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Mishkin Eakins - Financial Markets and Institutions, 7e (2012)

See also banks

best efforts agreements, 549

conflicts of interest and, 159

defined, 30, 544

documents filed by, 546–47

equity sales, 550–51

financial crisis of 2007–2009 and, 481

functions of, 543, 544, 564

history of, 544–45

income, 544

mergers and acquisitions, 545, 551–52

private placements, 549–50

securities advice given by, 545–46

Securities and Exchange Commission

and, 546

underwriting stocks and bonds,

547–49

Investment companies, 259t, 260



Investment Company Act of 1940, 441t,

490, 503


Investment Company Institute, 497, 498

“Investment Dartboard,” Wall Street



Journal, 120–21, 127

Investment funds, 501–2, 503

Investment-grade bonds, 291

Investment-grade securities, 92

Investment intermediaries, 27t, 28t,

29–30


Investment pools, 557

Investment profitability, 76

Investment rate, for Treasury bills,

261–62


Investors

efficient market hypothesis, 126

information for, 30–31

Ireland, 176, 177

Irrational exuberance, 243–44

Island, 306

Israel, 237

Italian lira, 387



J

Jackson, Andrew, 192, 455

January effect, 125

Janus Capital Management LLC, 507

Japan

banking structure in, 482



Bank of Japan, 207

exchange rates, 348–49

financial futures markets, 597

inflation targeting in, 240

interest rates in, 81–82

market timing, 508

negative interest rates on Treasury

bills, 47, 81

sources of external funds for

businesses, 136

Japanese Securities Act, 482

Jay Cooke and Company, 167

J.P. Morgan, 159, 176, 229, 259, 293, 294,

456, 480, 481, 544, 545, 552

J.P. Morgan Chase, 478

Jumbo mortgages, 338

Junk bonds, 92, 291, 293, 463–64, 552

K

Kane, Edward, 465

Kansas City Board of Trade, 597

Keogh plans, 540

Keynes, John Maynard, 84n

King, Mervyn, 236

KKR (Kohlberg, Kravis, 

Roberts & Co.), 558

Knickerbocker Trust Company, 167

L

Large, complex banking organizations

(LCBOs), 476

Large-denomination time deposits, 401

Later-stage investing, 562

Late trading, 508

Law of large numbers, 519–20

Law of one price, 348–49

Lawyers, financial system and, 153

Leeson, Nick, 416

Legal system, 153

Index


I-13


Lehman Brothers, 159, 167, 177, 230,

294, 427, 448, 467, 481, 499, 

545, 552

Lemons problem, 140–45, 162, 528n

Lender of last resort

Federal Reserve as, 227–30, 392, 394

financial crisis of 2007–2009 and,

229–30, 392, 428

International Monetary Fund as,

392–94


moral hazard and, 228, 393

Lender-savers, 16

Lending Tree, 335

Letters of interest, 551

Leveraged buyouts, 444

Leverage ratio, 430

Levine, Dennis, 122

Levitt, Arthur, 509

Liabilities

of banks, 399, 401–2

decline in cost advantages of

acquiring, 470–71

defined, 16

duration gap analysis, 576–84

of Federal Reserve, 214, 215–16

of life insurance companies, 521–22

rate-sensitive, 573–74

Liability insurance, 524–25

Liability management, 405, 409–10

“Liar loans,” 438

Liens, 327–28

Life expectancy, 519, 519t, 536, 537

Life insurance, 518–22, 540

adverse selection and, 516

annuities, 521

beneficiaries of, 519

decreasing term life, 520t

life expectancy and, 519

purpose of, 518, 519

term life, 520, 521

types of, 519

universal life, 521

whole life, 520, 521

Life insurance companies, 27t, 28t

assets and liabilities of, 521–22, 

522f, 523f

defined, 29

mortgages held by, 334f

number of, in U.S., 518f

screening by, 527

Limit orders, 553–54, 556, 564

Lipper Convertibles, 505

Liquid, 19

Liquidity

asset demand and, 64, 67–68

bond demand curve and, 73t, 75

defined, 64

discount window and, 226–27

financial futures market and, 599

of financial instruments, 19

of government securities, 402

interest on reserves and, 220

interest-rate forward contracts

and, 592


interest rates and, 93–94, 112

intermediation, of mutual funds, 490

intervention, 274

management, 405, 406–8

of money market securities, 274

risk premium and, 94

of Treasury bills, 274

Liquidity preference framework, 84n

Liquidity premium (term premium),

103–6


Liquidity premium theory

calculations, 105

defined, 103

term structure of interest rates and,

97–98, 103–6, 113

value of, 107–8

Liquidity services, 24, 139

Liquid market, 263

Lithuania, 385

Living wills, for financial institutions, 449

Load funds, 501–2

Loanable funds, 72f

Loan commitments, 414, 571

Loan losses, 417, 419

Loan proceeds, for mortgages, 328

Loans


as bank assets, 402

bank management of, 407–9

fixed-payment, 39

real interest rate and, 49

sales of, by banks, 414

screening for, 569–70

servicing, 334

simple, 37, 39

specialization in lending, 570

Loan terms, for residential mortgages,

325, 327–29

Loan-to-value ratio (LTV), 173, 328

Lombard facility, 226n

Lombard rate, 226n

London, 484, 485

London interbank bid rate (LIBID),

271–72

London Interbank Market, 271–72



London interbank offer rate (LIBOR),

271–72


London International Financial Futures

Exchange, 597

London Stock Exchange, 304

Longer-term refinancing operations, 231

Long position, 590–91, 593, 595, 596, 601

Long-term bonds

default risk and, 90–92

expectations theory and, 97–102, 102n

interest rates, 89–90

liquidity premium theory and, 97–98,

103–6

market segmentation theory and,



97–98, 102–3

reinvestment risk and, 468

risk premium, 90, 91

Long Term Capital Management, 503–6

Long-term debt instruments, 2n, 18,

53–54


Long-term securities, 280–81

Long-term Treasury rates, 326f

Loophole mining, 465, 476

Loss aversion, 131

LTV, 539

M

Maastricht Treaty, 204, 205, 235–36

Macaulay, Frederick, 56–57, 576

Macroeconomic Advisors, 84

Macro hedge, 596–97

Macroprudential regulation, 245

Mahathir Mohamad, 391

Main refinancing operations, 231

Malaysia, 389, 391

Managed care, 523

Managed float regimes (dirty float), 380,

381, 390–91

Managerial expertise, mutual funds 

and, 491


Managers, of financial institutions,

366–67


Mandate-consistent inflation, 242

Marché à Terme International de 

France, 597

Marginal lending facility, 231

Marginal lending rate, 231

Margin credit, 554

Margin requirements, 599

Marine insurance, 518

Marked to market, 599–600

Market. See stock markets

Market-clearing price, 71

Market efficiency. See efficient market

hypothesis

Market equilibrium

in bond market, 70–71

in reserves market, 219

Market fundamentals, 120

Market makers, 555

Market orders, 553, 554, 564

Market rates, 296t, 325

Market segmentation theory, 97–98,

102–3, 113

“Markets Lineup,” Wall Street 


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