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.

Texte du rabat

In response to evolving economic and competitive landscapes, this book underscores the increasing importance of focusing on both profit and risk. It provides a distinctive analysis of the risks encountered by investors and savers engaging with financial institutions and markets while offering strategies for effective risk management. Notably, the book explores emerging areas in finance, including asset securitization, off-balance-sheet activities, and the globalization of financial services. Emphasizing a risk measurement and management framework, it addresses the integration of domestic and foreign financial markets and the shift of financial intermediaries towards a unified financial services industry.

The content, accessible to students at all levels, combines mathematical rigor with practical tools. It equips students with essential skills for comprehending and navigating the dynamic financial market environment, covering topics such as issuing and trading financial securities, and analyzing financial statements and loan applications. The book strikes a balance between descriptive concepts and analytical techniques, providing a comprehensive understanding of the unique operational context of modern financial markets and institutions.

Contenu

PART 1: INTRODUCTION AND OVERVIEW OF FINANCIAL MARKETS
1 Introduction
2 Determinants of Interest Rates
3 Interest Rates and Security Valuation
4 The Federal Reserve System, Monetary Policy, and Interest Rates

PART 2: SECURITIES MARKETS
5 Money Markets
6 Bond Markets
7 Mortgage Markets
8 Stock Markets
9 Foreign Exchange Markets
10 Derivative Securities Markets

PART 3: COMMERCIAL BANKS
11 Commercial Banks
12 Commercial Banks' Financial Statements and Analysis
13 Regulation of Commercial Banks

PART 4: OTHER FINANCIAL INSTITUTIONS
14 Other Lending Institutions
15 Insurance Companies
16 Securities Firms and Investment Banks
17 Investment Companies
18 Pension Funds
19 Fintech Companies

PART 5: RISK MANAGEMENT IN FINANCIAL INSTITUTIONS
20 Types of Risks Incurred by Financial Institutions
21 Managing Credit Risk on the Balance Sheet
22 Managing Liquidity Risk on the Balance Sheet
23 Managing Interest Rate Risk and Insolvency Risk on the Balance Sheet
24 Managing Risk off the Balance Sheet with Derivative Securities
25 Managing Risk off the Balance Sheet with Loan Sales and Securitization