Linear cash-settled contracts in M&A deals are more expensive and more exposed to broker manipulation than nonlinear collar or Asian TWAP contracts when trades have linear price impact.
(2001) Manipulation of cash-settled futures contracts, The Journal of Business , 74, 2: 211-244
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Pricing and Hedging Financial Derivatives in Merger\&Acquisition Deals with Price Impact
Linear cash-settled contracts in M&A deals are more expensive and more exposed to broker manipulation than nonlinear collar or Asian TWAP contracts when trades have linear price impact.