Finance Roundtable
The University of Chicago Booth School of Business
The University of Chicago Booth School of Business
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CDO Evolution Creates New World of Risk
GARP Risk Review
Nov/Dec 03 Issue 15
Article Summary:
The CDO market experienced recent explosive growth. In a wide-ranging analytical article, Janet Tavakoli explores the rise of synthetic CDOs and explains the challenges tied to cashflow economics. She also provides tips for CDO investors and examines risks taken by CDO structuring banks.
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Authored By:
Janet Tavakoli
GSB MBA
1981
President
Tavakoli Structured Finance, Inc.
360 East Randolph St. Apt. 3007 Chicago, Il. 60601-7338
312 540-0243
authoress@sbcglobal.net
What the Market Foretells
Intellectual
Sep/Oct 03
Article Summary:
We have transitioned from a manufacturing economy through a service society to an intellectual property based marketplace wherein only the proprietary benefits associated with intangibles provides satisfactory returns to capital and their investors. Accordingly, intellectual property-related concerns and issues will increasingly affect corporate decision-making over coming years.
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Authored By:
James E. Malackowski
Finance Roundtable Speaker
Chief Executive Officer
ICMB Ocean Tomo SLB Partners LLC
20 North Wacker Drive, 27th Floor, Chicago, IL 60606
(312) 327-4410
jmalackowski@oceantomo.com
Patent Predictions - Facts or Fictions?
Intellectual
Feb/Mar 04
Article Summary:
According to some theories we might be at the beginning of the next golden age of innovation. But then again, we might be wrong. For Intellectual Property, disruption, not continuity marks the really big changes for business and society.
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Authored By:
James E. Malackowski
Finance Roundtable Speaker
Chief Executive Officer
ICMB Ocean Tomo SLB Partners LLC
20 North Wacker Drive, 27th Floor, Chicago, IL 60606
(312) 327-4410
jmalackowski@oceantomo.com
Currency Convertibility Protection; The Forgotten Credit Derivative
Deriviatives Week
Oct 03 VOL. XII, NO. 41
Article Summary:
Currency convertibility is a hybrid form of credit derivative used to ensure that soft currency can be converted to hard currency in the event of a sovereign default. Janet Tavakoli explains the market idiosyncrasies of this forgotten credit derivative and explains intuitive pricing techniques for this illiquid product.
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Authored By:
Janet Tavakoli
GSB MBA
1981
President
Tavakoli Structured Finance, Inc.
360 East Randolph St. # 3007 Chicago, Il. 60601-7338
authoress@sbcglobal.net
Behavioral Bias: The Hidden Risk in Risk Management
Commercial Lending Review
Nov 03 Volume 18, #6
Article Summary:
Behavioral biases can cause financial institutions to ignore major risks. This article addresses these biases, then suggests potential remedies with the intent of evolving more effective risk management systems that incorporate human behavior elements into their design.
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Authored By:
Joe Rizzi
Finance Roundtable Speaker
Executive Vice President
ABN AMRO
135 South LaSalle, Suite 737, Chicago, Illinois 60603
(312)-904-2658
joerizzi@nl.abnamro.com
Microsoft: Stock Options and Restricted Stock
Effective Executive Magazine
Nov 03
Article Summary:
Microsoft recently announced a compensation plan replacing stock options with restricted stocks. The author feels that Microsoft has missed an opportunity to redefine its incentive compensation program to focus on factors that determine sustainable shareholder valve and link compensation to effective implementation.
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Authored By:
Dennis Aust
GSB MBA
1980
Managing Director
CharterMast Partners LLC
11. South LaSalle Street, Suite 820, Chicago IL 60603
(312) 224-8509
info@chartermast.com
Accounting Clues to Loan Quality
Commercial Lending Review
Jul 03
Article Summary:
The clues available to a lender when determining the creditworthiness of a borrower are in the accounting data. This article points out where they are and how they are to be used.
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Authored By:
Paul Hofman
Finance Roundtable Speaker
Vice President - Finance
Vulcanium Metals Ind
3045 Commercial Avenue, Northbrook, IL 60062
847-313-4825
phofman@vulcanium.com
Effective Investors, Directors, Boards, and Audit Committees Monitor Fundamentals
Turnaround Management
Apr 04
Article Summary:
This article describes how boards of directors and audit committees can and should improve their early warning and governance processes, looking beyond the financial statements into a much broader and insightful set of indicators. We include a variety of best practices and examples in the areas of finance, strategy, risk management, and governance.
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Authored By:
William Hass
GSB MBA
1971
Chief Executive Officer
TeamWork Technologies, Inc.
4121 Rutgers, Northbrook, IL 60062
(847) 564-5575
wjhass@aol.com
Risk Management Lessons in Leveraged Commodity Futures Trading
Commodities Now
Sep 02
Article Summary:
The article discusses the practical issues involved in applying a disciplined risk management methodology to futures trading. The article shows how to apply methodologies derived from both conventional asset management and hedge fund management to futures trading. It also discusses some of the risk management issues, which are unique to leveraged futures trading.
