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Kidwell's Financial Institutions 12th Edition provides a balanced introduction to the operation, mechanics, and structure of the U.S. financial system, emphasizing its institutions, markets, and financial instruments. The text analyzes complex topics in a clear and concise fashion with an emphasis on "Real World" data, and people and event boxes, as well as personal finance examples to help retain topical interest.Each author brings something unique to this new edition. David Kidwell, formerly Dean of the Carlson School of Business, is a gifted storyteller with a keen insight on what it takes to reach readers. He is also currently writing a Corporate Finance text and is Chair of the Finance department at Texas A&M University.
Contents
Financial Institutions, Markets and Money (11th Edition)Contents Part I , THE FINANCIAL SYSTEMChapter 1 An Overview of Financial Markets and InstitutionsChapter PreviewLearning Objectives1.1 The Financial System1.2 Financial Markets and Direct FinancingDo You Understand?PEOPLE & EVENTS: Wall Street Faces Global Competition1.3 Types of Financial Markets1.4 The Money Markets1.5 The Capital MarketsDo You Understand?1.6 Financial Intermediaries and Indirect FinancingDo You Understand?1.7 Types of Financial IntermediariesDo You Understand?1.8 The Risks Financial Institutions Manage1.9 Regulation of the Financial SystemDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 2 The Federal Reserve and Its PowersChapter PreviewLearning Objectives2.1 Origins of The Federal Reserve SystemPEOPLE & EVENTS: Free Banking and Wildcat Banks2.2 The Current Structure of The Fed2.3 Monetary Powers of the Board of Governors2.4 The Fed's Regulatory Powers2.5 Independence of The FedDo You Understand?2.6 The Fed's Balance SheetLearning by Doing 2.1: Computing a Bank's Excess Reserve Position2.7 The Fed's Role In Check Clearing2.8 Federal Reserve Tools of Monetary PolicyPEOPLE & EVENTS: A Contrast In Style: Greenspan versus BernankeLearning by Doing 2.2: Calculating a Bank's Reserve PositionSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 3 The Fed and Interest RatesChapter PreviewLearning Objectives3.1 Federal Reserve Control of The Money Supply3.2 The Fed's Influence on Interest Rates3.3 The Treasury Department and Fiscal PolicyDo You Understand?3.4 Goals of Monetary PolicyPEOPLE & EVENTS: The Fed as Lender of Last Resort: Preventing a Financial Panic3.5 The Fed and the EconomyPEOPLE & EVENTS: Black Monday3.6 Complications of Monetary Policy3.7 Anatomy of a Financial CrisisDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExercisePart II, How Interest Rates Are DeterminedChapter 4 The Level of Interest RatesChapter PreviewLearning Objectives4.1 What Are Interest Rates?4.2 The Real Rate of Interest4.3 Loanable Funds Theory of InterestDo You Understand?4.4 Price Expectations and Interest RatesPEOPLE & EVENTS: Irving Fisher (1867-1947): EconomistDo You Understand?PEOPLE & EVENTS: Estimating the Expected Rate of Inflation from TIPS4.5 Forecasting Interest RatesSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 5 Bond Prices and Interest Rate RiskChapter PreviewLearning Objectives5.1 The Time Value of MoneyDo You Understand?5.2 Bond PricingPEOPLE & EVENTS: Rogue Trader Incurs Huge Financial Losses for French BankLearning by Doing 5.1: Calculating the Price of a Bond Using a Financial Calculator5.3 Bond YieldsLearning by Doing 5.2: Calculating the Yield to Maturity on a BondDo You Understand?5.4 Important Bond Pricing Relationships5.5 Interest Rate Risk and DurationLearning by Doing 5.3: Calculating the Duration of a BondPEOPLE & EVENTS: Betting the Farm on Interest Rates and LosingDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 6 The Structure of Interest RatesChapter PreviewLearning Objectives6.1 The Term Structure of Interest RatesLearning by Doing 6.1: Using the Term Structure Formula to Calculate Implied Forward RatesDo You Understand?6.2 Default RiskPEOPLE & EVENTS: