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The Structured Credit Handbook (Wiley Finance)
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A very helpful handbook for those interested in this rather specialized topic

The Structured Credit Handbook (Wiley Finance)
Arvind Rajan , Glen McDermott , and Ratul Roy
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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ASIN: 0471747491

Book Description

The Structured Credit Handbook is a comprehensive introduction to all types of credit-linked financial instruments. This book provides state-of-the-art primers on single tranche collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), credit derivatives (such as credit default swaps and swaptions), and iBoxx indexes. Filled with in-depth insight and expert advice, The Structured Credit Handbook covers all aspects of the synthetic arbitrage CDO market, including new instruments such as CDO2. Readers will also gain a firm understanding of the investment rationale, risks, and rewards associated with CDO investments through this valuable resource.

The exploding use of credit derivatives and collateralized debt obligations (CDOs) has transformed the world of credit, creating an $18 trillion market almost overnight and resulting in innumerable investment and career opportunities globally. The Structured Credit Handbook provides the reader with a comprehensive and clear roadmap to today's new credit landscape. The full spectrum of structured credit products, from single-name CDS to CDOs, is explained in a simple, clear fashion that is free from the financial jargon and mathematical complexity which characterize many other derivative texts. The handbook begins with an in-depth explanation of the building blocks of the structured credit markets, single-name default swaps and indexes, and it culminates with complex products such as credit options, synthetic tranches, CDOs based on bank loans and asset-backed securities, and CDO-squareds.

Written by experienced practitioners who have participated in this market since its infancy, each of the thirteen chapters introduces and analyzes a new product and explains its practical applications. A rich set of real-life case studies illustrate the application of each product in a concrete market setting. The book may be used in a semester-long course on structured credit as part of a business or finance curriculum. Whether you are a market professional, a university student or faculty member, or simply a financially savvy layperson, look no further for an up-to-date and thorough introduction to this rapidly growing and exciting field.

Dr. Arvind Rajan, Managing Director, Citigroup Global Markets, is engaged in proprietary trading of Structured Credit products, and until recently, was global head of Structured Credit Research and Strategy at Citigroup. Glen McDermott (New York, NY) is Director of Fixed Income Sales and the former head of CDO Research at Citigroup Global Markets Inc. Ratul Roy is head of CDO Strategy for Citigroup Global Markets and has spent the prior nine years in structuring or analyzing CDOs and other structured credit products.

Customer Reviews:

A very helpful handbook for those interested in this rather specialized topic.......2007-03-13

You may have heard of swaps, swaptions, collateralized debt obligations, and a myriad other credit structures. For most folks, even when they hear the terms, they have no idea what these contracts are and wouldn't know where to turn to get a reliable and understandable explanation. This book is a good place to start for those interested in these kinds of obligations.

It may well be that your company wants you to look at laying off default risk on some large contracts, or that you want to add or take away some risk from your investment portfolio to insure against loss or to add the possibility of greater return. For these kinds of activities (and many others), this book is a great place to begin learning about what these things are, how they work, and how they are used.

Each of the thirteen chapters takes on a different type of product, explains what it is, its characteristics, some of the variations of the contract, and usually a case study showing the practical application of the product. Each chapter has a different mix of authors who are specialists in that particular product, so the information is solid. They are all written clearly, which is an achievement for what is often considered an arcane subject.

The chapters are: PART ONE - INDEX and SINGLE NAME PRODUCTS: An Introduction offering A Roadmap of the New World of Structured Credit, A Primer on Credit Default Swaps, Credit Default Swaptions, Constant Maturity Credit Default Swaps, Credit Derivatives Indexes, and The Added Dimensions of Credit - A Guide to Relative Value Trading.

PART TWO: PORTFOLIO CREDIT DERIVATIVES: Single Tranche CDOs (CDO= Collateralized Debt Obligation), Trading Credit Tranches - Taking Default Correlation out of the Black Box, and Understanding CDO-Squareds, CPPI - Leveraging and Deleveraging Credit.

