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دانلود کتاب Financial markets and institutions
دانلود کتاب بازارها و موسسات مالی
مشخصات کتاب
Financial markets and institutions
ویرایش: [Eighth ed.] نویسندگان: Otgontsetseg Erhemjamts, Anthony Saunders, Marcia Millon Cornett سری: ISBN (شابک) : 9781260772401, 1264098723 ناشر: سال نشر: 2022 تعداد صفحات: [833] زبان: English فرمت فایل : PDF (درصورت درخواست کاربر به PDF، EPUB یا AZW3 تبدیل می شود) حجم فایل: 20 Mb
قیمت کتاب (تومان) : 46,000
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توضیحاتی در مورد کتاب بازارها و موسسات مالی
30 سال گذشته برای صنعت خدمات مالی بسیار چشمگیر بوده است. در دهه های 1990 و 2000، مرزهای بین بخش های صنعتی سنتی، مانند بانکداری تجاری و بانکداری سرمایه گذاری، از بین رفت و رقابت به طور فزاینده ای ماهیت جهانی پیدا کرد. نیروهای بسیاری در این فروپاشی نقش داشتند. در بین صنایع و موانع بین کشوری، از جمله نوآوری مالی، فناوری، مالیات و مقررات. سپس در سال های 2008-2009، صنعت خدمات مالی بدترین بحران مالی را از زمان رکود بزرگ تجربه کرد. حتی تا اواسط دهه 2010، اقتصادهای ایالات متحده و جهان با این کتاب در این زمینه نوشته شده است. با تغییر محیط های اقتصادی و رقابتی، توجه به سود و بیش از هر زمان دیگری، ریسک اهمیت فزاینده ای پیدا می کند. این کتاب تحلیلی منحصر به فرد از خطرات پیش روی تعامل سرمایه گذاران و پس انداز کنندگان از طریق مؤسسات مالی و بازارهای مالی و همچنین استراتژی هایی که می توان برای کنترل و مدیریت بهتر این ریسک ها اتخاذ کرد. همچنین تأکید ویژه ای بر حوزه های عملیاتی جدید در بازارها و مؤسسات مالی مانند اوراق بهادار دارایی ها، فعالیت های خارج از ترازنامه و جهانی شدن خدمات مالی است.
توضیحاتی درمورد کتاب به خارجی
"The last 30 years have been dramatic for the financial services industry. In the1990s and 2000s, boundaries between the traditional industry sectors, such as commercial banking and investment banking, broke down and competition became increasingly global in nature. Many forces contributed to this breakdown in interindustry and intercountry barriers, including financial innovation, technology, taxation, and regulation. Then in 2008-2009, the financial services industry experienced the worst financial crisis since the Great Depression. Even into the mid-2010s, the U.S. and world economies have not recovered from this crisis. It is in this context that this book is written. As the economic and competitive environments change, attention to profit and, more than ever, risk become increasingly important. This book offers a unique analysis of the risks faced by investors and savers interacting through both financial institutions and financial markets, as well as strategies that can be adopted for controlling and better managing these risks. Special emphasis is also put on new areas of operations in financial markets and institutions such as asset securitization, off-balance-sheet activities, and globalization of financial services"--
فهرست مطالب
Cover Financial Markets and Institutions Dedication About the Authors Preface Acknowledgments Contents in Brief Contents Part 1: Introduction and Overview of Financial Markets 1: Introduction Why Study Financial Markets and Institutions? Chapter Overview Overview of Financial Markets Primary Markets versus Secondary Markets Money Markets versus Capital Markets Foreign Exchange Markets Derivative Security Markets Financial Market Regulation Overview of Financial Institutions Unique Economic Functions Performed by Financial Institutions Additional Benefits FIs Provide to Suppliers of Funds Economic Functions FIs Provide to the Financial System as a Whole Risks Incurred by Financial Institutions Regulation of Financial Institutions Trends in the United States Globalization of Financial Markets and Institutions Appendix 1: The Financial Crisis: The Failure of Financial Institutions’ Specialness 2: Determinants of Interest Rates Interest Rate Fundamentals: Chapter Overview Loanable Funds Theory Supply of Loanable Funds Demand for Loanable Funds Equilibrium Interest Rate Factors That Cause the Supply and Demand Curves for Loanable Funds to Shift Movement of Interest Rates over Time Determinants of Interest Rates for Individual Securities Inflation Real Risk-Free Rates Default or Credit Risk Liquidity Risk Special Provisions or Covenants Term to Maturity Term Structure of Interest Rates Unbiased Expectations Theory Liquidity Premium Theory Market Segmentation Theory Forecasting Interest Rates Time Value of Money and Interest Rates Time Value of Money Lump Sum Valuation