Selasa, 20 Mei 2014

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  • Published on: 1709
  • Binding: Paperback

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Minggu, 18 Mei 2014

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Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments (McGraw-Hill Financial Education Serie

Public companies acquire most of their outside capital from debt fi nancing and, more specifi cally, leveraged finance--an asset class that falls somewhere between traditional fixed income and stocks. While this type of debt fi nancing carries significant risk to both investors and companies, the potential returns make leveraged finance a cornerstone of the modern financial markets.

Leveraged Financial Markets is a gathering of the most astute and informed minds in the business. The powerhouse editorial team of William F. Maxwell and Mark R. Shenkman have handselected contributions from the top practitioners and thinkers working in leveraged finance today.

The result is an authoritative guidebook that provides you with what you need to navigate the highyield market in the integrated global economy. Packed with a wealth of analytical models illustrating the realities of distress probabilities and losses in default, Leveraged Financial Markets gives you all the insight and strategies you need to:

  • Use the Sharpe ratio to measure the return versus risk for high-yield debt
  • Develop and oversee a portfolio of high-yield bonds
  • Value individual high-yield issuances

It also updates you on changes in the high-yield bond market and features in-depth coverage of numerous debt vehicles leveraged in the market today, including collateralized debt obligations (CDOs), credit derivative swaps (CDSs), collateralized loan obligations (CLOs), and leveraged loans.

Leveraged Financial Markets is your blueprint to becoming a virtuoso of this resilient and popular asset class.

  • Sales Rank: #363389 in Books
  • Published on: 2010-07-13
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.30" h x 1.33" w x 6.50" l, 1.64 pounds
  • Binding: Hardcover
  • 416 pages

About the Author
WILLIAM F. MAXWELL is a professor of fi nance. He holds the Rauscher Chair of Financial Investments at the Cox School of Business, Southern Methodist University, and he has held professorships at the University of Arizona, Texas Tech, and Georgetown. Maxwell is the author of numerous articles for academic journals and is the coauthor of High-Yield Bonds. He lives in Dallas, Texas.

MARK R. SHENKMAN is President and Chief Investment Offi cer of Shenkman Capital Management, Inc., one of the world’s largest high-yield money management firms. Shenkman has held major high-yield bond positions since 1977 at First Investors Asset Management, Lehman Brothers, and Fidelity Management and Research. He is also the coauthor of High-Yield Bonds. Shenkman lives in Greenwich, Connecticut.

Most helpful customer reviews

2 of 3 people found the following review helpful.
Excellent material
By Miroslav Velchev
Very comprehensive, not terribly technical, excellent summary/overview material. Book description and reviews helped me a lot. Would recommend it to folks fairly new to the LF space.

6 of 8 people found the following review helpful.
An excellent guide for all readers
By Lev Fin Reader
This book is an excellent guide for all readers. Clear and concise explanations of how credit markets work and the instruments that drive them. The chapters are segmented by financial product and written by an expert in that particular discipline, which gives the reader exposure to different authors. One of the best leveraged finance books I've read.

8 of 9 people found the following review helpful.
A much needed update on a misunderstood area of finance.
By Bachelier
I have been a high yield fund manager in Europe of over twelve years, and studied High Yield with Theodore Barnhill at The George Washington University.

Maxwell & Shenkman's Leveraged Financial Markets: A Comprehensive Guide to Loans, Bonds, and Other High-Yield Instruments is a welcome update of material previously covered in the now outdated "High Yield Bonds" by Barnhill, Shenkman and Maxwell.

For buy-side high yield fund managers the ubiquitous and peripatetic Sam DeRosa-Farag and Martin Fridson were typically the sage voices of analysis, while academics such as Edward Altman championed the asset class, and Paul Asquith more cautiously demonstrated the misinterpretation of the Hickman study that started Milken's career. Gradually the asset class that would not go away and launched a billion private equity deals became the subject of wide professional and academic interest.

Contributors to this volume analyze the major high-yield products, examine alternative credit risk measurements, and outline ways to trade and manage high-yield assets. Also covered is the work out worlds of debtor-in-possession financing and distressed investing.

The battle of Moody's, Barra, and KMV is covered here, but not with the thoroughness of the folks who followed the blow-by-blow acquisition of and defense from the inside on the quantitative finance bulletin boards like Willmott and Nuclearphynance. The Moody's KMV Expected Default model is claimed to be "the most widely used quantitative credit model around the world." Quite a claim for a simple unbounded extension of the Merton-Black model of volatility and spreads on a time series, but what the heck.

