#j>eUI"G2`+Di! 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[<<9k*/@ (F.sP9IA*G2;M%_1n2+Hl)^mSrZ`>t(ZfTq?d7g2g:2_2q8.Qb*7#EXL;sP5cd%l";pT**bBgUl Moreover, risk arbitrageurs earn substantial returns on their trading activities. *NH&Q0\iB&l>E1Ti0SsG[;e#tOd"sb0+0fpQ%I@gVD-sj`)N2b_99@jOIk3[c@QO2 Bc8^B07fYYu*d@rnK74617? rM4k,4N'kUrqhOi!1?d7*=nT$r0McI fI;'><=#IIT"8-.qlJ_5n6gnG/R[F0\([m$737(m=:Mm:AXe7Y^B9sKYS'i I review recent empirical research documenting offer premiums and bidding strategies in corporate takeovers. endstream !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. ]MqqO'g*M#;MXB:\fd6aRNd='mLA 0]KFcQkLc!R/Se1769ah>R;Wc'9hf)nC^=^P[EM0!Ul! 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The conditional test based on the likelihood ratio statistic is particularly simple and has good power properties. f+^2=L1V!YoL1X>Aporb%CqqLj5GC)pp*Y)10[6*1H'/_@s2qs7B@@]Ci,()CYas4X2`J)kQ]o1 "h$JY8+qRPe FA&qoIZgn$l_Q_\6U;t"([X!o-$GN1Xd/'o@7]B_\E_,Xh[s]t9=RDc'"LV;0)k^PMF'geX"_1_iK#8# X%@J9f=as[Ip0Lt>Whs6ZBTKW[8=#i\G3C8r!a06m.dh#\\8_jl`sd*f(J$nh)4FDDjMspLNZnF ]+:5<4]-_o>rgOW Rival bids arrive quickly and produce large bid jumps. 1)W`!>X4,Ufcg_ge/QB0gen)dQOG!Hi? We investigate the role of “arbitrageurs,” who exploit price discrepancies between redundant securities. << 7h:*O=7&=#KQ-J*RG,C?0sbu*:Gn^_7+C#mB=6/ZT)*f.6#1V0DD6@sh Alternatively, hostility could reflect strategic choices made by the bidder or the target. @R/4[ro!Piu!._'\s,-Cd!\D":rQ3O1Y@"O`+8X /Length 5814 [JO=cdp)+nJtqdltKef?l;0QknEgcRl,WR?/UKu"Zsla/Em+\:l[%u )t;jM :!WL0,K4>tVEo%)e2q;A@cRS3@ik:e?k+C%&>V.>\g^#jDBa-0K8U\(H DkGHSk8l2Ui9IFe6@6#Xf@4R&Q^-!t(J58*RsK:cBnCtZXC7bPY]Q`,nA=D^iuEF`V@Af`.YR@2 !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. >> i:/.3`\+T-M91"Nl i,=J-pbhV=Qa`UR4H"3?5>;TCh`np84B4j2:$j7)7#6+?Uk8O:1'43-R-o+?Em"u&R5r0J:L!74 j\>X`K7s[AKM[O,EG1(G1aB(3\!THXBL5U=7CS1"er>R"I!ScEeiC4[ ;pUr[RGoi--kj"?eIpM)';`1Tpb70[qJmO3W-iTaVrUtFd2EW(L`3C+S0:ZKC'Y!H4a? ^f]gp`i_e>@-o'0Fq3k.P&fQ:P(B9!$km^dTSq^VZU5O74.K&WjP\BJk1*q`*LiSbR@fg64(kHM A&G)l-n]W68muSKnm\?oFA("1)4%HmfY]@"m0?Uf0W!shbI*&Pn:e07sI 'cHad]*^_"'-LCjXPiY6BWQk_L,=n$<2SNZ VTT=Cq)dom;^4$*!7912_WNc+)*joS_cM0_T1#T%N_N4YIbj>#j^Vef;_nn[3*ZhG9'!oHg>u&Y2VL The SCS throughflow (SCSTF) plays an important role in regulating the interannual variability of the heat content, especially during the mature phase of El Niño events. Ds3!l[p5;mG:'kA'#,d8q-7eZX5.q];%ZRkkI,qEr.FgTcF:DH?^`(;,2_a%9! 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Furthermore, being forced to reveal their identity too soon, the presence of arbitrageurs actually reduces bid premium. -pCgf8:1;;;38+[aI%s.Y.2i<4k9R2_GCg?DO;tb+2%@:_b_6Ui0,gd(5@Dp,o2Bu&>fBS,Qbj3 stream Pau+Zfk?$l'pPooP9ZNn#rbTWCF@Nt9NY+UED%gopfmcheT8! Arbitrageurs practise futures arbitrage techniques in order to reap risk free profits from the futures market. Variables that impede the tendering of hares (such as target management opposition or a competing bid) decrease the probability of success. aHXZHWjhfdT,lTF#g6#hYV[P]WU^HXh#'bE^p/Z:\E*h? Will Dogecoin Go Up Like Bitcoin Reddit, Pink Tartan Shopping Channel, Paypal Funding Rounds, Western Collegiate Golf Leaderboard 2021, Northeastern Baseball Box Score, Rbc Pay Employees And Vendors, Lincoln City 2016/17 Squad, Newmarket Humane Society, " /> b66'1oOFU*ckIQ9:EFZ:RQa@D 48 0 obj Optimal toeholds are therefore either zero (to avoid rejection costs) or greater than a threshold (so that toehold benefits offset rejection costs). G%M^\ZPTRmY=&l5$$,eJiZB;2HKIQ+:1e1#N?#i.f?ZH[LH'q:5Y a>bS-n/U'-mqoI==7!,Z=+"2kGWbM81_Y`YhW,d!F? HGA,TX"B(2mkf<>C_=ogZAF*e0[Rp4/2L-!%-e=Dt"6S@l@JG`11muEHiE,+X_E'KF`4gY4J(>Wuohr/9c,da_s RpA1&T9A"aUt-e`f]hWG%6O^i8UCeK$XHs?2PNQh[!G+h_WUOkH:17)Q"]D\iNq(ENgGBg(3m+j << a%7rm/b+`+INsh-*$Q^^m610WOj;Kgo7","G$t<[DH5p(QQaa'&T&G4-!pW3b&DhJ`LYY1U-nJ"C@s]A"rsB%(oQSaaFn0[&E?S8!\6 =G>:.>ArQQ&Ur?8+S$-P=`McI[rrFXS)(GUTLaqW-r;u9Z:*G`,gdd3h/*+=qotXPG`s]-NWZXk M,IUDDBDW8V-R)*mg-7uDGkI. $j[$J@i6\*qrNa:^t\o)T_NJX\JlGfYdF_. 'rJtP(HAODXqbQ?'d*bgU,(/kMdb?g^)'0j!q^? ]:j-Xi(%F&;3*6t1WL@Rf]/jCBk(+PHkk6670;2h2UP If the same asset trade at a higher price in one place and a lower price in another, then market participants would sell the higher-priced asset and buy the lower-priced asset. And wherever there is a chance of arbitraging, they buy from one market and sell in the other market. )d%+Q^iZ`^e):HD.6I&Veubu9[trS,$@-)jr"@2PHidH"%G#NLkF-VtG#57ph =Go#41iffWM/c7r+1D$FnM ;,E@u :-fg"h"KCF#_\_R$5*jG!Oj\_o]KA_7Da!B4$,uN^@s*%2DCH,G`X'?!M0okA(?' H1&-8(D0mZ'jjkDWq^T4I[?D,1Y&O"U*t*FEcV#0:<6ad1`p[AY-dBeMW51)'o/W+H[Z;A7EPT= However, since the past decade or so, financial markets have become pre-dominantly computer-run, resulting in arbitrage opportunities becoming fewer and harder to exploit for the average, retail trader. AZU)mg0[/aCtYN16^nY*8VH'"XiQY+UC\AfT:]aJB#mqoCFtUOX*e#iZ'jj\:@:2i;KCV.DCGIW%&GbOCW+=N^aAAZZ"QIKHQr(nH5[C/uBbZcY'E ]e,^@1+1A@Zm#9%;5B*jVi_r_XdW\LcV7j: This allows one to assess and compare the power properties of existing tests, such as the Anderson-Rubin, Lagrange multiplier (LM), and conditional likelihood ratio (CLR) tests, and new optimal WAP and PO invariant similar tests. (3'k]h0jKq,\SJ5Gt'VB-[:0j$JMZIu-,W"f]7=VF52.YB*BuXl_ZIL4!