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Title: Risk Arbitrage: An Investor's Guide by Keith M. Moore ISBN: 0-471-24884-3 Publisher: John Wiley & Sons Pub. Date: 27 August, 1999 Format: Hardcover Volumes: 1 List Price(USD): $75.00 |
Average Customer Rating: 3.5 (10 reviews)
Rating: 4
Summary: Clear, Thoughtful Blueprint to an Ellusive Investment Arena
Comment: I'm surprised this book does not receive more attention as it is apparently the first book in a long while to give a careful treatment to the alluring and ellusive business of risk arbitrage. The book's primary merit is its author's clarity --beginning with a clear anecdote to illustrate why the business is called RISK arbitrage. Then, the author helpfully dissects risk arbitrage analysis into its most practical three analytic components: rate of return, risk and probability. He offers, with careful descriptions and examples, several mathematical models to aid in the assessment of these three areas, including a model which melds all three via a risk-adjusted rate of return calculation. The author makes application of these models to cash tenders (friendly and hostile), stock for stock transactions (with and without collars), complex deals involving cash, stocks warrants, bonds etc., and he devotes an entire chapter to hostile takeovers. He discusses portfolio management at length, with handy illustrations of how might one implement the use of spreadsheets, and also discusses hedging strategies fairly carefully. It is a great introduction to an investment arena long in need of a reliable navigator.
The book would get 5 stars if not for a teaser the author doesn't address quite as thoroughly as the rest of his text dictates: he discusses hostile takeovers at length with special emphasis on several anecdotes, but he describes events as they unfold with third-party detachment...whereas I imagine most readers really want to know how each new turn might affect his analysis and computations. But this criticism is a small quibble, and the author deserves tremendous credit for clearly describing a great deal in a short amount of space.
Rating: 4
Summary: Good Intro Book
Comment: As value investor, this book provides a good but simple understanding of what RA is. His experience in the industry is more interesting as others have noted. This book provides conceptual issues that can be applied to options, etc. WITHOUT knowing all these greek letters like delta and gamma. Arbitrage is about common sense, and if you rely on greek letters to support your decision, you will be disappointed.
Rating: 4
Summary: Acurate and detailed explanation of the R.A business
Comment: Keith Moore goes in depth into the Risk Arbitrage world, with usefull and simple examples. His analysis progresses at the right speed enabling young professional to understand fundamental issues easily and with steady progress.
The experienced Risk Arbitrageur will also find in it a usefull reference guide with interesting issues discussed.
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Title: The Complete Arbitrage Deskbook by Stephane Reverre ISBN: 0071359958 Publisher: McGraw-Hill Trade Pub. Date: 04 April, 2001 List Price(USD): $59.95 |
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Title: Convertible Arbitrage: Insights and Techniques for Successful Hedging by Nick P. Calamos ISBN: 0471423610 Publisher: John Wiley & Sons Pub. Date: 13 June, 2003 List Price(USD): $59.95 |
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Title: Market-Neutral Investing : Long/Short Hedge Fund Strategies by Joseph G. Nicholas ISBN: 1576600378 Publisher: Bloomberg Pr Pub. Date: 14 September, 2000 List Price(USD): $69.95 |
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Title: How to Create and Manage a Hedge Fund: A Professional's Guide by Stuart A. McCrary ISBN: 047122488X Publisher: John Wiley & Sons Pub. Date: 15 August, 2002 List Price(USD): $95.00 |
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Title: Macro Trading & Investment Strategies : Macroeconomic Arbitrage in Global Markets (Wiley Trading Advantage Series) by Gabriel Burstein ISBN: 0471315869 Publisher: John Wiley & Sons Pub. Date: 22 January, 1999 List Price(USD): $59.95 |
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