金融市场与机构 英文版【2025|PDF|Epub|mobi|kindle电子书版本百度云盘下载】

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PART ⅠOverview of the Financial Environment1

Chapter 1 Role of Financial Markets and Institutions2

Overview of Financial Markets2

Money versttsCapitalMarkets3

Primary versus Secondary Markets3

Organized versus Over-the-Counter Markets3

Securities Traded in Financial Markets3

Money Market Securities3

Capital Market Securities4

Derivative Securities5

Valuation of Securities in Financial Markets6

Market Pricing ofSecurities6

MarketEfficiency8

Financial Market Regulation8

Disclosure8

Other Regulations9

Financial Market Globalization9

Role of the Foreign Exchange Market9

Foreign Exchange Rates10

Role of Financial Institutions in Financial Markets10

Role of Depository Institutions11

Role ofNondepositoryfinancial Institutions13

Comparison of Roles among Financial Institutions18

Overview of Financial Institutions19

Competition between Financial Institutions19

Consolidation of Financial Institutions20

Participation in Financial Markets24

Global Expansion by Financial Institutions27

Summary27

Questions and Applications28

Chapter 2 Determination of Interest Rates30

Loanable Funds Theory30

Household Demand for Loanable Funds31

Business Demand for Loanable Funds31

Government Demandfor Loanable Funds33

Foreign Demand for Loanable Funds33

Aggregate Demandfor Loanable Funds34

Supply of Loanable Funds34

Equilibrium Interest Rate36

Economic Forces That Affect Interest Rates37

Impact of Economic Growth on Interest Rates38

Impact of Inflation on Interest Rates39

Impact ofthe Money Supply on Interest Rates41

Impact of the Budget Deficit on Interest Rates42

Impact of Foreign Flows of Funds on Interest Rates44

Summary of Forces That Affect Interest Rates46

Evaluation of Interest Rates over Time46

Forecasting Interest Rates47

Summary49

Questions and Applications50

Problems52

Chapter 3 Structure of Interest Rates53

Characteristics of Debt Securities That Cause Their Yields to Vary53

Credit (Default) Risk54

Liquidity56

Tax Status56

Term to Maturity57

Special Provisions58

Explaining Actual Yield Difierentials59

Yield Differentials of Money Market Securities59

Yield Differentials of Capital Market Securities60

Estimating the Appropriate Yield61

A Closer Look at the Term Structure62

Pure Expectations Theory63

Liquidity Premium Theory68

Segmented Markets Theory70

Research on Term Structure Theories72

Integrating the Theories of the Term Structure72

Uses of the TemStructure73

Impact of Debt Management on Term Structure75

Impact of September 11 on the Term Structure77

Historical Review of the Term Structure77

International Structure of Interest Rates79

Summary80

Questions and Applications81

Problems82

Integ rative Problem:Interest Rate Forecasts and Investment Decisions83

PART ⅡThe Fed and Monetary Policy85

Chapter 4 Functions of the Fed86

Organization of the Fed86

Federal Reserve District Banks87

Member Banks87

Board of Governors88

Federal Open Market Committee(FOMC)89

Advisory Committees90

Integration of Federal Reserve Components90

Monetary Policy Tools91

Open Market Operations91

Adjusting the Discount Rate95

Adjusting the Reserve Requirement Ratio96

Comparison of Monetary Policy Tools98

Impact of Technical Factors on Funds99

Fed Control of the Money Supply99

Limitations of Controlling Money Supply100

Monetary Control Act of 1980102

Global Monetary Policy103

A Single Euro Zone Monetary Policy103

Global Central Bank Coordination104

Summary104

Questions and Applications105

Chapter 5 Monetary Theory and Policy107

Monetary Theory107

Pure Keynesian Theory107

Quantity Theory and the Monetarist Approach111

Theory of Rational Expectations112

Which Theory is Correct?114

Tradeoff Faced by the Fed114

Impact of Other Forces on the Tradeoff115

Economic Indicators Monitored by the Fed119

Indicators of Economic Growth119

Indicators of Inflation120

How the Fed Uses Indicators120

Lags in Monetary Policy121

Assessing the Impact of Monetary Policy121

Forecasting Money Supply Movements122

Forecasting the Impact of Monetary Policy126

