Financial markets and institutions / / Frederic S. Mishkin, Stanley G. Eakins

• Autore: Mishkin Frederic S
• Pubblicazione: Boston, Mass., : Pearson, 2016
• Edizione: 8th ed.
• Descrizione fisica: 1 online resource (834 p.) : ill
• Disciplina: 332.10973
• Soggetto topico: Money - United States; Money market - United States; Financial institutions - United States
• Altri autori: EakinsStanley G
• Note generali: Includes index.
• Nota di contenuto: Cover -- Title -- Copyright -- Dedication -- Contents -- Contents 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 Financial 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 Will Study Financial Markets and Institutions -- Exploring the Web -- Collecting and Graphing Data -- Web Exercise -- Concluding Remarks -- Summary -- Key Terms -- Questions -- Quantitative Problems -- Web Exercises -- 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 -- Internationalization of Financial Markets -- International Bond Market, Eurobonds, and Eurocurrencies -- > -- GLOBAL Are U.S. Capital Markets Losing Their Edge? -- World Stock Markets -- Function of Financial Intermediaries: Indirect Finance -- Transaction Costs -- > -- FOLLOWING THE FINANCIAL NEWS Foreign Stock Market Indexes -- > -- GLOBAL The Importance of Financial Intermediaries Relative to Securities Markets: An International Comparison -- Risk Sharing -- Asymmetric Information: Adverse Selection and Moral Hazard -- Economies of Scope and Conflicts of Interest -- Types of Financial Intermediaries -- Depository Institutions -- Contractual Savings Institutions -- Investment Intermediaries -- Regulation of the Financial System. ; Increasing Information Available to Investors -- Ensuring the Soundness of Financial Intermediaries -- Financial Regulation Abroad -- Summary -- Key Terms -- Questions -- Web Exercises -- Part Two Fundamentals of Financial Markets -- Chapter 3 What Do Interest Rates Mean and What Is Their Role in Valuation? -- Preview -- Measuring Interest Rates -- Present Value -- Four Types of Credit Market Instruments -- Yield to Maturity -- The Distinction Between Real and Nominal Interest Rates -- > -- GLOBAL Negative T-Bill Rates? It Can Happen -- The Distinction Between Interest Rates and Returns -- > -- MINI-CASE With TIPS, Real Interest Rates Have Become Observable in the United States -- Maturity and the Volatility of Bond Returns: Interest-Rate Risk -- Reinvestment Risk -- Summary -- > -- MINI-CASE Helping Investors Select Desired Interest-Rate Risk -- > -- THE PRACTICING MANAGER Calculating Duration to Measure Interest-Rate Risk -- Calculating Duration -- Duration and Interest-Rate Risk -- Summary -- Key Terms -- Questions -- Quantitative Problems -- Web Exercises -- Chapter 4 Why Do Interest Rates Change? -- Preview -- Determinants of Asset Demand -- Wealth -- Expected Returns -- Risk -- Liquidity -- Theory of Portfolio Choice -- Supply and Demand in the Bond Market -- Demand Curve -- Supply Curve -- Market Equilibrium -- Supply-and-Demand Analysis -- Changes in Equilibrium Interest Rates -- Shifts in the Demand for Bonds -- Shifts in the Supply of Bonds -- > -- CASE Changes in the Interest Rate Due to Expected Inflation: The Fisher Effect -- > -- CASE Changes in the Interest Rate Due to a Business Cycle Expansion -- > -- CASE Explaining Low Japanese Interest Rates -- > -- THE PRACTICING MANAGER Profiting from Interest-Rate Forecasts -- > -- FOLLOWING THE FINANCIAL NEWS Forecasting Interest Rates -- Summary -- Key Terms -- Questions. ; Quantitative Problems -- Web Exercises -- Web Appendices -- Chapter 4 Appendix 1: Models of Asset Pricing -- Chapter 4 Appendix 2: Applying the Asset Market Approach to a Commodity Market: The Case of Gold -- Chapter 4 Appendix 3: Loanable Funds Framework -- Chapter 4 Appendix 4: Supply and Demand in the Market for Money: The Liquidity Preference Framework -- Chapter 5 How Do Risk and Term Structure Affect Interest Rates? -- Preview -- Risk Structure of Interest Rates -- Default Risk -- Liquidity -- > -- CASE The Global Financial Crisis and the Baa-Treasury Spread -- Income Tax Considerations -- Summary -- > -- CASE Effects of the Bush Tax Cut and the Obama Tax Increase on Bond Interest Rates -- Term Structure of Interest Rates -- > -- FOLLOWING THE FINANCIAL NEWS Yield Curves -- Expectations Theory -- Market Segmentation Theory -- Liquidity Premium Theory -- Evidence on the Term Structure -- Summary -- > -- MINI-CASE The Yield Curve as a Forecasting Tool for Inflation and the Business Cycle -- > -- CASE Interpreting Yield Curves, 1980-2013 -- > -- THE PRACTICING MANAGER Using the Term Structure to Forecast Interest Rates -- Summary -- Key Terms -- Questions -- Quantitative Problems -- Web Exercises -- Chapter 6 Are Financial Markets Efficient? -- Preview -- The Efficient Market Hypothesis -- Rationale Behind the Hypothesis -- Evidence on the Efficient Market Hypothesis -- Evidence in Favor of Market Efficiency -- > -- MINI-CASE An Exception That Proves the Rule: Raj Rajaratnam and Galleon -- > -- CASE Should Foreign Exchange Rates Follow a Random Walk? -- Evidence Against Market Efficiency -- Overview of the Evidence on the Efficient Market Hypothesis -- > -- THE PRACTICING MANAGER Practical Guide to Investing in the Stock Market -- How Valuable Are Published Reports by Investment Advisers? -- >. ; MINI-CASE Should You Hire an Ape as Your Investment Adviser? -- Should You Be Skeptical