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Andrew Kalotay, PhD, is president of Andrew Kalotay Associates, and a leading authority on debt management and on corporate and municipal bonds. He is a prolific writer on such topics as bond refunding, interest rate derivatives, and valuation of bonds with embedded options. His innovations include the concept of refunding efficiency — a widely used tool for managing callable debt — and the Ratchet Bond, a surrogate for conventional callable bonds.
Before founding AKA, Dr. Kalotay was with Salomon Brothers in the Bond Portfolio Analysis
Group. Prior to that he was at AT&T Treasury and at Bell Laboratories.
On the academic side, he was the first director of the Center for Finance & Technology at
Polytechnic University, and has taught at Wharton, Columbia and Fordham University.
Dr. Kalotay holds a B.Sc. and M.Sc. from Queen's University and a Ph.D. from the University of
Toronto. He is member of the Fixed Income Analyst Society's “Hall of Fame.”
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