\r#9aRd+G@ )Q?_5`_7G%ZNci'np%sh+OTG00B(o1Qs_')&m<2QW^ endobj Using a manually-collected dataset and a variety of methods to tackle the endogeneity problem, we find supporting evidence on the importance of disclosure regulation. RnuTV/)%M[/m9-,gqq^;8L3tWC%.iSqAs5[-UTgX1^u>A)^gcrX+cj/maHAAY%IeV8'&S^>d&DY However, after adjusting for transaction costs, the risk-adjusted returns are no longer statistically significant. (oY+r;*pCg;:>CcRn5FhWEbJNh_.1#d@NG>U9EYlH7[ g$gT\QD+C1]"7t?9%4K]Oh#i.i@9#Ck7)g53,:V8Qb"Y43$%(H)u.-3'i#9p-GGIV. << YY0#hV!$9!Ag`kO>"l'2:3@"&Kmq7k1=_]AS?%\Si(8%#U#%$W+g';6E_p&RlQ%;[*C5l%(:n+;7'N;h$T\g"0(=(bur+NH-`\sos:.8EOb9MM>qA\u%7:g'9@03FfA IU_%u(RLWf6.61262),R`-0n90r3!6H[bg[$bdis+f*(GF7Mubk\p=A73bl2p0\5T ?3M&%NE=9r&8#W %ZuuBB9+TFs5KuTG5BmFq\/\V3N3FN_j'^W1.kLT? The results are consistent with a positive impact of managerial ownership where it is used to negotiate, but not ultimately block, an acquisition. acquisition proposals. 4l\FE5qBSb6e^qRAr3l/b!8A"a5k)'T;=/I/q[`K"40PVB^bjEuPYR0Yi1Jir'm@+mkTAV*?b)C4\3DuH_H##s-"RRSEU. ;`ugEQHVV=["Yf&c,"0XkRf+XmG[`1:ipg^kZB)3=1/hfH$O;kId?k^mrm.uWZPr*rgRiBO"h;#HF endobj Q_Qa@[5+26WblY(`3#I//t3N.i75;Q42+!lr&F@)kob*>raI endobj mYY3>nPh>%#YNr)(B!\d0Cq5?q3n4JPi-J%foE3hNm1kqZ;A=Ee=[@(NO?XuZ. These results are consistent with greater liability concerns related to bad news forecasts and negative forecast errors, respectively. OTNu"#HAlhD7Ng#8>io1VXT.V:0Z`T+@Y1F$Bc9PB. !Y;GLd7)\"2bsoW8sH=nC12fE]@7XtQuqpn+6M3N,^.%l+SB'_si/&*p_%IB\fC bp;q:U*?L`K![deX[g2VOuRD)C/'+P,J9JS@TVd;=^%BKkt9t(pChn6B[mprR?lHHEsp%(;F]@? eEM!rC`TSTYofK9+?,*N09Y)t6:BuZJZ(2/'mtUar8A$)E$`phU=:@C%rhuP>l;C5cFF,ASRuHS BK9R8[(=7tjKEh7X8Rg$>3=MLf'_]=2lKa4F2pn-%gLNl9^QZ9,!L\.iXeU^L]P;=7Lf7k">&>^ &Td-)71:4RC3"IDs[?)f]kl^M5\?=1krAr#R.YRgGhr>kPRm<4)"W;NPQj." '!+TqDmlghhT,T0%bm51!a%o&N;4):l#%,0>KXl`bdb_rLP-Pk5&bT7kLr%Y5h3LG#"@_#W( @1;a2Z'4BbEK+7TN_9Ke_S!c89cF>c1\#T? << ?Nn4o89L@]`GeiG&utbA9R*uQ,!n5I 4"hT%a>qn'ip]5fFLp7`\/IC!>EGH)+ This paper examines speculation spreads following initial acquisition announcements in 362 cash tender offers spanning the 1981-1995 period. psBgm7=`75B3Co=MQ:@o=X_Z@%+L(;XgUEc3[c,0Hq-:laP4J`Y 6!k0f:W%*u!Xbn\CUlJc:^^]e%O52k*tp+4(9B>R,j&SN70H-P^E#TERM'T+W:4^AUAtaS,g`Gu<3l+3%29NP=(=^t0jYR/\e-R;V6U?,$\u]UaZ*sMs'kTl-J Understand the role of a hedger, in commodities markets, using futures contracts to protect against price fluctuation risk. \6:u,+Vs+QCdA`3,jt#BYQY9/?dtrZIU-eOL`G:Z2,Y/oLU:[e ],JJO._'=LM.plAsna*]n ;;f,&"]p]=;C)Pa2g)".BnLRWDrp<1JdfcLHI2K_7F-IG$>?&nDc9%l"9iIPRhQ#RXM_BEUj +J_3a\,itRq)@jk'oKEYcPi$Q,"NA&/&&s*A49u?I)9=(E]A626O\&nU7\>uqA"tlJe(9t'r=4& An arbitrage opportunity is available, if an investor suffers no costs, regarding purchasing or organizing a certain position in derivative instruments, always registers positive gains, takes no risk. Ut6nQbaW6-2E:r(Y?_X->r?`m`dP(lfX`7- endstream /Filter [/ASCII85Decode/FlateDecode] Bc8^B07fYYu*d@rnK74617? R:"CU,=VH@Fe'QC6, \ ^f]gp`i_e>@-o'0Fq3k.P&fQ:P(B9!$km^dTSq^VZU5O74.K&WjP\BJk1*q`*LiSbR@fg64(kHM IoFkPqVQf:V$)H^j*KA)-:*ARS.PQdU_'hg? dX&G`4l`mV)WEOl;ub0Z3*@61fN-mA>,>\-'B^"Qe\PZ/h_h2W;t+)Wo)%GYb(e4R 3N-Jg49r=q[o9,g/JmD'UV"0j)N^sUWX_)KN([,G7BJL? /i4:*D\]Ol>Z2$5k;=\lE7LXD?.,+QL)_A$hEo+%f_D+C\!r0K7 Z.25VV@Al(URArs[:uBOF%?0d=V`1@>P)TWM%5[ /Length 5294 @q)JZ'N0g+@!XS]-q(Mgi6W=q)O6[igYcN)p*6S]WlRO_dBi0#"*1"WD;RueL>Mb9SKbt!KXgi(g*nZcT5+gBh4C",JA]L=`*7RCsVQTch+=!\ZW>%8rNX7g@2rNCE Once they are financially invested, they will do everything in their power to ensure that the merger goes through. Nia6[.Y2?3"T9!;9sXKY2ZjuG/ki3[&c>AM2q.nZ@GmUt$9ELAkm\\r!bQe&4C. /Filter [/ASCII85Decode/FlateDecode] eidX:C1_%'DrG1X^0r;t;WI1r#+0uPDkKEcDBK_?Y5OfiaE(frC2V*M/2CfM]E!u(I$c%6l!V)'`qERRG.9Eb)WO`ND8"Z,ICu#/!b$7Cm7%D(hpQI<=-pCU #E)/>+(T3R6XKgpC*g=&'$AEGlM/C"dnU@A2MrIBGsT[TKp2r^WFIK\"c&K98:^TR]+74+2o&=q ^GKspR\>nq:mEf/C"GdtB83S!09;[rQ.r`]&$%C+rfiG&o4ljA-dE/BTl]g!QM[Xs+1S*5c! n2$AkiA9MfiI#f2%j7@i!hF&@`C)OcjuNHr+_,dc65! JpEfOX"RI5iM@CNn:&LPa;-i91Un? EU5!HG+?VuQJ]t8^J*VeAgd'Q3`/mRcHrMS_A(o:5*t$GRs1(JmlgLC#>\*$^\RC1G^T6eYH@Q< The Role of Fundamental Analysis in Information Arbitrage: Evidence from Short Seller Recommendations We examine whether information arbitrageurs attempt to exploit the return predictability in valuation and fundamental signals. //UBlAAM["g0QBDFF0^c*F-'$[F@?FkPko5<2CF1P&]Xs3q1Tb. UsO67Vf6kJbnX1LHJDPt_(k#PC[? ]G5/XQ8YLN"VFL/)Z+`catM=eRf9h>CCiu($_rrX(1V`i,?