Investing in junk bonds: inside the high yield debt market
Gespeichert in:
| Beteiligte Personen: | , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
New York u.a.
Wiley
1987
|
| Schriftenreihe: | Wiley professional banking and finance series
|
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002360163&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XIV, 257 S. graph. Darst. |
| ISBN: | 0471848867 |
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Datensatz im Suchindex
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|---|---|
| adam_text | Investing in Junk Bonds
Inside the High Yield
Debt Market
EDWARD I ALTMAN
SCOTT A NAMMACHER
JOHN WILEY amp; SONS // amp;t
New York • Chichester • Brisbane • Toronto • Singapore
Contents
1 INTRODUCING THE HIGH YIELD DEBT MARKET 1
High Yield Debt—What Is It?, 1
Why Is It Called Junk?, 3
Why Has This Market Grown and Who s
Involved?, 5
Recent Issues and Regulations, 7
Objectives and Recommendations, 8
} 2 THE ANATOMY OF THE HIGH YIELD DEBT
MARKET 11
Growth of the Market, 11
Interest Rates and Returns, 12
Size and Growth in High Yield Debt, 19
New Issues 1978-1984, 21
1985: A Record New Issue Year? Yes and No, 25
1986: Prospects for a New Record Year, 29
xi
xii Contents
J
Fallen Angels versus Original Issue High
Yield Debt, 30
Exchange Debt, 33
y 3 NEW ISSUER CHARACTERISTICS AND
UNDERWRITINGS 39
New Issue High Yield Debt, 39
The Typical New High Yield Bond Issuer, 40
Underwriters, 45
Gross Underwriting Spread Trends and
Estimation, 47
/ 4 INVESTOR ATTRACTIONS: MUTUAL FUNDS
AND OTHER INVESTOR ACTIVITIES 57
High Yield Debt and the Individual Investor, 57
High Yield Attractions, 58
Major Institutional Investors, 63
Other Institutional Investors, 95
A 5 DEFAULT RATES ON HIGH YIELD DEBT 103
Summary of Findings, 103
What Base to Use, 105
The Results, 109
Impact on Annual Returns, 127
Comparing Default Rates with Returns, 130
Bond and Industry Characteristics of Defaulting
Firms, 130
Contents xiii
Corporate Debt Defaults and Business Failures, 141
Concluding Comments, 143
6 ASSESSING CREDIT QUALITY AND DEFAULT
RISKS 145
Importance of Credit Quality, 145
Credit Evaluation Techniques, 146
7 MERGERS AND ACQUISITIONS—RECENT
EXPERIENCE AND LEVERAGE ISSUES 165
The Recent Activity, 166
Leveraged Buyouts, 171
Impact on Pretransaction Investors, 173
Investor Reaction to Corporate Restructurings, 179
High Yield Debt s Role, 181
Hostile Takeovers and Regulatory Changes, 186
Investor Implications for the Future, 188
8 PORTFOLIO STRATEGIES IN THE HIGH YIELD
DEBT MARKET 191
Performance Measurement Questions, 191
Summary of Results, 192
Database Properties, 193
Portfolio Construction and Comparison Tests, 193
Benchmark Portfolios, 194
Portfolio Returns Over the Study Period, 194
Returns and Yield Spreads, 197
xiv Contents
9 TESTING OF INVESTMENT STRATEGIES 207
Issues in Risk-Return Measurement, 208
Annual Risk-Return Results, 213
Zeta Strategies, 214
Significance Testing, 218
Difference in Means Tests, 218
An Additional Mean-Difference Test, 222
Discussion of Results, 223
Portfolio Results Adjusted for Duration, 223
Viable Portfolio Strategies, 229
Some Preliminary Recent Results Using Zeta, 230
High Yield—High Default Risk Portfolios, 230
High Yield—High Quality Portfolios—
A Concluding Note, 231
APPENDIX 1 DATA BASE CHARACTERISTICS AND
CALCULATIONS 233
APPENDIX 2 CONTRIBUTION OF TOTAL
RETURN FROM COUPON (O AND
PRICE CHANGES (P) 239
APPENDIX 3 DURATION AND ZERO COUPON
BOND EQUIVALENCY 241
REFERENCES AND BIBLIOGRAPHY 247
INDEX 251
|
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| author | Altman, Edward I. 1941- Nammacher, Scott A. |
| author_GND | (DE-588)124062016 |
| author_facet | Altman, Edward I. 1941- Nammacher, Scott A. |
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| author_sort | Altman, Edward I. 1941- |
| author_variant | e i a ei eia s a n sa san |
| building | Verbundindex |
| bvnumber | BV003707549 |
| classification_rvk | QK 620 QK 660 |
| ctrlnum | (OCoLC)440142419 (DE-599)BVBBV003707549 |
| discipline | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV003707549 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T08:08:57Z |
| institution | BVB |
| isbn | 0471848867 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-002360163 |
| oclc_num | 440142419 |
| open_access_boolean | |
| owner | DE-384 DE-355 DE-BY-UBR DE-N2 DE-188 |
| owner_facet | DE-384 DE-355 DE-BY-UBR DE-N2 DE-188 |
| physical | XIV, 257 S. graph. Darst. |
| publishDate | 1987 |
| publishDateSearch | 1987 |
| publishDateSort | 1987 |
| publisher | Wiley |
| record_format | marc |
| series2 | Wiley professional banking and finance series |
| spellingShingle | Altman, Edward I. 1941- Nammacher, Scott A. Investing in junk bonds inside the high yield debt market Junk bond (DE-588)4209156-1 gnd |
| subject_GND | (DE-588)4209156-1 |
| title | Investing in junk bonds inside the high yield debt market |
| title_auth | Investing in junk bonds inside the high yield debt market |
| title_exact_search | Investing in junk bonds inside the high yield debt market |
| title_full | Investing in junk bonds inside the high yield debt market Edward I. Altman ; Scott A. Nammacher |
| title_fullStr | Investing in junk bonds inside the high yield debt market Edward I. Altman ; Scott A. Nammacher |
| title_full_unstemmed | Investing in junk bonds inside the high yield debt market Edward I. Altman ; Scott A. Nammacher |
| title_short | Investing in junk bonds |
| title_sort | investing in junk bonds inside the high yield debt market |
| title_sub | inside the high yield debt market |
| topic | Junk bond (DE-588)4209156-1 gnd |
| topic_facet | Junk bond |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=002360163&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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