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我们提供的兼并和收购Mergers and Acquisitions及其相关学科的代写,服务范围广, 其中包括但不限于:

  • Statistical Inference 统计推断
  • Statistical Computing 统计计算
  • Advanced Probability Theory 高等概率论
  • Advanced Mathematical Statistics 高等数理统计学
  • (Generalized) Linear Models 广义线性模型
  • Statistical Machine Learning 统计机器学习
  • Longitudinal Data Analysis 纵向数据分析
  • Foundations of Data Science 数据科学基础
经济代写|兼并和收购代写Mergers and Acquisitions代考|FINC3013

经济代写|兼并和收购代写Mergers and Acquisitions代考|M&A Arbitrageurs

When a bid is made for a target firm, the target’s stock price often trades at a small discount to the actual bid-reflecting the risk that the deal may not be completed. Merger arbitrage refers to an investment strategy that attempts to profit from this spread. Arhs huy the stock and make a pmfit on the differenne hetween the hid price and the current stock price if the deal is completed. Others may “short” the stock once it increases betting that the proposed merger will not be completed and the target’s share price will drop to its premerger announcement level. Assume a target firm’s shares are selling at $\$ 6$ per share and an acquirer announces an offer to pay $\$ 10$ per share. Because the outcome is uncertain, the target’s share price will rise to less than $\$ 10$, assume $\$ 9 .{ }^{71}$ Other investors may bet the merger will not be completed and sell the stock short (i.e., sell borrowed shares-paying interest to the share owner based on the value of the shares when borrowed-hoping to buy them back at a lower price) at $\$ 9$ and buy it back at $\$ 6$.

Hedge fund managers, playing the role of arbs, may accumulate stock held outside of institutions to influence the outcome of the takeover attempt. If other offers for the target firm appear, arbs approach institutional investors with phone calls and through leaks to the media, attempting to sell their shares to the highest bidder. Acquirers making a hostile bid often encourage hedge funds to buy as much target stock as possible so that they can gain control of the target later by buying the stock from the hedge funds.

Arbs also provide market liquidity during transactions. In a cash-financed merger, arbs seeking to buy the target firm’s shares provide liquidity to the target’s shareholders that want to sell on the announcement day or shortly thereafter. Arbs may actually reduce liquidity for the acquirer’s stock in a share for share merger because they immediately “short” the acquirer shares. The downward pressure that arb short-selling puts on the acquirer’s share price at the time the deal is announced makes it difficult for others to sell without incurring a loss from the premerger announcement price.

The trading patterns of arbs can provide useful information to corporate managers by uncovering firms whose stock prices may be undervalued. Such firms may attract more coverage by industry analysts seeking investment opportunities for their clients. This increased coverage is not lost on acquiring company managers who otherwise may fail to notice an investment opportunity. Seeking to exploit an opportunity, Arbs are encouraged to develop more information about the target firm such as projected sales, profits, competitive position, etc. Their trading patterns serve to signal firm management that a particular firm might be an attractive takeover opportunity. Arbs buy the undervalued company’s shares and sell stocks that are out of favor. Once it becomes recognized widely by the investing public that a firm is undervalued and a takeover target, arbs are inclined to sell their shares since they have lost their informational advantage.

经济代写|兼并和收购代写Mergers and Acquisitions代考|Returns High for Target Shareholders

Average abnormal returns to target shareholders during the 2000 s averaged $25.1 \%$ as compared to $18.5 \%$ during the $1990 \mathrm{~s}^{.80}$ This upward trend may reflect bidders’ willingness to offer higher premiums in friendly takeovers to preempt other bidders, the increasing sophistication of takeover defenses, federal and state laws requiring bidders to notify target shareholders of their intentions before completing the deal, and the decline in the number of publicly listed firms during the last two decades. ${ }^{81}$ While relatively infrequent, returns from hostile tender offers generally exceed those from friendly mergers, which are characterized by less contentious negotiated settlements and the absence of competing bids.

Sometimes returns to target shareholders on the announcement date can be negative. Why? Because investors are sensitive to the size of the actual offer price relative to the expected offer price. ${ }^{82}$ When the announced offer price is below expectations, investors express their disappointment by selling their shares. Selling pressure can be particularly intense when the run-up in share prices prior to the bid is fueled largely by speculators hoping to profit from a sizable jump in the stock. When it becomes clear that their expectations will not be realized, speculators try to lock in any profits they have by selling their shares.

Rival firms in the same industry as the target firm also show significant abnormal financial returns around the announcement date that the target is to be acquired. This reflects investor anticipation that such firms are likely to become targets themselves as the industry undergoes consolidation. Those firms that are covered by the largest number of security analysts tend to show the highest abnormal returns, as analysts fuel such speculation. ${ }^{.33}$

经济代写|兼并和收购代写Mergers and Acquisitions代考|FINC3013


经济代写|兼并和收购代写Mergers and Acquisitions代考|M&A Arbitrageurs

当对目标公司进行投标时,目标公司的股价通常会以低于实际投标的价格进行交易,这反映了交易可能无法完成的风险。合并套利是指试图从这种价差中获利的投资策略。如果交易完成,Arhs 会对股票进行调整,并对隐藏价格和当前股票价格之间的差异进行调整。一旦增加对拟议合并不会完成且目标公司股价将跌至合并前公告水平的押注,其他人可能会“做空”该股票。假设目标公司的股票售价为$6每股,收购方宣布要约支付$10每股。由于结果不确定,目标股价将升至低于$10, 认为$9.71其他投资者可能押注合并不会完成并卖空股票(即卖出借入的股份——根据借入时的股份价值向股东支付利息——希望以更低的价格买回)$9然后买回来$6.



通过发现股价可能被低估的公司,套利交易模式可以为公司经理提供有用的信息。此类公司可能会吸引更多为其客户寻求投资机会的行业分析师的报道。收购公司经理不会失去这种增加的覆盖面,否则他们可能无法注意到投资机会。寻求利用机会,Arb 被鼓励开发有关目标公司的更多信息,例如预计销售额、利润、竞争地位等。他们的交易模式有助于向公司管理层发出信号,表明特定公司可能是一个有吸引力的收购机会。套利买入被低估的公司股票,卖出不受欢迎的股票。一旦投资大众普遍认识到一家公司被低估并成为收购目标,

经济代写|兼并和收购代写Mergers and Acquisitions代考|Returns High for Target Shareholders

2000 年代平均对目标股东的超额收益25.1%相比于18.5%在此期间1990 s.80这一上升趋势可能反映了投标人愿意在友好收购中提供更高溢价以抢占其他投标人的意愿、收购防御的日益复杂、联邦和州法律要求投标人在完成交易之前通知目标股东其意图,以及过去二十年上市公司的数量。81虽然相对不常见,但敌意收购要约的回报通常超过友好合并的回报,友好合并的特点是争议较少的谈判和解以及没有竞争性投标。



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