Book Description
Today's most complete, up-to-date reference for controlling credit risk exposure of all types, in every environment
Measuring and Managing Credit Risk takes you far beyond the Basel guidelines to detail a powerful, proven program for understanding and controlling your firm’s credit risk. Providing hands-on answers on practical topics from capital management to correlations, and supporting its theories with up-to-the-minute data and insights, this authoritative book examines every key aspect of credit risk, including:
- Determinants of credit risk and pricing/spread implications
- Quantitative models for moving beyond Altman’s Z score to separate “good” borrowers from “bad”
- Key determinants of loss given default, and potential links between recovery rates and probabilities of default
- Measures of dependency including linear correlation, and the impact of correlation on portfolio losses
- A detailed review of five of today’s most popular portfolio models—CreditMetrics, CreditPortfolioView, Portfolio Risk Tracker, CreditRisk+, and Portfolio Manager
- How credit risk is reflected in the prices and yields of individual securities
- How derivatives and securitization instruments can be used to transfer and repackage credit risk
Today’s credit risk measurement and management tools and techniques provide organizations with dramatically improved strength and flexibility, not only in mitigating risk but also in improving overall financial performance. Measuring and Managing Credit Risk introduces and explores each of these tools, along with the rapidly evolving global credit environment, to provide bankers and other financial decision-makers with the know-how to avoid excessive credit risk where possible—and mitigate it when necessary.
Customer Reviews:
Must have for risk management.......2007-06-29
Yes, this is a must have. Written by S&P auther, it is the definitive guide, no question should be asked. cause they are credit king.
Many details on how to measure risk, quantitative methods in detail. Ideas and industry practice all in great detail. I could imagine some quants will use it as a cook book for their project.
overall, well written for easy read. both good for a glance at credit risk and for in depth learning of industry standard.
Most Appropriate for Basel II.......2005-09-08
If you are Banker/Banking Consultant then this book is the closest you will get to understanding Credit Risk from a Basel II perspective. Its clear & lucid style helped me understand the gamut of techniques used in Credit Risk Measurement. Unfortunately the Book does not get into the details of bulinding models so if your looking for a model building cookbook, look elsewhere.
a complete, robust and comprehensive valuable resource!.......2004-06-16
In Measuring and Managing Credit Risk, the authors provided a robust, complete and comprehensive treatment of several aspects of modern credit risk measurement and management. Written by two high talented practitioners, this book will become certainly a reference both for academics and practitioners thanks to its careful treatment of several not so known empirical issues which practitioners have to face everyday. At the same time, do not consider the book as a new recipes book for managing credit risk. Both authors already proved their deep knowledges of financial theory and establish once again, through this book, how advanced knowledges of theory combined with significant practical experience make leading researches. As a PhD candidate in Finance, actually writing on credit risk, I definitively adopted this book and higly recommend it for anyone dealing with credit risk issues either through a practical experience or through a theoritical work.
Book Description
Fully revised and updated
Here is the only comprehensive source that explains the various instruments in the market, their economic value, how to document trades, and more. This new edition includes enhanced treatment of U.S. and worldwide regulatory issues, and new product structures.
"If you want to know more about credit derivatives--and these days an increasing number of people do--then you should read this book."
--Merton H. Miller, winner, Nobel Prize in Economics, 1990
"Tavakoli brings extraordinary insight and clarity to this fascinating financial evolution . . ."--Carl V. Schuman, Manager, Credit Derivatives, West LB New York
Janet M. Tavakoli (Chicago, IL) is Vice President of the Chicago branch of Bank of America, where she directs the company's overall marketing of global derivatives and manages its CreditMetrics initiative.
Customer Reviews:
Great Book.......2007-03-31
Great book for introduction of CDS and other structured products. I work in risk and this book helped clarify several things.
a practical guide.......2006-10-31
This is a good book about how credit risk derivatives are handled in the daily practice of a big international bank. Although the author clearly knows her math the book contains hardly any formula. Since I am a model builder and most clients of our treasury consultancy firm are medium seize companies there initially was a misfit. However this book is a very good antidote for people putting too much faith in mathematical models. I can not help being one of them. I liked the down to earth approach very much. In the end I learned a lot more than I thought I would.
Recommendation from a Credit Derivatives Trader.......2005-10-15
This is my fourth purchase; this one is for a new analyst I hired. I have read Janet Tavakoli's book as well as all of the current literature on credit derivatives. This book is one of the best books on derivatives I have read in terms of style of writing and content (I'm not after the mathematics on finance; there are plenty of those). I am a current successful credit derivatives trader.
Good collection.......2005-03-27
I am a Fin Math student and by now a Google search expert. I do have this book from my library and it requires patience .
