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SUMMARY:Influencing Control : Jawboning in Risk Arbitrage - Prfoessor Tao 
 Li\, Assistant Professor in Finance\, Warwick Business School
DTSTART:20151110T103000Z
DTEND:20151110T120000Z
UID:TALK62324@talks.cam.ac.uk
CONTACT:Crystal
DESCRIPTION:This is the first study on a relatively new phenomenon of “a
 ctivist  risk arbitrage\,” in which some shareholders attempt to change 
 the course of an announced M&A  deal through public campaigns and appraisa
 l appeals in order to profit from improved terms for either target or acqu
 irer shareholders. Compared to conventional (passive) risk arbitrageurs\, 
 activist arbitrageurs are more likely to select deals that are susceptible
  to managerial conflicts of interest\, including going-private deals\, “
 friendly” deals\, and deals with lower announcement premiums. While acti
 vist risk arbitrage does not significantly change the probability of deal 
 completion\, it increases the sensitivity of deal completion to market pri
 ce signals. Finally\, activist risk arbitrage yields significantly higher 
 returns than passive arbitrage\, with little  incremental deal risk
LOCATION:Cambidge Judge Business School\,  LT2
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