Book Description
HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsÑalongside the expert analysis of respected authorities including Edward Altman of New York UniversityÕs Salomon Center, Lea Carty of MoodyÕs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameÑto help you truly understand todayÕs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureÑThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisÑHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationÑImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsÑEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementÑHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingÑHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsÑEmerging firmsÕ strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayÕs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.
Download Description
HIGH-YIELD BONDS delivers statistics, research findings, and facts to help you understand the risks - and maximize the returns - of high-yield investing.
Customer Reviews:
The best HY Omnibus book so far........2007-01-11
This is an excellent book that is now showing its age and needs an update. It also lacks a CDROM with data sets which would make more explicit many of the points authors make. In addition, Drexel Burnham Lambert, like Banquo's ghost, is alluded to on nearly every other page, yet the authors here are hesitant to differentiating between high yield bonds (non-investment grade debt) and junk (anything issued by Michael Milken).
This work also glaringly lacks some crucial work by Paul Asquith on seasoned high yield bond defaults. Don't stop here.
The best HY book........2000-02-08
I can't say enough about this book. The book is suprisingly easy to read, and uncovers insights from some of the most prominent names in HY research. A must for HY analysts, MBAs, and CFOs.
The Best Guide Book to High Yield Bonds Ever.......1999-01-07
I have had the privilege of reading the galley proofs of this book and find it to be THE definitive word on High Yield Investing. This book develops the blueprint for how to navigate, understand, and analyze High Yield Bonds. A must for MBA students, a requirement for anyone in the field already, and a vital tool for investors.
The book's three authors (The George Washington University Business School, Georgetown Business School, and 20+ years High Yield Experience) have used their knowledge and connections to get the best information available
Book Description
This book offers an advanced introduction to the models of credit risk valuation. It concentrates on firm-value and reduced-form approaches and their applications in practice. Additionally, the book includes new models for valuing derivative securities with credit risk, focussing on options and forward contracts subject to counterparty default risk, but also treating options on credit-risky bonds and credit derivatives. The text provides detailed descriptions of the state-of-the-art martingale methods and advanced numerical implementations based on multi-variate trees used to price derivative credit risk. Numerical examples illustrate the effects of credit risk on the prices of financial derivatives.
Customer Reviews:
A revised version is needed.......2005-07-21
The book looks neat at first sight and I like its style and organization, suitable for an elementary course in credit risk. But there are so many mistakes in the book, say, pages 28, 49, etc... Those mistakes can be easily avoided by a more careful reading through. In addition, there are few real life examples in the book.
A 3rd edition is definitely needed.
Best book on credit risk valuation.......2002-04-25
This is probably still the best book on the valuation of credit risk. It is concise, rigorous, yet with many examples and a good treatment of implementation issues.
Very valuable resource.......2001-11-03
This book discusses credit risk valuation in detail and quantitatively. The book is very strong on counterparty credit risk of derivatives. That is really the focus, though it also has stuff on general credit risk and credit derivatives (I wish it had more on credit derivatives). It also offers a chapter on general option pricing and risk-neutral valuation principles (brief but very good). What I also liked was the appendix with a short description of the more important and more advanced mathematical concepts used in the book. Although (or perhaps because) not an easy read but rather terse and demanding, I found it to be an extremely valuable resource. It really helped me understand the subject matter and gave me a good idea of how to model such risks.
Extremely innovative book.......2001-08-26
This is an extremely innovative book on counterparty risk, not your standard lame textbook full of old stuff that everybody knows already. Focus is counterparty risk of derivatives but it also has some stuff on credit derivatives. The best part are clearly the chapters on counterparty risk. Now, this book is written for people with a strong math background; it is not an easy read. But for the few out there interested in counterparty risk and quantitative modeling techniques like me, this is a gem.
Ahead of the state of the art in counterparty risk valuation.......1999-08-26
This books presents the latest research in counterparty risk pricing. As my company (one of the major securities firms here in New York) is currently looking to implement counterparty risk pricing models, this book was just what I was look-ing for. It consists of one chapter on derivatives pricing (Black/Scholes, Heath/Jarrow/Morton, etc etc, all in there), one chapter on general credit risk pricing, two chapters on the valuation of counterparty credit risk (the real core of the book), one chapter on credit derivatives (somewhat short). If you are interested in counterparty risk pricing or need to implement such models, look no further than chapter 4 and 5 of this book. A word of caution, though: while this book is no doubt a wonderful find for the mathematically gifted, it is definitely not for the faint of heart. It is clearly targeted towards researchers and practitioners with advanced mathematical and modeling skills. If your mathematical background topped out with an MBA statistics course, you will choke on this book. Otherwise, and if you are interested in counterparty risk pricing of derivatives, you'll find this book to be a highly valuable resource.
Average customer rating:
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Sovereign Default Risk Valuation: Implications of Debt Crises and Bond Restructurings (Lecture Notes in Economics and Mathematical Systems)
Jochen Andritzky
Manufacturer: Springer
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ASIN: 3540374485 |
Book Description
Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructuring. This book shows why investors should reckon with similar credit events in the future.