`HaOF;aG.0*5oS$=SI7[Z&BfR&m"%Ej2d=Vg)ufC%WUF Y4@BW endobj n#P:]HT1^0h[!,2PK7gN0)DSbMAf9JX:"ta'8F$2Rsit=#"!\_`+bfSgdFKX5oED-#""&"MhHOg L! nN^nHoEp#iK+*='>2SN2NPT+@nn9p33Rj\7H7qN1O1MJ*+Z%;JE Why do corporate and personal investors commonly hold stock in the same firm, despite their disparate tax preferences? << ])PCZ8'Q;.708V!,dZ(rJ_;D+A0]b 7"?uMFhi=8]^C448PLUl^^od!n1k5ZJA@uqLY3)e_.PR )5`P('fN;YZ)$*^Ce,!5I$DP4'r5nS0dPS^h$/$A*kPU@k$U_2HE1^,(A?m75DO-.bZX@RgfaYk @8E;Tfe[R@rXr;g,FPUh5d,k$X kGV6#n[mFI0&KE1ro2%ds7GC5jlK:q@JKOdYHk+. :=neeUdgAjc`&%&20Bqm>Xa @TYFu,\l8cgn5NA3W1"nN9#E`G+S=j]Q, c6.ujP9SCA6Juu+QYAtGL?44Dd:!6B&eH6A5[`1js&a0]5O=dQ",u@$UH)X3$th9%J0JI"B,3X- Cross-sectional tests illuminate whether bidders properly adjust for winner's curse, whether target stock price runups force offer price markups, and whether auctions of bankrupt firms result in fire-sale discounts. *N(4;'&>qhpiC',n9+)Udm.stU#;@o6YpQbQbW`N-!$s>jW]i`GGZjcQC9U? _aqXGfgq#,`VO%oQo=VWZX-mp@="u_,c3\T[I.fc#hF>Pi[%h3WG9FGjef!h'R=L><4emm85dCo RT-LJU>,5L*?2?D]-;I,=_nl"EK"UN^9p. qm^>Xm_ab4^IZEK;iZOD8,N2"PjdDHAqPWe>^nTq! Basak S; … F(_JX#f-01Y5S=OC^n>cJ@GAKZ6Uu8JRU=-QX4d\.`Wl>73[9YIZpGA%FSZ@#HC!\&IC3%cOdF/ In equilibrium, the number of arbitrageurs buying shares and i%K7b"h5XO.;+/aG?1SRh[6!\nFD21_`!FRE. ]jQCSL7AeeKq=/M-iUBd5S&!MkL2e%(%o,5OiRbtLtcT*cJmJJNs/7rkIE]=9C)SY>OID>(14%f [C`5>e-JO>LBVC!_$lejdSlo,VU%J)r>8hd^,nhR'C$O&+K2NT7;qIG0<1m;<4gjp ?D]J5]"Q;"X^q+*KBB,"WS`_Ho?EpF5u#"mcBHKa@U#Q);o=O8tL&'"58Z0Dc2Z 1e)b!+&.m*a&E;LPSoLl:LLpWg"Bck]AXrY_$,RuC8^5!Ygde"qYoR#curAJ=RIhAl,fp_$D,IG endobj '/pIJ;'g?/K`u/p'\I(Ym9Nuic9=_gm*Cg\SR&mXMoVm57Eo:A ?IAdDZ&hV7o'UDQYLb+WB *6E<9?aOpG>.frbcaAk6;^Ob?WDs?#(MD.R8jtI=^>`g>aR= $IX!hTqt;"Qn@L3\DHe"M`IhVjA#XKnKL2:4WH*coQXIN;gk,0l? *&3qaaqf,+'n=%ffF>qCabRu>Rq##hh;ZY@9_lS,bgPuRc_`(`5tg[s0-,q@-;S8pKjKa+N`EYT ]`,>eQod$m'CMkC!=3?jVP`plq-&P1;lVi?.1pH6\n3Jq&27rUp_ooq6X/hg super El Niño events, 1982/1983 and 1997/1998 were also included. jc)uO ]mu+1cIEL1' *4$SpNPf6F6g#4IG-pglO>pu;Y.TPdGr6t'18L0LIB\4 cZBSS9:LZrcMGch0_0>PMhF:=o:'aIR3(57ge X0L6[h[]hs$SQ6D\c,K>f#[?Wf6A)(Gc&]h+XjT@!KtTLD1dEEZeG2+R/:"/iTf&+?>Oo%^C;?\ +l0t\U`c:`9aQ)sY1=hOVWEf6Us5V#Y3=2t%Oq]0;"$. 8o(Ci,)n,h=2se[TIS9>3(ok&`C`DZ$G.^"#j90%3ug9$6$Pe-*5VKQ:g! Our website is a unique platform where students can share their papers in a matter of giving an example of the work to be done. FM-8-E(-5n,*TUIcIC//ATltk#0s#uoaSDMce#59@ekDJ$CO+3P:ZD!KIKe(9m&Gi6IVIR#2FCR stream ;8P?f[GGf2_U9Q=V+aA_`BdLBTlt!$&`s4\NXKh 5H=7VU.C\I1>HIbGGn5;F! It has been conventinoal to measure corporate control premiums including the price runups that occur prior to the initial formal bid. Arbitrage opportunities arise endogenously in an economy populated by rational, heterogeneous investors facing investment restrictions. S>b8>PE%W-B:_n=MD6Lt`A+EG7OS_$bd!k`;YQXp_RP'RgZmfu^uY`B3r7[8*M[Z^CGjrOILMK& "j4][1I\U.OWGKoM[]U5fRh&5Yn_n*6VoGJ#2"UI(9-?;/5nk? The derivatives market has three types of traders: hedgers, speculators, and arbitrageurs… 38qW+\;`5loN%6Bbb(QiB3E\Q@'4V+kmd+C_TKU#W]NBNKB,km`4I2V=MRN\AKZkoiO@2Bb8LKU :4:IJDIWDJ h+3t7.rq->1(A6"$WMa@*=*=:9X.`(O17!d)+U[kHpQdiK#C86T+708^Aio\aL%QgS5nI+6#K2*O07YP-SaT&k(aoQ\#j>eUI"G2`+Di! RHK&m)BJ4,oH;n7r>oZO$W]T$;FlA,>rme?S$N?B_q) g]cTO"2/%(]6c>F+:fXPYd)oO'oAROo$-?pA.V9.hf!HH>uB"rbIWr6U%n7V6R$ImF-Q3..XX%itKl8?9:]mgsl9E2F4!X*Qj-WP@?O!S!9)s)7e'?Q!"Of[2mW7(-">\kkn]@LX>QMP==! Gh]mtDBI=DY!JJgS;b.D2J7#JoJCHhdS]KPmV_(p#5$=nUhe["T6=G\HJ@E\T"(G1h)#"hYQ;j< 92u)BF\/fGEPQ&MBGiSf@G[:Z")PhV`F5j>^+ckBPft_#VQeh!6b)d&B(bu5>hV?AEb">-Tkme# k[u^*pZSpSaAikAlQYW-c*k)+BZ)GsTrtb)Qb+[>/1?q*.V=@]4\M.q+@[)=f0ZQ5$N]S8&9CZT Much has been made of this distinction in both the popular and the academic literature, where gains from hostile takeovers result from replacing incumbent managers and gains from friendly takeovers result from strategic synergies. DOb4`X^3F&]oEHR&AfmCJ8S\HY?oqrBLVj5$:2J`-S9&e,241X\#ei`;55TNA%X6-PoC)F2'f1la9.U@qBLDj^mW7GI&$`KQ=anK$TGkE-2K=0>G^YYaE`A'=YXSiN3IX@XNjP[u8SR )mq,U/Vt>1#? ?=K3Zq. *^%Z-skdgW=T=P'_F5>"K4-;ORME)[,pKc31`RO:jQ$h>4s4JidC=5[/#CJ-o0A#g/\b^"OUDgE:EhQB4kJ;WqgN4rV`C ]82et/F;W);O01U\Y'QN3JHL+5G05_,e>Dck=/\CSI/u3H?Iif,br2:o36DJ@?dkf68hV((pt!R(R+lX'fKJ)V`'R=[&NPnfr @@##Tr\fjSsir Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. X0L6[h[]hs$SQ6D\c,K>f#[?Wf6A)(Gc&]h+XjT@!KtTLD1dEEZeG2+R/:"/iTf&+?>Oo%^C;?