Created by the experienced author team of Frank Fabozzi, Henry Davis, and Moorad Choudhry, "Introduction to Structured Finance" examines the essential elements of this discipline. It is a convenient reference guide--which covers all the important transaction types in one place--and an excellent opportunity to enhance your understanding of finance.

A detailed, multi-disciplinary approach to investment analytics Portfolio Construction and Analytics provides an up-to-date understanding of the analytic investment process for students and professionals alike. With complete and detailed coverage of portfolio analytics and modeling methods, this book is unique in its multi-disciplinary approach. Investment analytics involves the input of a variety of areas, and this guide provides the perspective of data management, modeling, software resources, and investment strategy to give you a truly comprehensive understanding of how today's firms approach the process. Real-world examples provide insight into analytics performed with vendor software, and references to analytics performed with open source software will prove useful to both students and practitioners. Portfolio analytics refers to all of the methods used to screen, model, track, and evaluate investments. Big data, regulatory change, and increasing risk is forcing a need for a more coherent approach to all aspects of investment analytics, and this book provides the strong foundation and critical skills you need. * Master the fundamental modeling concepts and widely used analytics * Learn the latest trends in risk metrics, modeling, and investment strategies * Get up to speed on the vendor and open-source software most commonly used * Gain a multi-angle perspective on portfolio analytics at today's firms Identifying investment opportunities, keeping portfolios aligned with investment objectives, and monitoring risk and performance are all major functions of an investment firm that relies heavily on analytics output. This reliance will only increase in the face of market changes and increased regulatory pressure, and practitioners need a deep understanding of the latest methods and models used to build a robust investment strategy. Portfolio Construction and Analytics is an invaluable resource for portfolio management in any capacity.

An updated guide to the theory "and" practice of investment management

Many books focus on the theory of investment management and leave the details of the implementation of the theory up to you. This book illustrates how theory is applied in practice while stressing the importance of the portfolio construction process.

The "Second Edition" of "The Theory and Practice of Investment Management" is the ultimate guide to understanding the various aspects of investment management and investment vehicles. Tying together theoretical advances in investment management with actual practical applications, this book gives you a unique opportunity to use proven investment management techniques to protect and grow a portfolio under many different circumstances.Contains new material on the latest tools and strategies for both equity and fixed income portfolio managementIncludes key take-aways as well as study questions at the conclusion of each chapterA timely updated guide to an important topic in today's investment world

This comprehensive investment management resource combines real-world financial knowledge with investment management theory to provide you with the practical guidance needed to succeed within the investment management arena.

"Financial Economics has quickly established itself as a strong and growing market. Introduction to Financial Economics by Frank Fabozzi, Edwin Neave, and Gaofu Zhou presents an introduction to basic financial ideas through a strong grounding in microeconomic theory. This calculus based text explores the theoretical framework for analyzing the decisions by individuals and managers of firms, and area which is common to both the financial economics and microeconomics. It also explores the interplay of these decisions on the prices of financial assets"--

Introduction to Securitization outlines the basics of securitization, addressing applications for this technology to mortgages, collateralized debt obligations, future flows, credit cards, and auto loans. The authors present a comprehensive overview of the topic based on the experience they have gathered through years of interaction with practitioners and graduate students around the world. The authors offer coverage of such key topics as: structuring agency MBS deals and nonagency deals, credit enhancements and sizing, using interest rate derivatives in securitization transactions, asset classes securitized, operational risk factors, implications for financial markets, and applying securitization technology to CDOs. Finally, in the appendices, the authors provide an essential introduction to credit derivatives, an explanation of the methodology for the valuation of MBS/ABS, and the estimation of interest rate risk. Securitization is a financial technique that pools assets together and, in effect, turns them into a tradable security. The end result of a securitization transaction is that a corporation can obtain proceeds by selling assets and not borrowing funds. In real life, many securitization structures are quite complex and enigmatic for practitioners, investors, and finance students. Typically, books detailing this topic are either too lengthy, too technical, or too superficial in their presentation. Introduction to Securitization is the first to offer essential information on this topic at a fundamental, yet comprehensive level-providing readers with a working understanding of what has become one of today's most important areas of finance. Authors Frank Fabozzi and Vinod Kothari, internationally recognized experts in the field, clearly define securitization, contrast it with corporate finance, and explain its advantages. They carefully illustrate the structuring of asset-backed securities (ABS) transactions, including agency mortgage-backed securities (MBS) deals and nonagency deals, and show the use of credit enhancements and interest rate derivatives in such transactions. They review the collateral classes in ABS, such as retail loans, credit cards, and future flows, and discuss ongoing funding vehicles such as asset-backed commercial paper conduits and other structured vehicles. And they explain the different types of collateralized debt obligations (CDOs) and structured credit, detailing their structuring and analysis. To complement the discussion, an introduction to credit derivatives is also provided. The authors conclude with a close look at securitization's impact on the financial markets and the economy, with a review of the now well-documented problems of the securitization of one asset class: subprime mortgages. While questions about the contribution of securitization have been tainted by the subprime mortgage crisis, it remains an important process for corporations, municipalities, and government entities seeking funding. The significance of this financial innovation is that it has been an important form of raising capital for corporations and government entities throughout the world, as well as a vehicle for risk management. Introduction to Securitization offers practitioners and students a simple and comprehensive entry into the interesting world of securitization and structured credit.

