Investment and securities Books

Book SynopsisThe role of the stock market in the recent global financial crisis has led many to question the way in which the modern international financial system operates. This highly topical book offers important insights into the stock market, contrasting the speculative explanation of stock market fluctuations with the conventional efficient markets hypothesis.After summarising economists' views on stock market behavior from the classical period to the present day, the authors focus on two particular explanations of stock price fluctuations. They examine in detail the mainstream neo-classical theory with its emphasis on the efficient markets hypothesis. They then compare this with the theories of Veblen, Galbraith and Keynes who consider markets as being inherently prone to speculation and crisis, in contrast to the neo-classical approach which largely ignores the instability of stock markets and particularly the crashes that have recently occurred. The authors go on to develop a speculative model to account for stock market fluctuations which provides a useful and realistic explanation of how stock price expectations are formed.This book will be welcomed by bankers, financial and monetary economists, historians of economic thought and all those interested in the causes of the recent market crashes.Trade Review'This book provides a welcome and sobering counterpoint to the increasingly popular view that stocks are the safest asset for the long run investor, by demonstrating the challenge to the dominant rational markets paradigm that is posed by behavioral and speculative theories of asset markets.' -- Michael J. Brennan, University of California, Los Angeles, USTable of ContentsContents: Preface The New Bull: Will the Market still Fluctuate? 1. Introduction: Economists On (and In) the Stock Market 2. The Stock Market: Structure, Performance and Character 3. Neo-classical Economists on Rational Markets and Speculation 4. Stock Markets in Veblen’s Theory of Business Enterprise 5. Keynes on Speculative Stock Markets 6. Galbraith’s Model of Speculative Stock Markets 7. Recent Developments in Speculative Markets Theory: Fads, Fashions and ‘Rational’ Bubbles 8. Current Prospects for Speculative Markets Theory Bibliography Index

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Book SynopsisThis innovative book analyses the role and importance of investment in knowledge and fixed capital as two distinct sources of technological change. It provides a balance to most of the recent literature on technological change, which focuses almost exclusively on R&D and intangible investment in innovation and technological assets. The author shows how innovative investment in fixed capital still represents a central part of innovation in firms.The book begins by reviewing the major economic approaches to technology and innovation. It discusses the progressive shift from capital (embodied) investment to disembodied investment including R&D and design. Using one of the most extensive data sources, Rinaldo Evangelista empirically tests whether disembodied technological activities are more important than traditional investment in productive capital. Perhaps surprisingly, the evidence suggests that fixed productive capital emerges as the most relevant and widespread source of investment in innovation across firms and industrial sectors. The author concludes that even in high-tech industries embodied and disembodied technological activities are complementary rather than substitutive.This book will be welcomed by those interested in technological and innovation studies, industrial organization and business strategy.Trade Review'This book explores the circular relations between innovation and investments; in doing so it provides a new original bridge between the classical and post Keynesian traditions of analysis of investment and the neo-Schumpeterian approach to the knowledge based economy.'Table of ContentsContents: Introduction Part I: Investment in Knowledge and Machinery: Theory and Perspectives 1. Disembodied and Embodied Technological Change 2. Disembodied and Embodied Perspectives on Technological Change in the Economic Literature 3. Disembodied and Embodied Technological Change in the Innovation Literature 4. Embodied and Disembodied Perspectives on the Relationship Between Technological Change, Firm Size and Market Structure 5. Towards an Integrated Perspective on Technological Change and Industrial Structure Part II: Evidence from the Italian Industry 6. An Overview of Innovation Activities in Manufacturing and Services 7. Embodied and Disembodied Innovation Strategies and the Production Structure of Firms 8. Innovation Strategies and the Productive Structure of Firms 9. Innovative Patterns and Technological Regimes of Production 10. Embodied and Disembodied Patterns of Technological Change and Production Structure 11. Conclusions and Policy Implications Bibliography Index

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Book SynopsisThis in-depth analysis of direct investment in transition economies provides not only original insights for economic policy in Central and Eastern Europe, but challenges some of the theoretical foundations of the multinational firm.Foreign investment is important in promoting economic growth and development, and this book examines the determinants of foreign direct investment under the unique conditions of the transition from central planning to market economies. It begins by reviewing the business environment and the conditions facing foreign investors, and assessing the existing statistical and qualitative evidence. Dr Meyer then analyses the theoretical literature and extends this in an empirical analysis investigating the investment decision of firms entering Central and Eastern Europe. The book also critically examines transaction cost theory and the theory of the multinational firm under the special conditions of economic transition. It points to a reorientation of international business research which will need to focus on firms as organizations rather than firms as substitutes for imperfect markets. Direct Investment in Economies in Transition will be essential reading for students and scholars of international business and transition economics. It will provide valuable insights for policymakers within the region about the forces driving foreign investment.Trade Review'. . . I found this to be an interesting and informative book, whose analysis should be of interest to all economics and international business researchers concerned with the problems of direct foreign investment in post-communist economies. It represents a contribution to the economics of transition literature, both from theoretical and empirical points of view.'Table of ContentsContents: 1. Introduction 2. Direct Foreign Investment in Central and Eastern Europe 3. Determinants of Direct Investment: A Review of the Literature 4. Transaction Cost Analysis of Direct Foreign Investment 5. The Enterprise Survey 6. The Determinants of West–East Business 7. Determinants of Direct Investment: Testing Transaction Cost Theory 8. Form of Ownership and Mode of Entry 9. Conclusions Bibliography Index

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Book SynopsisTaiwanese foreign direct investment rapidly expanded in the mid-1980s when the domestic wage rate and the value of the Taiwanese currency skyrocketed simultaneously. Losing their competitive edge at home, many Taiwanese firms relocated to lower wage countries; mainly Southeast Asia and China.Taiwanese Firms in Southeast Asia provides a comprehensive review of Taiwan's direct investment in Southeast Asia, including Indonesia, Malaysia, Thailand, the Philippines and Vietnam. It also explores the motivation behind investment in Asia, Europe and the US. In most countries, incidence of foreign direct investment is positively correlated with firm size. However, in Taiwanese firms, the opposite is true. The book examines the reasons for this and assesses the difference in practice between small and large firms conducting foreign direct investment, focusing on the manufacturing sector. The book also includes an original, comprehensive survey and a series of interviews with Taiwanese parent firms and their subsidiaries in Southeast Asia. The authors conclude that networking underscores the core competitiveness of Taiwanese firms and when these firms invest abroad, they attempt to maintain a close connection with domestic networks to retain competitiveness and flexibility. However, they will have difficulty in sustaining this in the long-term because co-ordination of production across national borders requires intensive input of managerial resources which are scarce among Taiwanese firms. In the long-term, they have to localize and integrate themselves into the local networks.The book is a result of joint research efforts by Taiwanese, American and Southeast Asian scholars and will be required reading for students and scholars of economies in Southeast Asia, international business, Asian studies and multinational enterprise.Trade Review'Rather one of the merits of this book is that it brings up numerous issues calling for further research. This work has opened the way and set down a solid foundation for future research, for which I would like to express to the contributors of this study my fullest approval and gratitude.'Table of ContentsContents: Preface 1. Introduction 2. FDI by Small and Medium-Sized Enterprises in Developed Countries 3. FDI by Small and Medium-Sized Enterprises from Taiwan 4. Economic Effects of Taiwanese FDI on Host Countries 5. Noneconomic Elements of Taiwan’s Foreign Direct Investment 6. Taiwanese Investment in Indonesia 7. Taiwanese Investment in Malaysia 8. Taiwanese Investment in Thailand 9. Taiwanese Investment in the Philippines 10. Taiwanese Investment in Vietnam 11. Conclusions Bibliography Index

