金融市场与金融机构基础 第2版PDF电子书下载
- 电子书积分:19 积分如何计算积分?
- 作 者:(美)(F.J.法博齐)Frank J.Fabozzi著
- 出 版 社:北京:清华大学出版社
- 出版年份:1999
- ISBN:7302034303
- 页数:651 页
Part Ⅰ INTRODUCTION 1
Chapter 1 Introduction 1
Chapter 1 Introduction 1
Financial Assets 2
Debt versus Equity Clairns 3·The Price of a Financial Asset and Risk 3· Financial Assets versus Ta 4
Financial Markets 6
Market Participants 7
Globalization of Financial Markets 8
Classification of Global Financial Markets9· Motivation for Using Foreign Markest and Euromarkets 10
Derivative Markets 11
Types of Derivatiue Instruments11·The Role of Derivative Instruments 12
Summary 13
Chapter 2 Financial Intermediaries and Financial Innovation 17
Chapter 2 Financial Intermediaries and Financial Innovation 17
Financial Institutions 18
Role of Financial Intermediaries 19
Maturity Intermediation20 ·Reducing Risk via Diversification20· Reducing the Cost of Contracting a 21
Overview of Asset/Liability Management for Financial Institutions 22
Nature of Liabilities 23 ·Liquidity Concerns 24· Regulations and Taxation 25
Financial Innovation 25
Categorization ofFinancial Innovation 25· Motivation for Financial Innovation 26
Asset Securitization as aFinancial Innovation 27
Benefits to Issuers 28· Benefits to Investors 29· Benefits to Borrowers 29· Implications of Secur 30
Summary 31
Chapter 3 The Role of the Government in Financial Markets 34
Chapler 3 The Role of the Government in Financial Markets 34
Purposes and Forms of Regulation 35
Justification for Regulation 35 An Introduction to Forms of Regulation 36
Regulation in the United States 37
Regulation in Japan 41
Regulation in Germany 43
Regulation in the United Kingdom 45
Regulatory Reform 47
Summary 48
Chapter 4 Depository Institutions:Activities and Characteristics 52
Part ⅡDEPOSITORYINSTITUTIONS 52
Chapter 4 Depository Institutions :Activities and Characteristics 52
PartⅡ DEPOSITORY INSTITUNONS 52
Asset/Liability Problem of Depository Institutions 53
Interest Rate Risk 54·liquidity Concerns 55
Commercial Banks 56
Bank Services61·Bank Funding62·Regulation 65
Savings and Loan Associations 72
Assets72·Funding74·Regulation 74·The S L Crisis 75
Credit Unions 77
Savings Banks 77
Summary 78
Chapter 5 Central Banks and the Creation of Money 84
Chapter 5 Central Banks and the Cretion of Money 84
The Central Bank of the United States:The Federal Reserve System 85
The Central Bank and Money Creation in the United States 85
Instruments of Monerary Policy: Howthe Fed Influences the Supplyof Money86·Different Kinds of Money 94
The Central Banks of Other Countries 96
Germany 96·Japan97·United Kingdom 97
Summary 99
Chapter6 Monetary Policy 102
Chapter6 Monetary Policy 102
Monetary Policy in the United States 103
Goals of Monetary Policy 103·Trade-Offs and Conflicts among Policies108·Goals and Types of Targets 111
Goals and Targets of Monetary Policy in Other Economies 116
Germany 116·Japan 117·United Kingdom 118
Summary 120
Part Ⅲ NON-DEPOSITORY FINANCIAL INTERMEDIARIES 122
Chapter 7 Insurance Cornpanies 122
Chapter 7 Insurance Companies 122
Part Ⅲ NON-DEPOSITORY FINANCIAL INTERMEDIARIES 122
Fundamental Characteristics of the Insurance Industry 123
