Hybride Finanzierungsinstrumente kombinieren die Sicherheit eines fest verzinslichen Wertpapiers mit der Möglichkeit, Kursschwankungen an den Finanzmärkten ausnutzen zu können. Sie haben sich schnell zu einem wichtigen Element der Finanzwelt entwickelt, und es gibt sie in einer großen Formenvielfalt. Der Umgang mit hybriden Instrumenten erfordert spezielle Techniken, die sich aus der genauen Analyse der jeweiligen Instrumente ergeben. Nur so kann der Anleger sichere Gewinne einfahren. Das "Handbook of Hybrid Instruments" bietet Anlegern ausführliche Informationen über Analysemethoden und…mehr
Hybride Finanzierungsinstrumente kombinieren die Sicherheit eines fest verzinslichen Wertpapiers mit der Möglichkeit, Kursschwankungen an den Finanzmärkten ausnutzen zu können. Sie haben sich schnell zu einem wichtigen Element der Finanzwelt entwickelt, und es gibt sie in einer großen Formenvielfalt. Der Umgang mit hybriden Instrumenten erfordert spezielle Techniken, die sich aus der genauen Analyse der jeweiligen Instrumente ergeben. Nur so kann der Anleger sichere Gewinne einfahren. Das "Handbook of Hybrid Instruments" bietet Anlegern ausführliche Informationen über Analysemethoden und -techniken aus Wissenschaft und Praxis. Hybrid instruments are bonds or stocks with a fixed-rate of interest or dividend that can be traded on the open stock market for shares. Redemption on the stock market in the form of shares at a price usually significantly higher than the purchase price of the original bond is the hoped-for bonus of hybrids that have made them an attractive instrument for investors and banks alike. Investors view them as sure moneymakers. And both the equity desk and fixed-income desks at a bank can profit from a hybrid. In the first comprehensive technical look at hybrids, Handbook of Hybrid Instruments provides investors with the analytical tools and techniques needed to learn about, and profit from, these fascinating financial instruments.
Izzy Nelken is president of Super Computer Consulting, Inc. in Mundelein, Illinois. Super Computer Consulting, Inc. specializes in exotic options, convertible bonds and other complex derivatives. Izzy holds a PhD in computer science from Rutgers University and was on the faculty at the University of Toronto. In addition to his work with Super Computer Consulting, Izzy teaches numerous courses and seminars around the world on a variety of topics including: credit risk management and credit derivatives exotic options, financial engineering, volatility and correlation and hybrid securities. He is also a lecturer in the prestigious mathematics department at the University of Chicago, Izzy's seminars are known for being non-mathematical. Instead they combine cutting edge analytics with real world applications and intuitive examples. Izzy is the editor and co-author of three previous books covering exotic options, option embedded bonds and volatility in the capital markets and is also the sole author of a book on implementing credit derivatives. www.supercc.com
Inhaltsangabe
List of Contributors About the Contributers Introduction 1.1 General 1.2 Importance of Adequate Analysis 1.3 Description of the Chapters 1.4 Summary 1 Hybrid Instruments: Advantages and Disadvantages, Badari S. Ewar 1.1 Introduction 1.2 What is a Convertible Bond? 1.3 The Issuer 1.4 The Investor 1.5 Terminology 1.6 Convertible Instruments 1.7 Summary 2 Convertible Structures: Evolution Continues, T. Anne Coxe 2.1 Convertible Bonds and Preferreds: Hybrid Vigor 2.2 LYONs: A Breed Apart 2.3 TOPrS: Preferreds made Better 2.4 MIPS: Predecessor to TOPrS 2.5 PERCS and Their Relatives 2.6 PRIDES: Equity for Income Lovers 2.7 Variations on a Theme: Product Innovations Abound 2.8 Convertible Glossary 3 The Life Cycle of Convertibles and Warrants, William T. Moore 3.1 Issuance of Warrants and Convertibles 3.2 Calling Convertibles and Warrants 3.3 When should Warrants and Convertibles be Called? 