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Top Stories |
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Goldman Hedge Fund Gets $3B Bailout
Source:
Forbes
Goldman Sachs Group said Monday it is leading a group of
investors that includes Maurice "Hank" Greenberg and Eli Broad,
sinking $3 billion into one of its biggest hedge funds which has
seen its value plunge amid market volatility.
More...
Threadneedle to Acquire Convivo to Boost Hedge Funds (Update1)
Source:
Bloomberg
Threadneedle Asset Management Ltd., the London-based money
manager owned by Ameriprise Financial Inc., agreed to buy
Convivo Capital Management Ltd. to expand its emerging-market
hedge-fund business.
More...
Hedge fund margining – what are banks offering and what do hedge
funds prefer?
Source: Bob's Guide
A survey conducted by InteDelta, the risk management
consultancy, examines the development of banks’ approaches to
margining hedge funds, the challenges banks are facing as they
are forced to compete on credit terms, and hedge funds’
preferences for the way in which they are margined.
More...
UPDATE 1-Hedge fund execs up stakes in Friday's share plunge
Source:
Reuters UK
Directors of hedge fund managers Man Group (EMG.L: Quote,
Profile , Research) and RAB Capital (RAB.L: Quote, Profile ,
Research) raised their personal stakes in the groups on Friday
as shares in alternative investment firms tumbled amid
widespread market volatility.
More...
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Term of the Day & Related News |
Junk Bonds
In finance, a
high-yield bond (non-investment grade bond or junk bond) is a
bond that is rated below investment grade, i.e. below BBB- by
Standard & Poor's (S&P) or Baa3 by Moody's. These bonds have a
higher risk of defaulting, but typically pay high yields in
order to make them attractive to investors.
Global issuance of high yield bonds more than doubled in 2003 to
nearly $146 billion in deals issued from less than $63 billion
in 2002, although this is less than the record of $150 billion
in 1998.
More...
Related News:
Credit Crunch
Unearths Good Deals in Junk Pile
Source:
The Wall Street Journal Online
The dog days of August in the credit markets have turned
up some tantalizing opportunities in the junkyard, of
all places.
The market for junk bonds -- or non-investment-grade
debt with high yields -- is "amazingly cheap," says
Christopher Towle, partner and portfolio manager at
investment firm Lord Abbett. "There's tremendous value
out there."
More...
Mobile-8 Sells Junk
Bonds as Subprime Concerns Fade (Update3)
Source:
Bloomberg
PT Mobile-8 Telecom, Indonesia's fifth-biggest
mobile-phone operator, raised $100 million selling
high-yield dollar-denominated bonds, Asia's first in
four weeks, as concerns over U.S. subprime mortgages
wane.
More... |
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Scholarly Article & Related News |
A Microstructure Examination of the Effect of Risk Arbitrage
on the Trading in Acquiring Company Shares in Stock Mergers
by
Dr. Keith M. Moore, Dr. Gene C. Lai, & Dr. Zhiyi Song
This paper examines the changes that occur in the trading in
the acquiring company’s shares in stock mergers once the
transactions are announced. Using a two-year sample that
includes 13 million quotes and 15 million trades the impact
of short-selling by risk arbitrageurs on the microstructure
of the market in acquiring company shares is evaluated. The
results show that the process of risk arbitrage and the
related short-selling improves the efficiency of the market
in the bidder’s shares...
More...
Related News:
Column: Cheaper
stock valuation could trigger new wave of M&A, and
hopefully revive Wall Street
Source:
The International Herald Tribune
The beating Wall Street suffered this past week might
have actually created the perfect conditions to launch
its revival — cheaper stock prices can herald a comeback
for corporate acquisitions.
Dealmaking has been one of the market's biggest drivers,
with some $1.26 trillion (€0.92 trillion) worth of
acquisitions and private equity transactions announced
in the U.S. so far this year. Market watchers believe
mergers and acquisitions — particularly by big public
companies — might be the catalyst to help get Wall
Street back on track after the volatility seen in the
past few weeks.
More...
Credit storm winners
and losers
Source:
The Globe and Mail
The topsy-turvy upheaval in credit markets and drying up
of blockbuster leveraged buyouts and takeovers could
have a 2 to 5 per cent annualized impact on brokerage
profits, with Merrill Lynch & Co. suffering the smallest
hit, and Bear Stearns Cos. and Lehman Bros. Holdings
Inc. the largest, writes Citi analyst Prashant Bhatia.
More... |
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Top Stories by Category |
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Book of the Day & Related News |
Book Description
Two pioneers and innovators in the money
management field present their choice of
groundbreaking, peer-reviewed articles on
subjects including portfolio engineering and
long-short investment strategy. More than
just a collection of classic review pieces,
however, Equity Management provides new
material to introduce, interpret, and
integrate the pieces, with an introduction
that provides an authoritative overview of
the chapters. Important and innovative, it
is destined to become the "Graham and Dodd"
of quantitative equity investing. |
UBS Ponders Global
Long/Short
Source:
InstitutionalInvestor.com
UBS Global Asset Management will consider launching a
mutual fund using a global 130/30 strategy that is still
in the works. Scott Bondurant, head of long/short
offerings, said that UBS plans to launch an
institutional global 130/30 strategy in the first half
of 2008. He said there are "excellent prospects" for a
global 130/30 mutual fund to follow.
More...
130/30 Equity Funds
Source:
About.com
There's a new and increasingly popular fund in town
called the 130/30 Fund. Any time a fund type includes
numbers in its name, an explanation is definitely
required. Let me explain what 130/30 funds are, how they
work, and what 130/30 funds are currently available.
More...
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Personal Interest |
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Sky's the show:
Popular meteor shower hits tonight
Source:
The New Jersey Herald
Weather forecasts look favorable for tonight and clear
skies are predicted — which in this case will almost
guarantee showers.
The clear weather combined with the new moon will create
what the International Meteor Organization calls
"near-perfect observing circumstances" for the annual
Perseid meteor shower, "one of the most famous and
popular meteor showers of the year."
More...
Rove to leave the
White House, return to Texas
Source:
The Los Angeles Times
Political strategist Karl Rove, whose campaign tactics
twice propelled President Bush to the country's highest
office, will retire at the end of the month, White House
officials said today. More...
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