Modern financial markets and institutions: a practical perspective
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Harlow [u.a.]
Pearson
2012
|
| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Getr. Zählung graph. Darst. |
| ISBN: | 9780273730354 |
Internformat
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Datensatz im Suchindex
| _version_ | 1804149524874133504 |
|---|---|
| adam_text | Titel: Modern financial markets and institutions
Autor: Arnold, Glen
Jahr: 2012
Contents
Introduction to the book xvii
Acknowledgements xxii
The value of the financial system 1
Learning outcomes 1
The impact of these markets on our lives 2
Banking 7
Importance of different financial centres 9
World without money or financial institutions 12
Financial markets 20
Growth in the financial services sector 20
Debt and equity capital 23
Primary and secondary markets 24
Exchange-traded and OTC markets 24
The financial institutions 24
Concluding comments 30
Key points and concepts 31
References and further reading 32
Websites 33
Video presentations 33
Case study recommendations 33
Self-review questions 34
Questions and problems 34
Assignments 35
Web-based exercises 35
Banking: retail and corporate 36
Learning outcomes 36
What is banking? 37
Core banking 39
Lending 40
Payment mechanisms 46
Corporate banking 49
Uncommitted facilities 49
Committed facilities 49
Cash management 53
Guarantees 53
Overseas trade 53
Foreign exchange risk management and interest risk management 53
Other commercial banking services 54
How a bank operates 55
Liquidity management and reserves 57
Asset and liability management 61
Capital adequacy management 61
Income statements 65
Concluding comments 67
Key points and concepts 67
References and further reading 71
Websites 71
Video presentations 71
Case study recommendations 71
Self-review questions 72
Questions and problems 73
Assignments 73
Web-based exercises 74
3 Investment banking and other banking 75
Learning outcomes 75
Investment banking 76
Global investment banks 81
Corporate and government assistance 82
Market activities 86
International banking 97
Themutuals 100
Finance houses 103
Islamic banking 107
Concluding comments 108
Key points and concepts 109
References and further reading 112
Websites 112
Video presen tations 112
Case study recommendations 112
Self-review questions 113
Questions and problems 114
Assignments 115
Web-based exercises 115
4 Insurance, pensions, and collective investments 116
Learning outcomes 116
Insurance 117
The London market 124
Pensions 131
Pension fund asset holdings 138
Regulations 140
Collective investment 142
Concluding comments 158
Key points and concepts 158
References and further reading 161
Websites 162
Video presen tations 162
Case study recommendations 162
Self-review questions 163
Questions and problems 164
Assignments 165
Web-based exercises 166
5 Money markets 167
Learning outcomes 167
Interest often comes from discount pricing 168
The markets in short-term money 169
Money market funds 170
Functions of money 171
The time value of money 172
The interbank market 174
Eurocurrency 178
Treasury bills 180
Central banks 187
Commercial paper 187
Credit ratings 190
Repos 192
Local authority/municipal bills 195
Certificate of deposits (CDs) 195
Bills of exchange/banker s acceptances 197
Money market interest rates in the Financial Times 200
Comparing interest rates 200
Concluding comments 203
Key points and concepts 204
Appendix 5.1 Converting from a 365-day basis to a 360-day basis 207
Appendix 5.2 Mathematical tools for finance 207
References and further reading 215
Websites 216
Video presentations 216
Case study recommendations 216
Self-review questions 216
Questions and problems 217
Assignments 218
Web-based exercises 218
6 Bond markets 219
Learning outcomes 219
Bonds 221
Government bond markets 222
Government bonds around the world 228
Corporate bonds 232
High-yield (junk) bonds 240
Local authority/municipal bonds 243
Convertible bonds 243
Strip bonds 245
Securitisation 246
Covered bonds 250
Foreign bonds 251
Eurobonds (international bonds) 252
Euro medium-term notes and domestic medium-term notes 255
Islamic bonds (sukuk) 257
Valuing bonds 258
Duration 265
Demand and supply curves for bonds 268
The term structure of interest rates 271
Concluding comments 274
Key points and concepts 275
References and further reading 278
Websites 278
Video presentations 279
Case study recommendations 279
Self-review questions 279
Questions and problems 280
Assignments 282
Web-based exercises 282
7 Central banking 283
Learning outcomes 283
Monetary policy 285
How monetary policy impacts the economy 294
Safety and soundness of the financial system 300
Other activities of central banks 316
Bank of England 318
European Central Bank 319
The US Federal Reserve 320
Concluding comments 321
Key points and concepts 321
References and further reading 324
Websites 325
Video presentations 325
Case study recommendations 325
Self-review questions 326
Questions and problems 326
Web-based exercises 327
8 Equity markets 328
Learning outcomes 328
The value of joint stock enterprises/a little history 329
Ordinary shares (equity) 330
Preference shares 332
Some unusual types of shares 333
Stock exchanges around the world 335
The importance of a well-run stock exchange 338
New trading systems 342
The London Stock Exchange 354
How stock exchanges work 359
Share borrowing, lending and shorting 366
The ownership of UK shares 366