Insurance Policy and Premiums 123·Surplus and Reserves124·Determination of Profits 124·Government 125
Life Insurance Companies 126
Liabilities and Liability Risk127·Types of Policies127·Investments 130
Propexty and Casualty Insurance Companies 131
Nature of the Liabilites131·Inrestments 132
Financial Trends in the International Insurance Industry 133
Summary 135
Bancassurance 133·Cross-Border Activities134·Pension Funds and Insurance Companies 135
Chapter 8 Investment Companies 139
Chapter 8 Investment Companies 139
Types of Investment Companies 140
Open-End Funds 140·Closed-End Funds141·Unit Trusts 143
Structure and Expenses of a Fund 144
Types of Funds by Investment Objective 144
Economic Motivation for Funds 146
Regulation of Funds 147
Commercial Banks and Mutual Funds 149
The Concept of a Family of Funds 150
Industry Concentration 151
Mutual Funds in Other Economies 151
United Kingdom151·Germany153·Japan 154
Summary 156
Chapter 9 Pension Funds 159
Chapter 9 Pension Funds 159
Introduction to Pension Plans 160
Types of Pension Plans 161
Defined Contribution Plan161·Defined Benefit Plan 162·Hybrid Pension Plans 162
Investments 163
Regulation 164
Managers of Pension Funds 165
Pension Funds in Other Countries 166
Germany166·United Kingdom 167·Japan 168
Summary 169
Appendix:Endowment Funds 170
Chapter 10 Properties and Pricing of Financial Assets 173
Chapter 10 Properties and Pricing of Financial Assets 173
PartⅣ DETERMINANTS OF ASSET PRICES AND INTEREST RATES 173
Part Ⅳ DETERMINANTS OF ASSET PRLCES AND INTEREST RATES 173
Properties of Financial Assets 174
Moneyness174·Divisibility and Denomination174·Reversibility174·Cash Flow 175·Term to Maturity176 179
Principles of Pricing Financial Assets 179
The Appropriate Discount Rate 180·Illustratiom 180·Price and Asset Properties 181
Price Volatility of Financial Assets 183
The Effect of Maturity 184·The Effect of the Coupon Rate 184·The Effect of the Level of Yields 186 187
Summary 192
Appendix:Review of Present Value 194
Chapter 11 The Level and Structure of Interest Rates 198
Chapter 11 The Level and Structure of Interest Rates 198
The Theory of Interest Rates 199
Fishers Classical Approach 199·The Loanable Funds Theory203·The Liquidity Preference Theory 204·C 205
The Determinants of the Structure of Interest Rates 208
Features of a Bond208·Yield on a Bond209·Tne Base Interest Rate212·The Risk Premium 212
Summary 217
Chapter 12 The Term Structure of Interest Rates 223
Chapter 12 The Term Structure of In terest Rates 223
The Yield Curve and the Term Structure 224
Using the Yield Curve to Price a Bond 225·Constructing the Theoretical Spot Rate Curve226·Using Sp 229
Forward Rates 230
Other Forward Rates 233·Relationship between Spot Rates and Short-Term Forward Rates 234·Forward R 235
Determinants of the Shape of the Term Structure 235
Rule 144A 238
The Pure Expectations Theory 236·The Liquidity Theory 239·The Preferred Habitat Theory 240·Market 241
Summary 242
Chapter 13 Risk/Return and Asset Pricing Models 246
Chapter 13 Risk/Return and Asset Pricing Models 246
Portfolio Theory 247
Investment Retum247·Portfolio Risk 249·Diversification252·The Risk of Individual Securities254·E 257
