cover next page > title : High Yield Bonds : Market Structure, Portfolio Management, and Credit Risk Modeling [Irwin Library of Investment & Finance] author : Barnhill, Theodore M. publisher : McGraw-Hill Professional isbn10 | asin : print isbn13 : 9780070067868 ebook isbn13 : 9780071376969 language : English subject Junk bonds, Portfolio management, Credit. publication date : 1999 lcc : HG4963.H528 1999eb ddc : 332.63/23 subject : Junk bonds, Portfolio management, Credit. cover next page > < previous page page_i next page > Page i High Yield Bonds Market Structure, Portfolio Management, and Credit Risk Modeling Edited by Theodore M. Barnhill, Jr. William F. Maxwell, and Mark R. Shenkman < previous page page_i next page > < previous page page_ii next page > Page ii Copyright © 1999 by The McGraw-Hill Companies, Inc. All rights reserved. Manufactured in the United States of America. 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McGRAW-HILL AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. McGraw-Hill and its licensors do not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free. Neither McGraw-Hill nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any damages resulting therefrom. McGraw-Hill has no responsibility for the content of any information accessed through the work. Under no circumstances shall McGraw-Hill and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages. This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise. DOI: 10.1036/007-137696-8 < previous page page_ii next page > < previous page page_iii next page > Page iii EDITOR BIOGRAPHIES Theodore M. Barnhill, Jr. is Professor of Finance and Director of the Financial Markets Research Institute at The George Washington University in Washington, D.C. Prior to joining the university in 1978, he held managerial and investment analysis positions at the United States Treasury Department and the Prudential Insurance Company. His research and publications cover a range of topics, including financial institution asset/liability modeling, fixed- income arbitrage, and project finance. He is also the developer of ValueCalc, a computer software package that values a range of financial assets and derivative securities and provides market and credit risk management analysis. Dr. Barnhill received a Ph.D. in finance and a M.B.A. and M.S. in chemical engineering from the University of Michigan. He also received a B.S. in chemical engineering from Tennessee Technological University. William F. Maxwell is a visiting Assistant Professor of Finance at The Georgetown University. He specializes in the areas of fixed income valuation and risk management. Dr. Maxwell has published in academic and professional journals including Financial Management and has experience as a research fellow at the Financial Markets Research Institute. His professional background includes work in mergers and acquisitions and security valuation. Dr. Maxwell received a Ph.D. in finance at The George Washington University, a M.B.A. from the University of Colorado, and a B.S. from Indiana University. Mark R. Shenkman is a pioneer in the field of high yield bonds. He started his investment career in 1969 and has been actively involved in the high yield market since 1977. Mr. Shenkman is the founder and Chief Investment Officer of Shenkman Capital Management, Inc., a New York-based investment management firm that focuses exclusively on the high yield market. He is the former President of First Investors Asset Management Co., was cohead of the high yield department of Lehman Brothers Kuhn Loeb and has held portfolio management and research positions with Fidelity Management and Research Company in Boston. Mr. Shenkman is a member of the Boston Society of Security Analysts, the New York Society of Security Analysts, the Association for Investment Management and Research, the American Statistical Association, and the American Bankruptcy Institute. He is a graduate of the University of Connecticut and received an M.B.A. from The George Washington University. < previous page page_iii next page > < previous page page_v next page > Page v CONTRIBUTING AUTHOR BIOGRAPHIES Edward I. Altman, Max L. Heine Professor of Finance, Stern School of Business, New York University. Since 1990, Ed Altman has directed the research effort in Fixed Income and Credit Markets at the NYU Salomon Center and is currently the Vice Director of the center. Dr. Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, and risk management in banking, corporate finance, and capital markets. Professor Altman is one of the founders and an executive editor of the international publication, the Journal of Banking and Finance and has published over a dozen books and over 100 articles in scholarly finance, accounting, and economic journals. Norman B. Antin, Partner, Elias, Matz, Tiernan & Herrick L.L.P. Mr. Antin specializes in public and private offerings, general corporate financings, reorganization transactions, mergers and acquisitions, and general corporate and securities law matters, primarily representing financial institutions, savings associations, savings banks, commercial banks, and thrift and bank holding companies. Mr. Antin, in addition to general corporate and regulatory counseling, is extensively involved in mergers and acquisitions, mutual and stock holding companies, branch acquisitions, conversions, public and private stock and debt offerings (representing both issuers and underwriters), and supervisory issues. Mr. Antin is a graduate of the George Washington University and the University of Connecticut School of Law. Ned Armstrong, Managing Director, Friedman, Billings, Ramsey, & Co. Mr. Armstrong joined Friedman, Billings, Ramsey, & Co. at its inception in 1989 and has been involved in its research and capital raising efforts since. Over that time, Mr. Armstrong has generated many successful research ideas in both equity and debt securities. In addition, Mr. Armstrong has been involved in the underwriting of several equities and high yield bonds. Prior to joining FBR, Mr. Armstrong did sell side research, recommending the equity and high yield issues of companies in a variety of businesses. He also worked for a buyout boutique analyzing prospective investments and devising financing structures. Mr. Armstrong received his B.S. in Accountancy from Miami University and his M.B.A. from the University of Chicago. < previous page page_v next page > < previous page page_vi next page > Page vi Jonathan Blau, Vice President, High Yield Research Department, Donaldson, Lufkin & Jenrette. Mr. Blau is the quantitative analyst for high yield at Donaldson, Lufkin & Jenrette. Prior to joining DLJ, Mr. Blau was quantitative analyst in High Yield Research at Chase Securities Inc. He also worked in the Fixed Income Trading Technology department at CS First Boston, where he supported both high yield and mortgages. Prior to his six years in the financial community, Mr. Blau was a CPU design engineer at Alliant Computer Systems, Tandem Computers, and Data General. Lea V. Carty, Vice President and Senior Credit Officer, Moody's Investors Service. Lea Carty manages Moody's research concerning bond and commercial paper defaults as well as trends in corporate credit quality. He has published articles concerning these topics in academic journals, professional journals, and books. Prior to joining Moody's in 1992, Mr. Carty worked at Bear, Stearns, and Company, Inc., New York and ThomsonCGR, Paris. He holds a B.A. in Mathematics and French from Washington University in St. Louis, an M.A. in Mathematics from the University of Colorado, and a Ph.D. in Economics from Columbia University.