In order to effectively employ portfolio strategies that can control interest rate risk and/or enhance returns, you must understand the forces that drive bond markets, as well as the valuation and risk management practices of these complex securities. In "Advanced Bond Portfolio Management," Frank Fabozzi, Lionel Martellini, and Philippe Priaulet have brought together more than thirty experienced bond market professionals to help you do just that.

Divided into six comprehensive parts, "Advanced Bond Portfolio Management" will guide you through the state-of-the-art techniques used in the analysis of bonds and bond portfolio management. Topics covered include: General background information on fixed-income markets and bond portfolio strategiesThe design of a strategy benchmarkVarious aspects of fixed-income modeling that will provide key ingredients in the implementation of an efficient portfolio and risk management processInterest rate risk and credit risk managementRisk factors involved in the management of an international bond portfolio

Filled with in-depth insight and expert advice, "Advanced Bond Portfolio Management" is a valuable resource for anyone involved or interested in this important industry.

Praise for The Complete CFO Handbook
From Accounting to Accountability

"The office of the CFO in corporations today must blend strategy, investor relations, corporate finance, control, budgeting, risk management, and a host of other key areas of expertise and knowledge. Business education, however, tends to be compartmentalized along functional lines and courses and texts specialize in subsets of these subject areas. Fabozzi, Drake, and Polimeni bridge that yawning gap by providing a comprehensive set of materials that can serve as a nice platform to develop managers tasked with the sourcing and managing of funds within organizations. The Complete CFO Handbook is well written and makes extensive use of examples to illustrate key concepts."
--Jacob Thomas
Williams Brothers Professor of Accounting and Finance
Yale School of Management

The role of the CFO in business has expanded significantly in recent years as companies become more accountable to their stakeholders and regulators and as the sophistication of technology, risk management, financial analysis, and financial records processing has increased.

Filled with numerous examples, The Complete CFO Handbook lives up to its name and provides complete coverage of:

The CFO's role in company communications with company stakeholders

The tools and processes by which a CFO may manage risk, including taxes, theenterprise risk management process, and strategies for transferring risk

Performance evaluation and the fundamentals of the capital budgeting process

Traditional cost accounting topics of product costing and strategic cost management

Every CFO's desktop tool, The Complete CFO Handbook expertlyprovides financial executives with an extensive review of cost accounting as well as the background and tools for managing a company's financial functions.

A comprehensive look at the tools and techniques used in quantitative equity management

Some books attempt to extend portfolio theory, but the real issue today relates to the practical implementation of the theory introduced by Harry Markowitz and others who followed. The purpose of this book is to close the implementation gap by presenting state-of-the art quantitative techniques and strategies for managing equity portfolios.

Throughout these pages, Frank Fabozzi, Sergio Focardi, and Petter Kolm address the essential elements of this discipline, including financial model building, financial engineering, static and dynamic factor models, asset allocation, portfolio models, transaction costs, trading strategies, and much more. They also provide ample illustrations and thorough discussions of implementation issues facing those in the investment management business and include the necessary background material in probability, statistics, and econometrics to make the book self-contained.Written by a solid author team who has extensive financial experience in this areaPresents state-of-the art quantitative strategies for managing equity portfoliosFocuses on the implementation of quantitative equity asset managementOutlines effective analysis, optimization methods, and risk models

In today's financial environment, you have to have the skills to analyze, optimize and manage the risk of your quantitative equity investments. This guide offers you the best information available to achieve this goal.