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Book SynopsisThis book is an authoritative collection of the most important published articles on key issues in securities markets including market design, the sources of the bid ask spread, and the short term movement of prices. The articles trace the development of this relatively new field of market microstructure while at the same time reflecting the latest ideas. At a time when securities markets are undergoing dramatic change, this two volume set provides important guidance to students, users and regulators of securities markets.Table of ContentsContents: Volume I: Introduction Part I: Beginnings Part II: Microstructure Theory Without Asymmetric Information Part III: Microstructure Theory With Asymmetric Information Part IV: Patterns of Short-Run Price Behavior Part V: Evidence on the Bid Ask Spread and its Sources Index • Volume II: Part I: Price Impacts of Trading Part II: Theory of Market Design Part III: Evidence on Market Design and Trading Costs Part IV: Other Markets Part V: Market Microstructure and Asset Pricing Index

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Book SynopsisFutures markets undergo perpetual change, influenced by and in turn influencing the flux of the world economy, trade balances and the nature of trading itself. A.G. Malliaris has been a pioneer in the analysis of futures markets, and this definitive selection of his work in the area provides a comprehensive analysis of the field.The book is unique in the literature of futures markets because of three distinct features: a comprehensive survey of the field, an exposition of several methodologies, and a detailed presentation of important research topics. These topics include the behaviour of futures prices, relationships between agricultural prices, random walks versus chaotic dynamics, an analysis of hedge ratios for financial futures and the determinants of price volatility. The final section offers important research questions for both agricultural and financial futures. Jerome Stein provides a forward to the volume.This significant collection presents a detailed guide to the subject of futures markets and will be an essential companion for students, researchers and practitioners.Table of ContentsContents: Foreword by Jerome L. Stein Preface Part I: Overview Part II: Methods Part III: Agricultural Futures Part IV: Financial Futures Part V: Conclusions Index

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Book SynopsisThe amount of physical matter in the world is fixed and improvements to people's material circumstances are only created by their ability to reconfigure this matter. What distinguishes labour, and subsequently what allows for differing increments of value, are our capabilities, skills and understandings. In addition, the way society synchronises these individual talents and pieces of knowledge is significant.This innovative book sheds new light on the emerging confluence between labour and industrial economics: the view that labour as capital is the dominant factor of production. This factor is commonly embraced under the term intangible capital. This book examines the process by which firms accumulate intangible capital assets using a post-Keynesian perspective. It will be of interest to labour and industrial economists, especially those who favour post-Keynesian and Kaleckian economic thought.Trade Review'I had the privilege and pleasure of supervising the Ph.D. dissertation from which the present book originated. Its author, Beth Webster, was independent, critical in a positive way and original. She acquired a most thorough knowledge and mastery of the relevant literature. She recognized early on the growing importance, both qualitatively and quantitatively, of investment in intangible assets in modern economic processes. She set about developing an appropriate framework, drawing on Kalecki's insights in particular, within which to analyse the issues involved. The outcome is the present book - which is original, relevant, comprehensive and a pleasure to read.' -- G.C. Harcourt, University of New South Wales, AustraliaTable of ContentsContents: 1. Introduction 2. Historic Conception of Investment and Capital 3. Contemporary Conception of Investment 4. Uncertainty and Risk 5. Competition 6. Empirical Evidence 7. The Firm’s Investment Decision 8. Integration into Macrodynamics 9. Concluding Remarks References Index

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Book SynopsisThis book focuses on the impact of foreign investment on selected sectors of two key transition economies - Russia and the Ukraine - to explain the effect of foreign direct investment on the transitional economy. It examines how key Western players in the international investment business have chosen whether to invest in the former Soviet Union and applies these findings to sectors within Russia and the Ukraine. Whilst recognizing the tremendous importance of foreign direct investment (FDI) as a means to upgrade technology in transition conditions, the study also examines the importance of FDI in internationalizing production. The authors question the difference globalization can make to a transition economy in a situation where domestic investment is not recovering, and where there is still no clear-cut upward trend in levels of production.Table of ContentsContents: 1. Introduction 2. Foreign Direct Investment in Transition Countries: A Global Perspective 3. Alliances and Emerging Patterns of Technological Integration and Marginalization of Central and Eastern Europe within the Global Economy 4. Foreign Direct Investment in Contemporary Russia: A General View 5. Foreign Direct Investment in the Science-Based Industries of Russia 6. Foreign Direct Investment in Relation to Small Enterprises in Russia 7. British and German MNCs in Russia and the FSU: Evidence from the Western Side 8. Foreign Direct Investment in Ukraine: First Results, Tendencies and Prospects 9. Foreign Direct Investment in the Former Soviet Union: New Insights Index

