Financial Market Rates and Flows or Treasure of the Land of Darkness

Financial Market Rates and Flows

Author: James C Van Horn

Financial Market Rates and Flows, Sixth Edition, provides conceptual basis from which to understand interest rates, how they behave with changing market conditions, and how risk can be managed. This highly respected text can be used for courses in undergraduate investments, graduate investments, financial markets and institutions, fixed income securities, bond markets, and money and banking.

New Features to the Sixth Edition Include:

• New section on liquidity presents students with information on the treatment of credit ratings, default losses and migration patterns, quality yield spreads over time, high-yield debt, and yield spreads with respect to maturity.
• Updated data on the flow of funds (chapter 2) offers students new information regarding the total debt outstanding for various major sectors of the economy.
• Enhanced coverage on inflation and returns introduces students to a section on inflation-indexed bonds and Treasury TIPS.
• Improved chapter on the term structure of interest rates (chapter 6) familiarizes students with modeling the term structure as well as with relevant empirical work.
• Detailed treatment of bond portfolio management illustrates for students the arbitrage efficiency between zero-coupon and coupon bonds with an actual situation.
• Expanded chapter on derivative securities enables students to explore a very important market that is continually developing.
• Rewritten chapter on mortgage securities that covers mortgage derivatives, modeling prepayments, and "TBA" pricing that reflects important changesin mortgage-backed securities.
• Reorganized treatment of municipal bonds helps explain the nature of the market and the valuation of municipals in relation to taxable bonds.

Booknews

New edition of a textbook on interest rates and financial risk management. Issues addressed include why interest rates and interest rate differentials exist, what causes them to change, and how risk can be shifted through hedging devices in the global financial arena. Intended for use in classes on money and capital markets, bond markets, investments, and financial institutions. Annotation c. by Book News, Inc., Portland, Or.

Table of Contents:

	Preface
Ch. 1	The Function of Financial Markets	1
Ch. 2	The Flow-of-Funds System	16
Ch. 3	Foundations for Interest Rates	30
Ch. 4	Prices and Yields for Bonds and Money Market Instruments	48
Ch. 5	Inflation and Returns	59
Ch. 6	The Term Structure of Interest Rates	77
Ch. 7	Price Volatility, Coupon Rate, and Maturity	95
Ch. 8	Default and Liquidity Risk	119
Ch. 9	Derivative Securities: Interest-Rate Futures and Forward Contracts	144
Ch. 10	Derivative Securities: Options	162
Ch. 11	Derivative Securities: Interest-Rate and Credit Swaps	191
Ch. 12	Embedded Options and Option-Adjusted Spreads	207
Ch. 13	Mortgage Securities and Prepayment Risk	222
Ch. 14	Controlling Currency Risk	239
Ch. 15	The Influence of Taxes	260
Ch. 16	The Social Allocation of Capital	274
	Index	291

Books about: Effectively Managing NonProfit Organizations or Solutions Manual for Recursive Methods in Economic Dynamics

Treasure of the Land of Darkness: The Fur Trade and its Significance for Medieval Russia

Author: Janet Martin

Treasure of the Land of Darkness traces the traffic in fur from the lands of the north, through the major trade centres of medieval Russia to the consumer markets of the world, stretching from western Europe to China. Professor Martin reconstructs the fur-trade network of each centre (including Kiev, Novgorod and Moscow) and examines the changes they experienced. She shows how aggressive principalities enhanced their political authority through manipulation of such factors as fur resources and trade routes: thus the mid-sixteenth-century supremacy of Muscovy was based upon both political advantage and monopolisation of the networks of the fur trade. Quantitative analysis of the available data substantiates this conclusion: control over the trade of those 'lands of darkness' mentioned in contemporary Islamic texts was of fundamental importance to the political development of medieval Russia.