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Authored By:
Hilary Till
Finance Roundtable Speaker
BA University of Chicago 1986 and MSc London School of Economics 1987
Principal
Premia Capital Management, LLC
53 W. Jackson Blvd, Suite 724, Chicago, IL 60604
312-583-1137
till@premiacap.com
Traditional Investment versus Absolute Return Programs
Quantitative Finance
Jun 03
Article Summary:
The article argues that the differences between traditional investment programs, which are designed around outperforming benchmarks, and alternative investment programs, which are designed to deliver absolute returns, mainly result from competing views on sources of investment returns.
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Authored By:
Hilary Till
Finance Roundtable Speaker
BA Univ of Chicago 1986 and MSc London School of Economics 1987
Principal
Premia Capital Management, LLC
53 W. Jackson Blvd, Suite 724, Chicago, IL 60604
312-583-1137
till@premiacap.com
Alternative Investments A through Z
Financial Engineering News
Nov 03
Article Summary:
The key characteristics of the four types of alternative investment products (credit-based offerings, - all 10 types and their 4 variations, private equity, and real estate) are described along with each of their unique risks and rewards. Accompanying table provides summary of article.
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Authored By:
Kathleen Graham
GSB MBA
2000
Principal
HQ Search, Inc.
40 Shuman Boulevard, Suite 160, Naperville, Illinois 60563
630.466.7095
hqs1@juno.com
Mental Note: Introductory Article
Technically Speaking, Magazine of the Market Technicians Association
Jan 04 Volume 32, Number 3
Article Summary:
This article presents the concepts of market psychology or as an academics term, behavioral finance.
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Authored By:
Mark Shore
GSB MBA
1995
Vice President, Senior Research Analyst
Morgan Stanley Futures & Currency Management, Inc.
825 Third Avenue, New York, NY 10022
(212) 310-6454
mark.shore@morganstanley.com
The Capacity Implications of the Search for Alpha
AIMA (Alternative Investment Management Association) Journal
Jun 04
Article Summary:
If hedge funds are exploiting market inefficiencies, this means that other investors are supplying those inefficiencies. This means that, unfortunately, we can't all profit from exploiting inefficiencies. Therefore, there is a natural cap on the potential size of the hedge fund industry, assuming that hedge funds are indeed exploiting inefficiencies rather than taking in risk premiums.
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Authored By:
Hilary Till
Finance Roundtable Speaker
BA Univ of Chicago 1986 and MSc London School of Economics 1987
Principal
Premia Risk Consultancy, Inc.
53 W. Jackson Blvd, Suite 724, Chicago, IL 60604
312-583-1137
till@premiacap.com
Risk Measurement of Investments in the Satellite Ring of a Core-Satellite Portfolio: Traditional versus Alternative Approaches
Singapore Economic Review
Apr 04
Article Summary:
This paper provides a risk framework for fiduciaries considering using a core-satellite approach to investing. While the article mainly covers the additional risk measurement techniques which are needed when investing in , its recommendations are also relevant for any investment that has default, devaluation, and/or liquidity risks associated with them. Along with the quantitative techniques, we note that a fiduciary must also understand the economic basis for each investment's returns.
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Authored By:
Hilary Till
Finance Roundtable Speaker
BA Univ of Chicago 1986 and MSc London School of Economics 1987
Principal
Premia Capital Management, LLC
53 W. Jackson Blvd, Suite 724, Chicago, IL 60604
312-583-1137
till@premiacap.com
Cash And Control: You Can Have Both
Particulare Press
Dec 04
Article Summary:
The book describes an unconventional process for finding money to grow your business. Understand these practical yet transformational insights about how to attract abundant resources, accelerate profitable growth while lowering risk and enhance shareholder wealth. The future-oriented thinking from a funding specialist and business strategist will launch the next generation of great companies in America.
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Authored By:
Stephania Aulicino
GSB MBA
1979
President
CapitalLinkUSA
175 East Delaware Place, Suite 8011, Chicago, IL 60611
(312) 951-6777
stefania@CapitalLinkUSA.com
Managing Risks of Private Equity Investing in China
Journal of Private Equity
June-02
Article Summary:
Analysing the risks and pitfalls and advising on strategies of Private Equity investing in China.
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Authored by:
Tim Zhang
GSB MBA 2002
Managing Director
Taconic Capital Limited
3570 Sorority Lane, Holt, MI 48842
517.699.5527
tzhang2@chicagobooth.edu
On Track
Urban Land
Jun 03 v 62/ no. 6
Article Summary:
A look at the development of two new intermodal rail-truck facilities in the Chicago area and their economic impact on surrounding areas, including maintaining the Chicago area's historic economic role as a transportation and distribution hub. The article focuses on the real estate and not on finance directly; but these developments strongly affect the regional real estate investment climate, as some of the spin-offs described within illustrate.
Authored By:
Jerry Szatan
GSB MBA
1984
Principal
Szatan & Associates
1829 N. Cleveland Avenue; Chicago, IL 60614
312-440-9070
jszatan@aol.com
