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Author : Walter Braddock Hickman
Publisher :
ISBN 13 :
Total Pages : 536 pages
Book Rating : 4.:/5 (32 download)
Download or read book Corporate Bond Equality and Investor Experience written by Walter Braddock Hickman and published by . This book was released on 1958 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Walter Braddock Hickman
Publisher :
ISBN 13 :
Total Pages : 576 pages
Book Rating : 4.3/5 (91 download)
Download or read book Corporate Bond Quality and Investor Experience written by Walter Braddock Hickman and published by . This book was released on 1958 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study by the National Bureau of Economic Research, New York.
Author : W. Braddock Hickman
Publisher :
ISBN 13 : 9780870141461
Total Pages : 536 pages
Book Rating : 4.1/5 (414 download)
Download or read book Corporate Bond Quality and Investor Experience written by W. Braddock Hickman and published by . This book was released on 1958 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : F. Hagenstein
Publisher : Springer
ISBN 13 : 0230523293
Total Pages : 355 pages
Book Rating : 4.2/5 (35 download)
Download or read book Investing in Corporate Bonds and Credit Risk written by F. Hagenstein and published by Springer. This book was released on 2004-10-01 with total page 355 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investing in Corporate Bonds and Credit Risk is a valuable tool for any corporate bond investor. All the most recent developments and strategies in investment in corporate bonds are analyzed included with qualitative and quantitative approaches. A complete and up-to-date investment process is developed through the book, using many examples taken from banking practice. The growing significance of derivative instruments and credit diversification to bond investors is also analyzed in detail.
Author : Walter Braddock Hickman
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)
Download or read book Corporate Bonds written by Walter Braddock Hickman and published by . This book was released on 1957 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Walter Braddock Hickman
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.E/5 ( download)
Download or read book Corporate bonds written by Walter Braddock Hickman and published by . This book was released on 1957 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : National Bureau of Economic Research (UNITED STATES OF AMERICA). Financial Research Program
Publisher :
ISBN 13 :
Total Pages : 536 pages
Book Rating : 4.:/5 (54 download)
Download or read book Corporate Bond Quality and Investor Experience. By W. Braddock Hickman. A Study by the National Bureau of Economic Research, Etc written by National Bureau of Economic Research (UNITED STATES OF AMERICA). Financial Research Program and published by . This book was released on 1958 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Thomas R. Atkinson
Publisher :
ISBN 13 :
Total Pages : 146 pages
Book Rating : 4.:/5 (321 download)
Download or read book Trends in Corporate Bond Quality written by Thomas R. Atkinson and published by . This book was released on 1967 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on W.B. Hickman's Corporate bond quality and investor experience. Bibliographical footnotes.
Author : Gary Strumeyer
Publisher : John Wiley & Sons
ISBN 13 : 0471719714
Total Pages : 386 pages
Book Rating : 4.4/5 (717 download)
Download or read book Investing in Fixed Income Securities written by Gary Strumeyer and published by John Wiley & Sons. This book was released on 2012-07-02 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investors who've primarily purchased equity securities in the past have been looking for more secure investment alternatives; namely, fixed income securities. This book demystifies the sometimes daunting fixed income market, through a user-friendly, sophisticated, yet not overly mathematical format. Investing in Fixed Income Securities covers a wide range of topics, including the different types of fixed income securities, their characteristics, the strategies necessary to manage a diversified portfolio, bond pricing concepts, and more, so you can make the most informed investment decisions possible.
Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
ISBN 13 : 0471446394
Total Pages : 336 pages
Book Rating : 4.4/5 (714 download)
Download or read book Managing a Corporate Bond Portfolio written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2003-04-21 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Managing a Corporate Bond Portfolio "Crabbe and Fabozzi's Managing a Corporate Bond Portfolio is a refreshingly good book on the neglected topic in fixed income portfolio management. If you want to understand the latest thinking in corporate bonds, what drives prices and why, read this book. You will emerge with knowledge that will help you get an edge in the competitive investing arena." -Tim Opler Director, Financial Strategy Group, CSFB "A practitioner's guide . . . a creative, comprehensive, and practical book that addresses the myriad of challenges facing managers of corporate bond portfolios. The chapter on liquidity, trading, and trading costs is a must read." -Mary Rooney Head of Credit Strategy, Merrill Lynch "As a Senior Portfolio Manager responsible for managing billions of dollars invested in fixed income product during the mid-1990s, Lee Crabbe was the one Wall Street strategist that I would read every week to help me figure out where value was in the corporate bond market, and for insightful and easy-to-understand special reports that educated me and most investors on the risks and opportunities inherent in new structures and subordinated products. Fortunately for me and investors, Lee Crabbe and Frank Fabozzi have written this book, which compiles much of their previous work on corporate bond valuation, along with new features that are a must read, especially in light of the volatile times in the corporate bond market over the past few years. For portfolio managers, analysts, traders, and even strategists, if there is one book in your bookshelf that you should have on corporate bond portfolio management, it is this one." -William H. Cunningham Managing Director, Director of Credit Strategy, J.P. Morgan Securities Inc. www.wileyfinance.com
Author : Dr Harrison Sachs
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.6/5 (182 download)
Download or read book Top Critical Mistakes To Avoid When Investing In The Bond Market, The Most Effective Criteria For How To Determine If A Bond Is Worth Buying, How To Prudently Invest As A Bond Investor, And How To Earn Substantial Money Online To Afford To Invest written by Dr Harrison Sachs and published by . This book was released on 2020-02-26 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay sheds light on the top critical mistakes to avoid when investing in the bond market and also elucidates the most effective criteria for how to determine if a bond is worth buying. Moreover, how to prudently invest as a bond investor is delineated and how to earn substantial money online so that you can afford to invest in the bond market is expounded upon in this essay. There are a copious amount of mistakes that investors should prudently circumvent making when investing in the bond market that go beyond neglecting to ascertain the bond fund's expenses, overly focusing on bond yield curves, being overdependent on bonds for retirement, not leveraging the TRACE system to preempt paying a high premium for a bond, procuring highly volatile junk bonds, and buying corporate bonds based on speculation. First and foremost, it is critical for investors to avoid buying bonds from companies that do not offer a dividend payment to their equity investors. Investors often make the calamitous mistake of buying corporate bonds from companies that do not provide dividend payments to their shareholders. By offering a dividend yield on their shares of equity, the company's stocks become more of an enticing income generating assets to prospective investors and can therefore help a company more easily raise capital and pay off their debts by being able to more sell more stocks than they otherwise would be able to if their stocks were devoid of a dividend yield. Companies are more apt to win over the trust of investors and raise capital more easily by offering a dividend yield on their shares of equity. The merits of a company's business model are eminently dubious if the board of directors does not have the confidence to offer a dividend payout to their company's shareholders. Some investors completely abstain from ever buying corporate bonds from companies that do not have the confidence in their own business model to pay their equity investors a dividend. It it important to avert making the critical mistake of buying corporate bonds from companies that do not have the confidence in the potently of their business model to be able to offer a dividend payout to their company's investors. Second, it is of salient importance to preclude making the critical mistake of investing in bonds of junior status. You should prioritize investing in bonds of senior status and not overlook a bond's claim status. "There are senior notes, which are often backed by collateral (such as equipment) that are given the first claim to company asset in case of bankruptcy and liquidation. There are also subordinated debentures, which still rank ahead of common stock in terms of claim preference, but below that of the senior debt holder. In the event of bankruptcy, bond investors have the first claim to a company's assets" (Curtis, 2019). Bond investors should meticulously check their bond certification to ascertain the bond's status, such as by stating senior note if it a bond of senior status. If the bond is an initial issue then the investor can look at the underlying company's financial documents, such as the 10-K or the prospectus" (Curtis). In order to mitigate risks of succumbing to a capital loss, it is paramount to procure bonds that have senior status instead of junior status. "Second-lien debt is also called junior debt and the company's junior debt holders receive repayment after other, senior debt holders. Being a junior debt holder poses a higher risk that the investor may not receive payment. It is also possible that subordinated debt holders will receive either a partial payment or no payment at all (Chen). Investors should understand the eminent importance of holding senior debt or subordinated debt over subordinated debt in order to preempt succumbing to a negative return on investment. Holding subordinated debt can be deemed highly risky.
