Verfügbarkeit: Modern financial systems | Technische Universität München

Modern financial systems: theory and applications

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Bibliographische Detailangaben
Beteilige Person:	Neave, Edwin H. (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	Hoboken, NJ John Wiley & Sons 2010
Schriftenreihe:	The Frank J. Fabozzi series
Schlagwörter:	Finance Financial institutions Kreditmarkt
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018689989&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Beschreibung:	Includes index.
Umfang:	XVII, 558 S.
ISBN:	9780470419731

Internformat

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Datensatz im Suchindex

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adam_text	Contents Preface xv Theoretical Overview 1 aurai Introduction 8 Aims and Approach 4 Importance of Financial System Analysis 5 Differences among Financial Systems: Overview Functions and Governance 9 Financial System Organization 10 Financial System Change 11 References 12 Terms 12 Financial System Functions 15 Introduction 16 Clearing and Settling Payments 16 Pooling Resources 18 Transferring Resources 20 Managing Risks 21 Information Production 24 Managing Incentives 25 Functional-Structural Approach 25 References 26 Terms 27 mm ι Financial System Governance 29 Introduction 30 Governance Mechanisms 33 Vji ______________________________________________________________ CONTENTS Types of Deals 37 Alignment 42 Financial System Organization 49 References 53 Terms 54 CHAPTBU Financial System Organbaflon and Скапає 57 Trends in Providing Financial Services 58 Profit Opportunities and Change 62 References 67 PIBTTTWn CHAPTffiS Market Governance 71 Functions of Markets 72 Descriptive and Economic Characteristics 74 Market Efficiency 77 Information Production 79 Liquidity 80 Securitization of Illiquid Asset Portfolios 80 References 84 Terms 84 СИАРІШ8 МнтШШШтЕтайтшпшп 87 Intermediaries and Value Creation 88 Intermediaries and Liquidity 92 Information Sharing 99 Delegated Monitoring 104 Intermediary Information Processing 105 Internal Governance 110 References 115 Appendix 6A: Intermediary Information Processing: Result Derivations 115 Appendix 6B: Formal Statement of Problem 122 Contents________________________________________________________________jX CHAPTERľ Teems ol Deals 125 Costs of Deals 126 Informational Conditions 128 Moral Hazard 135 Complete Contracts 140 Incomplete Contracts: Introduction 142 Incomplete Contracts: Further Comments 148 References 151 Asset Prices and Market Relations 158 chapters Pricing Stocks and Bonds 155 Profit-Seeking Eliminates Arbitrage Opportunities 156 Pricing Securities Relative to Each Other 158 Calculating Risk-Neutral Probability Measures 159 Using Risk-Neutral Probabilities for Securities Valuation 162 Debt versus Equity 164 Application: Bond Valuation and Market Risk 168 References 177 Terms 177 CHAPTERS Pricing Derivatives by Arbitrage 178 Introduction 180 Forwards 180 Options 186 Debt, Equity, and Options 196 Futures 197 Valuing a Credit Default Swap 204 References 205 CHAPTER 18 Markets wTOilmpedfcnentstoArtttraoe 207 Securities Markets and Liquidity 208 Market Segmentation 219 _______________________________________________________________CONTENTS Consequences of Segmentation 221 Informational Asymmetries and Credit Market Equilibriums 222 Market Failure 230 Financial System Externalities 230 References 232 РМТНМИ ........................................ „—.„.ι—.. Appfcations: Market Activity 288 CHAPTERII 285 Economic Differences among Markets 235 Money Market 237 Equity Markets 241 Bond Markets 250 Residential Mortgage Markets 258 References 264 Terms 265 CHAPTER 12 Mtftets for Trad* Ksfcs 287 Introduction 267 Options Markets 271 Futures Markets 275 Market Evolution 279 References 285 Terms 286 CHAPTER 13 ExctammtMatf Maints 287 Introduction 287 Exchange Rate Relations 288 Foreign Exchange Markets 294 Exchange Risk Management 298 Exchange Rate Management 300 References 305 Terms 306 Contents___________________________________________________________________Xl РШІМІ ...... Ui .....■..... U ....... 1....ill.ll.ll..llllil.l).l..l..)l ....... I....LLI..U ............... LILIM, ..... „...I, Ι,,.,ΙΜ,,Ι.Π,,. ....................................................................................................... AppHcattons: Pooted Investments 807 CHAPTERS Marketable Securities Portfotos 808 Introduction 309 Managing Portfolio Return 321 Mutual Funds 329 Hedge Funds 334 Value at Risk 336 References 337 Terms 338 CHAPTER 15 Nonmarketable Securities Portólos Characteristics of Illiquid Portfolios 339 Managing Earnings Risk 343 Managing Closely Held Investments 348 Securitization and Governance 350 Mortgage Pools 351 Default Insurance 355 References 356 Terms 356 PIRTMlf CHAPTER 18 Introduction 361 A Strategic Management Model 361 Economics of Intermediation 369 Operating Issues 374 References 380 Terms 380 Appendix: Traditional Model of Liquidity Management 381 CHAPTERS Міщишини Γι m Ihn ШиіиііШ HililiitHiii 883 Banks 383 Xl____________________________________________________________________CONTENTS Investment Banks 387 Near-Banks 390 Insurance Companies 393 Pension Funds 398 Lending Intermediaries 400 Venture Capital Companies 402 Evolution 404 References 404 Terms 405 auna 18 biteniattoid Baaktoe and Ваяккід Markets 4117 International Banking 407 Investment Banking 410 Financial Conglomerates 412 Euromarket Activity 413 References 420 Terms 420 «1 CHJtPIBMS 428 Banking under Perfect Competition 424 Banking under Oligopoly 426 Monopolistic Competition and the Number of Banks 428 Empirical Aspects of Banking Competition 431 Market Structure and Competition 431 References 433 Liquidity Provision and System Stability 437 Deposit Insurance 445 Information Production 450 System Risks and Current Policy Issues 452 References 455 Appendix 20A: Solvency Regulations 456 Appendix 20B: Closure Decisions 458 Contents CHAPTER 21 НмпсШ Activity вші Capital Forauttan 461 Adverse Selection and Credit Conditions 461 Moral Hazard 464 Financial Cycles 470 Banks, Markets, and Economic Activity 473 Equilibrium, Financial Structure, and Economic Activity 477 Financial Structure and Economic Activity 484 References 488 CHAPTER 22 Ftasncial Regutatton 481 Aims and Approaches 491 Industries 495 Regulating International Activity 500 Toward the Future 504 Dealing with the Global Credit and Liquidity Crises 510 References 516 Terms 516 Appendix: The Market Turmoil of 2007-2008 517 Index 637
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spellingShingle	Neave, Edwin H. Modern financial systems theory and applications Finance Financial institutions Kreditmarkt (DE-588)4073788-3 gnd
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title	Modern financial systems theory and applications
title_auth	Modern financial systems theory and applications
title_exact_search	Modern financial systems theory and applications
title_full	Modern financial systems theory and applications Edwin H. Neave
title_fullStr	Modern financial systems theory and applications Edwin H. Neave
title_full_unstemmed	Modern financial systems theory and applications Edwin H. Neave
title_short	Modern financial systems
title_sort	modern financial systems theory and applications
title_sub	theory and applications
topic	Finance Financial institutions Kreditmarkt (DE-588)4073788-3 gnd
topic_facet	Finance Financial institutions Kreditmarkt
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