金融市场与金融机构基础 第2版PDF|Epub|txt|kindle电子书版本网盘下载

金融市场与金融机构基础 第2版PDF格式电子书版下载

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Part Ⅰ INTRODUCTION1

Chapter 1 Introduction1

Chapter 1 Introduction1

Financial Assets2

Debt versus Equity Clairns 3·The Price of a Financial Asset and Risk 3· Financial Assets versus Ta4

Financial Markets6

Market Participants7

Globalization of Financial Markets8

Classification of Global Financial Markets9· Motivation for Using Foreign Markest and Euromarkets10

Derivative Markets11

Types of Derivatiue Instruments11·The Role of Derivative Instruments12

Summary13

Chapter 2 Financial Intermediaries and Financial Innovation17

Chapter 2 Financial Intermediaries and Financial Innovation17

Financial Institutions18

Role of Financial Intermediaries19

Maturity Intermediation20 ·Reducing Risk via Diversification20· Reducing the Cost of Contracting a21

Overview of Asset/Liability Management for Financial Institutions22

Nature of Liabilities 23 ·Liquidity Concerns 24· Regulations and Taxation25

Financial Innovation25

Categorization ofFinancial Innovation 25· Motivation for Financial Innovation26

Asset Securitization as aFinancial Innovation27

Benefits to Issuers 28· Benefits to Investors 29· Benefits to Borrowers 29· Implications of Secur30

Summary31

Chapter 3 The Role of the Government in Financial Markets34

Chapler 3 The Role of the Government in Financial Markets34

Purposes and Forms of Regulation35

Justification for Regulation 35 An Introduction to Forms of Regulation36

Regulation in the United States37

Regulation in Japan41

Regulation in Germany43

Regulation in the United Kingdom45

Regulatory Reform47

Summary48

Chapter 4 Depository Institutions:Activities and Characteristics52

Part ⅡDEPOSITORYINSTITUTIONS52

Chapter 4 Depository Institutions :Activities and Characteristics52

PartⅡ DEPOSITORY INSTITUNONS52

Asset/Liability Problem of Depository Institutions53

Interest Rate Risk 54·liquidity Concerns55

Commercial Banks56

Bank Services61·Bank Funding62·Regulation65

Savings and Loan Associations72

Assets72·Funding74·Regulation 74·The S L Crisis75

Credit Unions77

Savings Banks77

Summary78

Chapter 5 Central Banks and the Creation of Money84

Chapter 5 Central Banks and the Cretion of Money84

The Central Bank of the United States:The Federal Reserve System85

The Central Bank and Money Creation in the United States85

Instruments of Monerary Policy: Howthe Fed Influences the Supplyof Money86·Different Kinds of Money94

The Central Banks of Other Countries96

Germany 96·Japan97·United Kingdom97

Summary99

Chapter6 Monetary Policy102

Chapter6 Monetary Policy102

Monetary Policy in the United States103

Goals of Monetary Policy 103·Trade-Offs and Conflicts among Policies108·Goals and Types of Targets111

Goals and Targets of Monetary Policy in Other Economies116

Germany 116·Japan 117·United Kingdom118

Summary120

Part Ⅲ NON-DEPOSITORY FINANCIAL INTERMEDIARIES122

Chapter 7 Insurance Cornpanies122

Chapter 7 Insurance Companies122

Part Ⅲ NON-DEPOSITORY FINANCIAL INTERMEDIARIES122

Fundamental Characteristics of the Insurance Industry123

Insurance Policy and Premiums 123·Surplus and Reserves124·Determination of Profits 124·Government125

Life Insurance Companies126

Liabilities and Liability Risk127·Types of Policies127·Investments130

Propexty and Casualty Insurance Companies131

Nature of the Liabilites131·Inrestments132

Financial Trends in the International Insurance Industry133

Summary135

Bancassurance 133·Cross-Border Activities134·Pension Funds and Insurance Companies135

