Research

In creating fixed-income analytic models, Andrew Kalotay Associates draws upon pioneering research published by Dr. Kalotay and his associates over more than three decades. A member of the Fixed Income Analysts Society’s Hall of Fame, Dr. Kalotay’s innovations include the ratchet bond and ratchet mortgage; the Volatility Reduction Measure (for hedge effectiveness testing under FAS 133); and the concepts of refunding efficiency as applied to both corporate and municipal bonds and mortgages. He has authored or co-authored more than 50 journal articles on a wide range of topics. 

MBS

Bond Valuation and Structuring

Debt Management

Municipal Finance

Trade Press

Wealth Management

Consumer Finance

Innovations

 

Recent Research

Tax-Efficient Trading of Municipal Bonds

Financial Analysts Journal Volume 72 · Number 1 ©2016 CFA Institute

Spread(ing) Confusion

The Bond Buyer, November 23, 2015

Many muni professionals shy away from option-adjusted spread (OAS) in favor of the archaic 'yield-to-worst' approach. Correct implementation would undoubtedly attract converts.

Muni Buyers: Beware of Tax-Deficient Analytics!

The Bond Buyer. June 18, 2015

Bonds trading near or below par are much more sensitive to interest rates than reported by standard analytics systems. What happens to muni prices when rates rise? 

Why Buy-and-Hold Is Dead

The Bond Buyer, February 24, 2015

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