Financial Institutions and Markets 9th Edition

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FINANCIAL INSTITUTIONS & MARKETS, Ninth Edition, provides a conceptual framework to help students understand why financial markets exist, how financial institutions serve those markets, and the various services those institutions offer. In describing each type of market, the text emphasizes the securities traded in that market and how financial institutions participate in it, while descriptions of financial institutions focus on their management, performance, regulatory aspects, use of financial markets, and sources and uses of funds. Following the introduction of key financial markets and institutions, the text explores the functions of the Federal Reserve System, the major debt security markets, equity security markets, and the derivative security market. Numerous pedagogical features, such as Global Aspects (indicating international coverage within the chapter), Point/Counterpoint (discussions presenting both sides of a controversial issue), Interpreting Financial News, and Internet Exercises, reinforce the key concepts of the text. Continuing a strong tradition of timely examples and practical applications, the ninth edition also includes extensive updates on the global financial and credit crisis, revised questions and exercises, and new WALL STREET JOURNAL features. Salient Features A diagram at the beginning of each part of the text illustrates, in general terms, how key concepts are related and how chapters are organized. Special margin icons throughout the text indicate applications of behavioral finance to financial markets and financial institutions, as well as places where international aspects of chapter topics are discussed. Timely and relevant examples throughout the text help to reinforce key concepts and show students the practical applications and real-world importance of chapter material. A running Flow of Funds Exercise at the end of each chapter illustrates how a manufacturing company relies on all types of financial markets, institutions, and services, while special Excel exercises highlight spreadsheet applications related to key topics such as yield curves, risk premiums, and stock volatility. Lists of objectives and key concepts for each chapter help students guide their reading and studying, while midterm and final exams, covering financial markets and financial institutions, respectively, facilitate a more comprehensive review. About the Author Dr. Jeff Madura presently serves as the SunTrust Bank Professor of Finance at Florida Atlantic University. He has written several successful finance texts, including INTERNATIONAL FINANCIAL MANAGEMENT. His research on international finance has been published in numerous journals, including Journal of Financial and Quantitative Analysis; Journal of Money, Credit and Banking; Financial Management; Journal of Financial Research; and Financial Review. Dr. Madura has received multiple awards for excellence in teaching and research, and has served as a consultant for international banks, securities firms, and other multi-national corporations. He earned his B.S. and M.A. from Northern Illinois University and his D.B.A. from Florida State University. Dr. Madura has served as a director for the Southern Finance Association and Eastern Finance Association and is also former president of the Southern Finance Association. Dr. Madura has received awards for excellence in teaching and research, and has served as a consultant for international banks, securities firms, and other multi-national corporations. He earned his B.S. and M.A. from Northern Illinois University and his D.B.A. from Florida State University. Dr. Madura has served as a director for the Southern Finance Association and Eastern Finance Association and is former president of the Southern Finance Association. Table of Contents Part 1: OVERVIEW OF THE FINANCIAL ENVIRONMENT. 1. Role of Financial Markets and Institutions. 2. Determination of Interest Rates. 3. Structure of Interest Rates. Integrative Problem for Part 1. Part 2: THE FED AND MONETARY POLICY. 4. Functions of the Fed. 5. Monetary Policy. Integrative Problem for Part 2. Part 3: DEBT SECURITY MARKETS. 6. Money Markets. 7. Bond Markets. 8. Bond Valuation and Risk. 9. Mortgage Markets. Integrative Problem for Part 3. Part 4: EQUITY MARKETS. 10. Stock Offerings and Investor Monitoring. 11. Stock Valuation and Risk. 12. Market Microstructure and Strategies. Integrative Problem for Part 4. Part 5: DERIVATIVE SECURITY MARKETS. 13. Financial Futures Markets. 14. Options Markets. 15. Interest Rate Derivative Markets. 16. Foreign Exchange Derivative Markets. Integrative Problem for Part 5. Midterm Self-Exam. Part 6: COMMERCIAL BANKING. 17. Commercial Bank Options. 18. Bank Regulation. 19. Bank Management. 20. Bank Performance. Integrative Problem for Part 6. Part 7: NONBANK OPERATIONS. 21. Thrift Operations. 22. Consumer Finance Operations. 23. Mutual Fund Operations. 24. Securities Operations. 25. Insurance and Pension Fund Operations. Integrative Problem for Part 7. Final Self-Exam. Appendix A: Comprehensive Project. Appendix B: Using Excel for Statistical Analysis. Glossary. Index.