《资本市场 机构与工具 第2版 英文版》

Chapter 1: Introduction1

Financial Assets2

Financial Markets11

Derivative Markets15

Summary16

Questions17

Section Ⅰ: The Players19

Chapter 2: Overview of Market Participants and Financial Innovation19

Issuers and Investors20

Role of Financial Intermediaries22

Overview of Asset/Liability Management for Financial Institutions25

Regulation of Financial Markets28

Financial Innovation31

Summary33

Questions34

Chapter 3: Depository Institutions37

Asset/Liability Problem of Depository Institutions38

Commercial Banks40

Savings and Loan Associations55

Savings Banks60

Credit Unions60

Summary61

Questions63

Chapter 4: Nondepository Institutions67

Insurance Companies68

Pension Funds78

Investment Companies84

Summary92

Questions93

Chapter 5: Investment Banking Firms97

Scope of Investment Banking98

Nature of the Business99

Industry Structure110

Competition and Challenges for Investment Banking Firms119

Summary121

Questions122

Section Ⅱ: Organization and Structure of Markets125

Chapter 6: The Primary Markets125

Regulation of the Issuance of Securities126

Variations in the Underwriting of Securities129

World Capital Markets Integration and Fund Raising Implications136

Motivation for Raising Funds Outside of the Domestic Market137

Summary138

Questions139

Chapter 7: Secondary Markets143

Function of Secondary Markets144

Trading Locations144

Market Structures145

Perfect Markets145

Secondary Market Trading Mechanics146

Role of Brokers and Dealers in Real Markets152

Market Efficiency154

Transaction Costs155

Summary157

Questions159

Section Ⅲ: Risk and Return Theories161

Chapter 8: Risk and Return Theories:Ⅰ161

Measuring Investment Return163

Portfolio Theory166

Risky Assets Versus Risk-Free Assets166

Measuring Portfolio Risk167

Diversification171

Choosing a Portfolio of Risky Assets176

Summary181

Questions182

Chapter 9: Risk and Return Theories:Ⅱ187

Economic Assumptions188

Capital Market Theory189

The Capital Asset Pricing Model193

The Multifactor CAPM205

Arbitrage Pricing Theory Model206

Some Principles to Take Away210

Summary211

Questions212

SectionⅣ： Derivatives Markets215

Chapter 10: Introduction to Financial Futures Markets215

Mechanics of Futures Trading216

Futures Versus Forward Contracts220

Risk and Return Characteristics of Futures Contracts220

Pricing of Futures Contracts221

General Principles of Hedging With Futures228

The Role of Futures in Financial Markets239

The GAO Study on Derivatives242

Summary244

Questions245

Chapter 11: Introduction to Options Markets249

Option Contract Defined250

Differences Between Options and Futures Contracts251

Risk and Return Characteristics of Options252

Pricing of Options261

Economic Role of the Option Markets274

Exotic Options276

Summary277

Questions278

Chapter 12: Introduction to the Swaps,Caps, and Floors Markets281

Swaps282

Cap and Floor Agreements287

Summary289

Questions289

Section Ⅴ: The Equity Market293

Chapter l3: Common Stock Market293

Secondary Markets295

SEC Studies of the Structure of the Equity Markets299

Trading Arrangements for Institutional Investors303

Stock Market Indicators305

Empirical Evidence on Pricing Efficiency and Implications for Portfolio Strategies308

The Market Crash of l987313

Non-U.S. Equity Markets316

Summary324

Questions326

Chapter 14: Stock Options Market329

History of Exchange-Traded Options330

Features of Exchange-Traded Stock Options331

Stock Option Pricing Models332

Option Strategies338

Pricing Efficiency of the Stock Options Market346

Warrants348

Summary349

Questions350

Chapter 15: Stock Index Derivative Markets355

Stock Index Options356

Stock Index Futures Market362

Equity Swaps377

Stock Index Contracts, Stock Price Volatility, and Black Monday379

Summary386

Questions387

Section Ⅵ: Interest Rate Determination and Bond Valuation391

Chapter 16: The Theory and Structure of Interest Rates391

The Theory of Interest Rates392

The Structure of Interest Rates409

Summary414

Questions415

Chapter 17: Valuation of Debt Contracts and Their Price Volatility Characteristics419

