High Yield Bonds: Market Structure, Valuation, and Portfolio Strategies | 
 enlarge | Authors: Theodore Barnhill, Mark Shenkman, William Maxwell
Publisher: McGraw-Hill
Category: Book
List Price: $75.00
Buy New: $34.99
You Save: $40.01 (53%)
New (21) Used (8) from $34.99
Avg. Customer Rating:  4 reviews
Sales Rank: 617681
Media: Hardcover
Edition: 1
Number Of Items: 1
Pages: 574
Shipping Weight (lbs): 2.2
Dimensions (in): 9.1 x 6.4 x 1.5
ISBN: 0070067864
Dewey Decimal Number: 332.6323
EAN: 9780070067868
ASIN: 0070067864
Publication Date: March 31, 1999
Availability: Usually ships in 1-2 business days
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Product Description
HIGH-YIELD BONDS provides state-of-the-art research, strategies, and toolsNalongside the expert analysis of respected authorities including Edward Altman of New York UniversityOs Salomon Center, Lea Carty of MoodyOs Investor Service, Sam DeRosa-Farag of Donaldson, Lufkin & Jenrette, Martin Fridson of Merrill Lynch & Company, Stuart Gilson of Harvard University, Robert Kricheff of CS First Boston, and Frank Reilly of the University of Notre DameNto help you truly understand todayOs high-yield market. For added value and ease of reference, this high-level one-volume encyclopedia is divided into seven sections detailing virtually every aspect of high-yield bond investment. They include: Market structureNThe role of investment banks in security innovation and market development, evolution of analytical methodologies, and recent leveraged loan market developments; Security risk analysisNHistorical bond default rates, real interest rate and default rate relationships, and new simulation methodologies for modeling credit quality; Security valuationNImpact of seniority and security on bond pricing and return, important trading factors, and a Monte Carlo simulation methodology for valuing bonds and options in the context of correlated interest rate and credit risk; Market valuation modelsNEconometric studies which detail the importance of monetary influences, risk-free interest rates, default rates, mutual fund flows, and seasonal fluctuations; Portfolio managementNHistorical perspective and comparison to alternative investments, analysis of indices available to investors, and specific portfolio selection and risk management strategies of professional fund managers; Distressed security investingNHistorical risk and return information, plus an academic overview of the market and decision criteria for uncovering and investing in securities with higher-than-average risk-adjusted returns; Corporate finance considerationsNEmerging firmsO strategic choice between external debt and equity financing, as well as the choice of issuing public versus private (Rule-144a) securities. HIGH-YIELD BONDS provides extensive coverage of bond valuation and the construction and management of high-yield portfolios. Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated. In todayOs explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market. HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.
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| Customer Reviews:
 horrible February 21, 2008
0 out of 1 found this review helpful
Now, im not a quant, but it seems like many of the studies are misleading. There were/are several studies where they run econometric tests using 1-3 variables... ommitted variables anyone? I cant see how anyone can jump to conclusions on such brief analysis. Whats more, there are several parts in the book where text is copy/pasted verbatim from an earlier section! What the hell?
The best HY Omnibus book so far. January 11, 2007
1 out of 1 found this review helpful
This is an excellent book that is now showing its age and needs an update. It also lacks a CDROM with data sets which would make more explicit many of the points authors make. In addition, Drexel Burnham Lambert, like Banquo's ghost, is alluded to on nearly every other page, yet the authors here are hesitant to differentiating between high yield bonds (non-investment grade debt) and junk (anything issued by Michael Milken).
This work also glaringly lacks some crucial work by Paul Asquith on seasoned high yield bond defaults. Don't stop here.
 The best HY book. February 7, 2000
13 out of 19 found this review helpful
I can't say enough about this book. The book is suprisingly easy to read, and uncovers insights from some of the most prominent names in HY research. A must for HY analysts, MBAs, and CFOs.
The Best Guide Book to High Yield Bonds Ever January 6, 1999
31 out of 37 found this review helpful
I have had the privilege of reading the galley proofs of this book and find it to be THE definitive word on High Yield Investing. This book develops the blueprint for how to navigate, understand, and analyze High Yield Bonds. A must for MBA students, a requirement for anyone in the field already, and a vital tool for investors.The book's three authors (The George Washington University Business School, Georgetown Business School, and 20+ years High Yield Experience) have used their knowledge and connections to get the best information available
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