PART THREE: COLLATERALIZED DEBT OBLIGATIONS: Collateralized Loan Obligations, ABS CDOs, CDO Equity, and Commercial Real Estate CDOs.

The authors all work for Citigroup, so it is likely that their terminology and view has some bias towards the way their company does things, but it is still a step further than the generalized and brief discussions on the topic I had in my MBA program. This book could be used as a text in such a course or additional reading for the interested student or general reader who has a fascination for this specialized subject.

There are also chapter endnotes, a glossary, and index. Each chapter makes good use of charts, graphs, and tables that aid understanding but do not get in the way.

Average customer rating:

Great Reference
Uneven
Good content, but horribly edited
Clear overview of all 10 Hedge Fund Strategies
Truely a Handbook

The Handbook of Alternative Assets
Mark J. P. Anson , and Mark Anson
Manufacturer: Wiley
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Binding: Hardcover

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ASIN: 047121826X

Book Description

This book discusses and describes four types of alternative assets: hedge funds, private equity, credit derivatives, and commodity futures. Hedge funds and private equity are the best known of the alternative assets, but certainly not the only alternative assets available. The author explores each one of these alternative asset classes in detail, providing practicaal advice along with useful research.

Customer Reviews:

Great Reference.......2007-09-01

Nice overview of alternative asset classes. One reference of many we use for research, cross-reference, marketing and new associate education.

Uneven.......2007-08-29

I have to agree with the woman from SC below -- this book is horribly edited. The typos are everywhere, and it is distracting. Authors' names are misspelled, equations are referred to inconsistently, odd commas cause a sentence to be read more than one way. It's really frequent -- you will notice it.

Also, some of the statements are questionable generalizations - e.g. p.100, Anson is quoting a hedge fund document:

Anson:
"Consider the following language from a hedge fund disclosure document.

'The fund's objective is to make investments in public securities that generate a long term return in excess of that generated by the overall US equity market...'

...[T]he manager identifies that it invests in the US public equity market."

In fact, the sentence quoted from the hedge fund document does not state what Anson says, only that the return should exceed the US market, long-run.

Here's another: "Hedge funds tend to have portfolios that are much more concentrated than their mutual fund brethren." p.33.
This may have been true in the 1990s, but circa 2007, this is very questionable.

There are also questionable statements made about portfolio theory: p.21 "Diversification, [comma? sic] is a way to minimize the risk of underperformance, but, at the same time, it minimizes the probability of outperformance."
In fact, diversification's benefit can be divorced from any benchmark, and the conclusion that a reader might be drawn from this (that concentrated managers will outperform more diversified ones with regularity, or are somehow more attractive) is an error. Concentrated managers will simply have higher variance. Diversification decreases the expected variance around the expected return -- it does not necessarily lower the expected return (if you diversify with higher returning investments, your expected return can go up while your expected variance can come down, even if the new investments are more volatile that the old), or the "probability of outperformance", which is not an output of portfolio theory.
A more accurate statement in this context would be that, "As your portfolio converges to the benchmark portfolio, your returns will converge to the benchmark return."

There are honestly other examples of sweeping generalizations that are questionable, or have exceptions that go unmentioned, but I suppose that Wiley wanted to get this thing out the door. It's a little bit of a disappointment that such a high profile author did this - he clearly has a ton of experience.

Here's one more: p. 102
"Generally, process risk is not a risk that investors wish to bear. Nor is it a risk for which they expect to be compensated. How would an investor go about pricing the process risk of a hedge fund manager? It can't be quantified, and it can't be calibrated. There is no way to tell whether an institutional investor is being properly compensated for this risk."
The second sentence here answers the fifth sentence? Since process risk is entirely diversifiable, the proper expected compensation (risk premium) for this risk is simply zero.

There are lots of these. It's just too broad, too sweeping in it's generalizations, which lead to more questions.

