The Economics of Financial Markets
£54.99
- Author: Roy E. Bailey, University of Essex
- Date Published: May 2005
- availability: Available
- format: Paperback
- isbn: 9780521612807
£
54.99
Paperback
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The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for beginning graduate students in financial economics. Following a brief overview of financial markets - their microstructure and the randomness of stock market prices - this textbook explores how the economics of uncertainty can be applied to financial decision-making. The mean-variance model of portfolio selection is discussed, with analysis extended to the capital asset pricing model (CAPM). Arbitrage plays a pivotal role in finance and is studied in a variety of contexts, including the APT model of asset prices. Methods for the empirical evaluation of CAPM and APT are also discussed, together with the volatility of asset prices, the intertemporal CAPM and the equity premium puzzle. An analysis of bond contracts leads into an assessment of theories of the term structure of interest rates. Finally, financial derivatives are explored, focusing on futures and options contracts.
Read more- Concise overview of capital markets
- Emphasises economic principles
- Companion website including a variety of online resources
Reviews & endorsements
'This is a very well-written and thorough presentation of the key topics in financial economics - the book deserves to be widely adopted in support of courses in this dynamic area of teaching and research.' Peter Smith, University of York
See more reviews'Roy Bailey has written a highly readable and comprehensive introduction to financial markets. He takes the reader carefully through relevant theories before describing how they relate to different financial markets. Students will benefit from Roy Bailey's rigorous but approachable style of writing.' Colin Mayer, Peter Moores Professor of Finance, Saïd Business School, University of Oxford
'Roy Bailey takes the rigourous economists approach and provides a detailed treatment of the underlying theoretical concepts. … provides complete coverage of the important concepts involved.' The Times Higher Education Supplement
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×Product details
- Date Published: May 2005
- format: Paperback
- isbn: 9780521612807
- length: 550 pages
- dimensions: 247 x 174 x 33 mm
- weight: 1.07kg
- availability: Available
Table of Contents
Preface
1. Asset markets and asset prices
2. Asset market microstructure
3. Predictability of prices and market efficiency
4. Decision making under uncertainty
5. Portfolio selection: the mean-variance model
6. The capital asset pricing model, CAPM
7. Arbitrage
8. Factor models and arbitrage pricing theory, APT
9. Empirical appraisal of the CAPM
10. Present value relationships and price variability
11. Intertemporal choice and equity premium puzzle
12. Bond markets and fixed-interest securities
13. Term structure and interest rates
14. Futures markets - fundamentals
15. Futures markets - speculation and hedging
16. Futures markets - applications
17. Swap contracts and swap markets
18. Options markets: fundamentals
19. Options markets - price determination
20. Options markets - applications.Instructors have used or reviewed this title for the following courses
- Current Economic Issues
- Introduction to Economics of Financial Markets
- Introduction to Financial Economics
- Theory of Finance
- Topics in Theory
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