The financial crisis of 2008 highlighted and called into question the competence of the nationally recognized statistical rating agencies (NSRSOs). But few know how the agencies go about their proprietary method of rating the creditworthiness of individual companies. Leveraged Financial Markets gives us a peak but naturally with a bit of caution as those fat fees for a rating pay for plenty of lawyers. It is said that confidentiality agreements from the big three for ex-employees would make the devil tremble.

Credit review typically involves both fundamental analysis and credit models. Fundamental analysis is slow and subjective, but investors demand analysis that is timely and accurate, so "quantitative risk models have gained widespread appeal and are now used to assess credit risk across a broad range of borrowers from large Fortune 500 companies to small businesses and consumers." So the book examines some of the bigger more recognized pieces on credit risk models are intended to measure the probability of default. Most fall into two categories: accounting-based, such as the Altman Z-score model, and market-based, such as Moody's KMV (a company Moody's acquired in 2002) EDF (expected default frequency) model. There are blended models as well, but most are discredited and folks tend to be almost religious about which they will play with. Most CDS's use Merton-Black-KMV approach since they are trading nearly continuously, while long term investors like pension and insurance firms take the accounting and fundamental approach. Sadly, there is a bit of non differentiation on which is useful for which and why.

Naturally, with any collected work you have to be selective. Is there stuff missing here? Yes, I would have included Asquith's paper because no one cites it enough. Work on differing equity sponsors also needs more attention (the ten-minutes after the deal closes equity cushion disappearing in a PIK is an old story, leaving only your money on the table, and famously abused by certain private equity sponsors).

But all in all, this is a good book for professionals in the field who don't want to wade through the disparate sources of all the thoughts and research presented here, or also a very good introduction and insight into the fascinating world of high yield bonds and leveraged finance for a beginner or MBA student anxious to get into the field.

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Why Is God So Mad at Me?: Dispelling the Lies Many People Believe, by Pat Schatzline

God Is Not Mad at You
God loves you. You may have heard it a thousand times, and it is a common theme in Christianity. But do you believe it? Many of the messages we hear every day (from both society and the church) tell you the exact opposite.

As a result, millions of people from all backgrounds have bought into the idea that God is not only angry but also that He’s angry with them. This belief is damaging countless lives. In Why Is God So Mad at Me? Pat Schatzline sets the record straight, introducing you to a God who accepts us, transforms us, renews us, and gives us a future filled with abundant blessing and opportunity.

  • Sales Rank: #1272925 in Books
  • Published on: 2013-01-08
  • Released on: 2013-01-08
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.50" h x .60" w x 5.50" l, .74 pounds
  • Binding: Paperback
  • 240 pages

Review
 “The Lord has raised Pat up to be a voice for a generation and Pat brings them into the arms of a Father who is not mad at them but is zealously in love with them.” — Banning Liebscher, director, Jesus Culture Worship Band

”I highly recommend this book.” — Reinhard Bonnke DD, Evangelist, Christ for all Nations

About the Author
Pat Schatzline is the founder of Mercy Seat Ministries, Inc. One of America's leading communicators and an evangelist to all ages, he and his wife, Karen, have ministered internationally to more than two million people. Known for his crazy humor and unique ability to communicate God's word with passion, Pat's mission is to introduce a generation to the awesome love of the Father.

Most helpful customer reviews

3 of 3 people found the following review helpful.
I couldn't recommend it more highly!
By Jason Branson
This book from my wonderful friend Pat Schatzline is an absolute must-read for EVERYONE! This book is God 101. Pat writes as he preaches, backing up profound statements with scripture, and observations with proven facts. This book is an introduction to the true God. For many who have served Him without ever really understanding Him, get ready to have your heart opened to a God who is for you, and wants to prove His love for you with every action. I was personally challenged to be a more compassionate leader while reading the pages of this book, realizing the tremendous compassion that my wonderful Heavenly Father has in leading and teaching me. This book is an absolute necessity for every person to read-whether you have been serving God for 45 minutes or 45 years. I promise you that this book will teach you something you didn't know, and encourage you in your Christian life.

5 of 6 people found the following review helpful.
Powerful & Needed
By ryan
Pat Schatzline has written a book that confronts the greatest lie that many people have taken as truth, that is that God is mad at them. This is a powerful book from cover to cover and is filled with personal stories from Pat's life that the reader can connect with as he carefully articulates the reality of God's great love. One cannot read this book without encountering the love of God. I have been blessed by it and strongly encourage every pastor and leader in the church today to make this book a part of his or her personal library.

0 of 0 people found the following review helpful.
..All this time I thought GOD was MAD at me. He Loves me more!
By MAC
Wonderful Words of Life!

