Merger Arbitrage. Kirchner Thomas

of Commercial Law; Being a General Guide to All Men in Business.” F. C. and J. Rivington, London, 1754

      2

      J. Wiertz, “Traité des arbitrages de change: contenant la véritable maniere dont les principales places de l'Europe se servent pour la direction de leurs changes.” Basel, 1725.

      3

      Patrick Kelly

1

Wyndham Beawes, “Lex Mercatoria: Or, A Complete Code of Commercial Law; Being a General Guide to All Men in Business.” F. C. and J. Rivington, London, 1754

2

J. Wiertz, “Traité des arbitrages de change: contenant la véritable maniere dont les principales places de l'Europe se servent pour la direction de leurs changes.” Basel, 1725.

3

Patrick Kelly, “The Universal Cambist, and Commercial Instructor: Being a General Treatise on Exchange, Including the Monies, Coins, Weights and Measures of All Trading Nations and Their Colonies: with an Account of Their Banks and Paper Currencies.” Lackington, Allen And Co Finsbury Square, London, 1811.

4

Otto Swoboda, “Börse und Actien,” Verlag Wilh. Hassel, Cologne, 1869. Excerpt translated by the author.

5

Tara Lachapelle: “Short the Rumor Pays 14 % on Takeover Tales That Don't Come True.” Bloomberg, January 11, 2011.

6

Angela Maier: “Siemens plant Milliardenzukauf in den USA.” Retrieved on 8/1/14 http://www.manager-magazin.de/unternehmen/industrie/siemens-will-us-kompressorenhersteller-dresser-rand-kaufen-a-981221.html.

7

R. Dai, N. Massoud, D. Nandy, and A. Saunders, “Hedge Funds in M&A Deals: Is There Exploitation of Private Information?” Working Paper, March 2011.

8

As an aside, periods of high volatility tend to be accompanied by high trading volumes, at least in developed markets.

9

B. B. Mandelbrot, “The Variation of Certain Speculative Prices,” Journal of Business 36 (1963): 392–417.