Takeovers, Freezeouts, and Risk Arbitrage
... increase their bargaining power vis á vis the bidder, forcing him to pay a high takeover premium despite the bidder’s freezeout rights. Large shareholders, therefore, perform a di¤erent role in our model than they do in Shleifer and Vishny (1988), where their presence is bene…cial because they help ...
... increase their bargaining power vis á vis the bidder, forcing him to pay a high takeover premium despite the bidder’s freezeout rights. Large shareholders, therefore, perform a di¤erent role in our model than they do in Shleifer and Vishny (1988), where their presence is bene…cial because they help ...
The Impact of the French Securities Transaction Tax on Market
... Commission, FTT is supported by six out ten Europeans. The strength of the support varies considerably among the countries: in France, Germany or Italy seven out of ten respondents are in favor of the FTT, while there are only four in Sweden or the UK and only three in the Netherlands.3 At the same ...
... Commission, FTT is supported by six out ten Europeans. The strength of the support varies considerably among the countries: in France, Germany or Italy seven out of ten respondents are in favor of the FTT, while there are only four in Sweden or the UK and only three in the Netherlands.3 At the same ...
Interacting Limit Order Demand and Supply Curves
... We can allow (but need not require) the total net supply of the asset to be subject to random shocks from liquidity traders who supply a total of traders submit ...
... We can allow (but need not require) the total net supply of the asset to be subject to random shocks from liquidity traders who supply a total of traders submit ...
Price Volatility and Investor Behavior in an Overlapping
... claims (stocks) on a single consumption good are traded in financial markets. A continuum of rational risk-averse agents lives for two periods. Upon birth, the agents receive noisy private signals about oneperiod-ahead dividends. Based on their private signals, their random endowments of the risky a ...
... claims (stocks) on a single consumption good are traded in financial markets. A continuum of rational risk-averse agents lives for two periods. Upon birth, the agents receive noisy private signals about oneperiod-ahead dividends. Based on their private signals, their random endowments of the risky a ...
Just what you need to know about Variance Swaps
... Research reports and notes produced by the Firm's Research Departments are available from your salesperson or at the Firm's website, http://www.morganmarkets.com. Opinions expressed herein may differ from the opinions expressed by other areas of JPMorgan, including research. This commentary is provi ...
... Research reports and notes produced by the Firm's Research Departments are available from your salesperson or at the Firm's website, http://www.morganmarkets.com. Opinions expressed herein may differ from the opinions expressed by other areas of JPMorgan, including research. This commentary is provi ...
New Activist Weapon-- The Rise of Delaware Appraisal
... favor of the merger before they voted against it as shareholders. Critically, notwithstanding the notable increase in appraisal activity, it is still only a fairly low percentage of all appraisal eligible transactions (17% in 2013) that currently attract appraisal petitions. (By contrast, almost all ...
... favor of the merger before they voted against it as shareholders. Critically, notwithstanding the notable increase in appraisal activity, it is still only a fairly low percentage of all appraisal eligible transactions (17% in 2013) that currently attract appraisal petitions. (By contrast, almost all ...
Notice of the Ministry of Labor and Social Security and China
... Article 18 For the enterprise annuity fund under the trusteeship of a clearing participant, the China Clearing Corporation shall check and ratify the corresponding minimum clearing reserve in accordance with the relevant provisions on the management of clearing reserve. The balance at the end of a ...
... Article 18 For the enterprise annuity fund under the trusteeship of a clearing participant, the China Clearing Corporation shall check and ratify the corresponding minimum clearing reserve in accordance with the relevant provisions on the management of clearing reserve. The balance at the end of a ...
Capital Structure Decision
... shares for future financing on unfavorable term due to heavy debt. Hence the firm should all ways return some unused debt capacity for future needs. Flexibility also implies the firm’s ability to refund money when not required for which purpose it may have to incorporate a provision to refund the am ...
... shares for future financing on unfavorable term due to heavy debt. Hence the firm should all ways return some unused debt capacity for future needs. Flexibility also implies the firm’s ability to refund money when not required for which purpose it may have to incorporate a provision to refund the am ...
payments and securities clearance and settlement systems in
... National Bank (SNB), and the U.S. Securities and Exchange Commission (SEC). Other central banks, securities commissions and international organizations are expected to join the IAC over the course of the program. To assure quality and effectiveness, the CISPI includes two important elements. First, ...
... National Bank (SNB), and the U.S. Securities and Exchange Commission (SEC). Other central banks, securities commissions and international organizations are expected to join the IAC over the course of the program. To assure quality and effectiveness, the CISPI includes two important elements. First, ...
department of labor retirement initiative fails to consider current
... laws. Specifically, the CEA Report claims that the different legal standards that apply to the provision of investment advice by broker-dealers and investment advisers, and the different ways in which broker-dealers and investment advisers are compensated, cause broker-dealers and some investment ad ...
... laws. Specifically, the CEA Report claims that the different legal standards that apply to the provision of investment advice by broker-dealers and investment advisers, and the different ways in which broker-dealers and investment advisers are compensated, cause broker-dealers and some investment ad ...
