Modern financial intermediaries and markets:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Upper Saddle River, NJ
Prentice Hall
1997
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVII, 501 S. graph. Darst. |
| ISBN: | 0131194704 |
Internformat
MARC
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| 245 | 1 | 0 | |a Modern financial intermediaries and markets |c Nasser Arshadi ; Gorden V. Karels |
| 264 | 1 | |a Upper Saddle River, NJ |b Prentice Hall |c 1997 | |
| 300 | |a XVII, 501 S. |b graph. Darst. | ||
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Datensatz im Suchindex
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| adam_text | PART ONE:
FINANCIAL INTERMEDIARIES
CHAPTER 1: A Framework for Studying
Modern Financial Intermediaries
and Markets 1
CHAPTER 2: Why Do Firms Exist? 10
CHAPTER 3: Why Do Financial Intermediaries
Exist? 27
CHAPTER 4: Basic Functions of Depository
Intermediaries 41
CHAPTER 5: Modern Functions of Depository
Intermediaries: Off Balance Sheet,
Loan Sale, and Securitization
Activities 70
CHAPTER 6: Regulation of Depository
Intermediaries 91
CHAPTER 7: The Deposit Insurance
System 120
CHAPTER 8: Nondepository Financial
Intermediaries: Insurance
Companies 149
CHAPTER 9: Nondepository Financial
Intermediaries: Pension Funds,
Mutual Funds, Investment Banks,
and Finance Companies 179
CHAPTER 10: Global Financial
Intermediation 213
PART TWO:
FINANCIAL MARKETS
CHAPTER 11: Market Efficiency and Asset
Pricing 237
CHAPTER 12: The Level and Structure
of Interest Rates 258
CHAPTER 13: Money and Capital Markets . 285
CHAPTER 14: Major Capital Market
Transactions: Takeovers,
Defensive Tactics, and Insider
Trading 321
PART THREE:
FINANCIAL DERIVATIVES
CHAPTER 15: Derivatives and the Management
of Financial Risk 325
CHAPTER 16: Forward and Futures 382
CHAPTER 17: Swaps 413
CHAPTER 18: Options 434
CHAPTER 19: Future Trends in Financial
Intermediaries and Markets . 468
V
Brief Contents
Preface xiii
About the Authors xvii
PART ONE;
FINANCIAL INTERMEDIARIES
CHAPTER 1: A Framework for Studying Modern
Financial Intermediaries and Markets 1
Transaction Costs as the Unifying Theme 1
The Intermediation Process 2
Information Production 2
Risk Intermediation 3
(iCtoz for»l|) C3*
Tempmauntermediation 5
Size Intermediation 5
A Synopsis of the Chapters 5
CHAPTER 2: Why Do Firms Exist? 10
Introduction 10
Behavioral Assumptions 11
Transaction Attributes 12
Asset Specificity 12
Uncertainty 13
Frequency 13
Governance Structures 13
Boundaries of the Firm: Why Do Firms
Outsource? 14
Transaction Costs within the Firm: An Introduction
to Agency Theory 15
Agency Problems and Ownership Structure ... 16
Proprietorships 16
Partnerships 16
Corporations 17
Agency Problems within Corporations 18
Management Perquisite Problem
(Stockholder Management Conflict) 18
Risk Incentive Problem (Stockholder Bondholder
Conflict) . .¦¦ 19
Investment Incentive Problem
(Stockholder Bondholder Conflict) 20
Bankruptcy Disputes (Stockholder Bondholder
Conflict) 21
Information Asymmetry Problem (Old and New
Shareholder Conflict) .... 21
Solutions to Agency Problems within
Corporations 22
Corporate Law as a Means of Efficient
Contracting 22
Corporate Governance as a Means of Mitigating
Management Incentive Problems 23
The Capital Market Solution 23
The Labor Market Solution 24
Signaling and Financial Intermediation as a Means
of Mitigating Information Asymmetry Problems .. 24
Summary 25
Review Questions 25
References 26
CHAPTER 3: Why Do Financial Intermediaries
Exist? 27
Significance of Financial Intermediaries
in the Economy 27
Why Do Financial Intermediaries Exist? 28