Author : American Bankers Association
Publisher :
ISBN 13 :
Total Pages : 15 pages
Book Rating : 4.:/5 (212 download)
Download or read book Long Term Corporate Bond Experience written by American Bankers Association and published by . This book was released on 1958 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anthony Crescenzi
Publisher : McGraw Hill Professional
ISBN 13 : 9780071387071
Total Pages : 424 pages
Book Rating : 4.3/5 (87 download)
Download or read book The Strategic Bond Investor written by Anthony Crescenzi and published by McGraw Hill Professional. This book was released on 2002-06-14 with total page 424 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dynamic, equity-style approach to investing in today's bond market "Tony Crescenzi knows bonds and his book proves it. From 'Fedspeak' to Treasury buybacks, The Strategic Bond Investor helps to explain the mysteries of the bond market and even offers tips on how to forecast interest rates. Sign me up—I can always learn something new!"—Bill Gross, Managing Director at Pacific Investment Management Company Bond investing can be every bit as exciting and profitable as "playing the stock market." The Strategic Bond Investor is the first book to approach fixed-income investing from an equity-style perspective. This fast-paced book provides readers with helpful tips, tools, and strategies for tracking market sentiment, spotting market extremes, analyzing volume and liquidity, and dozens of other techniques that wereup until nowlimited primarily to the equity markets. The Strategic Bond Investor reveals a dramatic new approach for using bonds to balance portfolios while grabbing profit opportunities as they present themselves. It represents a new style of bond investing, bold yet risk-conscious, that is long overdue for today's transformed market environment. Investors looking to diversify their portfolios will discover: Key economic releases and how they influence bond prices Popular fixed-income portfolio management strategies Best-performing bonds in a variety of economic circumstances
Author : John Emmett Kirshman
Publisher : Chicago A.W. Shaw 1924.
ISBN 13 :
Total Pages : 938 pages
Book Rating : 4.:/5 (891 download)
Download or read book Principles of Investment written by John Emmett Kirshman and published by Chicago A.W. Shaw 1924.. This book was released on 1924 with total page 938 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Harrison Sachs
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.6/5 (179 download)
Download or read book The Optimal Criteria for How to Determinate If a Bond Is Worth Buying, How to Strategically Invest As a Bond Investor, and How to Make Money So That You Can Afford to Invest in the Bond Market written by Harrison Sachs and published by . This book was released on 2020-02-25 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: This essay sheds light on the utmost optimal criterion for how to determine if a bond is worth buying and elucidates how to strategically invest as a bond investor. Moreover, how to make money so that you can afford to invest in the bond market is delineated in this essay. Even though the criterion to determine if a bond warrants purchasing is often eminently complex, it ultimately does not have to be and can be streamlined so that is parred down into asking some six basic questions. While investor may be inclined to turn to reading financial statements, ascertain yields and investment grade ratings, and compute financial ratios, such as the price to earnings ratio and the price to earnings growth ratio, there is far more that should be taken into account before making a purchasing decision of an income generating asset, such as a bond. It is also critical for companies to have the ability to sell shares of stock if needed to be able to raise capital or pay off their outstanding debts. Beyond ascertaining their investment grade bond ratings, the six basic questions that an investor should ask before purchasing a corporate bond in order to determine if it merits owning encompass the following: 1. Does the company's stock pay a dividend and is the corporate bond's yield above 4%? 2. Does the company consistently report positive net income? 3. Is the company competing in a market with high barriers to entry and/or minimal competition? 4. Does the company dominate the market as one of the leading competitors? 5. Does the company's bond offer a significantly lower yield than similar market competitors? 