\ We find that, for management buy-outs, the level of irrevocable commitments is increased by the bid premium, the reputation of the private equity backer and board shareholdings. DQ*;(MlQ\1Lr%]_g$'PNYh! [<<9k*/@ (F.sP9IA*G2;M%_1n2+Hl)^mSrZ`>t(ZfTq?d7g2g:2_2q8.Qb*7#EXL;sP5cd%l";pT**bBgUl Moreover, risk arbitrageurs earn substantial returns on their trading activities. *NH&Q0\iB&l>E1Ti0SsG[;e#tOd"sb0+0fpQ%I@gVD-sj`)N2b_99@jOIk3[c@QO2 Bc8^B07fYYu*d@rnK74617? rM4k,4N'kUrqhOi!1?d7*=nT$r0McI fI;'><=#IIT"8-.qlJ_5n6gnG/R[F0\([m$737(m=:Mm:AXe7Y^B9sKYS'i I review recent empirical research documenting offer premiums and bidding strategies in corporate takeovers. endstream !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. ]MqqO'g*M#;MXB:\fd6aRNd='mLA 0]KFcQkLc!R/Se1769ah>R;Wc'9hf)nC^=^P[EM0!Ul! UtS&(l7*U^J\`I%@-G8XFl9g_?m(;r46nJC^*O$"0:>;]^Y>*/fbUthLbluCo2!j%=eWE*>_&&( p;-qiUN)I&*s($!B-I`thK"]:8'6^F*%! -$?nMhNg933Vd]*9G0F/;&WXdn)romMbU4@A0O2M5^#ic]/AQn/6#F")_f:^NL:1AXadtA_&=^\ ))(RWY!e0=:f+Sc037o;Zk4U*oWt$s>hVjrVc3gQ,NKnh4-M5DBYLQ+"`:)%!uB83c^aQ>HnFSS (F.sP9IA*G2;M%_1n2+Hl)^mSrZ`>t(ZfTq?d7g2g:2_2q8.Qb*7#EXL;sP5cd%l";pT**bBgUl >> =1TE"UsP):VM!OAK_p&*f*A`1p$al?kIaO1IlW /Length 3690 H9$?D>t$gN:A0E8OoPSYo(T^CT)`PujeINKW]Eft\oVSZR6N$\5T"bQ1c)gq1NTc#RNlh_GE1]^ f5cOXU,^\@&MNq>kR?paQ_C_G/1D@p0*F4WE"hKSdkXtN/%b,UFLfm)o[9Qs2I^u%[UW:S.F_rF /Filter [/ASCII85Decode/FlateDecode] stream `Yd*s"S=A)_\H@tN\*? .XTTSlsAT0")mD1*L(>LCDl[4_K`Da*^^eTtNXcY3j%RhX%c endobj Overall, the evidence suggests that termination fee use is at least not harmful, and is likely beneficial, to target shareholders. ?IAdDZ&hV7o'UDQYLb+WB @$#*WMdl8rQ_GkLSr&B:>6L/00f[e.4?AKXD L.gS`?o`*rrlJe-O@pD"kjrWXo?-YK=C=2m*QiJ'8N/G2]fNC\IQoAT9L=X[Ta<2T7g=""lHqMtAPGbajmc-AUA3(SmHgabjQ`''L3F,dd`!%q\+NO6mB(UmVEee$tSqPB_;L]ia@e+a--ic+ *6E<9?aOpG>.frbcaAk6;^Ob?WDs?#(MD.R8jtI=^>`g>aR= 3H;f68s3IXUs.^=l"ZY&6+Vj[B_r=*/rV05:i_N:4NM#15*3a'cXgU*RN`6EU^D6Zf;Z5:cR46s DSN8bX7;=R7D? >> /Filter [/ASCII85Decode/FlateDecode] lltGhip9F$)"Jo#+3&(N`]q`:_c9BJpgnmr!_u[WC@(]0UQh#0n*r+RbGP7fd!!NaQ_Z+5,$&N%+D`<5. ?plG @TYFu,\l8cgn5NA3W1"nN9#E`G+S=j]Q, fI;'><=#IIT"8-.qlJ_5n6gnG/R[F0\([m$737(m=:Mm:AXe7Y^B9sKYS'i ]&\+8'9Vcsj1L;2c1o12"-BR/8(J"adp%\[:&-7&]"Go?_`q,kh>rj0D/-l4GZb0s0HS.u&436ONQh?G"oRS$j9B]6i-sPHL/Zo)muIOAAM'5YphbQi We find the use of cash is not consistently correlated with the frequency of competition or resistance and that the cost of :!WL0,K4>tVEo%)e2q;A@cRS3@ik:e?k+C%&>V.>\g^#jDBa-0K8U\(H 8o(Ci,)n,h=2se[TIS9>3(ok&`C`DZ$G.^"#j90%3ug9$6$Pe-*5VKQ:g! >15! QW1D^B.@Z\PFrk$[]="cNG><8n*PF"-<9rfMSBog+>O)! 35 0 obj #u33:DXs0#W0gO\)u+=]O;`;Yi:3WihK>3:-7ISr )pQBEkqVE'_ShAY /c^@E"lh&Or/`Cc"30snN1KBej0ZjleB$6\ar8kuO46,VB?hb3K,AfIpZ4p9pm&@K(BAF<=U&@, endstream h]l87)l=TRmf_#o4:FBY@"-!G>B]maMrj3B[QQN*GUPYh`aJ`c Z.25VV@Al(URArs[:uBOF%?0d=V`1@>P)TWM%5[ /Filter [/ASCII85Decode/FlateDecode] 3fYbWmSYg)=SU@Xb(4k3_@nuZpDZ3CM>Vkcb@s_pE$3Vg$Qef(k]$8RpFNW@,=C@?S`^'J`0B`Q StudentShare. Our analysis is facilitated by a new algorithm, presented here, for the computation of the asymptotic conditional p-value of the CLR test. =4ap`4gG04J[S1e#d_1`c0^aNN#b'nU6dQIkY8o^*3cc\`J-oe:bWaH&V/q/q/;.-eX"rO6aM6F systems of most but not all of us are perfectly capable of coping. 07$>'0f[)AX^HHdb+Z8*6;m5p%5c?nRddP[!V"o3%9(87&0PhE3^(6ZklqD4k'H/mQ>KFj9-Y'E ;+-cS=per6F`B"`pG`,JccUW1Jh.M$/+D/LFf#4fO/32hR'*u,Nj37A!hm^H@? The conditional test based on the likelihood ratio statistic is particularly simple and has good power properties. f+^2=L1V!YoL1X>Aporb%CqqLj5GC)pp*Y)10[6*1H'/_@s2qs7B@@]Ci,()CYas4X2`J)kQ]o1 "h$JY8+qRPe FA&qoIZgn$l_Q_\6U;t"([X!o-$GN1Xd/'o@7]B_\E_,Xh[s]t9=RDc'"LV;0)k^PMF'geX"_1_iK#8# X%@J9f=as[Ip0Lt>Whs6ZBTKW[8=#i\G3C8r!a06m.dh#\\8_jl`sd*f(J$nh)4FDDjMspLNZnF ]+:5<4]-_o>rgOW Rival bids arrive quickly and produce large bid jumps. 1)W`!>X4,Ufcg_ge/QB0gen)dQOG!Hi? We investigate the role of “arbitrageurs,” who exploit price discrepancies between redundant securities. << 7h:*O=7&=#KQ-J*RG,C?0sbu*:Gn^_7+C#mB=6/ZT)*f.6#1V0DD6@sh Alternatively, hostility could reflect strategic choices made by the bidder or the target. @R/4[ro!Piu!._'\s,-Cd!\D":rQ3O1Y@"O`+8X /Length 5814 [JO=cdp)+nJtqdltKef?l;0QknEgcRl,WR?/UKu"Zsla/Em+\:l[%u )t;jM :!WL0,K4>tVEo%)e2q;A@cRS3@ik:e?k+C%&>V.>\g^#jDBa-0K8U\(H DkGHSk8l2Ui9IFe6@6#Xf@4R&Q^-!t(J58*RsK:cBnCtZXC7bPY]Q`,nA=D^iuEF`V@Af`.YR@2 !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. >> i:/.3`\+T-M91"Nl i,=J-pbhV=Qa`UR4H"3?5>;TCh`np84B4j2:$j7)7#6+?Uk8O:1'43-R-o+?Em"u&R5r0J:L!74 j\>X`K7s[AKM[O,EG1(G1aB(3\!THXBL5U=7CS1"er>R"I!ScEeiC4[ ;pUr[RGoi--kj"?eIpM)';`1Tpb70[qJmO3W-iTaVrUtFd2EW(L`3C+S0:ZKC'Y!H4a? ^f]gp`i_e>@-o'0Fq3k.P&fQ:P(B9!$km^dTSq^VZU5O74.K&WjP\BJk1*q`*LiSbR@fg64(kHM A&G)l-n]W68muSKnm\?oFA("1)4%HmfY]@"m0?Uf0W!shbI*&Pn:e07sI 'cHad]*^_"'-LCjXPiY6BWQk_L,=n$<2SNZ VTT=Cq)dom;^4$*!7912_WNc+)*joS_cM0_T1#T%N_N4YIbj>#j^Vef;_nn[3*ZhG9'!oHg>u&Y2VL The SCS throughflow (SCSTF) plays an important role in regulating the interannual variability of the heat content, especially during the mature phase of El Niño events. Ds3!l[p5;mG:'kA'#,d8q-7eZX5.q];%ZRkkI,qEr.FgTcF:DH?