Finance A Fine Art

FINANCE 
A fine art......Page 4
Contents......Page 6
Foreword by Sheldon Gordon......Page 8
1 The marketplace......Page 10
The state and the financial markets......Page 12
The capital cities of trade and commerce......Page 16
How stock exchanges began......Page 22
The farmers and financial markets......Page 30
2 The mechanics of financial markets......Page 38
Hard bargaining or software mediation......Page 40
How prices are established on organized markets......Page 44
Bulbs, bubbles and bull markets......Page 46
3 Globalization......Page 55
Common currency......Page 57
Foreign exchanges......Page 64
Finance capital of the world?......Page 71
4 The future is the field of play......Page 75
As time goes by......Page 77
A roll of the dice shall never abolish randomness......Page 88
How normal is it for stock prices to fluctuate?......Page 94
When managing risk, diversify......Page 105
When managing risk, wait and see......Page 113
5 The price of stocks......Page 120
The value of art and the art of value......Page 121
The market will fluctuate......Page 129
Fundamental value and price fluctuations......Page 134
Speculative value......Page 138
6 The derivatives markets......Page 143
Futures and forward contracts......Page 145
Options......Page 163
The risks of derivatives......Page 175
Interest and rent......Page 188
The value of bonds......Page 193
The term structure of interest rates......Page 200
My word is not my bond......Page 203
Capitalism or capitalisms?......Page 210
Managing for value......Page 220
Enterprise value......Page 228
The values of corporate finance......Page 230
9 The investors......Page 242
High net worth individuals......Page 245
Equity funds......Page 252
Hedge funds......Page 264
Pension funds......Page 268
Notes......Page 279
Index......Page 290