Understanding Event-Driven Investing

原文來自於 這裡

Event-driven investing is an investing strategy that seeks to exploit pricing inefficiencies that may occur before or after a corporate event, such as a bankruptcy, merger, acquisition or spinoff.

事件驅動型投資是一種投資策略，利用定價效率低下的情形底下，可能導致企業事件之前或之後產生像是破產，兼併，收購或分割。

To illustrate, consider what happens in the case of a potential acquisition. When a company signals its intent to buy another company, the stock price of the company to be acquired typically rises. However, it usually remains somewhere below the acquisition price—a discount that reflects the market’s uncertainty about whether the acquisition will truly occur.

為了說明這一點，考慮潛在收購的情況下會發生什麼。當一家公司出現信號，它打算收購另一家公司，被收購的股票價格，公司通常會上升。然而，它通常保留某處低於收購價，一個折扣用來反應市場的不確定性，這不確定性代表著收購是否真的會發生？

That’s when event-driven investors enter the picture. An event-driven investor will analyze the potential acquisition—looking at the reason for the acquisition, the terms of the acquisition and any regulatory issues (such as antitrust laws)—and determine the likelihood of the acquisition actually occurring. If it seems likely that the deal will close, the event-driven investor will purchase the stock of the company to be acquired, and sell it after the acquisition, when its price has risen to the acquisition price (or greater).

這時候，事件驅動的投資者進入狀況。事件驅動的投資者將分析潛在的收購，看收購的原因，收購的條款及任何監管問題（如反托拉斯法） - 和決定收購實際發生的可能性。如果這個交易看起來可以成交，事件驅動的投資者購買被收購公司的股票，並且在收購之後賣掉它，當它的價格已經上升到了收購的價格（或更高的價格）。

Event-driven investing strategies are typically used only by large institutional investors, such as hedge funds and private equity firms. That’s because traditional equity investors, including managers of equity mutual funds, do not have the expertise necessary to analyze many corporate events. But that’s exactly how event-driven investors make money.

事件驅動型投資策略，一般只有大型機構投資者，如對沖基金和私人股本公司使用。這是因為傳統的股權投資，包括股票共同基金經理人，不具備必要的專業知識來分析許多企業活動。但是，這正是事件驅動的投資者如何賺錢。

To illustrate, let’s go back to our example of a potential acquisition and consider how a traditional fund manager looks at the situation. Let’s say the manager holds the stock of the company that is to be acquired. When the planned acquisition is announced, the stock rallies (partly as a result of event-driven investors buying it). The traditional manager doesn’t have the expertise to determine if the deal will go through, so he or she will often sell the stock before the acquisition occurs, realizing a solid profit and sacrificing the remaining upside (that is, any additional profit that he or she would have realized by holding the stock until after the acquisition). That additional upside is locked in by the event-driven investor.

為了說明這一點，讓我們回到我們的潛在收購的例子，並考慮如何將傳統的基金經理看的情況。比方說，管理者持有的公司將被收購的股票。當收購計劃公佈後，股價反彈大漲（部分原因是事件驅動的投資者購買它的結果）。傳統的管理者不具備專業知識，以確定該交易將通過，所以他或她往往會賣出股票的收購發生前，實現了具體的獲利並犧牲後面的上漲（也就是說，任何額外的利潤，他或者她會持有股票，直到收購完成後才實現獲利）。這額外的上漲就是由事件驅動的投資者鎖定。

Event-driven investing is often used by investors who also use distressed-investing strategies. As explained in Investing in Distressed Securities, distressed securities are securities—most often corporate bonds, bank debt and trade claims—of companies that are in some sort of distress, such as bankruptcy. That’s because event-driven and distressed investing strategies may be complementary. Event-driven investing tends to work best when the economy is performing well (because this is when corporate activity is highest). Distressed investing, on the other hand, tends to work best when the economy is performing poorly (because this is when companies tend to become distressed).

事件投資經常被投資者使用在問題投資策略上。作為投資問題證券上的說明，問題證券經常是企業債、銀行貸款及商業索賠. 這些公司都在某種困境中，像是破產。
這是因為事件驅動和問題投資這兩者的策略上可能是互補的。事件驅動的投資往往最當經濟表現良好（因為這是當企業的活動是最高的）。問題投資，另一方面，往往最當經濟表現不佳（因為這是企業越來越有問題）。

While event-driven investing can be profitable, event-driven investors must be willing to accept some risk. Many corporate events do not occur as planned. This can ultimately reduce the price of a company’s stock and cause an event-driven investor to lose money. As a result, event-driven investors must have the knowledge and skill to accurately assess whether a corporate event will actually occur.

而事件驅動投資可以盈利的，事件驅動的投資者必須願意接受一定的風險。許多企業的事件不會發生按計劃進行。這最終會降低公司股票的價格，並導致一個事件驅動的投資人賠錢。其結果是，事件驅動的投資者必須具備的知識和技能，以準確地評估是否真的會發生企業事件。

In summary, then, while a company subject to a complex event may not sound like a great investment opportunity, it could be—for sophisticated investors who have the expertise to evaluate the event and are willing to accept increased risk.

綜上所述，然後，當一家公司受到複雜的事件，這看起來不會是一個巨大的投資機會，對有經驗的投資者來說，他有專業知識去評估事件及願意接受增加的風險。