Foundations of Financial Markets and Institutions

Foundations of Financial Markets and Institutions

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A core text for one-semester courses in Financial Institutions and Markets. This text offers a comprehensive exploration of the revolutionary developments occurring in the world's financial markets and institutions -i.e., innovation, globalization, and deregulation-with a focus on the actual practices of financial institutions, investors, and financial instruments.show more

Product details

  • Paperback | 663 pages
  • 204 x 254 x 25mm | 1,197g
  • Pearson Education Limited
  • Prentice-Hall
  • Harlow, United Kingdom
  • 3rd International edition
  • 0131227343
  • 9780131227347

About Frank J. Fabozzi

Frank J. Fabozzi is an Adjunct Professor of Finance at the School of Management at Yale University arid editor of the Journal of Portfolio Management. From 1986 to 1992, he was a full-time member of the Finance faculty at the Sloan School of Management at MIT. Dr. Fabozzi has authored and edited several widely acclaimed books in finance. He is on the board of directors of the B1ackRock complex of closed-end funds and the Guardian Park Avenue Portfolio family of open-end funds. He earned a doctorate in economics in 19'72 from The Graduate Center of the City University of New York and is a Chartered Financial Analyst. In 1994, he was awarded an honorary doctorate of Humane Letters from NOVA Southeastern University. Franco Modigliani is Institute Professor and Professor of Finance and Economics at MIT He is an Honorary President of the International Economic Association and a former President of the American Economic Association, the American Finance Association, and the Econometric Society. He is a member of several academies, including the National Academy of Science. Professor Modigliani has authored numerous books and articles in economics and finance. In October 1985, he was awarded the Alfred Nobel Memorial Prize in Economic Sciences. He has served as a consultant to the Federal Reserve System, the U.S. Treasury Department, and a number of European banks, as well as to many businesses, and is on several boards of directors. Professor Modigliani received a Doctor of Jurisprudence in 1939 from the University of Rome and a Doctor of Social Science in 1944 from the New School for Social Research, as well as several honorary degrees. Frank J. Jones is Executive Vice President & Chief Investment Officer of The Guardian Life Insurance Company and President of The Park Avenue Portfolio, Guardian's family of mutual funds. He is also on the board of directors of Guardian Baille Gifford Limited and the International Securities Exchange. He is on the editorial boards of the Journal of Portfolio Management and the Financial Analysts Journal. He received a doctorate from Stanford University and an M.S. in nuclear engineering from Cornell University. Dr. Jones has been on the Graduate Faculty of Economics at the University of Notre Dame, an associate professor at the San Jose State University College of Business, a lecturer at the Yale University School of Management, and an Adjunct Professor of Finance at New York University. Dr. Jones has been Director of Global Fixed Income Research and Economics at Merrill Lynch & Co. and Senior Vice President at the New York Stock Exchange. Michael G. Ferri is a Professor of Finance at George Mason University in Fairfax, Virginia, and holds the GMU Foundation Chair in Finance. He received his doctorate in economics from the University of North Carolina in 19'75. His numerous articles on financial markets and investments have appeared in a variety of financial and economic journals. He is on the editorial advisory board of the, Journal of Portfolio Management and several academic journals. He has been a vice-president of the Financial Management Association International and has served as a consultant to agencies of the U.S. government and to several major financial institutions. In 1997, Dr. Ferri held the Coenen Visiting Professorship in the Darden School of the University of Virginia.show more

Table of contents

I. INTRODUCTION. 1. Introduction. 2. Financial Intermediaries and Financial Innovation. 3. The Role of the Government in Financial Markets. II. DEPOSITORY INSTITUTIONS. 4. Depository Institutions: Activities and Characteristics. 5. Central Banks and the Creation of Money. 6. Monetary Policy. III. NONDEPOSITORY FINANCIAL INTERMEDIARIES. 7. Insurance Companies. 8. Investment Companies and Exchange-Traded Funds. 9. Pension Funds. IV. DETERMINANTS OF ASSET PRICES AND INTEREST RATES. 10. Properties and Pricing of Financial Assets. 11. The Level and Structure of Interest Rates. 12. The Term Structure of Interest Rates. 13. Risk/Return and Asset Pricing Models. V. ORGANIZATION AND STRUCTURE OF MARKETS. 14. Primary Markets and the Underwriting of Securities. 15. Secondary Markets. VI. MARKETS FOR GOVERNMENT DEBT. 16. Treasury and Agency Securities Markets. 17. Municipal Securities Markets. VII. MARKETS FOR CORPORATE SECURITIES. 18. Common Stock Markets in the United States. 19. International Stock Markets. 20. Markets for Corporate Senior Instruments: I. 21. Corporate Senior Instruments: II. 22. The Markets for Bank Obligations. VIII. MORTGAGE AND SECURITIZED ASSET MARKETS. 23. The Mortgage Market. 24. Mortgage-Backed Securities Market. 25. Asset-Backed Securities Market. IX. MARKETS FOR DERIVATIVE SECURITIES. 26. Financial Futures Markets. 27. Options Markets. 28. Pricing of Futures and Options Contracts. 29. The Applications of Futures and Options Contracts. 30. Other Derivative Markets: swaps, Caps, Floor, and Credit Derivatives. 31. The Market for Foreign Exchange Rate Risk Control Instruments. Glossary. Index.show more