Este libro explora todos los ángulos del complejo mercado de bonos de alto rendimiento, proporcionando estadísticas, resultados de estudios recientes, y hechos empíricos, garantizando así que el lector comprenda el riesgo y el retorno de invertir en este segmento.
Nuestra
calificación: ****
Dificultad
matemática: *
Capítulos:
Part I: Market
structure
1) The high yield market
2) Changes in the high yield market: a historic perspective
3) The leveraged loan market
4) The globalization of the high yield market
Part
II: Security risk analysis
5) Historical default rates of corporate bond issuers
6) Almost everything you wanted to know about recoveries on defaulted bonds.
7) Moody’s rating migration and credit quality correlation, 1920-1996
8) Modeling bond rating changes for credit risk estimation
9) Real interest ratesand the default rate on high yield bonds
Part
III: Security valuation
10) Valuing like-rated senior and subordinated debt
11) Determinants of spreads on new high yield bond offerings
12) Analyzing a high yield issue
13) Valuing bonds and options on bonds having correleted interest rate and credit risk.
Part
IV: Market valuation models
14) Monetary influences on the high yield spread versus Treasuries
15) Modeling the yields on non-investment-grade bonds
16) The January effect in the corporate bond market: a systematic examination
Part
V: Portfolio management
17) High yield as an asset class
18) An analysis of high yield bond indices
19) How many high yield bond make a diversified portfolio?
20) Managing a high yield portfolio
21) Monitoring a high yield portfolio
22) Modeling high yield bond portfolios with correleted interest rate and credit risk.
Part
VI: Investing in distressed securities
23) Do seniority provisions protect bondholder’s investments?
24) Investing in distressed situations: a market survey
25) Analyzing the credit risk of distressed securities
Part
VII: Corporate Finance
26) Strategic financing choices for emerging firms: debt versus equity
27) The advantages and disadvantages of public versus private issuances of high yield debt securities
28) Managing default: some evidence on how firms choose between workouts and Chapter 11