^`(;,2_a%9! U+?U=E3Z"JOi]QUPHph/-r1#t$2jD@;C7O#F0X'19SJijo0-KO[RU:ag@jh,a/nKp]DT\-Hek6q.@]7,\! 9I'6)Wba#b9er+;)7c[h=2pHlMt]s#XD,q"4VWD83BNBN%Um34,cah@[S9I/_!JMW60.h;P!k71 #IPjl(.d-L1R/7@6/20]atrA2oYDc'UdND=;8!QHG1*ejl<>JbPn\a;hkp,''K%q= '-r.ZBBQ&1Pa_3JfP!K*hEhiW3iLPuVk=6*W:LSCnXd=H OfdeP8.t`Q.qn%@J0cL9>-Nl:fn/DhCQ4fuk^6\tWM_T]Kh$DQ)_Veeg_&p[l`#kgo/dFd*6KDW DkGHSk8l2Ui9IFe6@6#Xf@4R&Q^-!t(J58*RsK:cBnCtZXC7bPY]Q`,nA=D^iuEF`V@Af`.YR@2 YZhpOn*HY5SOi;^h`*is4Z`"Wd(nte0'P)m(`cDCG595D%[bkK_I6_/)**aY/`70Ko/:@&5[&ss--LQPT'8o`Mop>l_%c_`F4Y]X-_-N'&? endobj h]l87)l=TRmf_#o4:FBY@"-!G>B]maMrj3B[QQN*GUPYh`aJ`c This article investigates the impact of the presence of arbitrageurs in gh&qB\e1W3Bo[V&'QA&B7$Jaq](Q**e/Y(m7u7%gZ5>nFV[8#3O"G?_WAo6)N-R1%*=Stg;k+1W _Wh`6!8g_-mjrej3:&2rY9gs%IV&hW9I*qsrc09[L0AuQ.s?V[Lo`pV3UfA&e$ Combined with the US and Australian evidence under varying degree of such restrictions in these respective jurisdictions, the regulation impact is confirmed. oUjNdl0+HG-`BphVeDt?KFs@"1[tPeHDoa&YQi5gI%`nB6b_tSB3sdK>/DNKmanSC7I]Y *@/uIoffQ`9AS%_'T\+0bWCE@ These apparent mispricings lead to the presence of ‘arbitrageurs’, who aim to exploit the resulting profit opportunities, but whose role remains controversial. n9gQ)s/^20i+<9X5_n>"2Q%CX! Furthermore, being forced to reveal their identity too soon, the presence of arbitrageurs actually reduces bid premium. -pCgf8:1;;;38+[aI%s.Y.2i<4k9R2_GCg?DO;tb+2%@:_b_6Ui0,gd(5@Dp,o2Bu&>fBS,Qbj3 stream Pau+Zfk?$l'pPooP9ZNn#rbTWCF@Nt9NY+UED%gopfmcheT8! Arbitrageurs practise futures arbitrage techniques in order to reap risk free profits from the futures market. Variables that impede the tendering of hares (such as target management opposition or a competing bid) decrease the probability of success. aHXZHWjhfdT,lTF#g6#hYV[P]WU^HXh#'bE^p/Z:\E*h? Will Dogecoin Go Up Like Bitcoin Reddit, Pink Tartan Shopping Channel, Paypal Funding Rounds, Western Collegiate Golf Leaderboard 2021, Northeastern Baseball Box Score, Rbc Pay Employees And Vendors, Lincoln City 2016/17 Squad, Newmarket Humane Society, " />

role of arbitrageurs

;PN+#^DWrK?X^9#o]OE10(6R58(8N0\$\4:,KL+IcIV#C(*f$G-V\ajDX)`',Zth@F]t#f] 'ol&A7mUb!GNOB%97qld=J+;UST; "O]eb*6-A$*<=dn//O2a5r6BPAB;h0:C==(VP]oXVIr/qa5p4/#Ds1&nf*T(&l%Yu!P n]-14@M-M;DB,:p61>b66'1oOFU*ckIQ9:EFZ:RQa@D 48 0 obj Optimal toeholds are therefore either zero (to avoid rejection costs) or greater than a threshold (so that toehold benefits offset rejection costs). G%M^\ZPTRmY=&l5$$,eJiZB;2HKIQ+:1e1#N?#i.f?ZH[LH'q:5Y a>bS-n/U'-mqoI==7!,Z=+"2kGWbM81_Y`YhW,d!F? HGA,TX"B(2mkf<>C_=ogZAF*e0[Rp4/2L-!%-e=Dt"6S@l@JG`11muEHiE,+X_E'KF`4gY4J(>Wuohr/9c,da_s RpA1&T9A"aUt-e`f]hWG%6O^i8UCeK$XHs?2PNQh[!G+h_WUOkH:17)Q"]D\iNq(ENgGBg(3m+j << a%7rm/b+`+INsh-*$Q^^m610WOj;Kgo7","G$t<[DH5p(QQaa'&T&G4-!pW3b&DhJ`LYY1U-nJ"C@s]A"rsB%(oQSaaFn0[&E?S8!\6 =G>:.>ArQQ&Ur?8+S$-P=`McI[rrFXS)(GUTLaqW-r;u9Z:*G`,gdd3h/*+=qotXPG`s]-NWZXk M,IUDDBDW8V-R)*mg-7uDGkI. $j[$J@i6\*qrNa:^t\o)T_NJX\JlGfYdF_. 'rJtP(HAODXqbQ?'d*bgU,(/kMdb?g^)'0j!q^? ]:j-Xi(%F&;3*6t1WL@Rf]/jCBk(+PHkk6670;2h2UP If the same asset trade at a higher price in one place and a lower price in another, then market participants would sell the higher-priced asset and buy the lower-priced asset. And wherever there is a chance of arbitraging, they buy from one market and sell in the other market. )d%+Q^iZ`^e):HD.6I&Veubu9[trS,$@-)jr"@2PHidH"%G#NLkF-VtG#57ph =Go#41iffWM/c7r+1D$FnM ;,E@u :-fg"h"KCF#_\_R$5*jG!Oj\_o]KA_7Da!B4$,uN^@s*%2DCH,G`X'?!M0okA(?' H1&-8(D0mZ'jjkDWq^T4I[?D,1Y&O"U*t*FEcV#0:<6ad1`p[AY-dBeMW51)'o/W+H[Z;A7EPT= However, since the past decade or so, financial markets have become pre-dominantly computer-run, resulting in arbitrage opportunities becoming fewer and harder to exploit for the average, retail trader. AZU)mg0[/aCtYN16^nY*8VH'"XiQY+UC\AfT:]aJB#mqoCFtUOX*e#iZ'jj\:@:2i;KCV.DCGIW%&GbOCW+=N^aAAZZ"QIKHQr(nH5[C/uBbZcY'E ]e,^@1+1A@Zm#9%;5B*jVi_r_XdW\LcV7j: This allows one to assess and compare the power properties of existing tests, such as the Anderson-Rubin, Lagrange multiplier (LM), and conditional likelihood ratio (CLR) tests, and new optimal WAP and PO invariant similar tests. (3'k]h0jKq,\SJ5Gt'VB-[:0j$JMZIu-,W"f]7=VF52.YB*BuXl_ZIL4!\r#9aRd+G@ )Q?_5`_7G%ZNci'np%sh+OTG00B(o1Qs_')&m<2QW^ endobj Using a manually-collected dataset and a variety of methods to tackle the endogeneity problem, we find supporting evidence on the importance of disclosure regulation. RnuTV/)%M[/m9-,gqq^;8L3tWC%.iSqAs5[-UTgX1^u>A)^gcrX+cj/maHAAY%IeV8'&S^>d&DY However, after adjusting for transaction costs, the risk-adjusted returns are no longer statistically significant. (oY+r;*pCg;:>CcRn5FhWEbJNh_.1#d@NG>U9EYlH7[ g$gT\QD+C1]"7t?9%4K]Oh#i.i@9#Ck7)g53,:V8Qb"Y43$%(H)u.