Risk Arbitrage

Preface

Risk Arbitrage was originally the subject of the author’s MBA Thesis at the Graduate School of Business Administration New York University in June, 1969. It was re-edited and published in The Bulletin of the Institute of Finance in May, 1971. It was republished by Salomon Brothers Center for the Study of Financial Institutions at the Graduate School of Business Administration New York University in 1982.

This updated version of Risk Arbitrage follows the development of the arbitrage community from the 1970s to the present time. A new chapter—“Active Arbitrage”—has been added to reflect the incipient melding of arbitrage and activism as a new art form.

The point of view of this work and its content reflects the author’s practical experience as an arbitrageur/shareholder activist.

The author wishes to acknowledge the valuable assistance of the following people: his father, Eugene Wyser-Pratte, whose many years of arbitrage experience find their trace herein. He would also like to acknowledge the invaluable contribution of his two colleagues, Michael Kelly and Scott Principi who assisted in updating Risk Arbitrage to its present form. He also received valuable assistance from the administrative staff of Wyser-Pratte and Company in completing the work.