About this product: The yield curve is the defining indicator of the global debt capital markets, and an understanding of it is vital to the smooth running of the economy as a whole. All participants in the market, be they issuers of capital, investors or banking intermediaries, will have a need to estimate, interpret and understand the yield curve. Fund managers that accurately predict the shape and direction of the curve will consistently outperform those that do not.
This groundbreaking new book offers:
An intuitive account of a very important technical subject, cutting through the mathematics to reveal key concepts
Market approaches to enable fund managers to evaluate the current and expected shape of the yield curve
An opportunity for market professionals to have an understanding of the latest analytical techniques.
Written by an experienced market practitioner, this book is a clear and accessible account of an important financial topic.
About this product: HIGH-YIELD BONDS delivers statistics, research findings, and facts to help you understand the risks - and maximize the returns - of high-yield investing.
About this product: First published in 1972, "Inside the Yield Book underwent more than twenty-five printings and remains a standard among bond market professionals. Used copies sell for more than $100 online. This new edition brings the still-relevant classic back into print with a new introduction by coauthor Martin L. Leibowitz, now chief investment officer at TIAA-CREF, and a new foreword by Henry Kaufman, former vice chairman of Salomon Brothers and one of the financial community's most-successful and most-respected figures. "Inside the Yield Book takes the bond investor behind the scenes and reveals in nontechnical terms the precise nature of bond yields and the ways in which they're often misunderstood and misused. It corrects many misconceptions about bond prices and yields as calculated in the standard Yield Book, and it provides a set of tools to aid in bond investment strategy that have made it the standard reference on bond math within the field of fixed income.
About this product: After a long and beguiling climb, the stock market dive of 2000-2002 put phrases like irrational exuberance and speculative bubble back into common usage and was a stinging reminder of the importance of portfolio diversification. Financial wizard Mahesh Kumar shows how to guard against the inherent riskiness of the stock market while still reaping the benefits of a profitable portfolio in his new book Wine Investment for Portfolio Diversification: How Collecting Fine Wines Can Yield Greater Returns than Stocks and Bonds. Its a thorough piece of academic analysis, which combines the Nobel Prize winning Markowits Theory and Kumars Fine Wine Fifty Index and empirically proves that Fine Wine is one of the best diversification tools available (whether youre high-finance or a modest personal investor). Fine Wine is uncorrelated with stocks and bonds; that is, they arent affected by the same types of risk. Moreover, Kumar points out that Fine Wine has a HIGHER expected return relative to its overall contribution of risk. Smart investors are those who recognize large shifts in the economy early on and invest for the long term, he writes. In the 70s, gold investors thrived; in the 80s it was the real estate owners turn. In the 90s the action shifted to stocks. What will this decade bring? Alternative investments (Fine Wine, Fine Art or Antiques) will make a breakthrough, and compensate investors for their disappointing equity, bond and cash portfolio returns. The book also includes a history of wine markets dating back to the 12th century; chapters on the different modes of marketing and distribution in Bordeaux, and the primary and secondary markets; and he critically analyses the total alternative investment market, and the relationships between their price and quality. He also discusses, systematically, the key question: what constitutes a good investment portfolio?
About this product: The book is a thorough treatment of the mathematical theory and practical applications of compound interest, or mathematics of finance.
About this product: The wire bonding bible - now revised and expanded! Get the practical know-how you need to design and evaluate wire bonds engineered with the latest - and still-evolving- metallurgies. Extensively revised and updated, the Second Edition of George Harman's classic Wire Bonding in Microelectronics shows you step-by-step how to exploit new higherm density interconnection techniques and engineer reliable gonds at a very high yield. You get the hands-on guidance you need to test wire bonds...clean bond pads to improve bondability and realiability...solve cratering, heel cracks, bond fatigue, so-called purple plague and other mechanical problems....bond wires to multichip modules...and much, much more. You also get up-to-the-minute details on utilizing fine pitch SMT, applying new bonding metallurgies, and exploring wire sweep and the wire bonding mechanism.