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Book SynopsisThis comprehensive new collection provides a careful selection of the major writings to have appeared in the field of foreign direct investment (FDI) and technological change since 1966.It has been prepared by one of the leading contributors and pioneers in this field, and is an area of research that has attracted a steady growth in interest over the last thirty years.After a new introduction which critically surveys the literature, the collection provides a comprehensive coverage that incorporates the early analysis of FDI and technology; the theoretical foundations of the analysis of technological change in multinational firms; theoretical models and empirical studies of technology transfer; the internationalization of technology creation; technology-based inter-company alliances; the co-evolution of FDI and technological development at country level; the geographical localization of the technological efforts of foreign-owned affiliates and technology spillovers between firms.Trade Review'This work is for honours students, researchers and academics, who will no doubt see it as a resource of key articles.' -- Economic Outlook and Business ReviewTable of ContentsContents: Volume I: Acknowledgements • Introduction Part I: Early Analysis and Theoretical Foundations 1. Raymond Vernon (1966), ‘International Investment and International Trade in the Product Cycle’ 2. John H. Dunning (1970), ‘Foreign Capital and Economic Growth in Europe’ 3. Edwin Mansfield (1974), ‘Technology and Technological Change’ 4. Stephen P. Magee (1977), ‘Multinational Corporations, the Industry Technology Cycle and Development’ 5. Giovanni Dosi (1984), ‘Technical Change in the International Environment: the Dynamics of Trade and Investment’ 6. John Cantwell (1991), ‘The Theory of Technological Competence and its Application to International Production’ 7. Bruce Kogut and Udo Zander (1995), ‘Knowledge, Market Failure and the Multinational Enterprise: A Reply’ Part II: Technology Transfer – Theory 8. Harvey Lapan and Pranab Bardhan (1973), ‘Localized Technical Progress and Transfer of Technology and Economic Development’ 9. Peter J. Buckley and Mark Casson (1976), ‘A Long-Run Theory of the Multinational Enterprise’ 10. Tetsunori Koizumi and Kenneth J. Kopecky (1977), ‘Economic Growth, Capital Movements and the International Transfer of Technical Knowledge’ 11. Ronald Findlay (1978), ‘Relative Backwardness, Direct Foreign Investment and the Transfer of Technology: A Simple Dynamic Model’ 12. W.H. Davidson and Donald G. McFetridge (1984), ‘International Technology Transactions and the Theory of the Firm’ 13. Jian-Ye Wang and Magnus Blomström (1992), ‘Foreign Investment and Technology Transfer: A Simple Model’ Part III: Technology Transfer – Historical and Empirical Analysis 14. Mira Wilkins (1974), ‘The Role of Private Business in the International Diffusion of Technology’ 15. D.J. Teece (1977), ‘Technology Transfer by Multinational Firms: The Resource Cost of Transferring Technological Know-How’ 16. Arthur W. Lake (1979), ‘Technology Creation and Technology Transfer by Multinational Firms’ 17. Edwin Mansfield and Anthony Romeo (1980), ‘Technology Transfer to Overseas Subsidiaries of U.S.-Based Firms’ 18. Robert C. Hirschey and Richard E. Caves (1981), ‘Research and Transfer of Technology by Multinational Enterprises’ 19. Nathan Rosenberg (1982), ‘The International Transfer of Technology: Implications for the Industrialized Countries’ Name Index Volume II: Part I: The Internationalization of Technology Creation 1. Edwin Mansfield, David Teece and Anthony Romeo (1979), ‘Overseas Research and Development by US-Based Firms’ 2. Ove Granstrand (1979), ‘R&D and Corporate Internationalization’ 3. Sanjaya Lall (1979), ‘The International Allocation of Research Activity by US Multinationals’ 4. Gary Hewitt (1980), ‘Research and Development Performed Abroad by US Manufacturing Multinationals’ 5. Lars Håkanson and Udo Zander (1988), ‘International Management of R&D: The Swedish Experience’ 6. Pari Patel (1995), ‘Localised Production of Technology for Global Markets’ 7. John Cantwell (1995), ‘The Globalisation of Technology: What Remains of the Product Cycle Model?’ 8. Marina Papanastassiou and Robert Pearce (1997), ‘Technology Sourcing and the Strategic Roles of Manufacturing Subsidiaries in the U.K.: Local Competences and Global Competitiveness’ Part II: Technology-Based Inter-Company Alliances 9. François Chesnais (1988), ‘Multinational Enterprises and the International Diffusion of Technology’ 10. David C. Mowery and Nathan Rosenberg (1989), ‘International and Domestic Collaboration in Research and Development’ 11. John Hagedoorn and Jos Schakensraad (1992), ‘Leading Companies and Networks of Strategic Alliances in Information Technologies’ 12. John Hagedoorn and Rajneesh Narula (1996), ‘Choosing Organizational Modes of Strategic Technology Partnering: International and Sectoral Differences’ 13. Frédérique Sachwald (1998), ‘Cooperative Agreements and the Theory of the Firm: Focusing on Barriers to Change’ Part III: The Co-Evolution of FDI and Technological Development 14. Sanjaya Lall (1987), ‘Multinationals and Technology Development in Host LDCs’ 15. Terutomo Ozawa (1991), ‘Japan in a New Phase of Multinationalism and Industrial Upgrading: Functional Integration of Trade, Growth and FDI’ 16. Terutomo Ozawa (1992), ‘Foreign Direct Investment and Economic Development’ 17. John H. Dunning and Rajneesh Narula (1996), ‘The Investment Development Path Revisited: Some Emerging Issues’ Part IV: Geographical Localization in Multinational Corporations and Technology Spillovers 18. Bruce Kogut and Sea Jin Chang (1991), ‘Technological Capabilities and Japanese Foreign Direct Investment in the United States’ 19. Ari Kokko (1994), ‘Technology, Market Characteristics, and Spillovers’ 20. Paul Almeida (1996), ‘Knowledge Sourcing by Foreign Multinationals: Patent Citation Analysis in the U.S. Semiconductor Industry’ 21. John H. Dunning (1996), ‘The Geographical Sources of the Competitiveness of Firms: Some Results of a New Survey’ 22. Tommaso Perez (1997), ‘Multinational Enterprises and Technological Spillovers: An Evolutionary Model’ Name Index

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Book SynopsisThis innovative book analyses the geographical patterns in foreign direct investment flows by combining elements from the theory of international production and the theory of economic geography. It develops a model for explaining why foreign direct investment is attracted to certain locations.The book examines foreign direct investment from a spatial perspective and considers how knowledge, regional synergies, economic integration, corporate strategies and networking affect patterns of investment. Using a model, Robert Morsink derives sets of determinants for different foreign direct investment patterns of multinationals and evaluates the corporate strategy behind these flows. First, he analyses investment flows within the European Union. Then, he goes into investments originating from the United States, Japan, Germany and the Netherlands and destined for Western Europe, South and Southeast Asia and North and South America. These analyses enable him to make suggestions for government policy at both the national and international level to attract foreign investment.Foreign Direct Investment and Corporate Networking will be of interest to economists working in the areas of international trade and investment, economic geographers and corporate strategy advisors as well as to policymakers from government and non-governmental organizations.Trade Review'In one of the first studies to link the fields of international business and economic geography Robert Morsink develops a gravity model of geographic location to explain foreign direct investment patterns.' -- Alan M. Rugman, University of Reading, UKTable of ContentsContents: 1. Introduction 2. A Theoretical Framework for Foreign Direct Investment 3. A Model for Analysing Geographical Investment Patterns: MOSAIC 4. Investments within the European Union 5. Investments from the United States 6. Investments from Japan 7. Investments from Germany 8. Investments from the Netherlands 9. Policy Implications 10. Evaluation 11. Summary Bibliography Index

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Book SynopsisThis book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.It addresses venture capital at the industry/market and firm level and provides full coverage on both informal and formal venture capitalists, management buy-outs, and competing and complementary sources of finance including bank finance and trade credit. The contributors also discuss important but neglected issues on the nature of venture capitalist-investee relationships and the revelation of knowledge, the costs of information searches, the development of appropriate forms of managerial and financial control systems, the role of the entrepreneur and bargaining models of contract negotiation. It uses case study examples from the US, the UK, and West and Eastern Europe.This book will be of interest to practitioners, researchers and policymakers in the area of the financing and management of firms as well as academics and students interested in management buy-outs, venture capital, entrepreneurship and finance.Trade Review'It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.' -- International Review of Administrative SciencesTable of ContentsContents: Preface 1. Introduction 2. Venture Capital 3. The Venture Capital and Buy-out Markets in the UK and Europe 4. Venture Capital in Transition Economies 5. The Role of Trust in the Informal Investor’s Investment Decision 6. Relationship Participation 7. Loan Covenants, Relationship Banking and Management Buy-outs in Default 8. Small Business Demand for Trade Credit, Credit Rationing and the Late Payment of Commerical Debt 9. Funds Providers’ Role in Venture Capital Firm Monitoring 10. Sources of Venture Capital Deals 11. Venture Capitalists, Investment Appraisal and Accounting Information 12. Accounting Information System Development and the Supply of Venture Capital 13. European IPO Markets 14. Venture Capitalists, Serial Entrepreneurs and Serial Buy-outs Index