Good content, but horribly edited.......2007-07-18

I had to buy this for the CAIA exam. In reading it, I find on average one typo a page. I have found at least one chart misreferenced in the text. It is very distracting. Given that Mr. Anson is on the Curriculum Committee for the exam, it is not surprising that his text is on the list of required readings. Perhaps it is all that is out there. But Shame on Wiley for publishing it in the rough draft that it seems to be.

Clear overview of all 10 Hedge Fund Strategies.......2007-07-06

This book is part of the CAIA exam reading and well worth it. It clearly explains what are some of the strategies put to work by the Hedge Fund managers. Very clearly articulates the similarities and differences between all the 10 possible Hedge Fund strategies (ex: equity long/short, market neutral, convertable arbitrage)

This is the best book on Hedge Funds for someone looking for an overview of the industry.

Truely a Handbook.......2004-02-16

.
I used this book for my preparations towards CAIA Level 1 exam. And I am impressed. Mr. Anson is an authority and this is truely a great book for Alternative Investment aspirants.

If you want to have a very solid grasp of any of the following alternative investment approaches then this is the book you should turn to -

Hedge funds
Commodity and managed futures
Private equity (5 catagories)
....Venture Capital
....LBOs
....Mezzannine Financing
....Distressed Debt

....CrossOver/Interval/PIPE and PEPE funds
Credit derivatives
Corporate Governance

Mr. Anson helps you build strong fundamentals. Actually he clearly explains what constitutes Alternative Assets(Aha !!!) as against fundamental and/or capital assets and what is meant by alternative investment strategies.

This is followed by a rigorous analysis of the topics listed above in that order.

I particularly enjoyed his coverage of Hedge Funds. He explains each of the 10 Hedge Fund strategies in a systematic fashion. From a variety of angles including Market(S&P500), Risk, Regulatory, Due Diligence/Operational/Administrative perspective.

The coverage of Commodity Derivatives is also superb. Although confined to 4 chapters this coverage is sufficient to gain an intermediate level insight into the Commodities.

The coverage for Private Equity is less comprehensive(but good) compared to it's actual scope in real world. I particularly expected a more rigorous coverage for LBOs.

Although I did not touch credit derivatives and CorpGov I could tell you for sure that these topics must have been covered well.
As I read 19 out of 22 chapters.

To put it in a nutshell - This is a very good book for Hedge fund aspirants and prospective Alternative investment professionals.

Book Description

The First Encyclopedic Reference¿For Both Financial Managers and Investors¿On the Exploding Yet Uncharted World of Credit Derivatives. New products seem to hit the financial markets on a monthly, or even daily, basis. Yet it is rare that one emerges with immediate value and undiscovered potential for both financial risk managers and investors¿and even rarer that the many nuances and benefits of this product can be explained in one book. Credit derivatives are that tool¿and THE HANDBOOK OF CREDIT DERIVATIVES is that book. This unmatched collection of expertise provides a complete picture of the credit derivatives marketplace: what they are, where they come from, and specific strategies for both risk managers and investors to use them to their greatest advantage. Starting with a comprehensive overview, this encyclopedic reference goes on to explain; Efficient strategies for profitably using credit derivatives as either investment or risk management tools; Specific challenges and solutions in the pricing of credit derivatives, from the perspectives of both buyer and issuer; Techniques to estimate the probability that a corporate credit will default; Up-to-the-minute accounting and tax practices for recognizing and reporting transactions. Whether you are a professional risk manager seeking to hedge your risk exposure, or a cutting-edge investor looking for new and profitable markets, the guidance of the industry's leading experts in THE HANDBOOK OF CREDIT DERIVATIVES provides in-depth, expert analysis of these multi-faceted financial structures, written by the most influential figures in this still-developing field.

Customer Reviews:

A Beginning, But No More.......2001-07-06

This is another book in the Frank Fabozzi vein, being a compendium of articles written by practitioners in the field and loosely strung together by the editors. As a very basic introduction, it is not bad - there are discussions of the rationale for using credit derivatives, a cursory introduction to pricing and modelling, and very general discussions of issues relating to accounting, documentation, taxes, etc. The best chapter is "Credit Derivatives Pricing Dictionary," by Hardy M. Hodges, which provides definitions of some of the most important concepts and would stand quite well on its own. However, if you expect something more than generalities, you will be disappointed. There is very little by way of practical advice on structuring, modelling or other "nuts and bolt' issues. This book will teach you enough to get past the HR department, but if you want to get on the trading desk you had better look elsewhere!

