书籍详情

金融市场与金融机构基础:英文版 第2版

金融市场与金融机构基础:英文版 第2版

作者:(美)[F.J.法博齐]Frank J.Fabozzi等著

出版社:清华大学出版社

出版时间:1999-03-01

ISBN:9787302034308

定价:¥58.00

购买这本书可以去
内容简介
  过去30年间,金融业发生了翻天覆地的变化,其标志是创新、全球化和放松管制。作者写作本书的目的就是帮助学生了解金融业的巨大变化。和其他教科书相比,本书有其自身的特点:一是取材广泛,从机构到市场、工具,如资产的证券化、抵押市场等等,这些是其他教材没有或不够深入的。二是内容全面、资料新,给学生大量的信息和分析工具,并且详细描绘了一些大型市场与机构的运行、结构和规章制度,使学生能够学会分析金融业的某些全球性问题。三是本书覆盖了衍生市场,如期权、期货、互换、控制利率风险协议等等。因为这些衍生证券和衍生市场对全球金融业是至关重要的。本书分为9个部分,主要内容有储蓄机构、非储蓄机构、资产价格与利率的决定、市场的组织与结构、政府债券市场、公司债券市场、抵押与证券市场、衍生证券市场。本书作者均是美国金融界的知名人士。Fabozzi是耶鲁大学的金融学副教授、《证券管理杂志》编辑;Modigliani是MIT的金融与经济学教授,美国国际经济协会名誉主席、美国金融协会前主席和经济计量学会前主席。Ferri是弗吉尼亚州的GeorgeMason大学的金融学教授、美国国际管理协会副主席、《证券管理杂志》编?┘?顾问。??
作者简介
暂缺《金融市场与金融机构基础:英文版 第2版》作者简介
目录
    Partl INTRODUCTION
    Introduction
    Financial Intermediaries
    and Financial Innovation
    The Role of the Government
    in Financial Markets
   Part 11 DEPOSITORY INSTITUTIONS
    Chdpter 4 Depository Institutions: Activities
    and Characteristics
    Chapter 5 Central Banks and the Creation
    of Money
    Chapter 6 Monetary Policy
   Part 111 NON-DEPOSITORY FINANCIAL
    INTERMEDIARIES
    Chapter 7 Insurance Companies
    Chapter 8 Investment Companies
    Chapter 9 Pension Funds
   Part IV DETERMINANTS OF ASSET PRICES
    AND INTEREST RATES
    Properties and Pricing
    of Financial Assets
    The Level and Structure
    of Interest Rates
    The Term Structure
    of Interest Rates
    Risk/Rcturn and Asset
    Pricing Models
   Part V ORGANIZATION AND STRUCTURE
    OF MARKETS
    Chapter 14 Primary Markets and the
    Underwriting of Securities
    Secondary Markets
   Part Vl MARKETS FOR GOVERNMENT
    DEBT
    Chapter 16 Treasury and Agency Securities
    Markets
    Chapter 17 Municipal Securities Markets
    Part Vll MARKETS FOR CORPORATE
    SECURITIES
    Chapter 18 Common Stock Markets
    in the United States
    Chapter 19 Stock Markets around the World
    Chapter 20 Markets for Corporate Senior
    Instruments: 1
    Chapter 21 Corporate Senior Instmments: 11
    Chdpter 22 The Markets for Bank Obligations
   Part Vlll MORTGAGE AND SECURITIZED
    ASSET MARKETS
    Chdpter 23 The Mortgage Market
    Chdpter 24 Mortgage-Backed Securities
    Market
    Chdpter 25 Asset-Backed Securities Market
   Part IX MARKETS FOR DERIVATIVE
    SECURITIES
    Chdpter 26
    Chdpter 27
    Chdpter 28
    Chdpter 29
    Chdpter 30
    Chdpter31
    Index
    Financial Futures Markets
    Options Markets
    Pricing of Futures and Options
    Contracts
    The Applications of Futures
    and Options Contracts
    Interest Rate Swap and Interest Rate
    Agreement Market
    The Market for Foreign Exchange
    Rate Risk Control Instruments
    Preface xv
    Acknowledgments xuiii
    Biographical Sketches xx
   Part 1 INTRODUCTION
    Chapter 1 Introduction
    Financial Assets
    Debt versus Equity Claims 3 The Price of a Financial Asset and Risk 3 *
    Financial Assets versus Tangible Assets 4 The Role of Financial Assets 4
    Financial Markets
    Role of Finandal Markets 6 CIassification of Financial Markets 6
    Market Participants
    Globalization of Financial Markets
    Classification of Global Finandal Markets 9 Motivation for Using Foreign
    Markets and Euromarkets
    Derivative Markets
    Types of Derivative Instruments 11 The Role of Derivative Instruments
    Summary
    Chapter 2 Financial Intermediaries and Financial Innovation
    Financial Institutions
    Role of Financial Intermediaries
    Maturity Intermediation 20 Reducing Risk via Diversification 20 *
    Reducing the Cost ofContracting and Information Processing 21 Providing
    a Payments Mechanism
    Overview of Asset/Liability Management for Financial Institutions
