Financial markets and institutions:
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Boston ; Munich [u.a.]
Pearson
2012
|
| Ausgabe: | 7. ed., global ed. |
| Schriftenreihe: | The Pearson education series in finance
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 663, G-16, I-23 S. Ill., graph. Darst., Kt. |
| ISBN: | 9780273754442 0273754440 |
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Datensatz im Suchindex
| _version_ | 1804143612169027584 |
|---|---|
| adam_text | Contents in Detail
Contents
on the
Web
Pre/ace
About the Authors
9
27
29
39
PART ONE
1
2
PART TWO
3
4
5
6
PART THREE
7
8
PART FOUR
9
10
PART FIVE
11
12
13
14
15
16
PART SIX
17
18
19
20
21
22
INTRODUCTION
41
Why Study Financial Markets and Institutions?
41
Overview of the Financial System
55
FUNDAMENTALS OF FINANCIAL MARKETS
76
What Do Interest Rates Mean and What Is Their Role in Valuation?
76
Why Do Interest Rates Change?
104
How Do Risk and Term Structure Affect Interest Rates?
129
Are Financial Markets Efficient?
156
FUNDAMENTALS OF FINANCIAL INSTITUTIONS
174
Why Do Financial Institutions Exist?
174
Why Do Financial Crises Occur and Why Are They So Damaging to the Economy?
203
CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY
231
Central Banks: A Global Perspective
Conduct of Monetary Policy: Tools, Goals, Strategy, and Tactics
FINANCIAL MARKETS
The Money Markets
The Bond Market
The Stock Market
The Mortgage Markets
The Foreign Exchange Market
The International Financial System
THE FINANCIAL INSTITUTIONS INDUSTRY
Banking and the Management of Financial Institutions
Financial Regulation
Banking Industry: Structure and Competition
The Mutual Fund Industry
Insurance Companies and Pension Funds
Investment Banks, Security Brokers and Dealers, and Venture Capital Firms
231
254
294
294
319
342
363
384
414
438
438
465
494
529
553
583
Contents in Brief
PART SEVEN THE MANAGEMENT OF FINANCIAL INSTITUTIONS
608
23
Risk Management in Financial Institutions
608
24
Hedging with Financial Derivatives
630
Glossary G-l
Index
1-1
CHAPTERS ON THE WEB
25
Savings Associations and Credit Unions
26
Finance Companies
Contenté on the
Web
Preface
About the Authors
PART ONE INTRODUCTION
Chapter
1
Why Study Financial Markets and institutions?
Preview
Why Study Financial Markets?
Debt Markets and Interest Rates
The Stock Market
The Foreign Exchange Market
Why Study Fmancial Institutions?
Structure of the Financial System
Financial Crises
Central Banks and the Conduct of Monetary Policy
The International Financial System
Banks and Other Financial Institutions
Financial Innovation
Managing Risk in Financial Institutions
Applied Managerial Perspective
How We WiB Study Financial Markets and Institutions
Exploring the Web
Collecting and Graphing Data
Web Exercise
Concluding Remarks
Summary
Chapter
2
Overview of the Financial System
Preview
Function of Financial Markets
Structure of Financial Markets
Debt and Equity Markets
Primary and Secondary Markets
Exchanges and Over-the-Counter Markets
Money and Capital Markets
27
29
39
41
41
42
42
43
44
46
46
46
46
47
47
47
47
48
48
49
49
50
52
52
53
53
54
54
55
55
56
58
58
58
59
60
9
10 Contents in Detail
Internationalization of Financial Markets
60
International Bond Market, Eurobonds, and Eurocurrencies
60
■
GLOBAL Are U.S. Capital Markets Losing Their Edge?
61
World Stock Markets
62
Function of Financial Intermediaries: Indirect Finance
62
Transaction Costs
62
■
FOLLOWING THE FINANCIAL NEWS Foreign Stock Market Indexes
63
■
GLOBAL The Importance of Financial Intermediaries Relative to
Securities Markets: An International Comparison
64
Risk Sharing
65
Asymmetric Information: Adverse Selection and Moral Hazard
65
Types of Financial Intermediaries
67
Depository Institutions
68
Contractual Savings Institutions
69
Investment Intermediaries
69
Regulation of the Financial System
70
Increasing Information Available to Investors
70
Ensuring the Soundness of Financial Intermediaries
72
Financial Regulation Abroad
73
Summary
73
Key Terms
74
Questions
74
Web Exercises
75
PART TWO FUNDAMENTALS OF FINANCIAL MARKETS
Chapter
3
What Do Interest Rates Mean and What Is Their
Role in Valuation?
