Introduction to the economics of financial markets:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Oxford [u.a.]
Oxford Univ. Press
2007
|
| Schlagworte: | |
| Online-Zugang: | Klappentext Inhaltsverzeichnis |
| Beschreibung: | XVII, 489 S. graph. Darst. |
| ISBN: | 9780195310634 0195310632 |
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| 245 | 1 | 0 | |a Introduction to the economics of financial markets |c James Bradfield |
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Datensatz im Suchindex
| _version_ | 1804136556871548928 |
|---|---|
| adam_text | There are many textbooks for business students that provide a systematic, introductory development of
the economics of financial markets. However, there are as yet no introductory textbooks aimed at more
easily daunted undergraduate liberal arts students. Introduction to the Economics of Financial Markets
fills this gap by providing an extremely accessible introductory exposition of how economists analyze
both how, and how well, financial markets organize the
intertemporal
allocation of scarce resources.
The central theme is that the function of a system of financial markets is to enable consumers,
investors, and managers of firms to effect mutually beneficial
intertemporal
exchanges. James Bradfield
uses the standard concept of economic efficiency (Pareto optimality) to assess the efficacy of the finan¬
cial markets. He presents an intuitive, and introductory, understanding of the primary theoretical and
empirical models that economists use to analyze financial markets, and then uses these models to dis¬
cuss implications for public policy. Students who use this text will acquire an understanding of the
economics of financial markets that will enable them to read, with some sophistication, articles in
the public press about financial markets and about public policy toward those markets. The book is
addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and
beginning graduate students in programs of business administration who want an understanding of
how economists assess financial markets against the criteria of allocative and informational efficiency.
James Bradfield is the Leavenworth Professor of Economics at Hamilton College. He has taught
courses in mathematical economics, microeconomics, and financial markets. He holds
а В Л.,
M./l,
and Ph.D. from the University of Rochester.
CONTENTS PARTT INTRODUCTION 1 THE ECONOMICS OF FINANCIAL MARKETS 3 1.1
THE ECONOMIC FUNCTION OF A FINANCIAL MARKET 3 1.2 THE INTENDED READERS
FOR THIS BOOK 3 1.3 THREE KINDS OF TRADE-OFFS 3 1.4 MUTUALLY BENEFICIAL
INTERTEMPORAL EXCHANGES 5 1.5 ECONOMIC EFFICIENCY AND MUTUALLY
BENEFICIAL EXCHANGES 8 1.6 EXAMPLES OF MARKET FAILURES 11 1.7 ISSUES IN
PUBLIC POLICY 14 1.8 THE PLAN OF THE BOOK 14 PROBLEMS 16 NOTES 16 2
FINANCIAL MARKETS AND ECONOMIC EFFICIENCY 19 2.1 FINANCIAL SECURITIES 19
2.2 TRANSACTION COSTS 26 2.3 LIQUIDITY 26 2.4 THE PROBLEM OF ASYMMETRIC
INFORMATION 29 2.5 THE PROBLEM OF AGENCY 36 2.6 FINANCIAL MARKETS AND
INFORMATIONAL EFFICIENCY 38 PROBLEMS 41 NOTES 42 PART H INTERTEMPORAL
ALLOCATION BY CONSUMERS AND FIRMS WHEN FUTURE PAYMENTS ARE CERTAIN 3 THE