Chapter 8 Investment Companies139

Chapter 8 Investment Companies139

Types of Investment Companies140

Open-End Funds 140·Closed-End Funds141·Unit Trusts143

Structure and Expenses of a Fund144

Types of Funds by Investment Objective144

Economic Motivation for Funds146

Regulation of Funds147

Commercial Banks and Mutual Funds149

The Concept of a Family of Funds150

Industry Concentration151

Mutual Funds in Other Economies151

United Kingdom151·Germany153·Japan154

Summary156

Chapter 9 Pension Funds159

Chapter 9 Pension Funds159

Introduction to Pension Plans160

Types of Pension Plans161

Defined Contribution Plan161·Defined Benefit Plan 162·Hybrid Pension Plans162

Investments163

Regulation164

Managers of Pension Funds165

Pension Funds in Other Countries166

Germany166·United Kingdom 167·Japan168

Summary169

Appendix:Endowment Funds170

Chapter 10 Properties and Pricing of Financial Assets173

Chapter 10 Properties and Pricing of Financial Assets173

PartⅣ DETERMINANTS OF ASSET PRICES AND INTEREST RATES173

Part Ⅳ DETERMINANTS OF ASSET PRLCES AND INTEREST RATES173

Properties of Financial Assets174

Moneyness174·Divisibility and Denomination174·Reversibility174·Cash Flow 175·Term to Maturity176179

Principles of Pricing Financial Assets179

The Appropriate Discount Rate 180·Illustratiom 180·Price and Asset Properties181

Price Volatility of Financial Assets183

The Effect of Maturity 184·The Effect of the Coupon Rate 184·The Effect of the Level of Yields 186187

Summary192

Appendix:Review of Present Value194

Chapter 11 The Level and Structure of Interest Rates198

Chapter 11 The Level and Structure of Interest Rates198

The Theory of Interest Rates199

Fishers Classical Approach 199·The Loanable Funds Theory203·The Liquidity Preference Theory 204·C205

The Determinants of the Structure of Interest Rates208

Features of a Bond208·Yield on a Bond209·Tne Base Interest Rate212·The Risk Premium212

Summary217

Chapter 12 The Term Structure of Interest Rates223

Chapter 12 The Term Structure of In terest Rates223

The Yield Curve and the Term Structure224

Using the Yield Curve to Price a Bond 225·Constructing the Theoretical Spot Rate Curve226·Using Sp229

Forward Rates230

Other Forward Rates 233·Relationship between Spot Rates and Short-Term Forward Rates 234·Forward R235

Determinants of the Shape of the Term Structure235

Rule 144A238

The Pure Expectations Theory 236·The Liquidity Theory 239·The Preferred Habitat Theory 240·Market241

Summary242

Chapter 13 Risk/Return and Asset Pricing Models246

Chapter 13 Risk/Return and Asset Pricing Models246

Portfolio Theory247

Investment Retum247·Portfolio Risk 249·Diversification252·The Risk of Individual Securities254·E257

The Capital Asset Pricing Model258

Underlying Assumptions 260·Tests of the Capital Asset Pricing Model261

Multifactor CAPM263

Arbitrage Pricing Theory Model264

Empirical Evidence265

Summary267

PartⅤ ORGANIZATION AND STRUCTURE OF MARKETS271

Chapter 14 Primary Markets and the Underwritingof Securities271

Chapter 14 Primary Markets and the Underwriting of Securities271

PartⅤ ORGANIZATION AND STRUCTURE OF MARKETS271

The Traditional Process for Issuing New Securities272

Investment Bankers274

Regulation of the Primary Market275

Variations in the Underwriting Process277

Bought Deal 277·Auction Process278·Preemptive Rights Offering280

Private Placement of Securities282

Chapter 15 Secondary Markets288

Chapter 15 Secondary Markets288

Function of Secondary Markets289

Trading Locations290

Market Structures290

Perfect Markets291

Role of Brokers and Dealers in Real Markets292

Brokers 293·Dealers as Market Makers293

Market Efficiency295

Operational Efficiency295·Pricing Efficiency296

Summary296

Chapter 16 Treasury and Agency Securities Markets300

Part Ⅵ MARKETS FOR GOVERNMENT DEBT300

Part Ⅵ MARKETS FOR GOVERNMENT DEBT300

Treasury Securities301

Types of Treasury Securities301·The Primary Market 302·The Secondary Market306·Stripped Treasury313

