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All About Hedge Funds, Fully Revised Second Edition, 2nd Edition by Ezra Zask

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CHAPTER 17Event-Driven Strategies

Event-driven hedge funds take positions on discrete events such as mergers, bankruptcies, and corporate restructurings. They include activist hedge funds, which take significant shares in a company in order to actively change the company’s management, strategy, and/or organization; merger arbitrage funds, also called risk arbitrage funds, which take a long position in a company about to be acquired and a short position on the acquiring company seeking to profit from the convergence of the shares’ prices; and distressed investment funds, which take positions in the stock and fixed-income instruments of companies that are undergoing financial distress or may be about to become bankrupt or are coming out of bankruptcy. ...

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