FUNDAMENTAL ECONOMICS OF INTERTEMPORAL ALLOCATION 47 3.1 THE PLAN OF THE
CHAPTER 47 3.2 A PRIMITIVE ECONOMY WITH NO TRADING 47 XI XII CONTENTS
3.3 A PRIMITIVE ECONOMY WITH TRADING, BUT WITH NO MARKETS 51 3.4 THE
ASSUMPTION THAT FUTURE PAYMENTS ARE KNOWN WITH CERTAINTY TODAY 57 3.5
ABSTRACTING FROM FIRMS 58 3.6 THE DISTINCTION BETWEEN INCOME AND WEALTH
59 3.7 INCOME, WEALTH, AND PRESENT VALUES 60 PROBLEMS 66 NOTES 67 4 THE
FISHER DIAGRAM FOR OPTIMAL INTERTEMPORAL ALLOCATION 69 4.1 THE
INTERTEMPORAL BUDGET LINE 69 4.2 INTERTEMPORAL INDIFFERENCE CURVES 75
4.3 ALLOCATING WEALTH TO MAXIMIZE INTERTEMPORAL UTILITY 80 4.4 MUTUALLY
BENEFICIAL EXCHANGES 82 4.5 THE EFFICIENT LEVEL OF INVESTMENT 85 4.6 THE
IMPORTANCE OF INFORMATIONAL EFFICIENCY IN THE PRICES OF FINANCIAL
SECURITIES 91 NOTES 92 5 MAXIMIZING LIFETIME UTILITY IN A FIRM WITH MANY
SHAREHOLDERS 93 5.1 THE PLAN OF THE CHAPTER 93 5.2 A FIRM WITH MANY
SHAREHOLDERS 94 5.3 A PROFITABLE INVESTMENT PROJECT 100 5.4 FINANCING
THE NEW PROJECT 102 5.5 CONCLUSION 108 PROBLEMS 109 NOTES 110 6 A
TRANSITION TO MODELS IN WHICH FUTURE OUTCOMES ARE UNCERTAIN 111 6.1 A
BRIEF REVIEW AND THE PLAN OF THE CHAPTER 111 6.2 RISK AND RISK AVERSION
112 6.3 A SYNOPSIS OF MODERN PORTFOLIO THEORY 113 6.4 A MODEL OF A FIRM
WHOSE FUTURE EARNINGS ARE UNCERTAIN: TWO ADJ ACENT FARMS 118 6.5
MUTUALLY BENEFICIAL EXCHANGES: A CONTRACTUAL CLAIM AND A RESIDUAL CLAIM
120 6.6 THE EQUILIBRIUM PRICES OF THE BOND AND THE STOCK 122 6.7
CONCLUSION 124 PROBLEMS 125 NOTES 126 CONTENTS XIII RATES OF RETURN AS
RANDOM VARIABLES 7 PROBABILISTIC MODELS 131 7.1 THE OBJECTIVES OF USING
PROBABILISTIC MODELS 131 7.2 RATES OF RETURN AND PRICES 132 7.3 RATES OF
RETURN AS RANDOM VARIABLES 136 7.4 NORMAL PROBABILITY DISTRIBUTIONS 138
7.5 A JOINT PROBABILITY DISTRIBUTION FOR TWO DISCRETE RANDOM VARIABLES
142 7.6 A SUMMARY THUS FAR 146 7.7 THE EFFECT OF THE PRICE OF A SECURITY
ON THE EXPECTED VALUE OF ITS RATE OF RETURN 146 7.8 THE EFFECT OF THE
PRICE OF A SECURITY ON THE STANDARD DEVIATION OF ITS RATE OF RETURN 150
7.9 A LINEAR MODEL OF THE RATE OF RETURN 150 7.10 REGRESSION LINES AND
CHARACTERISTIC LINES 154 7.11 THE PARAMETER P ( . AS THE QUANTITY OF
RISK IN SECURITY I 157 7.12 CORRELATION 158 7.13 SUMMARY 160 PROBLEMS
160 NOTES 161 PORTFOLIO THEORY AND CAPITAL ASSET PRICING THEORY 8
PORTFOLIO THEORY 167 8.1 INTRODUCTION 167 8.2 PORTFOLIOS AS SYNTHETIC
SECURITIES 169 8.3 PORTFOLIOS CONTAINING TWO RISKY SECURITIES 170 8.4
THE TRADE-OFF BETWEEN THE EXPECTED VALUE AND THE STANDARD DEVIATION OF
THE RATE OF RETURN ON A PORTFOLIO THAT CONTAINS TWO SECURITIES 172 8.5 A
SIMPLE NUMERICAL EXAMPLE TO SHOW THE EFFECT OF P AB ON THE TRADE-OFF
BETWEEN EXPECTED RETURN AND STANDARD DEVIATION 182 8.6 THE SPECIAL CASES
OF PERFECT POSITIVE AND PERFECT NEGATIVE CORRELATION 189 8.7 TRADE-OFFS
BETWEEN EXPECTED RETURN AND STANDARD DEVIATION FOR PORTFOLIOS THAT
CONTAIN N RISKY SECURITIES 198 8.8 SUMMARY 198 PROBLEMS 199 NOTES 200 9
THE CAPITAL ASSET PRICING MODEL 201 9.1 INTRODUCTION 201 9.2 CAPITAL
MARKET THEORY AND PORTFOLIO THEORY 205 XIV CONTENTS 9.3 THE
MICROECONOMIC FOUNDATIONS OF THE CAPM 206 9.4 THE THREE EQUATIONS OF THE
CAPM 207 9.5 A SUMMARY OF THE INTUITIVE INTRODUCTION TO THE CAPM 214,