Annuity Valuation 3: Interest Rates and Security Valuation Interest Rates as a Determinant of Financial Security Values: Chapter Overview Various Interest Rate Measures Coupon Rate Required Rate of Return Expected Rate of Return Required versus Expected Rates of Return: The Role of Efficient Markets Realized Rate of Return Bond Valuation Bond Valuation Formula Used to Calculate Fair Present Values Bond Valuation Formula Used to Calculate Yield to Maturity Equity Valuation Zero Growth in Dividends Constant Growth in Dividends Supernormal (or Nonconstant) Growth in Dividends Impact of Interest Rate Changes on Security Values Impact of Maturity on Security Values Maturity and Security Prices Maturity and Security Price Sensitivity to Changes in Interest Rates Impact of Coupon Rates on Security Values Coupon Rate and Security Price Coupon Rate and Security Price Sensitivity to Changes in Interest Rates Duration A Simple Illustration of Duration A General Formula for Duration Features of Duration Economic Meaning of Duration Large Interest Rate Changes and Duration Appendix 3A: Duration and Immunization Appendix 3B: More on Convexity 4: The Federal Reserve System, Monetary Policy, and Interest Rates Major Duties and Responsibilities of the Federal Reserve System: Chapter Overview Structure of the Federal Reserve System Organization of the Federal Reserve System Board of Governors of the Federal Reserve System Federal Open Market Committee Functions Performed by Federal Reserve Banks Balance Sheet of the Federal Reserve Monetary Policy Tools Open Market Operations The Discount Rate Reserve Requirements (Reserve Ratios) The Federal Reserve, the Money Supply, and Interest Rates Effects of Monetary Tools on Various Economic Variables Money Supply versus Interest Rate Targeting International Monetary Policies and Strategies Systemwide Rescue Programs Employed during the Financial Crisis Challenges Remain after the Crisis Part 2: Securities Markets 5: Money Markets Definition of Money Markets: Chapter Overview Money Markets Yields on Money Market Securities Bond Equivalent Yields Effective Annual Return Discount Yields Single-Payment Yields Money Market Securities Treasury Bills Federal Funds Repurchase Agreements Commercial Paper Negotiable Certificates of Deposit Banker’s Acceptances Comparison of Money Market Securities Money Market Participants The U.S. Treasury The Federal Reserve Commercial Banks Money Market Mutual Funds Brokers and Dealers Corporations Other Financial Institutions Individuals International Aspects of Money Markets Euro Money Markets Appendix 5A: Single versus Discriminating Price Treasury Auctions Appendix 5B: Creation of a Banker’s Acceptance 6: Bond Markets Definition of Bond Markets: Chapter Overview Bond Market Securities Treasury Notes and Bonds Municipal Bonds Corporate Bonds Bond Ratings and Interest Rate Spreads Bond Market Indexes Bond Market Participants Comparison of Bond Market Securities International Aspects of Bond Markets Eurobonds, Foreign Bonds, and Sovereign Bonds 7: Mortgage Markets Mortgages and Mortgage-Backed Securities: Chapter Overview Primary Mortgage Market Mortgage Characteristics Mortgage Amortization Other Types of Mortgages Secondary Mortgage Markets History and Background of Secondary Mortgage Markets Mortgage Sales Mortgage-Backed Securities Participants in the Mortgage Markets International Trends in Securitization Appendix 7A: Amortization Schedules for 30-Year Mortgage in Example 7–2 and No-Points versus Points Mortgages in Example 7–4 8: Stock Markets The Stock Markets: Chapter Overview Stock Market Securities Common Stock Preferred Stock Primary and Secondary Stock Markets Primary Stock Markets Secondary Stock Markets Stock Market Indexes Stock Market Participants Other Issues Pertaining to Stock Markets Economic Indicators Market Efficiency Stock Market Regulations International Aspects of Stock Markets Appendix 8A: The Capital Asset Pricing Model Appendix 8B: Event Study Tests 9: Foreign Exchange Markets Foreign Exchange Markets and Risk: Chapter Overview Background and History of Foreign Exchange Markets Foreign Exchange Rates and Transactions Foreign Exchange Rates Foreign Exchange Transactions Return and Risk of Foreign Exchange Transactions Role of Financial Institutions in Foreign Exchange Transactions Interaction of Interest Rates, Inflation, and Exchange Rates Purchasing Power Parity Interest Rate Parity Appendix 