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SUMMARY:Influencing Control:  Jawboning Activist Arbitrage.
DTSTART:20170317T103000
DTEND:20170317T120000
DTSTAMP:20260511T041408Z
UID:cebbbb74207e604d79a0724987a18510923bd7b65e000b1f8df0c234
CATEGORIES:Conferences - Seminars
DESCRIPTION:Wei JIANG (Columbia University)\nIn an "activist risk arbitrag
 e\," a shareholder attempts to change the course of an announced M&A deal 
 through public campaigns\, and profits from improved terms. Compared to co
 nventional (passive) risk arbitrageurs\, activists target deals susceptibl
 e to managerial conflicts of interest (e.g.\, going-private and "friendly"
  deals) and deals with lower announcement premiums. Their presence increas
 es the sensitivity of deal completion to market signals. While they block 
 a significant proportion of planned deals\, activist arbitrageurs only mod
 estly decrease the probability that the targets will eventually be acquire
 d (including by a third party). Finally\, the strategy yields significantl
 y higher returns than passive arbitrage.
LOCATION:UNIL\, Extranef\, room 126 https://planete.unil.ch/plan/?local=EX
 T-126
STATUS:CONFIRMED
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