Convertible Arbitrage

Author: Nick P. Calamos
Editor: John Wiley & Sons
ISBN: 9781118045664
File Size: 57,91 MB
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Minimize risk and maximize profits with convertible arbitrage Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. Convertible Arbitrage offers a thorough explanation of this unique investment strategy. Filled with in-depth insights from an expert in the field, this comprehensive guide explores a wide range of convertible topics. Readers will be introduced to a variety of models for convertible analysis, "the Greeks," as well as the full range of hedges, including titled and leveraged hedges, as well as swaps, nontraditional hedges, and option hedging. They will also gain a firm understanding of alternative convertible structures, the use of foreign convertibles in hedging, risk management at the portfolio level, and trading and hedging risks. Convertible Arbitrage eliminates any confusion by clearly differentiating convertible arbitrage strategy from other hedging techniques such as long-short equity, merger and acquisition arbitrage, and fixed-income arbitrage. Nick Calamos (Naperville, IL) oversees research and portfolio management for Calamos Asset Management, Inc. Since 1983 his experience has centered on convertible securities investment. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University.

Short Selling Activities And Convertible Bond Arbitrage

Author: Sebastian P. Werner
Editor: Springer Science & Business Media
ISBN: 9783834960030
File Size: 43,73 MB
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Sebastian Werner examines aggregate short sales and convertible bond arbitrage, which is a typical hedge fund strategy that involves a significant short position in the underlying stock of a long convertible bond position for hedging purposes. He provides insightful and new observations of the significant difference in the trading pattern, information content and resulting impact on stock returns of arbitrage- versus valuation-based short selling activities.

Super Summer Greats Lovely S

Author: Emereo Publishing
Editor: Emereo Publishing
ISBN: 9781489138347
File Size: 70,54 MB
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Food is love, Food is emotion. What good is a recipe book when it does not bring emotion, happiness, joy and love to your kitchen and dinner table? Everything you touch, see and smell while cooking touches the soul, sparks a memory, this Summer recipe book will make you FEEL that. We passionately slipped emotions into every Summer recipe, making them quirky, stand out and hilarious. Read them out LOUD and laugh, giggle while you follow their easy steps - and crave the Food you make. You'll love this book, the recipes are easy, the ingredients are easy to get and they don't take long to make. Foodlovers turn to Summer Greats for information and inspiration. Everything is in here, from the proverbial soup to nuts: Warm Saute Of Dazzling Summer Fruit, A Acclaimed Zesty Summer Beloved Pasta Salad, Pleasure-Giving Summer Berries With Vital Yogurt-Citrus Audacious Sauce, Lavish Pimento-Cheese Spoon Selected Bread With Roasted Momentous Summer Squash, Farmer's Enterprising Cheese Pancakes with Visceral Summer Fruits, Frozen Eye-Opening Lime Torte With Harmonic Summer Fruit, Able German Summer Palate-Cleansing Potato Salad, Wild Trendy Game Summer All-Original Sausage ...and much much more! This is a very satisfying book, however I would recommend you eat something before you read this book, or you won't be able to make it through without reaching for a skillet or saucepan! Summer Greats is funny and packed with more information than you could imagine. 121 Delicious dishes covering everything, each using ingredients that should be simple to find and are Summer-indulging. This cookbook offers great value and would make a fabulous gift. This book will also give you enough inspiration to experiment with different ingredients since you'll find the extensive index to be extremely helpful. The recipes are superb. Wonderfully easy to put together and you don't have to make or purchase a ton of ingredients or fancy kitchen gadgets before you have a chance to play with them. There's only one word that describes it all: Yummy!!