Insights gained from recent restructurings inspire the design of a valuation model for sovereign bonds. Using the distinction between hard and soft restructurings, the model draws parallels to the concepts of face value and market value recovery. An extension into credit default swap markets explains why bond and CDS spreads diverge during distress.
This survey of the sovereign bond market provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.
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Credit Risk Modeling (Fixed Income Valuation)
Sanjay K. Nawalkha
Manufacturer: John Wiley & Sons Inc
ProductGroup: Book
Binding: Hardcover
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ASIN: 0471737135 |
Product Description
Credit risk securitisation permits to transfer credit default risk of bank loan portfolios to capital market investors. Both market sides realise distinct benefits: Seen from a sell-side perspective, securitisation is a powerful tool for credit risk mitigation recognized be the supervisory authorities.
Book Description
This digital document is a journal article from Journal of Banking and Finance, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
This paper presents a model for approximating the value of a basket of default-correlated assets and analyzes subordinate tranches in securitized debt obligations. The model is calibrated to an intensity-based simulation of correlated defaults and represents an alternative computation method to full Monte Carlo simulation. Timing of individual obligor defaults are driven by intensity processes and collateral value is modeled with a jump-diffusion process where the number of jumps corresponds to the total number of defaults in the asset pool. This approach allows decomposition of subordinate obligations in terms of a collection of simpler securities and yields useful risk management information. Examples are given on how to price subordinated securities using this approach.
Book Description
This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on October 6, 1997. The length of the article is 1036 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Big I questions link between credit data and loss potential.(Independent Insurance Agents of America)
Author: Dan Lonkevich
Publication:
National Underwriter Property & Casualty-Risk & Benefits Management (Magazine/Journal)
Date: October 6, 1997
Publisher: The National Underwriter Company
Volume: v101
Issue: n40
Page: p3(2)
Distributed by Thomson Gale
Book Description
This digital document is a journal article from Journal of Banking and Finance, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
In this paper we discuss the interaction of default risk and liquidity risk on pricing financial contracts. We show that two risks are almost indistinguishable if the underlying contract has non-negative values; however, if it can take both positive and negative values then these two risks demand different risk premiums depending on their loss rates and distributions. We discuss a structural default model and a discrete time default model with exponentially distributed liquidity shocks. We show that short-term yield spreads are dominated by liquidity risk rather than credit risk. We suggest a two-stage procedure to calibrate the model with one scalar optimization problem and one linear programming problem.
Book Description
This digital document is an article from Mortgage Banking, published by Thomson Gale on August 1, 2005. The length of the article is 1034 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: Servicing valuations and risks.(Servicing)
Author: Thomas J. Healy
Publication:
Mortgage Banking (Magazine/Journal)
Date: August 1, 2005
Publisher: Thomson Gale
Volume: 65
Issue: 11
Page: 115(2)
Distributed by Thomson Gale
Book Description
This digital document is an article from American Journal of Agricultural Economics, published by American Agricultural Economics Association on February 1, 2000. The length of the article is 7841 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
Citation Details
Title: VALUATION OF CREDIT RISK IN AGRICULTURAL MORTGAGES.(Statistical Data Included)
Author: Bruce J. Sherrick
Publication:
American Journal of Agricultural Economics (Refereed)
Date: February 1, 2000
Publisher: American Agricultural Economics Association
Volume: 82
Issue: 1
Page: 71
Article Type: Statistical Data Included
Distributed by Thomson Gale
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Presentation Planning and Media Relations for the Pharmaceutical Industry
John Lidstone
Manufacturer: Gower Publishing Company
ProductGroup: Book
Binding: Hardcover
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ASIN: 0566085364 |
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Sprinkler Irrigation: Equipment and Practice
Melvyn Kay
Manufacturer: Trafalgar Square Publishing
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Binding: Paperback
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ASIN: 0713412291 |
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Computational Methods in Water Resources, Volume 2 Volume Set: Proceedings of the 15th International Conference on Computational Methods in Water Resources ... NC, USA (Developments in Water Science)
Manufacturer: Elsevier Science
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Binding: Hardcover
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ASIN: 0444517693 |
Book Description
The XV International Conference on Computational Methods in Water Resources (CMWR XV) was held in Chapel Hill, North Carolina, 13-17 June 2004. The conference was sponsored by the Department of Environmental Sciences and Engineering, School of Public Health, The University of North Carolina at Chapel Hill. This two-volume set represents the reviewed and edited proceedings of this meeting, including 156 papers. In addition, many posters were presented at the meeting, which are not included in this formal written record.
These collective works include contributions by many of the leading water resources research groups from around the world. Broad in scope, these papers address numerous aspects of water resources systems, ranging from the microscale to the field scale and from the very fundamental to the most compelling and important of applications. Virtually all major classes of numerical methods for water resources problems are represented in these proceedings, from the evolution of traditional approaches to the latest in methods of recent invention. As has been traditional at past CMWR meetings, subsurface hydrology, land surface hydrology, and surface water hydrology are well represented.
