Credit derivatives are revolutionising the world of investment. But without a firm understanding of their mechanics and their bottom-line impact, these hot financial instruments can bring devastating losses. An international authority on risk management, Dr. Dimitris N. Chrorafas draws on his own experience and the insights of over 70 senior executives at nearly 50 organisations worldwide to bring to the reader the market for credit derivatives, the instruments which make trading in credit derivatives possible and the models which are applicable for the management of credit risk.
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Book Description
Editorial Reviews
About the Author
Dr. Dimitris N. Chorafas is an international management and financial consultant. His clients include major banks throughout Europe, as well as multinational corporations such as General Electric and Honeywell. A Fulbright scholar who received his doctorate at the Sorbonne, he has taught at Catholic University and lectures at colleges around the world. The author of more than a hundred books, some of which have been translated into 16 languages. He lives in Switzerland and France.
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Most Helpful Customer Reviews
6 of 6 people found the following review helpful:
2.0 out of 5 stars
Not too technical,
By bad.boy.richie@usa.net (New York) - See all my reviews
This review is from: Credit Derivatives and the Management of Risk (New York Institute of Finance) (Paperback)
Very light on modeling contrary to the book's title. This book would be a good overview for someone with zero knowledge. If anyone has seen a published book with good models included, please let me know.
6 of 6 people found the following review helpful:
1.0 out of 5 stars
Do not waste your money,
This review is from: Credit Derivatives and the Management of Risk (New York Institute of Finance) (Paperback)
This is one of the worst books I have ever read. I was lucky to sell it on zShops for half of face value. Clearly, this guy has little or no experience with crederivs, and his weak command of English just makes it worse. While I think Nelken's book is also a little thin on material, and Tavakoli's book represents a somewhat dated view of the market, both are substantially more educational than this one. My own experience suggests that one is far better off to understand bond/loan trading first, plus some structuring and capital allocation. That is enough to figure out how to trade crederivs. All this hype about the insane risk in these things is crap - it's not substantially more risky than bonds, and people have been in that business for a long time. The only essential difference - counterparty risk - is not really addressed in any satisfactory manner anywhere.
8 of 9 people found the following review helpful:
2.0 out of 5 stars
Not the Best Book on Credit Derivatives,
A Kid's Review
This review is from: Credit Derivatives and the Management of Risk (New York Institute of Finance) (Paperback)
The book is divided into 3 parts: Part 1 talks about the market and some accounting and regulatory implications. This part is very dry and difficult to get through. For me, this is partly because of the subject matter and more the way it was written. There are lots of generalizing statements that don't seem to add value. Part 2 goes over the actual building blocks such as asset swaps, credit default swaps, credit linked notes, etc. This section was not very insightful compared to other research and credit derivatives books I have read. A much better book on the mechanics is "Credit Derivatives" by Tavakoli. Part 3 discusses "credit derivative models" but is not very deep. There are no partial differential equations or a discussion of modeling the credit process. A better book on modeling is "Derivatives" by Wilmott. As a credit derivatives professional, I would not recommend this as your first CD book. It might add incremental knowledge as your third/ fourth book. Basically, I thought that the content could have be compressed. Overall, it seemed difficult to believe that the author could be a practitioner in the field. It makes more sense when you find out that this is only 1 out of 115 books he has written on a variety of topics.
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