Personally I would keep it that way borrow from a library and read free research on the net with more math. It is a good buy for a practioner who needs to refer various structures and market structure in one place. The author has definetely put in effort to collate all her years of market experience.
Derivatives Sales view:.......2004-03-24
POSITIVE POINTS: Best indepth book on Credit Derivatives. Very readable. Explains very nicely why this derivatives are so important for banks. Non technical.
NEGATIVE POINTS: Focus on banks with only a little chapter on Credit Derivatives as investment products. No explanation how those derivatives are priced (but hey, there are loads of technical books)
Book Description
The first full analysis of the latest advances in managing credit risk.
"Against a backdrop of radical industry evolution, the authors of Managing Credit Risk: The Next Great Financial Challenge provide a concise and practical overview of these dramatic market and technical developments in a book which is destined to become a standard reference in the field." -Thomas C. Wilson, Partner, McKinsey & Company, Inc.
"Managing Credit Risk is an outstanding intellectual achievement. The authors have provided investors a comprehensive view of the state of credit analysis at the end of the millennium." -Martin S. Fridson, Financial Analysts Journal.
"This book provides a comprehensive review of credit risk management that should be compulsory reading for not only those who are responsible for such risk but also for financial analysts and investors. An important addition to a significant but neglected subject." -B.J. Ranson, Senior Vice-President, Portfolio Management, Bank of Montreal.
The phenomenal growth of the credit markets has spawned a powerful array of new instruments for managing credit risk, but until now there has been no single source of information and commentary on them. In Managing Credit Risk, three highly regarded professionals in the field have-for the first time-gathered state-of-the-art information on the tools, techniques, and vehicles available today for managing credit risk. Throughout the book they emphasize the actual practice of managing credit risk, and draw on the experience of leading experts who have successfully implemented credit risk solutions.
Starting with a lucid analysis of recent sweeping changes in the U.S. and global financial markets, this comprehensive resource documents the credit explosion and its remarkable opportunities-as well as its potentially devastating dangers. Analyzing the problems that have occurred during its growth period-S&L failures, business failures, bond and loan defaults, derivatives debacles-and the solutions that have enabled the credit market to continue expanding, Managing Credit Risk examines the major players and institutional settings for credit risk, including banks, insurance companies, pension funds, exchanges, clearinghouses, and rating agencies. By carefully delineating the different perspectives of each of these groups with respect to credit risk, this unique resource offers a comprehensive guide to the rapidly changing marketplace for credit products.
Managing Credit Risk describes all the major credit risk management tools with regard to their strengths and weaknesses, their fitness to specific financial situations, and their effectiveness. The instruments covered in each of these detailed sections include: credit risk models based on accounting data and market values; models based on stock price; consumer finance models; models for small business; models for real estate, emerging market corporations, and financial institutions; country risk models; and more. There is an important analysis of default results on corporate bonds and loans, and credit rating migration. In all cases, the authors emphasize that success will go to those firms that employ the right tools and create the right kind of risk culture within their organizations. A strong concluding chapter integrates emerging trends in the financial markets with the new methods in the context of the overall credit environment.
Concise, authoritative, and lucidly written, Managing Credit Risk is essential reading for bankers, regulators, and financial market professionals who face the great new challenges-and promising rewards-of credit risk management.
Customer Reviews:
Executive Summary on Managing Credit Risk.......2003-08-21
This book is good overview on current status of the credit risk management. I recommend it to those who need to get quick overview on what it takes. It compares classic credit analysis with new approaches, explains the credit culture etc. However this can not be used as a single source of information. You will need additional books. Do not expect to get mathematical formulas in this book. There is only very few of them, which is benefitial here, because the book is easy to understand. What you will get is a vision on how the credit risk should be managed. If you seek specific advices on how to manage credit risk than there are better books like Managing Bank Risk: An Introduction to Broad-Base Credit Engineering from Morton Glanz.
Too good to be true?.......2003-08-04
While the recent comment "Comprehensive Resource on Credit Risk Management" is very good in many ways, I wish it explains more in the low yielding instruments, like the wit it shows in the treatment of high yield.