The Unique Role of Financial Intermediaries
in Producing Information: The Lemons Problem .. 29
Repeat Business through Intermediaries Reduces
Transaction Costs 31
Confidentiality in Intermediary Customer
Relationship Reduces Transaction Costs
in Producing Information 31
Financial Intermediaries Provide Superior
Monitoring of the Collateral 32
Monitoring by Financial Intermediaries Reduces
Managerial Incentive Problems 32
The Uniqueness of Intermediary Loans 32
The Uniqueness of Intermediary Contingent
Claims 34
Bank Loans and Contingent Agreements Produce
Market Based Ratings 35
Ownership Structure 35
Stock vs. Mutual Ownership: The Case of S Ls .. 35
Stock vs. Mutual Ownership: The Case
of Insurance Companies 37
Summary 39
Review Questions 39
References 39
• ¦
CHAPTER 4: Basic Functions of Depository
Intermediaries 41
The Brokerage Function 41
The Asset Transformation Function 42
Fractional Reserve Banking, Payment System, and
Central Bank: The Goldsmith Analogy 42
The Institutional History 46
Commercial Banks 46
Savings and Loan Associations 48
Credit Unions 49
Mutual Savings Banks 50
Balance Sheet Activities of Depository
Institutions 50
Assets of Depository Institutions 50
Cash and Reserves 50
Securities 52
Federal Funds Sold and Repurchases 52
Loans 52
Other Assets 54
Liabilities and Equity Capital 54
Transaction Accounts 54
Savings Deposits 55
Time Deposits 55
Foreign Deposits , 56
Borrowed Funds 56
Subordinated Debt and Other Liabilities 56
Equity Capital 57
The Income Statement of Depository
Intermediaries 58
Risk in Depository Intermediation 61
Liquidity Risk 61
Credit Risk 63
Interest Rate Risk 64
Summary 66
Review Questions 68
References 69
CHAPTER 5: Modern Functions of Depository
Intermediaries: Off Balance Sheet, Loan Sale,
and Securitization Activities 70
Off Balance Sheet, Loan Sale,
and Securitization Activities as Alternatives
to Traditional Loans 70
Off Balance Sheet Activities 72
Loan Commitments 72
Standby Letters of Credit 74
Commercial Letters of Credit 74
Derivatives 75
The Economic Reasons for the Growth of Derivatives
Supplied by Financial Intermediaries 77
A Look at the Off Balance Sheet Activities of U.S.
Commercial Banks 77
Regulatory Ramifications of Off Balance Sheet
Activities 82
Loan Sales 84
• • •
Vlll
Securitization 85
Pass Through Securities 85
Asset Backed Bonds 87
Collatemlized Mortgage Obligations (CMOs)
and Real Estate Mortgage Investment
Conduits (REMICs) 87
Summary 89
Review Questions 90
References 90
CHAPTER 6: Regulation of Depository
Intermediaries 91
Why Are Depository Financial Intermediaries
Regulated? 91
The Theory of Regulation 92
Public Interest Theory 93
Many Interest Theory 93
Special Interest or Capture Theory 94
Public Choice Theory 95
The Regulatory Cycle 96
Objectives of Financial Regulation 96
Safety and Soundness 96
Consumer and Investor Protection 97
Fairness 98
Information Disclosure 99
Regulatory Conflicts 100
Safety and Soundness vs. Competition 100
Monetary Policy Conflicts 102
Deposit Insurance Conflicts 102
Regulatory Structure 102
Supervisory Agencies for Depository Intermediaries:
The OCC, the Fed, the FDIC, and Others 103
The Cost of Regulation 106
Regulating the Regulators 108
Summary 108
Review Questions 109
References 109
Appendix: The List of Regulations Pertaining
to Depository Intermediaries 110
CHAPTER 7: The Deposit Insurance
System 120
An Overview of Deposit Insurance Problems .. 120
The History of Deposit Insurance 121
Bank Runs and Bank Panics 121
Early Deposit Insurance Schemes 123
The Federal Deposit Insurance Corporation 124
