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Product Details
- Hardcover: 328 pages
- Publisher: Wiley; 1st edition (July 15, 2002)
- Language: English
- ISBN-10: 0471220930
- ISBN-13: 978-0471220930
Review
Fabozzi, Mann and Choudhry have written an excellent introduction to the money market. Stigum's (2002) Money Market has long been the standard text for this market, so let's compare. For many readers, Fabozzi, Mann and Choudhry will be the preferred text.
At one quarter the length (328 pages vs. 1250), we might call the new book "Stigum Light." This is not a bad thing. Many people don't have time to read the entire Stigum but can get through the shorter book in a few sittings. If someone has a job interview in a couple days and needs to learn about the money market fast, they are going to read Fabozzi, Mann and Choudhry.
The book achieves its relative brevity with only a modest sacrificing in depth of detail. Where it compromises is breadth. While Stigum devotes 400 pages to discussing the major players before proceeding to discuss the instruments that are traded, Fabozzi, Mann and Choudhry focus primarily on the instruments.
Coverage is broad, including Treasuries, agencies, corporate debt, financial institutions' debt, floaters, repos, short-term MBS and ABS, futures, FRA's, swaps, caps and floors. They also have nice chapters on asset-liability management and on bank capital requirements.
Whereas Stigum has very few formulas, Fabozzi, Mann and Choudhry is modestly more technical, detailing important pricing and yield calculations. These discussions are accompanied by Bloomberg screen shots that show the reader where the information is coming from. As you are reading, you can check the screen to see if an instrument uses an actual/actual or actual/360 basis. You can grab the current swap curve or check when a coupon is next paid. The screen shots put the examples in context and give the reader a sense of being there on a trading floor.
So how should you choose between the two books? Do you want a book you can read in a week or a book you can read in a month? Do you want a definitive text complete with historical insights and wonderful anecdotes, or do you want a practical shortcut? Do you want a book that is mostly non-technical, or do you want one that covers essential formulas accompanied with Bloomberg screen shots? Do you want a book that covers all aspects of the money markets, or do you want one that focuses primarily on the instruments? Both are available. What are you looking for? --Riskbook.com
contents
About the Authors vii
Acknowledgements viii
CHAPTER 1
Introduction 1
CHAPTER 2
Money Market Calculations 7
CHAPTER 3
U.S. Treasury Bills 23
CHAPTER 4
Agency Instruments 45
CHAPTER 5
Corporate Obligations: Commercial Paper and Medium-Term Notes 67
CHAPTER 6
Debt Obligations of Financial Institutions 85
CHAPTER 7
Floating-Rate Securities 101
CHAPTER 8
Repurchase and Reverse Repurchase Agreements 119
CHAPTER 9
Short-Term Mortgage-Backed Securities 151
CHAPTER 10
Short-Term Asset-Backed Securities 187
vi Contents
CHAPTER 11
Futures and Forward Rate Agreements 209
CHAPTER 12
Swaps and Caps/Floors 229
CHAPTER 13
Asset and Liability Management 275
CHAPTER 14
Bank Regulatory Capital 297
INDEX 315
vii
about the authors
Frank J. Fabozzi is editor of the Journal of Portfolio Management and an
adjunct professor of finance at Yale University’s School of Management. He
is a Chartered Financial Analyst and Certified Public Accountant. Dr.
Fabozzi is on the board of directors of the Guardian Life family of funds
and the BlackRock complex of funds. He earned a doctorate in economics
from the City University of New York in 1972 and in 1994 received an
honorary doctorate of Humane Letters from Nova Southeastern University.
Dr. Fabozzi is a Fellow of the International Center for Finance at Yale University.
He is an Advisory Analyst for Global Asset Management (GAM)
with responsibilities as Consulting Director for portfolio construction, risk
control, and evaluation.
Steven V. Mann is a Professor of Finance at the Darla Moore School of
Business, University of South Carolina. He earned a doctorate in finance
from the University of Nebraska in 1987. His research interests are in the
area of investments, particularly fixed-income securities and derivatives. He
has published over 35 articles in finance journals and books. Dr. Mann is
an accomplished teacher, winning 16 awards for excellence in teaching. He
is a consultant to investment/commercial banks and has conducted more
than 60 training programs for financial institutions throughout the United
States.
Moorad Choudhry is a vice-president in structured finance services with
JPMorgan Chase in London. He previously worked as a government bond
trader and money markets trader at ABN Amro Hoare Govett Sterling
Bonds Limited, and as a sterling proprietary trader at Hambros Bank Limited.
Moorad is a senior Fellow at the Centre for Mathematical Trading
and Finance, City University Business School, and is also a Fellow of the
Securities Institute. He is Editor of the Journal of Bond Trading and Management,
and has published widely in the field of debt capital markets,
derivatives, and yield curve analysis.
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[此贴子已经被squarekiss于2008-9-18 13:58:27编辑过]
squarekiss 金钱 +30 好文章 2008-9-18 13:58:58
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