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assignmentutor-lab™ 为您的留学生涯保驾护航 在代写兼并和收购Mergers and Acquisitions方面已经树立了自己的口碑, 保证靠谱, 高质且原创的统计Statistics代写服务。我们的专家在代写兼并和收购Mergers and Acquisitions代写方面经验极为丰富，各种代写兼并和收购Mergers and Acquisitions相关的作业也就用不着说。

• Statistical Inference 统计推断
• Statistical Computing 统计计算
• (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|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. ${ }^{.33}$

# 兼并和收购代考

## 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。

## 有限元方法代写

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## MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中，其中问题和解决方案以熟悉的数学符号表示。典型用途包括：数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发，包括图形用户界面构建MATLAB 是一个交互式系统，其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题，尤其是那些具有矩阵和向量公式的问题，而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问，这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展，得到了许多用户的投入。在大学环境中，它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域，MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要，工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数（M 文件）的综合集合，可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师
assignmentutor™您的专属作业导师