I am a Spirit filled christian, however, I use to be an involved Church member.
For years I never thought I could ever meet the Church standards. Condemnation was all
I heard at the podium so I worked harder volunteered for everything...BUT when I met Jesus my whole life changed!
I believed the LIE no more......Mercy and Grace took over. Pat's words of Truth helped me get a firm perspective
of God's Love for ME.D

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Kamis, 15 Mei 2014

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Often cited as one of the most decisive campaigns in military history, the Seven Days Battles were the first campaign in which Robert E. Lee led the Army of Northern Virginia—as well as the first in which Lee and Thomas “Stonewall” Jackson worked together. In this guidebook, the acknowledged expert on the Seven Days Battles conducts readers, tourists, and armchair travelers through the history and terrain of this pivotal series of Civil War battles. Maps and descriptive overviews of the battles guide readers to key locales and evoke a sense of what participants on either side saw in 1862. From the beginning of George B. McClellan’s Peninsula Campaign, which culminated in the Seven Days, to the bloody battles that saved the Confederate capital from capture, this guide unfolds the strategies, routes, and key engagements of this critical campaign, offering today’s visitors and Civil War enthusiasts the clearest picture yet of what happened during the Seven Days.

  • Sales Rank: #968590 in Books
  • Published on: 2007-05-01
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.02" h x .40" w x 5.98" l, .57 pounds
  • Binding: Paperback
  • 174 pages

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Key Terms in Translation Studies gives a comprehensive overview of the concepts which students of translation studies are likely to encounter during their study, whether at undergraduate or postgraduate level. The book includes definitions of key terms within the discipline, as well as outlines of the work of key thinkers in the field, including Eugene A. Nida, Gideon Toury, Hans J. Vermeer, and Lawrence Venuti. The list of key readings is intended to direct students towards classic articles, as well providing a springboard to further study. Accessibly written, with complicated terms and concepts explained in an easy to understand way, Key Terms in Translation Studies is an essential resource for students.

  • Sales Rank: #210419 in Books
  • Published on: 2009-06-08
  • Released on: 2009-06-08
  • Original language: English
  • Number of items: 1
  • Dimensions: 8.56" h x .68" w x 5.44" l, .75 pounds
  • Binding: Paperback
  • 222 pages

Review
"This volume is a timely addition to the Translation Studies repertoire, providing a highly accessible guide to the basic concepts of a rapidly evolving area of study, as well as to some key thinkers in the field. Giuseppe Palumbo's 'key terms' will serve as a valuable point of orientation for those new to the discipline as well as for those seeking further guidance in a subject with increasingly porous boundaries." - Professor Margaret Rogers, Centre for Translation Studies, University of Surrey, UK

About the Author
Giuseppe Palumbo is a research fellow in the Department of Studies on Language, Text and Translation, University of Modena and Reggio Emilia, Italy

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Empire's Passing is the first book in the Imperium Succession Saga, a series chronicling the struggles of the Landsman noble family of the planet New Meyer to come to terms with a new reality where, in order to survive, the very freedoms they're fighting for have become a hindrance. How much freedom and privacy do you give up for security?

In Empire's Passing, the Imperium, the interstellar empire that has kept peace for more than six hundred years, is under siege by the Goth Alliance. The Imperium's capital, Earth, is bombarded with asteroids from space. The Goths are led by the High Priestess of Nearyahn, a being whose mind merged with an alien Neary, giving her the power to control Humans' emotions and thoughts. Her tentacles of influence have spread across the dying Imperium. While New Meyer has developed new weapons technologies to withstand the military might of the Goth Alliance, it stands helpless to resist the nefarious Neary mind altering abilities. Duke Michael Landsman takes a desperate gamble to save New Meyer. He's faced with the choice of trying to defend his world or a long shot attempt to save the Imperium that makes New Meyer an even bigger target.

New Meyer is befriended by a billion-year-old race not willing to lose its investment in the expectation that someday Humans may join them in their discorporate existence. These Passimians give the Landsmans and a small number of allies Neary-like abilities to read and influence other people's thoughts, enabling them to detect and defeat Neary infiltrators who seek to undermine the Landsman family. However, as the New Meyerians will learn in subsequent books, sometimes the benefits of a new technology to solve a crisis may open a whole new set of issues, particularly when no instruction manual is provided. With the power to influence other people's thoughts comes the temptation to use it for one's own gain. As they struggle with the implications of their new abilities, the New Meyerians face the ultimate question: "What does it mean to be Human?" Empire's Passing sets the stage for the struggle to come in the Imperium Succession Saga, one of survival, not only of a race, but its identity.