Integrating Monetary and Fiscal Policies127

History128

Monetizing the Debt129

Market Assessment of Integrated Policies131

Global Effects of Monetary Policy131

Impact of the Dollar132

Impact of Global Economic Conditions132

Transmission of Interest Rates132

Fed Policy during the Asian Crisis133

Summary133

Questions and Applications134

Integrative Problem:Fed Watching136

PART ⅢDebt Security Markets139

Chapter 6 Money Markets140

Money Market Securities140

Treasury Bills141

Commercial Paper144

Negotiable Certificates of Deposit(NCDs)146

Repurchase Agreements146

Federal Funds147

Banker's Acceptances148

Institutional Use of Money Markets150

Valuation of Money Market Securities151

Explaining Money Market Price Movements152

Indicators of Future Money Market Security Prices153

Risk of Money Market Securities153

Measuring Risk154

Interaction among Money Market Yields155

Globalization of Money Markets155

Eurodollar Deposits and Euronotes156

Euro-Commercial Paper156

Performance of Foreign Money Market Securities157

Summary158

Questions and Applications159

Problems160

Chapter 7 Bond Markets162

Background on Bonds162

Bond Yields162

Treasury and Federal Agency Bonds163

Treasury Bond Auction163

Trading Treasury Bonds164

Treasury Bond Quotations165

Stripped Treasury Bonds166

Inflation-Indexed Treasury Bonds166

Brady Bonds166

Federal Agency Bonds167

Municipal Bonds167

Trading and Quotations168

Corporate Bonds168

Private Placements of Corporate Bonds169

Characteristics of Corporate Bonds169

Trading Corporate Bonds171

Corporate Bond Quotations171

Junk Bonds172

How Corporate Bonds Facilitate Restructuring175

Institutional Use of Bond Markets176

Globalization of Bond Markets177

Eurobond Market178

Tax Effects179

Summary179

Questions and Applications180

Chapter 8 Bond Valuation and Risk182

Bond Valuation Process182

Bond Valuation with a Present Value Table183

Impact of the Discount Rate on Bond Valuation184

Impact of the Timing of Payments on Bond Valuation184

Valuation of Bonds with Semiannual Payments184

Use of Annuity Tables for Valuation186

Relationships Between Coupon Rate,Required Return,and Bond Price186

Implications for Financial Institutions188

Explaining Bond Price Movements189

Factors That Affct the Risk-Free Rate189

Factors That Affectthe Credit(Default) Risk Premium191

Summary of Factors Affecting Bond Prices193

Sensitivity of Bond Prices to Interest Rate Movements194

Bond Price Elasticity195

Duration197

Bond Investment Strategies Used by Investors199

Matching Strategy199

Laddered Strategy199

Barbell Strategy200

Interest Rate Strategy200

Return and Risk of International Bonds200

Influence of Foreign Interest Rate Movements201

Influence of Credit Risk201

Influence of Exchange Rate Fluctuations201

Intemational Bond Diversification202

Summary203

Questions and Applications203

Problems205

APPENDIX 8:Forecasting Bond Prices and Yields207

Forecasting Bond Portfolio Values209

Forecasting Bond Portfolio Returns210

Chapter 9 Mortgage Markets216

Background on Mortgages216

Residential Mortgage Characteristics217

Insured versus Conventional Mortgages218

Fixed-Rate versus Adjustable-Rate Mortgages218

Mortgage Maturities219

Creative Mortgage Financing221

Graduated-PaymentMortgage(GPM)222

Growing-Equity Mortgage222

Second Mortgage222

Shared-Appreciation Mortgage222

Activities in the Mortgage Market223

How the Secondary Market Facilitates Mortgage Activities223

Unbundling of Mortgage Activities223

Institutional Use of Mortgage Markets224

Valuation of Mortgages226

Factors ThatAffect the Risk-Free Interest Rate227

Factors That Affect the Risk Premium228

Summary of Factors Affecting Mortgage Prices228

Indicators of Changes in Mortgages Prices229

Risk from Investing in Mortgages230

Interest Rate Risk230

Prepayment Risk231

Credit Risk231

Measuring Risk232

Use of Mortgage-Backed Securities233

Ginnie Mae Mortgage-Backed Securities234

Fannie Mae Mortgage-Backed Securities234

Publicly Issued Pass-Through Securities(PIPs)235

Participation Certificates(PC)s235

Collateralized Mortgage Obligations(CMOs)235

Mortgage-Backed Securities for Small Investors236

