hard catalyst event driven investing
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Then, copy that formula down for the rest of your stocks. But, as I said, dividends can make a huge contribution to the returns received for a particular stock. Also, you can insert charts and diagrams to understand the distribution of your investment portfolio, and what makes up your overall returns. If you have data on one sheet in Excel that you would like to copy to a different sheet, you can select, copy, and paste the data into a new location. A good place to start would be the Nasdaq Dividend History page. You should keep in mind that certain categories of bonds offer high returns similar to stocks, but these bonds, known as high-yield or junk bonds, also carry higher risk.

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Hard catalyst event driven investing

Understanding Event-Driven Strategies Event-driven strategies have multiple methods of execution. In all situations, the goal of the investor is to take advantage of temporary mispricings caused by a corporate reorganization , restructuring , merger , acquisition, bankruptcy, or another major event.

Investors who use an event-driven strategy employ teams of specialists who are experts in analyzing corporate actions and determining the effect of the action on a company's stock price. This analysis includes, among other things, a look at the current regulatory environment, possible synergies from mergers or acquisitions, and a new price target after the action has taken place.

A decision is then made about how to invest, based on the current stock price versus the likely price of the stock after the action takes place. If the analysis is correct, the strategy will likely make money. If the analysis is incorrect, the strategy may cost money.

Example of an Event Driven Strategy The stock price of a target company typically rises when an acquisition is announced. A skilled analyst team at an institutional investor will judge whether or not the acquisition is likely to occur, based on a host of factors, such as price, regulatory environment, and fit between the services or products offered by both companies. If the acquisition does not happen, the price of the stock may suffer.

The analyst team will then decide the likely landing place of the stock price if the acquisition does happen, based on a careful analysis of the target and acquiring companies. If there is enough potential for upside, the investor may buy shares of the target company to sell after the corporate action is complete and the target company's stock price adjusts.

When companies are involved in corporate activity the prices of the securities of the companies involved can become artificially inflated or depressed as the market in general finds it more difficult to evaluate and value securities subject to corporate activity.

By specialising in building strong knowledge-based or sophisticated models of corporate events and complementing this with deal- and company-specific research, an event-driven investment manager seeks to identify mis-priced situations where he believes he can achieve superior risk-adjusted returns. Merger or risk arbitrage Merger or risk arbitrage is probably the most commonly known event-driven investment strategy. Taking a very simple example; a company is subject to a cash takeover at 50 Euros a share.

Prior to the deal announcement the company share price was 30 Euros per share. The deal is subject to a number of conditions including financing, shareholder approval and regulatory clearance, and is expected to take six months to complete. After the deal is announced the company's shares trade at 45 Euros a share. The market in general has some doubts that the deal will complete as expected i. His risk can, therefore, be considerable and he must rely on his specialised knowledge and research to identify those opportunities where rewards adequately compensate for the risks taken.

Deals can be considerably more complex than the one above; share for share exchanges, share and cash exchanges, deal collars and many other features can be present, which can add substantially to the complexity of a trade and the ability to effectively hedge the trade. Other event-driven investment strategies An event-driven investment manager is typically looking for a corporate event such as a catalytic change. In addition to merger or risk arbitrage he may employ many other types of investment strategies; a few examples are explained below: Capital structure arbitrage: this involves taking long and short positions in the same issuer, for example long debt versus short equity in anticipation of a rights issue or long senior debt versus short junior debt in anticipation of a debt restructuring or bankruptcy which will favour the senior debt holders.

Holding companies versus subsidiary companies: in some countries there are a number of holding companies which hold assets in quoted subsidiaries and it is possible to calculate a net asset value for the holding companies and from there the discount or premium at which the holding company shares are trading.

If the event-driven manager believes he has identified a corporate catalytic event that will change this discount or premium he may take a position at the existing discount or premium to profit from this change. Distressed Debt: this involves taking positions in the debt of distressed companies; these companies may be experiencing severe operating or financial difficulties or even have started the process of restructuring through the sale of assets, a debt-for-equity swap or a filing for bankruptcy.

The event-driven investment manager is seeking to identify situations where he believes the market is undervaluing the potential returns to the stakeholders of a successful restructuring, a sale, or a liquidation of the company.

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