Financial Markets and Institutions ISE

Anuhony Saunders is the John M. Schiff Professor of Finance and the former Chair of the Department of Finance at the Stem School of Business at New York University. Professor Saunders received his PhD from the London School of Economics and has taught both undergraduate- and graduate-level courses at NYU since 1978. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne. Professor Saunders has held positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Dr. Saunders has acted as a visiting scholar at the Comptroller of the Currency and at the Federal Reserve Banks of Philadelphia and New York. He was an academic consultant for the FDIC. He also held a visiting position in the research department of the International Monetary Fund. He is editor of Financial Markets, Instruments and Institutions. His research has been published in all the major money and banking and finance journals and in several books. In addition, he has authored or coauthored several professional books, including Credit Risk Measurement: New Approaches to Value at Risk and Other Paradigms, third edition, John Wiley and Sons, New York, 2010. In 2008, he was ranked as the most published author in the last SO years in the top seven journals in finance. Marcia Millon is the Cornett Robert A. and Julia E. Dorn Professor of Finance at Bentley University. She received her BS degree in economics from Knox College in Galesburg, Illinois, and her MBA and PhD degrees in finance from Indiana University in Bloomington, Indiana. Dr. Cornett has written and published several articles in the areas of bank performance, bank regulation, corporate finance, and investments.  Articles authored by Dr. Cornett have appeared in such academic journals as the Journal of Finance; Journal of Money, Credit, and Banking; Journal of Financial Economics; Financial Management; and Journal of Banking and Finance. She was recently ranked the 124th most published out of more than 17,600 authors and the number five female author in finance literature over the last 50 years. Along with Anthony Saunders and Otgontsetseg Erhemjamts, Dr. Cornett has recently completed work on the eighth edition of Financial Markets and Institutions (McGraw Hill Education). Along with Troy Adair and John Nofsinger, Dr. Cornett has recently completed work on the sixth edition of Finance: Applications and Theory (McGraw Hill Education). Dr. Cornett serves as an Associate Editor for the the Journal of Banking and Finance, Journal of Financial Services Research, Review of Financial Economics, Financial Review, and Multinational Finance Journal.  Dr. Cornett has served as a member of the board of directors, the executive committee, and the finance committee of the SIU Credit Union. Dr. Cornett has also taught at Southern Illinois University at Carbondale, the University of Colorado, Boston College, and Southern Methodist University. She is a member of the Financial Management Association, the American Finance Association, and the Western Finance Association. Otgo Erhemjamts is the Dean of the School of Managment and Professor of Finance at University of San Francisco. She received her BS and MS degrees in Information Technology from Mongolian University of Science and Technology, her MS degree in Economics Tom University of Idaho, and her PhD degree in Finance from Georgia State University. Dr. Erhemjamts has written and published articles in the areas of risk management, bank performance, life insurer demutualizations, product market competition, industry structure, and corporate social responsibility.  Her research has appeared in academic journals such as Journal of Money, Credit, and Banking; Journal of Banking and Finance; Journal of Risk and Insurance; and Journal of Business Ethics. Dr. Erhemjamts serves as an Associate Editor for the Global Finance Journal. She has taught undergraduate- and graduate-level courses in financial institutions, risk management and insurance, financial markets, investments, equity valuation, and sustainable investing it Georgia State University and Bentley University. Dr. Erhemjamts is a member of the Financial Management Association, the American Finance Association, and the Eastern Finance Association.

Part 1: INTRODUCTION AND OVERVIEW OF FINANCIAL MARKETS



Chapter 1: Introduction



Chapter 2: Determinants of Interest Rates





Chapter 3: Interest Rates and Security Valuation





Chapter 4: The Federal Reserve System, Monetary Policy, and InterestRates





Part 2: SECURITIES MARKETS



Chapter 5: Money Markets





Chapter 6: Bond Markets





Chapter 7: Mortgage Markets





Chapter 8: Stock Markets





Chapter 9: Foreign Exchange Markets





Chapter 10: Derivative Securities Markets





Part 3: COMMERCIAL BANKS



Chapter 11: Commercial Banks





Chapter 12: Commercial Banks’ Financial Statements and Analysis





Chapter 13: Regulation of Commercial Banks





Part 4: OTHER FINANCIAL INSTITUTIONS



Chapter 14: Other Lending Institutions





Chapter 15: Insurance Companies





Chapter 16: Securities Firms and Investment Banks





Chapter 17: Investment Companies





Chapter 18: Pension Funds





Chapter 19: Fintech Companies





Part 5: RISK MANAGEMENT IN FINANCIAL INSTITUTIONS



Chapter 20: Types of Risks Incurred by Financial Institutions





Chapter 21: Managing Credit Risk on the Balance Sheet





Chapter 22: Managing Liquidity Risk on the Balance Sheet





Chapter 23: Managing Interest Rate Risk and Insolvency Risk on theBalance Sheet





Chapter 24: Managing Risk off the Balance Sheet with DerivativeSecurities





Chapter 25: Managing Risk off the Balance Sheet with Loan Sales andSecuritization