Optimising Distressed Loan Books
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Optimising Distressed Loan Books
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Author : John Michael Sheehan
language : en
Publisher: Harriman House
Release Date : 2011
Optimising Distressed Loan Books written by John Michael Sheehan and has been published by Harriman House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
The fundamental question posed by this book is why banks fail to maximize distressed loan collections where the distressed debt investor succeeds. The answer to this question is found in examination of the "Bank Arb. Trade"--the ability of sophisticated investors to uncover value, or arbitrage, in bank loan portfolios that the banks themselves simply miss or cannot realize.
Leveraged Buyouts
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Author : David Pilger
language : en
Publisher: Harriman House Limited
Release Date : 2012-06-15
Leveraged Buyouts written by David Pilger and has been published by Harriman House Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-06-15 with Business & Economics categories.
Reveals the things you need to know to analyse and create custom leveraged buyout analysis, as practised in firms such as Goldman Sachs, Morgan Stanley and Barclays. This title provides step-by-step instructions on how to understand financial statements and prepare analysis.
Loan Portfolio Management
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Author :
language : en
Publisher:
Release Date : 1988
Loan Portfolio Management written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Business & Economics categories.
Trick Mirror
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Author : Jia Tolentino
language : en
Publisher: Random House
Release Date : 2019-08-06
Trick Mirror written by Jia Tolentino and has been published by Random House this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-08-06 with Literary Collections categories.
NEW YORK TIMES BESTSELLER • “From The New Yorker’s beloved cultural critic comes a bold, unflinching collection of essays about self-deception, examining everything from scammer culture to reality television.”—Esquire Book Club Pick for Now Read This, from PBS NewsHour and The New York Times • “A whip-smart, challenging book.”—Zadie Smith • “Jia Tolentino could be the Joan Didion of our time.”—Vulture FINALIST FOR THE NATIONAL BOOK CRITICS CIRCLE’S JOHN LEONARD PRIZE FOR BEST FIRST BOOK • NAMED ONE OF THE TEN BEST BOOKS OF THE YEAR BY THE NEW YORK PUBLIC LIBRARY AND HARVARD CRIMSON AND ONE OF THE BEST BOOKS OF THE YEAR BY The New York Times Book Review • Time • Chicago Tribune • The Washington Post • NPR • Variety • Esquire • Vox • Elle • Glamour • GQ • Good Housekeeping • The Paris Review • Paste • Town & Country • BookPage • Kirkus Reviews • BookRiot • Shelf Awareness Jia Tolentino is a peerless voice of her generation, tackling the conflicts, contradictions, and sea changes that define us and our time. Now, in this dazzling collection of nine entirely original essays, written with a rare combination of give and sharpness, wit and fearlessness, she delves into the forces that warp our vision, demonstrating an unparalleled stylistic potency and critical dexterity. Trick Mirror is an enlightening, unforgettable trip through the river of self-delusion that surges just beneath the surface of our lives. This is a book about the incentives that shape us, and about how hard it is to see ourselves clearly through a culture that revolves around the self. In each essay, Tolentino writes about a cultural prism: the rise of the nightmare social internet; the advent of scamming as the definitive millennial ethos; the literary heroine’s journey from brave to blank to bitter; the punitive dream of optimization, which insists that everything, including our bodies, should become more efficient and beautiful until we die. Gleaming with Tolentino’s sense of humor and capacity to elucidate the impossibly complex in an instant, and marked by her desire to treat the reader with profound honesty, Trick Mirror is an instant classic of the worst decade yet. FINALIST FOR THE PEN/DIAMONSTEIN-SPIELVOGEL AWARD FOR THE ART OF THE ESSAY
Artificial Intelligence In Asset Management
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Author : Söhnke M. Bartram
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-08-28
Artificial Intelligence In Asset Management written by Söhnke M. Bartram and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-08-28 with Business & Economics categories.