Debt Markets And Investments

Author: H. Kent Baker
Editor: Financial Markets and Investme
ISBN: 019087743X
File Size: 57,62 MB
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Debt Markets and Investments provides an overview of the dynamic world of markets, products, valuation, and analysis of fixed income and related securities. Experts in the field, practitioners and academics, offer both diverse and in-depth insights into basic concepts and their application to increasingly intricate and real-world situations. This volume spans the entire spectrum from theoretical to practical, while attempting to offer a useful balance of detailed and user-friendly coverage. The volume begins with the basics of debt markets and investments, including basic bond terminology and market sectors. Among the topics covered are the relationship between fixed income and other asset classes as well as the differences in fundamental risk. Particular emphasis is given to interest rate risk as well as credit risks as well as those associated with inflation, liquidity, reinvestment, and ESG. Authors then turn to market sectors, including government debt, municipal bonds, the markets for corporate bonds, and developments in securitized debt markets along with derivatives and private debt markets. The third section focuses on models of yield curves, interest rates, and swaps, including opportunities for arbitrage. The next two sections focus on bond and securitized products, from sovereign debt and mutual funds focused on bonds to how securitization has increased liquidity through such innovations as mortgaged-and asset- backed securities, as well as collateralized debt-, bond-, and loan obligations. Authors next discuss various methods of valuation of bonds and securities, including the use of options and derivatives. The volume concludes with discussions of how debt can play a role in financial strategies and portfolio creation. Readers interested in a broad survey will benefit as will those looking for more in-depth presentations of specific areas within this field of study. In summary, the book provides a fresh look at this intriguing and dynamic but often complex subject.

Managing Risk In Alternative Investment Strategies

Author: Lars Jaeger
Editor: Pearson Education
ISBN: 9780273656982
File Size: 28,37 MB
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"Lars Jaeger is to be congratulated for taking the mystique out of alternative investment strategies and putting sound risk management methodology into its place. I am convinced that this book will become the prime reference on AIS for many years to come." Paul Embrechts, Professor of Insurance Mathematics, ETH Zurich "More and more investment professionals see alternative investment strategies as a new paradigm in asset management. However, press coverage suggests that the hedge funds bubble has not yet burst. The hedge fund area has traditionally been shrouded in myth and misrepresentation. Managing Risk in Alternative Investment Strategies provides what is desperately needed: transparency." Alexander M. Ineichen, CFA, Managing Director, UBS Warburg, London "The hedge fund industry is attracting more and more interest after the disappointing performance of financial markets. Lars Jaeger's book clearly and concisely presents the issues and sheds much needed light on this industry. His rigorous description of the most advanced risk management techniques and their application to the hedge funds makes it an indispensable tool for professional investors who want to venture in this field." Dr. Michel M. Dacorogna, Manager Financial Analysis and Risk Modeling, Converium Ltd "Risk management and transparency have become key issues for portfolio managers and investors interested in alternative investment strategies. Lars Jaeger finally gives a much needed, clear and practical, treatment on risk management principles for hedge funds and managed futures. This book is a must read for anyone interested in this rapidly growing investment area" Dr. Dan Rosen, VP Research and New Solutions, Algorithmics Alternative Investment Strategies, such as hedge funds, can enhance returns and reduce risk of a global investment portfolio. However, managing their ¿risk dimension¿ is critical to success. Managing Risk in Alternative Investment Strategies provides insight into the latest thinking about hedge funds and hedge fund risk management, elaborating on ways to approach some of the main problems and obstacles of this new investment class.

The Convertible Arbitrage Strategy Analyzed

Author: Igor Lončarski
Editor:
ISBN:
File Size: 16,29 MB
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Cfa Program Curriculum 2020 Level Iii Volumes 1 6