9A: Balance of Payment Accounts 10: Derivative Securities Markets Derivative Securities: Chapter Overview Forwards and Futures Spot Markets Forward Markets Futures Markets Options Call Options Put Options Option Values Option Markets Regulation of Futures and Options Markets Swaps Interest Rate Swaps Currency Swaps Credit Swaps Swap Markets Caps, Floors, and Collars International Aspects of Derivative Securities Markets Appendix 10A: Black–Scholes Option Pricing Model Part 3: Commercial Banks 11: Commercial Banks Commercial Banks as a Sector of the Financial Institutions Industry: Chapter Overview Definition of a Commercial Bank Balance Sheets and Recent Trends Assets Liabilities Equity Off-Balance-Sheet Activities Other Fee-Generating Activities Size, Structure, and Composition of the Industry Bank Size and Concentration Bank Size and Activities Industry Performance Regulators Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Federal Reserve System State Authorities Global Issues Advantages and Disadvantages of International Expansion Global Banking Performance 12: Commercial Banks’ Financial Statements and Analysis Why Evaluate the Performance of Commercial Banks? Chapter Overview Financial Statements of Commercial Banks Balance Sheet Structure Off-Balance-Sheet Assets and Liabilities Other Fee-Generating Activities Income Statement Direct Relationship between the Income Statement and the Balance Sheet Financial Statement Analysis Using a Return on Equity Framework Return on Equity and Its Components Return on Assets and Its Components Other Ratios Impact of Market Niche and Bank Size on Financial Statement Analysis Impact of a Bank’s Market Niche Impact of Size on Financial Statement Analysis 13: Regulation of Commercial Banks Specialness and Regulation: Chapter Overview Types of Regulations and the Regulators Safety and Soundness Regulation Monetary Policy Regulation Credit Allocation Regulation Consumer Protection Regulation Investor Protection Regulation Entry and Chartering Regulation Regulators Regulation of Product and Geographic Expansion Product Segmentation in the U.S. Commercial Banking Industry Geographic Expansion in the U.S. Commercial Banking Industry Bank and Savings Institution Guarantee Funds The Federal Deposit Insurance Corporation (FDIC) The Demise of the Federal Savings and Loan Insurance Corporation (FSLIC) Reform of Deposit Insurance Non–U.S. Deposit Insurance Systems Balance Sheet Regulations Regulations on Commercial Bank Liquidity Regulations on Capital Adequacy (Leverage) Foreign Versus Domestic Regulation of Commercial Banks Product Diversification Activities Global or International Expansion Activities Appendix 13A: Calculation of Deposit Insurance Premiums Appendix 13B: Calculating Minimum Required Reserves at U.S. Depository Institutions Appendix 13C: Primary Regulators of Depository Institutions Appendix 13D: Deposit Insurance Coverage for Commercial Banks in Various Countries Appendix 13E: Calculating Risk-Based Capital Ratios Part 4: Other Financial Institutions 14: Other Lending Institutions Other Lending Institutions: Chapter Overview Savings Institutions Size, Structure, and Composition of the Industry Balance Sheets and Recent Trends Regulators Savings Institution Recent Performance Credit Unions Size, Structure, and Composition of the Industry Balance Sheets and Recent Trends Regulators Industry Performance Finance Companies Size, Structure, and Composition of the Industry Balance Sheets and Recent Trends Industry Performance Regulation Global Issues 15: Insurance Companies Two Categories of Insurance Companies: Chapter Overview Life Insurance Companies Size, Structure, and Composition of the Industry Balance Sheets and Recent Trends Regulation Property–Casualty Insurance Companies Size, Structure, and Composition of the Industry Balance Sheets and Recent Trends Regulation Global Issues 16: Securities Firms and Investment Banks Services Offered by Securities Firms Versus Investment Banks: Chapter Overview Size, Structure, and Composition of the Industry Securities Firm and Investment Bank Activity Areas Investment Banking Venture Capital Market Making Trading Investing Cash Management Mergers and Acquisitions Other Service Functions Recent Trends and Balance Sheets Recent Trends Balance Sheets Regulation Global Issues 17: Investment Companies Investment Companies: Chapter Overview Size, Structure, and Composition of the Mutual Fund