    Nature of Liabilities 23 Liquidity Concerns 24 Regulations and Taxation
    Financial Innovation
    Categorizations of Financial Innovation 25 Motivation
    for Financial Innovation
    Asset Securitization as a Financial Innovation
    Benefits to Issuers 28 Benefits to Investors 29 Benefits to Borrowers 29
    Implications of Securitization for Financial Markets 29 Social Benefits 30
    Summary
    Chapter 3 The Role of the Govemment in Financial Markets
    Purposes and Forms of Regulation
    Justification for Regulation 35 An Introduction to Forms of Regulation 36
    Regulation in the United States
    Regulation in Japan
    Regulation in Germany
    Regulation in the United Kingdom
    Regulatory Refonn
    Summary
   Part 11 DEPOSITORY INSTITUTIONS
    Chapter 4 Depository Institutions: Activities and Characteristics
    Asset/Liability Problem of Depository Institutions
    Interest Rate Risk 54 Liquidity Concerns
    Commercial Banks
    Bank Services 61 Bank Funding 62 Regulation
    昐avings and Loan Associations
    Assets 72 Funding 74 Regulation 74 The S&L Crisis
    Savings Banks
    Credit Unions
    Summary
    Chapter 5 Central Banks and the Creation of Money
    The Central Bank and Money Creation in the United States
    The Central Bank of the United States: The Federal Reserve System 85
    Instruments of Monetary Policy: How the Fed Influences the Supply of Money 86
    ?Different Kinds of Money 89 Money and Monetary Aggregates 89 The Money
    Multiplier: The Expansion of the Money Supply 91 The Impact of Interest Rates
    on the Money Supply 93 The Money Supply Process in an Open Economy 94
    The Central Banks of Other Countries
    Germany 96 Japan 97 United Kingdom
    Summary
    Chapter 6 Monetary Policy
    Monetary Policy in the United States
    Goals of Monetary Policy 103 Trade-Offs and Conflicts among Polides 108
    Goals and Types of Targets 108 Choosing the Operating Target 109 Choosing
    the Intermediate Target 110 A Review of Recent Federal Reserve Policy
    Goals and Targets of Monetary Policy in Other Economies
    Germany l6 Japan 117United Kingdom
    Summary
   Part 111 NON-DEPOSITORY FINANCIAL INTERMEDIARIES
    Chapter 7 Insurance Companies
    Fundamental Characteristics of the Insurance Industry
    Insurance Policy and Premiums 123 Surplus and Reserves 124 Determination
    of Profits 124 Government Guarantees 125 Regulation 125
    Life Insurance Companies
    Liabilities and Liability Risk 127 Types of Policies 127 Investments
    Property and Casualty Insurance Companies
    Nature of the Liabilities 131 Investments
    Financial Trends in the Intemational Insurance Industry
    Bancassurance 133 Cross-Border Activities 134 Pension Funds
    and Insurance Companies
    Summary
    Chapter 8 Investment Companies
    Types of Investment Companies
    Open-End Funds 140 Closed-End Funds 141 Unit Trusts 143
    Structure and Expenses of a Fund
    Types of Funds by Investment Objective
    Economic Motivation for Funds
    Regulation of Funds
    Commercial Banks and Mutual Funds
    The Concept of a Family of Funds
    Industry Concentration
    Mutual Funds in Other Economies
    United Kingdom 151 旼ermany I53 Japan 154
    Summary
    Chapter 9 Pension Funds
    Introduction to Pension Plans
    Types of Pension Plans
    Defined Contribution Plan 161 Defined Benefit Plan 162 Hybrid
    Pension Plans 162
    Investments
    Regulation
    Managers of Pension Funds
    Pension Funds in Other Countries
    Germany 166United Kingdom 167 Japan 168
    Summary
    Appendix: Endowment Funds
   Part IV DETERMINANTS OF ASSET PRICES AND INTEREST RATES
