In this paper, we develop a novel model to forecast the volatility of S&P 500 futures returns by considering measures of limits to arbitrage. When arbitrageurs face constraints on their trading strategies, option prices can become disconnected from fundamentals, resulting in a distortion that...

Purpose: This paper is a clinical examination of the October 2013 Management Buyout of Dell Inc. by founder Michael Dell and Silver Lake Partners for a total consideration of $13.88 per share. The proposed transaction was targeted by shareholders unhappy with the deal price and voting...

Purpose – This paper seeks to analyse Steel Partners' investments and activism targeting United Industrial, Ronson, and BKF Capital to provide context for the debate surrounding shareholder activism by hedge funds and how incumbent management should cope with it. Steel Partners is one of the...

Over the past 20 years, there have been several important changes in Japanese takeover regulations. The changes have resulted in shifts in the balance of power between potential bidders and target shareholders. The implementation and revision of mandatory tender offer rules provided more...

We examine a comprehensive sample of firms that dismantle their staggered board in favor of annual director elections. We focus on the period following the passage of the Sarbanes-Oxley act of late 2002 and we find 465 instances between 2003 and 2010. Investor reaction to these decisions is...