The study explores the impact of sector and individual fund's size on performance. We demonstrate that alpha is related to demand for arbitrage capital as much as to its supply. Sector size affects alpha via price impact channel: larger scale depresses merger arbitrage spreads, thus lowering...

The article examines the extent to which economic incentives may have improved for appraisal arbitrageurs in recent years, which could help explain the observed increase in appraisal activity. We investigate three specific issues. First, we review the economic implications of allowing...

We analyze the extent to which promoters of firms listed on the Bombay Stock Exchange are using rights issues to circumvent regulatory provisions related to creeping acquisitions. We find that promoters use rights issues that do not have specific objectives for purposes of realizing an increase...

Two Delaware appraisal related developments occurred in the summer of 2007. These developments have made it easier for target shareholders to seek appraisal, thus strengthening Delaware appraisal rights. Recent studies have documented empirical patterns that associate stronger appraisal rights...

In securities fraud class action litigations, trading models are widely used to determine aggregate damages for the purpose of negotiating settlements. To estimate damages, trading models require assumptions on the number of shares available for trade (i.e., the float) and the number of...