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Book SynopsisHarnessing probabilities with groundbreaking precision Future Trends from Past Cycles explains how to identify potential future trends and turning points in equity prices (short, long and medium-term) by analysing past cycles in market data. Brian Millard's renowned technical expertise and mathematical insight forms the basis of this fascinating guide, built around a blend of cycle, channel and probability analysis. With a thoroughly documented methodology, and numerous worked examples at every step of the process, this is an exceptionally lucid and insightful contribution to the literature of technical analysis. It will help the trader to harness probabilities to their advantage, and to limit their risk, with greater precision than ever before. Finding the key 10% with a trading triple lock This book teaches you how to use cycles in your trading in a way that hasn't been attempted previously. At its heart are the three disciplines of cycle, channel and probability analysis, which ensure a triple lock on probability - massively reducing the blind spots and speculative nature common to more one-dimensional technical approaches.While the general view of technical analysts is that virtually all securities can be analysed for future movement, the detailed workings and research in this book shows that this is not the case. Only a small number, around 10%, have cycles which extrapolation shows to be currently in a stable state and which therefore would appear to be predictable. Brian Millard details the mechanics of identifying this 10% - estimating the stability of trend positions, drawing probability boundaries for price positions, and deducing the core probability of any given price trend. He looks closely at the various forms of risk at play in the markets, uncovers the hidden mathematics of price movement, and shows how to simulate future movements; as well as presenting ideas on the best new ways to read cycles, evaluate mathematical trends, plot moving averages and anticipate turning points. Like the work of J. M. Hurst, Millard's forbear, Future Trends "shows what is possible when approaching the markets with a measured, logical technique based on firm mathematical and scientific logic". It is the essential final book from an acclaimed technical analyst and author.Table of ContentsFigures Tables 1. Introduction Definition of a Trend Definition of a Cycle Determining Trend 2. Risk and the Markets Sources of Risk 3. How Prices Move (I) Coin Tossing Rising and Falling Trends 4. How Prices Move (II) The Normal Distribution 5. Simulating Future Movement Monte Carlo Simulation 6. Cycles and the Market Properties of Sine Waves Cycles in the Stock Market Research on Market Cycles 7. Trends and the Market Mathematical Trends Extrapolating a trend line 8. Properties of Moving Averages Calculation of Moving Averages 9. Averages as Proxies for Trends Probabilities From Centred Averages Boundaries and Channels 10. Trend Turning Points (I) Short-term Trends 11. Trend Turning Points (II) Estimation of Channel Direction 12. Trend Turning Points (III) Why Does Channel Analysis Work? 13. Cycles and Sums of Cycles Extrapolation of Cycles The Comparator Failure of Extrapolations 14. Bringing it All Together Four Key Steps Conclusion

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Book SynopsisOptions: An Introduction is a completely revised edition which not only provides the same comprehensive introduction as the first edition, but also includes expanded treatment of option strategies, complete treatment of option sensitivities (DELTA, etc.) thorough treatment of European and American options in two separate chapters, and expanded treatment of options on futures, foreign currency options, and options on stock indexes. As with the first edition, the text comes with OPTION! software.Table of Contents1. The Options Market. 2. Option Payoffs and Option Strategies. 3. Bounds on Option Prices. 4. European Option Pricing. 5. Option Sensitivities and Option Hedging. 6. American Option Pricing. 7. Options on Stock Indexes, Foreign Currency, and Futures. 8. The Options Approach to Corporate Securities. OPTION! Installation and Quick Start Exercises for OPTION!. Index. Appendix.

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Book SynopsisCorporate Bonds: Structures & Analysis covers every aspect of corporate bonds, including bond structures, credit analysis, and investment strategies. This book discusses state-of-the-art technology for valuing corporate bonds, as well as innovative new products such as step-up notes and range notes. Complete with contributions from today's top financial experts, Corporate Bonds is the definitive reference for this vital market.Table of ContentsAbout the Authors. Table of Contents. Preface. Acknowledgments. List of Advertisers. SECTION I. 1. Overview of U.S. Corporate Bonds. 2. Bond Indentures. 3. Maturity. 4. Interest Payments. 5. Debt Retirement. 6. Convertible Bonds. 7. Speculative-Grade Bonds. 8. Corporate Debt Ratings. SECTION II. 9. Bond Pricing and Yield Measures. 10. Principles of Valuing Corporate Bonds. 11. Valuing Callable Corporate Bonds. 12. Valuing Other Corporate Bond Structures. 13. Managing Corporate Bond Portfolios. Index. Advertisements.

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Book SynopsisAsset-Backed Securities provides comprehensive coverage of the major asset-backed securities, structuring issues, and relative value analysis from the leading experts in the field. Comprehensive coverage includes the expanding frontiers of asset securitization, introduction to ABS accounting, trends in the structuring of ABSs, and prepayment nomenclature in the ABS market.Table of ContentsContributing Authors. Acknowledgements. Index of Advertisers. PART I: GENERAL. 1. The Expanding Frontiers of Asset Securitization (A. Bhattacharya and F. Fabozzi). 2. Securitization in Europe (P. Taylor). PART II: PRODUCT AREAS. 3. Credit-Card Receivables (R. Karr, et al.). 4. Auto Loan-Backed Securities (T. Zimmerman and L. Burrell). 5. Manufactured Housing Securities (T. Zimmerman and I. Koren). 6. Analysis of Manufactured Housing-Backed Securities (J. Dunlevy and A. Shook). 7. Introduction to the B&C Home-Equity Loan Market (M. Dear and L. Blum). 8. Evolution of the B&C Home-Equity Loan Securities Market (H. McCall, III and L. Blum). 9. Equipment Lease-Backed Securities (J. Lucas and T. Zimmerman). 10. SBA Loan-Backed Securities (D. Faulk). 11. The Securitization of Health-Care Receivables (V. Pica and A. Bhattacharya). 12. The Commercial Property Market and Underwriting Criteria for Commercial Mortgages (J. Adams). 13. CMBS Structures and Relative Value Analysis (J. Adams). 14. Investing in Interest-Only Commercial Mortgage-Backed Securities (J. Adams, et al.). PART III: STRUCTURING CONSIDERATIONS. 15. Structuring Efficient Asset-Backed Transactions (L. Blum and C. DiAngelo). 16. A Rating Agency Perspective on Asset-Backed Securitization (S. Michaud). 17. Credit Enhancement in ABS Structures (L. Hsu and C. Mohebbi). 18. Early Amortization Triggers (A. Bhattacharya). 19. Home-Equity Loan Floaters (L. Tsai and C. Mohebbi). 20. Dynamics of Cleanup Calls in ABS (T. Zimmerman). 21. ABS B-Pieces (T. Zimmerman). PART IV: RELATIVE VALUE CONSIDERATIONS. 22. Prepayment Nomenclature in the ABS Market (A. Bhattacharya). 23. Evaluation of ABS Prepayments (A. Bhattacharya). 24. Z-Spreads (A. Bhattacharya and C. Sze). PART V: ACCOUNTING CONSIDERATIONS. 25. Introduction to ABS Accounting (L. Blum and E. Mitnick). Index.