6. Can the company maintain profitability in the coming years if it does not innovate? If you can answer yes to all six of these aforementioned criterion questions then it is highly likely that the bond is eminently undervalued, especially if it trades at a discount. If you answered yes to five out of six of the criterion questions it is still likely that the corporate bond is undervalued, especially if it sells at a discount. However, if you answered yes to at most four out of six of the questions then the corporate bond is far more likely to be overvalued and therefore would not warrant a purchase for the more conservative investor, especially if it trades at a premium. As per the first criterion question, it is critical for companies to offer a dividend to their investors for their stocks. It is also pivotal for the company's bond coupon rate to be at least 4% in order to earn the investor's trust that they have the confidence in their ability to fulfill their debt obligations while also remaining profitable. Even though corporate bonds offer interest payments to their investors and not dividends, it is still important to the investor that the company issuing the bond has confidence in their ability to continuously to generate net income, pay off debt obligations, and can also afford to offer dividends to their equity investors. This places additional pressure on the company to not only work unremittingly strategically hard in order to ensure financial forecasts are met, but to also do everything in their purview to ensure that they do not underperform so that they can fulfill their debt obligations and also afford to dole out dividend payments. The dividend not only renders an investors' shares of equity income generating asset, but also vindicates to investors that the company has confidence in their business model to warrant doling out dividends. In other words, it not only renders the equity more valuable as an income generating asset that is not procured based purely off speculation for the prospect of earning a capital gain, but also allows companies to win over the trust of investors and raise capital more easily. In other words, the merits of a company's business model are dubious if the board of directors does not have the confidence to offer a dividend to their company's shareholders.
Author : Sean P. Simko
Publisher : John Wiley & Sons
ISBN 13 : 1118422937
Total Pages : 212 pages
Book Rating : 4.1/5 (184 download)
Download or read book Strategic Fixed Income Investing written by Sean P. Simko and published by John Wiley & Sons. This book was released on 2012-12-26 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Build a fixed income portfolio that will weather volatility and instability Designing a fixed income portfolio is an essential skill of any investment manager or advisor. This book outlines the critical components to successfully navigate through stable and turbulent markets, using real-life lessons from a seasoned institutional asset manager. The first section includes commentary on the changing fixed income market and overall economy, while the second section outlines the processes to navigate these ever-evolving markets including portfolio construction, the Federal Reserve, credit analysis and trade execution. Ladder Methodology is highlighted and the book discusses its pros and cons, gives examples of both well-constructed and poorly executed laddered bond portfolios and offers alternatives to traditional asset classes. Benefit from lessons learned, providing real life examples of market scenarios and trades Prepare fixed income portfolios that can weather any storm Written by Sean P. Simko, an expert on fixed income investing, who shares his investing experiences from the past 16 years Outlines the key principles of the Ladder strategy From strategy to execution, Strategic Fixed Income Investing offers the road map to help investment managers prepare portfolios that will insulate investments against adverse market conditions.
Author : Roni Israelov
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (13 download)
Download or read book Give Credit Where Credit is Due written by Roni Israelov and published by . This book was released on 2019 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explains the risk and returns of US corporate bond indices using a set of economically-motivated factors. In particular, I find that options markets explain a great deal of credit returns. Two particular features of corporate bonds generate option exposure. The first is that, in accordance with the Merton model, a corporate bond is economically equivalent to a short put option on a firm's assets bundled with a risk-free bond. The second is that many corporate bonds include call provisions, which are basically options granted to the bond issuer. Thus, callable corporate bonds are positively exposed to firm asset values and negatively exposed to interest rates, firm volatility, and bond volatility. Using data spanning 21 years, I find that these identified risk factors explain between 60% and 76% of the return variability of the aggregate US investment grade corporate index, its sub-indices by maturity, and the aggregate US high yield index.I further decompose performance to identify systematic and idiosyncratic exposures. Systematic exposures compensate bond investors via the bond, equity, equity volatility, and bond volatility risk premia. Idiosyncratic exposures, on the other hand, provide risk without reward on average. Finally, I propose a Risk-Efficient Credit strategy that isolates the compensated risk premia by buying bonds and equities and by selling delta-neutralized equity index options and bond options. Risk-Efficient Credit strategies had similar or higher average returns than their corporate bond index counterparts, despite realizing between 15% and 48% lower volatility as well as attenuated drawdowns.
