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EULA
by Frank J. Fabozzi
The Handbook of Financial Instruments
Preface
Contributing Authors
Chapter 1 Overview of Financial Instruments
DEBT VERSUS EQUITY INSTRUMENTS
CHARACTERISTICS OF DEBT INSTRUMENTS
VALUATION OF A FINANCIAL INSTRUMENT
FINANCIAL MARKETS
BORROWING FUNDS TO PURCHASE FINANCIAL INSTRUMENTS
Note
Chapter 2 Fundamentals of Investing
SETTING INVESTMENT OBJECTIVES
ESTABLISHING AN INVESTMENT POLICY
Notes
Chapter 3 Calculating Investment Returns
SINGLE PERIOD RATE OF RETURN
PERFORMANCE OF AN INVESTMENT: MONEY WEIGHTED RETURNS
PERFORMANCE OF THE INVESTMENT MANAGER: TIME WEIGHTED RETURNS
MULTIPLE PERIOD RETURN CALCULATION
SUMMARY
Chapter 4 Common Stock
COMMON STOCK VERSUS PREFERRED STOCK
WHERE STOCK TRADING OCCURS
TRADING MECHANICS
TRADING COSTS
TRADING ARRANGEMENTS FOR RETAIL AND INSTITUTIONAL INVESTORS
PRICE LIMITS AND COLLARS
STOCK MARKET INDICATORS
PRICING EFFICIENCY OF THE STOCK MARKET
OVERVIEW OF COMMON STOCK PORTFOLIO MANAGEMENT
Notes
Chapter 5 Sources of Information for Investing in Common Stock
SOURCES OF FINANCIAL INFORMATION
INFORMATION PREPARED BY THE COMPANY
INTERVIEWING COMPANY REPRESENTATIVES
INFORMATION PREPARED BY GOVERNMENT AGENCIES
INFORMATION PREPARED BY FINANCIAL SERVICE COMPANIES
SUMMARY
Notes
Chapter 6 Money Market Instruments
U.S. TREASURY BILLS
GOVERNMENT SPONSORED AGENCY INSTRUMENTS
COMMERCIAL PAPER
ASSET-BACKED COMMERCIAL PAPER
MEDIUM-TERM NOTES
LARGE-DENOMINATION NEGOTIABLE CDS
FEDERAL FUNDS
BANKERS ACCEPTANCES
REPURCHASE AGREEMENTS
Notes
Chapter 7 U.S. Treasury Securities
TYPES OF SECURITIES
THE PRIMARY MARKET
THE SECONDARY MARKET
ZERO-COUPON TREASURY SECURITIES
SUMMARY
Notes
Chapter 8 Inflation-Indexed Bonds
MECHANICS AND MEASUREMENT
DURATION
QUOTATION AND SETTLEMENT
Notes
Chapter 9 Federal Agency Securities
FEDERALLY RELATED INSTITUTIONS
GOVERNMENT-SPONSORED ENTERPRISES
Notes
Chapter 10 Municipal Securities
TAX-EXEMPT AND TAXABLE MUNICIPAL SECURITIES
TAX PROVISIONS AFFECTING MUNICIPALS
TYPES OF MUNICIPAL SECURITIES
DEBT RETIREMENT STRUCTURE
CREDIT RISK
TAX RISK
SECONDARY MARKET
YIELDS ON MUNICIPAL BONDS
Notes
Chapter 11 Corporate Bonds
CORPORATE BANKRUPTCY AND CREDITOR RIGHTS
SECURED DEBT1
UNSECURED DEBT
INDENTURES
CORPORATE BOND RATINGS
SPECULATIVE-GRADE BONDS
CORPORATE BOND INDEXES
MEDIUM-TERM NOTES
YIELD AND YIELD SPREADS
CONVERTIBLE BONDS
Notes
Chapter 12 Preferred Stock
PREFERRED STOCK ISSUANCE
PREFERRED STOCK RATINGS
CONVERTIBLE PREFERRED STOCK
Notes
Chapter 13 Emerging Markets Debt
EMERGING MARKETS DEBT INSTRUMENTS
ANALYTICS/MARKET CONVENTIONS
SOVEREIGN CREDIT ANALYSIS
PORTFOLIO CONSIDERATIONS
ACTIVE MANAGEMENT OPPORTUNITIES
CONCLUSION
Notes
Chapter 14 Agency Mortgage-Backed Securities
WHY IT IS IMPORTANT TO UNDERSTAND REAL ESTATE-BACKED SECURITIES
MORTGAGES
MORTGAGE PASSTHROUGH SECURITIES
AGENCY PASSTHROUGHS
STRIPPED MORTGAGE-BACKED SECURITIES
AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
SUMMARY
Chapter 15 Nonagency MBS and Real Estate-Backed ABS
COLLATERAL FOR RESIDENTIAL REAL ESTATE-BACKED SECURITIES
PREPAYMENT CONVENTIONS
NONAGENCY MBS
REAL ESTATE-BACKED ASSET-BACKED SECURITIES
OTHER PRODUCTS BACKED BY REAL ESTATE MORTGAGES
Notes
Chapter 16 Commercial Mortgage-Backed Securities
HISTORY
TYPES OF CMBS IN TODAY’s MARKET
STRUCTURE OF CMBS
OPTIONALITY
EVALUATING CREDIT QUALITY IN COMMERCIAL MORTGAGE-BACKED SECURITIES
THE UNDERLYING COMMERCIAL REAL ESTATE MORTGAGES
UNDERWRITING CRITERIA
STRUCTURING—TRANSFERRING RISKS AND RETURNS
CONCLUSION
Notes
Chapter 17 Non-Real Estate Asset-Backed Securities
FEATURES OF AN ABS
CREDIT RISKS ASSOCIATED WITH INVESTING IN ABS
Notes
Chapter 18 Credit Card ABS
SECURITIZATION OF CREDIT CARD RECEIVABLES
THE CREDIT CARD ABS MARKET
CONCLUSION
Notes
Chapter 19 Leveraged Loans
WHAT IS A SYNDICATED LOAN?
