Financial Markets and Institutions: A Modern Perspective (The Mcgraw-Hill/Irwin Series in Finance, Insurance, and Real Estate)

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9780072824544: Financial Markets and Institutions: A Modern Perspective (The Mcgraw-Hill/Irwin Series in Finance, Insurance, and Real Estate)

Accessible, thoroughly up to date, and pedagogically rich, Saunders and Cornett's Financial Markets and Institutions 2/e fits perfectly into the newest segment of the markets and institutions course area. Beginning with ten chapters on markets, the student is able to create a solid microeconomics focus while still building on the risk management/risk measurement framework. International coverage has been provided throughout the text and exceptional illustrations and examples make even the most difficult concepts, like derivatives, easy to learn..

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From the Publisher:

Markets focus: The 1990s were a unique period for U.S. and many foreign financial markets. The Dow has risen from 2,800 in January of 1990 to over 11,000 at the end of 1999. While U.S. markets have risen dramatically, financial markets in Southeast Asia, South America, and Russia plummeted in the late 1990s. The first part of the book provides the student with an introduction and overview of the various financial markets. We describe each financial market, their participants, the securities traded in them, the trading process, and how changes in interest rates, inflation, and foreign exchange rates impact an investor's decisions regarding financial market transactions.
Modern risk management/risk measurement framework : Modern risk management involves the measurement and management of the risks faced by the modern financial institutions. This text offers a unique analysis of the risks faced by investors and savers through both financial institutions and financial markets, as well as strategies that can be adopted for controlling and managing these risks. The risk categories are overviewed in Chapter 20. They include such risks as credit risk, liquidity risk, interest rate risk, foreign exchange risk, and technology and operational risks. As international markets and technology have developed, the measurement and management of these, as well as all other risks, have evolved. This text looks at how new risks have evolved, how the more traditional risks have changed as a result, and how all of these risks can be measured and managed.
Early institutions chapters: The financial services industry is approaching full circle. Originally the banking industry operated as a full service industry, performing directly or indirectly, all financial services (commercial banking, investment banking, stock investing, insurance provision, etc.). In the early 1930s the economic and industrial collapse resulted in the separation of some of these activities. As we enter a new century, the elimination of regulatory barriers, via the Financial Services Modernization Act of 1999, technological innovation, and financial innovations, are changing such that a full set of financial services may again be offered by a single financial institution. Ours will be the first book to cover the new regulation and look at its impact on the various sectors of the financial institutions industry.
Includes chapters on other financial institutions - finance companies, mutual funds, etc.: The chapters on the various types of financial institutions have been updated to include the latest data and events affecting each. A major part of this are the changes that will result from the Financial Services Modernization Act of 1999. A new Chapter on Pension Funds has been added, which have been significant in the industry, as these FI's are the method used by most U.S. individual investors to invest in financial markets.
International coverage integrated throughout the material: The markets chapters generally include a section on the existence of foreign financial markets similar to that in the U.S. We also look at the extent to which foreign investors are participants in the various U.S. financial markets. We examine the impact of changes in foreign exchange rates on individual investments and on financial institution profits. And we look at how foreign exchange risk can be hedged by individual investors and FI's.
Exceptional illustration program (figures, diagrams, graphs) to ensure accessibility: In the markets chapters, the details of getting a security to the market and the subsequent trading of securities are illustrated using figures, diagrams, etc. No other text provides the details or illustrations in this manner or with this detail. After reading a Chapter, the student should be able to visualize exactly how a security is placed in a financial market and then how he/she can transact in the market.
Pedagogically rich: Concept call-out icons, outlined at the beginning of the chapter, show where the concept is being discussed within the text; key terms in the margin are provided for reinforcement; 'In The News'' boxes detail recent related news events; 'Did You Know?' boxes outline interesting facts related to markets and institutions; comprehensive chapter summaries describe the overall aspects of the chapter; and many end of chapter questions and problems are provided so students have plenty of practice.

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