9.6 THE DERIVATION OF THE CAPITAL MARKET LINE 215 9.7 THE DERIVATION OF
THE SECURITY MARKET LINE 221 9.8 INTERPRETING F$ ( - AS THE MARGINAL
EFFECT OF SECURITY I ON THE TOTAL RISK IN THE INVESTOR S PORTFOLIO 229
9.9 SUMMARY 230 PROBLEM 232 NOTES 232 10 MULTIFACTOR MODELS FOR PRICING
SECURITIES 235 10.1 INTRODUCTION 235 10.2 ANALOGIES AND AN IMPORTANT
DISTINCTION BETWEEN THE CAPITAL ASSET PRICING MODEL AND MULTIFACTOR
MODELS 236 10.3 A HYPOTHETICAL TWO-FACTOR ASSET PRICING MODEL 237 10.4
THE THREE-FACTOR MODEL OF FAMA AND FRENCH 241 10.5 THE FIVE-FACTOR MODEL
OF FAMA AND FRENCH 245 10.6 THE ARBITRAGE PRICING THEORY 246 10.7
SUMMARY 249 APPENDIX: ESTIMATING THE VALUES OF (3 AND A. FOR A
TWO-FACTOR MODEL 249 PROBLEM 251 NOTES 252 THE INFORMATIONAL AND
ALLOCATIVE EFFICIENCY OF FINANCIAL MARKETS: THE CONCEPTS 11 THE
EFFICIENT MARKETS HYPOTHESIS 257 11.1 INTRODUCTION 257 11.2
INFORMATIONAL EFFICIENCY, RATIONALITY, AND THE JOINT HYPOTHESIS 261 11.3
A SIMPLE EXAMPLE OF INFORMATIONAL EFFICIENCY 265 11.4 A SECOND EXAMPLE
OF INFORMATIONAL EFFICIENCY: PREDICTABILITY OF RETURNS*BUBBLES OR
RATIONAL VARIATIONS OF EXPECTED RETURNS? 271 11.5 INFORMATIONAL
EFFICIENCY AND THE PREDICTABILITY OF RETURNS 274 11.6 INFORMATIONAL
EFFICIENCY AND THE SPEED OF ADJUSTMENT OF PRICES TO PUBLIC INFORMATION
276 11.7 INFORMATIONAL EFFICIENCY AND THE SPEED OF ADJUSTMENT OF PRICES
TO PRIVATE INFORMATION 277 11.8 INFORMATION TRADING, LIQUIDITY TRADING,
AND THE COST OF CAPITAL FOR A FIRM 279 11.9 DISTINGUISHING AMONG
EQUILIBRIUM, STABILITY, AND VOLATILITY 284 11.10 CONCLUSION 286
APPENDIX: THE EFFECT OF A UNIT TAX IN A COMPETITIVE INDUSTRY 287 NOTES
289 CONTENTS XV 12 EVENT STUDIES 295 12.1 INTRODUCTION 295 12.2
RISK-ADJUSTED RESIDUALS AND THE ADJUSTMENT OF PRICES TO NEW INFORMATION
295 12.3 THE STRUCTURE OF AN EVENT STUDY 297 12.4 EXAMPLES OF EVENT
STUDIES 300 12.5 EXAMPLE 1: THE EFFECT OF ANTITRUST ACTION AGAINST
MICROSOFT 300 12.6 EXAMPLE 2: REGULATORY RENTS IN THE MOTOR CARRIER
INDUSTRY 302 12.7 EXAMPLE 3: MERGER ANNOUNCEMENTS AND INSIDER TRADING
304 12.8 EXAMPLE 4: SUDDEN CHANGES IN AUSTRALIAN NATIVE PROPERTY RIGHTS
305 12.9 EXAMPLE 5: GRADUAL INCORPORATION OF INFORMATION ABOUT PROPOSED
REFORMS OF HEALTH CARE INTO THE PRICES OF PHARMACEUTICAL STOCKS 307
12.10 CONCLUSION 308 NOTES 308 THE INFORMATIONAL AND ALLOCATIVE
EFFICIENCY OF FINANCIAL MARKETS: APPLICATIONS 13 CAPITAL STRUCTURE 313
13.1 INTRODUCTION 313 13.2 WHAT IS CAPITAL STRUCTURE? 314 13.3 THE
ECONOMIC SIGNIFICANCE OF A FIRM S CAPITAL STRUCTURE 316 13.4 CAPITAL
STRUCTURE AND MUTUALLY BENEFICIAL EXCHANGES BETWEEN INVESTORS WHO DIFFER
IN THEIR TOLERANCES FOR RISK 318 13.5 A PROBLEM OF AGENCY: ENFORCING
PAYOUTS OF FREE CASH FLOWS 321 13.6 A PROBLEM OF AGENCY: REALLOCATING
RESOURCES WHEN CONSUMERS PREFERENCES CHANGE 323 13.7 A PROBLEM OF
AGENCY: ASSET SUBSTITUTION 330 13.8 ECONOMIC INEFFICIENCIES CREATED BY
ASYMMETRIC INFORMATION 336 13.9 THE EFFECT OF CAPITAL STRUCTURE ON THE
EQUILIBRIUM VALUES OF PRICE AND QUANTITY IN A DUOPOLY 348 13.10 THE
EFFECT OF CAPITAL STRUCTURE ON THE FIRM S REPUTATION FOR THE QUALITY OF
A DURABLE PRODUCT 349 13.11 CONCLUSION 351 APPENDIX 352 PROBLEMS 353
