Introduction

A Course Led by Professor Edward I. Altman.

We are pleased to offer an in-depth and unique course on up-to-date and traditional principles and models on one of the most important risk management areas in today’s financial environment – Credit Risk. Led by world famous scholar and Senior Advisor to many corporate and regulatory organizations, Professor Edward I. Altman from the NYU Stern School of Business, Dr. Altman is also Co-Founder and Senior Advisor to the SME Credit Analytic Firm, Wiserfunding, Ltd, with locations in London and Mumbai. This 3-module course will discuss and train credit practitioners, financial regulators, firm advisors and executives and instructors in finance on such topics as:

  • Fundamentals and Classical Techniques of Credit Risk Management
  • 50 years of Z scores: What have we learned
  • Covid-19 and the credit cycle: revisiting 2020/2021 and outlook
  • Corporate resiliency and global zombies: a worldwide experience

Where relevant, we will provide classic and recently published cutting-edge articles, written by our instructor, to course participants.

Who Should Attend?

  • Credit Practitioners
  • Financial Regulators
  • Firm Advisors
  • Executives & Instructors in finance

Agenda

6:00 PM onwards
  • 6:00 PM – 8:00 PM

    Module 1 - 50 years of Z scores: What have we learned

    • The credit scoring journey over the last 200 years and current, important analytical measures
    • Corporate credit ratings - benefits and costs and developments over the years
    • 50 years of the Altman Z-Score models and their applications and Financial and managerial markets
    • Applications to Indian high profile bankruptcies
    • Probability of default and loss measurement in a basil 2/3 environment
    • Important applications of credit scoring models: from outside analysts and internal board members and managers
    • MSME lending and modern credit analytics
    • New innovations in developing debt capital markets
      • The Italian mini bond market, its development and current status
      • The potential for direct lending to companies in emerging markets
DAY 2
6:00 PM onwards
  • 6:00 PM – 8:00 PM

    Module 2 - Covid-19 and the credit cycle: revisiting 2020/2021 and outlook

    • Where were we in the credit cycle before the pandemic
    • The remarkable change in credit markets after the start of the pandemic and the even more remarkable market turnaround in certain credit environments
    • Measuring defaults and recoveries during the pandemic and during the market rebound
    • Where are we in the credit cycle today: using Altman’s five measures of credit dynamics
    • Forecasting default rates in recoveries: market-based, econometric-based, and actuarial techniques and measures
    • Defaults and bankruptcies in 2020/2021 an outlook for 2022
DAY 1
6:00 PM onwards
  • 6:00 PM – 8:00 PM

    Module 3 - Corporate resiliency and global zombies: a worldwide experience

    • Completion of materials for module one and two
    • Corporate resiliency: what is it, how best to measure it and best practice in the field
    • What are zombies?
    • Are they important?
    • How best to measure them?
    • Cross country and time series analysis
    • Country determinants of zombies
    • Zombies for the 20 largest countries in the world
    • Structural credit market products
      • The importance of securitizing the lending process
      • The structured finance market, the CLO market in India and abroad, an opportunity or a problem
      • Developing the corporate high-yield bond and leveraged loan markets in emerging market countries: opportunity costs and benefits
DAY 2

Expert

Edward I. Altman

Professor of Finance, NYU Stern School of Business

Professor Edward I. Altman, Professor of Finance, NYU Stern School of Business. Dr. Altman is also Co-Founder and Senior Advisor to the SME Credit Analytic Firm, Wiserfunding, Ltd.

Edward I. Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New York University. He is the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. Prior to serving in his present position, Professor Altman chaired the Stern School's MBA Program for 12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management and MacQuarie in Sydney, University of Western Australia in Perth, Luigi Bocconi University in Milan and CEMFI in Madrid. Dr. Altman was named to the Max L. Heine endowed professorship at Stern in 1988.

Dr. Altman has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt and was named "Profesor Honorario" by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to several foreign central banks. Professor Altman is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004 and was amongst the inaugural inductees into the Turnaround Management Association’s Hall of Fame in 2008. In 2005, Prof. Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine. He also received an Honorary Doctorate from Lund University, Sweden in May 2011.

Professor Altman was one of the founders and an Executive Editor of the international publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the John Wiley Frontiers in Finance Series. He has published or edited two-dozen books and over 150 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of a number of recent books, including his most recent works on Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2006) and Managing Credit Risk (2nd ed. 2008). His work has appeared in
many languages including French, German, Italian, Japanese, Korean, Portuguese and Spanish.

Dr. Altman's primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has been a consultant to several government agencies, major financial and accounting institutions and industrial companies and has lectured to executives in North America, South America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of a number of corporate, publishing, academic and financial institutions. He has been Chairman of the Academic Council of the Turnaround Management Association since 2002.

Dr. Altman is Chairman Emeritus and a member of the Board of Trustees of the InterSchool Orchestras of New York and a founding member of the Board of Trustees of the Museum of American Finance.


Want to be part of it?

VCC Events opens up the avenues for participation. Join hands to be a part of India’s largest gathering of alternative investments leaders, industry stakeholders and Asia’s influential limited partners, general partners and marquee advisors. Your chance to actively participate and augment yourself as thought leaders.


Do you have any queries?

Drop us a line and we will call you.

I confirm that Mosaic Digital can share my information for commercial purposes with partners/sponsors and I can be contacted for business purposes.