Language : English
Published : 2003-07-09
Pages : 662
Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies
This is the first comprehensive textbook for students studying fixed-income securities, and is ideally suited to MBA, MSc and final year undergraduate students in Finance and related topics.
The text offers an accessible and detailed account of interest rates and risk management in bond markets. It develops insights into different bond portfolio strategies, and illustrates how various types of derivative securities can be used to shift the risks associated with investing in fixed-income securities. It also provides extensive coverage on all sectors of the bond market, and the techniques for valuing bonds. In addition, explanation is given of state-of-the-art techniques for bond portfolio management, including: A description of numerous fixed-income assets and related securities, namely zero coupon government bonds, coupon bearing government bonds, corporate bonds, exchange-traded bond options, bonds with embedded options, floating rate notes, caps, floors and collars, swaptions, credit derivatives, mortgage-backed securities, etc. The development of tools to analyse interest rate sensitivity and to value fixed- income securities, with an emphasis on active and passi ve bond management, and an overview of techniques used by mutual fund and also hedge fund managers.
With numerous worked examples covering the valuation, risk management and portfolio strategies of fixed income securities, and imaginative discussion of important topics such as deriving the zero yield curve, deriving credit spreads, and hedging interest rate risk, the text provides an accessible route into the complex worlds of fixed income securities.
Supplementary materials for lecturers and students(including a syllabus, a course web page, PowerPoint slides, solutions to problems, and Excel illustrations) can be found at the following website: www.wiley.co.uk/martellini
“The authors have produced a work of the very highest quality. As focused as it is comprehensive, this is a superb contribution to the literature…”
Moorad Choudhry, VP, Structured Finance Services, JPMorgan Chase Bank, Senior Fellow, Centre for Mathematical Trading and Finance, CASS Business School, London.
About the Author
Lionel Martellini is an assistant Professor of Finance at the Marshall School of Business, University of Southern California, where he teaches “fixed–income securities” at the MBA level. He is also a research associate at the EDHEC Risk and Asset Management Research Center, and a member of the editorial boards of The Journal of Bond Training and Management and The Journal of Alternative Investments. Philippe Priaulet is a fixed–income strategist in charge of derivatives strategies for HSBC. His expertise is related to fixed–income asset management and derivatives pricing and hedging, and his research has been published in leading academic and practitionersa journals. Formerly, he was head of fixed–income research in the Research and Innovation Department of HSBC–CCF. Stephanie Priaulet is a senior index portfolio manager in the Structured Asset Management Department at AXA Investment Managers. Previously, he was head of qualitative engineering in The Fixed Income Research Department at AXA Investment Managers. He also teaches “fixed–income securities” as a part–time lecturer at the University Paris Dauphine. He is a member of the editorial board of The Journal of Bond Trading and Management, where he has published several research papers.
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Combining clear explanations of theory, fully worked examples and a comprehensive set of revision questions, Company Accounting and Financial Statements, sixth edition, provides students with an accessible and practical guide to preparing and interpreting company financial reports. Thoroughly updated to incorporate the most recent changes in International and Australian Accounting Standards Company Accounting and Financial Statements, sixth edition, is suitable for students commencing studies in company accounting and also those studying at more advanced levels. The content has been refocused on the Diploma qualification for Accounting by concentrating on the two performance criteria for the one competency unit.
Combining clear explanations of theory, fully worked examples and a comprehensive set of revision questions, Company Accounting and Financial Statements, sixth edition, provides students with an accessible and practical guide to preparing and interpreting company financial reports.
Thoroughly updated to incorporate the most recent changes in International and Australian Accounting Standards.
Company Accounting and Financial Statements, sixth edition, is suitable for students commencing studies in company accounting and also those studying at more advanced levels. The content has been refocused on the Diploma qualification for Accounting by concentrating on the two performance criteria for the one competency unit:
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Table of Contents
1. Introduction to Companies
2. Accounting for Share and Debenture Issues
3. Accounting for the conversion of a Business to a Company
4. Finalisation of a Company’s profit and Loss account
5. Accounting for Company Income Tax
6. Appropriation of Company Profits and Changing Shareholders Wealth
7. Corporate Reporting
8. The Cash Flow Statement
9. Consolidated Accounts
10. Consolidation with Non-Controlling Interests
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