- Paperback: 792 pages
- Publisher: Pearson Education; Seventh edition (1 January 2010)
- Language: English
- ISBN-10: 8131759334
- ISBN-13: 978-8131759332
- Product Dimensions: 20.3 x 3.8 x 25.4 cm
- Average Customer Review: 1 customer review
- Amazon Bestsellers Rank: #2,41,004 in Books (See Top 100 in Books)
Bond Markets, Analysis and Strategies (Old Edition) Paperback – 1 Jan 2010
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The text, in its examples, has errors throughout the text which makes learning this material extremely difficult.
For example, on page 65, Exhibit 4-5, the answers given read as "Macaulay duration (half years)", "Macaulay duration (in years)" and "Macaulay duration". The last "Macaulay duration" should read Modified duration. On page 68, an equation reads "210.62(+0.02) = - 0.2124 = -21.24%". Do the math here folks! This should read, "-10.62(+0.02) = -0.2124 = -21.24%.
Every chapter that I have read has errors. I am currently working on Chapter 18 and the examples given calculate the forward rates incorrectly. Page 425 has a 3-year forward rate of 5.58%, It should be 5.611.
I guess someone could say, "You're being anal here. What's the difference between 5.58% and 5.611%?"
The Author, publisher and editor should be ashamed of themselves.
Keep in mind folks, this is a SEVENTH EDITION!
I couldn't find any errata available on the publishers site either.
I realized students don't have any say in what text is assigned in class, so you're stuck if this is the case.
At least, I've warned students that there are more mistakes in this text than a speech by Vice President Joe Biden.