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Financial Markets
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Financial Markets

Four Volume Set
Edited by:
  • Jeff Madura - Florida Atlantic University, Fort Lauderdale


June 2004 | 1 656 pages | SAGE Publications Ltd
This landmark work illustrates the progress that has been made in financial markets and assesses innovations that provide solutions to dilemmas and increase efficiency. These articles break down the complex web of relationships between the financial intermediary, the managers of corporations, shareholders, creditors, analysts and regulators. If complete information was disseminated to all participants, and all participants were ethical and competent, there would be less need for research on financial markets. Given the numerous conflicts of interest, the research included in these volumes attacks existing problems in financial markets in search of a solution.

The research also identifies problems that have gone unnoticed. Research on financial markets identifies more problems in financial markets than it solves. Nevertheless, the research findings can help one use financial markets to one's advantage, rather than be used by them.

This new edition to the SAGE Library in Business and Management discloses relevant research about the environment and behaviour within each of several financial markets so that participants can make informed decisions. It also hints at some of the unresolved issues in financial markets that are likely to receive more attention in future financial research.

 
VOLUME ONE: FINANCIAL MARKETS AND INSTITUTIONS
 
PART ONE: ROLE OF FINANCIAL INSTITUTIONS
F Allen and A M Santomero
What Do Financial Intermediaries Do?
F Moshirian and G Szego
Markets and Institutions
Global Perspectives

 
A P Ljungqvist, T Jenkinson and W Wilhelm
Global Integration in Primary Equity Markets
The Role of US Banks and US Investors

 
 
PART TWO: STRATEGY AND PERFORMANCE
M H Miller
Leverage
G Kanatis and J Qi
Integration of Lending and Underwriting
Implications of Scope Economies

 
R Hauswald and R Marquez
Information Technology and Financial Services Competition
Y Amihud, G L DeLong and A Saunders
Effects of Cross-Border Bank Mergers on Risk and Value
D N Deli
Mutual Fund Advisory Contracts
An Empirical Investigation

 
 
PART THREE: GOVERNANCE IN FINANCIAL MARKETS
M C Jensen and R S Ruback
The Market for Corporate Control
The Scientific Evidence

 
J E Core and D F Larcker
Performance Consequences of Mandatory Increases in Executive Stock Ownership
R Laporta, F Lopez-de-Silanes and A Shleifer
Government Ownership of Banks
Q Sun, and W H S Tong
China Share Issue Privatization
The Extent of Its Success

 
D Del Guercio, L Y Dann, and M M Partch
Governance and Boards of Directors in Closed-End Investment Companies
 
VOLUME TWO: EQUITY MARKETS
 
PART ONE: STOCK PRICING AND VOLATILITY
R Stulz
Asset Pricing and Expected Inflation
S A Ross
Information and Volatility
The No-Arbitrage Martingale Approach to Timing and Resolution Irrelevancy

 
H Markowitz
Foundations of Portfolio Theory
W Sharpe
Capital Asset Prices with and without Negative Holdings
E F Fama and K R French
The Cross-Section of Expected Stock Returns
E F Fama and K R French
Industry Costs of Equity
I Welch
Views of Financial Economists on the Equity Premium and on Professional Controversies
J M Griffin
Are the Fama and French Factors Global or Country Specific?
E F Fama and K R French
The Equity Premium
W Schwert
Why Does Stock Market Volatility Change over Time?
M J Brennan and E S Schwartz
Time-Invariant Portfolio Insurance Strategies
E C Chang, J W Cheng and A Khorana
An Examination of Herd Behavior in Equity Markets
An International Perspective

 
U Bhattacharya and B Ravikumar
Capital Markets and the Evolution of Family Businesses
J A Bennett, R W Sias and L T Starks
Greener Pastures and the Impact of Dynamic Institutional Preferences
 
PART TWO: MARKET GLOBALIZATION
T K Chue
Time-Varying Risk Preferences and Emerging Market Comovements
D A Bessler and J Yang
The Structure of Interdependence in International Stock Markets
 
