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Event driven investing examples of alliteration

· 19.11.2019

event driven investing examples of alliteration

We note evidence that alliteration is relatively common in lexical chunks in English. April is National Poetry Month, an event first inaugurated by the Academy of Since naming began, alliteration--the repetition of. A character's view of the situation or events in the story. Aphorism for example, the invocation to the muses usually found in epic poetry. Oxymoron. FOREX DEALING COMPANY Switch to now check the password Key within that is. SD 'File not found' six family the Database HTML widget, app with The grille. A lovely, create an more than stored procedures Experience Management.

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Hence, reiterating the point; Alliterations are not a Must-Have for your Brand Communication but they sure do go a long way in making Brand Recall efforts significantly simpler. Alliteration works in a way, very similar to the Rules of Repetition.

Regular and repeated linguistic cues are one of the best ways to create big, predictable results. Stating the obvious, your marketing communication must be memorable. To be memorable, the words, phrases, and taglines must be repeated. Even the word used for the basic text of a marketing message — copy — perhaps unintentionally signifies replication and reproduction.

We have already reasonably established that the product name or brand name stands out and flows with the use of Alliterations. The branded terms are easier to remember and recall. Alliteration provides fluidity, continuity, and adds significant impact and emphasis on the collaterals.

Alliterative sentences are known to hold attention in the clutter and even command a faster reaction time! Domain Search — This is a slammer of a domain search tool that is exactly what you need if your brand name is particularly generic and you need to rev it up with some pretty awesome suggested alliterations. Synonym Finder — This tool can help you find matching synonyms or at least closely matched words for your branded keywords.

Pretty helpful for creating content with alliterations and repetitions. Sentence Generator — Though this one is a little tricky to control and not very accurate, tinkering around this for a few minutes might give you that catchy Blog Title, Email Subject Line, or tagline that you were looking for. Subscribe to our newsletter to keep up with the latest trends! This restricts sale of the stock for a fixed period. However, immediately following the announcement, buyers of this new stock start shorting the original stock to lock in the price difference, or spread.

The manager can employ additional financial products such as derivatives to accomplish the hedge. The key here is speed, as following the deal announcement it completes rather quickly. Capital Structure Arbitrage takes advantage of mispricing within various securities of the same company, typically in a period of financial stress. The distressed investors assess what each class of securities should be worth, and buy the securities that seem the most undervalued. Distressed securities are often corporate bonds, bank debt and trade claims of companies that are in some sort of distress, such as bankruptcy.

However, rather than go through bankruptcy, a company can go to its banks, stock and bondholders and propose a plan to recapitalize the company. Usually, this dilutes the equity and forces the bondholders to take a small loss. Since it is voluntary, creditor committees negotiate the result with the company, and investors try to buy the securities that are the most undervalued.

After a default, distressed investors analyze the value of the company and its liabilities. They look for the class of securities in the bankruptcy pecking order that the company is unlikely to repay in full. The owners of that class of securities will likely control the company post-bankruptcy, and will be able to propose a plan to recapitalize the company, replacing the old securities with a new security class.

Senior securities will receive payment close to a full amount, whereas junior securities may get little if anything. Investors seek to capitalize on the subsequent momentum caused by an unexpected revelation made during the earnings announcement. A decline in earnings may lead to a downgrade in either stock or credit an encourage traders to short the stock.

The event driven manager attempts to profit from price movements resulting from changes in shareholder bases. In order to maintain the correct weighting for an index-tracking product, the portfolio must include new index entrants. Following a merger or bankruptcy, or some other unknown reason a given stock may leave a given index. The replacement stock will often see its price rise as passive investment managers scramble to maintain the correct index weighting and minimize tracking error.

Most indexes have clearly defined rules, which enable the manager to know in advance what stock are likely to be the next replacements. However, the timing of when that stock moves into the index is unknown. When hurricanes threaten to damage, investors estimate the likely losses.

During this period, the volatility of insurers and reinsurers stocks increases dramatically as investors take positions. Event driven managers can also trade catastrophe bonds. Some specialized hedge funds offer industrial loss warranties to hedge the risks of insurance companies, with prices changing in real time depending on liquidity.

For the most part markets are generally efficient. However, occasionally the market prices of certain securities trade inefficiently and the event driven manager seeks to exploit this. Although too many event driven managers operating in a small or illiquid market will tend to quickly remove such inefficiencies thus reducing the risk-adjusted returns.

In extreme cases, this overcrowding may push prices too far in one direction and again create a state of market inefficiency but in reverse. Astute managers are keenly aware of this. Certain event driven managers specialize in these situations and may implement trades that are the opposite of what was initially expected and take a position against the majority. Economists may welcome market efficiency but event driven investment managers take the opposite view.

That is, until they fully execute their initial trade. The investment focus of the manager is to analyse the effect on security prices due to the event in question. This is in contrast to traditional equity investment funds who focus on analysing and researching company earnings or dividend streams. Investment firms using event driven investment strategies employ teams of specialists who are experts in analysing corporate actions. The manager then makes a decision on how to invest in the situation.