The Capital Asset Pricing Model 258
Underlying Assumptions 260·Tests of the Capital Asset Pricing Model 261
Multifactor CAPM 263
Arbitrage Pricing Theory Model 264
Empirical Evidence 265
Summary 267
PartⅤ ORGANIZATION AND STRUCTURE OF MARKETS 271
Chapter 14 Primary Markets and the Underwritingof Securities 271
Chapter 14 Primary Markets and the Underwriting of Securities 271
PartⅤ ORGANIZATION AND STRUCTURE OF MARKETS 271
The Traditional Process for Issuing New Securities 272
Investment Bankers 274
Regulation of the Primary Market 275
Variations in the Underwriting Process 277
Bought Deal 277·Auction Process278·Preemptive Rights Offering 280
Private Placement of Securities 282
Chapter 15 Secondary Markets 288
Chapter 15 Secondary Markets 288
Function of Secondary Markets 289
Trading Locations 290
Market Structures 290
Perfect Markets 291
Role of Brokers and Dealers in Real Markets 292
Brokers 293·Dealers as Market Makers 293
Market Efficiency 295
Operational Efficiency295·Pricing Efficiency 296
Summary 296
Chapter 16 Treasury and Agency Securities Markets 300
Part Ⅵ MARKETS FOR GOVERNMENT DEBT 300
Part Ⅵ MARKETS FOR GOVERNMENT DEBT 300
Treasury Securities 301
Types of Treasury Securities301·The Primary Market 302·The Secondary Market306·Stripped Treasury 313
Federal Agency Securities 316
Government-Sponsored Enterprise Securities 316
A Look at Non-U.S. Government Bond Markets 319
Summary 321
Instruments for Hedging Foreign Exchange Risk 324
Chapter 17 Municipal Securities Markets 325
Types and Features of Municipal Securities 326
General Obligation Bonds326·Revenue Bonds327·Hybrid and Special Bond Securities327·Municipal Note 329
Municipal Bond Ratings 329
Tax Risks Associated with Investing in Municipal Securities 331
The Primary Market 332
The Secondary Market 332
Yields on Municipal Bonds 333
Regulation of the Municipal Securities Market 334
Summary 335
Part ⅦMARKETS FOR CORPORATE SECURITIES 338
Chapter 18 Common Stock Markets in the United States 338
Part Ⅶ MARKETS FOR CORPORATE SECURITIES 338
Chapter 18 Common Stock Markets in the United States 338
Chatacteristics of Common Stock 339
Trading Locations 339
Srock Exchanges 340·Over-the-Counter Market341·Indeprndent Electronic Trading Systems 341·Trading 349
Trading Arrangements for Insritutional Investors 350
Block Trades351·Program Trades 352
Stock Market Indicators 353
Pricing Efficiency of the Stock Market 356
Forms of Efficiency 356·Implications for Investing in Common Stock 357
Stock Market Crash of 1987 358
Summary 360
Chapter 19 Stock Markets around the World 365
Chapter 17 Municipal Securities Markets 365
Chapter19 Stock Markets around the World 365
National Stock Markets 366
Multiple Listings on National Markets 366·Global Diversification:Correlation of World Equity Market 376
Euroequity Lssues 378
Global Depository Receipts 380
Summary 381
Summary 384
Chapter 20 Markets for Corporate Senior Instruments:I 385
Chapter 20 Markets for Corporate Senior Instruments:I 385
Credit Risk and the Role of Rating Companies 386
Commercial Paper 387
Issuers of Commercial Paper388·Directly Placed versus Dealer-Placed Paper389·Non-US Commerical Pap 390
