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ePub Pricing Convertible Bonds download

by Kevin B. Connolly

ePub Pricing Convertible Bonds download
Author:
Kevin B. Connolly
ISBN13:
978-0471978725
ISBN:
0471978728
Language:
Publisher:
Wiley; 1 edition (October 1, 1998)
Category:
Subcategory:
Investing
ePub file:
1138 kb
Fb2 file:
1343 kb
Other formats:
docx mbr mobi azw
Rating:
4.5
Votes:
641

Convertible bonds and warrants are usually mentioned as an after thought in the latter chapters. This is the first book to address the very complex issue of pricing convertible bonds.

Convertible bonds and warrants are usually mentioned as an after thought in the latter chapters. The basic convertible bond model Introducing the complications Convertible bond sensitivities Using equity warrant models to price CBs Refix clausesFund managers, hedge players/traders, undergraduates and postgraduates will find this book invaluable. Easy to understand software on Microsoft Excel spreadsheets is also supplied.

Pricing convertible bonds. by. Connolly, Kevin B. Publication date. Books for People with Print Disabilities. Internet Archive Books. Convertible bonds, Convertible preferred stocks, Option (Contract). Chichester ; New York : Wiley. Uploaded by Tracey Gutierres on April 29, 2013. SIMILAR ITEMS (based on metadata). Terms of Service (last updated 12/31/2014). This is the first book to address the very complex issue of pricing convertible bonds

There are few works on the subject of pricing convertible bonds. Most books discussing derivative products cover all details ofpricing futures and options in minute detail.

There are few works on the subject of pricing convertible bonds. Convertible bonds andwarrants are usually mentioned as an after thought in the latterchapters. This is the first book to address the very complex issueof pricing convertible bonds.

Kevin B Connolly eBooks Bonnie, I was about to upload this book. An extra "L" is missing from the surname - should read ConnolLy.

Kevin B Connolly eBooks. Thread starter bonnie1234. Start date Nov 10, 2011. You must be registered for see images. Bonnie, I was about to upload this book.

In most other finance books, or even option pricing books, strategy and market making are left to the reader to figure out for themselves. Connolly joins Baird in writing from the perspective of a trader, not an academic.

Pricing Convertible Bonds, Kevin B. Connolly, Wiley, 1998

Pricing Convertible Bonds, Kevin B. Connolly, Wiley, 1998.

Kevin Connolly has put together an excellent treatment of pricing convertible bonds, some of the . Fund managers, hedge players/traders, undergraduates and post-graduates will all find this book invaluable.

Fund managers, hedge players/traders, undergraduates and post-graduates will all find this book invaluable. Easy to understand software based on Microsoft Excel spreadsheets is also supplied. Convertible Bond Markets. Global Convertibles: An Investor’s Guide. Foreword - Preface - List of Tables - List of Figures - Convertible Bonds - Convertible Financing - Payoff Analysis: A Primer for Theoretical Valuation - Fair Value of a Convertible Bond - An Introduction to the Interest Sensitivity of Convertible Bonds - Default Risk Assessed - Long Volatility - Multivariate Hedging - Bibiography - Index.

The Convertible Bonds (CB) market is growing all the time. To date,over one trillion dollars worth of CBs are in circulation.Corporations are finding this source of fund-raising more and moreattractive. And for different reasons, the buyers are finding CBsincreasingly attractive investment vehicles.There are few works on the subject of pricing convertible bonds.Most books discussing derivative products cover all details ofpricing futures and options in minute detail. Convertible bonds andwarrants are usually mentioned as an after thought in the latterchapters. This is the first book to address the very complex issueof pricing convertible bonds.Kevin Connolly, Researcher of complex volatility trading for RefcoOverseas Ltd. and Lecturer at City University Business School andLondon Guildhall University, has put together an excellenttreatment of pricing convertible bonds, delving into topics suchas: * Returns distributions and associated descriptive statistics* Modeling the share price process* The basic convertible bond model* Introducing the complications* Convertible bond sensitivities* Using equity warrant models to price CBs* Refix clausesFund managers, hedge players/traders, undergraduates andpostgraduates will find this book invaluable. Easy to understandsoftware on Microsoft Excel spreadsheets is also supplied.
  • Once the individual investor begins to grasp the complexity of convertible bonds, it beats me as to why he or she would not be inclined to give up the entire enterprise altogether. And this book is so chock full of a convertible maven's essential vitamins and minerals that, after the first reading at least, this investment arena will seem utterly Pyrrhic to a neophyte. Sadly, the book is dense enough that a newcomer is likely to miss its nimble, understated handling of a maddeningly complex topic. It is only after perusing the other available literature on convertibles that Kevin Connolly's competent, intelligent handling dawns on you. Then you see this text as a high-end stereo system amongst crude boom boxes!
    Although Connolly writes under the pretext the reader knows next to nothing about the convertible, or even senior debt and common equity instruments, the book may not be the optimal starting point to understand convertibles. For the American reader, there is also the matter that the examples are in pounds sterling, and not in dollars.
    But the text provides a terrific point-of-entry for the investor who is left wanting by crude convertible pricing models which fail to adequately account for subtler, but critical, details such as embedded long-put options, refix clauses, and what one ought to do with probability issues. The implicit theme of the book is "every convertible is a different animal...accept it and get nimble enough to competently deal with the instrument's intricacies." The reader is well served --with the theme, the non-condescending explanation, and the tools Connolly offers to deal competently and confidently with convertible complexities.