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Book SynopsisRevised and updated to reflect the latest developments in the field of cash flow analysis, Cash Flow and Security Analysis provides an enlightening examination into why cash flow is quickly replacing earnings as the primary tool used by securities analysts, and how they can identify undervalued securities by using cash flow analysis.Table of ContentsPreface. Contributing Authors. Index of Advertisers. 1. The Evolution of Securities Lending (K. Burke and G. Martello). 2. The US Dollar Repo Market (K. Miller). 3. The Nondollar Repo Market (P. D'Amario). 4. Finding A Route to Market: An Institutional Guide to the Securities Lending Labyrinth (M. Faulkner and C. Sackville). 5. Evaluating Lending Options (A. Nazzaro). 6. Managing Internal Lending Programs (G. Caan, Jr.). 7. Performance Measurement for Securities Lending (M. Jensen and R. Scheetz). 8. Developing Effective Guidelines for Managing Legal Risks -- U.S. Guidelines (C. Dropkin). 9. International Legal and Regulatory Concerns (N. Jacklin and D. Felsenthal). 10. The Fundamentals of Fixed Income Securities (F. Fabozzi). 11. Overview of Mortgage-Backed and Asset-Backed Securities (F. Fabozzi). 12. Collateralized Borrowing via Dollar Rolls (S. Carlson and J. Tierney). 13. Understanding Cash Collateral Reinvestment Risks (F. Fabozzi and E. Jacobowitz). 14. Tax Issues Associated with Securities Lending (R. Shapiro). 15. The Accounting Treatment of Securities Lending Transactions (S. Peters). 16. The Role of Carry in the Equity Markets (R. Sloan). Index.

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Book SynopsisA contributed handbook on the complexities of portfolio management that includes the most up-to-date findings from leading practitioners in the fixed income securities market.Table of ContentsPreface. SECTION I: INTEREST RATE RISK MEASURES. 1. Fixed Income Risk (R. Kahn). 2. Measuring and Managing Interest-Rate Risk (S. Richard and B. Gord). 3. Value Measures for Managing Interest-Rate Risk (M. Kreisler and R. Worley). 4. Dissecting Yield Curve Risk (W. Phoa). 5. Bond Convexity: Hidden Risk, Hidden Value (K. Grant). 6. Measuring Plausibility of Hypothetical Interest Rate Shocks (B. Golub and L. Tilman). 7. Valuation and Interest Rate Risk Management Using the Arbitrage-Free Bond Canonical Decomposition Methodology (T. Ho and M. Chen). SECTION II: GENERATING EXPECTATIONAL INPUTS. 8. Fixed Income Portfolio Investing: The Art of Decision Making (C. Dialynas and E. Rachlin). 9. Forecasting Interest Rates (W. Woolford). 10. A Predictive Modeling Framework for Anticipating Long-Term Interest Rates (G. Boal and E. Plowden). SECTION III: PORTFOLIO STRATEGIES: ACTIVE AND STRUCTURED. 11. Active Bond Portfolio Management: An Expected Return Approach (F. Trainer, Jr.). 12. Managing Indexed and Enhanced Indexed Bond Portfolios (K. Volpert). 13. Managing a Fixed Income Portfolio Versus a Liability Objective (R. Ryan). 14. Managing Market Risk at Long-Term Investment Funds (L. Gibson, III). 15. Managing Synthetic GIC Portfolios (K. Tourville and J. Caswell). 16. A User's Guide to Buy-Side Bond Trading (R. Gerber). 17. Fixed Income Arbitrage Strategies (J. Berens and R. Friend). 18. The Persistence of Fixed Income Style Performance: Evidence from Mutual Fund Data (R. Kahn and A. Rudd). 19. Consideration of Risk-Based Capital in Daily Portfolio Decisions for Life Insurers (J. Saf). SECTION IV: MANAGEMENT BY PRODUCT. 20. Management of a High-Yield Bond Portfolio (J. Madden and J. Balestrino). 21. Managing Municipal Bond Portfolios (J. Slater). 22. Using Busted Convertibles to Enhance Performance (W. Leach). 23. A Practical Guide to Relative Value for Mortgages (W. Phoa). 24. Commercial Mortgage-Backed Securities: Real Estate Exposure with Managed Risk (J. DeMichele and W. Adams). 25. Corporate Loan Portfolio Management (E. Asarnow and M. McAdams). SECTION V: INTERNATIONAL FIXED INCOME INVESTING. 26. International Bond Portfolio Management (C. Steward and J. Lynch). 27. International Fixed Income Investment: Philosophy and Process (A. Faillace and L. Thomas). SECTION VI: PERFORMANCE EVALUATION. 28. Fixed Income Attribution Analysis (F. Jones and L. Peltzman). 29. Measuring Performance of the Insurance Company Portfolio (G. Hahn and J. Saf). Index.

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Book SynopsisActive Equity Portfolio Management provides an overview of the philosophies, methodologies, and strategies involved in attempting to beat the market. The book covers a host of relevant topics including equity benchmarks, equity style management, tactical asset allocation, and the use of derivatives to enhance returns. The contributors include top professionals from leading Wall Street firms, as well as top academics.Table of ContentsContributing Authors. 1. Investment Management: An Architecture for the Equity Market (B. Jacobs and K. Levy). 2. Investment Analysis: Profiting from a Complex Equity Market (B. Jacobs and K. Levy). 3. The Active versus Passive Debate: Perspectives of an Active Quant (R. Jones). 4. Overview of Equity Style Management (F. Fabozzi). 5. Factor-Based Approach to Equity Portfolio Management (F. Fabozzi). 6. Normal Portfolios: Construction of Customized Benchmarks (J. Christopherson). 7. Quantitative Tools for Equity Style Management (D. Leinweber, et al.). 8. Managing the Small Cap Cycle (E. Sorensen, et al.). 9. Implications of Style in Foreign-Stock Investing (P. Bagnoli). 10. Implementable Quantitative Research and Investment Strategies (C. Ma and J. Mallett). 11. Implementing Investment Strategies: The Art and Science of Investing (W. Wagner and M. Edwards). 12. A New Technique for Tactical Asset Allocation (E. Sorensen, et al.). 13. The Use of Derivative in Managing Equity Portfolios (R. Clarke, et al.). 14. New Applications of Exchange-Traded Equity Derivatives in Portfolio Management (G. Gastineau). 15. The Use of OTC Derivatives in Equity Investment Strategies (B. Collins). 16. Constructing a Multi-Manager U.S. Equity Portfolio (R. Ploder). Index.

