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The Convertible Bonds (CB) market is growing all the time. To date, over one trillion dollars worth of CBs are in circulation. Corporations are finding this source of fund-raising more and more attractive. And for different reasons, the buyers are finding CBs increasingly attractive investment vehicles. There are few works on the subject of pricing convertible bonds. Most books discussing derivative products cover all details of pricing futures and options in minute detail. Convertible bonds and warrants are usually mentioned as an after thought in the latter chapters. This is the first book to address the very complex issue of pricing convertible bonds. Kevin Connolly, Researcher of complex volatility trading for Refco Overseas Ltd. and Lecturer at City University Business School and London Guildhall University, has put together an excellent treatment of pricing convertible bonds, delving into topics such as: Returns distributions and associated descriptive statistics Modeling the share price process The basic convertible bond model Introducing the complications Convertible bond sensitivities Using equity warrant models to price CBs Refix clauses Fund managers, hedge players/traders, undergraduates and postgraduates will find this book invaluable. Easy to understand software on Microsoft Excel spreadsheets is also supplied.
This book addresses the fundamental question why and under which conditions Korean firms increased their investment so heavily in the EU after 1986 and why they and not the Korean government took the initiative in the decision-making process. The author contends that the main reason for the firm's departure from government policy is the belief of the Korean government that national competitiveness, which largely affects the country's standard of living, is determined by the success of local firms in global competition. The author substantiates his argument by supplying comprehensive surveys of twenty-six Korean consumer electronics firms and concomitant interviews with senior managers in nine of these. The empirical material suggests that Korean consumer electronics firms were principally motivated by their need to seek market security through a 'globalization' strategy.
This fifth volume in the series covers a variety of topics in the field of advances in investment and portfolio management.
A great American voice narrates a poignant tribute to our most outstanding monument. One of Charles Kuralt's last projects, Our Lady of the Freedoms is a full-scale production of writer-director Norman Corwin's account of how the Statue of Liberty came to New York harbor.Charles Kuralt's brilliant narration accompanies dramatizations of the behind-the-scenes maneuvering that brought the Statue of Liberty to America's shore. Rich with historical detail and Americana, Norman Corwin's treatment shows us the struggles faced by the designers, as well as the political battles that almost prevented the statue from ever being built.A wonderful saga of patriotism, Our Lady of the Freedoms proves once again that no voice captures the spirit of America like Charles Kuralt's.
The best investment book of 1996. Very likely, it will be the most influential book on investing in this decade. - Stock Traders Almanac . ...O'Shaughnessy's conclusion that some strategies do produce consistently strong results, while others underperform could shake up the investment business. Barron's The New York Times and Business Week bestseller, What Works on Wall Street is now updated throughout to include the new data and 50 new sample portfolios. Hailed as a great book by Forbes, What Works on Wall Street is a must read for any investor looking to make savvy, historically informed decisions.
In high-stakes investing and business, success or failure largely depends on how well you play the game of risk-a game in which the rules of competition are constantly being rewritten. Strategies that proved effective in the past are no longer enough to win today. The key to success is not to rely on yesterday's news, but to peer into the future and ask what could happen tomorrow. Presenting a bold new way of thinking about risk, in Seeing Tomorrow Ron Dembo and Andrew Freeman offer a dynamic framework designed to enhance our ability to make important decisions, and consequently change how we manage our investments. By incorporating investors' individual circumstances and tolerances -as well as the unique reasoning behind their decision making-this innovative approach captures much more of how we actually think about risk. From the basic building blocks required for forward-looking risk management, Dembo and Freeman define and explore the roles and significance of such fundamentals as time horizons, risk measures, benchmarks, and scenarios. Once the foundation is laid, these elements are used to construct a solid architecture for risk management and risk-adjusted analysis that is not only general enough to be able to handle a multitude of risks, but also able to present many different measures of risk. With clear-cut explanations and intriguing real-world examples, Seeing Tomorrow leads you step by step through the authors' groundbreaking risk rules. These include: choosing an appropriate time horizon, selecting scenarios, computing Value at Risk (VAR), assessing both the upside and downside of a potential deal, calculating Regret, and compiling a reliable Regret matrix. By combining Regret, Upside, and a measure of our tolerance for risk, the authors demonstrate how these components create a powerful new way of approaching decisions. They offer guidance on very specific real life problems-such as buying a house or suing someone-as well as on broad matters of strategy and investing. Written by two leading authorities in the field, Seeing Tomorrow is a milestone addition to risk literature that will dramatically alter the way you view, identify, and manage risk. It is must reading for investors and decision makers alike. Seeing Tomorrow is a powerhouse in the understanding of risk. With their ingenious blend of psychology and rigorous quantitative analysis, the authors have created an authoritative and innovative handbook of risk management that is essential for both practitioners and theoreticians. -Peter L. Bernstein author, Against the Gods and Capital Ideas. This excellent and readable book provides an innovative approach to choosing actions when the outcomes are uncertain. Anyone with an interest in improving their decision-making skills would benefit from reading this. Anyone with a professional interest in risk management must read it. -Stephen A. Ross Fischer Black Visiting Professor of Finance Massachusetts Institute of Technology Sloan School of Management Sterling Professor of Economics and Finance, Yale University. Ron Dembo and Andrew Freeman have done an excellent job of describing how to think about and measure risk. This will become required reading for businesses and personal investment executives. -Ned C. Lautenbach.
