Credit Risk Managment and Analysis

Authors: Chris Droussiotis & Stuart Shelly, Edition: Preliminary Edition, Publishing Company: Cognella Publishing, ISBN 978-1-7935-4099-7

The textbook published by Cognella Publishing company, provides a highly practical and relevant guide to graduating students beginning their careers in banking. The authors apply their 60 plus years of combined experience in banking and 15 years of teaching to effectively combine the core principals of an academic textbook with the practical training that major money center banks provide to first-year credit analysts. This 650+ page textbook incorporates all the products that major money center banks offer including Corporate Loans, Project Finance, Leasing, M&A and LBO financing, Real Estate, and other asset-based products.  Part I of the textbook gives an introduction of the world of credit including the basic concepts of credit, the history and role of credit. It then discusses the credit markets and their place in the overall financial markets. Part II provides the Credit Analyst a detailed introduction to a bank’s credit analysis process from the time the customer approaches the bank to obtain a loan to the time the bank closes and funds the loan. It also covers  loan underwriting, syndications, and other procedural considerations designed to address risk, needed to get internal approval, close, and fund the loan. Part III of the textbook introduces the reader with a plethora of credit products that financial institutions provide to their customers who are seeking financing. Weather a company needs financing to acquire another company or deciding whether to lease or buy an expensive piece of equipment. Part IV of the textbook provides the tools and techniques required to perform a financial and credit analysis, as well as basic valuation techniques on private and publicly traded companies.

An Analytical Approach to Investments, Finance and Credit 

Author: Chris Droussiotis, Edition: First Edition, Publishing Company: Cognella Publishing, ISBN: 978-1-5165-4911-5

This text book is designed to assist junior and senior year undergraduate students that are in the process of starting their careers in finance. It can also be a reference guide to everything you need to know about investments, finance and credit. The author demostrates his 30+ years experience in investment banking and credit analysis working for large money center banks including Bank of America Merril Lunch, CIBC World Markets and Sumitomo Mitsui Banking Corporation. Part 1 of the book introduces the fundamental concepts of Investments and portfolio analysis including risk-and-return analysis, covariance, correlation, and efficient frontiers, as well as other performance measurements such as beta coefficient via regression analysis, R-squared, Sharpe Ratio, CAPM, Jensen’s Alpha, Treynor Measure, and M Squared. Part 2 of the book describes in detail the primary markets including where the issuers go to raise capital such as stocks, bonds, 144As, private placements, bank loans, private loans, and other loan syndicated facilities. The book uses various case studies for raising capital including LBOs, M&A, and other capital market transactions. Part 3 describes the secondary markets where the investor looks to invest in the equity and corporate bond exhange markets, as well as other unique markets such as the credit and alternative investments insititutional funds that includes leveraged loans, CLOs, and other structured finance products. The book also describes extensively the derivative markets including uncovered and covered option strategies, futures, forwards, swaps, swaptions, CDAs, FRAs, and other exotic derivatives., Part 4 that includes 4 chapters is all about company specific analysis in the areas of corporate finance, corporate valuations, and credit analysis. This section gives a comprehensive overview of understanding financial statement analysis, how to build projections and run a valuation analysis (8 methods of valuation) for all stages of company development. In the last chapter, the book describes in detail the process of credit analysis and debt capacity.as of finance through the Active Learning platform.

Cryptocurrency Concepts, Technology and Applications

10 professors got together last year and each wrote one chapter based on their expertise. I wrote chapter 11 "Cryptocurrency Options Analysis and Valuation". The chief editor and author is Dr. Jay Liebowitz one of my colleagues at Seton Hall University.

Whether the source is more industry-based or academic research, there certainly appears to be a growing interest in the field of cryptocurrency. The New York Times had a cover story on March 24, 2022, titled "Time to Enter the Crypto Zone?," and they talked about institutional investors pouring billions into digital tokens, salaries being taken in Bitcoins, and even Bitcoin ATMs in grocery stores. Certainly, there have been ups and downs in crypto, but it has a kind of alluring presence that tempts one to include crypto as part of one’s portfolio. Those who are "prime crypto-curious" investors are usually familiar with the tech/pop culture and feel they want to diversify a bit in this fast-moving market. Even universities are beginning to offer more courses and create "Centers on Cryptocurrency." Some universities are even requiring their students who take a crypto course to pay the course tuition via cryptocurrency. In response to the growing interest and fascination about the crypto industry and cryptocurrency in general, Cryptocurrency Concepts, Technology, and Applications brings together many leading worldwide contributors to discuss a broad range of issues associated with cryptocurrency. The book covers a wide array of crypto-related topics, including:Blockchain, NFTs, Data analytics and AI, Crypto crime, Crypto industry and regulation, Crypto and public choice, Consumer confidence, Bitcoin and other cryptocurrencies.

Cases in Financial Management - Applications for Financial Analysis

8 professors got together  and each wrote one chapter based on their expertise. I wrote Case 25 "Green Landscape Inc. Leveraged Buyout (LBO)". The chief editors and co-authors are Ivan Brick and Harvey Poniachek.

Cases in Financial Management provides original case studies in corporate finance that are based on actual corporate events, and on the authors' teaching and consulting experiences. Accompanied by sophisticated and detailed proposed solutions, this case book sheds great clarity on the application of financial management and market principles for both students and professionals, including consultants, accountants and attorneys who are advising corporate clients.

Mergers & Acquisitions - A Practitioner's Guide to Successful Deals

13 professors got together last year and each wrote one chapter based on their expertise. I wrote chapter 11 "Leveraged Buyouts  (LBOs): The Financial Engineeing of Transactions and Evolution of LBOS". The chief editor and author is Dr. Harvey Poniachec, my long life mentor and MBA professor.

 he survival and prosperity of any corporation over the long term depend on the company's ability to grow and develop through a process of investment, restructuring, and redeployment. Since the late 19th century, mergers and acquisitions (M&As) have become an essential vehicle for corporate change, fuelled by synergies that could arise from expansion of sales and earnings, reduction in cost, and lower taxes and cost of capital. M&A transactions, however, are complex and risky and are affected by the state business cycle, financial conditions, regulations, and technology. Approximately two-thirds of all M&A deals fail. This book seeks to provide an effective and comprehensive framework, predominantly embedded in corporate finance, for achieving greater success. Written by academics and practitioners, it integrates business strategies with formal analysis relating to M&A deal making, providing a coherent statement on M&A by utilizing scholarly work with best practices by industry.The authors provide extensive analytical review and applications of the following critical M&A issues: valuation, leveraged buyouts, payment methods and their implications, tax issues, corporate governance, and the regulatory environment, including antitrust in M&A. The book globalizes the M&A model by extending it to cross-border business, risk and select hedging methods, and addresses postmerger integration.This book is intended as a reading text for a course in M&A for undergraduates and MBA programs, and for practitioners as a handbook.