    Chapter 10 Properties and Pricing of Financial Assets
    Properties of Financial Assets
    Moneyness 174 Divisibility and Denomination 174 Reversibility 174 Cash
    Flow 175 Term to Maturity 176 Convertibility 176 Currency 176 Liquidity
    177 Return Predictability 177 Complexity 178 Tax Status 179
    Principles of Pricing Financial Assets
    The Appropriate Discount Rate 180 Illustration 180 Price
    and Asset Properties
    Price Volatility of Financial Assets
    The Effect of Maturity 184 The Effect of the Coupon Rate 184 The Effect of
    the Level of Yields 186 Measuring Price Sensitivity to Interest Rate
    Changes: Duration
    Summary
    Appendix: Review of Present Value
    Chapter 11 The Level and Structure of Interest Rates
    The Theory of Interest Rates
    Fisher's Classical Approach 199 The Loanable Funds Theory 203
    The Liquidity Preference Theory 204 Changes in the Money Supply
    and Interest Rates
    The Determinants of the Structure of Interest Rates
    Features of a Bond 208 Yield on a Bond 209 The Base Interest Rate 212
    The Risk Premium 212
    Summary
    Chapter 12 The Term Structure of Interest Rates
    The Yield Curve and the Term Structure
    Using the Yield Curve to Price a Bond 225 Constructing the Theoretical Spot
    Rate Curve 226 Using Spot Rates to Value a Bond 229
    Forward Rates
    Other Forward Rates 233 Relationship between Spot Rates and Short-Term
    Forward Rates 234 Forward Rate as a Hedgeable Rate 235
    Determinants of the Shape of the Term Structure
    The Pure Expectations Theory 236 The Liquidity Theory 239 The Preferred
    Habitat Theory 240 Market Segmentation Theory 241
    Summary
    Chapter 13 Risk/Return and Asset Pricing Models
    Portfolio Theory
    Investment Return 247 Portfolio Risk 249 Diversification 252 The Risk
    of Individual Securities 254 Estimating Beta 257
    The Capital Asset Pricing Model
    L'nderlying Assumptions 260 Tests of the Capital Asset Pricing Model 261
    Multifactor CAPM 263
    Arbitrage Pricing Theory Model
    Empirical Evidence 265
    Summary
   Part V ORGANIZATION AND STRUCTURE OF MARKETS
    Chapter 14 Primary Markets and the Underwriting of Securities
    The Traditional Process for Issuing New Securities
    Investment Bankers
    Regulation of the Primary Market
    Variations in the Underwriting Process
    Bought Deal 277 Auction Process 278 Preemptive Rights Offering 280
    Private Placement of Securities
    Rule 144A 283
    Summary
    Chapter 15 Secondary Markets
    Function of Secondary Markets
    Trading Locations
    Market Structures
    Perfect Markets
    Role of Brokers and Dealers in Real Markets
    Brokers 293 Dealers as Market Makers 293
    Market Efficiency
    Operational Efficiency 295 Pricing Efficiency 296
    Summary
   Part Vl MARKETS FOR GOVERNMENT DEBT
    Chapter 16 Treasury and Agency Securities Markets
    Treasury Securities
    Types of Treasury Securities 301 The Primary Market 302 The Secondary
    Market 306 Stripped Treasury Securities 311 Coupon Stripping
    and the Theoretical Value of Treasury Securities 313
    Federal Agency Securities
    Government-Sponsored Enterprise Securities 316
    A Look at Non-U.S. Government Bond Markets
    Summary
    Chapter 17 Municipal Securities Markets
    Types and Features of Municipal Securities
    General Obligation Bonds 326 Revenue Bonds 327 Hybrid and Special Bond
    Securities 327 Municipal Notes 328 Redemption Features 329
    Municipal Bond Ratings
    Tax Risks Associated with Investing in Municipal Securities
    The Primary Market
    The Secondary Market