Federal Agency Securities316

Government-Sponsored Enterprise Securities316

A Look at Non-U.S. Government Bond Markets319

Summary321

Instruments for Hedging Foreign Exchange Risk324

Chapter 17 Municipal Securities Markets325

Types and Features of Municipal Securities326

General Obligation Bonds326·Revenue Bonds327·Hybrid and Special Bond Securities327·Municipal Note329

Municipal Bond Ratings329

Tax Risks Associated with Investing in Municipal Securities331

The Primary Market332

The Secondary Market332

Yields on Municipal Bonds333

Regulation of the Municipal Securities Market334

Summary335

Part ⅦMARKETS FOR CORPORATE SECURITIES338

Chapter 18 Common Stock Markets in the United States338

Part Ⅶ MARKETS FOR CORPORATE SECURITIES338

Chapter 18 Common Stock Markets in the United States338

Chatacteristics of Common Stock339

Trading Locations339

Srock Exchanges 340·Over-the-Counter Market341·Indeprndent Electronic Trading Systems 341·Trading349

Trading Arrangements for Insritutional Investors350

Block Trades351·Program Trades352

Stock Market Indicators353

Pricing Efficiency of the Stock Market356

Forms of Efficiency 356·Implications for Investing in Common Stock357

Stock Market Crash of 1987358

Summary360

Chapter 19 Stock Markets around the World365

Chapter 17 Municipal Securities Markets365

Chapter19 Stock Markets around the World365

National Stock Markets366

Multiple Listings on National Markets 366·Global Diversification:Correlation of World Equity Market376

Euroequity Lssues378

Global Depository Receipts380

Summary381

Summary384

Chapter 20 Markets for Corporate Senior Instruments:I385

Chapter 20 Markets for Corporate Senior Instruments:I385

Credit Risk and the Role of Rating Companies386

Commercial Paper387

Issuers of Commercial Paper388·Directly Placed versus Dealer-Placed Paper389·Non-US Commerical Pap390

Medium-Term Notes391

Size of Market and Issuers391·The Primary Market*392·Structured MTNs394

Euronotes394

Bank Loans395

Syndicated Bank Loans396·Lease Financing397

Summary398

Chapter 21 Corporate Senior Instruments:II401

Chapter 21 Corporate Senior Instruments:II401

Corporate Bonds402

Basic Features of a Corporate Bond Issue402·Bonds with Special Features 405·Corporate Bond Credit413

PrefernedStock415

Adjustable-Rate Preferred Stock416·Auction and Remarketed Preferred Stock417

Bankruptcy and Creditor Rights418

Summary419

Chapter 22 The Markets for Bank Obligations423

Chapter 22 The Markets for Bank Obligations423

Large-Denomination Negotiable CDs424

Types of Banks Operating in theUnited States424

CD Issuers 425·Yields on CDs426

Federal Funds427

Federal Funds Rate428·Market for Federal Funds428

Bankers Acceptances429

Illustration of the Creation of a Bankers Acceptance 430·Accepting Banks431·Dealers 431·Credit Ri432

Summary432

PartⅧ MORTGAGE AND SECURITIZED ASSET MARKETS435

Chaptetr 23 The Mortgage Market435

Chapter 23 The Mortgage Market435

Part Ⅷ MORTGAGE AND SECURITIZED ASSET MARKETS435

Whta Is a Mortgage?436

Mortgage Origination436

The Mortgage Originataion Process437·The Risks Associated with Mortgage Origination439

Types of Mortgage Design440

Fixed-Rate,Level-Payment,Fully Amortized Mortgages 441·Adjustable-Rate Mortgages444·Other Mortgage446

Investment Risks450

Credit Risk 450·Liquidity Risk450·Price Risk 450·Prepayments and Cash Flow Uncertainty450