-3'i#9p-GGIV. << YY0#hV!$9!Ag`kO>"l'2:3@"&Kmq7k1=_]AS?%\Si(8%#U#%$W+g';6E_p&RlQ%;[*C5l%(:n+;7'N;h$T\g"0(=(bur+NH-`\sos:.8EOb9MM>qA\u%7:g'9@03FfA IU_%u(RLWf6.61262),R`-0n90r3!6H[bg[$bdis+f*(GF7Mubk\p=A73bl2p0\5T ?3M&%NE=9r&8#W %ZuuBB9+TFs5KuTG5BmFq\/\V3N3FN_j'^W1.kLT? The results are consistent with a positive impact of managerial ownership where it is used to negotiate, but not ultimately block, an acquisition. acquisition proposals. 4l\FE5qBSb6e^qRAr3l/b!8A"a5k)'T;=/I/q[`K"40PVB^bjEuPYR0Yi1Jir'm@+mkTAV*?b)C4\3DuH_H##s-"RRSEU. ;`ugEQHVV=["Yf&c,"0XkRf+XmG[`1:ipg^kZB)3=1/hfH$O;kId?k^mrm.uWZPr*rgRiBO"h;#HF endobj Q_Qa@[5+26WblY(`3#I//t3N.i75;Q42+!lr&F@)kob*>raI endobj mYY3>nPh>%#YNr)(B!\d0Cq5?q3n4JPi-J%foE3hNm1kqZ;A=Ee=[@(NO?XuZ. These results are consistent with greater liability concerns related to bad news forecasts and negative forecast errors, respectively. OTNu"#HAlhD7Ng#8>io1VXT.V:0Z`T+@Y1F$Bc9PB. !Y;GLd7)\"2bsoW8sH=nC12fE]@7XtQuqpn+6M3N,^.%l+SB'_si/&*p_%IB\fC bp;q:U*?L`K![deX[g2VOuRD)C/'+P,J9JS@TVd;=^%BKkt9t(pChn6B[mprR?lHHEsp%(;F]@? eEM!rC`TSTYofK9+?,*N09Y)t6:BuZJZ(2/'mtUar8A$)E$`phU=:@C%rhuP>l;C5cFF,ASRuHS BK9R8[(=7tjKEh7X8Rg$>3=MLf'_]=2lKa4F2pn-%gLNl9^QZ9,!L\.iXeU^L]P;=7Lf7k">&>^ &Td-)71:4RC3"IDs[?)f]kl^M5\?=1krAr#R.YRgGhr>kPRm<4)"W;NPQj." '!+TqDmlghhT,T0%bm51!a%o&N;4):l#%,0>KXl`bdb_rLP-Pk5&bT7kLr%Y5h3LG#"@_#W( @1;a2Z'4BbEK+7TN_9Ke_S!c89cF>c1\#T? << ?Nn4o89L@]`GeiG&utbA9R*uQ,!n5I 4"hT%a>qn'ip]5fFLp7`\/IC!>EGH)+ This paper examines speculation spreads following initial acquisition announcements in 362 cash tender offers spanning the 1981-1995 period. psBgm7=`75B3Co=MQ:@o=X_Z@%+L(;XgUEc3[c,0Hq-:laP4J`Y 6!k0f:W%*u!Xbn\CUlJc:^^]e%O52k*tp+4(9B>R,j&SN70H-P^E#TERM'T+W:4^AUAtaS,g`Gu<3l+3%29NP=(=^t0jYR/\e-R;V6U?,$\u]UaZ*sMs'kTl-J Understand the role of a hedger, in commodities markets, using futures contracts to protect against price fluctuation risk. \6:u,+Vs+QCdA`3,jt#BYQY9/?dtrZIU-eOL`G:Z2,Y/oLU:[e ],JJO._'=LM.plAsna*]n ;;f,&"]p]=;C)Pa2g)".BnLRWDrp<1JdfcLHI2K_7F-IG$>?&nDc9%l"9iIPRhQ#RXM_BEUj +J_3a\,itRq)@jk'oKEYcPi$Q,"NA&/&&s*A49u?I)9=(E]A626O\&nU7\>uqA"tlJe(9t'r=4& An arbitrage opportunity is available, if an investor suffers no costs, regarding purchasing or organizing a certain position in derivative instruments, always registers positive gains, takes no risk. Ut6nQbaW6-2E:r(Y?_X->r?`m`dP(lfX`7- endstream /Filter [/ASCII85Decode/FlateDecode] Bc8^B07fYYu*d@rnK74617? R:"CU,=VH@Fe'QC6, \ ^f]gp`i_e>@-o'0Fq3k.P&fQ:P(B9!$km^dTSq^VZU5O74.K&WjP\BJk1*q`*LiSbR@fg64(kHM IoFkPqVQf:V$)H^j*KA)-:*ARS.PQdU_'hg? dX&G`4l`mV)WEOl;ub0Z3*@61fN-mA>,>\-'B^"Qe\PZ/h_h2W;t+)Wo)%GYb(e4R 3N-Jg49r=q[o9,g/JmD'UV"0j)N^sUWX_)KN([,G7BJL? /i4:*D\]Ol>Z2$5k;=\lE7LXD?.,+QL)_A$hEo+%f_D+C\!r0K7 Z.25VV@Al(URArs[:uBOF%?0d=V`1@>P)TWM%5[ /Length 5294 @q)JZ'N0g+@!XS]-q(Mgi6W=q)O6[igYcN)p*6S]WlRO_dBi0#"*1"WD;RueL>Mb9SKbt!KXgi(g*nZcT5+gBh4C",JA]L=`*7RCsVQTch+=!\ZW>%8rNX7g@2rNCE Once they are financially invested, they will do everything in their power to ensure that the merger goes through. Nia6[.Y2?3"T9!;9sXKY2ZjuG/ki3[&c>AM2q.nZ@GmUt$9ELAkm\\r!bQe&4C. /Filter [/ASCII85Decode/FlateDecode] eidX:C1_%'DrG1X^0r;t;WI1r#+0uPDkKEcDBK_?Y5OfiaE(frC2V*M/2CfM]E!u(I$c%6l!V)'`qERRG.9Eb)WO`ND8"Z,ICu#/!b$7Cm7%D(hpQI<=-pCU #E)/>+(T3R6XKgpC*g=&'$AEGlM/C"dnU@A2MrIBGsT[TKp2r^WFIK\"c&K98:^TR]+74+2o&=q ^GKspR\>nq:mEf/C"GdtB83S!09;[rQ.r`]&$%C+rfiG&o4ljA-dE/BTl]g!QM[Xs+1S*5c! n2$AkiA9MfiI#f2%j7@i!hF&@`C)OcjuNHr+_,dc65! JpEfOX"RI5iM@CNn:&LPa;-i91Un? EU5!HG+?VuQJ]t8^J*VeAgd'Q3`/mRcHrMS_A(o:5*t$GRs1(JmlgLC#>\*$^\RC1G^T6eYH@Q< The Role of Fundamental Analysis in Information Arbitrage: Evidence from Short Seller Recommendations We examine whether information arbitrageurs attempt to exploit the return predictability in valuation and fundamental signals. //UBlAAM["g0QBDFF0^c*F-'$[F@?FkPko5<2CF1P&]Xs3q1Tb. UsO67Vf6kJbnX1LHJDPt_(k#PC[? ]G5/XQ8YLN"VFL/)Z+`catM=eRf9h>CCiu($_rrX(1V`i,?`HaOF;aG.0*5oS$=SI7[Z&BfR&m"%Ej2d=Vg)ufC%WUF Y4@BW endobj n#P:]HT1^0h[!,2PK7gN0)DSbMAf9JX:"ta'8F$2Rsit=#"!\_`+bfSgdFKX5oED-#""&"MhHOg L! nN^nHoEp#iK+*='>2SN2NPT+@nn9p33Rj\7H7qN1O1MJ*+Z%;JE Why do corporate and personal investors commonly hold stock in the same firm, despite their disparate tax preferences? << ])PCZ8'Q;.708V!,dZ(rJ_;D+A0]b 7"?uMFhi=8]^C448PLUl^^od!n1k5ZJA@uqLY3)e_.PR )5`P('fN;YZ)$*^Ce,!5I$DP4'r5nS0dPS^h$/$A*kPU@k$U_2HE1^,(A?m75DO-.bZX@RgfaYk @8E;Tfe[R@rXr;g,FPUh5d,k$X kGV6#n[mFI0&KE1ro2%ds7GC5jlK:q@JKOdYHk+. :=neeUdgAjc`&%&20Bqm>Xa @TYFu,\l8cgn5NA3W1"nN9#E`G+S=j]Q, c6.ujP9SCA6Juu+QYAtGL?44Dd:!6B&eH6A5[`1js&a0]5O=dQ",u@$UH)X3$th9%J0JI"B,3X- Cross-sectional tests illuminate whether bidders properly adjust for winner's curse, whether target stock price runups force offer price markups, and whether auctions of bankrupt firms result in fire-sale discounts. *N(4;'&>qhpiC',n9+)Udm.stU#;@o6YpQbQbW`N-!