Industry Historical Trends Different Types of Mutual Funds Other Types of Investment Company Funds Mutual Fund Returns and Costs Mutual Fund Prospectuses and Objectives Investor Returns from Mutual Fund Ownership Mutual Fund Costs Mutual Fund Balance Sheets and Recent Trends Long-Term Funds Money Market Funds Mutual Fund Regulation Mutual Fund Global Issues Hedge Funds Types of Hedge Funds Fees on Hedge Funds Offshore Hedge Funds Regulation of Hedge Funds 18: Pension Funds Pension Funds Defined: Chapter Overview Size, Structure, and Composition of the Industry Defined Benefit versus Defined Contribution Pension Funds Insured versus Noninsured Pension Funds Private Pension Funds Public Pension Funds Financial Asset Investments and Recent Trends Private Pension Funds Public Pension Funds Regulation Global Issues Appendix 18A: Calculation of Growth in IRA Value during an Individual’s Working Years 19: Fintech Companies Introduction The Evolution of Fintech Changing Relationship Between Banks and Fintechs Banking-as-a-Service The Types of Fintech Innovations Payments, Clearing, and Settlement Services Market Support Services Credit, Deposit, and Capital-Raising Services Investment Management Services Regulatory Approaches to Fintech Fintech Charters and Other Licenses International Regulations Part 5: Risk Management in Financial Institutions 20: Types of Risks Incurred by Financial Institutions Why Financial Institutions Need to Manage Risk: Chapter Overview Credit Risk Liquidity Risk Interest Rate Risk Market Risk Off-Balance-Sheet Risk Foreign Exchange Risk Country Or Sovereign Risk Technology and Operational Risk Fintech Risk Insolvency Risk Other Risks and Interaction Among Risks 21: Managing Credit Risk on the Balance Sheet Credit Risk Management: Chapter Overview Credit Quality Problems Credit Analysis Real Estate Lending Consumer (Individual) and Small-Business Lending Mid-Market Commercial and Industrial Lending Large Commercial and Industrial Lending Calculating the Return on a Loan Return on Assets (ROA) RAROC Models Appendix 21: Loan Portfolio Risk and Management 22: Managing Liquidity Risk on the Balance Sheet Liquidity Risk Management: Chapter Overview Causes of Liquidity Risk Liquidity Risk and Depository Institutions Liability-Side Liquidity Risk Asset-Side Liquidity Risk Measuring a DI’s Liquidity Exposure Liquidity Risk, Unexpected Deposit Drains, and Bank Runs Bank Runs, the Discount Window, and Deposit Insurance Liquidity Risk and Insurance Companies Life Insurance Companies Property–Casualty Insurance Companies Guarantee Programs for Life and Property–Casualty Insurance Companies Liquidity Risk and Investment Funds Appendix 22A: Statements of Cash Flows, JPMorgan Chase, 2017–2019 Appendix 22B: New Liquidity Risk Measures Implemented by the Bank for International Settlements 23: Managing Interest Rate Risk and Insolvency Risk on the Balance Sheet Interest Rate and Insolvency Risk Management: Chapter Overview Interest Rate Risk Measurement and Management Repricing Gap Model Duration Gap Model Insolvency Risk Management Capital and Insolvency Risk 24: Managing Risk off the Balance Sheet with Derivative Securities Derivative Securities Used to Manage Risk: Chapter Overview Forward and Futures Contracts Hedging with Forward Contracts Hedging with Futures Contracts Options Basic Features of Options Actual Interest Rate Options Hedging with Options Caps, Floors, and Collars Risks Associated with Futures, Forwards, and Options Swaps Hedging with Interest Rate Swaps Hedging with Currency Swaps Credit Swaps Credit Risk Concerns with Swaps Comparison of Hedging Methods Writing versus Buying Options Futures versus Options Hedging Swaps versus Forwards, Futures, and Options Appendix 24A: Hedging with Futures Contracts Appendix 24B: Hedging with Options Appendix 24C: Hedging with Caps, Floors, and Collars 25: Managing Risk off the Balance Sheet with Loan Sales and Securitization Why Financial Institutions Sell and Securitize Loans: Chapter Overview Loan Sales Types of Loan Sales Contracts The Loan Sales Market Secondary Market for Less Developed Country Debt Factors Encouraging Future Loan Sales Growth Factors Deterring Future Loan Sales Growth Loan Securitization Pass-Through Security Collateralized Mortgage Obligation Mortgage-Backed Bond Securitization of Other Assets Can All Assets Be Securitized? References Index
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