The Disposition of Failed Banks 126
The Savings and Loan Crisis 129
The Incentive Effects of Deposit Insurance 133
The Value of Government Loan Guarantees:
The Chrysler Corporation Case 133
Deposit Insurance and Capital Adequacy 135
Risk Incentive Problem: The Case
of Financial Distress 135
Risk Incentive Problem: The Case
of Healthy Firms 138
Controlling Risk Incentives 139
Risk Adjusted Deposit Insurance Premiums 139
Risk Adjusted Capital Requirements 142
The Outlook for Deposit Insurance 146
Deposit Insurance Proposals 147
Summary 147
Review Questions 148
References 148
CHAPTER 8: Nondepository Financial
Intermediaries: Insurance Companies 149
Recent Trends in the Financial Activities
of Nondepository Financial Intermediaries .... 149
The Economic Principles of Insurance 150
Life Insurance Companies 152
Ordinary Life Insurance 152
Group Life Insurance 154
Industrial Life Insurance 155
Credit Life Insurance 155
The Balance Sheet and Income Statement
of Life Insurance Companies 155
A Global Perspective on Life Insurance 156
Annuities 157
Fixed Dollar Benefit Annuities 158
Variable Dollar Benefit Annuities 160
Health Insurance 160
Incentive Problems in the Health Care System ... 161
The Rising Cost of Health Care Insurance 162
Universal Health Insurance 162
Market Initiatives to Resolve Health Insurance
Problems 163
Government Initiatives to Reduce the Cost
of Health Care 164
Demand for Health Care Reform 165
Property Casualty Insurance 166
Property Casualty Insurance Products 166
Balance Sheet and Income Statement
of the U.S. Property Casualty
Insurance Industry 169
Lloyd s of London 169
The History of Lloyd s of London 170
Market Structure 171
Regulation of Lloyd s 172
Profitability and Financial Position of Lloyd s
of London 173
A Comparison of the Profitability of United States
and United Kingdom Insurance Companies
with That of Lloyd s 175
Summary 176
Review Questions 177
References 178
CHAPTER 9: Nondepository Financial
Intermediaries: Pension Funds, Mutual
Funds, Investment Banks, and Finance
Companies 179
PensionFunds 179
A Historical Perspective on Retirement Funds ... 179
Deflned Contribution Plans 182
Defined Benefit Plans 184
Management of Retirement Assets
and Pension Funds 185
Regulation of Pension Funds 187
The Pension Benefit Guarantee
Corporation (PBGC) 189
Mutual Funds 190
Open End vs. Closed End Funds 190
The Historical Background of Mutual Funds 191
The Evolution of Mutual Funds 191
Types of Mutual Funds 194
Organization of Mutual Funds 194
How Does One Invest in a Mutual Fund 194
Institutional Investors in Mutual Funds 198
A Global Perspective on Mutual Funds 198
Regulation and Taxation of Mutual Funds 201
Investment Banks 202
Primary Functions of Investment Banks 203
Underwriting 204
Trading and Brokerage 205
Research 207
Private Placements 207
Mergers and Acquisitions 207
Funds Management 208
Finance Companies 208
The Balance Sheet of Finance Companies 209
Summary 210
Review Questions 211
References 212
CHAPTER 10: Global Financial
Intermediation 213
Globalization of Financial Intermediation
and Markets 213
Global Financial Intermediation 214
Some Definitions 214
Offshore Banking 216
U.S. Multinational Banking 216
Foreign Banking in the United States 217
Universal Banking 219
The Regulation of Global Financial
Intermediaries 221
International Banking Regulation
in the United States 221
The International Regulation
of International Banking 231
Summary 233
Review Questions 234
References 235
ix
PART TWO:
FINANCIAL MARKETS
IHAPTER11: Market Efficiency and Asset
Mcing 237
Market Efficiency 237
Empirical Evidence on Return Predictability 238