Mutual Funds Investment
... particular mutual fund. But, individual stocks do not hold this advantage of diversification. If the prices of the stocks go down in the market, the investor is sure to lose money. Professional Management and Efficiency As mutual funds are managed by the professional fund managers who are specialize ...
... particular mutual fund. But, individual stocks do not hold this advantage of diversification. If the prices of the stocks go down in the market, the investor is sure to lose money. Professional Management and Efficiency As mutual funds are managed by the professional fund managers who are specialize ...
CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM
... This Confidential Private Placement Offering Memorandum (“Memorandum”) is submitted to you on a confidential basis solely for the purpose of evaluating the specific transaction described herein. This information shall not be photocopied, reproduced or distributed to others without the prior written ...
... This Confidential Private Placement Offering Memorandum (“Memorandum”) is submitted to you on a confidential basis solely for the purpose of evaluating the specific transaction described herein. This information shall not be photocopied, reproduced or distributed to others without the prior written ...
Proceedings of 7th Annual American Business Research Conference
... involuntary delisting, one of the most value-destructive events. For the sample of delisted firms in Japan between 2002 and 2012, we find the following results: (1) The wealth effect of involuntary delisting is approximately -70%, indicating that involuntary delisting is a highly disruptive event in ...
... involuntary delisting, one of the most value-destructive events. For the sample of delisted firms in Japan between 2002 and 2012, we find the following results: (1) The wealth effect of involuntary delisting is approximately -70%, indicating that involuntary delisting is a highly disruptive event in ...
Asset market participation and portfolio choice over the life-cycle
... failure to find evidence of rebalancing in the risky share. Third, evidence so far is based primarily on household surveys which are notoriously subject to measurement problems. Most importantly, measurement and reporting errors are likely to be correlated with age, hiding age patterns when present ...
... failure to find evidence of rebalancing in the risky share. Third, evidence so far is based primarily on household surveys which are notoriously subject to measurement problems. Most importantly, measurement and reporting errors are likely to be correlated with age, hiding age patterns when present ...
The Initial Public Offering Handbook
... transactions, asset acquisitions and dispositions, initial public offerings, follow-on offerings, PIPE and 144A transactions, private placements and venture capital financings. He is a frequent speaker on corporate and securities law matters. Mr. Allison received his A.B. in Economics and Government ...
... transactions, asset acquisitions and dispositions, initial public offerings, follow-on offerings, PIPE and 144A transactions, private placements and venture capital financings. He is a frequent speaker on corporate and securities law matters. Mr. Allison received his A.B. in Economics and Government ...
Investor Sentiment and Beta Pricing
... unconditional relation between individual stock and market returns. There is, of course, a vast literature testing variants of this simple version. For example, Jagannathan and Wang (1996) argue that when returns to labor income are included in the total return on the market portfolio, a conditional ...
... unconditional relation between individual stock and market returns. There is, of course, a vast literature testing variants of this simple version. For example, Jagannathan and Wang (1996) argue that when returns to labor income are included in the total return on the market portfolio, a conditional ...
The Link between IPO Underpricing and Trading Volume: Evidence
... between underwriter’s trading profits and IPO underpricing. Based on the second explanation, higher liquidity is not a goal but a by-product as it is argued by Reese (2003). The reasoning relies on the book-building model of Benveniste and Spindt (1989). In their model, underwriters of initial publi ...
... between underwriter’s trading profits and IPO underpricing. Based on the second explanation, higher liquidity is not a goal but a by-product as it is argued by Reese (2003). The reasoning relies on the book-building model of Benveniste and Spindt (1989). In their model, underwriters of initial publi ...
Short (finance)
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In finance, short selling (also known as shorting or going short) is the practice of selling securities or other financial instruments that are not currently owned, and subsequently repurchasing them (""covering""). In the event of an interim price decline, the short seller will profit, since the cost of (re)purchase will be less than the proceeds which were received upon the initial (short) sale. Conversely, the short position will be closed out at a loss in the event that the price of a shorted instrument should rise prior to repurchase. The potential loss on a short sale is theoretically unlimited in the event of an unlimited rise in the price of the instrument, however in practice the short seller will be required to post margin or collateral to cover losses, and any inability to do so on a timely basis would cause its broker or counterparty to liquidate the position. In the securities markets, the seller generally must borrow the securities in order to effect delivery in the short sale. In some cases, the short seller must pay a fee to borrow the securities and must additionally reimburse the lender for cash returns the lender would have received had the securities not been loaned out.Short selling is most commonly done with instruments traded in public securities, futures or currency markets, due to the liquidity and real-time price dissemination characteristic of such markets and because the instruments defined within each class are fungible.In practical terms, going short can be considered the opposite of the conventional practice of ""going long"", whereby an investor profits from an increase in the price of the asset. Mathematically, the return from a short position is equivalent to that of owning (being ""long"") a negative amount of the instrument. A short sale may be motivated by a variety of objectives. Speculators may sell short in the hope of realizing a profit on an instrument which appears to be overvalued, just as long investors or speculators hope to profit from a rise in the price of an instrument which appears undervalued. Traders or fund managers may hedge a long position or a portfolio through one or more short positions.