Real Estate-Backed Securities provides today's most concise yet comprehensive understanding of passive real estate investing. Issues discussed include agency passthrough securities and mortgage strips, agency collateralized mortgage obligations, nonagency residential MBS, commercial mortgage-backed securities, and more.

Frank Fabozzi leads an international team of fixed income experts in analyzing subjects varying from active portfolio management against an index to credit analysis and debt covenants in emerging markets. This second volume is a captivating and systematic investment tool that presents practical techniques developed by today's best and brightest fixed-income practitioners.

Praise for "Robust Portfolio Optimization and Management"

"In the half century since Harry Markowitz introduced his elegant theory for selecting portfolios, investors and scholars have extended and refined its application to a wide range of real-world problems, culminating in the contents of this masterful book. Fabozzi, Kolm, Pachamanova, and Focardi deserve high praise for producing a technically rigorous yet remarkably accessible guide to the latest advances in portfolio construction."
--Mark Kritzman, President and CEO, Windham Capital Management, LLC

"The topic of robust optimization (RO) has become 'hot' over the past several years, especially in real-world financial applications. This interest has been sparked, in part, by practitioners who implemented classical portfolio models for asset allocation without considering estimation and model robustness a part of their overall allocation methodology, and experienced poor performance. Anyone interested in these developments ought to own a copy of this book. The authors cover the recent developments of the RO area in an intuitive, easy-to-read manner, provide numerous examples, and discuss practical considerations. I highly recommend this book to finance professionals and students alike."
--John M. Mulvey, Professor of Operations Research and Financial Engineering, Princeton University

Floating-Rate Securities is the only complete resource on "floaters" that fills the information void surrounding these complex securities. It explains the basics of floating rate securities, how to value them, techniques to compute spread measures for relative value analysis, and much more.

A detailed look at equity valuation and portfolio management

Equity valuation is a method of valuing stock prices using fundamental analysis to determine the worth of the business and discover investment opportunities.

In "Equity Valuation and Portfolio Management" Frank J. Fabozzi and Harry M. Markowitz explain the process of equity valuation, provide the necessary mathematical background, and discuss classic and new portfolio strategies for investment managers. Divided into two comprehensive parts, this reliable resource focuses on valuation and portfolio strategies related to equities.Discusses both fundamental and new techniques for valuation and strategiesFabozzi and Markowitz are experts in the fields of investment management and economicsIncludes end of chapter bullet point summaries, key chapter take-aways, and study questions

Filled with in-depth insights and practical advice, "Equity Valuation and Portfolio Management" will put you in a better position to excel at this challenging endeavor.

Commercial mortgage-backed securities (CMBS)-securitizations of mortgage loans backed by commercial real estate-have become compelling devices for fixed income investing. This title, edited by renowned financial expert Frank Fabozzi, describes the structure, valuation, and performance of CMBS, illustrates an empirical framework for estimating CMBS defaults, instructs how to value prepayment and credit risks of CMBS, and more.

The fastest growing sector of the asset-backed securities market is the collateralized debt obligation (CDO) market. CDOs are securities backed by a pool of diversified assets and are referred to as collateralized bond obligations (CBOs) when the underlying assets are bonds and as collateralized loan obligations (CLOs) when the underlying assets are bank loans. Investing in Collateralized Debt Obligations covers not only the fundamental features of these securities and the investment characteristics that make them attractive to a broad range of institutional investors, but also the tools for identifying relative value. Nearly a dozen of today's best known analysts discuss emerging market CBOs, relative value frameworks, pricing strategies and techniques, and more.

This innovative collection, written by securitization professionals and edited by finance guru Frank Fabozzi, thoroughly explains the basics and the mechanics of securitization and shows how securitization can help more institutions offer innovative fixed-income products.
Further, it discusses the effects of the capital markets on securitization and helps financial professionals decide whether or not to securitize. Filled with strategies and techniques, financial professionals will learn how to use float asset-backed offerings and how to hedge against risk and default.

An up-to-date look at the latest innovations in mortgage-backed securities

Since the last edition of "Mortgage-Backed Securities" was published over three years ago, much has changed in the structured credit market. Frank Fabozzi, Anand Bhattacharya, and William Berliner all have many years of experience working in the fixed-income securitization markets, and have witnessed many cycles of change in the mortgage and MBS sectors. And now, with the Second Edition of Mortgage-Backed Securities, they share their knowledge on many of the products and structuring innovations that have taken place since the financial crisis and fiscal reform.