76
Preview
76
Measuring Interest Rates
77
Present Value
77
Four Types of Credit Market Instruments
79
Yield to Maturity
80
■
GLOBAL Negative
Т
-Bill Rates? It Can Happen
87
The Distinction Between Real and Nominal Interest Rates
88
The Distinction Between Interest Rates and Returns
90
■
MINI-CASE With TIPS, Real Interest Rates Have Become Observable
in the United States
91
Maturity and the Volatility of Bond Returns: Interest-Rate Risk
93
Reinvestment Risk
94
■
MINI-CASE Helping Investors Select Desired Interest-Rate Risk
94
Summary
95
■
THE PRACTICING MANAGER Calculating Duration to Measure
Interest-Rate Risk
95
Calculating Duration
96
Duration and Interest-Rate Risk
100
Summary
101
Key Terms
102
Questions
102
Contents in Detail
Ц
Quantitative Problems 102
Web
Exercises
103
Chapter
4
Why Do Interest Rates Change?
104
Preview
104
Determinants of Asset Demand
104
Wealth
105
Expected Returns
105
Risk
106
Liquidity
107
Summary
108
Supply and Demand in the Bond Market
108
Demand Curve
109
Supply Curve
109
Market Equilibrium
110
Supply-and-Demand Analysis 111
Changes in Equilibrium Interest Rates
112
Shifts in the Demand for Bonds
112
Shifts in the Supply of Bonds
115
■
CASE Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect
118
■
CASE Changes in the Interest Rate Due to a Business Cycle Expansion
119
■
CASE Explaining Low Japanese Interest Rates
121
■
CASE Reading the Wall Street Journal Credit Markets Column
122
■
FOLLOWING THE FINANCIAL NEWS The Credit Markets Column
123
■
THE PRACTICING MANAGER Profiting from Interest-Rate Forecasts
124
■
FOLLOWING THE FINANCIAL NEWS Forecasting Interest Rates
125
Summary
125
Key Terms
126
Questions
126
Quantitative Problems
127
Web Exercises
127
Web Appendices
128
Chapter
5
How Do Risk and Term Structure Affect Interest Rates?
129
Preview
129
Risk Structure of Interest Rates
129
Default Risk
130
■
CASE The
Subprime
Collapse and the Baa-Treasury Spread
133
Liquidity
133
Income Tax Considerations
134
Summary
135
■
CASE Effects of the Bush Tax Cut and Its Possible Repeal on Bond Interest Rates
136
Term Structure of Interest Rates
136
■
FOLLOWING THE FINANCIAL NEWS Yield Curves
137
Expectations Theory
138
Market Segmentation Theory
142
Liquidity Premium Theory
143
12 Contents in Detail
Evidence on the Term Structure
146
Summary
147
■
MINI-CASE The Yield Curve as a Forecasting Tool for Inflation and
the Business Cycle
148
■ CASE Interpreting Yield Curves,
1980-2010 148
■
THE PRACTICING MANAGER Using the Term Structure to Forecast
Interest Rates
150
Symmairy
152
Key Terms
153
153
154
155
Chapter
6
Are Financial Markets Efficient?
156
Preview
156
The Efficient Market Hypothesis
157
Rationale Behind the Hypothesis
159
Stronger Version of the Efficient Market Hypothesis
160
Evidence on the Efficient Market Hypothesis
160
Evidence in Favor of Market Efficiency
160
■
MINI-CASE An Exception That Proves the Rule: Ivan Boesky
162
■
CASE Should Foreign Exchange Rates Follow a Random Walk?
164
Evidence Against Market Efficiency
164
Overview of the Evidence on the Efficient Market Hypothesis
166
■
THE PRACTICING MANAGER Practical Guide to Investing in the Stock Market
167
How Valuable Are Published Reports by Investment Advisers?
167
■
MINI-CASE Should You Hire an Ape as Your Investment Adviser?
167
Should You Be Skeptical of Hot Tips?
168
Do Stock Prices Always Rise When There Is Good News?
168
Efficient Markets Prescription
f
or the Investor
169
■
CASE What Do the Black Monday Crash of
1987
and the Tech Crash
of
2000
Tell Us About the Efficient Market Hypothesis?
170
Behavioral Finance
171
Surnmaity
172
KeyTewns
172
Questions
172
173
173
PART THREE FUNDAMENTALS OF FINANCIAL INSTITUTIONS
Chapter
?
Why Do Financial institutions Exist?
174
Preview
174
Basic Facts About Financial Structure Throughout the World
174
Transaction Costs
178
How Transaction Costs Influence Financial Structure
178
How Financial Intermediaries Reduce Transaction Costs
178
Asymmetric Information: Adverse Selection and Moral Hazard
179
Contents in Detail 13
The Lemons Problem: How Adverse Selection Influences Financial Structure
180
Lemons in the Stock and Bond Markets
180
Tools to Help Solve Adverse Selection Problems
181
■
MINI-CASE The Enron Implosion
183
How Moral Hazard Affects the Choice Between Debt and Equity Contracts
185
Moral Hazard in Equity Contracts: The Principal-Agent Problem
185
Tools to Help Solve the Principal-Agent Problem
186
How Moral Hazard Influences Financial Structure in Debt Markets
188
Tools to Help Solve Moral Hazard in Debt Contracts
189
Summary
191
■
CASE Financial Development and Economic Growth
192
■
MINI-CASE Should We Kill All the Lawyers?