    Yields on Municipal Bonds
    Regulation of the Municipal Securities Market
    Summary
   Part Vll MARKETS FOR CORPORATE SECURITIES
    Chapter 18 Common Stock Markets in the United States
    Characteristics of Common Stock
    Trading Locations
    Stock Exchanges 340 Over-the-Counter Market 341 Independent Electronic
    Trading Systems 341 Trading Mechanics 342 Short-Selling 344 Margin
    Transactions 345 Transactions Costs 346 Role of Dealers in Exchanges
    and OTC Markets 347 The National Market System 348 The SEC's Look
    into the Future: Market 2000 349
    Trading Arrangements for Institutional Investors
    Block Trades 351 Program Trades 352
    Stock Market Indicators
    Pricing Efficiency of the Stock Market
    Forms of Efficiency 356 Implications for Investing in Common Stock 357
    The Stock Market Crash of 1987
    Summary
    Chapter 19 Stock Markets around the World
    National Stock Markets
    Multiple Listings on National Markets 366 Global Diversification: Correlation
    of World Equity Markets 370 Ownership and Control of National Stock
    Markets 371 Trading Procedures and Computerization 374 Dealers in Major
    Markets 375 Stock Market Indexes 376
    Euroequity Issues
    Global Depository Receipts
    Summary
    Chapter 20 Markets for Corporate Senior Instruments: 1
    Credit Risk and the Role of Rating Companies
    Commercial Paper
    Issuers of Commercial Paper 388 Directly Placed versus Dealer-Placed
    Paper 389 Non-U.S. Commercial Paper Markets 390
    Medium-Term Notes
    Size of Market and Issuers 391 The Primary Market 392
    Structured MTNs 394
    Euronotes
    Bank Loans
    Syndicated Bank Loans 396 Lease Finandng 397
    Summary
    Chapter 21 Corporate Senior Instruments: 11
    Corporate Bonds
    Basic Features of a Corporate Bond Issue 402 Bonds with Special Features 405
    Corporate Bond Credit Ratings 407 High-Yield Sector 410 Secondary
    Market 413 * Eurobond Market 413
    Preferred Stock 415
    Adjustable-Rate Preferred Stock 416 Auction and Remarketed
    PTefeTredStock417
    Bankruptcy and Creditor Rights
    Summary
    Chapter 22 The Markets for Bank Obligations
    Types of Banks Operating in the United States
    Large-Denomination Negotiable CDs
    CD Issuers 425 Yields on CDs 426
    Federal Funds
    Federal Funds Rate 428 Market for Federal Funds
    Bankers Acceptances
    Illustration of the Creation of a Bankers Acceptance 430 Accepting Banks 431
    Dealers 431 * Credit Risk 432
    Summary
   Part Vlll MORTGAGE AND SECURITIZED ASSET MARKETS
    Chapter 23 The Mortgage Market
    What Is a Mortgage?
    Mortgage Origination
    The Mortgage Origination Process 437 The Risks Associated
    with Mortgage Origination
    Types of Mortgage Design
    Fixed-Rate, Level-Payment, Fully Amortized Mortgages 441 Adjustable-Rate
    Mortgages 444 Other Mortgage Designs
    Investment Risks
    Credit Risk 450 Liquidity Risk 450 Price Risk 450 Prepayments and Cash
    Flow Uncertainty 450
    Summary
    Chapter 24 Mortgage-Backed Securities Market
    Development of the Secondary Mortgage Market
    Foundations of the Mortgage Market 455 Securitization of Mortgages
    Mortgage Pass-Through Securities
    Cash Flow Characteristics 457 Issuers of Mortgage Pass-Through Securities
    457 Government National Mortgage Association 459 Federal Home Loan
    Mortgage Corporation 459 FederarNational Mortgage Association 460
    Nonagency Pass-Through Securities 460 Prepayment Risks Associated with
    Pass-Through Securities 463 Prepayment Conventions 465 Average Life 471
    Collateralized Mortgage Obligations
    Sequential-Pay CMOs 473 Accrual Bonds 478 Planned Amortization