NOTES 354 14 INSIDER TRADING 357 14.1 INTRODUCTION 357 14.2 THE
DEFINITION OF INSIDER TRADING 358 XVI CONTENTS 14.3 WHO OWNS INSIDE
INFORMATION? 359 14,4 THE ECONOMIC EFFECT OF INSIDER TRADING: A GENERAL
TREATMENT 360 14.5 THE EFFECT OF INSIDER TRADING ON MITIGATING PROBLEMS
OF AGENCY 361 14.6 THE EFFECT OF INSIDER TRADING ON PROTECTING THE VALUE
OF A FIRM S CONFIDENTIAL INFORMATION 363 14.7 THE EFFECT OF INSIDER
TRADING ON THE FIRM S COST OF CAPITAL THROUGH THE EFFECT ON LIQUIDITY
368 14.8 THE EFFECT OF INSIDER TRADING ON THE TRADE-OFF BETWEEN INSIDERS
AND INFORMED INVESTORS IN PRODUCING INFORMATIVE PRICES 372 14.9
IMPLICATIONS FOR THE REGULATION OF INSIDER TRADING 373 14.10 SUMMARY 374
NOTES 374 15 OPTIONS 377 15.1 INTRODUCTION 377 15.2 CALL OPTIONS 378
15.3 PUT OPTIONS 381 15.4 A SIMPLE MODEL OF THE EQUILIBRIUM PRICE OF A
CALL OPTION 381 15.5 THE BLACK-SCHOLES OPTION PRICING FORMULA 391 15.6
THE PUT-CALL PARITY 394 15.7 HOMEMADE OPTIONS 397 15.8 INTRODUCTION TO
IMPLICIT OPTIONS 399 15.9 IMPLICIT OPTIONS IN A LEVERAGED FIRM 400 15.10
AN IMPLICIT OPTION ON A POSTPONABLE AND IRREVERSIBLE INVESTMENT PROJECT
405 15.11 SUMMARY 410 APPENDIX: CONTINUOUS COMPOUNDING 410 PROBLEMS 411
NOTES 413 16 FUTURES CONTRACTS 415 16.1 INTRODUCTION 415 16.2 FUTURES
CONTRACTS AS FINANCIAL SECURITIES 416 16.3 FUTURES CONTRACTS AND THE
EFFICIENT ALLOCATION OF RISK 417 16.4 THE FUTURES PRICE, THE SPOT PRICE,
AND THE FUTURE PRICE 418 16.5 THE LONG SIDE AND THE SHORT SIDE OF A
FUTURES CONTRACT 419 16.6 FUTURES CONTRACTS AS FINANCIAL SECURITIES 420
16.7 FUTURES CONTRACTS AS TRANSMITTERS OF INFORMATION ABOUT THE FUTURE
VALUES OF SPOT PRICES 422 16.8 INVESTMENT, SPECULATION, AND HEDGING 423
16.9 FUTURES PRICES AS PREDICTORS OF FUTURE VALUES OF SPOT PRICES 427
16.10 CONCLUSION 427 NOTES 428 CONTENTS XVII 17 ADDITIONAL TOPICS IN THE
ECONOMICS OF FINANCIAL MARKETS 431 17.1 BONDS 431 17.2 INITIAL PUBLIC
OFFERINGS 431 17.3 MUTUAL FUNDS 432 17.4 BEHAVIORAL FINANCE 432 17.5
MARKET MICROSTRUCTURE 433 17.6 FINANCIAL DERIVATIVES 433 1 7.7 CORPORATE
TAKEOVERS 434 17.8 SIGNALING WITH DIVIDENDS 436 17.9 BIBLIOGRAPHIES 437
NOTE 439 18 SUMMARY AND CONCLUSION 441 18.1 AN OVERVIEW 441 18.2
EFFICIENCY 442 18.3 ASSET PRICING MODELS 442 18.4 MARKET IMPERFECTIONS
443 18.5 DERIVATIVES 445 18.6 IMPLICATIONS FOR PUBLIC POLICY 446 18.7 A
FINAL WORD 447 NOTES 447 ANSWERS TO PROBLEMS 449 GLOSSARY 461
BIBLIOGRAPHY OF NOBEL LAUREATES 473 BIBLIOGRAPHY 477 INDEX 481 PPN:
264805151 TITEL: INTRODUCTION TO THE ECONOMICS OF FINANCIAL MARKETS /
JAMES BRADFIELD. - OXFORD [U.A.] : OXFORD UNIVERSITY PRESS, 2007 ISBN:
0-19-531063-2NO PRICE; 978-0-19-531063-4 BIBLIOGRAPHISCHER DATENSATZ IM
SWB-VERBUND
|
| adam_txt |
There are many textbooks for business students that provide a systematic, introductory development of
the economics of financial markets. However, there are as yet no introductory textbooks aimed at more
easily daunted undergraduate liberal arts students. Introduction to the Economics of Financial Markets
fills this gap by providing an extremely accessible introductory exposition of how economists analyze
both how, and how well, financial markets organize the
intertemporal
allocation of scarce resources.
