–Venu Krishna, CFA Head of U.S. Convertible Research, Lehman Brothers, "Nick Calamos is one of the most experienced and successful convertible bond managers in the mutual fund industry. After viewing product detail pages, look here to find an easy way to navigate back to pages you are interested in. Calamos provides perspective and mechanics, Reviewed in the United States on August 8, 2004. Technically speaking smaller investors can trade preferred shares. Enabling JavaScript in your browser will allow you to experience all the features of our site. By (author) Nick P. Calamos. Responsibility: Nick P. Calamos. Unable to add item to List. Convertible arbitrage is a trading strategy where you buy a convertible security and sell (or short) the underlying security.The aim of the strategy is to profit from the price difference between the convertible and common securities. You can view Barnes & Noble’s Privacy Policy. This is partly why convertible arbitrage–following the larger trend of hedge funds–has moved to center stage in the last decade. Delta Estimates versus Theoretical Deltas. Convertible arbitrage is a market-neutral investment strategy often employed by hedge funds. Stock Hedge to Capture Cheap or Free Put Options. The array of convertible securities available?and the ever-shifting financial engineering behind them?demands a practical working knowledge of convertible arbitrage hedging techniques. In particular, the equity … Calamos has put together a useful reference for those interested in learning more about the proper pricing of convertibles. Has to be one of the best books out there on converts (although there are not many). What is convertible arbitrage? In part two, Georg Weidlich heads… Top subscription boxes – right to your door, A top-to-bottom overview of convertible arbitrage?its history, how it works, and why it is especially useful in a volatile market, In-depth coverage of convertible valuation models and the "greeks," the statistical qualifications of convertible functions, Reasons why the credit and business valuation of a convertible can make or break your hedge position, A thorough review of convertible arbitrage techniques?from delta hedges and convertible option hedge techniques to swaps and nontraditional hedges, An insider?s guide to portfolio risk management, including tips on portfolio evaluation, risk analysis, and optimization, What the convertible arbitrage strategy is and what distinguishes it from other hedging techniques, How to tap into successful convertible valuation models, The full range of hedges, from tilted and leveraged hedges to swaps and option hedging, © 1996-2020, Amazon.com, Inc. or its affiliates. Convertible Arbitrage: Insights and Techniques for Successful Hedging Hardcover – Illustrated, June 13, 2003. by Nick P. Calamos (Author) 3.6 out of 5 stars 11 ratings. The strategies that hedge funds are using now will be in the hands of ordinary investors within the next three weeks. Convertible Hedge Call Write with Protective Long Put. Please try again. Synopsis. For this post, we will zero-in on online arbitrage opportunities so you can find the cheapest and most in-demand books in the market with the least effort. The Registered Agent on file for this company is Wpg Convertible Arbitrage Fund, L.P. and is located at One New York Plaza, New York, NY 10004-1950. Hedging Omicron with Credit Default Swap Basket or Short Closed End Funds. Chevrolet Camaro SS Convertible Rental. Convertible Arbitrage refers to the trading strategy used in order to capitalize on the pricing inefficiencies present between the stock and the convertible where the person using the strategy will take the long position in the convertible security and the short position in underlying common stock. The premise of the strategy is that the convertible is sometimes priced inefficiently relative to the underlying stock, for reasons that range from illiquidity to market psychology. –Joseph G. Nicholas, Chairman and CEO HFR Asset Management, LLC. Submit your email address to receive Barnes & Noble offers & updates. Nicholas Convertible Arbitrage is an absolute return strategy that typically pairs a long convertible bond position with a corresponding short position on the underlying company’s equity. There was an error retrieving your Wish Lists. See all formats and editions. It's so informative and well written that it should be a handbook for hedge fund professionals or finance professors. Convertible bond arbitrage is typically a delta-neutral strategy in which the investor purchases a convertible bond and simultaneously sells short the underlying stock in an amount equivalent to the theoretical equity delta of the bond (calculated using a convertible bond pricing model). Mandatory Convertible Preferred—Stock Hedge with Call Write Overlay. He oversees the #1 Convertible Fund and the #1 Growth Fund as rated by Lipper and Morningstar for the ten-year period ended 12/31/02. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University. *, Master convertible arbitrage and put profits within reach, NICK P. CALAMOS is the Head of Investments and Chief Investment Officer overseeing research and portfolio management for Calamos Asset Management, Inc., one of the largest and most well-known convertible investment firms in the country. Included with your purchase of the book is the Convertible Arbitrage Self-Assessment downloadable resource, which contains all questions and Self-Assessment areas of this book in a ready to use Excel dashboard, including the self-assessment, graphic insights, and project planning automation - all with examples to get you started with the assessment right away. In order to navigate out of this carousel please use your heading shortcut key to navigate to the next or previous heading. Written by leading investment authority Nick P. Calamos, this comprehensive, just-in-time book covers: Nick P. Calamos is the first recipient of the Excellence in Fund Management Award for Calamos Growth and Income Fund, bestowed by S&P and BusinessWeek. I managed a convertible arbitrage portfolio for over 3 years from 1998-2002. Convertible Arbitrage: Insights and Techniques for Successful Hedging (Wiley Finance Book 177), Due to its large file size, this book may take longer to download. Synthetic Bond—Long Busted Convertible with Call Write. The bond pays interest and guarantees a yield upon maturity?but you also can participate in the movement of the underlying stock because a convertible bond?s option component makes it readily convertible into stock. Reviewed in the United Kingdom on January 5, 2013. Who better to explain convertible arbitrage strategies?" This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals t. Minimize risk and maximize profits with convertible arbitrage. A convertible bond arbitrage strategy is one that benefits from the difference in pricing between a convertible bond and the stock price. More information: Please try again. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. In Convertible Arbitrage: Insights and Techniques for Successful Hedging, renowned investment expert Nick P. Calamos shows you ways to make the most of convertible arbitrage, explaining how to boost returns while decreasing risk?no matter what the market is doing. But profiting from this increasingly popular investment strategy takes much more than knowing a few ground rules. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required. Covered or Partially Covered Convertible Call Option Hedge. He oversees the #1 Convertible Fund and the #1 Growth Fund as rated by Lipper and Morningstar for the ten-year period ended 12/31/02. --This text refers to the. Shop Convertibles for sale at Cars.com. It takes Convertible Arbitrage: Insights and Techniques for Successful Hedging. Please check back later for updated availability. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University. Convertible Option Hedge Techniques. With the firm since 1983, Mr. Calamos has been instrumental in developing the Calamos Convertible Research System (CCRS), a sophisticated, proprietary research system that monitors and scans the entire market for the best available investment opportunities. Convertible arbitrage hedge funds have played an important role in the convertible bond market, especially since the beginning of the 21st century. Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. He has spoken at various conferences and seminars throughout the country on convertible securities investing, has been quoted as an authority on convertible securities by leading financial publications such as Barron's, Fortune, The Wall Street Journal, USA Today, and the New York Times, and has appeared on CNBC and Bloomberg television. This is a derivative instrument that cannot be ignored. Expand/Collapse Synopsis. He received his undergraduate degree in economics from Southern Illinois University and an MS in finance from Northern Illinois University. The company's filing status is listed as Inactive - Termination (Mar 20, 2007) and its File Number is 2705790. Not only does Convertible Arbitrage put those techniques at your fingertips, it also helps you use those techniques to prepare for?and profit from?new twists in convertible terms, types of securities, or derivative hedge products. Merger and Acquisition Risk Arbitrage Trades. However his own agenda is quite transparent when looking at his own performance - picking the bottom (2002) of the CB wipeout to chart his own performance. It also analyzes reviews to verify trustworthiness. Call Option Hedge: Monetization of a Cheap Embedded Call Option. Uh-oh, it looks like your Internet Explorer is out of date. Book Editor(s): Filippo Stefanini. –Venu Krishna, CFA Head of U.S. Convertible Research, Lehman Brothers A Chartered Financial Analyst (CFA), Mr. Calamos is a member of the Investment Analysts Society of Chicago. Convertible Stock Hedge—Put Purchase Provides Additional. Minimize risk and maximize profits with convertible arbitrage Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. Just note that not all of them are convertible. To get the free app, enter your mobile phone number. Distressed Convertible Hedge or Negative Gamma Hedge Opportunities. Javascript is not enabled in your browser. To calculate the overall star rating and percentage breakdown by star, we don’t use a simple average. Download Ebook Convertible Arbitrage Convertible Arbitrage Right here, we have countless books convertible arbitrage and collections to check out. Minimize risk and maximize profits with convertible arbitrage. Something went wrong. Too techincal for a novice, too naive for a professional, Reviewed in the United States on January 7, 2008. Filled with in-depth insights from an expert in the field, this comprehensive guide explores a wide range of convertible topics. Convertibles are rather complex and require a good understanding before you invest. Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. Use up arrow (for mozilla firefox browser alt+up arrow) and down arrow (for mozilla firefox browser alt+down arrow) to review and enter to select. One such strategy is the convertible bond. It typically involves matching a long position in convertible securities?usually convertible bonds?with a short position of corresponding stock. Convertible bonds are securities that can be converted, at the option of the holder, into a fixed number of the issuer’s ordinary shares. Long Convertible Stock Hedge with Call Write Overlay. "?William Harding, Analyst Morningstar Investment Services Credit Analysis and Equity Market Feedback. Convertible Arbitrage offers a thorough explanation of this unique investment strategy. You Save 10%. Now I have them in my toolbox if I decide to hunt extra "alpha" for my portfolio. Convertible arbitrage is a trading strategy that typically involves taking a long position (buy) in a convertible security and a short position (sell) in the underlying common stock. --This text refers to the hardcover edition. It?s no surprise, then, that amidst the backdrop of market volatility and investor uncertainty, the field of convertible arbitrage keeps growing. The practice of convertible arbitrage takes advantage of the unique hybrid nature of convertible securities, which combine both fixed-income and equity characteristics. Chevrolet Camaro Convertible Rental Choose a Chevrolet Camaro convertible rental for a business trip and feel bold behind the wheel of this legendary sports car. Convertible arbitrage thus allows investors to create positions that achieve either market-neutral returns or that have a bias towards a security?s future price, offering tools to both the defensive and aggressive investor. This shopping feature will continue to load items when the Enter key is pressed. Bring your club to Amazon Book Clubs, start a new book club and invite your friends to join, or find a club that’s right for you for free. They will also gain a firm understanding of alternative convertible structures, the use of foreign convertibles in hedging, risk management at the portfolio level, and trading and hedging risks. The aim of convertible bond arbitrage is to exploit mispricing in convertible bonds, usually by buying an undervalued convertible bond (Henderson, 2005) and taking a short position in the equity. In good markets and bad, convertible arbitrage can give investors the best of both worlds: the safety of bonds and all the possibilities of stock-like performance. Reviewed in the United States on August 22, 2006. A convertible bond is a corporate issued debt security, typically issues an interest payment, and offers a feature to allow an investor to convert the bond into stock at … Search for more papers by this author. Click or Press Enter to view the items in your shopping bag or Press Tab to interact with the Shopping bag tooltip, Convertible Arbitrage: Insights and Techniques for Successful Hedging / Edition 1. That said, I agree with Franklin Parker. "...filled with in-depth insights and a wide range of convertible topics, provides a thorough explanation..." (Financial World, January 2004), ©1997-2020 Barnes & Noble Booksellers, Inc. 122 Fifth Avenue, New York, NY 10011. Hardcover, NOOK Book. techniques that make up the toolbox of the modern convertible arbitrageur. Nick Calamos (Naperville, IL) oversees research and portfolio management for Calamos Asset Management, Inc. See good deals, great deals and more on Used Ford Mustang Convertibles. This increasingly popular strategy, which is especially useful during times of market volatility, allows individuals to increase their returns while decreasing their risks. Items that are purchased via retail arbitrage can be sold on a variety of marketplaces. Please try your request again later. Convertible arbitrage involves purchasing a portfolio of convertible securities-generally convertible bonds-and hedging a portion of the equity risk by selling short the underlying common stock. despite the technicalities and scale issues facing individual investors, it's definitely not a bad bet. Does this book contain inappropriate content? Convertible arbitrage is a type of equity long-short investing strategy often used by hedge funds.. An equity long-short strategy is an investing strategy which involves taking long positions in stocks that are expected to increase in value and short positions in stocks that are expected to decrease in value. Convertible Arbitrage Techniques. 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