The Credit-Rating Club6.3 Tax TreatmentDo You Understand?6.4 Marketability6.5 Options of Debt SecuritiesDo You Understand?6.6 Behavior of Interest Rates over the Business CycleSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExercisePart III, Financial MarketsChapter 7 Money MarketsChapter PreviewLearning Objectives7.1 How the Money Markets Work7.2 Economic Role of the Money Markets7.3 Characteristics of Money Market Instruments7.4 Treasury BillsLearning by Doing 7.1: Calculating the Discount YieldLearning by Doing 7.2: Calculating the Bond Equivalent YieldDo You Understand?7.5 Federal Agency Securities7.6 Fed Funds7.7 Other Major Money Market InstrumentsPEOPLE & EVENTS: Lehman Brothers "Creative" Accounting: Repos 105 and 1087.8 Money Market Participants7.9 The Impact of the 2007-2009 Financial Crisis on the Money MarketsPEOPLE & EVENTS: How Breaking the Buck (Almost) Broke the Commercial Paper MarketDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 8 Bond MarketsChapter PreviewLearning Objectives8.1 Functions of the Capital Markets8.2 U.S. Government and Agency SecuritiesPEOPLE & EVENTS: What Do Negative Yields on TIPS Tell Us?Do You Understand?8.3 State and Local Government Bonds8.4 Corporate BondsDo You Understand?8.5 Financial Guarantees8.6 Securitized Credit Instruments8.7 Financial Market Regulators8.8 Bond Markets Around the World Are Increasingly Linked8.9 The Impact of the 2007-2009 Financial Crisis on the Bond MarketsDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 9 Mortgage MarketsChapter PreviewLearning Objectives9.1 The Unique Nature of Mortgage Markets9.2 Types of MortgagesDo You Understand?9.3 Mortgage QualifyingDo You Understand?9.4 Mortgage-backed SecuritiesLearning by Doing 9.1: Determining How Much Home You Can Buy9.5 Mortgage Prepayment RiskDo You Understand?9.6 Participants in the Mortgage MarketsPEOPLE & EVENTS: The Rise and Fall of Fannie and Freddie9.7 Relationship between Mortgage Markets and the Capital MarketsSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 10 Equity MarketsChapter PreviewLearning Objectives10.1 What Are Equity Securities?10.2 Equity Markets10.3 Equity Trading10.4 Global Stock Markets10.5 Regulation of Equity MarketsDo You Understand?10.6 Equity Valuation BasicsDo You Understand?Learning by Doing 10.1: Valuing a Stock10.7 Equity RiskDo You Understand?10.8 Stock Market IndexesPEOPLE & EVENTS: Circuit Breakers, Black Monday, and the Flash Crash10.9 The Stock Market as a Predictor of Economic ActivitySummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 11 Derivatives MarketsChapter PreviewLearning Objectives11.1 The Nature of Derivative Securities11.2 Forward Markets11.3 Futures Markets11.4 Uses of the Financial Futures MarketsLearning by Doing 11.1: Hedging Risk in a Stock Portfolio11.5 Risks in the Futures MarketsDo You Understand?11.6 Options MarketsDo You Understand?11.7 Regulations of the Futures and Options Markets11.8 Swap MarketsPEOPLE & EVENTS: Swap Market RegulationSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 12 International MarketsChapter PreviewLearning Objectives12.1 Difficulties of International Trade12.2 Exchange Rates12.3 Balance of Payments12.4 Foreign Exchange Markets12.5 Spot and Forward TransactionsLearning by Doing 12.1: Using Forward Contracts to Hedge Exchange Rate RisksPEOPLE & EVENTS: The Big Mac Test of Purchasing Power Parity12.6 Capital Flows and Exchange RatesDo You Understand?12.7 Government Intervention in Foreign Exchange MarketsLearning by Doing 12.2: Using Purchasing Power Parity to Determine the Expected Exchange Rate12.8 Financing International TradeDo You Understand?12.9 International Money and Capital Markets12.10 The Globalization of Financial MarketsSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExercisePart IV, Commercial BankingChapter 13 Commercial Bank OperationsChapter PreviewLearning Objectives13.1 An Overview of the Banking Industry13.2 Balance Sheet for a Commercial Bank13.3 The Source of Bank FundsDo You Understand?13.4 