193
■
CASE Is China a Counter-Example to the Importance of
Financial Development?
194
Conflicts of Interest
194
What Are Conflicts of Interest and Why Do We Care?
195
Why Do Conflicts of Interest Arise?
195
■ MINI-CASE The Demise of Arthur Andersen
197
■
MINI-CASE Credit Rating Agencies and the
2007-2009
Financial Crisis
198
What Has Been Done to Remedy Conflicts of Interest?
198
■
MINI-CASE Has Sarbanes-Oxley Led to a Decline in U.S. Capital Markets?
200
Summary
200
Key Terms
201
Questions
201
Quantitative Problems
202
Web Exercises
202
Chapter
8
Why Do Financial Crises Occur and Why Are
They So Damaging to the Economy?
203
Preview
203
Asymmetric Information and Financial Crises
204
Agency Theory and the Definition of a Financial Crisis
204
Dynamics of Financial Crises in Advanced Economies
204
Stage One: Initiation of Financial Crisis
204
Stage Two: Banking Crisis
207
Stage Three: Debt Deflation
208
■
CASE The Mother of All Financial Crises: The Great Depression
209
■
CASE The
2007-2009
Financial Crisis
211
Causes of the
2007-2009
Financial Crisis
211
Effects of the
2007-2009
Financial Crisis
212
■
INSIDE THE FED Was the Fed to Blame for the Housing Price Bubble?
214
■
GLOBAL Ireland and the
2007-2009
Financial Crisis
217
Height of the
2007-2009
Financial Crisis and the Decline of
Aggregate Demand
218
Dynamics of Financial Crises in Emerging Market Economies
218
Stage One: Initiation of Financial Crisis
218
Stage Two: Currency Crisis
221
Stage Three: Full-Fledged Financial Crisis
222
14 Contents in Detail
■
CASE
Financial
Crises in
Mexico, 1994-1995;
East Asia,
1997-1998;
and Argentina,
2001-2002 224
■
GLOBAL The Perversion of the Financial Liberalization/Globalization Process:
Chaebols and the South Korean Crisis
225
Summary
228
Key Terms
229
Questions
229
Web Exercises
230
Web References
230
PART FOUR CENTRAL BANKING AND THE CONDUCT OF
MONETARY POLICY
Chapter
9
Central Banks: A Global Perspective
231
Preview
231
Origins of the Federal Reserve System
232
Structure of the Federal Reserve System
232
Federal Reserve Banks
232
Member Banks
234
Board of Governors of the Federal Reserve System
234
Federal Open Market Committee (FOMC)
235
■
INSIDE THE FED How Bernanke s Style Differs from Greenspan s
236
How Independent Is the Fed?
236
Structure and Independence of the European Central Bank
237
Governing Council Executive Board and General Council
238
How Do National Central Banks Operate Within the
Eurosystem? 241
Deutsche Bundesbank
241
How does the ECB differ from the Bundesbank?
242
How Independent Is the ECB?
242
Central Banks Around the World
243
Bank of Canada
243
Bank of England
243
Bank of Japan
244
Central Banks in Transition Economies
244
Central Banks in Developing Countries and Emerging Economies
245
People s Bank of China
246
■
GLOBAL Will the Monetary Union of the Six-Nation Arab Gulf
Cooperation Council be Achieved?
246
Multinational Central Banks in Developing Countries
247
Central Bank Reforms in South America
248
Currency Unions in Developing Nations
248
The Trend Toward Greater Independence
248
Explaining Central Bank Behavior
249
Should the Central Banks Be Independent?
249
The Case for Independence
249
The Case Against Independence
250
Central Bank Independence and Macroeconomic Performance
Throughout the World
251
Contents in Detail 15
Summary
252
Key
Terms
253
Questions and
Prob
lems
253
Chapter
10
Conduct of Monetary Policy: Tools, Goals, Strategy,
and Tactics
254
Preview
254
The Federal Reserve s Balance Sheet
254
Liabilities
255
Assets
256
Open Market Operations
256
Discount Lending
257
The Market for Reserves and the Federal Funds Rate
257
Demand and Supply in the Market for Reserves
258
How Changes in the Tools of Monetary Policy Affect the Federal Funds Rate
259
■
INSIDE THE FED Why Does the Fed Need to Pay Interest on Reserves?