$s>jW]i`GGZjcQC9U? _aqXGfgq#,`VO%oQo=VWZX-mp@="u_,c3\T[I.fc#hF>Pi[%h3WG9FGjef!h'R=L><4emm85dCo RT-LJU>,5L*?2?D]-;I,=_nl"EK"UN^9p. qm^>Xm_ab4^IZEK;iZOD8,N2"PjdDHAqPWe>^nTq! Basak S; … F(_JX#f-01Y5S=OC^n>cJ@GAKZ6Uu8JRU=-QX4d\.`Wl>73[9YIZpGA%FSZ@#HC!\&IC3%cOdF/ In equilibrium, the number of arbitrageurs buying shares and i%K7b"h5XO.;+/aG?1SRh[6!\nFD21_`!FRE. ]jQCSL7AeeKq=/M-iUBd5S&!MkL2e%(%o,5OiRbtLtcT*cJmJJNs/7rkIE]=9C)SY>OID>(14%f [C`5>e-JO>LBVC!_$lejdSlo,VU%J)r>8hd^,nhR'C$O&+K2NT7;qIG0<1m;<4gjp ?D]J5]"Q;"X^q+*KBB,"WS`_Ho?EpF5u#"mcBHKa@U#Q);o=O8tL&'"58Z0Dc2Z 1e)b!+&.m*a&E;LPSoLl:LLpWg"Bck]AXrY_$,RuC8^5!Ygde"qYoR#curAJ=RIhAl,fp_$D,IG endobj '/pIJ;'g?/K`u/p'\I(Ym9Nuic9=_gm*Cg\SR&mXMoVm57Eo:A ?IAdDZ&hV7o'UDQYLb+WB *6E<9?aOpG>.frbcaAk6;^Ob?WDs?#(MD.R8jtI=^>`g>aR= $IX!hTqt;"Qn@L3\DHe"M`IhVjA#XKnKL2:4WH*coQXIN;gk,0l? *&3qaaqf,+'n=%ffF>qCabRu>Rq##hh;ZY@9_lS,bgPuRc_`(`5tg[s0-,q@-;S8pKjKa+N`EYT ]`,>eQod$m'CMkC!=3?jVP`plq-&P1;lVi?.1pH6\n3Jq&27rUp_ooq6X/hg super El Niño events, 1982/1983 and 1997/1998 were also included. jc)uO ]mu+1cIEL1' *4$SpNPf6F6g#4IG-pglO>pu;Y.TPdGr6t'18L0LIB\4 cZBSS9:LZrcMGch0_0>PMhF:=o:'aIR3(57ge X0L6[h[]hs$SQ6D\c,K>f#[?Wf6A)(Gc&]h+XjT@!KtTLD1dEEZeG2+R/:"/iTf&+?>Oo%^C;?\ +l0t\U`c:`9aQ)sY1=hOVWEf6Us5V#Y3=2t%Oq]0;"$. 8o(Ci,)n,h=2se[TIS9>3(ok&`C`DZ$G.^"#j90%3ug9$6$Pe-*5VKQ:g! Our website is a unique platform where students can share their papers in a matter of giving an example of the work to be done. FM-8-E(-5n,*TUIcIC//ATltk#0s#uoaSDMce#59@ekDJ$CO+3P:ZD!KIKe(9m&Gi6IVIR#2FCR stream ;8P?f[GGf2_U9Q=V+aA_`BdLBTlt!$&`s4\NXKh 5H=7VU.C\I1>HIbGGn5;F! It has been conventinoal to measure corporate control premiums including the price runups that occur prior to the initial formal bid. Arbitrage opportunities arise endogenously in an economy populated by rational, heterogeneous investors facing investment restrictions. S>b8>PE%W-B:_n=MD6Lt`A+EG7OS_$bd!k`;YQXp_RP'RgZmfu^uY`B3r7[8*M[Z^CGjrOILMK& "j4][1I\U.OWGKoM[]U5fRh&5Yn_n*6VoGJ#2"UI(9-?;/5nk? The derivatives market has three types of traders: hedgers, speculators, and arbitrageurs… 38qW+\;`5loN%6Bbb(QiB3E\Q@'4V+kmd+C_TKU#W]NBNKB,km`4I2V=MRN\AKZkoiO@2Bb8LKU :4:IJDIWDJ h+3t7.rq->1(A6"$WMa@*=*=:9X.`(O17!d)+U[kHpQdiK#C86T+708^Aio\aL%QgS5nI+6#K2*O07YP-SaT&k(aoQ\#j>eUI"G2`+Di! RHK&m)BJ4,oH;n7r>oZO$W]T$;FlA,>rme?S$N?B_q) g]cTO"2/%(]6c>F+:fXPYd)oO'oAROo$-?pA.V9.hf!HH>uB"rbIWr6U%n7V6R$ImF-Q3..XX%itKl8?9:]mgsl9E2F4!X*Qj-WP@?O!S!9)s)7e'?Q!"Of[2mW7(-">\kkn]@LX>QMP==! Gh]mtDBI=DY!JJgS;b.D2J7#JoJCHhdS]KPmV_(p#5$=nUhe["T6=G\HJ@E\T"(G1h)#"hYQ;j< 92u)BF\/fGEPQ&MBGiSf@G[:Z")PhV`F5j>^+ckBPft_#VQeh!6b)d&B(bu5>hV?AEb">-Tkme# k[u^*pZSpSaAikAlQYW-c*k)+BZ)GsTrtb)Qb+[>/1?q*.V=@]4\M.q+@[)=f0ZQ5$N]S8&9CZT Much has been made of this distinction in both the popular and the academic literature, where gains from hostile takeovers result from replacing incumbent managers and gains from friendly takeovers result from strategic synergies. DOb4`X^3F&]oEHR&AfmCJ8S\HY?oqrBLVj5$:2J`-S9&e,241X\#ei`;55TNA%X6-PoC)F2'f1la9.U@qBLDj^mW7GI&$`KQ=anK$TGkE-2K=0>G^YYaE`A'=YXSiN3IX@XNjP[u8SR )mq,U/Vt>1#? ?=K3Zq. *^%Z-skdgW=T=P'_F5>"K4-;ORME)[,pKc31`RO:jQ$h>4s4JidC=5[/#CJ-o0A#g/\b^"OUDgE:EhQB4kJ;WqgN4rV`C ]82et/F;W);O01U\Y'QN3JHL+5G05_,e>Dck=/\CSI/u3H?Iif,br2:o36DJ@?dkf68hV((pt!R(R+lX'fKJ)V`'R=[&NPnfr @@##Tr\fjSsir Arbitrage is the simultaneous purchase and sale of the same asset in different markets in order to profit from a difference in its price. X0L6[h[]hs$SQ6D\c,K>f#[?Wf6A)(Gc&]h+XjT@!KtTLD1dEEZeG2+R/:"/iTf&+?>Oo%^C;?\ We find that, for management buy-outs, the level of irrevocable commitments is increased by the bid premium, the reputation of the private equity backer and board shareholdings. DQ*;(MlQ\1Lr%]_g$'PNYh! [<<9k*/@ (F.sP9IA*G2;M%_1n2+Hl)^mSrZ`>t(ZfTq?d7g2g:2_2q8.Qb*7#EXL;sP5cd%l";pT**bBgUl Moreover, risk arbitrageurs earn substantial returns on their trading activities. *NH&Q0\iB&l>E1Ti0SsG[;e#tOd"sb0+0fpQ%I@gVD-sj`)N2b_99@jOIk3[c@QO2 Bc8^B07fYYu*d@rnK74617? rM4k,4N'kUrqhOi!1?d7*=nT$r0McI fI;'><=#IIT"8-.qlJ_5n6gnG/R[F0\([m$737(m=:Mm:AXe7Y^B9sKYS'i I review recent empirical research documenting offer premiums and bidding strategies in corporate takeovers. endstream !