An Analysis of the Determinants of Arbitrage Spread

Author:Etienne Redor

ABSTRACT
This study examines the determinants of arbitrage spread of S&P 500 firms between 2004 and 2014. We find that bid hostility, the relative size of the target compared to the potential bidder and the acquisition premium paid by the bidding firm are associated with greater arbitrage spread while the proportion of cash in the offer and target termination fees are associated with smaller arbitrage spread.

Source:

Journal: Theoretical Economics Letters
DOI: 10.4236/tel.2019.93034(PDF)
Paper Id: 91064 (metadata)

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