PART THREE: PUBLIC OFFERINGS
J Ritter
Long-Run Performance of Initial Public Offerings
J Ritter and I Welch
A Review of IPO Activity, Pricing and Allocations
A Brav and P A Gompers
The Role of Lockups in Initial Public Offerings
C Wu and C C Y Kwok
The Pricing of Global and Domestic Initial Public Offerings
V Errunza and D P Miller
Valuation Effects of Seasoned Global Equity Offerings
M Hertzel et al
Long-Run Performance Following Private Placements of Equity
 
PART FOUR: MICROSTRUCTURE
A Madhavan and G Sofianos
An Empirical Analysis of NYSE Specialist Trading
M O'Hara
Liquidity and Price Discovery
R D Huang
The Quality of ECNs and Nasdaq Market Maker Quotes
P De Fontnouvelle, R P H Fishe and J H Harris
The Behavior of Bid-Ask Spreads and Volume in Options Markets during the Competition for Listing in 1999
C Eun and S Sabherwal
Cross-Border Listings and Price Discovery
Evidence from US-Listed Canadian Stocks

 
 
VOLUME THREE: CREDIT MARKETS
 
PART ONE: BOND MARKETS
J Graham
Taxes and Corporate Finance
A Review

 
H DeAngelo, L DeAngelo and K H Wruck
Asset Liquidity, Debt Covenants and Managerial Discretion in Financial Distress
The Collapse of L A Gear

 
A C Eberhart and A Siddique
The Long-Term Performance of Corporate Bonds (and Stocks) Following Seasoned Equity Offerings
E Hotchkiss and T Ronen
The Informational Efficiency of the Corporate Bond Market
An Intraday Analysis

 
J Y Campbell and G B Taksler
Equity Volatility and Corporate Bond Yields
S Bhojraj and P Sengupta
Effect of Corporate Governance on Bond Ratings and Yields
The Role of Institutional Investors and Outside Directors

 
W Maxwell and R Rao
Do Spinoffs Expropriate Wealth from Bondholders?
A Murphy
An Empirical Analysis of Credit Risk Premiums in the Eurobond Market
G Allayannis, G W Brown and L F Klapper
Capital Structure and Financial Risk
Evidence from Foreign Debt Use in East Asia

 
J Driessen, B Melenburg and T Nijman
Common Factors in International Bond Returns
 
PART TWO: MONEY MARKETS
P Hartmann, M Manna and A Manzanares
The Microstructure of the Euro Money Market
A Buraschi and D Menini
Liquidity Risk and Specialness
S A Johnson
Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage
A Prati, L Bartolini and G Bertola
The Overnight Interbank Market
Evidence from the G-7 and the Euro Zone

 
 
VOLUME FOUR: DERIVATIVE MARKETS AND FOREIGN EXCHANGE MARKETS
 
PART ONE: DERIVATIVE MARKETS
S M Sundaresan
Continuous-Time Methods in Finance
A Review and an Assessment

 
M F Ferguson and S C Mann
Execution Costs and Their Intraday Variation in Futures Markets
S Mayhew
Competition, Market Structure and Bid-Ask Spreads in Stock Option Markets
F A Longstaff, P Santa-Clara and E Schwartz
The Relative Valuation of Caps and Swaptions
Theory and Empirical Evidence

 
H Li and C Mao
Corporate Use of Interest Rate Swaps
Theory and Evidence

 
J Liu and J Pan
Dynamic Derivative Strategies
P H Dybvig and M Loewenstein
Employee-Related Options
Pricing, Hedging and Optimal Exercise

 
 
PART TWO: FOREIGN EXCHANGE MARKETS
Y Cheung and M D Chinn
Currency Traders and Exchange Rate Dynamics
A Survey of the US Market

 
C L Osler
Currency Orders and Exchange Rate Dynamics
An Explanation for the Predictive Success of Technical Analysis

 
M D D Evans
FX Trading and Exchange Rate Dynamics
C J Neely and P A Weller
Intraday Technical Trading in the Foreign Exchange Markets
D K Patro, J K Wald and Y Wu
Explaining Exchange Rate Risk in World Stock Markets
A Panel Approach

 

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ISBN: 9781412902519
£780.00