Medium-Term Notes 391
Size of Market and Issuers391·The Primary Market*392·Structured MTNs 394
Euronotes 394
Bank Loans 395
Syndicated Bank Loans396·Lease Financing 397
Summary 398
Chapter 21 Corporate Senior Instruments:II 401
Chapter 21 Corporate Senior Instruments:II 401
Corporate Bonds 402
Basic Features of a Corporate Bond Issue402·Bonds with Special Features 405·Corporate Bond Credit 413
PrefernedStock 415
Adjustable-Rate Preferred Stock416·Auction and Remarketed Preferred Stock 417
Bankruptcy and Creditor Rights 418
Summary 419
Chapter 22 The Markets for Bank Obligations 423
Chapter 22 The Markets for Bank Obligations 423
Large-Denomination Negotiable CDs 424
Types of Banks Operating in theUnited States 424
CD Issuers 425·Yields on CDs 426
Federal Funds 427
Federal Funds Rate428·Market for Federal Funds 428
Bankers Acceptances 429
Illustration of the Creation of a Bankers Acceptance 430·Accepting Banks431·Dealers 431·Credit Ri 432
Summary 432
PartⅧ MORTGAGE AND SECURITIZED ASSET MARKETS 435
Chaptetr 23 The Mortgage Market 435
Chapter 23 The Mortgage Market 435
Part Ⅷ MORTGAGE AND SECURITIZED ASSET MARKETS 435
Whta Is a Mortgage? 436
Mortgage Origination 436
The Mortgage Originataion Process437·The Risks Associated with Mortgage Origination 439
Types of Mortgage Design 440
Fixed-Rate,Level-Payment,Fully Amortized Mortgages 441·Adjustable-Rate Mortgages444·Other Mortgage 446
Investment Risks 450
Credit Risk 450·Liquidity Risk450·Price Risk 450·Prepayments and Cash Flow Uncertainty 450
Summary 451
Chapter 24 Mortgage-Backed Securities Market 454
Chapter 24 Mortgage-Backed Securities Market 454
Developrnent of the Secondary Mortgage Market 455
Foundations of the Mortgage Market 455·Securitization of Mortgages 456
Mortgage Pass-Through Securities 457
Cash Flow Characteristics457·Issuers of Mortgage Pass-Through Securities 457·Government National M 471
Collateralized Mortgage Obligations 472
Sequential-Pay CMOs473·Accrual Bonds 478·Planned Amortization Class Tranches 479
Stripped Mortgage-Backed Securities 483
Yields on Mortgage-Backed Securities 484
Summary 485
Chapter 25 Asset-Backed Securities Market 488
Chapter 25 Asset-Backed Securities Market 488
Asset-Backed Securities Issuance 489
Cash Flow of Asset-Backed Securities 491
Autornobile-LoanBacked Securities493·Credit Card Receivable Asset -Backed Securities493·Home Equit 495
Credit Risk 495
Summary 496
Chapter 26 Financial Futures Markets 499
Part Ⅸ MARKETS FOR DERIVATIVE SECURITIES 499
Part Ⅸ MARKETS FOR DERLVATIVE SECURITIES 499
Chapter 26 Financial Futures Markets 499
Futures Contracts 500
Futures versus Forward Contracts 506
Liquidating a Position501·The Role of the Clearinghouse502·Margin Requirements502·Leveraging Aspe 506
The Role of Futures in Financial Markets 507
U.S. Financial Futures Markets 509
Stock Index Futures Markets 509·Interest Rate Futures Markets 510
The GAO Study on Financial Derivatives 514
Financial Futures Markets in Other Countries 515
Japanese Stock Index Futures516·Japanese Interest Rate Futures 516
Forward Rate Agreements 517
Summary 519
Chapter 27 Options Markets 523
Chapter 27 Options Markets 523
Options Contracts 524