Outdated.....and there are better alternatives available........2000-03-23

Outdated is the only word that comes to my mind when thinking about this book. It has been edited by a finance professor who is painfully slow at solving simple mathematical equations, and I had the misfortune of having him as an instructor in Advanced Investment Analysis class. I later dropped the class, after I couldn't take any more.

Surprisingly, the content of the book is not so bad, except that the authors/editors/compilers have left out the analytical part, which is very essential to understanding derivative securities. Just learning about the structures of the instruments doesn't give a reader an ability to apply them to real-life situations. Since it is a handbook, it must carry all aspects of the subject so that the readers can use them in every possible way of reference.

Standing alone, the book is fairly decent, and I would have given it more stars, had it not been for the better alternatives available on the market. This book, as it stands now, should be skipped. If you just want to gain the peripheral knowledge on credit derivatives, log onto the internet, and search for documents. There is tonnes of information on derivative securities and their working. In fact, you might be able to find more relevant material on the web for free than this book offers you.

As an alternative, you may want to look into:

*Credit Derivatives, by Janet Tavakoli.
*Credit Derivatives, by Satyajit Das. THIS IS THE BEST BOOK AVAILABLE, AND COVERS ANALYTICAL DETAILS ADEQUATELY.

The chapter authors are the whos-who of credit derivatives........1999-08-06

Commercial bankers, investment bankers, financial lawyers, finance professors, and (at least) one accountant who were in on the creation of credit derivatives during the mid-1990s author chapters that are non-mathematical. (Well, I guess Harvard Business School Professor Sanjiv Das's credit derivatives pricing chapter is kind of mathematical.) Each chapter author is expert in the aspect of credit derivatives about which they write. Every commercial banker in the world should read up on this subject.

A mishmash of contributed work. When will they learn?.......1999-07-28

This is another frustrating book with chapters submitted by various contributers. It's difficult to follow any cohesive logic to this book. Call this a Bible if you consider multiple authors a criterion, but as an information storehouse, this book is no better than reading a series of disconnected magazine articles.

A must-read for any financial professional!.......1999-07-09

The authors provide the reader with a reference manual for this new financial product. If you need a "Credit Derivative Bible" -- this is the book you want.

Book Description

Using a clear and concise format that is appropriate for the busy recruit or professional, this easy-to-read book provides realistic scenarios that present and encourage ethical behavior among police or corrections employees. Enforcing Ethics will encourage readers to think critically and carefully about their behavior, decisions, and values. It introduces readers to ethical encounters, 55 scenarios based upon realistic situations that may be encountered in the line of duty. Included are 50 questions that can be discussed among colleagues to further encourage understanding of ethics and ethical issues. For police or corrections recruits, officers, or supervisors.

Book Description

Environmental accounts bring together economic and environmental information in a common framework to measure the contribution of the environment to the economy and the impact of the economy on the environment. They enable governments to set priorities, monitor economic policies more precisely, enact more effective environmental regulations and resource management strategies, and design more efficient market instruments for environmental policies. Many industrialized countries compile environmental accounts, but progress in developing countries has been limited - even though the need for environmental accounts is perhaps more acute in these regions.

Environmental Accounting in Action studies the experiences of Namibia, Botswana and South Africa, the core countries of a unique, regional environmental accounting program in Southern Africa. Covering minerals, forestry, fisheries and water, each chapter provides important lessons about sustainable resource management. As a whole, the case studies demonstrate how to overcome the many challenges of constructing environmental accounts and the mechanics of successful implementation. By providing a transparent system of information about the relationship between human activities and the environment, the accounts have improved policy dialogue among different stakeholders and have played a significant role in environmental policy design.

