In some ways, the environment for risk arbitrage these days is better than before the market collapse.

At a time when investors are uncertain about the direction of both the bond and stock markets, risk arbitrage has strong appeal.

During the lean years of the early 1990's, the practice of risk arbitrage was difficult.

In 1989 he moved to Smith, Barney to head its newly created risk arbitrage business.

The scorched-earth defense is a form of risk arbitrage and anti-takeover strategy.

That in a nutshell sums up the essence of risk arbitrage.

The company's business focus on global risk arbitrage, equity special situations and credit opportunities.

"Every single firm that engaged in risk arbitrage lost money," said one analyst who asked not to be named.

He wrote two books on risk arbitrage (1971 and 1982).

It also was at this time that the firm became an early innovator in risk arbitrage.