3.4 What Happens to Firm Value when Firm Force Conversion or Exercise? 3.5 Assessing the Value of the Call Provision in Theoretical Models 3.6 References 4 Derivative Data, John Poignand 4.1 Introduction 4.2 Section One: The Convertible Bond and Convertible Preferred 4.3 Section Two: Conversion and Related Data 4.4 Section Three: Calculated Data 5 The Value Line Experience with Convertibles, Lawrence Cavanagh 5.1 Value Line's Convertible Indexes and Market Profiles 5.2 The Performance of Value Line's Recommended Convertibles 5.3 Summary 5.4 Endnotes 6 Hybrid Instruments: A Tax Planning Synopsis, Linda E. Carlisle 6.1 Fundamental Economic Characteristics of the Instruments 6.2 Three Forms of Transaction 6.3 Objectives 6.4 Open Issues 6.5 Conclusions 7 Mandatory Convertible Reset Structures, Colum McCoole 7.1 Introduction 7.2 Origins of the Japanese Bank Reset Market 7.3 Glossary of Key Terms 7.4 Mechanics of the Reset 7.5 Valuing Mandatory Convertible Resets 7.6 Evolving into an Equity Proxy 7.7 Trading Behavior of Mandatory Reset Structures 7.8 Negative gamma Becoming Part of the Vocabulary 7.9 Conclusions 7.10 Appendix 8 Japanese Reset Convertible Bonds and Other Advanced Issues in Convertible Bonds, Izzy Nelken 8.1 Introduction 8.2 The Reset Feature 8.3 Modeling of Reset Convertibles 8.4 Two More Interesting Points to Related to Convertible Securities 9 A Dictionary of Terms Related to Hybrid Instruments, Gary Gastineau and Mark Kritzman Appendix: ConvB CD ROM Installation Guide Index
List of Contributors About the Contributers Introduction 1.1 General 1.2 Importance of Adequate Analysis 1.3 Description of the Chapters 1.4 Summary 1 Hybrid Instruments: Advantages and Disadvantages, Badari S. Ewar 1.1 Introduction 1.2 What is a Convertible Bond? 1.3 The Issuer 1.4 The Investor 1.5 Terminology 1.6 Convertible Instruments 1.7 Summary 2 Convertible Structures: Evolution Continues, T. Anne Coxe 2.1 Convertible Bonds and Preferreds: Hybrid Vigor 2.2 LYONs: A Breed Apart 2.3 TOPrS: Preferreds made Better 2.4 MIPS: Predecessor to TOPrS 2.5 PERCS and Their Relatives 2.6 PRIDES: Equity for Income Lovers 2.7 Variations on a Theme: Product Innovations Abound 2.8 Convertible Glossary 3 The Life Cycle of Convertibles and Warrants, William T. Moore 3.1 Issuance of Warrants and Convertibles 3.2 Calling Convertibles and Warrants 3.3 When should Warrants and Convertibles be Called? 3.4 What Happens to Firm Value when Firm Force Conversion or Exercise? 3.5 Assessing the Value of the Call Provision in Theoretical Models 3.6 References 4 Derivative Data, John Poignand 4.1 Introduction 4.2 Section One: The Convertible Bond and Convertible Preferred 4.3 Section Two: Conversion and Related Data 4.4 Section Three: Calculated Data 5 The Value Line Experience with Convertibles, Lawrence Cavanagh 5.1 Value Line's Convertible Indexes and Market Profiles 5.2 The Performance of Value Line's Recommended Convertibles 5.3 Summary 5.4 Endnotes 6 Hybrid Instruments: A Tax Planning Synopsis, Linda E. Carlisle 6.1 Fundamental Economic Characteristics of the Instruments 6.2 Three Forms of Transaction 6.3 Objectives 6.4 Open Issues 6.5 Conclusions 7 Mandatory Convertible Reset Structures, Colum McCoole 7.1 Introduction 7.2 Origins of the Japanese Bank Reset Market 7.3 Glossary of Key Terms 7.4 Mechanics of the Reset 7.5 Valuing Mandatory Convertible Resets 7.6 Evolving into an Equity Proxy 7.7 Trading Behavior of Mandatory Reset Structures 7.8 Negative gamma Becoming Part of the Vocabulary 7.9 Conclusions 7.10 Appendix 8 Japanese Reset Convertible Bonds and Other Advanced Issues in Convertible Bonds, Izzy Nelken 8.1 Introduction 8.2 The Reset Feature 8.3 Modeling of Reset Convertibles 8.4 Two More Interesting Points to Related to Convertible Securities 9 A Dictionary of Terms Related to Hybrid Instruments, Gary Gastineau and Mark Kritzman Appendix: ConvB CD ROM Installation Guide Index
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