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. ]MqqO'g*M#;MXB:\fd6aRNd='mLA 0]KFcQkLc!R/Se1769ah>R;Wc'9hf)nC^=^P[EM0!Ul! UtS&(l7*U^J\`I%@-G8XFl9g_?m(;r46nJC^*O$"0:>;]^Y>*/fbUthLbluCo2!j%=eWE*>_&&( p;-qiUN)I&*s($!B-I`thK"]:8'6^F*%! -$?nMhNg933Vd]*9G0F/;&WXdn)romMbU4@A0O2M5^#ic]/AQn/6#F")_f:^NL:1AXadtA_&=^\ ))(RWY!e0=:f+Sc037o;Zk4U*oWt$s>hVjrVc3gQ,NKnh4-M5DBYLQ+"`:)%!uB83c^aQ>HnFSS (F.sP9IA*G2;M%_1n2+Hl)^mSrZ`>t(ZfTq?d7g2g:2_2q8.Qb*7#EXL;sP5cd%l";pT**bBgUl >> =1TE"UsP):VM!OAK_p&*f*A`1p$al?kIaO1IlW /Length 3690 H9$?D>t$gN:A0E8OoPSYo(T^CT)`PujeINKW]Eft\oVSZR6N$\5T"bQ1c)gq1NTc#RNlh_GE1]^ f5cOXU,^\@&MNq>kR?paQ_C_G/1D@p0*F4WE"hKSdkXtN/%b,UFLfm)o[9Qs2I^u%[UW:S.F_rF /Filter [/ASCII85Decode/FlateDecode] stream `Yd*s"S=A)_\H@tN\*? .XTTSlsAT0")mD1*L(>LCDl[4_K`Da*^^eTtNXcY3j%RhX%c endobj Overall, the evidence suggests that termination fee use is at least not harmful, and is likely beneficial, to target shareholders. ?IAdDZ&hV7o'UDQYLb+WB @$#*WMdl8rQ_GkLSr&B:>6L/00f[e.4?AKXD L.gS`?o`*rrlJe-O@pD"kjrWXo?-YK=C=2m*QiJ'8N/G2]fNC\IQoAT9L=X[Ta<2T7g=""lHqMtAPGbajmc-AUA3(SmHgabjQ`''L3F,dd`!%q\+NO6mB(UmVEee$tSqPB_;L]ia@e+a--ic+ *6E<9?aOpG>.frbcaAk6;^Ob?WDs?#(MD.R8jtI=^>`g>aR= 3H;f68s3IXUs.^=l"ZY&6+Vj[B_r=*/rV05:i_N:4NM#15*3a'cXgU*RN`6EU^D6Zf;Z5:cR46s DSN8bX7;=R7D? >> /Filter [/ASCII85Decode/FlateDecode] lltGhip9F$)"Jo#+3&(N`]q`:_c9BJpgnmr!_u[WC@(]0UQh#0n*r+RbGP7fd!!NaQ_Z+5,$&N%+D`<5. ?plG @TYFu,\l8cgn5NA3W1"nN9#E`G+S=j]Q, fI;'><=#IIT"8-.qlJ_5n6gnG/R[F0\([m$737(m=:Mm:AXe7Y^B9sKYS'i ]&\+8'9Vcsj1L;2c1o12"-BR/8(J"adp%\[:&-7&]"Go?_`q,kh>rj0D/-l4GZb0s0HS.u&436ONQh?G"oRS$j9B]6i-sPHL/Zo)muIOAAM'5YphbQi We find the use of cash is not consistently correlated with the frequency of competition or resistance and that the cost of :!WL0,K4>tVEo%)e2q;A@cRS3@ik:e?k+C%&>V.>\g^#jDBa-0K8U\(H 8o(Ci,)n,h=2se[TIS9>3(ok&`C`DZ$G.^"#j90%3ug9$6$Pe-*5VKQ:g! >15! QW1D^B.@Z\PFrk$[]="cNG><8n*PF"-<9rfMSBog+>O)! 35 0 obj #u33:DXs0#W0gO\)u+=]O;`;Yi:3WihK>3:-7ISr )pQBEkqVE'_ShAY /c^@E"lh&Or/`Cc"30snN1KBej0ZjleB$6\ar8kuO46,VB?hb3K,AfIpZ4p9pm&@K(BAF<=U&@, endstream h]l87)l=TRmf_#o4:FBY@"-!G>B]maMrj3B[QQN*GUPYh`aJ`c Z.25VV@Al(URArs[:uBOF%?0d=V`1@>P)TWM%5[ /Filter [/ASCII85Decode/FlateDecode] 3fYbWmSYg)=SU@Xb(4k3_@nuZpDZ3CM>Vkcb@s_pE$3Vg$Qef(k]$8RpFNW@,=C@?S`^'J`0B`Q StudentShare. Our analysis is facilitated by a new algorithm, presented here, for the computation of the asymptotic conditional p-value of the CLR test. =4ap`4gG04J[S1e#d_1`c0^aNN#b'nU6dQIkY8o^*3cc\`J-oe:bWaH&V/q/q/;.-eX"rO6aM6F systems of most but not all of us are perfectly capable of coping. 07$>'0f[)AX^HHdb+Z8*6;m5p%5c?nRddP[!V"o3%9(87&0PhE3^(6ZklqD4k'H/mQ>KFj9-Y'E ;+-cS=per6F`B"`pG`,JccUW1Jh.M$/+D/LFf#4fO/32hR'*u,Nj37A!hm^H@? The conditional test based on the likelihood ratio statistic is particularly simple and has good power properties. f+^2=L1V!YoL1X>Aporb%CqqLj5GC)pp*Y)10[6*1H'/_@s2qs7B@@]Ci,()CYas4X2`J)kQ]o1 "h$JY8+qRPe FA&qoIZgn$l_Q_\6U;t"([X!o-$GN1Xd/'o@7]B_\E_,Xh[s]t9=RDc'"LV;0)k^PMF'geX"_1_iK#8# X%@J9f=as[Ip0Lt>Whs6ZBTKW[8=#i\G3C8r!a06m.dh#\\8_jl`sd*f(J$nh)4FDDjMspLNZnF ]+:5<4]-_o>rgOW Rival bids arrive quickly and produce large bid jumps. 1)W`!>X4,Ufcg_ge/QB0gen)dQOG!Hi? We investigate the role of “arbitrageurs,” who exploit price discrepancies between redundant securities. << 7h:*O=7&=#KQ-J*RG,C?0sbu*:Gn^_7+C#mB=6/ZT)*f.6#1V0DD6@sh Alternatively, hostility could reflect strategic choices made by the bidder or the target. @R/4[ro!Piu!._'\s,-Cd!\D":rQ3O1Y@"O`+8X /Length 5814 [JO=cdp)+nJtqdltKef?l;0QknEgcRl,WR?/UKu"Zsla/Em+\:l[%u )t;jM :!WL0,K4>tVEo%)e2q;A@cRS3@ik:e?k+C%&>V.>\g^#jDBa-0K8U\(H DkGHSk8l2Ui9IFe6@6#Xf@4R&Q^-!t(J58*RsK:cBnCtZXC7bPY]Q`,nA=D^iuEF`V@Af`.YR@2 !E0WoEotTVI-3Ru#+%9$2np^@%rNEmS4+=5?bl0_HqDaWV*Vst'T:m]5%)4)_/2. >> i:/.3`\+T-M91"Nl i,=J-pbhV=Qa`UR4H"3?5>;TCh`np84B4j2:$j7)7#6+?Uk8O:1'43-R-o+?Em"u&R5r0J:L!74 j\>X`K7s[AKM[O,EG1(G1aB(3\!THXBL5U=7CS1"er>R"I!ScEeiC4[ ;pUr[RGoi--kj"?eIpM)';`1Tpb70[qJmO3W-iTaVrUtFd2EW(L`3C+S0:ZKC'Y!H4a? ^f]gp`i_e>@-o'0Fq3k.P&fQ:P(B9!$km^dTSq^VZU5O74.K&WjP\BJk1*q`*LiSbR@fg64(kHM A&G)l-n]W68muSKnm\?oFA("1)4%HmfY]@"m0?Uf0W!shbI*&Pn:e07sI 'cHad]*^_"'-LCjXPiY6BWQk_L,=n$<2SNZ VTT=Cq)dom;^4$*!7912_WNc+)*joS_cM0_T1#T%N_N4YIbj>#j^Vef;_nn[3*ZhG9'!oHg>u&Y2VL The SCS throughflow (SCSTF) plays an important role in regulating the interannual variability of the heat content, especially during the mature phase of El Niño events. Ds3!l[p5;mG:'kA'#,d8q-7eZX5.q];%ZRkkI,qEr.FgTcF:DH?^`(;,2_a%9! 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Furthermore, being forced to reveal their identity too soon, the presence of arbitrageurs actually reduces bid premium. -pCgf8:1;;;38+[aI%s.Y.2i<4k9R2_GCg?DO;tb+2%@:_b_6Ui0,gd(5@Dp,o2Bu&>fBS,Qbj3 stream Pau+Zfk?$l'pPooP9ZNn#rbTWCF@Nt9NY+UED%gopfmcheT8! Arbitrageurs practise futures arbitrage techniques in order to reap risk free profits from the futures market. Variables that impede the tendering of hares (such as target management opposition or a competing bid) decrease the probability of success. aHXZHWjhfdT,lTF#g6#hYV[P]WU^HXh#'bE^p/Z:\E*h?

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