260
■
CASE How the Federal Reserve s Operating Procedures Limit Fluctuations
in the Federal Funds Rate
263
Tools of Monetary Policy
264
Open Market Operations
264
A Day at the Trading Desk
265
Discount Policy
266
Operation of the Discount Window
266
Lender of Last Resort
267
Reserve Requirements
268
■
INSIDE THE FED Federal Reserve Lender-of-Last-Resort Facilities During
the
2007-2009
Financial Crisis
269
Monetary Policy Tools of the European Central Bank
270
Open Market Operations
271
Lending to Banks
271
Reserve Requirements
271
The Price Stability Goal and the Nominal Anchor
272
The Role of a Nominal Anchor
272
The Time-Inconsistency Problem
272
Other Goals of Monetary Policy
273
High Employment
273
Economic Growth
274
Stability of Financial Markets
274
Interest-Rate Stability
274
Stability in Foreign Exchange Markets
275
Should Price Stability Be the Primary Goal of Monetary Policy?
275
Hierarchical vs. Dual Mandates
275
Price Stability as the Primary, Long-Run Goal of Monetary Policy
276
Inflation Targeting
277
Inflation Targeting in New Zealand, Canada, and the United Kingdom
277
Advantages of Inflation Targeting
278
16 Contents in Detail
■ GLOBAL The
European
Central
Bank s Monetary Policy Strategy
280
Disadvantages of Inflation Targeting
280
■
INSIDE THE FED Chairman
Bernanke
and Inflation Targeting
282
Central Banks Response to Asset-Price Bubbles: Lessons from
the
2007-2009
Financial Crisis
283
Two Types of Asset-Price Bubbles
283
Should Central Banks Respond to Bubbles?
284
Should Monetary Policy Try to Prick Asset-Price Bubbles?
284
Are Other Types of Policy Responses Appropriate?
285
Tactics: Choosing the Policy Instrument
286
Criteria for Choosing the Policy Instrument
288
■
THE PRACTICING MANAGER Using a Fed Watcher
289
Summary
290
Key Terms
291
Questions
291
Quantitative Problems
292
Web Exercises
292
Web Appendices
293
PART FIVE FINANCIAL MARKETS
Chapter
11
The Money Markets
294
Preview
294
The Money Markets Defined
295
Why Do We Need the Money Markets?
295
Money Market Cost Advantages
296
The Purpose of the Money Markets
297
Who Participates in the Money Markets?
298
U.S. Treasury Department
298
Federal Reserve System
298
Commercial Banks
298
Businesses
299
Investment and Securities Firms
300
Individuals
300
Money Market Instruments
300
Treasury Bills
301
■
CASE Discounting the Price of Treasury Securities to Pay the Interest
301
■
MINI-CASE Treasury Bill Auctions Go Haywire
304
Federal Funds
304
Repurchase Agreements
306
Negotiable Certificates of Deposit
307
Commercial Paper
308
Banker s Acceptances
311
Eurodollars
311
■
GLOBAL Ironic Birth of the Eurodollar Market
312
Comparing Money Market Securities
313
Interest Rates
313
Contents in Detail 17
Liquidity
314
How Money
Market
Securities Are Valued
314
■
FOLLOWING THE FINANCIAL NEWS Money Market Rates
314
Summary
316
Key Terms
317
Questions
317
Quantitative Problems
317
Web Exercises
318
Chapter
12
The Bond Market
319
Preview
319
Purpose of the Capital Market
319
Capital Market Participants
320
Capital Market Trading
320
Types of Bonds
321
Treasury Notes and Bonds
322
Treasury Bond Interest Rates
322
Treasury Inflation-Protected Securities (TIPS)
322
Treasury STRIPS
323
Agency Bonds
324
■
CASE The
2007-2009
Financial Crisis and the Bailout of Fannie Mae
and Freddie Mac
324
Municipal Bonds
326
Risk in the Municipal Bond Market
328
Corporate Bonds
328
Characteristics of Corporate Bonds
329
Types of Corporate Bonds
330
Financial Guarantees for Bonds
333
Current Yield Calculation
334
Current Yield
334
Finding the Value of Coupon Bonds
335
Finding the Price of Semiannual Bonds
336
Investing in Bonds
338
Summary
339
Key Terms
340
Questions
340
Quantitative Problems
340
Web Exercises
341
Chapter
13
The Stock Market
342
Preview
342
Investing in Stocks
342
Common Stock vs. Preferred Stock
343
How Stocks Are Sold
344
Computing the Price of Common Stock
347
The One-Period Valuation Model
348
The Generalized Dividend Valuation Model
349
18 Contents in Detail
The Gordon
Growth Model
349
Price Earnings Valuation Method
351
How the Market Sets Security Prices
351
Errors in Valuation
353
Problems with Estimating Growth
353
Problems with Estimating Risk
354
Problems with Forecasting Dividends
354
■
CASE The
2007-2009
Financial Crisis and the Stock Market
354
■
CASE The September
11
Terrorist Attack, the Enron Scandal, and
the Stock Market
355
Stock Market Indexes
356
■
MINI-CASE History of the Dow Jones Industrial Average
358
Buying Foreign Stocks
358
Regulation of the Stock Market
359
The Securities and Exchange Commission
359
Summary
360
Key Terms
360
Questions
361
Quantitative Problems
361
Web Exercises
362
Chapter
14
The Mortgage Markets
збз
Preview
363
What Are Mortgages?
