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商品描述
It’s clear from the current turbulence on Wall Street that the inner workings of its most complex transactions are poorly understood. Wall Street deals parse risk using intricate legal terminology that is difficult to translate into an analytical model. Reverse Engineering Deals on Wall Street: A Step-By-Step Guide takes readers through a detailed methodology of deconstructing the public deal documentation of a modern Wall Street transaction and applying the deconstructed elements to create a fully dynamic model that can be used for risk and investment analysis.
Appropriate for the current market climate, an actual residential mortgage backed security (RMBS) transaction is taken from prospectus to model by the end of the book. Step by step, Allman walks the reader through the reversing process with textual excerpts from the prospectus and discussions on how it directly transfers to a model. Each chapter begins with a discussion of concepts with exact references to an example prospectus, followed by a section called "Model Builder," in which Allman translates the theory into a fully functioning model for the example deal. Also included is valuable VBA code and detailed explanation that shows proper valuation methods including loan level amortization and full trigger modeling.
Aside from investment analysis this text can help anyone who wants to keep track of the competition, learn from others public transactions, or set up a system to audit one’s own models.
Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.
商品描述(中文翻譯)
一個對於希望逆向工程商業交易的讀者來說，嚴謹的信息來源
從華爾街目前的動盪中可以清楚看出，其最複雜交易的內部運作仍然不為人知。華爾街的交易使用複雜的法律術語來解析風險，這些術語難以轉化為分析模型。《逆向工程華爾街交易：逐步指南》帶領讀者深入了解如何解構現代華爾街交易的公開交易文件，並將解構的元素應用於創建一個可用於風險和投資分析的動態模型。
本書適合當前市場氣候，實際的住宅抵押貸款擔保證券（RMBS）交易將從招股說明書轉化為模型，並在書末完成。Allman逐步引導讀者進入逆向過程，並提供招股說明書中的文本摘錄，討論如何將其直接轉化為模型。每一章節都以對概念的討論開始，並精確引用一個示例招股說明書，接著是一個名為「模型建構者」的部分，Allman在其中將理論轉化為該示例交易的完整運行模型。此外，書中還包含有價值的VBA代碼和詳細解釋，展示正確的估值方法，包括貸款級別的攤銷和完整的觸發建模。
除了投資分析外，本書還能幫助任何希望追蹤競爭對手、學習他人公開交易或建立系統以審核自己模型的人士。
注意：CD-ROM/DVD及其他補充材料不包含在電子書文件中。