Empirical Evidence from Event Studies 239
Empirical Evidence on Private Information 239
How Efficient Is theMarket? 239
Asset Pricing without Risk 240
Present Value and Future Value of a Sum 240
Perpetuities 242
Present Value and Future Value of an Annuity .. 242
Bond Pricing 243
Pricing Treasury and Corporate Securities 244
Holding Period Return 245
StockPricing 246
Asset Valuation with Risk 247
Risk and Return for a Single Asset 247
Risk and Return for a Portfolio of Assets 249
Capital Asset Pricing Model 250
Arbitrage Pricing Theory (APT) 252
CAPM in the Context of the Corporate
Balance Sheet 252
How Do We Calculate Stock Betas? 253
Summary 255
Review Questions 256
References 256
CHAPTER 12: The Level and Structure
af Interest Rates 258
Determinants of Interest Rates 258
The Loanable Funds Theory of Interest Rates 258
The Liquidity Preference Theory of Interest Rates . 261
The Role of the Federal Reserve in the
Determination of Interest Rates 263
Conduct of Monetary Policy through Changes
in the Discount and Federal Funds Rates 267
The Fed, Interest Rates, and Inflation 270
The Fisher Effect 271
Realized Real Rates 272
TheFed in Practice 273
Term Structure of Interest Rates 274
Pure Expectations Theory 275
Liquidity Premium Theory 278
Preferred Habitat Theory 278
Market Segmentation Theory 278
Term Structure Implications 279
Summary 280
Review Questions 281
References 282
Appendix: The Federal Reserve System 282
CHAPTER 13: Money and Capital Markets . 285
An Overview of Financial Markets 285
Money Markets 288
Treasury Bills 289
Commercial Paper 290
Commercial Letters of Credit and Bankers
Acceptances 290
Eurocurrencies 291
Euronotes and Eurocommercial Paper 291
Capital Markets 293
Treasury Notes and Bonds 293
Agency Debt Securities 293
Municipal Bonds 294
Corporate Bonds 296
Convertibles and Calldbles 298
funk Bonds 299
Eurobonds and Foreign Bonds 301
Floating Rate Notes 306
The Global Equity Market 308
/The Global Equity Market: The Primary
IMarket 308
I The Global Equity Market: The Secondary Market 310
1 Risk Return Trade Offs and Portfolio Diversification
in the Global Equity Market 316
Summary 318
Review Questions 319
References 320
CHAPTER 14: Major Capital Market
Transactions: Takeovers, Defensive Tactics,
and Insider Trading 321
The Structure of the Public Corporation 322
The Internal Mechanism for Disciplining
Management 323
The External Mechanism for Disciplining
Management 324
Corporate Takeovers: Tender Offers 325
Laws Concerning Tender Offers 325
The Valuation Consequences of Tender Offers .... 326
Antitakeover Defensive Tactics 329
Shark Repellents 329
Poison Pills 330
Lock Up Options 331
Litigation 332
Targeted Share Repurchases or Corporate
Greenmail 333
Discriminatory Repurchases 333
Insider Trading 333
Insider Trading Laws 334
Other Laws Applicable to Insider Trading:
The Case of RICO 337
Empirical Evidence on the Effectiveness
of Insider Trading Regulation 338
Policy Implications in Insider Trading 339
Summitry 340
Review Questions 341
References 341
mmimm:
HNMCML OEMVAliVeS
CHAPTER 15: Derivatives and the Management
of Financial Risk 345
The Expansion of Financial Risk Since
the 1970s 34*
Foreign Exchange Risk 346
Commodities Price Risk 348
Interest Rate Risk 348
The Link between Interest Rates. Foreign Exchange
Rates, and Commodities Prices .W
The Development and Expansion of Derivatives
in Response to Increased Financial Risk — ... 350
Derhvlitvs Products for Exchange Rate Risk .... 354
Derivatives Pntducls for Merest Rate Rist ...... 355
Derivatives Products for Commodities Price Risk . 355