This decision makes use of the available financial instruments such as stock or bonds. To illustrate, we again use a merger arbitrage example. Once an acquiring company announces its intent to buy another company, the stock price of the target company typically rises. However, it usually remains below the acquisition price. This discount, known as the spread , reflects the uncertainty about whether the acquisition will complete or not.

Event-driven managers analyze the deal particulars, which may include but are not limited to the reasons for the acquisition , the terms of the acquisition and any regulatory issues. With this information, manager determine the likelihood of the acquisition successfully completing. If the target stock price suggests a lower likelihood of deal completion, the manager will buy the stock. The manager is comfortable buying the stock, as opposed to the traditional manager who does not have the expertise to determine if the deal will go through.

The traditional manager often sells the stock before the acquisition completes and realizes a profit but sacrifices the remaining upside. This remaining upside, or spread , is where the merger arbitrageur can profit.

One can differentiate event driven investment strategies by their investment horizon. The different types of strategies and investments made by event driven managers lead to a spectrum of investment horizons.

High-Frequency investors typically have an investment horizon of less than five minutes. The aim of these strategies is to profit from high volume, low margin trading. Tender offers in merger arbitrage can complete in a number of weeks. Although the overall average completion time for a cash deal is usually months. Whereas investment in debt securities during a bankruptcy process may require a number of years if the stakeholders do not reach a consensus on how to compensate the lenders.

Perhaps the biggest know occurrence of implementing event driven investment strategies is the subprime crisis. Some traders foresaw the dangers of the overly generous lending practices within the mortgage industry. Subsequently, they accordingly took positions in an array of financial instruments.

Following the initial reports and effects on the wider financial system, many traders took advantage by taking large short positions primarily in finance related stocks. Reverse merger arbitrage also became commonplace. This is where traders speculated on the break-up of specific deals primarily due to the lack of available financing. Event-driven investors must be willing to accept some risk. Corporate events do not occur as planned and this requires the flexibility to re-evaluate constantly.

Event driven investors must have the necessary skill set to assess accurately the likelihood of this occurrence. A significant risk in this arena is liquidity risk. This is especially true for high yield bonds and illiquid investments such as small cap stocks or certain derivatives.

During a market panic, exiting these products can be difficult. The manager must be aware of over exposure in these investment classes. As previously mentioned, merger arbitrage accounts for a large portion of event driven trading. Whether or not a deal completes successfully, the path taken to completion is rarely a smooth one.

Deal delays, or deal extension risk can destroy the profitability of the trade. In times of economic downturn, it becomes more difficult to obtain financing. The subprime crisis provides numerous examples of this. A deal failure is the worst scenario for a merger arbitrager.

When the credit cycle or economic cycle is in a downturn all complex investing strategies tend to suffer. As a rule, consider a comparison of merger arbitrage to a high yield bond. If this high yield bond is beyond your risk tolerance, event driven trading strategies may not be for you. Sophisticated or large institutional investors typically use event driven investment strategies. These are primarily hedge funds, private equity firms and some mutual funds. This is due to the large amount of expertise necessary in analysing corporate events to execute the strategy successfully.

Traditional equity investors, including managers of equity mutual funds, do not have the expertise or access to information necessary to analyze accurately the risks associated with many of these corporate events. Event driven managers may specialize in one or more event driven investment strategies. Certain managers will cover as many bases as possible as events will come on their own schedule, not necessarily when the manager requires them. This is where strategy diversification can help.

However, some event driven strategies are cyclical and therefore loosely predictable within the economic cycle. As such, diversification using various combinations of strategies are complementary. For example, merger arbitrage is popular during times of economic expansion. As the economy cools down or moves into recession, distressed investing strategies become more prominent. This helps event-driven investors make profits that are more consistent.

Event driven investment has traditionally been the playground of professional investors. However, private individuals can access this strategy both directly and indirectly. Below is a selection of funds who focus on event driven investment strategies. Some of these funds are even more specific and focus on merger arbitrage. Investors can access these funds through regular fund investment channels. Alternatively, individuals can attempt to replicate and execute the strategies themselves. This may be impractical for some strategies but merger arbitrage can be straightforward.

Merger Arbitrage Limited provides two news where traders can initially source ideas. As a company experiences an event described above or a new unique event, opportunities for profit arise. This level of profitability may not always sound like a great investment opportunity but here in lies the attraction.

Investors who have the expertise or are willing to put in the effort can evaluate the event and can choose whether to accept the risk return profile on offer. However, the return profile of event driven trading is difficult to summarize. Complex strategies may provide returns similar to being long stocks in the broader market. Simpler strategies such as merger arbitrage tend to resemble bond like returns.

When considering fund investment , understanding the fund strategies and its investment scope is of paramount importance. An investor must also consider the competence of the manager as an investment factor. Merger Arbitrage Limited provides numerous resources for those interested in merger arbitrage. In addition to our book list , we also publish a list of prominent academic works. Sign up then! It's quick and FREE. Have time to share an article? It's very much appreciated!! Event Driven Investment Strategies.

What are Event Driven Investment Strategies? Special Situations Event driven investment strategies are sometime referred to as special situations investing.

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What is EVENT-DRIVEN INVESTING? What does EVENT-DRIVEN INVESTING mean? event driven investing examples of alliteration

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Trading Strategies - Event Driven

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