The first comprehensive guide to the burgeoning, new high-yield debt or ``junk bond'' market. Edward Altman and Scott Nammacher, leading experts on debt financing and co-developers of the Zeta model for predicting business failure, offer sophisticated investors a complete analysis of the high-yield bond market, its anatomy, history, participants, risks and returns. With Altman and Nammacher's Zeta model, investors can gauge the safety of an issue before they commit. This book helps private investors and mutual fund, pension, bank, and insurance money managers make sure their junk bonds don't live up to the name.
Edward I. Altman received an M.B.A and a Ph.D. in Finance from the University of California, Los Angeles. Dr. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt, and credit risk analysis. He has been visiting Professor abroad and has received several international awards. Dr. Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance, has authored or edited over twenty books, and has written more than one hundred articles for scholarly finance, accounting and economic journals.