The central theme is that the function of a system of financial markets is to enable consumers,
investors, and managers of firms to effect mutually beneficial
intertemporal
exchanges. James Bradfield
uses the standard concept of economic efficiency (Pareto optimality) to assess the efficacy of the finan¬
cial markets. He presents an intuitive, and introductory, understanding of the primary theoretical and
empirical models that economists use to analyze financial markets, and then uses these models to dis¬
cuss implications for public policy. Students who use this text will acquire an understanding of the
economics of financial markets that will enable them to read, with some sophistication, articles in
the public press about financial markets and about public policy toward those markets. The book is
addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and
beginning graduate students in programs of business administration who want an understanding of
how economists assess financial markets against the criteria of allocative and informational efficiency.
James Bradfield is the Leavenworth Professor of Economics at Hamilton College. He has taught
courses in mathematical economics, microeconomics, and financial markets. He holds
а В Л.,
M./l,
and Ph.D. from the University of Rochester.
CONTENTS PARTT INTRODUCTION 1 THE ECONOMICS OF FINANCIAL MARKETS 3 1.1
THE ECONOMIC FUNCTION OF A FINANCIAL MARKET 3 1.2 THE INTENDED READERS
FOR THIS BOOK 3 1.3 THREE KINDS OF TRADE-OFFS 3 1.4 MUTUALLY BENEFICIAL
INTERTEMPORAL EXCHANGES 5 1.5 ECONOMIC EFFICIENCY AND MUTUALLY
BENEFICIAL EXCHANGES 8 1.6 EXAMPLES OF MARKET FAILURES 11 1.7 ISSUES IN
PUBLIC POLICY 14 1.8 THE PLAN OF THE BOOK 14 PROBLEMS 16 NOTES 16 2
FINANCIAL MARKETS AND ECONOMIC EFFICIENCY 19 2.1 FINANCIAL SECURITIES 19
2.2 TRANSACTION COSTS 26 2.3 LIQUIDITY 26 2.4 THE PROBLEM OF ASYMMETRIC
INFORMATION 29 2.5 THE PROBLEM OF AGENCY 36 2.6 FINANCIAL MARKETS AND
INFORMATIONAL EFFICIENCY 38 PROBLEMS 41 NOTES 42 PART H INTERTEMPORAL
ALLOCATION BY CONSUMERS AND FIRMS WHEN FUTURE PAYMENTS ARE CERTAIN 3 THE
FUNDAMENTAL ECONOMICS OF INTERTEMPORAL ALLOCATION 47 3.1 THE PLAN OF THE
CHAPTER 47 3.2 A PRIMITIVE ECONOMY WITH NO TRADING 47 XI XII CONTENTS
3.3 A PRIMITIVE ECONOMY WITH TRADING, BUT WITH NO MARKETS 51 3.4 THE
ASSUMPTION THAT FUTURE PAYMENTS ARE KNOWN WITH CERTAINTY TODAY 57 3.5
ABSTRACTING FROM FIRMS 58 3.6 THE DISTINCTION BETWEEN INCOME AND WEALTH
59 3.7 INCOME, WEALTH, AND PRESENT VALUES 60 PROBLEMS 66 NOTES 67 4 THE
FISHER DIAGRAM FOR OPTIMAL INTERTEMPORAL ALLOCATION 69 4.1 THE
INTERTEMPORAL BUDGET LINE 69 4.2 INTERTEMPORAL INDIFFERENCE CURVES 75
4.3 ALLOCATING WEALTH TO MAXIMIZE INTERTEMPORAL UTILITY 80 4.4 MUTUALLY
BENEFICIAL EXCHANGES 82 4.5 THE EFFICIENT LEVEL OF INVESTMENT 85 4.6 THE
IMPORTANCE OF INFORMATIONAL EFFICIENCY IN THE PRICES OF FINANCIAL
SECURITIES 91 NOTES 92 5 MAXIMIZING LIFETIME UTILITY IN A FIRM WITH MANY
SHAREHOLDERS 93 5.1 THE PLAN OF THE CHAPTER 93 5.2 A FIRM WITH MANY
SHAREHOLDERS 94 5.3 A PROFITABLE INVESTMENT PROJECT 100 5.4 FINANCING
THE NEW PROJECT 102 5.5 CONCLUSION 108 PROBLEMS 109 NOTES 110 6 A
TRANSITION TO MODELS IN WHICH FUTURE OUTCOMES ARE UNCERTAIN 111 6.1 A
BRIEF REVIEW AND THE PLAN OF THE CHAPTER 111 6.2 RISK AND RISK AVERSION