This book explains how the self regulatory system for U.S. securities firms works with three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, which directly supervises the self-regulatory organizations such as the New York Stock Exchange and the National Association of Securities Dealers. In turn, these self-regulatory organizations oversee the broker-dealers who conduct the daily business of buying and selling securities. The system relies heavily on the firms' internal supervisory systems to prevent violations of securities laws, since they are in the best position to track their own internal activities. Firms may be fined, or subject to even more stringent penalties, if their supervisory systems fail. This book is an in-depth examination of how this regulatory system works, the types of regulatory problems with which broker-dealer firms must deal, why some firms have more problems than others, and what the experience with the system suggests about ways of improving self regulatory systems generally.
Small businesses in virtually all industrialized countries find it increasingly difficult to obtain finance from institutional sources. Banks have become more risk-averse; venture capital funds, previously of only marginal significance, are now often concentrating their investments on established companies; and management buyouts and buyins and pressures to reduce government spending have resulted in a reduction in public policy initiatives. In this context there is a growing interest in the role of the informal venture capital market as an alternative source of risk finance for small business. Informal Venture Capital: Investors, Investments and Policy Issues in Finland investigates the phenomenon of `business angels' - wealthy private individuals who invest in small businesses - who are increasingly recognized throughout the developed world as representing the most important source of venture capital for entrepreneurial businesses in their start-up and early growth stages. This volume answers key questions about these investors, and contributes significant new evidence on aspects of the informal venture capital market which have not been examined in previous studies. It further provides an authoritative assessment of the effectiveness of policy initiatives to stimulate the supply of informal venture capital, based on the experiences in Finland.
Learn where the markets are headed--and how to ride them to success. Global changes point toward a dramatically different next decade in the realm of finance. As the bull markets of the last twenty years fade away, new investment tools and strategies are necessary. In this book, William Gross, one of today's most respected money managers who has built his fame on tracking economic trends, prepares readers for a completely new approach to investing. He emphasizes bonds, the right kinds of stocks, and a globalized investment portfolio for this new era in investment. In an accessible style, Gross intermingles discussions of investment with humor, wit, and personal anecdotes. William H. Gross (Laguna Beach, California) is the founder, managing director, and CEO of Pacific Investment Management Company, which manages over $90 billion in assets for both institutional investors and individuals.
An accessible and thorough guide to nonprofit investment policy for nonfinancial managers --essential information for maintaining fiscal health and the public trust The first book to discuss the development of investment policies specifically for nonprofit organizations, Nonprofit Investment Policies helps directors, trustees, and development officers at nonprofits create sound, comprehensive policies for their financial advisors. Covering every element of investment strategy for nonprofits, the book explains investing legal concerns, the investment environment, the internal organization of an efficient charity, how to get started in investment, how to use investment successes as a fund-raising tool, and much more. Written in language that both financial and nonfinancial managers can understand, Nonprofit Investment Policies includes: An exploration of the unique characteristics of nonprofit resources, including endowment management, planned gifts, and socially responsible investing A full examination of the legal issues involved in nonprofit investment -- the tools officers and directors of charities need to protect themselves from investment liability in an increasingly litigious world Case studies from the real world of nonprofit investment showing successful policies in action --and failures that display policy pitfalls to avoid Advice on finding and hiring outside advisors, plus an explanation of the essentials of investment accounting and performance reporting Tables and checklists to guide nonprofit managers in fiscal decisionmaking. If a nonprofit organization has any money in the bank, the organization already has an investment policy, however informal. For many nonprofits, managing extra money is such a novel concept that they don't take full advantage of their on-hand resources. But as organizations grow and their financial conditions improve, decision-makers must consider how best to manage and invest these additional funds. The nonprofit organizations Robert P. Fry, Jr. works with understand investing and how to spot and avoid shady investments, as well as how to safeguard assets. Written in language that both financial and non-financial managers can understand, Nonprofit Investment Policies explains the basics of investing, how investing for nonprofits is unique, and how to work with an investment manager. This is not another get-rich-quick book about picking stocks and bonds. Rather, it is a book on how nonprofits can make good decisions. In the world of investments, good decisions are ultimately more important than the occasional wizardry of an outstanding portfolio manager, for unlike such wizardry, good decisions can be replicated in good times and bad by any organization that is committed to doing so --now, months from now, and years from now. Clearly written investment policies codify these good decisions, increasing returns on investments and protecting boards and executive directors from possible litigation over the handling of the nonprofit's assets. Fry's principal goal is to provide sufficient information on the overall investment environment so that any organization can comfortably implement investment policies. Nonprofit Investment Policies includes sample investment policies plus analysis and guidance on these policies to help organizations develop the policies that most closely fit their goals and objectives, resources, time constraints, risk tolerance, and limitations.