The Elements of Structured Finance
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63 210 Ft
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Product details:
- Publisher OUP USA
- Date of Publication 1 July 2010
- ISBN 9780195179989
- Binding Hardback
- No. of pages688 pages
- Size 155x236x40 mm
- Weight 1089 g
- Language English
- Illustrations 96 black and white halftones, 37 line illustrations 0
Categories
Short description:
This is the first book to systematically cover structured finance in a textbook designed for both professionals and students, even though the practice is over twenty years old and has become a ubiquitous element of modern financial management. Derived from a program of instruction that the authors have offered at universities, private training programs, and consultancies, this book will fill the void spectacularly. Divided into two parts, the book begins with relatively simple concepts and later takes the reader through the more esoteric features of dynamic risk analysis, thus serving as both an excellent introduction for the beginner and an essential reference for the professional.
MoreLong description:
For all but the most credit-worthy companies, it is more efficient to finance large pools of assets that have predictable behavioral characteristics through non-standard arrangements. These off-balance sheet structures allow credit exposures to be tailored to investor risk, asset class, and an ever-increasing diversity of idiosyncratic needs on the part of issuers and investors. The discipline that addresses these structures, which is called structured finance or securitization, is almost twenty years old, and has become a pervasive element of modern financial management. Yet, it has not been systematically covered in a textbook designed for both the school and workplace contexts. The Elements of Structured Finance, the text version of a program of instruction in structured finance that the authors have offered at NYU and Hong Kong University, as well as in private training programs and consultancies, fills this void spectacularly. Raynes and Rutledge, two very highly regarded teachers and consultants in the field, bring clarity and logic to an inherently complex and frightening area of finance, using their extensive experience working with many of the top Wall Street securities houses. The book begins with the relatively simple concepts of static valuation models and the benchmark pool, and takes the reader through the more esoteric features of dynamic risk analysis, thus serving as both an introduction for the beginner and a helpful reference for the professional. In addition to participants in structured finance programs, this book will appeal to structured finance analysts and managers at banks, asset management companies, insurance companies, and a wide variety of other corporations.
Ann Rutledge and Sylvain Raynes offer a timely insight into the intricate inner-workings of structured finance. Oft overlooked financial theory is explored and explained with expert precision, making the case for the industry to take a thorough and honest look at financial engineering and the essence of 'deal-hood.' Those who dive into this book will find themselves enriched with a deeper understanding and an edge amongst their peers.
Table of Contents:
Introduction
Elements of Securitization Law
Elements of Securitization Accounting
Deconstructing the Corporation: Operational Issues
Static Structuring Analysis: the Basic Model of Debt Repackaging
Piecing the Credit Together
Asset Side Analysis
Liability Side Analysis
Static Approaches to Revolving Mode Structured Securities
Simulation and Valuation
Analysis of Prepayment-Sensitive Structured Securities (by Nenad Ilincic)
PACS and TACs
Issues in Intermediate Cash Flow Modeling
Nonlinear Convergence Technique
Part II: Advanced Structured Analysis
Prologue to Advanced Section
The Way of the Deal
Data Analysis
Non-Stationary Markov Chains and Cash Flows
Recovery Modeling
Covariance Matrix Simulation and Random Numbers
Assembling the Building Blocks of the Cash Flow Model
Liability Modeling
Triggers
The Valuation of Structured Securities
Introduction to Revolving Periods
Special Topics in Structured Finance
Epilogue
