Overview
Minimize risk and maximize profits with convertible arbitrage
Convertible arbitrage involves purchasing a portfolio ofconvertible securities-generally convertible bonds-and hedging aportion of the equity risk by selling short the underlying commonstock. This increasingly popular strategy, which is especiallyuseful during times of market volatility, allows individuals toincrease their returns while decreasing their risks. ConvertibleArbitrage offers a thorough explanation of this unique investmentstrategy. Filled with in-depth insights from an expert in thefield, this comprehensive guide explores a wide range ofconvertible topics. Readers will be introduced to a variety ofmodels for convertible analysis, "the Greeks," as well as the fullrange of hedges, including titled and leveraged hedges, as well asswaps, nontraditional hedges, and option hedging. They will alsogain a firm understanding of alternative convertible structures,the use of foreign convertibles in hedging, risk management at theportfolio level, and trading and hedging risks. ConvertibleArbitrage eliminates any confusion by clearly differentiatingconvertible arbitrage strategy from other hedging techniques suchas long-short equity, merger and acquisition arbitrage, andfixed-income arbitrage.
Nick Calamos (Naperville, IL) oversees research and portfoliomanagement for Calamos Asset Management, Inc. Since 1983 hisexperience has centered on convertible securities investment. Hereceived his undergraduate degree in economics from SouthernIllinois University and an MS in finance from Northern IllinoisUniversity.
Convertible arbitrage involves purchasing a portfolio ofconvertible securities-generally convertible bonds-and hedging aportion of the equity risk by selling short the underlying commonstock. This increasingly popular strategy, which is especiallyuseful during times of market volatility, allows individuals toincrease their returns while decreasing their risks. ConvertibleArbitrage offers a thorough explanation of this unique investmentstrategy. Filled with in-depth insights from an expert in thefield, this comprehensive guide explores a wide range ofconvertible topics. Readers will be introduced to a variety ofmodels for convertible analysis, "the Greeks," as well as the fullrange of hedges, including titled and leveraged hedges, as well asswaps, nontraditional hedges, and option hedging. They will alsogain a firm understanding of alternative convertible structures,the use of foreign convertibles in hedging, risk management at theportfolio level, and trading and hedging risks. ConvertibleArbitrage eliminates any confusion by clearly differentiatingconvertible arbitrage strategy from other hedging techniques suchas long-short equity, merger and acquisition arbitrage, andfixed-income arbitrage.
Nick Calamos (Naperville, IL) oversees research and portfoliomanagement for Calamos Asset Management, Inc. Since 1983 hisexperience has centered on convertible securities investment. Hereceived his undergraduate degree in economics from SouthernIllinois University and an MS in finance from Northern IllinoisUniversity.
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