364
Characteristics of the Residential Mortgage
365
Mortgage Interest Rates
365
■
CASE The Discount Point Decision
366
Loan Terms
367
Mortgage Loan Amortization
369
Types of Mortgage Loans
370
Insured and Conventional Mortgages
370
Fixed- and Adjustable-Rate Mortgages
370
Other Types of Mortgages
371
Mortgage-Lending Institutions
373
Loan Servicing
374
■
E-FINANCE Borrowers Shop the Web for Mortgages
375
Secondary Mortgage Market
375
Securitization of Mortgages
376
What Is a Mortgage-Backed Security?
376
Types of Pass-Through Securities
377
Subprime
Mortgages and CDOs
378
The Real Estate Bubble
379
Summary
380
Key Terms
380
Questions
381
Quantitative Problems
381
Web Exercises
383
Contents in Detail 19
Chapter
15
The Foreign
Exchange Market 384
Preview
384
Foreign Exchange Market
385
What Are Foreign Exchange Rates?
386
Why Are Exchange Rates Important?
386
■
FOLLOWING THE FINANCIAL NEWS Foreign Exchange Rates
387
How Is Foreign Exchange Traded?
388
Exchange Rates in the Long Run
388
Law of One Price
388
Theory of Purchasing Power Parity
389
Why the Theory of Purchasing Power Parity Cannot Fully Explain
Exchange Rates
390
Factors That Affect Exchange Rates in the Long Run
391
Exchange Rates in the Short Run: A Supply and Demand Analysis
392
Supply Curve for Domestic Assets
393
Demand Curve for Domestic Assets
393
Equilibrium in the Foreign Exchange Market
394
Explaining Changes in Exchange Rates
395
Shifts in the Demand for Domestic Assets
395
Recap: Factors That Change the Exchange Rate
398
CASE Effect of Changes in Interest Rates on the Equilibrium Exchange Rate
400
CASE Why Do Some Nations Peg Their Currencies?
402
CASE The Euro Foreign Exchange Rate and Oil Prices
402
CASE The Global Financial Crisis and the Euro
404
CASE Reading the Wall Street Journal: The Currency Trading Column
405
FOLLOWING THE FINANCIAL NEWS The Currency Trading Column
406
THE PRACTICING MANAGER Profiting from Foreign Exchange Forecasts
406
Summary
407
Key Terms
408
Questions
408
Quantitative Problems
408
Web Exercises
409
Chapter
15
Appendix The Interest Parity Condition 4io
Comparing Expected Returns on Domestic and Foreign Assets
410
Interest Parity Condition
412
Chapter
16
The International Financial System
414
Preview
414
Intervention in the Foreign Exchange Market
414
Foreign Exchange Intervention and the Money Supply
414
■
INSIDE THE FED A Day at the Federal Reserve Bank of New York s Foreign
Exchange Desk
416
Unsterilized Intervention All
Sterilized Intervention All
Balance of Payments
419
■
GLOBAL Why the Large U.S. Current Account Deficit Worries Economists
420
20 Contents in Detail
Exchange Rate Regimes in
the
International Financial System 420
Fixed
Exchange Rate Regimes 421
How a Fixed
Exchange Rate Regime Works 421
■ GLOBAL
The Euro s Challenge to the Dollar
423
■
GLOBAL Argentina s Currency Board
424
■
GLOBAL Dollarization
425
■
CASE The Foreign Exchange Crisis of September
1992 426
■
THE PRACTICING MANAGER Profiting from a Foreign Exchange Crisis
427
■
CASE Recent Foreign Exchange Crises in Emerging Market Countries:
Mexico
1994,
East Asia
1997,
Brazil
1999,
and Argentina
2002 428
■
CASE How Did China Accumulate Over
$2
Trillion of International Reserves?
429
Managed Float
430
Capital Controls
431
Controls on Capital Outflows
431
Controls on Capital Inflows
431
The Role of the IMF
432
Should the IMF Be an International Lender of Last Resort?
432
How Should the IMF Operate?