Bank Uses of Funds: Bank Investments and Cash Assets13.5 Bank Uses of Funds: Loans and Leases13.6 Loan Pricing13.7 Analysis of Loan Credit RiskPEOPLE & EVENTS: What's Your Score?Do You Understand?13.8 Fee-Based Services13.9 Off-Balance-Sheet BankingDo You Understand?13.10 Bank Earnings13.11 Bank PerformanceDo You Understand?13.12 Bank and Financial Holding CompaniesSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 14 International BankingChapter PreviewLearning Objectives14.1 Development of International Banking14.2 Regulation of Overseas Banking Activities14.3 Delivery of Overseas Banking ServicesPEOPLE & EVENTS: Credit Risk, Subprime Mortgage Crisis of 2007, and Challenges to the Banking SectorDo You Understand?14.4 International LendingDo You Understand?14.5 Foreign Banks in the United States14.6 Future Directions of International BankingSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 15 Regulation of Financial InstitutionsChapter PreviewLearning Objectives15.1 Reasons for Regulation15.2 Bank Failures and RegulationPEOPLE & EVENTS: WaMu and the Destructive "Power of Yes"15.3 Safety and Soundness Regulation: Deposit InsuranceDo You Understand?15.4 Deposit Insurance IssuesDo You Understand?15.5 Safety and Soundness Regulation: Capital RequirementsDo You Understand?15.6 Bank Examinations15.7 Structure and Competition Regulations15.8 Consumer Protection RegulationsPEOPLE & EVENTS: Dual or Dueling Banking Systems?15.9 Bank RegulatorsDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExercisePart V, Financial InstitutionsChapter 16 Thrift Institutions and Finance CompaniesChapter PreviewLearning Objectives16.1 Historical Development of Savings Institutions16.2 Operations of Savings InstitutionsDo You Understand?16.3 Credit UnionsPEOPLE & EVENTS: Demographic Change Brings OpportunityPEOPLE & EVENTS: Commercial Banks Versus Credit Unions16.4 Thrift Institutions Around the GlobeDo You Understand?16.5 Finance CompaniesDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 17 Insurance Companies and Pension FundsChapter PreviewLearning Objectives17.1 InsurancePEOPLE & EVENTS: 9/11 and Katrina: Insurance Coverage Disputes17.2 The Insurance IndustryDo You Understand?17.3 Life and Health InsuranceDo You Understand?17.4 Property and Liability InsuranceLearning by Doing 17.1: Calculating Policyholders' SurplusDo You Understand?17.5 PensionsLearning by Doing 17.2: Measuring Insurance Company Profitability with the Combined RatioDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 18 Investment BankingChapter PreviewLearning Objectives18.1 The Relationship between Commercial and Investment Banking18.2 Primary Services of an Investment BankPEOPLE & EVENTS: Where, Oh, Where Have All the Investment Banks Gone?Do You Understand?18.3 Private EquityLearning by Doing 18.1: Evaluating a Venture Capital InvestmentDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 19 Investment CompaniesChapter PreviewLearning Objectives19.1 Investment Companies19.2 Open-end Mutual FundsLearning by Doing 19.1: Calculating Net Asset ValuePEOPLE & EVENTS: Money Market Mutual Funds Breaking the Buck19.3 Closed-end Mutual Funds19.4 Exchange-traded FundsDo You Understand?19.5 Hedge FundsPEOPLE & EVENTS: Hedge Funds and the Dodd-Frank Wall Street Reform and Consumer Protection ActDo You Understand?19.6 Real Estate Investment TrustsDo You Understand?Summary of Learning ObjectivesKey TermsQuestions and ProblemsInternet ExerciseChapter 20 Risk Management in Financial InstitutionsChapter PreviewLearning Objectives20.1 The Dilemma: Profitability versus Safety20.2 Liquidity ManagementDo You Understand?PEOPLE & EVENTS: Operational Risk20.3 Managing Credit RiskDo You Understand?PEOPLE & EVENTS: Counterparty Controversy: AIG and Its Risky Risk Management20.4 Measuring and Assessing Interest Rate Risk20.5 Hedging Interest Rate RiskDo You Understand?Learning by Doing 20.1: Measuring Interest Rate RiskSummary of Learning ObjectivesKey TermsQuestions and ProblemsInternet Exercise