Risk and Return Characteristics of Options 526
Differences between Options and Futures Contracts 526
Buying Call Options 527·Writing (Selling)Call Options530·Buying Put Options531·Writing (Sellimg)P 534
Economic Role of the Option Markets 535
U.S.Options Markets 537
Stock Options 537·Stock Index Options539·Interest Rate Options542·Exotic Options 542
Options Markets Outside the Untied States 543
Futures Options 544
Mechanics of Trading Futures Options 544·Reasons for Popularity of Futures Options 546
Summary 546
Chapter 28 Pricing of Futures and Options Contracts 550
Chapter 28 Pricing of Futures and Options Contracts 550
Pricing of Futures Contracts 551
Theoretical Futures Price Based on Arbitrage Model553·Price Convergence at the Delicery Date 556·A 556
Pricing of Options 559
Basic Components of the Option Price559·Put-CallParity Relationship560·Factors That Influence the 568
Summary 570
Chapter 29 The Applications of Futures and Options Contracts 574
Chapter 29 The Applications of Futures and Options Contracts 574
Applications of Futures Contracts 575
Stock Index Futures575·Interest Rate Futures 578
Applications of Options Contracts 580
Stock Options and Stock Index Options 580·Interest Rate Options 581
Summary 582
Appendix:General Principles of Hedging with Futures 583
Chapter 30 Interest Rate Swap and Interest Rate Agreement Market 590
Chapter 30 Interest Rate Swap and Interest Rate Agreement Market 590
Interest Rate Swaps 591
Risk/Return Characteristics of a Swap591·Interpreting a Swap Position 592·Applications595·Reasons 608
Interest Rate Agreements 610
Risk/Return Characteristics610·Applications 612
Summary 613
Chapter 31 TheMarket for Foreign Exchange Rate Risk Control Instruments 617
Chapter 31 The Market for Foreign Exchange Rate Risk Control Instruments 617
Foreign Exchange Rates 618
Exchange Rate Quotation Conventions618·Foreign Exchange Risk 620
Spot Market 621
Cross Rates622·Dealers622·The European Currency Unit 623
Currency Forward Contracts624·Currency Future Contracts630·Currency Option Contracts630·Currency 631
Summary 635
Index 639
Index 639
- 《市政工程基础》杨岚编著 2009
- 《零基础学会素描》王金著 2019
- 《计算机网络与通信基础》谢雨飞,田启川编著 2019
- 《生物质甘油共气化制氢基础研究》赵丽霞 2019
- 《花时间 我的第一堂花艺课 插花基础技法篇》(日)花时间编辑部编;陈洁责编;冯莹莹译 2020
- 《Photoshop CC 2018基础教程》温培利,付华编著 2019
- 《看视频零基础学英语口语》宋德伟 2019
- 《胃癌基础病理》(日)塚本彻哉编者;宫健,刘石译者 2019
- 《高校转型发展系列教材 素描基础与设计》施猛责任编辑;(中国)魏伏一,徐红 2019
- 《基础乐理》牛丽君 2019
- 《SQL与关系数据库理论》(美)戴特(C.J.Date) 2019
- 《魔法销售台词》(美)埃尔默·惠勒著 2019
- 《看漫画学钢琴 技巧 3》高宁译;(日)川崎美雪 2019
- 《优势谈判 15周年经典版》(美)罗杰·道森 2018
- 《社会学与人类生活 社会问题解析 第11版》(美)James M. Henslin(詹姆斯·M. 汉斯林) 2019
- 《海明威书信集:1917-1961 下》(美)海明威(Ernest Hemingway)著;潘小松译 2019
- 《迁徙 默温自选诗集 上》(美)W.S.默温著;伽禾译 2020
- 《上帝的孤独者 下 托马斯·沃尔夫短篇小说集》(美)托马斯·沃尔夫著;刘积源译 2017
- 《巴黎永远没个完》(美)海明威著 2017
- 《剑桥国际英语写作教程 段落写作》(美)吉尔·辛格尔顿(Jill Shingleton)编著 2019
- 《大学计算机实验指导及习题解答》曹成志,宋长龙 2019
- 《指向核心素养 北京十一学校名师教学设计 英语 七年级 上 配人教版》周志英总主编 2019
- 《大学生心理健康与人生发展》王琳责任编辑;(中国)肖宇 2019
- 《大学英语四级考试全真试题 标准模拟 四级》汪开虎主编 2012
- 《大学英语教学的跨文化交际视角研究与创新发展》许丽云,刘枫,尚利明著 2020
- 《北京生态环境保护》《北京环境保护丛书》编委会编著 2018
- 《复旦大学新闻学院教授学术丛书 新闻实务随想录》刘海贵 2019
- 《大学英语综合教程 1》王佃春,骆敏主编 2015
- 《大学物理简明教程 下 第2版》施卫主编 2020
- 《指向核心素养 北京十一学校名师教学设计 英语 九年级 上 配人教版》周志英总主编 2019