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Fixed Income Securities: Tools for Today's Markets, Second Edition (精装)
by Bruce Tuckman
| Category:
Securities, Investment, Finance, Textbooks |
| Market price: ¥ 738.00
MSL price:
¥ 718.00
[ Shop incentives ]
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
A practical yet rigorous introduction to fixed income markets characterized by a mix of theory and institutional details. |
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AllReviews |
1 2   | Total 2 pages 12 items |
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Vineer Bhansali (Ph.D. Executive Vice President Head of Portfolio Analytics PIMCO) (MSL quote), USA
<2006-12-29 00:00>
Required reading for anyone interested in modeling fixed income securities. In my opinion, this edition of Tuckman's book has no match in terms of clarity, accessibility and applicability to today's bond markets. |
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Gerald Lucas (Senior Government Strategist, Director, Global Securities Research, Merrill Lynch), USA
<2006-12-29 00:00>
What distinguishes this book from many others on the subject is that Tuckman has skillfully combined intuitive rationale with mathematical analysis to give readers a clear and deep understanding of the market. Tuckman has written a comprehensive reference book that should be found on the desks of both seasoned practitioners and novices alike. |
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Francis Longstaff (Professor of Finance, The Anderson School at UCLA), USA
<2006-12-29 00:00>
This outstanding book offers a well-written and clear tutorial for many of the cutting-edge analytical techniques and models used in practice. Combines a wealth of institutional knowledge, practical tools, and realistic examples, while giving a clear understanding of the underlying theory. |
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Tony D. Kao (Managing Director, Global Fixed Income GM Asset Management), USA
<2006-12-29 00:00>
This is an extremely readable book with a balance between technical detail and practical application. Unlike other books in the area, thorough and tightly knit chapters reflect Tuckmans unique background as a well-respected academic and market participant. |
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Marek Musiela (BNP Paribas) (MSL quote), USA
<2006-12-29 00:00>
An excellent reference for anyone intending to bridge the gap between financial mathematics theory and the practice of financial markets. |
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V. Krishnamurthy (MSL quote), USA
<2006-12-29 00:00>
Books like Tuckman's are hard to come by. I'm currently preparing for the FRM certification exam and this is a recommended text. Of all the books listed as required readings for the exam, this is the one I have learned the most from. The first 4 chapters are worth the book price by themselves - from a clear understanding of discount factors to building rate curves - Tuckman always takes pains to illustrate real-world examples, but never skips essential math. I think the section on derivatives has by far the clearest explanation of the oft-used but little understood notion of risk-neutral pricing that I have seen to date. I'm still in part 2, but will take my time and re-read if necessary. The only other remotely comparable book is by Martellini, Priaulet et al. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
I've read most of the introductory books on fixed income, and none explain the market as clearly and intuitively as Tuckman. Anyone who is joining a fixed income desk or who seeks to learn more about this area should pick up this book before any others. The repo markets, interest rate and asset swaps, forwards, and futures are all covered in excellent detail. There are few discussions of duration and convexity that rival this one. Overall, this book scores high in all major areas and is highly recommended by all those I know who have come across it. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
On the introductory level, this is perhaps the best book in the market for fixed income security analytics. It does not have a lot of market convention details covered in Handbook of Fixed Income Securities by Fabbozi. However, for someone who just wants to know commonly how fixed income securities are valuated "in a nutshell," this is an excellent book to start reading. |
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Longhorn (MSL quote), USA
<2006-12-29 00:00>
Bruce Tuckman's Fixed Income Securities deserves its reputation earned from both academics and practitioners as a practical yet rigorous introduction to fixed income markets. Written by a well-respected practitioner, Tuckman's book bridges the gap between the elementary, dry, and overly detailed books on the subject (if you think I'm referring to books in the Fabozzi tradition, you're correct) and the more quantitatively rigorous books written from either an quantitative analyst/developer's point of view.
In any event, Tuckman address topics of importance to everyone in these markets, from quants to traders in various bond and interest rate markets. He starts with the basic topics that any advanced introduction to Fixed Income markets should contain, such as basic measures of yield and risk (basic discounting conventions and "Z"-factors, duration/DV01, convexity) as well as the spot and forward market rates.
He also covers basic topics in applied modeling, such as curve fitting and parameter estimation - advanced undergrads and MBA students can easily implement the basic ideas in Excel to gain an intuitive under- standing of rigorous fixed income analysis. A benefit of this approach, based on my standpoint as a practitioner, is that students need to realize the lack of good data in fixed income markets is a tremendous obstacle for pricing and risk analysis. Emphasizing this topic early keeps the audience mindful that data issues and statistical techniques used to deal with them are certainly not trivial.
In the middle of the book, Tuckman introduces modern fixed-income modeling methods by using the standard binomial approach to demonstrate the basic principles of risk-neutral pricing and option valuation. He also covers the trinomial approach, which while more complicated, is more valuable to practitioners calibrating their models to incorporate mean-reverting effects, as well as the standard short-rate (affine) models. While this book does have a few stochastic differential equations, their inclusion is meant only to encourage intuitive thinking about the interest rate processes and their connection with the tree framework.
More advanced topics, written to minimize the use of quantitative methods, include term structure volatility and is designed to teach the necessary ideas and conventions one needs before tackling modern Market Models such as BGM/J, as well as estimation techniques, options/swaps, and pricing and risk of MBS. Despite an academic background, Tuckman is careful to emphasize both the language and quantitative "hand-waving" done by traders and other practitioners who work in real markets. He also includes "case studies" that share his experiences on the trading floor in the context of the relevant material.
I would strongly recommend this book for those wishing to gain an intuitive understanding of the issues facing practitioners from a quantitative viewpoint. The book does not address many important topics, even at a rudimentary level, such as credit risk and other structured products. Nonetheless, Tuckman's book offers a relatively complete, rigorous introduction to fixed income analysis at a basic level - there are many great books of varying degrees of rigor and detail that cover credit risk, securitization, etc. For those familiar with the ideas in Tuckman and that have a solid grasp of the machinery of mathematical finance, Brigo/Mercurio, Cairns, and Rebonato have books that cover modern Market Models in more detail; the level of mathematical sophistication necessary to understand these models and the technical skill to implement them extends beyond the basic calculus and Excel skills needed for Tuckman's book.
As a parting shot, I'll note the reviewer that criticized Tuckman for being an "adjunct" professor. Tuckman was a prop trader at Salomon before making MD at a top bank, and is well-respected by academics for his practical knowledge of Fixed Income markets - hence the glowing endorsements from Longstaff and Musiela on the back cover. Tuckman's book isn't designed to be a survey of academic literature, but a guide for students, fixed income PM's, traders, and risk managers on the quantitative aspects of real-world practice - most of the fixed-income universe doesn't know, need to know, or care about no-arbitrage models, stochastic calculus, or advanced statistical methods. |
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A reader (MSL quote), USA
<2006-12-29 00:00>
Pound for pound, this is one of the best books I have ever read on fixed-income. Sections on arbitrage arguments for valuation, and binomial lattice (tree) building for option pricing are clear, succinct and practical. They include both theory and working examples that the practitioner can use for actual model-building. |
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1 2 | Total 2 pages 12 items |
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