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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 riskno matter what the market is doing.
The practice of convertible arbitrage takes advantage of the unique hybrid nature of convertible securities, which combine both fixed-income and equity characteristics. It typically involves matching a long position in convertible securitiesusually convertible bondswith a short position of corresponding stock. The bond pays interest and guarantees a yield upon maturitybut you also can participate in the movement of the underlying stock because a convertible bonds option component makes it readily convertible into stock. Convertible arbitrage thus allows investors to create positions that achieve either market-neutral returns or that have a bias towards a securitys future price, offering tools to both the defensive and aggressive investor.
This not-to-be-missed guide gives you:
The array of convertible securities availableand the ever-shifting financial engineering behind themdemands a practical working knowledge of convertible arbitrage hedging techniques. Not only does Convertible Arbitrage put those techniques at your fingertips, it also helps you use those techniques to prepare forand profit fromnew twists in convertible terms, types of securities, or derivative hedge products.
*Tremont Advisers, Inc.
"The Calamos Convertible Fund offers the Holy Grail in investinga long-term return superior to the index with less volatility."
William Harding, Analyst
Morningstar Investment Services
Calamos has put together a useful reference for those interested in learning more about the proper pricing of convertibles. Read morePublished on January 7, 2008 by Franz K.
As a technologist charged with implementing a convertible arbitrage fund, this book was incredibly helpful. Read morePublished on August 22, 2006 by JM
I have not read this book,but if you are really serious about arbitrage you should be able to write a program, that simulates the Black-Sholes model using discrete mathematics and... Read morePublished on October 6, 2005 by A_2007_reader
I managed a convertible arbitrage portfolio for over 3 years from 1998-2002. When I began managing, the information found in this one book, had to be gathered from many different... Read morePublished on August 8, 2004 by dean_from_sa
This is by far one of the best books on hedge fund strategies. It's very practical, but also provides enough technical details. Read morePublished on January 28, 2004 by "yin_luo"
Convertible arbitrage is an alternative investment form that is ever-increasing in popularity. This book teaches both portfolio managers and fund of funds analysts everything they... Read morePublished on July 31, 2003