Andrew Kalotay, president of Andrew Kalotay Associates, is a leading authority on debt management. He has written widely on the valuation of bonds, interest rate derivatives, and mortgage-backed securities. His innovations include refunding efficiency (a widely used tool for managing callable debt) and the Ratchet Bond (a surrogate for conventional callable bonds).

Before founding AKA in 1990, Dr. Kalotay was with Salomon Brothers in the Bond Portfolio Analysis Group. Prior to that he was at Bell Laboratories and AT&T.

On the academic side, he directed the first Financial Engineering program in the U.S. at Polytechnic University, from 1995 to 1997. Previously he taught at Wharton, Columbia and Fordham University. Apart from his academic publications in finance, operations research and statistics, he was the “Topics in Fixed Income” columnist in Financial Engineering News.

Dr. Kalotay holds a B.Sc. and M.Sc. from Queen's University and a Ph.D. from the University of Toronto, all in mathematics. He was inducted into the Fixed Income Analyst Society’s "Hall of Fame" in 1997 and he is a Charter Member of Risk Who’s Who.

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