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Finance

Markets, Instruments & Investments
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In today’s largely market-based global economy, financial markets such as stock and bond markets play an increasingly important role. As a result, an understanding of the workings of the modern market economy almost certainly requires knowledge of the basic functions of financial markets. Finance - Markets, Instruments & Investments provides a comprehensive yet relatively short and non-technical introduction to financial markets and the principal financial instruments traded there. The basic...

In today’s largely market-based global economy, financial markets such as stock and bond markets play an increasingly important role. As a result, an understanding of the workings of the modern market economy almost certainly requires knowledge of the basic functions of financial markets. Finance - Markets, Instruments & Investments provides a comprehensive yet relatively short and non-technical introduction to financial markets and the principal financial instruments traded there. The basic concepts behind rational investment strategies in these markets are also covered. The material is up-to-date and, in addition to the treatment of traditional financial markets such as bond, stock and derivatives markets, the book provides an overview of the market for credit and credit derivatives, the arena for the 2008 global financial crisis. The book is written with a wide readership in mind. It is not only suitable for introductory finance courses at the undergraduate or MBA level, but anyone who needs a basic understanding, or refreshment, of the core principles of finance will find it helpful. Since the level of mathematical analysis has been consciously kept to a minimum, readers will find that the book requires only the most elementary knowledge of mathematics and statistics. The appendix at the end of the book contains the most important statistical concepts. Each chapter ends with a list of questions with complete answers and solutions and the book’s website contains additional study material. The fourth edition of the book has been revised and updated in order to keep the contents relevant. New material has been added to several of the chapters of the book. fourth edition

Preface9

Chapter 1    Finance13

Chapter 2    Financial Institutions and Markets19

2.1        Financial Institutions20

2.2        Financial Markets28

2.3        Summary35

Key Points36

Chapter 3    Financial Arithmetic39

3.1        Asset Returns40

3.2        Future Value Calculation – Compounding41

3.3        Present Value Calculation – Discounting44

3.4        Effective Annual Interest Rates45

3.5        Risky and Non-Risky Future Cash Flows48

3.6        Summary50

Key Points50

Chapter 4    Financial Instruments: Prices and Risks53

4.1        The Law of One Price – Arbitrage54

4.2        Financial Risk – Important Concepts58

4.3        Financial Risk Measurement60

4.4        Financial Risk Management65

4.5        Summary70

Key Points70

Chapter 5    Bonds (Debt)75

5.1        Annuities76

5.2        Zero-Coupon Bonds79

5.3        Coupon Bonds81

5.4        Bond Prices, Time and Interest Rates83

5.5        Government Bonds versus Corporate Bonds88

5.6        Summary91

Key Points91

Chapter 6    Stocks (Equity)97

6.1        Dividends98

6.2        Pricing Stocks99

6.3        Stock Prices and Psychology – The Beauty Contest104

6.4        Fundamental Analysis versus Technical Analysis107

6.5        Summary110

Key Points110

Chapter 7    Forwards and Futures113

7.1        Forwards and Futures – The Basics114

7.2        Forwards and Futures – Risk Management Tools118

7.3        Forward (Futures) Pricing119

7.4        Forwards and Futures – Predictors of Spot Prices?123

7.5        Summary125

Key Points126

Chapter 8    Options129

8.1        Some Background130

8.2        Options and Forwards – Similar but Different132

8.3        Basic Option Terminology133

8.4        Payoff Diagrams139

8.5        Put-Call Parity146

8.6        What Determines the Option Price?149

8.7        Option Pricing – The Black-Scholes Formula153

8.8        Summary156

Key Points157

Chapter 9    Investment Portfolio Choice I: The Mean-Variance Framework163

9.1        Investment Portfolio Choice – The Basics164

9.2        Portfolio Returns, Risks and Correlations165

9.3        The Mean-Variance Framework169

9.4        Two-Fund Separation179

9.5        Summary180

Key Points181

Chapter 10  Investment Portfolio Choice II: …|The Capital Asset Pricing Model (CAPM)187

10.1     CAPM – The Basics188

10.2     General Implications190

10.3     Risk Premiums on Risky Assets193

10.4     Portfolio Choice196

10.5     Stock Pricing197

10.6     Summary199

Key Points200

Chapter 11  Market Efficiency205

11.1     Are Markets Efficient?206

11.2     Weak Market Efficiency209

11.3     Semi-Strong Market Efficiency213

11.4     Strong Market Efficiency213

11.5     Stock Market Anomalies215

11.6     Summary218

Key Points219

Chapter 12  Credit221

12.1     Corporate Bonds222

12.2     Credit Rating Agencies226

12.3     The Basel II Regulatory Framework229

12.4     Credit Risk Models232

12.5     Credit Derivatives234

12.6     Summary238

Key Points239

Appendix      Basic Mathematical Statistics 241

A.1       Random Variables 241

A.2       Probability Distributions 242

A.3       Means and Variances 244

A.4       Correlation 245

A.5       Just Another Example 246

References249

Index251

Information

Författare:
Hans Byström
Språk:
Engelska
ISBN:
9789144138312
Utgivningsår:
2007
Revisionsår:
2020
Artikelnummer:
33042-04
Upplaga:
Fjärde
Sidantal:
256

Digital produkt

Giltighetstid från aktivering:  24 mån

Författare

Hans Byström

Hans Byström, currently Associate Professor of Finance at Lund University, has also been affiliated with the School of Finance and Economics at the...

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