Determinants of Demand for Derivatives by
Publicly Held Corporations .......... — 356
Financial Risk Hedging Reduces Corporate
Taxes , 336
Financial Risk Hedging Reduces
Stockholder Bondholder Conflicts 357
A Look at the Deriimtiite Activities
of Corporations 358
Determinants of Demand for Derivatives by Local
Governments and Pension Plans 360
Determinants of the Supply of Derivatives by
Financial intermediaries as Dealers 361
The Evolution of Derivatives intermediation:
Brokerage, Warehousing, and Portfolio
Management 364
The Regulation of OTC Derivatives 365
Examples of Derivatives Blow Ups 365
Summary 374
Review Questions 374
References 375
Appendix: The Group of Thirty s
Recommendations for Good Industry
Practice 375
CHAPTER 16: Forwards and Futures 382
Forward Contracts 382
Foreign Exchange Forwards 383
Interest Rate Fonvards: Forward Rate
Agreements 387
Contracting Issues in the Forward Market 388
Futures 389
Foreign Exchange Futures 390
Interest Rate Futures 391
Commodities Futures .,.,,,.,... ,.,.., 397
ShKk Index Futures ..... —, 397
The Pricing of Futures Contracts , 398
Hedging Strategies 400
MAA of Calculating Hedge Ratios 401
Examples of Hedging Strategies KM
Summary 409
Review Questions 410
References 412
CHAPTER 17: Swaps 413
The Origin and Subsequent Development
of theSwap Market 413
MaforSwap Products 414
The Economic Rationale for the Existence
«f Swaps 415
Why Do Currency Simps Exist? 415
Why Do Interest Rate Swaps Exist? 41ft
Reasons for the Dominant Role of Commercial
Banks in theSwap Market 418
Quotation Conventions and Financial
Intermediation in the Swap Market 419
Interest Rate Swaps 419
Currency Swaps . 419
Swap Pricing 420
Pricing a Fixed la Floating Interest Rate Swap... 420
Pricing a Currency Swap 423
Hedging Strategies Using Swaps 425
Interest Rate Risk Hedging with Swaps 425
Currency Risk Hedging with Swaps 427
The Regulation of Swaps 429
Summary 430
Review Questions 431
References 433
CHAPTER 18: Options 434
Unique Features of Options 434
Buy a Call Option 434
Buy a Put Option 435
Sell a Call Option 436
Sell a Put Option , 436
Combined Options: Buy a Share and a Put,
Buy a Call and Sell a Put, Sell a Call
and Buy a Put 437
Price Quotations for Equity Options 440
Market Risk in Options: Delta, Vega, and Gamma 441
Determinants of Option Prices 441
The Boundaries of Option Values 442
Option Pricing 443
A Two State Option Pricing Model 443
The Black Shales Option Pricing Model 444
Example 1: The Pricing of an Out of the Money
Call and an in the Money Put 445
Example 2: The Pricing of an in lhe Money Call
and an Out of the Money Put 446
XI
Models Relaxing the Assumptions
of the Black Scholes Model 447
Pricing of Equity Options with Dividends 447
Example 3: The Pricing of European Options
with Dividends 450
Equity Index Options 451
The Pricing of Stock Index Options 451
Example 4: The Pricing of Equity Index Options .. 452
Currency Options 452
The Pricing of Currency Options 454
Example 5: The Pricing of European
Currency Options 454
Interest Rate Options 455
Exchange Traded Interest Rate Options:
T Bond Futures Options, Eurodollar Futures
Options, and Others 455
Over the Counter Interest Rate Options: Caps,
Floors, Collars, and Swaptions 457
The Pricing of Interest Rate Futures Options .... 458
Example 6: The Pricing ofOptions on Futures ... 459
The Pricing of Caps and Floors 459
Example 7: The Pricing of an Interest Rate Cap ... 460
Example 8: The Pricing of an Interest Rate Floor .. 461
Example 9: The Pricing of an Interest Rate Collar . 461
The Pricing of Bond Options 462
Example 10: The Pricing of Bond Options 462
