Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies
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Product Description
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… More >>
Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies
July 29th, 2010 at 3:54 PM
Although I believe that a physics background is much helpful in understanding economy and finance rather than a mathematics background, I think a good knowledge of mathematics can make the financial concepts in this book be clearer to the reader more than the authors present. In other words, some finance persons are written this book yet the mathematics they use mean more in finance for mathematicians than its authors. Unfortunately in this book, the interpretation of mathematics in finance is much less than given by the authors, yet should be much more.
Rating: 4 / 5
July 29th, 2010 at 6:45 PM
I thought this book would be a comprehensive survey of fixed income securities. I guess I shouldn’t put so much faith in book titles. The book was more like a study in archaic mathmatics.
After the first few chapters of everyday overview, the author feels compelled to burst into nebulous formulas and esoteric notation in a hyperactive manner much to breathless to bother with explaining anything.
Good for those who have doctoral degrees in math; bad for anyone else.
Rating: 2 / 5
July 29th, 2010 at 8:50 PM
The book starts with very basic introduction to fixed income and then suddenly from chapter 6 turns into some kind of math textbook. Who is the target market of this book? Definitely not practitioners. To use this book you need to have an excellent knowledge of probability theory, econometrics, calculus and you need to have a good theoretical degree in either finance or economics. The trouble is, of course, that those who have this knowledge do not read such book. Instead they read the actual academic journals. I did my BCom and my MSc in Finance and I am currently studying for my CFA level 3 and I currently work as a Fixed Income Strategist so I would consider myself as at least “average” in terms of my education and knowledge of fixed income markets and I can tell you that I can not understand more than half of what is in that book, and I don’t want to either. Most of those “rocket-science” term-structure models are useless anyway.
So if the book is not for practitioners then maybe it is for students? Well, I think any professor would have to be nuts to torture students with such a poorly written book. There are so many other, more useful and better written books.
Please do not waste your money.
Rating: 1 / 5
July 29th, 2010 at 9:46 PM
the best book on the subject but not for beginners (too much math in it)
Rating: 5 / 5
July 29th, 2010 at 11:56 PM
This book is one of the best on the market. It is well organized and written in a logical order to give you a sound basis on Fixed Income Securities. It provides excellent coverage on bonds however I found it lacking when it gets down to the nitty gritty of other Fixed Income Securities such as Swap Structures or ABS/MBS. However those are extremely specialized products and probably best left to their own books. For someone looking for a clear, concise beginning to intermediate level education on Fixed Income this book is for you.
Rating: 4 / 5