of Hot Tips? -- Do Stock Prices Always Rise When There Is Good News? -- Efficient Markets Prescription for the Investor -- Why the Efficient Market Hypothesis Does Not Imply That Financial Markets Are Efficient -- > -- CASE What Do the Stock Market Crashes Tell Us About the Efficient Market Hypothesis? -- Behavioral Finance -- Summary -- Key Terms -- Questions -- Quantitative Problems -- Web Exercises -- Part Three Fundamentals of Financial Institutions -- Chapter 7 Why Do Financial Institutions Exist? -- Preview -- Basic Facts About Financial Structure Throughout the World -- Transaction Costs -- How Transaction Costs Influence Financial Structure -- How Financial Intermediaries Reduce Transaction Costs -- Asymmetric Information: Adverse Selection and Moral Hazard -- The Lemons Problem: How Adverse Selection Influences Financial Structure -- Lemons in the Stock and Bond Markets -- Tools to Help Solve Adverse Selection Problems -- > -- MINI-CASE The Enron Implosion -- How Moral Hazard Affects the Choice Between Debt and Equity Contracts -- Moral Hazard in Equity Contracts: The Principal-Agent Problem -- Tools to Help Solve the Principal-Agent Problem -- How Moral Hazard Influences Financial Structure in Debt Markets -- Tools to Help Solve Moral Hazard in Debt Contracts -- Summary -- > -- CASE Financial Development and Economic Growth -- > -- MINI-CASE Should We Kill All the Lawyers? -- > -- CASE Is China a Counter-Example to the Importance of Financial Development? -- Conflicts of Interest -- What Are Conflicts of Interest and Why Do We Care? -- Why Do Conflicts of Interest Arise? -- > -- MINI-CASE The Demise of Arthur Andersen -- > -- MINI-CASE Credit Rating Agencies and the 2007-2009 Financial Crisis. ; What Has Been Done to Remedy Conflicts of Interest? -- > -- MINI-CASE Has Sarbanes-Oxley Led to a Decline in U.S. Capital Markets? -- Summary -- Key Terms -- Questions -- Quantitative Problems -- Web Exercises -- Chapter 8 Why Do Financial Crises Occur and Why Are They So Damaging to the Economy? -- Preview -- What Is a Financial Crisis? -- Agency Theory and the Definition of a Financial Crisis -- Dynamics of Financial Crises in Advanced Economies -- Stage One: Initiation of Financial Crisis -- Stage Two: Banking Crisis -- Stage Three: Debt Deflation -- > -- CASE The Mother of All Financial Crises: The Great Depression -- Stock Market Crash -- Bank Panics -- Continuing Decline in Stock Prices -- Debt Deflation -- International Dimensions -- > -- CASE The Global Financial Crisis of 2007-2009 -- Causes of the 2007-2009 Financial Crisis -- > -- MINI-CASE Collateralized Debt Obligations (CDOs) -- Effects of the 2007-2009 Financial Crisis -- > -- INSIDE THE FED Was the Fed to Blame for the Housing Price Bubble? -- > -- GLOBAL The European Sovereign Debt Crisis -- Height of the 2007-2009 Financial Crisis -- Summary -- Key Terms -- Questions -- Web Exercises -- Web References -- Part Four Central Banking and the Conduct of Monetary Policy -- Chapter 9 Central Banks and the Federal Reserve System -- Preview -- Origins of the Federal Reserve System -- > -- INSIDE THE FED The Political Genius of the Founders of the Federal Reserve System -- Structure of the Federal Reserve System -- Federal Reserve Banks -- > -- INSIDE THE FED The Special Role of the Federal Reserve Bank of New York -- Member Banks -- Board of Governors of the Federal Reserve System -- > -- INSIDE THE FED The Role of the Research Staff -- Federal Open Market Committee (FOMC) -- Why the Chair of the Board of Governors Really Runs the Show -- >. ; INSIDE THE FED The FOMC Meeting.
• Sommario/riassunto: For all undergraduate and graduate students of Financial Markets. A practical and current look into today’s financial markets and institutions. In Financial Markets and Institutions, bestselling authors Frederic S. Mishkin and Stanley G. Eakins provide a practical introduction to prepare students for today’s changing landscape of financial markets and institutions. A unifying framework uses core principles to organize students’ thinking then examines the models as real-world scenarios from a practitioner’s perspective. By analyzing these applications, students develop the critical-thinking and problem-solving skills necessary to respond to challenging situations in their future careers. Although this text has undergone a major revision, the eighth edition retains Mishkin/Eakins’ hallmark pedagogy that make it the best-selling textbook on financial markets and institutions. This program will provide a better teaching and learning experience - for you and your students. Here’s how: Organize Learning with a Unifying Analytic Framework: Core principles organize students’ thinking and then examine the models as real-world scenarios from a practitioner’s perspective. Help Students Transition from Classroom to Career with Real-Life Business Scenarios: Cases increase students’ interest by applying theory to real-world data and examples. Emphasis Critical Thinking with Key Features: Examples and exercises allow students to put into practice the concepts that they are learning. Keep Your Course Current and Relevant: New material on financial markets and institutions and monetary policy appear throughout the text.
• Titolo autorizzato: Financial markets and institutions
• ISBN: 1-292-12546-2
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910154798703321
• Lo trovi qui: Univ. Federico II