Two recent studies have found that the prices at which CDS auctions clear tend to differ substantially from both pre- and post-auction prices of the underlying bonds in the market. IN particular, CDS "sell" auctions appear to result in systematics underpricing, and CDS "buy" auctions in...

The practice of merger arbitrage is one of the more popular and profitable strategies employed by many hedge funds. At its core, the strategy is one that earns an excess return for the assumption of a specified risk. Merger arbs purchase shares of a company targeted for acquisition after the...

Most of us share a vague intuition that the rich, sophisticated, well-advised, and politically connected somehow game the system to avoid regulatory burdens the rest of us comply with. The intuition is correct; this Article explains how it’s done. Regulatory gamesmanship typically relies on a...