Features of Debt Contracts420

Basic Valuation Principles421

Return From a Bond: Yield-to-Maturity Measure422

Reasons Why a Bond's Price Will Change424

Reinvestment of Cash Flow and Yield425

What Determines the Premium-Par Yield425

Bond Price Volatility426

Summary439

Questions441

Chapter 18: The Term Structure of Interest Rates445

The Yield Curve446

Constructing the Theoretical Spot Rate Curve448

Forward Rates455

Determinants of the Shape of the Term Structure459

Summary464

Questions465

Section Ⅶ: Debt Markets467

Chapter 19: Money Markets467

Treasury Bills468

Commercial Paper471

Bankers Acceptances478

Large-Denomination Negotiable CDs481

Repurchase Agreements484

Federal Funds488

Summary489

Questions490

Chapter 20: Treasury and Agency Securities Markets493

Treasury Securities494

Federal Agency Securities502

Non-U.S. Government Bond Markets505

Summary510

Questions511

Chapter 21: Corporate Bond Market513

Features of a Corporate Bond Issue514

Corporate Bond Ratings519

Event Risk521

High-Yield Corporate Bond Market521

Secondary Market527

Private Placement Market for CorPorate Bonds527

Risk and Return in the Corporate Bond Market531

Eurobond Market535

Summary537

Questions538

Chapter 22: Medium-Term Note, Bank Loan,and Preferred Stock Markets541

Medium-Term Notes542

Bank Loan Market546

Preferred Stock548

Bankruptcy and Creditor Rights551

Summary554

Questions555

Chapter 23: Municipal Securities Market557

Investors in Municipal Securities558

Features of Municipal Securities559

Types of Municipal Securities559

Credit Risk566

Tax Risk568

The Primary Market569

The Secondary Market569

Regulation of the Municipal Securities Market570

Yields on Municipal Bonds571

Summary573

Questions573

Chapter 24: The Mortgage Market575

What is a Mortgage?576

Investors577

Mortgage Originators577

Mortgage Servicers582

Mortgage Insurers584

The Traditional Mortgage587

The Mismatch Problem and the Creation of Adjustable-Rate Mortgages592

The Tilt Problem and the Creation of Other Mortgage Instruments596

Default Risk for Mortgages600

Summary604

Questions605

Chapter 25: The Market for Mortgage Pass-Through Securities607

Development of the Secondary Mortgage Market608

Mortgage Pass-Through Securities610

Types of Mortgage Pass-Through Securities611

Prepayment Conventions and Cash Flow614

Factors Affecting Prepayment Behavior623

Secondary Market626

Prepayment Risks Associated With Pass-Through Securities626

Stripped Mortgage-Backed Securities629

Summary630

Questions631

Chapter 26: The Market for Collateralized Mortgage Obligations633

Sequential-Pay Tranches634

Accrual Bonds639

Floating Rate Tranches641

Planned Amortization Class Tranches645

Credit Risk649

Tax Considerations649

The CMO Market Today649

Summary650

Questions651

Chapter 27: The Market for Asset-Backed Securities655

Issuers of and Collateral for Asset-Backed Securities656

Features of Asset-Backed Securities659

Benefits of Asset Securitization and Implications for Financial Markets661

Summary665

Questions666

Chapter 28: Exchange-Traded Interest Rate Futures and Options669

Interest Rate Futures Contracts670

Exchange-Traded Interest Rate Options682

Summary689

Questions690

Chapter 29: Over-the-Counter Interest Rate Derivative Markets693

Over-the-Counter Interest Rate Options694

Forward Rate Agreement696

Interest Rate Swaps696

Interest Rate Agreements715

Summary717

Questions718

Section Ⅷ: Foreign Exchange Markets723

Chapter 30: Foreign Exchange Market723

Foreign Exchange Rates724

Foreign-Exchange Risk726

Spot Market726

Cross Rates727

Dealers727

The European Currency Unit728

Summary729

Questions730

Chapter 31: Instruments for Controlling Foreign-Exchange Risk731

Currency Forward Contracts732

Currency Futures Contracts737

Currency Options Contracts737

Currency Swaps739

Summary744

Questions745