Written in a straightforward and accessible style, and containing numerous illustrations, this timely guide skillfully addresses the investment characteristics, creation, and analysis of mortgage-backed securities. Each chapter contains cutting-edge concepts that you'll need to understand in order to thrive within this arena.Discusses the dynamic interaction between the mortgage industry, home prices, and credit performanceAddresses revised valuation techniques in which all non-agency MBS must be treated as credit piecesExamines the shift in this marketplace since the crisis and the impact on industry and investors

Filled with in-depth insights and expert advice, "Mortgage-Backed Securities, Second Edition" offers you a realistic assessment of this field and outlines the products, structures, and analytical techniques you need to know about in this evolving arena.

The Handbook of commodity investing

This invaluable resource provides an overview of the basics and foundations of commodity investing, as well as recent theory and empirical evidence on the commodity markets.

Written by leading practitioners and academics, "The Handbook of Commodity Investing" explains the complexities of commodity investments, their associated risks, and how investors can optimize their portfolios by including different types of commodity investments. Each chapter contains valuable information for both investors who are currently using or contemplating using commodities as part of their asset allocation and academics who are analyzing the commodity markets theoretically or empirically.

Starting with the basics of commodity investments and moving on to more complex topics, such as performance measurement, asset pricing, and risk management, "The Handbook of Commodity Investing" is a reliable resource for anyone who needs to understand this dynamic market. Whatever the motivation for your interest in commodities, this book will increase your understanding--hence helping you to reduce risk and enhance returns.

In "Securities Finance," editors Frank Fabozzi and Steven Mann assemble a group of prominent practitioners in the securities finance industry to provide readers with an enhanced understanding of the various arrangements in the securities finance market. Divided into three comprehensive parts--Securities Lending, Bond Financing via the Repo Market, and Equity Financing Alternatives to Securities Lending--this book covers a wide range of securities finance issues, including alternative routes to the securities lending market, evaluating risks in securities lending transactions, U.S. and European repo markets, dollar rolls and their impact on MBS valuation and strategies, derivatives for financing equity positions and equity repos, and more. Filled with in-depth insight and expert advice, "Securities Finance" contains the information readers need to succeed in this rapidly expanding market.

Duration, Convexity and other Bond Risk Measures offers the most comprehensive coverage of bond risk measures available. Financial expert Frank Fabozzi walks you through every aspect of bond risk measures from the price volatility characteristics of option-free bonds and bonds with embedded options to the proper method for calculating duration and convexity. Whether you're a novice trader or experienced money manager, if you need to understand the interest rate risk of a portfolio Duration, Convexity and other Bond Risk Measures is the only book you'll need.

In Bond Portfolio Management, Frank Fabozzi, the leading expert in fixed income securities, explains the latest strategies for maximizing bond portfolio returns. Through in-depth discussions on different types of bonds, valuation principles, and a wide range of strategies, Bond Portfolio Management will prepare you for virtually any bond related event-whether your working on a pension fund or at an insurance company. Key topics include investment objectives of institutional investors, general principles of bond valuation, measuring interest rate risk, and evaluating performance. Bond Portfolio Management is an excellent resource for anyone looking to master one of the world's largest markets, and is a perfect companion to Fabozzi's successful guide-The Handbook of Fixed-Income Securities.

The authoritative resource for understanding and practicing valuation of both common fixed income investment vehicles and complex derivative instruments-now updated to cover valuing interest rate caps and floors.

Treasury securities represent the largest sector of interest rate markets. This book will provide securities newcomers with the tools they need to get up to speed and seasoned professionals with a valuable reference source. The book covers every aspect of the market, including: the basics, valuation techniques, risk analysis, and utilizing derivatives to control interest rate risk.

Credit Union Investment Management provides an in-depth examination of the methods executives use to achieve investment objectives and maximize returns on invested capital, while measuring and minimizing risk. Complete coverage includes: detailed features of investment vehicles, yield measures and their limitations, total return analysis, and stress testing.

Every investment professional involved with the management of pension funds will embrace this wide-ranging handbook. Consisting of articles by an esteemed panel of contributors, it covers the basics as well as the latest on pension fund governance, operations, and value creation.