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Book SynopsisInvestment Management for Insurers details all phases of the investment management process for insurers as well as fixed income instruments and derivatives and state-of-the-art analytical tools for valuing securities and measuring risk. Complete coverage includes: a general overview of issues, fixed income products, valuation, measuring and controlling interest rate risk, and equity portfolio management.Table of ContentsAbout the Editors. Preface. SECTION I: GENERAL ISSUES. 1. Risk Management by Insurers: An Analysis of the Process (D. Babbel and A. Saneomero). 2. Components of Insurance Firm Value, and the Present Value of Liabilities (D. Babbel). 3. A Performance Measurement System for Insurers (D. Babbel, et al.). 4. Asset Allocation for Property and Casualty Insurers (B. Tran). SECTION II: FIXED INCOME PRODUCTS. 5. Treasuries, Agency Debentures, Corporates, MTNs, Municipals, and Eurobonds (F. Fabozzi). 6. Mortgage-Backed Securities and Asset-Backed Securities (F. Fabozzi). 7. Interest Rate Derivatives (F. Fabozzi). 8. Credit Derivatives (M. Anson). 9. Catastrophe-Liked Securities (S. Ganapati, et al.). SECTION III: VALUATION. 10. Interest Rate Models (O. Cheyette). 11. The Four Faces of an Interest Rate Model (P. Fitton and J. McNatt). 12. Valuing Path-Dependent Securities: Some Numerical Examples (C. Howard). 13. Problems Encountered in Valuing Interest Rate Derivatives (Y. Pierides). 14. Speeding Up the Valuation Process (F. Albert, et al.). SECTION IV: MEASURING AND CONTROLLING INTEREST RATE RISK. 15. Fixed Income Risk (R. Kahn). 16. Term Structure Factor Models (R. Kuberek). 17. Effective and Ineffective Duration Measures for Life Insurers (D. Babbel). 18. Yield Curve Risk Management (R. Reitano). 19. Hedging Corporate Securities with Treasury and Derivatives Instruments (S. Ramamurthy). 20. Valuation and Portfolio Risk Management with Mortgage-Backed Securities (S. Zenios). 21. Hedging Mortgage Passthrough Securities (K. Dunn and R. Sella). 22. Portfolio Risk Management (H. Fong and O. Vasicek). 23. Measuring and Forecasting Yield Volatility (F. Fabozzi and W. Lee). SECTION V: EQUITY PORTFOLIO MANAGEMENT. 24. Investment Management: An Architecture for the Equity Market (B. Jacobs and K. Levy). 25. Investment Analysis: Profiting from a complex Equity Market (B. Jacobs and K. Levy). 26. The Use of Derivatives in Managing Equity Portfolios (R. Clarke, et al.). Index.

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Book SynopsisDuration, Convexity and other Bond Risk Measures offers the most comprehensive coverage of bond risk measures available. Financial expert Frank Fabozzi walks you through every aspect of bond risk measures from the price volatility characteristics of option-free bonds and bonds with embedded options to the proper method for calculating duration and convexity. Whether you're a novice trader or experienced money manager, if you need to understand the interest rate risk of a portfolio Duration, Convexity and other Bond Risk Measures is the only book you'll need.Table of Contents1. Overview. 2. The Reasons Why a Bond's Price Changes. 3. Price Volatility Characteristics of Bonds. 4. The Basics of Duration and Convexity. 5. Duration Measures of Bonds with Embedded Options and Foreign Bonds. 6. Duration and Convexity for Mortgage-Backed Securities. 7. Yield Curve Risk Measures. 8. Risk Measures for Interest Rate Derivatives. 9. Other Risk Measures. 10. Measuring Yield Volatility. Index.

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Book SynopsisEquipment Leasing is a practical reference for financial managers who need background information, and an understanding of how leasing can be utilized as a cost-effective means of equipment financing-especially under the new tax law in the United States. It explores various types of leases, including single investor leases, leveraged leases, tax requirements for true leases' and lease-buy economic analysis. This invaluable resource includes the background and basics of equipment leasing, history of leasing, synthetic leases, financial reporting of lease transactions by lessees, operating a leasing company, and much more.Table of ContentsSECTION I: BACKGROUND AND FUNDAMENTALS OF EQUIPMENT LEASING. 1. The Fundamentals of Equipment Leasing. 2. History of Leasing. 3. Financial Reporting of Lease Transactions by Lessees. 4. Synthetic Leases. 5. Federal Income Tax Requirements for True Lease Transactions. 6. A Framework for Analyzing the Lease versus Borrow-to-Buy Problem. SECTION II: OPERATING A LEASING COMPANY. 7. Considerations in Establishing and Operating a Leasing Company. 8. Credit Policies and Lease Portfolio Administration. 9. Analysis of Financial Statements of Leasing Companies for Purposes of Lending to or Investing in Leasing Companies. 10. Concerns of Manufactures/Vendors in Establishing a Product Sales Financing Program. 11. Lessor Concerns with Disposition of Residuals. 12. Guidelines for Obtaining and Maintaining Adequate Insurance Coverage. SECTION III: LEASE DOCUMENTATION FOR A NONLEVERAGED LEASE TRANSACTION. 13. Terms of a Typical Nonleveraged Lease. 14. A Typical Lease Schedule. 15. Other Lease Documents. SECTION IV: LEVERAGED LEASES. 16. Leveraged Lease Fundamentals. 17. Arranging and Documenting a Leveraged Lease. 18. Pricing and Analysis of Leveraged Leases. SECTION V: STRUCTURED FINANCE FOR LEASING COMPANIES. 19. Securitization and Other Structured Finance Techniques for Equipment Leasing Companies. Appendix: Historic Milestones in Equipment Leasing. Glossary. Index.

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Book SynopsisContents include real estate investment strategy, public and private equity, public and private debt, allocation across the real estate asset class, and more.Table of ContentsPreface. Acknowledgments. PART I: REAL ESTATE INVESTMENT STRATEGY. 1. Why Real Estate? (S. Hudson-Wilson and R. Hopkins, Jr.). 2. Strategy and Execution (S. Hudson-Wilson). 3. Hold versus Sell Decisions (S. Hudson-Wilson). 4. Timing the Real Estate Market (R. Hopkins, Jr.). 5. Commercial Mortgage Allocation Strategies (G. Pappadopoulos). 6. Appraised Value versus Sale Price (J. Fisher). 7. Real Estate and Stock Market Linkage (S. Hudson-Wilson). 8. Leverage in a Private Equity Real Estate Portfolio (S. Hudson-Wilson). PART II: PUBLIC AND PRIVATE EQUITY. 9. The U.S. Office Market (S. Coyle). 10. The Market for Multifamily Housing (S. Hudson-Wilson and J. Stimpson). 11. Real Estate and Retailing (S. Coyle). 12. Modeling Office Returns at the Regional Level (R. Peng, et al.). 13. REITs' Real Estate Market Exposures (B. Wilkerson). 14. Timberland Investments (J. Wilson). 15. Agricultural Real Estate (J. Wilson). PART III: PUBLIC AND PRIVATE DEBT. 16. Creating a Performance History for CMBS (G. Pappadopoulos). 17. CMBS versus Whole Loans (G. Pappadopoulos). 18. CMBS Loan Pool Comparisons (G. Pappadopoulos). PART IV: ALLOCATION ACROSS THE REAL ESTATE ASSET CLASS. 19. Modern Portfolio Theory Applied to Real Estate (S. Hudson-Wilson). 20. Cross-Quadrant Asset Allocation (S. Hudson-Wilson and R. Hopkins, Jr.). Index.