    Class Tranches 479
    Stripped Mortgage-Backed Securities
    Yields on Mortgage-Backed Securities
    Summary
    Chapter 25 Asset-Backed Securities Market
    Asset-Backed Securities Issuance
    Cash Flow of Asset-Backed Securities
    Automobile-Loan-Backed Securities 493 Credit Card Receivable Asset-Backed
    Securities 493 Home Equity Loan-Backed Securities 494 Manufactured-
    Housing-Backed Securities 495
    Credit Risk
    Summary
   Part IX MARKETS FOR DERIVATIVE SECURITIES
    Chapter 26 Financial Futures Markets
    Futures Contracts
    Liquidating a Position 501 The Role of the Clearinghouse 502 Margin
    Requirements 502 Leveraging Aspects of Futures 504 Market Structure 505
    Daily Price Limits 506
    Futures versus Forward Contracts
    The Role of Futures in Financial Markets
    U.S. Financial Futures Markets
    Stock Index Futures Markets 509 Interest Rate Futures Markets 510
    The GAO Study on Financial Derivatives
    Financial Futures Markets in Other Countries
    Japanese Stock Index Futures 516 Japanese Interest Rate Futures 516
    Forward Rate Agreements
    Summary
    Chapter 27 Options Markets
    Options Contracts
    Differences between Options and Futures Contracts
    Risk and Retum Characteristics of Options
    Buying Call Options 527 Writing (Selling) Call Options 530 * Buying Put
    Options 531 Writing (Selling) Put Options 534 Considering the Time Value
    of Money 534
    Economic Role of the Option Markets
    U.S. Options Markets
    Stock Options 537 Stock Index Options 539 * Interest Rate Options 542
    Exotic Options
    Options Markets Outside the United States
    Futures Options
    Mechanics of Trading Futures Options 544 Reasons for Popularity
    of Futures Options 546
    Summary
    Chapter 28 Pricing of Futures and Options Contracts
    Pricing of Futures Contracts 551
    Theoretical Futures Price Based on Arbitrage Model 553 Price Convergence
    at the Delivery Date 556 A Closer Look at the Theoretical Futures Price 556
    Pricing of Options
    Basic Components of the Option Price 559 Put-Call Parity Relationship 560
    Factors That Influence the Option Price 562 * Option Pridrtg Models 563 Deriving
    the Binomial Option Pridng Model 564 * Fixed-Income Option Pricing Models 568
    Summary
    Chapter 29 The Applications of Futures and Options Contracts
    Applications of Futures Contracts
    Stock Index Futures 575 *Interest Rate Futures 578
    Applications of Options Contracts
    Stock Options and Stock Index Options 580 * Interest Rate Options 581
    Summary
    Appendix: General Principles of Hedging with Futures
    Chapter 30 Interest Rate Swap and Interest Rate Agreement Market
    Interest Rate Swaps
    Risk/Return Characteristics of a Swap 591 * Interpreting a Swap Position 592 *
    Applications 595 Reasons for the Development of the Interest Rate Swap
    Market 600 Role of the Intermediary 603 Market Quotes 604 Primary
    Determinants of Swap Spreads 605 Secondary Market for Swaps 606 Beyond
    the Plain Vanilla Swap 607 Interest RateEquity Swaps 608
    Interest Rate Agreements
    Risk/Return Characteristics 610 * Applications 612
    Summary
    Chapter 31 The Market for Foreign Exchange Rate Risk
    Control Instruments
    Foreign Exchange Rates
    Exchange Rate Quotation Conventions 618 Foreign Exchange Risk 620
    Spot Market
    Cross Rates 622 Dealers 622 The European Currency Unit 623
    Instruments for Hedging Foreign Exchange Risk
    Currency Forward Contracts 624 Currency Future Contracts 630 Currency
    Option Contracts 630 Currency Swaps 631
    Summary
    Index
   
猜您喜欢

读书导航