433
Summary
435
Key Terms
435
Questions
436
Quantitative Problems
436
Web Exercises
437
Web Appendices
437
PART SIX THE FINANCIAL INSTITUTIONS INDUSTRY
Chapter
17
Banking and the Management of Financial Institutions
438
Preview
438
The Bank Balance Sheet
439
Liabilities
439
Assets
441
Basic Banking
443
General Principles of Bank Management
445
Liquidity Management and the Role of Reserves
446
Asset Management
448
Liability Management
449
Capital Adequacy Management
450
■
THE PRACTICING MANAGER Strategies for Managing Bank Capital
452
■
CASE How a Capital Crunch Caused a Credit Crunch in
2008 453
Off-Balance-Sheet Activities
454
Loan Sales
454
Generation of Fee Income
454
Trading Activities and Risk Management Techniques
455
■
CONFLICTS OF INTEREST Barings, Daiwa, Sumitomo, and
Société
Generale:
Rogue Traders and the Principal-Agent Problem
456
Measuring Bank Performance
457
Bank s Income Statement
457
Contents in Detail 21
Measures of Bank
Performance 459
Recent
Trends in Bank Performance
Measures
460
Summary
462
Key
Terms
462
Questions
462
Quantitative Problems
463
Web Exercises
464
Chapter
18
Financial Regulation
466
Preview
465
Asymmetric Information and Financial Regulation
465
Government Safety Net
465
■
GLOBAL The Spread of Government Deposit Insurance Throughout
the World: Is This a Good Thing?
467
Restrictions on Asset Holdings
470
Capital Requirements
470
Prompt Corrective Action
471
■
GLOBAL Whither the Basel Accord?
472
Financial Supervision: Chartering and Examination
473
Assessment of Risk Management
474
Disclosure Requirements
475
Consumer Protection
476
Restrictions on Competition
476
■
MINI-CASE Mark-to-Market Accounting and the
2007-2009
Financial Crisis
477
■
MINI-CASE The
2007-2009
Financial Crisis and Consumer Protection
Regulation
478
Summary
478
■
E-FINANCE Electronic Banking: New Challenges for Bank Regulation
479
■
GLOBAL International Financial Regulation
480
The
1980s
Savings and Loan and Banking Crisis
483
Federal Deposit Insurance Corporation Improvement Act of
1991 484
Banking Crises Throughout the World in Recent Years
485
Déjà Vu
All Over Again
487
The Dodd-Frank Bill and Future Regulation
488
Dodd-Frank Wall Street Reform and Consumer Protection Act of
2010 488
Future Regulation
489
Summary
491
Key Terms
491
Questions
491
Quantitative Problems
492
Web Exercises
493
Web Appendices
493
Chapter
19
Banking Industry: Structure and Competition
494
Preview
494
Historical Development of the Banking System
494
Multiple Regulatory Agencies
496
22 Contents in Detail
Financial Innovation
and the Growth of the Shadow Banking System
497
Responses to Changes in Demand Conditions: Interest Rate Volatility
498
Responses to Changes in Supply Conditions: Information Technology
499
■
E-FINANCE Will Clicks Dominate Bricks in the Banking Industry?
501
■
Е
-FINANCE Why Are Scandinavians So Far Ahead of Americans in
Using Electronic Payments and Online Banking?
502
■
Е
-FINANCE Are We Headed for a Cashless Society?
503
Avoidance of Existing Regulations
505
■
MINI-CASE Bruce Bent and the Money Market Mutual Fund Panic of
2008 507
■
THE PRACTICING MANAGER Profiting from a New Financial Product:
A Case Study of Treasury Strips
507
Financial Innovation and the Decline of Traditional Banking
509
Structure of the U.S. Commercial Banking Industry
513
Restrictions on Branching
514
Response to Branching Restrictions
514
Bank Consolidation and Nationwide Banking
515
■
Е
-FINANCE Information Technology and Bank Consolidation
517
The Riegle-Neal Interstate Banking and Branching Efficiency Act of
1994 517
What Will the Structure of the U.S. Banking Industry Look Like in the Future?
518
Are Bank Consolidation and Nationwide Banking Good Things?