STRUCTURING AND SYNDICATING LOANS
WINNING A MANDATE
TYPES OF SYNDICATED LOAN FACILITY
SYNDICATING A LOAN BY FACILITY
SECONDARY SALES
PRICING
VOTING RIGHTS
COVENANTS
Notes
Chapter 20 Collateralized Debt Obligations
STRUCTURE OF A CDO
ARBITRAGE TRANSACTIONS
CASH FLOW TRANSACTIONS
MARKET VALUE TRANSACTIONS
SYNTHETIC CDOS
MANAGING A CDO PORTFOLIO
Notes
Chapter 21 Investment Companies
TYPES OF INVESTMENT COMPANIES
FUND SALES CHARGES AND ANNUAL OPERATING EXPENSES
ADVANTAGES OF INVESTING IN MUTUAL FUNDS
TYPES OF FUNDS BY INVESTMENT OBJECTIVE
THE CONCEPT OF A FAMILY OF FUNDS
STRUCTURE OF A FUND
RECENT CHANGES IN THE MUTUAL FUND INDUSTRY
ALTERNATIVES TO MUTUAL FUNDS
Notes
Chapter 22 Exchange-Traded Funds and Their Competitors
ETFS AND OTHER TRADABLE BASKET PRODUCTS
TAXES AND TAX EFFICIENCY IN ETFS AND THEIR COMPETITORS
Notes
Chapter 23 Stable-Value Pension Investments
STABLE-VALUE PRODUCTS
THE EVOLUTION OF STABLE VALUE
STABLE-VALUE PORTFOLIO MANAGEMENT
THE FUTURE OF STABLE VALUE
Chapter 24 Investment-Oriented Life Insurance
INSURANCE
INVESTMENT-ORIENTED LIFE INSURANCE
SUMMARY
Notes
Chapter 25 Hedge Funds
HEDGE FUND REGULATION
HEDGE FUND STRATEGIES
SHOULD HEDGE FUNDS BE PART OF AN INVESTMENT PROGRAM?
IS HEDGE FUND PERFORMANCE PERSISTENT?
A HEDGE FUND INVESTMENT STRATEGY
SELECTING A HEDGE FUND MANAGER
DUE DILIGENCE FOR HEDGE FUND MANAGERS
RISK REVIEW
ADMINISTRATIVE REVIEW
LEGAL REVIEW
REFERENCE CHECKS
Notes
Chapter 26 Private Equity
VENTURE CAPITAL
LEVERAGED BUYOUTS
DEBT AS PRIVATE EQUITY
Notes
Chapter 27 Real Estate Investment
TWO DISTINGUISHING CHARACTERISTICS OF REAL ESTATE INVESTMENTS
THE NATURE OF THE INVESTORS
THE INVESTMENT CHARACTERISTICS OF EACH QUADRANT
REAL ESTATE IN THE MIXED ASSET PORTFOLIO
LEVERAGE
INVESTMENT EXECUTION
OVERVIEW OF ADDITIONAL ISSUES
CONCLUSION
Notes
Chapter 28 Equity Derivatives
THE ROLE OF DERIVATIVES
EQUITY DERIVATIVES MARKET
LISTED EQUITY OPTIONS
FUTURES CONTRACTS
OTC EQUITY DERIVATIVES
Notes
Chapter 29 Interest Rate Derivatives
INTEREST RATE OPTIONS
INTEREST RATE SWAPS
INTEREST RATE CAPS AND FLOORS
Chapter 30 Mortgage Swaps
FEATURES OF MORTGAGE SWAPS
INDEX AMORTIZING SWAP
TOTAL RETURN INDEX SWAPS
APPLICATIONS OF MORTGAGE AND TOTAL RETURN INDEX SWAPS
DISADVANTAGES OF MORTGAGE SWAPS
Notes
Chapter 31 Credit Derivatives
ClEDIT RISK
CREDIT DERIVATIVE INSTRUMENTS
APPLICATIONS FOR PORTFOLIO MANAGERS
RISKS IN CREDIT DEFAULT SWAPS
CONCLUSIONS
Notes
Chapter 32 Managed Futures
INDUSTRY BASICS
HISTORY OF MANAGED FUTURES
PRIOR EMPIRICAL RESEARCH
RETURN DISTRIBUTIONS OF MANAGED FUTURES
MANAGED FUTURES AS DOWNSIDE RISK PROTECTION FOR STOCKS AND BONDS
CONCLUSION
Notes
Index
EULA
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