  • Connolly has written a useful, practical book for those who are attempting to price these (increasingly) complex instruments. For more abstract or academic treatments of the topic, seek other sources and the innumerable academic journals of quant finance. But for a nut-work �gotta-price-this-bugger-�cause-my-boss-asked-me-to-and-I�m-the-quant-guy-in-the-shop� this guide, while not strictly a �cookbook,� is indispensable. Although it begins at a relatively basic level, it clearly and concisely explains every technique from the simple (y = mx + b) and then step-by-step ratchets up to the Excel-samuri level (MIN and MAX tests after multiple operations of option pricing trees (bi-nomial and tri-nomial)).
    I limited my rating to four stars, however, because Connolly only mentions in passing the available (expensive) software-house products that do many of the same things his example spreadsheets do. Fin software needs critics, and I can think of no one better placed than the author to examine them and give front-line quant analysts his views.
    In addition, like most worker bees, I try never to reinvent the wheel (programming in C++ and VB or anything else for this kinda thing is undiluted soul-destroying tedium), but at the same time want to thoroughly check out the foundational theory and techniques someone applied before I risk my career on someone else�s work. In this case, a good list of the academic sources and current financial literature on the topic would have been a useful and welcome addition to this slender volume.
    I suppose a final criticism is that we have all seen the exponential growth of credit derivatives in the past few years. Connolly�s next edition will need to address the topic of credit derivatives in relation to convertible bonds, as their use in combination with CBs provides alternate hedging, investment, and speculative strategies not explicitly considered in this book.

  • At last a book that addresses the more complex aspects of convertible bonds!
    Pricing convertible bonds by Connolly is an excellent book both for the novice and the advanced practitioner.
    Although this work starts by assuming that the reader knows very little, the experienced player will also benefit from the refreshingly simple approach to what are very complex instruments.
    By the use of very simple stepwise spreadsheet type modelling, the user discovers for himself all unusual characteristics of convertible bond price behaviour.
    This is certainly the first work ever to address the issue of share dilution, and never before has the modeling of refix convertibles been addressed in any text of which I am aware.
    Although Connolly skirts the issue of random interest rates, the book is by far the best work produced on the convertible bond market to date.

  • It's amazing that nobody has written a decent book on convertible bonds. This is the best in a very weak selection.
    The book essentially starts at Chapter 6. If he wanted to write a book on modelling in excel he should have thougt about doing it before Jackson and Staunton (Modelling in Excel and vba). However, there isn't any vba here. How another reviewer can say that the pace accelerates enough to keep the attention of the expert is crazy, Chapters 1-5 are very irritating; as I say, they might be fine in another book.
    The author's avoidance of vba is a drawback. Why not? It is a logical thing to do.
    In the last couple of chapters, the author stops doing excel and just shows the graphs. He even freely refers to a embeded tree spreadsheet and then nonchalently points out that it isn't on the disk provided. Why not?
    The real reason is that the binomial method becomes completely unworkable as soon as one introduces complications. One needs to use finite difference methods. FDMs are not even mentioned in this book. The author places his presentation as the state of the art, it isn't. I learned more in 4 pages of one of Wilmott's books (Mr. Numerical DE Solver) [Paul WIlmott on Quantitative Finance, section on convertible bonds] than I did from this book.
    If you are interested in building models of convertibles, that can take into account any but the most vanilla features, this is not the place. For a conceptual non-quantitative overview, fine.