Artificial intelligence (AI) has grown in presence in asset management and has revolutionized the sector in many ways. It has improved portfolio management, trading, and risk management practices by increasing efficiency, accuracy, and compliance. In particular, AI techniques help construct portfolios based on more accurate risk and return forecasts and more complex constraints. Trading algorithms use AI to devise novel trading signals and execute trades with lower transaction costs. AI also improves risk modeling and forecasting by generating insights from new data sources. Finally, robo-advisors owe a large part of their success to AI techniques. Yet the use of AI can also create new risks and challenges, such as those resulting from model opacity, complexity, and reliance on data integrity.
Optimization Based Models For Measuring And Hedging Risk In Fixed Income Markets
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Author : Johan Hagenbjörk
language : sv
Publisher: Linköping University Electronic Press
Release Date : 2019-12-09
Optimization Based Models For Measuring And Hedging Risk In Fixed Income Markets written by Johan Hagenbjörk and has been published by Linköping University Electronic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-12-09 with categories.
The global fixed income market is an enormous financial market whose value by far exceeds that of the public stock markets. The interbank market consists of interest rate derivatives, whose primary purpose is to manage interest rate risk. The credit market primarily consists of the bond market, which links investors to companies, institutions, and governments with borrowing needs. This dissertation takes an optimization perspective upon modeling both these areas of the fixed-income market. Legislators on the national markets require financial actors to value their financial assets in accordance with market prices. Thus, prices of many assets, which are not publicly traded, must be determined mathematically. The financial quantities needed for pricing are not directly observable but must be measured through solving inverse optimization problems. These measurements are based on the available market prices, which are observed with various degrees of measurement noise. For the interbank market, the relevant financial quantities consist of term structures of interest rates, which are curves displaying the market rates for different maturities. For the bond market, credit risk is an additional factor that can be modeled through default intensity curves and term structures of recovery rates in case of default. By formulating suitable optimization models, the different underlying financial quantities can be measured in accordance with observable market prices, while conditions for economic realism are imposed. Measuring and managing risk is closely connected to the measurement of the underlying financial quantities. Through a data-driven method, we can show that six systematic risk factors can be used to explain almost all variance in the interest rate curves. By modeling the dynamics of these six risk factors, possible outcomes can be simulated in the form of term structure scenarios. For short-term simulation horizons, this results in a representation of the portfolio value distribution that is consistent with the realized outcomes from historically observed term structures. This enables more accurate measurements of interest rate risk, where our proposed method exhibits both lower risk and lower pricing errors compared to traditional models. We propose a method for decomposing changes in portfolio values for an arbitrary portfolio into the risk factors that affect the value of each instrument. By demonstrating the method for the six systematic risk factors identified for the interbank market, we show that almost all changes in portfolio value and portfolio variance can be attributed to these risk factors. Additional risk factors and approximation errors are gathered into two terms, which can be studied to ensure the quality of the performance attribution, and possibly improve it. To eliminate undesired risk within trading books, banks use hedging. Traditional methods do not take transaction costs into account. We, therefore, propose a method for managing the risks in the interbank market through a stochastic optimization model that considers transaction costs. This method is based on a scenario approximation of the optimization problem where the six systematic risk factors are simulated, and the portfolio variance is weighted against the transaction costs. This results in a method that is preferred over the traditional methods for all risk-averse investors. For the credit market, we use data from the bond market in combination with the interbank market to make accurate measurements of the financial quantities. We address the notoriously difficult problem of separating default risk from recovery risk. In addition to the previous identified six systematic risk factors for risk-free