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Book SynopsisA collection of articles from various professionals, discussing the details of investing in asset-backed securities. Main topics addressed include non-real estate backed ABS, collateralized debt obligations, residential real-estate backed ABS, accounting, commercial mortgage backed securities, and analysis of ABS.Table of ContentsContributing Authors. 1. Overview of ABS Portfolio Management (K. Weaver, et al.). 2. Rating Asset-Backed Securities (A. Silver). NON-REAL ESTATE BACKED ABS. 3. Securities Backed by Credit Card Receivables (J. McElravey). 4. Securities Backed by Auto Loans and Leases (N. McPherson). 5. Securities Backed by Recreational Vehicle Loans (N. Bakalar and J. Nimberg). 6. Equipment-Financed ABS (J. Anderson, et al.). 7. Aircraft Asset-Backed Securities (J. Philips and O. Hsiang). 8. SBA Development Company Participation Certificates (C. Flanagan and W. Tan). 9. Franchise Loan Securitization (J. Anderson and K. Clark). 10. Student Loan Floaters (T. Zimmerman). 11. Healthcare Receivable Backed ABS (N. McPherson with assistance from T. Fasanella). 12. Dealer Floorplan ABS (K. Weaver and N. Bakalar). COLLATERALIZED DEBT OBLIGATIONS. 13. Collateralized Debt Obligations (C. Schorin and S. Weinreich). 14. Relative Value Framework for Collateralized Debt Obligations (C. Schorin and S. Weinreich). 15. Analyzing Mezzanine Tranches of CBOs (L. Goodman and J. Ho). 16. Emerging Market CBOs (L. Goodman). 17. Market Value CBOs (L. Goodman). RESIDENTIAL REAL ESTATE BACKED ABS. 18. Mortgage Credit Analysis (J. Brown and W. Wadden, IV). 19. Securities Backed by Closed-End Home Equity Loans (R. Hurst). 20. Home Equity Line of Credit (HELOC) Securitizations (W. Roever, et al.). 21. Securities Backed by Manufactured Housing Loans (J. Anderson and K. Clark). 22. Securities Backed by Tax Liens (C. Flanagan, et al.). COMMERCIAL MORTGAGE-BACKED SECURITIES. 23. Commercial Mortgage-Backed Securities (A. Sanders). 24. Structure, Valuation, and Performance of CMBS (R. Gordon and L. Gibson). 25. Floating-Rate Commercial Mortgage-Backed Securities (P. Corcoran and J. Phillips). ANALYSIS OF ABS. 26. Performance, Risk, Structure, and Valuation of Credit-Sensitive ABS (L. GIbson). 27. Identifying Relative Value in the ABS Market (L. Wilhelm and W. Roever). 28. Analysis of ABS (F. Fabozzi, et al.). 29. A Framework for Evaluating Cleanup Calls in Amortizing ABS (A. Chu). ACCOUNTING. 30. Accounting for Investments in MBS and ABS (S. Gangwani, et al.). Index.

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Book SynopsisFrank Fabozzi leads an international team of fixed income experts in analyzing subjects varying from active portfolio management against an index to credit analysis and debt covenants in emerging markets. This second volume is a captivating and systematic investment tool that presents practical techniques developed by today's best and brightest fixed-income practitioners.Table of ContentsContributing Authors. Global Bond Investing in the 21st Century: Philosophy and Process (L. Thomas). The Active Decisions in the Selection of Passive Management and Performance Bogeys (C. Dialynas). Active Portfolio Management Against an Index (R. Gordon and L. Gibson). ABS Portfolio Management (K. Weaver, et al). Multi-Factor Risk Models and Their Applications (L. Dynkin, et al.). Term Structure Factor Models (R. Kuberek). Hedging Mortgage Products with Swaps and Agencies (L. Goodman and J. Ho). Analysis of and Strategies with Callable Securities (D. Johnston). Valuation of Floating-Rate Bonds (M. Dorigan, et al.). Volatility in the Fixed-Income Market (R. Gordon and L. Gibson). The Impact of Historical and Implied Volatilities on Valuing MBS (S. Szilagyi). Mortgage Spread Dynamics (A. Levin). Portfolio Yields and Durations (J. Carmel, et al.). Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor). Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen).

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Book SynopsisThe purpose of Basics of Mortgage-Backed Securities is to provide readers with a fundamental understanding of mortgage securities as an integral part of investment in fixed-income securities. The second edition of this MBS classic provides the latest information on the U.S. residential mortgage market, adjustable-rate mortgages and mortgage pass-throughs, relative value analyses and performance characteristics. Dr. James Hu discusses the major changes within the mortgage market that may affect the fundamentals of mortgage securities. Some of these are: the recovery of the REMIC market after its collapse; the flourish of private-label securities; the growth of equity loan-backed securities and its establishment as a member of the fixed-income securities family. Also included are additional historical data for all exhibits. Mortgage pre-payment, dollar rolls, and private-label mortgage-backed securities are also addressed.Table of ContentsAbout the Author. Preface. 1. Residential Mortgages. 2. The U.S. Residential Mortgage Market. 3. Mortgage Pass-Through Securities. 4. Mortgage Prepayment. 5. Basic Mortgage Math. 6. Adjustable-Rate Mortgages and Mortgage Pass-Throughs. 7. Multiclass Mortgage Pass-Throughs. 8. Private-Label Mortgage-Backed Securities. 9. Home Equity Loan-Backed Securities. 10. Analysis of Dollar Rolls. 11. Relative Value Analysis of Mortgage Securities. 12. Performance of Mortgage Securities. Index.

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Book SynopsisCommercial mortgage-backed securities (CMBS)-securitizations of mortgage loans backed by commercial real estate-have become compelling devices for fixed income investing. This title, edited by renowned financial expert Frank Fabozzi, describes the structure, valuation, and performance of CMBS, illustrates an empirical framework for estimating CMBS defaults, instructs how to value prepayment and credit risks of CMBS, and more.Table of ContentsIntroduction to Commercial Mortgage-Backed Securities (B. Lancaster). The Commercial Mortgage-Backed Securities Deal (A. Sanders). Floating-Rate Commercial Mortgage-Backed Securities (P. Corcoran and J. Phillips). Multifamily Project Securities (E. Daingerfield). Lehman Brothers' CMBS Index (S. Berkley and A. Golbin). The Efficient Frontier for CMBS and Commercial Mortgages Using a Risk-Return Framework (D. Jacob and J. Patel). Structure, Valuation, and Performance of CMBS (R. Gordon and L. Gibson). Value and Sensitivity Analysis of CMBS IOs (P. Obazee). Valuation and Analysis of Credit-Sensitive CMBS Tranches (P. Obazee). An Empirical Framework for Estimating CMBS Defaults (D. Westhoff, et al.). Project-Loan Prepayments and Defaults (S. Banerjee, et al.). Valuing the Prepayment and Credit Risks of Commercial Mortgage Securities (M. Youngblood). The CMBS Market, Swap Spreads, and Relative Value (B. Lancaster). The Effect of the Real Estate Cycle on Commercial Mortgage and CMBS Spreads (D. Jacob and C. Hong). CMBS in Japan (P. Corcoran and J. Phillips). Index.