Author: CFA Institute
Editor: John Wiley & Sons
ISBN: 1119593670
File Size: 40,35 MB
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Apply CFA Program concepts and skills to real-world wealth and portfolio management for the 2019 exam The same official curricula that CFA Program candidates receive with program registration is now publicly available for purchase. CFA Program Curriculum 2020 Level III, Volumes 1-6 provides complete, authoritative guidance on synthesizing the entire CFA Program Candidate Body of Knowledge (CBOK) into professional practice for the 2020 exam. This book helps you bring together the skills and concepts from Levels I and II to formulate a detailed, professional response to a variety of real-world scenarios. Coverage spans all CFA Program topics and provides a rigorous treatment of portfolio management, all organized into individual study sessions with clearly defined Learning Outcome Statements. Visual aids clarify complex concepts, and practice questions allow you to test your understanding while reinforcing major content areas. Levels I and II equipped you with foundational investment tools and complex analysis skill; now, you'll learn how to effectively synthesize that knowledge to facilitate effective portfolio management and wealth planning. This study set helps you convert your understanding into a professional body of knowledge that will benefit your clients' financial futures. Master essential portfolio management and compliance topics Synthesize your understanding into professional guidance Reinforce your grasp of complex analysis and valuation Apply ethical and professional standards in the context of real-world cases CFA Institute promotes the highest standards of ethics, education, and professional excellence among investment professionals. The CFA Program curriculum guides you through the breadth of knowledge required to uphold these standards. The three levels of the program build on each other. Level I provides foundational knowledge and teaches the use of investment tools; Level II focuses on application of concepts and analysis, particularly in the valuation of assets; and Level III builds toward synthesis across topics with an emphasis on portfolio management.

The Handbook Of Convertible Bonds

Author: Jan De Spiegeleer
Editor: John Wiley & Sons
ISBN: 1119978068
File Size: 73,67 MB
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This is a complete guide to the pricing and risk management of convertible bond portfolios. Convertible bonds can be complex because they have both equity and debt like features and new market entrants will usually find that they have either a knowledge of fixed income mathematics or of equity derivatives and therefore have no idea how to incorporate credit and equity together into their existing pricing tools. Part I of the book covers the impact that the 2008 credit crunch has had on the markets, it then shows how to build up a convertible bond and introduces the reader to the traditional convertible vocabulary of yield to put, premium, conversion ratio, delta, gamma, vega and parity. The market of stock borrowing and lending will also be covered in detail. Using an intuitive approach based on the Jensen inequality, the authors will also show the advantages of using a hybrid to add value - pre 2008, many investors labelled convertible bonds as 'investing with no downside', there are of course plenty of 2008 examples to prove that they were wrong. The authors then go onto give a complete explanation of the different features that can be embedded in convertible bond. Part II shows readers how to price convertibles. It covers the different parameters used in valuation models: credit spreads, volatility, interest rates and borrow fees and Maturity. Part III covers investment strategies for equity, fixed income and hedge fund investors and includes dynamic hedging and convertible arbitrage. Part IV explains the all important risk management part of the process in detail. This is a highly practical book, all products priced are real world examples and numerical examples are not limited to hypothetical convertibles. It is a must read for anyone wanting to safely get into this highly liquid, high return market.

Papers And Proceedings Of The Annual Meeting

Author: American Economic Association
Editor:
ISBN:
File Size: 26,14 MB
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Market Risk Management For Hedge Funds

Author: Francois Duc
Editor: John Wiley & Sons
ISBN: 0470740795
File Size: 23,72 MB
Format: PDF, ePub
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This book provides a cutting edge introduction to market risk management for Hedge Funds, Hedge Funds of Funds, and the numerous new indices and clones launching coming to market on a near daily basis. It will present the fundamentals of quantitative risk measures by analysing the range of Value-at-Risk (VaR) models used today, addressing the robustness of each model, and looking at new risk measures available to more effectively manage risk in a hedge fund portfolio. The book begins by analysing the current state of the hedge fund industry - at the ongoing institutionalisation of the market, and at its latest developments. It then moves on to examine the range of risks, risk controls, and risk management strategies currently employed by practitioners, and focuses on particular risks embedded in the more classic investment strategies such as Long/Short, Convertible Arbitrage, Fixed Income Arbitrage, Short selling and risk arbitrage. Addressed along side these are other risks common to hedge funds, including liquidity risk, leverage risk and counterparty risk. The book then moves on to examine more closely two models which provide the underpinning for market risk management in investment today - Style Value-at-Risk and Implicit Value-at-Risk. As well as full quantitative analysis and backtesting of each methodology, the authors go on to propose a new style model for style and implicit Var, complete with analysis, real life examples and backtesting. The authors then go on to discuss annualisation issues and risk return before moving on to propose a new model based on the authors own Best Choice Implicit VaR approach, incorporating quantitative analysis, market results and backtesting and also its potential for new hedge fund clone products. This book is the only guide to VaR for Hedge Funds and will prove to be an invaluable resource as we embark into an era of increasing volatility and uncertainty.