Globalization of Mortgage Markets237

Summary237

Questions and Applications238

Integrative Problem:Asset Allocation239

PART ⅣEquity Markets241

Chapter 10 Stock Offerings and Investor Monitoring242

Background on Stock242

Ownership and Voting Rights242

Preferred Stock242

Issuer Participation in Stock Markets243

Initial Public Ofierings244

Process of Going Public244

Underwriter Efforts to Ensure Price Stability245

Timing of IPOs247

Initial Returns of IPOs248

Long-Term Performance Following IPOs249

Secondary Stock Offerings250

Shelf-Registration251

Stock Exchanges251

Organized Exchanges251

Over-the-Counter Market253

Consolidation of Stock Exchanges254

Late Trading Provided by Exchanges254

Stock Quotations Provided by Exchanges255

Stock Index Quotations257

Investor Participation in the Secondary Market258

How Investor Decisions Affect the Stock Price259

Types of Investors260

Monitoring by Investors262

Shareholder Activism262

The Corporate Monitoring Role263

Stock Repurchases264

Market for Corporate Control264

Barriers to Corporate Control265

Globalization of Stock Markets266

Foreign Stock Offerings in the United States266

International Placement Process267

Global Stock Exchanges267

Emerging Stock Markets268

Methods Used to Invest in Foreign Stocks269

Summary270

Questions and Applications270

Chapter 11 Stock Valuation and Risk272

Stock Valuation Methods272

Price-Earnings (PE)Method272

Dividend Discount Model273

Adjusting the Dividend Discount Model275

Determining the Required Rate of Return to Value Stocks277

Capital Asset Pricing Model277

Arbitrage Pricing Model279

Factors That Affect Stock Prices279

Economic Factors279

Market-Related Factors281

Firm-Specific Factors282

Integration of Factors Affecting Stock Prices283

Role of Analysts in Valuing Stocks285

Conflicts of Interest285

Impact of Disclosure Regulations285

Unbiased Analyst Rating Services286

Stock Risk286

Measures ofRisk287

Applying Value at Risk290

Methods of Determining the Maximum Expected Loss290

Deriving the Maximum Dollar Loss291

Common Adjustments to the Value-at-Risk Applications292

Forecasting Stock Price Volatility and Beta293

Methods of Forecasting Stock Price Volatility293

Forecasting a Stock Portfolio's Volatility294

Forecasting a Stock Portfolio's Beta294

Stock Performance Measurement295

Sharpe Index295

TreynorIndex295

Stock Market Efficiency296

Forms of Efficiency296

Tests of the Efficient Market Hypothesis297

Foreign Stock Valuation,Performance,and Efficiency299

Valuation of Foreign Stocks299

Measuring Performance from Investing in Foreign Stocks299

Performance from Global Diversification300

International Market Efficiency302

Summary302

Questions and Applications303

Problems304

APPENDIX 11A:Stock Valuation:Lessons from Enron's Demise306

Chapter 12 Market Microstructure and Strategies313

Stock Market Transactions313

Placing an Order313

Margin Trading314

Short Selling316

Investing in Stock Indexes317

How Trades are Executed319

Floor Brokers319

Specialists and Market-Makers319

Electronic Communication Networks(ECNs)320

Program Trading323

Regulation of Stock Trading324

Circuit Breakers324

Securities and Exchange Commission (SEC)324

How Barriers to International Stock Trading Have Decreased327

Reduction in Transaction Costs327

Reduction in Information Costs327

Reduction in Exchange Rate Risk328

Summary328

Questions and Applications328

Problems330

Integrative Problem:Stock Market Analysis331

PART ⅤDerivative Security Markets333

Chapter 13 Financial Futures Markets334

Background on Financial Futures334

Steps Involved in Trading Futures335

Purpose of Trading Financial Futures336

Interpreting Financial Futures Tables336

Valuation of Financial Futures338

Impact of the Opportunity Costs338

Explaining Price Movements of Bond Futures Contracts338

Speculating with Interest Rate Futures340

Impact of Leverage340

Closing Out the Futures Position341

Hedging with Interest Rate Futures342

Using Interest Rate Futures to Create a Short Hedge343

Using Interest Rate Futures to Create a Long Hedge345

Hedging Net Exposure346

Bond Index Futures346

