Introduction to Capital Market, 金融专业学生必读教科书，美国21所大学推荐课程！

Contents
Acknowledgements xv
1. Introduction: The Market Context 1
1.1 Financial Intermediation and Risk 2
1.2 The Euromarkets 3
1.3 Modern Investment Banking 5
1.4 About this Book 6
2. The Money Mark ets 11
2.1 Chapter Overview 11
2.2 Domestic Money Markets 11
2.3 US Domestic Markets 12
2.4 Eurozone Markets 14
2.5 Sterling Money Markets 15
2.6 The Bank of Japan 15
2.7 Treasury Bills 16
2.8 Discounting Treasury Bills 17
2.9 US Commercial Paper 19
2.10 Credit Risk on USCP 20
2.11 Bankers’ Acceptances 21
2.12 The Eurocurrency Markets 22
2.13 Eurocurrency Loans and Deposits 22
2.14 Eurocurrency Rate Quotations 24
2.15 Eurocurrency Certificates of Deposit 25
2.16 CD Yield to Maturity 26
2.17 Euro-Commercial Paper 27
2.18 Repos and Reverses 27
2.19 Repo: Case Study 28
2.20 Other Features of Repos 28
2.21 Chapter Summary 30
3. The Foreign Exchange Market 31
3.1 Chapter Overview 31
3.2 Market Structure 31
3.3 FX Dealers and Brokers 32
3.4 Spot Foreign Exchange Deals 33
3.5 Sterling and Euro Quotations 34
3.6 Factors Affecting Spot FX Rates 34
3.7 36
3.8 Spot Position Keeping 38
3.9 40
3.10 Cross-Currency Rates 42
3.11 Outright Forward FX Deals 44
3.12 Forward FX Hedge: Case Study 44
3.13 Forward FX Formula 46
3.14 FX or Forward Swaps 47
3.15 FX Swap Quotations 49
3.16 Interpreting Forward Points 50
3.17 Chapter Summary 52
4. BondMarkets 53
4.1 Chapter Overview 53
4.2 Government Bond Markets 53
4.3 Sovereign Risk 55
4.4 US Government Bonds 56
4.5 US Treasury Quotations 58
4.6 US Treasury Strips 60
4.7 Bond Pricing 60
4.8 Pricing Coupon Bonds: Examples 62
4.9 Detailed Bond Valuation: US Treasury 63
4.10 Bond Yield 64
4.11 Reinvestment Assumptions 66
4.12 67
4.13 UK Government Bonds 68
4.14 Corporate Bonds 69
4.15 Credit Derivatives 70
4.16 Credit Ratings 71
4.17 Other Corporate Bond Features 71
4.18 Securitization 72
4.19 Eurobonds 73
4.20 Pricing Eurobonds at Issue 74
4.21 Chapter Summary 75
Appendix: Other Major Government Bond Markets 76
5. Bond Price Sensitivity 79
5.1 Chapter Overview 79
5.2 Bond Market Laws 79
5.3 Other Factors Affecting Price Sensitivity 80
5.4 Macaulay’s Duration 81
5.5 Calculating Macaulay’s Duration 82
5.6 Duration of a Zero 83
7. Equity Markets 113
7.1 Chapter Overview 113
7.2 Debt and Equity 113
7.3 Additional Features of Equity 114
7.4 Hybrid Securities 115
7.5 Institutional Investors 116
7.6 Equity Investment Styles 116
7.7 Efficient Markets 117
7.8 Hedge Funds 119
7.9 Primary Markets 120
7.10 Subsequent Issues 122
7.11 Rights Issue: Example 122
7.12 Other New Share Issues 123
7.13 The London Stock Exchange 123
7.14 Stock Exchange Trading System (SETS) 125
7.15 The New York Stock Exchange 126
7.16 Depository Receipts 126
7.17 Stock Lending 127
7.18 Portfolio Trading 128
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