  • Sales Rank: #5130678 in Books
  • Published on: 2013-07-27
  • Original language: English
  • Number of items: 1
  • Dimensions: 9.00" h x .91" w x 6.00" l, 1.21 pounds
  • Binding: Paperback
  • 362 pages

Review
"4 out of 5 stars... Science fiction fans who enjoy military strategy, politics, and futuristic technology should enjoy this book... an impressive debut..."  -- San Francisco / Sacramento Book Reviews

A new space saga emerges. This sci-fi novel is an epic triumph.... Empire's Passing has been the best science fiction saga that I have read in years. I am totally hooked for Saga #2 coming out soon. As for the "required" reading sagas list I mentioned earlier, I vote that this one be added to the list of Foundation, Dune and many others...
---TBR topbookreviewers.com

The action is hot and fast from the first page... A fine effort from a new e-book author, Empire's Passing chronicles a time of chaos for humanity with a focus on courage and hope rather than dystopia.  --   Carol Shetler, Member, LinkedIn SF Group

About the Author
Joseph W. Morris, writing as J. W. Morris, began his love affair with science fiction at age eight when his 3rd grade teacher introduced him to Tom Swift. Since then he has worked to make SF a reality as an aerospace engineer and innovator. Along his career path he earned six patents and pioneered two technologies flying in the missile defense program. Recently his team delivered rocket thrusters for NOAA’s (U.S. Weather Service) next weather satellite. His interests are diverse, ranging from history to quantum physics to management of small businesses (he cofounded a successful web-based business). Joe was born in New York City to parents who ran a small hotel in mid-town Manhattan. Living and working in a hotel spoiled him rotten but also gave him an introduction to a variety of people and their idiosyncratic personalities that served him well in his writing. He attended Brooklyn Technical High School and then obtained bachelor degrees in Physics and Engineering from NYU. He started his technical career working for the government but soon moved off to private industry. Besides missile defense, rockets and thrusters, he has worked on aircraft ejection seats and many other devices. He has six patents. Empire’s Passing is the first book in the Imperium Succession Saga, a series about the collapse of an interstellar empire, and the battle against an evil that literally feeds off Human souls.

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1 of 1 people found the following review helpful.
The Apex of Fun and Inventive
By abakes98
Empire's Passing opens pretty quickly. In fact, you might say it opens with a bang--the destruction of Earth, to be exact. Of all the human planets in the future, the one that you and I are familiar with is the one that ends in a fiery blaze at the hands of a so-called goddess, the deity of a religion followed by many citizens of the Goth Planet Nations, an alliance of three nonhuman populations.

The goddess psychically inserts splinters of herself into her subordinates to control them. She uses this control to gain access to even more populations she can control, all simply for the purpose of feeding on them--especially the human race, as she finds them the most savory. Is she really a goddess? She certainly has wild powers.

In this future, Earth was part of an empire, which draws interesting parallels to the Roman Empire. Duke Michael, a human of the late emperor's direct bloodline, doesn't take kindly to tens of billions of us human folk being massacred. The ensuing battle to own and nibble upon our people won't be as quick as the goddess would like, but the cards are still stacked against us.

My favorite part of this book is the constant mention of real historical Earth military events and the similarity they show with the story's events. For the space travelers of Empire's Passing, planets are like the continents of the old Earth. Communication is difficult for them, just as it was for Columbus and Magellan. Or is it? That's a question Michael finds himself asking quite often, especially because the enemy always seems to be ahead of his plans somehow. The humans aren't entirely without secret weapons, but that's something you'll have to read on your own. Obviously, I can't divulge it all.

Moving on, I don't see any need to tiptoe around saying I loved this book. I don't personally like future-based sci-fi military stories, but I found it difficult to put this one down. Empire's Passing deals in politics, war, technology, and even a bit of species-ism and relates them to the parallel "past times"--I think we know what "times" they mean--that these issues mirror. I thought the story was great, I thought the characters were unique, and I was angry that I don't quite get to read on yet. On the downside, it does contain about five pages of graphic sexual encounters. That's only a small percentage of the actual reading material in the book. Generally when I read, I like to stay away from sexual description, because while I might not personally believe God is watching, during the occasional erotic reading it sure felt like my mom was. On the upside, these few pages could never detract from this amazing story. It's simply too fun and too inventive. Buy it!

A [...] review.