518
Separation of the Banking and Other Financial Service Industries
519
Erosion of Glass-Steagall
520
The Gramm-Leach-Bliley Financial Services Modernization Act of
1999:
Repeal of Glass-Steagall
520
Implications
f
or Financial Consolidation
520
Separation of Banking and Other Financial Services Industries
Throughout the World
521
■
MINI-CASE The
2007-2009
Financial Crisis and the Demise of Large,
Free-Standing Investment Banks
521
Thrift Industry: Regulation and Structure
522
Savings and Loan Associations
522
Mutual Savings Banks
523
Credit Unions
523
International Banking
523
Eurodollar Market
524
Structure of U.S. Banking Overseas
525
Foreign Banks in the United States
525
Summary
526
Key Terms
527
Questions
527
Web Exercises
528
Chapter
20
The Mutual Fund Industry
529
Preview
529
The Growth of Mutual Funds
529
The First Mutual Funds
530
Benefits of Mutual Funds
530
Ownership of Mutual Funds
531
Contents in Detail 23
Mutual Fund
Structure
534
Open-
Versus
Closed-End
Funds 534
Organizational Structure
534
■
CASE Calculating a Mutual Fund s Net Asset Value
535
Investment Objective Classes
537
Equity Funds
537
Bond Funds
538
Hybrid Funds
538
Money Market Funds
539
Index Funds
540
Fee Structure of Investment Funds
541
Regulation of Mutual Funds
542
Hedge Funds
543
■
MINI-CASE The Long Term Capital Debacle
545
Conflicts of Interest in the Mutual Fund Industry
546
Sources of Conflicts of Interest
546
■
CONFLICTS OF INTEREST Many Mutual Funds Are Caught
Ignoring Ethical Standards
547
Mutual Fund Abuses
547
■
CONFLICTS OF INTEREST SEC Survey Reports Mutual Fund
Abuses Widespread
549
Government Response to Abuses
549
Summary
550
Key Terms
550
Questions
551
Quantitative Problems
551
Web Exercises
552
Chapter
21
Insurance Companies and Pension Funds
553
Preview
553
Insurance Companies
554
Fundamentals of Insurance
555
Adverse Selection and Moral Hazard in Insurance
555
Selling Insurance
556
■
MINI-CASE Insurance Agent: The Customer s Ally
557
Growth and Organization of Insurance Companies
557
Types of Insurance
558
Life Insurance
558
Health Insurance
562
Property and Casualty Insurance
564
Insurance Regulation
565
■
CONFLICTS OF INTEREST Insurance Behemoth Charged with
Conflicts of Interest Violations
566
■
THE PRACTICING MANAGER Insurance Management
566
Screening
567
Risk-Based Premium
567
Restrictive Provisions
568
Prevention of Fraud
568
24
Contents
in Detail
Cancellation of Insurance
568
Déductibles
568
Coinsurance
569
Limits on the Amount of Insurance
569
Summary
569
Credit Default Swaps
569
■
CONFLICTS OF INTEREST The AIG Blowup
570
Pensions
571
■
CONFLICTS OF INTEREST The
Subprime
Financial Crisis and
the
Monoline
Insurers
571
Types of Pensions
572
Defined-Benefit Pension Plans
572
Defined-Contribution Pension Plans
572
Private and Public Pension Plans
573
■
MINI-CASE Power to the Pensions
574
Regulation of Pension Plans
577
Employee Retirement Income Security Act
Ы1
individual Retirement Plans
579
The Future of Pension Funds
580
Summary
580
Key Terms
581
Questions
581
Quantitative Problems
581
Web Exercises
582
Chapter
22
Investment Banks, Security Brokers and Dealers,
and Venture Capital Firms
583
Preview
583
Investment Banks
584
Background
584
Underwriting Stocks and Bonds
585
■
FOLLOWING THE FINANCIAL NEWS New Securities Issues
588
Equity Sales
590
Mergers and Acquisitions
591
Securities Brokers and Dealers
592
Brokerage Services
593
Securities Dealers
595
■
MINI-CASE Example of Using the Limit-Order Book
596
Regulation of Securities Firms
596
Relationship Between Securities Firms and Commercial Banks
598
Private Equity Investment
598
Venture Capital Firms
598
Private Equity Buyouts
602
Advantages to Private Equity Buyouts
603
■
E-FINANCE Venture Capitalists Lose Focus with Internet Companies
603
Life Cycle of the Private Equity Buyout
604
Contents in Detail 25
Summary
604
Key
Terms
605
Questions
605
Quantitative Problems 606
Web
Exercises
607
PART SEVEN
THE MANAGEMENT
OF
FINANCIAL INSTITUTIONS
Chapter
23
Risk
Management in Financial Institutions 608
Preview 608
Managing Credit Risk
609
Screening and Monitoring
609
Long-Term Customer Relationships
610
Loan Commitments
611
Collateral
611
Compensating Balances
612
Credit Rationing
612
Managing Interest-Rate Risk
613
Income Gap Analysis
614
Duration Gap Analysis
616
Example of a Nonbanking Financial Institution
621
Some Problems with Income Gap and Duration Gap Analyses
622
■
THE PRACTICING MANAGER Strategies for Managing Interest-Rate Risk
624
Summary
625
Key Terms
626
Questions
626
Quantitative Problems
626
Web Exercises
629
Chapter
24
Hedging with Financial Derivatives
бзо
Preview
630
Hedging
630
Forward Markets
631
Interest-Rate Forward Contracts
631
■
THE PRACTICING MANAGER Hedging Interest-Rate Risk with
Forward Contracts
631
Pros and Cons of Forward Contracts
632
Financial Futures Markets
633
Financial Futures Contracts
633
■
FOLLOWING THE FINANCIAL NEWS Financial Futures
634
■
THE PRACTICING MANAGER Hedging with Financial Futures
635
Organization of Trading in Financial Futures Markets
637
Globalization of Financial Futures Markets
637
Explaining the Success of Futures Markets
638
■
MINI-CASE The Hunt Brothers and the Silver Crash
640
■
THE PRACTICING MANAGER Hedging Foreign Exchange Risk with
Forward and Futures Contracts
641
26 Contents in Detail
Hedging Foreign Exchange Risk with Forward Contracts
641
Hedging Foreign Exchange Risk with Futures Contracts
642
Stock Index Futures
643
Stock Index Futures Contracts
643
■
MINI-CASE Program Trading and Portfolio Insurance:
Were They to Blame for the Stock Market Crash of
1987? 643
■
FOLLOWING THE FINANCIAL NEWS Stock Index Futures
644
■
THE PRACTICING MANAGER Hedging with Stock Index Futures
645
Options
646
Option Contracts
646
Profits and Losses on Option and Futures Contracts
647
Factors Affecting the Prices of Option Premiums
650
Summary
651
■
THE PRACTICING MANAGER Hedging with Futures Options
653
Interest-Rate Swaps
653
Interest-Rate Swap Contracts
653
■
THE PRACTICING MANAGER Hedging with Interest-Rate Swaps
653
Advantages of Interest-Rate Swaps
655
Disadvantages of Interest-Rate Swaps
655
Financial Intermediaries in Interest-Rate Swaps
656
Credit Derivatives
656
Credit Options
656
Credit Swaps
657
Credit-Linked Notes
657
■
CASE Lessons from the
Subprime
Financial Crisis: When Are
Financial Derivatives Likely to Be a Worldwide Time Bomb?