Stock Index Futures347

Valuing Stock Index Futures Contracts348

Speculating with Stock Index Futures349

Hedging with Stock Index Futures349

Dynamic Asset Allocation with Stock Index Futures351

Prices of Stock Index Futures versus Stocks352

Arbitrage with Stock Index Futures352

Circuit Breakers on Stock Index Futures353

Risk of Trading Futures Contracts354

Market Risk354

Basis Risk354

Liquidity Risk355

Credit Risk355

Prepayment Risk355

Operational Risk355

Regulation in the Futures Markets356

Institutional Use of Futures Markets356

Globalization of Futures Markets357

Non-U.S.Participation in U.S.Futures Contracts357

Foreign Stock Index Futures357

Currency Futures Contracts358

Summary359

Questions and Applications359

Problems361

Chapter 14 Options Markets362

Background on Options362

Markets Used to Trde Options363

How Option TradesAre Executed364

Types of Orders365

Stock Option Quotations365

Speculating with Stock Options366

Speculating with Call Options366

Speculating with Put Options368

Determinants of Stock Option Premiums370

Determinants of Call Option Premiums370

Determinants of Put Option Premiums371

Explaining Change In Option Premiums373

Indicators Monitored by Participants in the Options Market374

Hedging with Stock Options375

Hedging with Call Options375

Hedging with Put Options375

Using Options to Measure a Stock's Risk377

Stock Index Options377

Hedging with Stock Index Options378

Dynamic Asset Allocation with Stock Index Options378

Using Index Options to Measure the Market's Risk379

Options on Futures Contracts381

Speculating with Options on Futures381

Hedging with Options on Futures384

Hedging with Options on Interest Rate Futures384

Hedging with Options on Stock Index Futures386

Institutional Use of Options Markets387

Globalization of Options Markets388

Currency Options Contracts388

Summary389

Questions and Applications389

Problems391

APPENDIX 14:Option Valuation393

Chapter 15 Interest Rate Derivative Markets401

Background401

Participation by Financial Institutions403

Types of Interest Rate Swaps404

Plain Vanilla Swaps405

Forward Swaps405

Callable Swaps407

Putable Swaps408

Extendable Swaps408

Zero-Coupon-for-Floating Swaps409

Rate-Capped Swaps409

Equity Swaps410

Other Types of Swaps411

Risk of Interest Rate Swaps412

Basis Risk412

Credit Risk413

Sovereign Risk413

Pricing Interest Rate Swaps414

Prevailing Market Interest Rates414

Availability of Counterparties414

Credit and Sovereign Risk414

Factors Affecting the Performance of Interest Rate Swaps414

Indicators Monitored by Participants in the Swap Market415

Interest Rate Caps,Floors,and Collars416

Interest Rate Caps416

Interest Rate Floors417

Interest Rate Collars417

Globalization of Swap Markets419

Currency Swaps420

Risk of Currency Swaps422

Summary422

Questions and Applications422

Problems423

Chapter 16 Foreign Exchange Derivative Markets425

Background on Foreign Exchange Markets425

Institutional Use of Foreign Exchange Markets426

Exchange Rate Quotations427

Types of Exchange Rate Systems427

Factors Affecting Exchange Rates430

Differential Inflation Rates431

Diffrential Interest Rates431

Central Bank Intervention432

Indirect Intervention433

Foreign Exchange Contracts434

Movements in Exchange Rates434

Forecasting Exchange Rates434

Technical Forecasting435

Fundamental Forecasting436

Market-Based Forecasting437

Mixed Forecasting437

Forecasting Exchange Rate Volatility438

Speculation in Foreign Exchange Markets440

Foreign Exchange Derivatives440

Forward Contracts441

Currency Futures Contracts442

Currency Swaps442

Currency Options Contracts442

Use of Foreign Exchange Derivatives for Speculating444

International Arbitrage446

Locational Arbitrage446

Covered Interest Arbitrage447

Explaining Price Movements of Foreign Exchange Derivatives449

Indicators of Foreign Exchange Derivative Prices449

Summary450

Questions and Applications451

Problems452

APPENDIX 16A:Impact of the Asian Crisis on Foreign Exchange Markets and Other Financial Markets453

APPENDIX 16B:Currency Option Pricing463

Integrative Problem:Choosing among Derivative Securities467