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2月23日，本学期第一场学术讲座在同德楼111举行。来自University of Warwick的Tao Li与学院师生分享了题为“Influencing Control: Jawboning in Risk Arbitrage”的讲座。
This study analyzes a relatively new phenomenon of \activist risk arbitrage" during 2000-2014, in which some shareholders attempt to change the course of an announced M&A deal through public campaigns and pro_t from improved terms for either target or acquirer shareholders. Compared to conventional (passive) risk arbitrageurs, activists are more likely to select deals susceptible to managerial conflicts of interest, including going-private, “friendly” deals, and deals with lower announcement premiums. While activists block a significant proportion of planned deals, their selective targeting results in an increase in the sensitivity of deal completion to market price signals, with a modest decrease in the probability of eventual sales of the targets. Finally, activist risk arbitrage yields significantly higher returns than passive arbitrage.