About this product: Since financial myths exploded in the 1980s, the perspective of time creates a unique opportunity to update and expand the analysis begun in Glenn Yago's 1991 book, Junk Bonds: How High Yield Securities Restructured Corporate America (Oxford University Press). At the time of its publication, Junk Bonds drew controversial responses from the Federal Reserve and government agencies. In retrospect, the evidence clearly casts favorable light on the role of high yield securities. The research presented here demonstrates how financial innovations enabled capital access for industrial restructuring, capital and labor productivity gains, and improved global competitiveness. Enough time has now passed to allow this dispassionate empirical analysis to shear away the hype and hysteria that surrounded the Wall Street scandals, Washington controversies, and media frenzy of the time. Beyond Junk Bonds provides a one-stop data, reference and case study presentation of the firms and securities in the contemporary high yield market and the financial innovations that spurred growth in the nineties and will continue to finance the future. The high yield market incubated successive waves of financial technologies that now proliferate beyond junk bonds to all the dimensions and dynamics of global debt and equity capital markets. It charts the recovery of the market in the 1990s, the recent wave of fallen angels, distressed credits and defaults, and suggests how the high yield market will be recreated in the global market of the 21st century. It explicates the linkages between the high yield market, and other credit and equity markets in managing a firm's capital structure to execute its business strategy. The weakening of the U. S. economy in 2001 and the huge shock to Wall Street from the terrorist attacks of September 11 witnessed a historic increase in the yield to maturity of high yield bonds. Despite the volatility in the flow of funds to high yield mutual funds and occasionally sharp increases in non-investment grade debt yields, the asset class has been one of the best performing fixed income investments of the past decades. In fact, high yield bonds offer an attractive risk-reward ratio competitive with more traditional asset classes. Anyone active in corporate finance, financial institutions and capital markets will find this book a must read for interpreting and understanding the recent history both of the high yield marketplace and its interaction with private equity, public equity, and fixed income markets.
About this product: This book presents a series of dynamic models of the term structure of interest rates, covering both theory and estimation in a unified framework. Special emphasis is placed on models which are driven by innovations that have a Gaussian mixture distribution. These models are able to flexibly capture the observed non-normality in the distribution of bond yields. It is shown that the theoretical models can easily be cast into the statistical state space form, which provides a convenient framework for statistical inference. An application to US data illustrates the properties of the models and shows the estimation techniques at work.
About this product: The first comprehensive guide to the burgeoning, new high-yield debt or ``junk bond'' market. Edward Altman and Scott Nammacher, leading experts on debt financing and co-developers of the Zeta model for predicting business failure, offer sophisticated investors a complete analysis of the high-yield bond market, its anatomy, history, participants, risks and returns. With Altman and Nammacher's Zeta model, investors can gauge the safety of an issue before they commit. This book helps private investors and mutual fund, pension, bank, and insurance money managers make sure their junk bonds don't live up to the name.
About this product: Junk bonds burst into the nation's headlines as the fastest growing and most controversial financial instruments of the 1980s. Branded with an unflattering nickname, these high yield securities were tarnished in the public eye by waves of negative publicity. Critics cast the financiers and entrepreneurs who pioneered their use as symbols of a decade of greed and financial excess. By the end of the 1980s, the heyday of junk bonds had seemingly come to a close with the conviction of junk bond pioneer Michael Milken and the bankruptcy of Drexel Burnham Lambert, the brokerage that dominated the high yield market. But the controversy surrounding junk bonds continues. Now, in Junk Bonds, business professor Glenn Yago turns the tables on conventional wisdom about this new financial technology. He offers the first systematic examination of the facts about high yield securities. His analysis provides hard evidence that demystifies junk bonds and explodes many of the popular myths that surround them. Junk Bonds sheds light on the role of high yield financing in what Yago calls the democratization of capital. Before the advent of junk bonds, only companies with an "investment grade" rating--five percent of the 23,000 American companies with sales over $35 million--had access to long term capital. In effect, the author argues, 95 percent of American companies were denied the means to finance growth and business development. Yago shows how junk bonds changed all that, breathing life into thousands of American companies that had been shunned by the capital markets. His research demonstrates that these "junk" companies outperformed many Fortune 500 firms in job creation, product development, sales, and business innovation. The real contribution of junk bonds, according to Yago, was to improve the productivity and competitiveness of American business by restructuring companies in the wake of the corporate conglomerations of the 1960s and 1970s. His findings show that divestitures by companies financed with high yield bonds were not necessarily destructive. Many sold-off units flourished as independent enterprises at a time when numerous "investment grade" companies stagnated or closed plants or fired workers. This restructuring of corporate America has enabled businesses to compete in a changing international environment, benefiting managers, workers, stockholders, and investors alike. Junk Bonds provides readers with a scholarly analysis that shears away the hype and hysteria that often accompany rapid change. And at a time when Wall Street is under greater scrutiny than at any time since the Depression, this provocative study provides a timely and thoughtful contribution to the debate surrounding junk bonds.
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