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Book SynopsisThe fastest growing sector of the asset-backed securities market is the collateralized debt obligation (CDO) market. CDOs are securities backed by a pool of diversified assets and are referred to as collateralized bond obligations (CBOs) when the underlying assets are bonds and as collateralized loan obligations (CLOs) when the underlying assets are bank loans. Investing in Collateralized Debt Obligations covers not only the fundamental features of these securities and the investment characteristics that make them attractive to a broad range of institutional investors, but also the tools for identifying relative value. Nearly a dozen of today's best known analysts discuss emerging market CBOs, relative value frameworks, pricing strategies and techniques, and more.Table of ContentsPreface. Contributing Authors. Introduction to Collateralized Debt Obligations (C. Schorin and S. Weinreich). Structural Features of Market Value CDOs (L. Vacca). Rating Agency Methodologies (M. Hill and L. Vacca). CDO Structure and Arbitrage (L. Goodman). Emerging Market CBOs (L. Goodman). Mortgage Cash Flow CBOs (L. Goodman). CDOs Backed by ABS and Commercial Real Estate (R. Hurst). Synthetic CDOs (L. Goodman). Cash and Synthetic European Bank CLOs (A. Batchvarov, et al.). Analyzing Mezzanine Tranches of CBOs (L. Goodman and J. Ho). Relative Value Framework for Collateralized Debt Obligations (C. Schorin and S. Weinreich). Pricing Debt and Equity in a Market Value CDO (L. Vacca). Use of Credit Derivatives in CBO/CLO Structures (M. Hill and L. Vacca). Index.

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Book SynopsisCredit analysis is an important factor in judging investment value. Fundamentally sound credit analysis can offer more insight into the value of an investment and lead to greater profits. This study presents a professional framework for understanding and managing a successful corporate or municipal bond analysis, while providing informative case studies from well-known private and government organizations.Table of ContentsContributing Authors. SECTION I: FRAMEWORK. Why Does Credit Analysis Work? (M. Fridson). Review of Financial Statements (F. Fabozzi, et al.). Credit Analysis for Corporate Bonds (J. Howe). The Analysis of High-Yield Corporate Bonds (J. Howe). Basics of Fundamental Equity Analysis for High-Yield Credit Analysts (F. Fabozzi, et al.). Critical Failings of EBITDA as a Cash Flow Measure (P. Stumpp). Challenges in the Credit Analysis of Emerging Market Corporate Bonds (C. Taylor). Debt Covenants: Applications in Emerging Markets (A. Vine and D. Sohnen). Municipal Bond Credit Analysis (S. Feldstein). The Measurement of Prepayments and Defaults in ABS Markets (A. Bhattacharya). Understanding MBS/ABS Loss Terminology (T. Zimmerman). A Credit Intensive Approach to Analyzing Whole Loan CMOs (E. Toy). Mortgage Credit Analysis (J. Brown and W. Wadden IV). Credit Considerations in Analyzing Asset-Backed Securities: A Rating Analyst's Perspective (A. Silver). Credit Considerations in the Analysis of Asset-Backed Securities: A Research Analyst's Perspective (K. Weaver and S. Whitten). Considerations in the Credit Analysis of Commercial Mortgage-Backed Securities (J. Price and J. Story). Credit-Driven Prepayment and Default Analysis (M. Ervolini, et al.). AAA CMBS: Prospective Analysis to Manage Perception-Diminished Liquidity (M. Ervolini and A. Fazlullah). SECTION II: CASE SUDIES. Bergen Brunswig Corporation (F. Fabozzi). Einstein/Noah Bagel Corporation (S. Tufo). Sun Healthcare Group, Inc. (S. Tufo). Windmere-Durable Holdings, Inc. (A. Alaimo). CII Technologies, Inc. (A. Alaimo and A. Roulac). DESA International, Inc. (A. Alaimo and A. Roulac). Bruno's Supermarket (S. Lewis). Tevecap (B. Stannforth). Dao Heng Bank (A. Aran). CanFibre of Riverside, Inc., Project (M. Pisecki). Nassau County, New York General Obligations (S. Feldstein). Erie Tobacco Asset Securitization Corporation (C. Hicks). Yellowstone Energy Limited Partnetship Project (S. Haberer). Port of Walla Walla Public Corporation (J. Colombo). Wisconsin Helath Facilities Authority Healthcare Revenue Bonds--RFDF Project, Series 1997 (M. Ross). JFK International Air Terminal LLC Project (D. Frasca). Bank of America 1997-1 Manufactured Housing Asset-Backed Security (J. Brown and W. Wadden IV). Conseco 2000-XX ABS (K. Weaver and J. Nimberg). Index for Chapters.

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Book SynopsisReal Estate-Backed Securities provides today's most concise yet comprehensive understanding of passive real estate investing. Issues discussed include agency passthrough securities and mortgage strips, agency collateralized mortgage obligations, nonagency residential MBS, commercial mortgage-backed securities, and more.Table of ContentsAbout the Authors. Why It Is Important to Understand Real Estate-Backed Securities. Mortgages. Agency Passthrough Securities and Mortgage Strips. Agency Collateralized Mortgage Obligations. Nonagency Residential MBS. Real Estate Backed Asset-Backed Securities. Commercial Mortgage-Backed Securities. Analysis of Real Estate-Backed Securities. Index.

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Book Synopsis The most explosive economic and political force of the last decade of the twentieth century has been the growth of personal investment. About half of all Americans now own stocks and bonds through IRAs, 401(k)s, and other financial devices. Polls show that personal investment in corporations changes one’s view of the economy, world events, and public policy toward taxes, government spending, regulation, and protectionism. Much of the growth of personal investing has been facilitated by innovations in the financial services and information technology arena—such as mutual funds and online trading—as well as accidental public policies creating tax-deferred employee benefits and personal investment vehicles. This book represents an attempt to sketch out, across a host of public policy topics, a realistic strategy for shrinking the welfare state. To gain a clear understanding of the investor politics of the twenty-first century, the book looks backward to human history and even to prehistory to examine the origins of capital formation. As the facts demonstrate, politics has always been intimately linked with investment, understood in the broadest sense of the word. “Over the next few decades, Americans must stop looking to Washington as a source of the money they need to take care of themselves—there is no alternative. They will need instead to look to investment and wealth creation on Wall Street and Main Street as the guarantors of their retirement security, their health security, their job security, and their children’s futures.” —from the introduction Table of Contents Introduction / 1 1. A Short History of Saving and Investment / 10 2. American Political Realignment and the Origins of Welfare / 35 3. Wall Street and the Second Economic Revolution / 54 4. Depression and the New Deal / 86 5. The Great Social Security Debate / 110 6. The New Health-Care Imperative / 142 7. Houses, Highways, and Physical Capital 8. Education, Training, and Human Capital / 217 9. The Savings Strategy for Shrinking the Welfare State / 258 Conclusion / 277 Notes / 285 Index / 303

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