112 6.3 A SYNOPSIS OF MODERN PORTFOLIO THEORY 113 6.4 A MODEL OF A FIRM
WHOSE FUTURE EARNINGS ARE UNCERTAIN: TWO ADJ ACENT FARMS 118 6.5
MUTUALLY BENEFICIAL EXCHANGES: A CONTRACTUAL CLAIM AND A RESIDUAL CLAIM
120 6.6 THE EQUILIBRIUM PRICES OF THE BOND AND THE STOCK 122 6.7
CONCLUSION 124 PROBLEMS 125 NOTES 126 CONTENTS XIII RATES OF RETURN AS
RANDOM VARIABLES 7 PROBABILISTIC MODELS 131 7.1 THE OBJECTIVES OF USING
PROBABILISTIC MODELS 131 7.2 RATES OF RETURN AND PRICES 132 7.3 RATES OF
RETURN AS RANDOM VARIABLES 136 7.4 NORMAL PROBABILITY DISTRIBUTIONS 138
7.5 A JOINT PROBABILITY DISTRIBUTION FOR TWO DISCRETE RANDOM VARIABLES
142 7.6 A SUMMARY THUS FAR 146 7.7 THE EFFECT OF THE PRICE OF A SECURITY
ON THE EXPECTED VALUE OF ITS RATE OF RETURN 146 7.8 THE EFFECT OF THE
PRICE OF A SECURITY ON THE STANDARD DEVIATION OF ITS RATE OF RETURN 150
7.9 A LINEAR MODEL OF THE RATE OF RETURN 150 7.10 REGRESSION LINES AND
CHARACTERISTIC LINES 154 7.11 THE PARAMETER P ( . AS THE QUANTITY OF
RISK IN SECURITY I 157 7.12 CORRELATION 158 7.13 SUMMARY 160 PROBLEMS
160 NOTES 161 PORTFOLIO THEORY AND CAPITAL ASSET PRICING THEORY 8
PORTFOLIO THEORY 167 8.1 INTRODUCTION 167 8.2 PORTFOLIOS AS SYNTHETIC
SECURITIES 169 8.3 PORTFOLIOS CONTAINING TWO RISKY SECURITIES 170 8.4
THE TRADE-OFF BETWEEN THE EXPECTED VALUE AND THE STANDARD DEVIATION OF
THE RATE OF RETURN ON A PORTFOLIO THAT CONTAINS TWO SECURITIES 172 8.5 A
SIMPLE NUMERICAL EXAMPLE TO SHOW THE EFFECT OF P AB ON THE TRADE-OFF
BETWEEN EXPECTED RETURN AND STANDARD DEVIATION 182 8.6 THE SPECIAL CASES
OF PERFECT POSITIVE AND PERFECT NEGATIVE CORRELATION 189 8.7 TRADE-OFFS
BETWEEN EXPECTED RETURN AND STANDARD DEVIATION FOR PORTFOLIOS THAT
CONTAIN N RISKY SECURITIES 198 8.8 SUMMARY 198 PROBLEMS 199 NOTES 200 9
THE CAPITAL ASSET PRICING MODEL 201 9.1 INTRODUCTION 201 9.2 CAPITAL
MARKET THEORY AND PORTFOLIO THEORY 205 XIV CONTENTS 9.3 THE
MICROECONOMIC FOUNDATIONS OF THE CAPM 206 9.4 THE THREE EQUATIONS OF THE
CAPM 207 9.5 A SUMMARY OF THE INTUITIVE INTRODUCTION TO THE CAPM 214,
9.6 THE DERIVATION OF THE CAPITAL MARKET LINE 215 9.7 THE DERIVATION OF
THE SECURITY MARKET LINE 221 9.8 INTERPRETING F$ ( - AS THE MARGINAL
EFFECT OF SECURITY I ON THE TOTAL RISK IN THE INVESTOR'S PORTFOLIO 229
9.9 SUMMARY 230 PROBLEM 232 NOTES 232 10 MULTIFACTOR MODELS FOR PRICING
SECURITIES 235 10.1 INTRODUCTION 235 10.2 ANALOGIES AND AN IMPORTANT
DISTINCTION BETWEEN THE CAPITAL ASSET PRICING MODEL AND MULTIFACTOR
MODELS 236 10.3 A HYPOTHETICAL TWO-FACTOR ASSET PRICING MODEL 237 10.4
THE THREE-FACTOR MODEL OF FAMA AND FRENCH 241 10.5 THE FIVE-FACTOR MODEL
OF FAMA AND FRENCH 245 10.6 THE ARBITRAGE PRICING THEORY 246 10.7
SUMMARY 249 APPENDIX: ESTIMATING THE VALUES OF (3 AND A. FOR A
TWO-FACTOR MODEL 249 PROBLEM 251 NOTES 252 THE INFORMATIONAL AND
ALLOCATIVE EFFICIENCY OF FINANCIAL MARKETS: THE CONCEPTS 11 THE
EFFICIENT MARKETS HYPOTHESIS 257 11.1 INTRODUCTION 257 11.2
INFORMATIONAL EFFICIENCY, RATIONALITY, AND THE JOINT HYPOTHESIS 261 11.3
A SIMPLE EXAMPLE OF INFORMATIONAL EFFICIENCY 265 11.4 A SECOND EXAMPLE
OF INFORMATIONAL EFFICIENCY: PREDICTABILITY OF RETURNS*BUBBLES OR
RATIONAL VARIATIONS OF EXPECTED RETURNS? 271 11.5 INFORMATIONAL
EFFICIENCY AND THE PREDICTABILITY OF RETURNS 274 11.6 INFORMATIONAL