interests, we identify four risk factors that explain almost all variance in default intensities, while a single risk factor seems sufficient to model the recovery risk. Overall, this is a higher number of risk factors than is usually found in the literature. Through a simple model, we can measure the variance in bond prices in terms of these systematic risk factors, and through performance attribution, we relate these values to the empirically realized variances from the quoted bond prices. De globala ränte- och kreditmarknaderna är enorma finansiella marknader vars sammanlagda värden vida överstiger de publika aktiemarknadernas. Räntemarknaden består av räntederivat vars främsta användningsområde är hantering av ränterisker. Kreditmarknaden utgörs i första hand av obligationsmarknaden som syftar till att förmedla pengar från investerare till företag, institutioner och stater med upplåningsbehov. Denna avhandling fokuserar på att utifrån ett optimeringsperspektiv modellera både ränte- och obligationsmarknaden. Lagstiftarna på de nationella marknaderna kräver att de finansiella aktörerna värderar sina finansiella tillgångar i enlighet med marknadspriser. Därmed måste priserna på många instrument, som inte handlas publikt, beräknas matematiskt. De finansiella storheter som krävs för denna prissättning är inte direkt observerbara, utan måste mätas genom att lösa inversa optimeringsproblem. Dessa mätningar görs utifrån tillgängliga marknadspriser, som observeras med varierande grad av mätbrus. För räntemarknaden utgörs de relevanta finansiella storheterna av räntekurvor som åskådliggör marknadsräntorna för olika löptider. För obligationsmarknaden utgör kreditrisken en ytterligare faktor som modelleras via fallissemangsintensitetskurvor och kurvor kopplade till förväntat återvunnet kapital vid eventuellt fallissemang. Genom att formulera lämpliga optimeringsmodeller kan de olika underliggande finansiella storheterna mätas i enlighet med observerbara marknadspriser samtidigt som ekonomisk realism eftersträvas. Mätning och hantering av risker är nära kopplat till mätningen av de underliggande finansiella storheterna. Genom en datadriven metod kan vi visa att sex systematiska riskfaktorer kan användas för att förklara nästan all varians i räntekurvorna. Genom att modellera dynamiken i dessa sex riskfaktorer kan tänkbara utfall för räntekurvor simuleras. För kortsiktiga simuleringshorisonter resulterar detta i en representation av fördelningen av portföljvärden som väl överensstämmer med de realiserade utfallen från historiskt observerade räntekurvor. Detta möjliggör noggrannare mätningar av ränterisk där vår föreslagna metod uppvisar såväl lägre risk som mindre prissättningsfel jämfört med traditionella modeller. Vi föreslår en metod för att dekomponera portföljutvecklingen för en godtycklig portfölj till de riskfaktorer som påverkar värdet för respektive instrument. Genom att demonstrera metoden för de sex systematiska riskfaktorerna som identifierats för räntemarknaden visar vi att nästan all portföljutveckling och portföljvarians kan härledas till dessa riskfaktorer. Övriga riskfaktorer och approximationsfel samlas i två termer, vilka kan användas för att säkerställa och eventuellt förbättra kvaliteten i prestationshärledningen. För att eliminera oönskad risk i sina tradingböcker använder banker sig av hedging. Traditionella metoder tar ingen hänsyn till transaktionskostnader. Vi föreslår därför en metod för att hantera riskerna på räntemarknaden genom en stokastisk optimeringsmodell som också tar hänsyn till transaktionskostnader. Denna metod bygger på en scenarioapproximation av optimeringsproblemet där de sex systematiska riskfaktorerna simuleras och portföljvariansen vägs mot transaktionskostnaderna. Detta resulterar i en metod som, för alla riskaverta investerare, är att föredra framför de traditionella metoderna. På kreditmarknaden använder vi data från obligationsmarknaden i kombination räntemarknaden för att göra noggranna mätningar av de finansiella storheterna. Vi angriper det erkänt svåra problemet att separera fallissemangsrisk från återvinningsrisk. Förutom de tidigare sex systematiska riskfaktorerna för riskfri ränta, identifierar vi fyra riskfaktorer som förklarar nästan all varians i fallissemangsintensiteter, medan en enda riskfaktor tycks räcka för att modellera återvinningsrisken. Sammanlagt är detta ett större antal riskfaktorer än vad som brukar användas i litteraturen. Via en enkel modell kan vi mäta variansen i obligationspriser i termer av dessa systematiska riskfaktorer och genom prestationshärledningen relatera dessa värden till de empiriskt realiserade varianserna från kvoterade obligationspriser.
Nama Land
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Author : Frank Connolly
language : en
Publisher: Gill & Macmillan Ltd
Release Date : 2017-11-03
Nama Land written by Frank Connolly and has been published by Gill & Macmillan Ltd this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-03 with Political Science categories.