Bloomberg Markets

Author:
Editor:
ISBN:
File Size: 27,33 MB
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Risk

Author:
Editor:
ISBN:
File Size: 43,95 MB
Format: PDF
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Handbook Of Finance Investment Management And Financial Management

Author: Frank J. Fabozzi
Editor: Wiley
ISBN: 9780470078150
File Size: 42,57 MB
Format: PDF
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Volume II: Investment Management and Financial Management focuses on the theories, decisions, and implementations aspects associated with both financial management and investment management. It discusses issues that dominate the financial management arena—capital structure, dividend policies, capital budgeting, and working capital—and highlights the essential elements of today's investment management environment, which include allocating funds across major asset classes and effectively dealing with equity and fixed income portfolios. Incorporating timely research and in-depth analysis, the Handbook of Finance is a comprehensive 3-Volume Set that covers both established and cutting-edge theories and developments in finance and investing. Other volumes in the set: Handbook of Finance Volume I: Financial Markets and Instruments and Handbook of Finance Volume III: Valuation, Financial Modeling, and Quantitative Tools.

Vault Career Guide To Sales Trading

Author: Gabriel Kim
Editor: Vault Inc.
ISBN: 1581312520
File Size: 10,99 MB
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This guide includes step-by-step examples of how a trade is made on the trading floor, and Q & As with industry professionals of all levels.

The C F A Digest

Author: Institute of Chartered Financial Analysts
Editor:
ISBN:
File Size: 33,55 MB
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Structured Products Volume 2

Author: Satyajit Das
Editor: Wiley
ISBN:
File Size: 54,92 MB
Format: PDF, Mobi
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Structured Products Volume 2 consists of 5 Parts and 21 Chapters covering equity derivatives (including equity swaps/options, convertible securities and equity linked notes) , commodity derivatives (including energy, metal and agricultural derivatives), credit derivatives (including credit linked notes/collateralised debt obligations ("CDOs")), new derivative markets (including inflation linked derivatives and notes, insurance derivatives, weather derivatives, property, bandwidth/telephone minutes, macro-economic index and emission/environmental derivatives ) and tax based applications of derivatives. It also covers the structure and evolution of derivative markets including electronic trading markets and the origins, evolution and prospects for derivative markets. EQUITY LINKED STRUCTURES 1 Equity Derivatives - Equity Futures; Equity Options/Warrants & Equity Swaps 2 Convertible Securities 3 Structured Convertible Securities 4 Equity Linked Notes 5 Equity Derivatives - Investor Applications 6 Equity Capital Management - Corporate Finance Applications of Equity Derivatives COMMODITY LINKED STRUCTURES 7 Commodity Derivatives - Commodity Futures/Options, Commodity Swaps and Commodity Linked Notes 8 Commodity Derivatives - Energy (Oil, Natural Gas and Electricity) Markets 9 Commodity Derivatives - Metal Markets 10 Commodity Derivatives - Agricultural and Other Markets CREDIT DERVIATIVES 11 Credit Derivative Products 12 Credit Linked Notes/Collateralised Debt Obligations 13 Credit Derivatives/Default Risk - Pricing and Modelling 14 Credit Derivatives - Applications/Markets NEW MARKETS 15 Inflation Indexed Notes and Derivatives 16 Alternative Risk Transfer/Insurance Derivatives 17 Weather Derivatives 18 New Markets - Property; Bandwidth; Macro-Economic and Environmental Derivatives 19 Tax and Structured Derivatives Transactions EVOLUTION OF DERIVATIVES MARKETS 20 Electronic Markets and Derivatives Trading 21 Financial Derivatives - Evolution and Prospects