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This is a complete and concise guide to creating and managing a successful environmental audit program. It provides step-by-step guidance on setting up an audit program for nearly every major component of environmental concern, from air standards to workplace safety, and from effluent discharge to waste handling and disposal.

The Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices

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The Governance, Risk, and Compliance Handbook: Technology, Finance, Environmental, and International Guidance and Best Practices
Anthony Tarantino
Manufacturer: Wiley
ProductGroup: Book
Binding: Hardcover

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Book Description

This book provides an introduction to the political, regulatory, technology, process and people aspects of compliance.

Icc Guide to Effective Environmental Auditing

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Icc Guide to Effective Environmental Auditing
International Chamber of Commerce
Manufacturer: I C C Publishing, Incorporated
ProductGroup: Book
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Identifying, Defining and Disclosing Environmental Liabilities

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Identifying, Defining and Disclosing Environmental Liabilities

Manufacturer: ASTM International
ProductGroup: Book
Binding: Paperback

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ASIN: 0803128452
Release Date: 2002-07-01

Product Description

This concise new publication examines three key standards relating to environmental liability issues: E 2137 Standard Guide for Estimating Monetary Costs and Liabilities for Environmental Matters provides a guide for estimating costs and liabilities for environmental matters in the U.S.A. Many possible uses for estimates of costs and liabilities for environmental matters exist, including but not limited to business decision making, communications and negotiations involving change of property ownership, regulatory requirements, third-party lawsuits, insurance premium calculation and claim settlement, change of property use, revitalization, compliance planning, construction, analysis of remedial alternatives, budgeting, strategic planning, financing, and investment analysis by shareholders. E 2173 Standard Guide for Disclosure of Environmental Liabilities explores a series of options or instructions to determine the conditions warranting disclosure and the content of appropriate disclosures accompanying audited and unaudited financial statements. This guide is intended to supplement and be consistent with Generally Accepted Accounting Principles (GAAP). E 2107 Standard Practice for Environmental Regulatory Compliance Audits identifies the minimum requirements for environmental regulatory compliance audits. It also provides information on the terms and procedures associated with audits as practiced in the U.S.A. It provides a reference to which interested parties may refer for definition and description of accepted audit terms and procedures. Audience: Environmental Consultants, Auditors, and Engineers.

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International Environmental Auditing
David D. Nelson
Manufacturer: Government Institutes
ProductGroup: Book
Binding: Hardcover

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Book Description

This comprehensive international auditing manual tells you why and how to audit internationally and gives you specific programs for 23 countries. You'll learn the cultural, legal, and practical aspects of successful international auditing and find key contact information for environmental officials in many countries. This reference contains practical environmental auditing resources that any business can use.

Neon: Addressing the Nation's Environmental Challenges

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Neon: Addressing the Nation's Environmental Challenges
Committee on the National Ecological Observatory Network , and National Research Council
Manufacturer: National Academies Press
ProductGroup: Book
Binding: Paperback

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Welfare Measurement, Sustainability and Green National Accounting: A Growth Theoretical Approach (New Horizons in Environmental Economics)
Thomas Aronsson , Per-Olov Johansson , and Karl-Gustaf Lofgren
Manufacturer: Edward Elgar Publishing
ProductGroup: Book
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Banks police pollution. (European Community proposal for banks to environmentally audit their customers): An article from: Ink & Print

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Banks police pollution. (European Community proposal for banks to environmentally audit their customers): An article from: Ink & Print
Stewart Vassie
Manufacturer: Batiste Publications Ltd.
ProductGroup: Book
Binding: Digital

General | Business & Investing | Subjects | Books

Book Description

This digital document is an article from Ink & Print, published by Batiste Publications Ltd. on January 1, 1992. The length of the article is 773 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Banks police pollution. (European Community proposal for banks to environmentally audit their customers)
Author: Stewart Vassie
Publication: Ink & Print (Magazine/Journal)
Date: January 1, 1992
Publisher: Batiste Publications Ltd.
Volume: v10 Issue: n1 Page: p3(1)

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