Innovative approach to Managing credit risks.......2002-02-18
This book popularises the new portfolio management approach to managing loan portfolios.The attempt is to mark the value of loans to market. This assumes a vibrant market for securitised loans , strips etc.It is a very good introductory book an the subject which is now evolving.It should be read by regulators and those who have supervisory roles.It is easy reading not much encumbered by obscure mathematical equations
This is good value for money and should be on every credit administrator's bookshelf
A Foot in the Door.......2001-07-07
The authors make for a particularly impressive team of credit risk experts and Professor Altman in particular is a global authority on the subject. The book does not disappoint, and provides a first-rate overview of the field as it is currently emerging. Of particular interest to this reviewer were the chapters on the new credit risk models such as CreditMetrics, KMV and their brethren. There are also some informative chapters on default and recovery analysis and credit migration. However, like so many financial books on the market these days, there is little guidance on the practical implementation of the various approaches described in the text. Overall, "Managing Credit Risk" is a very useful work but for this kind of money I would have expected more than just a foot in the door!
Managing Credit Risk is a fabulous book........1999-11-15
Managing Credit Risk is an outstanding work of scholarship and a truly fabulous book. As a working credit analyst in the field the authors characterize as "classic credit analysis," I felt the need to become conversant with the various quantitative approaches to managing credit risk, (especially since the ultimate goal of the quantitative modelers is to put me out of work). The book served my needs precisely, by introducing all of the relevant models in a concise format with easy-to-understand commentary on the strengths and weaknesses of the models. The clear, qualitative, conceptual explanations are supported by quantitative examples sufficient to satisfy most numerically minded readers, but even those who shy away from numbers will find the quantitative examples easy to follow. The book has served me very well by enabling me to discuss the assessment and deployment of quantitative models on an even footing with professional risk managers and the rocket scientists who are engaged in developing these models. Although finance professionals obviously will find the book of great value, I also believe that readers who enjoyed Peter Bernstein's Against the Gods will find that Managing Credit Risk provides a concrete account of the current state of humanity's struggle to understand and control risk.
Average customer rating:
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Consumer Credit Fundamentals
Steven Finlay
Manufacturer: Palgrave Macmillan
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Managing a Consumer Lending Business
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The Economics of Consumer Credit
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The Art of Better Retail Banking: Supportable Predictions on the Future of Retail Banking
ASIN: 1403939780
Release Date: 2006-04-13 |
Book Description
Despite the huge expansion in consumer credit in the last twenty-five years there are very few texts describing the operation of consumer credit markets. Consumer Credit Fundamentals is the first book to provide a broad cross-disciplinary introduction to the subject. It covers the history of credit, the types of consumer credit available, how credit is granted and managed, the legal framework within which commercial lenders must operate, as well as consumer and ethical issues. A complete, well-rounded and practical introduction to consumer credit.
Book Description
BASIC FINANCE: AN INTRODUCTION TO FINANCIAL INSTITUTIONS, INVESTMENTS, AND MANAGEMENT uses a proven "modular" approach to help you learn finance concepts quickly and easily. Plus, this edition is enhanced with numerous Internet references, calculator exercises, and tie-ins with Microsoft ® Excel, so you'll be on your way to using the technologies professionals use in the corporate world every day.
Book Description
A bad credit record can make it tough to get a loan or adequate insurance, find a good job, or rent an apartment. Yet, nearly half of all credit records contain serious errors. The new edition of The Credit Repair Kit provides consumers with all the information they need to order a copy of their credit record, understand what their records say about them, and deal with any problems they may find in those records. Nationally known bankruptcy attorney John Ventura also educates readers about their legal rights under the federal Fair Credit Reporting Act. Among other things, The Credit Repair Kit tells readers how to: *Fight back if a credit bureau will not correct an error in a credit record,including how to sue a credit bureau or creditor. *Rebuild credit after financial difficulties. *Avoid becoming the victim of identity theft and credit-rebuilding scams. *Interpret a credit score. With identity theft on the rise, The Credit Repair Kit also advises consumers about the steps they should take to preserve the privacy of their personal and financial information and what to do if their identity is stolen. With practical tips, sample credit reports, checklists, and information about helpful Web sites and organizations, Ventura provides readers with a first-aid kit for credit record problems.
Customer Reviews:
Info all in one place -- very educational.......2003-02-06
I found this book to be very useful when I was preparing to buy my first house. It explains everything about credit reporting and I picked up a lot of valuable (and interesting) tips (sprinkled liberally throughout the book are boxes containing "Hot Tip"s). Good examples of sample credit reports help you understand how to read yours closely. Sure, a lot of this information can be found free by searching the internet, but it's handy to have it all in one place, for browsing and study.
Good Book If...................2002-05-18
This is a good book if you do not know much about credit, credit reports, The big 3 and how they effect your life.
However, I bought this book for credit repair and there about 20 pages on how to repair credit. For me the book could have been smaller.
If, on the other hand, you have never seen your credit report, don't know much about the big 3, don't know how credit works or how to "divorce-proof" your credit, then this is the book for you.
