Financial Markets and Institutions (10版)

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【簡介】 Financial Markets and Institutions takes a practical approach to the changing landscape of financial markets and institutions. The text uses core principles to introduce topics, then examines these models via real-world scenarios. Empirical applications of themes help you develop essential critical-thinking and problem-solving skills. The 10th Edition reflects major changes in the aftermath of the global financial and Covid crises. With timely new sections, cases and boxes, you'll have the latest, most relevant information to help prepare you for your future career. 【目錄】 PART I: INTRODUCTION Ch 1 Why Study Financial Markets and Institutions? Ch 2 Overview of the Financial System PART II: FUNDAMENTALS OF FINANCIAL MARKETS Ch 3 What Do Interest Rates Mean and What Is Their Role in Valuation? Ch 4 Why Do Interest Rates Change? Ch 5 How Do Risk and Term Structure Affect Interest Rates? Ch 6 Are Financial Markets Efficient? PART III: FUNDAMENTALS OF FINANCIAL INSTITUTIONS Ch 7 Why Do Financial Institutions Exist? Ch 8 Why Do Financial Crises Occur and Why Are They So Damaging to the Economy? PART IV: CENTRAL BANKING AND THE CONDUCT OF MONETARY POLICY Ch 9 Central Banks Ch10 Conduct of Monetary Policy PART V: FINANCIAL MARKETS Ch11 The Money Markets Ch12 The Bond Market Ch13 The Stock Market Ch14 The Mortgage Markets Ch15 The Foreign Exchange Market Ch16 The International Financial System PART VI: THE FINANCIAL INSTITUTIONS INDUSTRY Ch17 Banking and the Management of Financial Institutions Ch18 Financial Regulation Ch19 Banking Industry: Structure and Competition Ch20 The Mutual Fund Industry Ch21 Insurance Companies and Pension Funds Ch22 Investment Banks, Security Brokers and Dealers, and Venture Capital Firms PART VII: THE MANAGEMENT OF FINANCIAL INSTITUTIONS Ch23 Risk Management in Financial Institutions Ch24 Hedging with Financial Derivatives Chapters on the Web Ch25 Financial Crises in Emerging Market Economies Ch26 Savings Associations and Credit Unions Ch27 Finance Companies

Financial Markets and Institutions(2024 Release) (9版)

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【簡介】 【目錄】 PART I: INTRODUCTION AND OVERVIEW OF FINANCIAL MARKETS Ch 1 Introduction Ch 2 Determinants of Interest Rates Ch 3 Interest Rates and Security Valuation Ch 4 The Federal Reserve System, Monetary Policy, and Interest Rates PART II: SECURITIES MARKETS Ch 5 Money Markets Ch 6 Bond Markets Ch 7 Mortgage Markets Ch 8 Stock Markets Ch 9 Foreign Exchange Markets Ch10 Derivative Securities Markets PART III: COMMERCIAL BANKS Ch11 Commercial Banks Ch12 Commercial Banks’ Financial Statements and Analysis Ch13 Regulation of Commercial Banks PART IV: OTHER FINANCIAL INSTITUTIONS Ch14 Other Lending Institutions Ch15 Insurance Companies Ch16 Securities Firms and Investment Banks Ch17 Investment Companies Ch18 Pension Funds Ch19 Fintech Companies PART V: RISK MANAGEMENT IN FINANCIAL INSTITUTIONS Ch20 Types of Risks Incurred by Financial Institutions Ch21 Managing Credit Risk on the Balance Sheet Ch22 Managing Liquidity Risk on the Balance Sheet Ch23 Managing Interest Rate Risk and Insolvency Risk on the Balance Sheet Ch24 Managing Risk off the Balance Sheet with Derivative Securities Ch25 Managing Risk off the Balance Sheet with Loan Sales and Securitization

An Introduction to Derivative Securities, Financial Markets, and Risk Management (3版)

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【簡介】 The third edition updates the text in two significant ways. First, it updates the presentation to reflect changes that have occurred in financial markets since the publication of the 2nd edition. One such change is with respect to the over-the-counter interest rate derivatives markets and the abolishment of LIBOR as a reference rate. Second, it updates the theory to reflect new research related to asset price bubbles and the valuation of options. Asset price bubbles are a reality in financial markets and their impact on derivative pricing is essential to understand. This is the only introductory textbook that contains these insights on asset price bubbles and options. 【目錄】 About the Authors Preface to Third Edition From the Preface to First Edition Introduction: Derivatives and Risk Management Interest Rates Stocks Forwards and Futures Options Arbitrage and Trading Financial Engineering and Swaps Forwards and Futures: Forwards and Futures Markets Futures Trading Futures Regulations The Cost-of-Carry Model The Extended Cost-of-Carry Model Futures Hedging Options: Options Markets and Trading Option Trading Strategies Option Relations Single-Period Binomial Model Multiperiod Binomial Model The Black–Scholes–Merton Model Using the Black–Scholes–Merton Model Interest Rate Derivatives: Yields and Forward Rates Interest Rate Swaps Single-Period Binomial Health–Jarrow–Morton Model Multiperiod Binomial HJM Model The Health–Jarrow–Morton Libor Model Risk Management Models Appendix A Mathematics and Statistics Glossary References Notation Additional Sources and Websites Books on Derivatives and Risk Management Name-Index Subject-Index

Stochastic Models for Prices Dynamics in Energy and Commodity Markets: An Infinite-Dimensional Perspective

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This monograph presents a theory for random field models in time and space, viewed as stochastic processes with values in a Hilbert space, to model the stochastic dynamics of forward and futures prices in energy, power, and commodity markets. In this book, the well-known Heath–Jarrow–Morton approach from interest rate theory is adopted and extended into an infinite-dimensional framework, allowing for flexible modeling of price stochasticity across time and along the term structure curve. Various models are introduced based on stochastic partial differential equations with infinite-dimensional Lévy processes as noise drivers, emphasizing random fields described by low-dimensional parametric covariance functions instead of classical high-dimensional factor models. The Filipović space, a separable Hilbert space of Sobolev type, is found to be a convenient state space for the dynamics of forward and futures term structures. The monograph provides a classification of important operators in this space, covering covariance operators and the stochastic modeling of volatility term structures, including the Samuelson effect. Fourier methods are employed to price many derivatives of interest in energy, power, and commodity markets, and sensitivity 'delta' expressions can be derived. Additionally, the monograph covers forward curve smoothing, the connection between forwards with fixed delivery and delivery period, as well as the classical theory of forward and futures pricing. This monograph will appeal to researchers and graduate students interested in mathematical finance and stochastic analysis applied in the challenging markets of energy, power, and commodities. Practitioners seeking sophisticated yet flexible and analytically tractable risk models will also find it valuable.