EFFICIENCY AND THE SPEED OF ADJUSTMENT OF PRICES TO PUBLIC INFORMATION
276 11.7 INFORMATIONAL EFFICIENCY AND THE SPEED OF ADJUSTMENT OF PRICES
TO PRIVATE INFORMATION 277 11.8 INFORMATION TRADING, LIQUIDITY TRADING,
AND THE COST OF CAPITAL FOR A FIRM 279 11.9 DISTINGUISHING AMONG
EQUILIBRIUM, STABILITY, AND VOLATILITY 284 11.10 CONCLUSION 286
APPENDIX: THE EFFECT OF A UNIT TAX IN A COMPETITIVE INDUSTRY 287 NOTES
289 CONTENTS XV 12 EVENT STUDIES 295 12.1 INTRODUCTION 295 12.2
RISK-ADJUSTED RESIDUALS AND THE ADJUSTMENT OF PRICES TO NEW INFORMATION
295 12.3 THE STRUCTURE OF AN EVENT STUDY 297 12.4 EXAMPLES OF EVENT
STUDIES 300 12.5 EXAMPLE 1: THE EFFECT OF ANTITRUST ACTION AGAINST
MICROSOFT 300 12.6 EXAMPLE 2: REGULATORY RENTS IN THE MOTOR CARRIER
INDUSTRY 302 12.7 EXAMPLE 3: MERGER ANNOUNCEMENTS AND INSIDER TRADING
304 12.8 EXAMPLE 4: SUDDEN CHANGES IN AUSTRALIAN NATIVE PROPERTY RIGHTS
305 12.9 EXAMPLE 5: GRADUAL INCORPORATION OF INFORMATION ABOUT PROPOSED
REFORMS OF HEALTH CARE INTO THE PRICES OF PHARMACEUTICAL STOCKS 307
12.10 CONCLUSION 308 NOTES 308 THE INFORMATIONAL AND ALLOCATIVE
EFFICIENCY OF FINANCIAL MARKETS: APPLICATIONS 13 CAPITAL STRUCTURE 313
13.1 INTRODUCTION 313 13.2 WHAT IS CAPITAL STRUCTURE? 314 13.3 THE
ECONOMIC SIGNIFICANCE OF A FIRM'S CAPITAL STRUCTURE 316 13.4 CAPITAL
STRUCTURE AND MUTUALLY BENEFICIAL EXCHANGES BETWEEN INVESTORS WHO DIFFER
IN THEIR TOLERANCES FOR RISK 318 13.5 A PROBLEM OF AGENCY: ENFORCING
PAYOUTS OF FREE CASH FLOWS 321 13.6 A PROBLEM OF AGENCY: REALLOCATING
RESOURCES WHEN CONSUMERS' PREFERENCES CHANGE 323 13.7 A PROBLEM OF
AGENCY: ASSET SUBSTITUTION 330 13.8 ECONOMIC INEFFICIENCIES CREATED BY
ASYMMETRIC INFORMATION 336 13.9 THE EFFECT OF CAPITAL STRUCTURE ON THE
EQUILIBRIUM VALUES OF PRICE AND QUANTITY IN A DUOPOLY 348 13.10 THE
EFFECT OF CAPITAL STRUCTURE ON THE FIRM'S REPUTATION FOR THE QUALITY OF
A DURABLE PRODUCT 349 13.11 CONCLUSION 351 APPENDIX 352 PROBLEMS 353
NOTES 354 14 INSIDER TRADING 357 14.1 INTRODUCTION 357 14.2 THE
DEFINITION OF INSIDER TRADING 358 XVI CONTENTS 14.3 WHO OWNS INSIDE
INFORMATION? 359 14,4 THE ECONOMIC EFFECT OF INSIDER TRADING: A GENERAL
TREATMENT 360 14.5 THE EFFECT OF INSIDER TRADING ON MITIGATING PROBLEMS
OF AGENCY 361 14.6 THE EFFECT OF INSIDER TRADING ON PROTECTING THE VALUE
OF A FIRM'S CONFIDENTIAL INFORMATION 363 14.7 THE EFFECT OF INSIDER
TRADING ON THE FIRM'S COST OF CAPITAL THROUGH THE EFFECT ON LIQUIDITY
368 14.8 THE EFFECT OF INSIDER TRADING ON THE TRADE-OFF BETWEEN INSIDERS
AND INFORMED INVESTORS IN PRODUCING INFORMATIVE PRICES 372 14.9
IMPLICATIONS FOR THE REGULATION OF INSIDER TRADING 373 14.10 SUMMARY 374
NOTES 374 15 OPTIONS 377 15.1 INTRODUCTION 377 15.2 CALL OPTIONS 378
15.3 PUT OPTIONS 381 15.4 A SIMPLE MODEL OF THE EQUILIBRIUM PRICE OF A
CALL OPTION 381 15.5 THE BLACK-SCHOLES OPTION PRICING FORMULA 391 15.6
THE PUT-CALL PARITY 394 15.7 HOMEMADE OPTIONS 397 15.8 INTRODUCTION TO
IMPLICIT OPTIONS 399 15.9 IMPLICIT OPTIONS IN A LEVERAGED FIRM 400 15.10
AN IMPLICIT OPTION ON A POSTPONABLE AND IRREVERSIBLE INVESTMENT PROJECT
405 15.11 SUMMARY 410 APPENDIX: CONTINUOUS COMPOUNDING 410 PROBLEMS 411
NOTES 413 16 FUTURES CONTRACTS 415 16.1 INTRODUCTION 415 16.2 FUTURES
CONTRACTS AS FINANCIAL SECURITIES 416 16.3 FUTURES CONTRACTS AND THE