Worth Buying.......2002-03-03
This book helped me understand my credit record and my federal credit record rights and how to correct problems in it. It was really helpful to me after I had experienced some money troubles. I have loaned it to some friends and they benefited from it too. The author, who is a bankruptcy attorney knows what he is talking about.
Pretty good book as far as letters, but times have changed........2002-01-06
Very complete as far as the approach to the "classic method" of credit repair but leaves out important methods like debt validation and disputing information on line. - Kristy Welsh, author of "Good Credit is Sexy".
Don't waste your money.......2001-06-02
This book contains information that you can get free in the internet. It outlines your rights for you, gives information about the credit bureau but that's about it. Most of the book does not even directly address credit repair but acquiring credit and keeping good credit--these are of course helpful but not if your immediate concern is credit repair. The only saving grace this book has is its discussion about credit repair companies but then again this information is also on the web. If you have a few hours and would like to save money go on the internet for free resources before buying this book.
Average customer rating:
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Handbook of International Credit Management
Manufacturer: Gower Publishing Company
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ASIN: 0566083760 |
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- Fabozzi is the best source for all things financial
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Credit Union Investment Management (Frank J. Fabozzi Series)
Frank J. Fabozzi , and
Mark B. Wickard
Manufacturer: Wiley
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Building Better Credit Unions
ASIN: 1883249139 |
Book Description
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.
Customer Reviews:
Fabozzi is the best source for all things financial.......2001-12-20
I am continually pleased with each and every fabozzi book I buy. The man is prolific and always provides you with real data, great overviews, and commentary by leading people in the field. This book is no exception.
Average customer rating:
- Misleading is and understatement!!!
- No Free Money!!!!!!!
- I totally agree with all the other complaints
- I wish I had read these reviews
- Ways to Call Local Government Agencies for Loan Applications
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Free Money from the Federal Government for Small Businesses and Entrepreneurs
Laurie Blum
Manufacturer: Wiley
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Similar Items:
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The Complete Guide to Getting a Grant: How to Turn Your Ideas Into Dollars
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Free Money® for Small Businesses and Entrepreneurs (Free Money for Small Business and Entrepreneurs)
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The Women's Business Resource Guide
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Getting Yours: The Complete Guide to Government Money, Third Edition (Getting Yours, 3rd ed)
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Free Money and Help for Women Entrepreneurs
ASIN: 0471130095 |
Book Description
A completely revised, updated edition of the bestselling guide to the millions of dollars available for free from the federal government
Even in the best of times, starting and running a small business can be an uphill battle. To help make life easier, Free Money(r) guru Laurie Blum shows you how to successfully tap into the hundreds of millions of dollars in government funding available free to entrepreneurs and small business owners. Grants range from $5,000 to some in the six figures, and best of all, absolutely none of them ever have to be paid back.
1,500 grants available from 52 government agencies
- Complete addresses, phone and fax numbers, and contact names
- Easy-to-use format with grants grouped by state and according to business category (agricultural, real estate, minorities, general business, R&D, etc.)
- Step-by-step instructions on how to apply for a grant and how to write a winning proposal
- Sample application forms and an extensive bibliography listing government and private foundation sourcebooks as well as other helpful publications
Customer Reviews:
Misleading is and understatement!!!.......2007-07-25
First of all I agree with what everyone has already said but I must reinterate what a waste this book is. I have had this book sitting around for a while and decided to take a look since I am lokking to start my own business. CAN YOU SAY REDUNDANT? How on gods green earth did this book even get published? It is a lot of nothing over and ove again not to mention that it is all about loans not free money! There are about two pages in the intro about how to write a proposal and thats it. Supposedly there are sample application forms but unless my book is missing something there is none of that either.... not that it matters. WHATEVER YOU DO NOT WASTE YOUR TIME OR MOMEY ON THIS BOOK. I noticed that the author has another book on Amazon called "Free money when you're unemployed" Lord only knows what is in there!!??
No Free Money!!!!!!!.......2007-07-15
I have been a small business consultant for years and have followed up on many of the claims about "guaranteed" sources for grants and start-up money from government and other sources. If you are starting a for-profit business unless you have a new technology of interest to the government or are creating a significant number of new jobs in a depressed area, there is very little possibility of obtaining a grant. Most are far better off putting their time and resources into planning and starting up their business than pursuing grants and spending money on books, lists and other meida like this claiming to have the "secret" to getting free money. Most, like this, only provide lists and links to places to apply for grants which do not apply to the vast majority of people. Save your money and go see your local Small Business Development Center from some real free assistance in starting a business.