Summary451

Chapter 24 Mortgage-Backed Securities Market454

Chapter 24 Mortgage-Backed Securities Market454

Developrnent of the Secondary Mortgage Market455

Foundations of the Mortgage Market 455·Securitization of Mortgages456

Mortgage Pass-Through Securities457

Cash Flow Characteristics457·Issuers of Mortgage Pass-Through Securities 457·Government National M471

Collateralized Mortgage Obligations472

Sequential-Pay CMOs473·Accrual Bonds 478·Planned Amortization Class Tranches479

Stripped Mortgage-Backed Securities483

Yields on Mortgage-Backed Securities484

Summary485

Chapter 25 Asset-Backed Securities Market488

Chapter 25 Asset-Backed Securities Market488

Asset-Backed Securities Issuance489

Cash Flow of Asset-Backed Securities491

Autornobile-LoanBacked Securities493·Credit Card Receivable Asset -Backed Securities493·Home Equit495

Credit Risk495

Summary496

Chapter 26 Financial Futures Markets499

Part Ⅸ MARKETS FOR DERIVATIVE SECURITIES499

Part Ⅸ MARKETS FOR DERLVATIVE SECURITIES499

Chapter 26 Financial Futures Markets499

Futures Contracts500

Futures versus Forward Contracts506

Liquidating a Position501·The Role of the Clearinghouse502·Margin Requirements502·Leveraging Aspe506

The Role of Futures in Financial Markets507

U.S. Financial Futures Markets509

Stock Index Futures Markets 509·Interest Rate Futures Markets510

The GAO Study on Financial Derivatives514

Financial Futures Markets in Other Countries515

Japanese Stock Index Futures516·Japanese Interest Rate Futures516

Forward Rate Agreements517

Summary519

Chapter 27 Options Markets523

Chapter 27 Options Markets523

Options Contracts524

Risk and Return Characteristics of Options526

Differences between Options and Futures Contracts526

Buying Call Options 527·Writing (Selling)Call Options530·Buying Put Options531·Writing (Sellimg)P534

Economic Role of the Option Markets535

U.S.Options Markets537

Stock Options 537·Stock Index Options539·Interest Rate Options542·Exotic Options542

Options Markets Outside the Untied States543

Futures Options544

Mechanics of Trading Futures Options 544·Reasons for Popularity of Futures Options546

Summary546

Chapter 28 Pricing of Futures and Options Contracts550

Chapter 28 Pricing of Futures and Options Contracts550

Pricing of Futures Contracts551

Theoretical Futures Price Based on Arbitrage Model553·Price Convergence at the Delicery Date 556·A556

Pricing of Options559

Basic Components of the Option Price559·Put-CallParity Relationship560·Factors That Influence the568

Summary570

Chapter 29 The Applications of Futures and Options Contracts574

Chapter 29 The Applications of Futures and Options Contracts574

Applications of Futures Contracts575

Stock Index Futures575·Interest Rate Futures578

Applications of Options Contracts580

Stock Options and Stock Index Options 580·Interest Rate Options581

Summary582

Appendix:General Principles of Hedging with Futures583

Chapter 30 Interest Rate Swap and Interest Rate Agreement Market590

Chapter 30 Interest Rate Swap and Interest Rate Agreement Market590

Interest Rate Swaps591

Risk/Return Characteristics of a Swap591·Interpreting a Swap Position 592·Applications595·Reasons608

Interest Rate Agreements610

Risk/Return Characteristics610·Applications612

Summary613

Chapter 31 TheMarket for Foreign Exchange Rate Risk Control Instruments617

Chapter 31 The Market for Foreign Exchange Rate Risk Control Instruments617

Foreign Exchange Rates618

Exchange Rate Quotation Conventions618·Foreign Exchange Risk620

Spot Market621

Cross Rates622·Dealers622·The European Currency Unit623

Currency Forward Contracts624·Currency Future Contracts630·Currency Option Contracts630·Currency631

Summary635

Index639

Index639