0 of 0 people found the following review helpful.
A sadly underrated and under-read book
By Robert G. Williscroft
This is a sadly underrated and under-read book that deserves much wider dissemination than it has received thus far. The story is about a human dominated universe of the 31st century, the Imperium, ruled by an Emperor and a peerage system that reaches across many thousands of worlds. A student of history will recognize the imprint of the Roman Empire. The story commences with an incursion of a fleet of warships controlled by the Goths who virtually destroy Earth by bombarding it with hundreds of asteroids. The reader becomes aware that the Imperium is crumbling (shades of the Roman Empire) for many reasons, but mostly because of the burden of a crippling bureaucracy and a bloodline of Emperors that has run its course. During the sacking of Earth the current Emperor is killed, which sets the scene for a scramble to succeed him. The action moves to the New Meyer system and its HMFIC, Duke Michael Landsman, in line to succeed to the throne, but not near the top of the list. New Meyer has developed some very effective weapons technologies that allow it to withstand a severe Goth attack in its System, while utterly destroying the invaders. When all is said and done, Duke Michael becomes the new Emperor, faced with the almost certain ultimate demise of the Imperium. His job: to keep the Imperium alive long enough to ensure the survival of New Meyer.

In parallel with this is the race of the Neary, who feed upon the sexual energies of other races, who seem to have an instantaneous telepathic communication method, and who wrap their surreptitious conquest into a nefarious religion. The Neary believe they will subjugate the entire Human race in order to feed on the life force of an endless stream of Humans. Because of their ability to communicate faster than lightspeed, they have a clear tactical advantage over the Imperium. They appear to be controlling the Goths, and look like they may reach their goal of subjugating the Human race.

A third player consists of members of the Passimians, an ancient, god-like race that once was similar to Humans. They see Humans on track to become what they are, and also see the distinct possibility that the Human race will be destroyed, so they intervene.

The story ends, so to speak, right in the middle of the action, followed by an excerpt from the next book in the series that seems to pick up where this leaves off.

This is a powerful and very well written novel from a newcomer who knows his craft. I found very little to complain about when juxtaposed against the magnificent plot and the skillful telling of the story. Nevertheless, several items pushed my buttons. There are occasional point-of-view discrepancies and a handful of typos or minor grammatical glitches that should have been caught during editing, but these are not a big issue. Another problem, although minor, jumped out at me. The author describes long-time spacers as being “well tanned by the radiation of space.” Not in this universe! Spacers will be pale to whatever degree possible for their underlying skin tone. Radiation doesn't tan you, it kills you! I also found myself put off by the peerage system of government. Really...in the 31st century? I find that a planet teeming with billions of inhabitants, with technology far beyond what we have today, that is ruled by one man, to be unrealistic. Obviously, the peerage system is integral to the novel and cannot be changed without completely rewriting it, nevertheless, I think the story would be more credible had the author chosen a different method of governance. Finally, the ending bugged me. I wanted to see things wrapped up into some kind of tidy package. I have no problem with a novel’s ending leading into the next novel (I do that, too!), but give the reader some closure at the end of this novel.

Having voiced my objections, this is a fine read -- way better than much of what passes for Hard SF these days. But for the mentioned objections, it certainly deserves 5 stars. Because of these flaws, I give it 4.5 stars, and round it up to 5. I am looking forward to the sequel, which I will read and review on these pages. I want to find a way to let the general public discover this fine author. I will be working toward this end. Something this good deserves to be read by way more people!

0 of 0 people found the following review helpful.
Empire in Crisis
By K. Springs
This review was originally published on Kurt's Frontier under Invincible Love of reading.

Synopsis:
The Imperium, a human empire that has lasted for more than six centuries, is in a state of crisis. An alien alliance, referred to as the Goths, has destroyed Earth. The collapse of the Imperium with an impending dark age stares Duke Michael Landsman of New Meyer in the face. However, Duke Landsman is an able statesman and a commander. With a technical edge, New Meyer may be able to turn things back in humanities favor. However, there is a dark force controlling the Goths. The High Priestess of Nearyahn is a woman controlled by an entity called a Neary. This entity allows the High Priestess to control the thoughts and emotions of others. She is in control of the Goths and extending her control to humanity. As political alliances are made, and weapons deployed, Michael Landsman and his family are forced to make painful choices.

Review:
Joseph W. Morris writes an intriguing tale of an interstellar empire that is facing fragmentation and collapse, similar to ancient Rome. In the process, he pits telepathic powers against high technology. The characters of the story are likable and easy to identify with. The battle scenes are mostly well thought out and exciting. The main draw back to the novel is that the author sometimes allows himself to get deeper into the technological and political weeds, slowing the pace of the story down. There is at least one battle scene that is arrested by technical explanation that might have been better handled elsewhere. There are adult situations in this novel, so I would not recommend it to a younger audience. All-in-all, Empire’s Passing is an enjoyable tale, and I look forward to the next installment.

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