The High Yield Debt Market: Investment Performance and Economic Impact

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Beard Books, 1998 - Business & Economics - 306 pages
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Contents

Part
1
Default Risks and Duration Analysis
18
Altman
41
A LongTerm Perspective on High Yield
96
FixedIncome Securities
103
Part 2
113
Debt Market
131
A View from Washington on the HighYield Debt Market
139
A View from Washington on Leveraged Buyouts
154
The Impact of Debt on Management Incentives
175
HighYield Debt as a Substitute for Bank Loans
206
Causes
226
What Explains the Growth of HighYield Debt?
243
Effects of LBOs on Tax Revenues of the U S Treasury
285
Discussion of Public Policy Issues of HighYield Debt
301
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Page 18 - The views expressed are those of the author and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System.

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Investments
Haim Levy,Thierry Post
No preview available - 2005
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About the author (1998)

John B. Caouette is the former vice chairman of MBIA Insurance Corporation and is currently Chairman of Channel Capital Group, a European-based credit derivative products company.

Edward I. Altman, PhD, MBA, is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. Previously, he chaired the Stern School's MBA Program for twelve years. He has been acclaimed as the world's leading academic on credit risk and distressed and high-yield debt for most of his forty-year career.

Paul Narayanan is Director of Credit Portfolio Analytics at American International Group, Inc. He has been involved with credit risk management for more than two decades and in the development and deployment of analytical solutions for credit issues.

Robert W. J. Nimmo is the former group risk director of Barclays PLC, where he was responsible for all the risk management activities of the group covering credit, market, operational risk, and compliance. He was also the chief risk officer for Wachovia Corporation (2000-2001) and for Westpac Banking Corporation (1993-2000).

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