EFFICIENT ALLOCATION OF RISK 417 16.4 THE FUTURES PRICE, THE SPOT PRICE,
AND THE FUTURE PRICE 418 16.5 THE LONG SIDE AND THE SHORT SIDE OF A
FUTURES CONTRACT 419 16.6 FUTURES CONTRACTS AS FINANCIAL SECURITIES 420
16.7 FUTURES CONTRACTS AS TRANSMITTERS OF INFORMATION ABOUT THE FUTURE
VALUES OF SPOT PRICES 422 16.8 INVESTMENT, SPECULATION, AND HEDGING 423
16.9 FUTURES PRICES AS PREDICTORS OF FUTURE VALUES OF SPOT PRICES 427
16.10 CONCLUSION 427 NOTES 428 CONTENTS XVII 17 ADDITIONAL TOPICS IN THE
ECONOMICS OF FINANCIAL MARKETS 431 17.1 BONDS 431 17.2 INITIAL PUBLIC
OFFERINGS 431 17.3 MUTUAL FUNDS 432 17.4 BEHAVIORAL FINANCE 432 17.5
MARKET MICROSTRUCTURE 433 17.6 FINANCIAL DERIVATIVES 433 1 7.7 CORPORATE
TAKEOVERS 434 17.8 SIGNALING WITH DIVIDENDS 436 17.9 BIBLIOGRAPHIES 437
NOTE 439 18 SUMMARY AND CONCLUSION 441 18.1 AN OVERVIEW 441 18.2
EFFICIENCY 442 18.3 ASSET PRICING MODELS 442 18.4 MARKET IMPERFECTIONS
443 18.5 DERIVATIVES 445 18.6 IMPLICATIONS FOR PUBLIC POLICY 446 18.7 A
FINAL WORD 447 NOTES 447 ANSWERS TO PROBLEMS 449 GLOSSARY 461
BIBLIOGRAPHY OF NOBEL LAUREATES 473 BIBLIOGRAPHY 477 INDEX 481 PPN:
264805151 TITEL: INTRODUCTION TO THE ECONOMICS OF FINANCIAL MARKETS /
JAMES BRADFIELD. - OXFORD [U.A.] : OXFORD UNIVERSITY PRESS, 2007 ISBN:
0-19-531063-2NO PRICE; 978-0-19-531063-4 BIBLIOGRAPHISCHER DATENSATZ IM
SWB-VERBUND |
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| spelling | Bradfield, James Verfasser aut Introduction to the economics of financial markets James Bradfield Oxford [u.a.] Oxford Univ. Press 2007 XVII, 489 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Capital market Finance Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Finanzierungstheorie (DE-588)4154418-3 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Kreditmarkt (DE-588)4073788-3 s Finanzierungstheorie (DE-588)4154418-3 s DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015677525&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Klappentext SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015677525&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bradfield, James Introduction to the economics of financial markets Capital market Finance Kreditmarkt (DE-588)4073788-3 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
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| title | Introduction to the economics of financial markets |
| title_auth | Introduction to the economics of financial markets |
| title_exact_search | Introduction to the economics of financial markets |
| title_exact_search_txtP | Introduction to the economics of financial markets |
| title_full | Introduction to the economics of financial markets James Bradfield |
| title_fullStr | Introduction to the economics of financial markets James Bradfield |
| title_full_unstemmed | Introduction to the economics of financial markets James Bradfield |
| title_short | Introduction to the economics of financial markets |
| title_sort | introduction to the economics of financial markets |
| topic | Capital market Finance Kreditmarkt (DE-588)4073788-3 gnd Finanzierungstheorie (DE-588)4154418-3 gnd |
| topic_facet | Capital market Finance Kreditmarkt Finanzierungstheorie Aufsatzsammlung |
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