658
Summary
659
Key Terms
660
Questions
660
Quantitative Problems
660
Web Exercises
663
Web Appendices
663
Glossary G-l
Index
1-1
|
| any_adam_object | 1 |
| author | Mishkin, Frederic S. 1951- Eakins, Stanley G. |
| author_GND | (DE-588)123920108 |
| author_facet | Mishkin, Frederic S. 1951- Eakins, Stanley G. |
| author_role | aut aut |
| author_sort | Mishkin, Frederic S. 1951- |
| author_variant | f s m fs fsm s g e sg sge |
| building | Verbundindex |
| bvnumber | BV036896869 |
| classification_rvk | QK 600 |
| ctrlnum | (OCoLC)706859678 (DE-599)BVBBV036896869 |
| discipline | Wirtschaftswissenschaften |
| edition | 7. ed., global ed. |
| format | Book |
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| geographic_facet | USA |
| id | DE-604.BV036896869 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:50:26Z |
| institution | BVB |
| isbn | 9780273754442 0273754440 |
| language | English |
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| physical | 663, G-16, I-23 S. Ill., graph. Darst., Kt. |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | Pearson |
| record_format | marc |
| series2 | The Pearson education series in finance |
| spelling | Mishkin, Frederic S. 1951- Verfasser (DE-588)123920108 aut Financial markets and institutions Frederic S. Mishkin ; Stanley G. Eakins 7. ed., global ed. Boston ; Munich [u.a.] Pearson 2012 663, G-16, I-23 S. Ill., graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier The Pearson education series in finance Geldmarkt (DE-588)4019899-6 gnd rswk-swf Notenbank (DE-588)4042669-5 gnd rswk-swf Kreditmarkt (DE-588)4073788-3 gnd rswk-swf Bank (DE-588)4004436-1 gnd rswk-swf Kreditwesen (DE-588)4032950-1 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Geldmarkt (DE-588)4019899-6 s DE-604 Kreditmarkt (DE-588)4073788-3 s Kreditwesen (DE-588)4032950-1 s 1\p DE-604 Notenbank (DE-588)4042669-5 s 2\p DE-604 Bank (DE-588)4004436-1 s 3\p DE-604 Eakins, Stanley G. Verfasser aut Digitalisierung UB Bamberg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020811947&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 2\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk 3\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Mishkin, Frederic S. 1951- Eakins, Stanley G. Financial markets and institutions Geldmarkt (DE-588)4019899-6 gnd Notenbank (DE-588)4042669-5 gnd Kreditmarkt (DE-588)4073788-3 gnd Bank (DE-588)4004436-1 gnd Kreditwesen (DE-588)4032950-1 gnd |
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| title | Financial markets and institutions |
| title_auth | Financial markets and institutions |
| title_exact_search | Financial markets and institutions |
| title_full | Financial markets and institutions Frederic S. Mishkin ; Stanley G. Eakins |
| title_fullStr | Financial markets and institutions Frederic S. Mishkin ; Stanley G. Eakins |
| title_full_unstemmed | Financial markets and institutions Frederic S. Mishkin ; Stanley G. Eakins |
| title_short | Financial markets and institutions |
| title_sort | financial markets and institutions |
| topic | Geldmarkt (DE-588)4019899-6 gnd Notenbank (DE-588)4042669-5 gnd Kreditmarkt (DE-588)4073788-3 gnd Bank (DE-588)4004436-1 gnd Kreditwesen (DE-588)4032950-1 gnd |
| topic_facet | Geldmarkt Notenbank Kreditmarkt Bank Kreditwesen USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020811947&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT mishkinfrederics financialmarketsandinstitutions AT eakinsstanleyg financialmarketsandinstitutions |