Hedging Strategies Using Options 463
Hedging Foreign Exchange Risk Using Options .. 463
Hedging Interest Rate Risk Using Options 465
Summary 466
Review Questions 466
References 467
CHAPTER 19: Future Trends in Financial
Intermediaries and Markets 468
Trends in Financial Intermediaries 468
Consolidation in the Banking Industry 470
The Future of Financial Intermediaries 471
Trends in Financial Markets 473
The First Market 473
The Second Market 474
TheThirdMarket 476
The Fourth Market 477
The Future of Financial Markets 478
Trends in Derivatives and the Management
of Financial Risk 480
Trends in Regulatory Reform 483
Summary 485
Review Questions 486
References 486
Index 487
i
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| geographic | USA |
| geographic_facet | USA |
| id | DE-604.BV011212181 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:05:52Z |
| institution | BVB |
| isbn | 0131194704 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007521230 |
| oclc_num | 34906109 |
| open_access_boolean | |
| owner | DE-739 DE-19 DE-BY-UBM |
| owner_facet | DE-739 DE-19 DE-BY-UBM |
| physical | XVII, 501 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| publisher | Prentice Hall |
| record_format | marc |
| spelling | Arshadi, Nasser Verfasser aut Modern financial intermediaries and markets Nasser Arshadi ; Gorden V. Karels Upper Saddle River, NJ Prentice Hall 1997 XVII, 501 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Financiële instellingen gtt Kapitaalmarkt gtt Mercado de capital larpcal Capital market Financial institutions United States Financial instruments Risk management Finanzintermediäre (DE-588)4113564-7 gnd rswk-swf Derivat Wertpapier (DE-588)4381572-8 gnd rswk-swf USA (DE-588)4123623-3 Lehrbuch gnd-content Finanzintermediäre (DE-588)4113564-7 s DE-604 Derivat Wertpapier (DE-588)4381572-8 s Karels, Gordon V. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007521230&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Arshadi, Nasser Karels, Gordon V. Modern financial intermediaries and markets Financiële instellingen gtt Kapitaalmarkt gtt Mercado de capital larpcal Capital market Financial institutions United States Financial instruments Risk management Finanzintermediäre (DE-588)4113564-7 gnd Derivat Wertpapier (DE-588)4381572-8 gnd |
| subject_GND | (DE-588)4113564-7 (DE-588)4381572-8 (DE-588)4123623-3 |
| title | Modern financial intermediaries and markets |
| title_auth | Modern financial intermediaries and markets |
| title_exact_search | Modern financial intermediaries and markets |
| title_full | Modern financial intermediaries and markets Nasser Arshadi ; Gorden V. Karels |
| title_fullStr | Modern financial intermediaries and markets Nasser Arshadi ; Gorden V. Karels |
| title_full_unstemmed | Modern financial intermediaries and markets Nasser Arshadi ; Gorden V. Karels |
| title_short | Modern financial intermediaries and markets |
| title_sort | modern financial intermediaries and markets |
| topic | Financiële instellingen gtt Kapitaalmarkt gtt Mercado de capital larpcal Capital market Financial institutions United States Financial instruments Risk management Finanzintermediäre (DE-588)4113564-7 gnd Derivat Wertpapier (DE-588)4381572-8 gnd |
| topic_facet | Financiële instellingen Kapitaalmarkt Mercado de capital Capital market Financial institutions United States Financial instruments Risk management Finanzintermediäre Derivat Wertpapier USA Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007521230&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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