The Economics of Financial Markets
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The Economics of Financial Markets

Author: Roy E. Bailey

Description

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. Emphasis is placed on the economic principles underlying all financial markets, focusing on markets for equities, bonds, futures and options contracts.

Keywords

pure hedge ratio nominal spot yield real spot yield asset market efficiency implicit forward rates post rational price arbitrage principle outlay yields futures contract delivery date asset price determination portfolio frontier asset price evolves unobserved random error arbitrage reasoning mutual fund theorem real yield curves valuation relationship frictionless markets linear pricing rule one call option hedge instrument term premia asset price fluctuations intertemporal planning arbitrage portfolio

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