Risk Arbitrage in Takeovers
研究风险套利者在收购中的作用及其优势来源，分析套利者如何影响目标公司股价，并给出交易量、收购溢价、股票流动性与套利者数量关系的实证含义。
This article studies the role of risk arbitrageurs in takeovers and the source of their advantage. We show how the presence of arbitrageurs affects the value of the target shares, since arbitrageurs are more likely to tender. Therefore an arbitrageur has the informational advantage of knowing he bought shares. In equilibrium, the number of arbitrageurs buying shares and the price they pay are determined endogenously. We also present several empirical implications, including the relationship among trading volume, takeover premium, liquidity of the shares, and the number of risk arbitrageurs investing in one particular deal.