Concluding comments 368
Key points and concepts 369
References and further reading 371
Websites 371
Video presentations 372
Case study recommendations 372
Self-review questions 372
Questions and problems 373
Assignments 374
Web-based exercises 374
9 Raising share capital 375
Learning outcomes 375
Floating on the Main Market of the London Stock Exchange 376
Post-listing obligations 385
The Alternative Investment Market (AIM) 387
PLUS 389
Understanding the figures in the financial pages 390
Rights issues 396
Placings, open offers and clawback 403
Scrip issues, scrip dividends, splits and consolidation 404
Share buy-backs and special dividends 404
Warrants 405
Concluding comments 405
Key points and concepts 405
References and further reading 408
Websites 408
Video presentations 409
Case study recommendations 409
Self-review questions 409
Questions and problems 410
Assignments 411
Web-based exercises 411
10 Futures markets 412
Learning outcomes 412
What is a derivative? 413
Forwards 414
Futures 415
Settlement 420
Over-the-counter (OTC) and exchange-traded derivatives 422
Buying and selling futures 425
Single stock futures 425
Short-term interest rate futures 427
Forward rate agreements (FRAs) 430
Derivatives users 431
Concluding comments 433
Key points and concepts 433
References and further reading 435
Websites 435
Video presentations 435
Case study recommendations 436
Self-review questions 436
Questions and problems 437
Assignments 439
Web-based exercises 440
11 Options and swaps 441
Learning outcomes 441
Options 442
Using share options to reduce risk: hedging 449
Index options 451
A comparison of options, futures, forwards and FRAs 453
Spread betting 453
Contracts for difference 457
Caps 457
Swaps 459
The relationship between FRAs and swaps 465
Credit default swap (CDS) 467
Concluding comments 471
Key points and concepts 471
Appendix 11.1 Option pricing 473
References and further reading 474
Websites 475
Video presentations 475
Case study recommendations 475
Self-review questions 475
Questions and problems 476
Assignments 479
Web-based exercises 479
12 Foreign exchange markets 480
Learning outcomes 480
The foreign exchange markets 481
FX trading 484
Exchange rates 486
Exchange rate regimes 492
FX volatility and its effects 494
Dealing with exchange rate risk 497
Exchange rate determination 507
Interest rate parity theory 510
Expectations theory 513
The influence of a current account deficit and capital flows 513
Efficiency of FX markets 514
Concluding comments 515
Key points and concepts 515
References and further reading 517
Websites 518
Video presentations 518
Case study recommendations 518
Self-review questions 519
Questions and problems 520
Assignments 522
Web-based exercises 522
13 Trade, shipping, commodities and gold 523
Learning outcomes 523
Trade 524
Shipping 528
Commodities 534
Gold 548
Concluding comments 550
Key points and concepts 551
References and further reading 552
Websites 552
Video presentations 553
Case study recommendations 553
Self-review questions 553
Questions and problems 554
Assignments 554
Web-based exercises 555
14 Hedge funds and private equity 556
Learning outcomes 556
Hedge funds 558
Hedge fund strategies 574
Prime brokerage 578
Private equity 578
Private equity categories 589
Private equity providers 590
Concluding comments 594
Key points and concepts 594
References and further reading 597
Websites 598
Video presentations 598
Case study recommendations 598
Self-review questions 599
Questions and problems 599
Assignments 600
Web-based exercises 600
15 Regulation of the financial sector 602
Learning outcomes 602
Why regulate? 603
The dangers to watch out for in a regulatory system 609
Types of regulation 612
Regulation of UK financial services 615
European Union regulation 631
Global regulation 636
Some gaps in the system? 636
Concluding comments 638
Key points and concepts 638
References and further reading 641
Websites 641
Video presentations 641
Case study recommendations 642
Self-review questions 642
Questions and problems 643
Assignments 644
Web-based exercises 644
16 The financial crisis 645
Learning outcomes 645
The autistic mathematicians and the autistic financial economists 646
Reflexivity 652
Some of the more proximate causes of the crisis 660
The crash 667
Government actions 671
Concluding comments 673
Key points and concepts 674
References and further reading 675
Video presentations 677
Case study recommendations 678
Self-review questions 678
Questions and problems 679
Appendices A:1
I Future value of £1 at compound interest A:2
II Present value of £1 at compound interest A:3
III Present value of an annuity of £1 at compound interest A:4
IV Future value of an annuity of £1 at compound interest A:5
V Answers to the mathematical tools exercises in Chapter 5, Appendix 5.2 A:6
VI Answers to end-of-chapter numerical questions A:7
Glossary G:1
Index 1:1
|
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| title | Modern financial markets and institutions a practical perspective |
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| title_full | Modern financial markets and institutions a practical perspective Glen Arnold |
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| title_short | Modern financial markets and institutions |
| title_sort | modern financial markets and institutions a practical perspective |
| title_sub | a practical perspective |
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