The National Asset Management Agency (NAMA) was created in 2009 to contain the spiralling fallout from Ireland's property crisis. Its job as Ireland's 'bad bank' was to act impartially to get the maximum return from the sale of assets for the Irish people and help pay down the state's massive debts. Now, after NAMA has presided over the transfer of €70 billion in assets, the Irish economy is once again beginning to recover. But the basic arithmetic of assets valued and assets sold hides a multitude of sins. Beneath NAMA's veneer of impartiality lies a world built on political patronage and nepotism, rife with conflicts of interest and vulnerable to shocking instances of corruption. Here, and for the first time, bestselling investigative journalist, Frank Connolly, unravels the scandal at the heart of NAMA's mission. Based on exclusive interviews with a wide range of interested parties, NAMA-land is the shocking story of how the sale of public assets conspired to disinherit the Irish people and enrich a new elite. 'Frank Connolly's careful and penetrating investigative research has exposed critical truths about malfeasance in high places and the often ugly workings of political power generally, actions that have caused great harm to the general population.' Noam Chomksy 'Without Frank Connolly we would not know about the scale of corruption that has infected Irish political and business life. He is the best investigative journalist we've had in this country.' Eamon Dunphy
A Primer On Managing Sovereign Debt Portfolio Risks
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Author : Thordur Jonasson
language : en
Publisher: International Monetary Fund
Release Date : 2018-04-06
A Primer On Managing Sovereign Debt Portfolio Risks written by Thordur Jonasson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-04-06 with Business & Economics categories.
This paper provides an overview of sovereign debt portfolio risks and discusses various liability management operations (LMOs) and instruments used by public debt managers to mitigate these risks. Debt management strategies analyzed in the context of helping reach debt portfolio targets and attain desired portfolio structures. Also, the paper outlines how LMOs could be integrated into a debt management strategy and serve as policy tools to reduce potential debt portfolio vulnerabilities. Further, the paper presents operational issues faced by debt managers, including the need to develop a risk management framework, interactions of debt management with fiscal policy, monetary policy, and financial stability, as well as efficient government bond markets.
Financial Sector Reforms And Bank Performance In Ghana
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Author : T. O. Antwi-Asare
language : en
Publisher:
Release Date : 2000
Financial Sector Reforms And Bank Performance In Ghana written by T. O. Antwi-Asare and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Banks and banking categories.
We Re Trying To Do Things Differently
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Author : Freya Aquarone
language : en
Publisher: Centre for Public Policy Research
Release Date : 2020-12-07
We Re Trying To Do Things Differently written by Freya Aquarone and has been published by Centre for Public Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-12-07 with Education categories.
Students and staff from KCL’s Social Sciences BA programme turn the research lens back on their own world and together explore the many challenges of ‘trying to do things differently’ in Higher Education. In doing so, they grapple with fundamental questions in education such as: how to meaningfully foreground democracy, partnership, and emotional care; the role and limits of free speech; and how to deconstruct enduring inequality and marginalisation. In a period of considerable change and challenge for education, there is surely no better time to be critically analysing the principles guiding our universities through the lens of real-life practice. "In a period when university arrangements are being rethought in the wake of COVID-19 and the resurgence of Black Lives Matter, this compelling text is both timely and forward looking. ‘We’re trying to do things differently’ successfully brings together first year undergraduates and lecturers to research, analyse and document how students and staff co-create meaningful educational experiences. The authors offer a nuanced picture of the centrality of relationships and recognition to the degree course. It shows how the students foreground love, kindness and social justice, rather than curriculum and outcomes, while being alert to the politics of difference and absence in higher education classrooms. The book draws on well-worn and innovative writing styles to produce analyses and arguments that are eye-opening, persuasive and raise difficult questions for future educational practices. This book is a must for anyone interested in championing excellence and social justice in higher education." Ann Phoenix, Professor of Psychosocial Studies, UCL Institute of Education "This is a book with a difference. It is based on critical scholarship and draws on reflexive analysis but – and this is the important and unique part - it is a book written mainly by university students about how to enact meaningful relationships in the academy. It takes as its substantive focus one new undergraduate programme but the agenda is about change, social justice and the hard work of real inclusion. This book stands as a wake-up call to all of us who care deeply about socially just education and democracy in our institutions of higher education. It is also a wonderful example of how to write something that really matters!" - Meg Maguire, Professor of Sociology of Education, King’s College London