I totally agree with all the other complaints.......2006-11-11
Since you can tell how I feel about this book based on the title of my review, I won't repeat everything that's been said by the other reviewers so far. However, I will say that, as a small business owner who tries very hard to spend money wisely, I am SO NOT HAPPY that I spent close to $20 for this book that is of absolutely no value to me. I don't want to throw it away, but I certainly can't see where anybody would want to buy it if I re-sold it. This book was a total waste of money--if there were a 0-star rating, I'd give it that without hesitation.
I wish I had read these reviews.......2001-03-16
I wish I had seen these reviews for this book. It is worthless in terms of information on obtaining funds for small business. If your handicapped or a minority it might be of some use for loans. Nothing relevent for myself as an individual with no startup capital.
Ways to Call Local Government Agencies for Loan Applications.......2000-08-14
I rarely rate a book as one star. This book is the exception.
My favorite gripe about books is that some of them have misleading titles designed to make them more appealing to book buyers. That certainly describes this book. The bulk of the programs listed in the book are LOAN programs. I don't think loans are a source of free money. Do you? The author never explains why these are sources of free money.
Usually, when I find a misleading title, I still find a mostly worthwhile book underneath. This book is the exception. Almost all of the programs listed come from either the Small Business Administration, the Agriculture Department, or Housing and Urban Development. Each of these organizations will help you over the telephone or send you material on the programs they make available. Web sites are also available.
Why, then, is the book so thick? That's because it lists the same agencies at the same address over . . . and over . . . and over . . . and over. You get the idea. Properly organized, this book could have been condensed to about 20 percent of its size, and would have been easier to use. That would have reduced the costs to the readers and the profits to the publisher and author. Can't have that, can we?
Let's look at the next problem. This book was published in this edition in 1996. There's been a lot of change in government programs since then. So undoubtedly, a lot of this information is out of date. A book like this should be updated at least every two years.
Finally, once you find out who to talk to or write to, what do you do? The book claims to help you design your application and use your grant properly. I found the material on that subject to be very brief and general. Few would find it adequate to succeed in even getting an SBA loan. Lengthy books are written on that subject alone!
If you want to get help from these agencies, find someone who has experience with them to help you (like your banker, attorney, accountant or neighbor). Even if you need to call information in your state to get the telephone number of the relevant governmental agency, that will still cost a lot less than this book.
Do not buy, and do not read this book.
If ever I have seen an example of a miscommunication about how to improve a business, it is in the form of this book. I encourage you to consider ways to redesign your business's basic operating model (perhaps through more outsourcing) as a way to reduce your need for capital, as a substitute to taking on loans from the Federal Government.
Book Description
Measuring and Controlling Interest Rate and Credit Risk provides keys to using derivatives to control interest rate risk and credit risk, and controlling interest rate risk in a mortgage-backed securities derivative portfolio. This book includes information on measuring yield curve risk, swaps and exchange-traded options, TC options and related products, and describes how to measure and control the interest rate of risk of a bond portfolio or trading position.
Measuring and Controlling Interest Rate and Credit Risk is a systematic evaluation of how to measure and control the interest rate risk and credit risk of a bond portfolio or trading position, defining key points in the process of risk management as related to financial situations. The authors construct a verbal flow chart, defining and illustrating interest rate risk and credit risk in regards to valuation, probability distributions, forecasting yield volatility, correlation and regression analyses. Hedging instruments discussed include futures contracts, interest rate swaps, exchange traded options, OTC options, and credit derivatives. The text includes calculated examples and readers will learn how to measure and control the interest rate risk and credit risk of a bond portfolio or trading position. They will discover value at risk approaches, valuation, probability distributions, yield volatility, futures, interest rate swaps, exchange traded funds; and find in-depth, up-to-date information on measuring interest rate with derivatives, quantifying the results of positions, and hedging.
Frank J. Fabozzi (New Hope, PA) is a financial consultant, the Editor of the Journal of Portfolio Management, and an Adjunct Professor of Finance at Yale Universitys School of Management.
Steven V. Mann (Columbia, SC) is Professor of Finance at the Moore School of Business, University of South Carolina. Moorad Choudhry (Surrey, UK) is a Vice President with JPMorgan Chase structured finance services in London.
Moorad Choudhry (Surrey, England) is a senior Fellow at the Centre for Mathematical Trading and Finance, CASS Business School, London, and is Editor of the Journal of Bond Trading and Management. He has authored a number of books on fixed income analysis and the capital markets. Moorad began his City career with ABN Amro Hoare Govett Sterling Bonds Limited, where he worked as a gilt-edged market maker, and Hambros Bank Limited where he was a sterling proprietary trader. He is currently a vice-president in Structured Finance Services with JPMorgan Chase Bank in London.
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