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Neutrinos and Implications for Physics Beyond the Standard Model: Stony Brook 11 - 13 October 2002
Manufacturer: World Scientific Pub Co Inc
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ASIN: 9812385649 |
Book Description
This important book presents the proceedings of the conference "Neutrinos and Implications for Physics Beyond the Standard Model", put on by the Yang Institute for Theoretical Physics, State University of New York at Stony Brook.
The observation of neutrino masses and lepton mixing constitutes the first confirmed evidence for physics beyond the Standard Model. This evidence includes the measured deficiency of charged current reactions induced by solar neutrinos and the anomalous zenith angle distribution of atmospheric neutrinos. A profound question now facing theorists is: What do these observations imply for new physics? At the conference, members of the major experiments gave an update on current experimental evidence from solar and atmospheric neutrino data for neutrino oscillations, and status reports from KamLAND and MiniBooNE. Leading theorists also reported on neutrinoless double beta decay, high energy neutrino scattering and precision electroweak data, theoretical models for neutrino masses and lepton mixing, and constraints from neutrino data, etc. Since neutrino physics is at present one of the most exciting areas of particle physics, this volume should be of interest to a wide variety of! students and researchers in physics.
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- Awesome
- LOVE it!
- LOVE it!
- A pure delight!
- If you like corny romances, you'll love this
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An Unlikely Prince (Once Upon a Dream Series, No 1)
Barbara Jean Hicks
Manufacturer: WaterBrook Press
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All That Glitters (Once Upon a Dream Series, No 2)
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A Match Made in Heaven (The Salinger Sisters #2)
ASIN: 1578561221
Release Date: 1998-10-20 |
Book Description
Like many people, Suzie Wyatt-the heroine in Book One of the Once Upon a Dream series-wishes that life was like a fairy tale. She admits she's waiting for her prince. When stuffy history professor Harrison Hunt moves in next door, however, Suzie thinks she's been stuck with a toad. And it's going to take seven adorable little imps to help the two open their hearts to one another and to what just might be "happily ever after..."
When fun-loving Suzie Wyatt moves into her parents' home, her dream of running her own daycare center finally comes true. Unfortunately, her new neighbors-the uptight, but handsome Harrison Hunt on one side and crotchety, old Mrs. Pfefferkuchen on the other-cannot be more horrified by the prospect of seven noisy children disrupting the peace.
Vivacious Suzie and her seven energetic charges quickly endear themselves to Harrison, however. And Harrison himself manages to capture Suzie's heart. But when Suzie discovers he's joined forces with Mrs. Pfefferkuchen to close her preschool doors, can she bring herself to forgive her Unlikely Prince?
Customer Reviews:
Awesome .......2005-09-08
This is one book I'm dyeing to read. I love the the other books and authors related to this one. Funny and inspiring, its awesome.
LOVE it!.......2003-08-19
Great book nice read! I've read the whole series and want more!
LOVE it!.......2003-08-19
Great book nice read! I've read the whole series and want more!
A pure delight!.......2000-09-29
Want a feel-good romance? This is it! I had hoped the story would live up to the delightful cover--it does . . . and then some! You'll empathize with the hard-working heroine--and you'll laugh out loud at the children's antics--but what you'll really love is how they charm their way into a no-nonsense professor's heart.
For a perfect afternoon treat, grab a cup of cocoa, a pair of bunny slippers and nestle in with Barbara's book! I can't wait to read the next in the series!
If you like corny romances, you'll love this.......2000-09-12
An avid reader of christian fiction, this book didn't strike me at all. Although I've read previous books of Barbara Jean Hicks and found them highly entertaining I found "An Unlikely Prince" to be, well--just sappy. The "hero" is a staunch, tight professor who moves in next door to a woman who is starting a daycare center. He dislikes kids/she loves them and thus the attraction begins. I just didn't find the characters to be very developed and thought it was very slow and uninteresting.
Product Description
9 Hardcover edition books.
Books:
- HISTORY OF ACCOUNTANCY IN USA: THE CULTURAL SIGNIFICANCE OF ACCOUNTING (HISTORICAL PERSP BUS ENTERPRIS)
- Integrating Corporate Risk Management
- Interest Rate, Term Structure, and Valuation Modeling
- Intermediate Accounting, Chapters 1-14 , Working Papers (Wiley Plus Products)
- Intermediate Accounting, Volume 1
- Intermediate Accounting, Volume 1, Chapters 1-14, Problem Solving Survival Guide, 10th Edition
- Intermediate Accounting, Volume 2 Update
- Investment Blunders of the Rich and Famous...and What You Can Learn From Them
- J K Lasser Pro Real Estate Investment Trusts
- Learning Accounting Applications with Microsoft Excel 2000 (with CD-ROM)
Books Index
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![An approximation method for analysis and valuation of credit correlation derivatives [An article from: Journal of Banking and Finance]](http://g-ec2.images-amazon.com/images/I/21RQES4S46L.jpg)