Introduction to the Economics of Financial Markets

Hardcover | February 22, 2007

byJames Bradfield

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There are many textbooks for business students that provide a systematic, introductory development of the economics of financial markets. However, there are as yet no introductory textbooks aimed at more easily daunted undergraduate liberal arts students. Introduction to the Economics ofFinancial Markets fills this gap by providing an extremely accessible introductory exposition of how economists analyze both how, and how well, financial markets organize the intertemporal allocation of scarce resources. The central theme is that the function of a system of financial markets is toenable consumers, investors, and managers of firms to effect mutually beneficial intertemporal exchanges. James Bradfield uses the standard concept of economic efficiency (Pareto Optimality) to assess the efficacy of the financial markets. He presents an intuitive, and introductory, understandingof the primary theoretical and empirical models that economists use to analyze financial markets, and then uses these models to discuss implications for public policy. Students who use this text will acquire an understanding of the economics of financial markets that will enable them to read, withsome sophistication, articles in the public press about financial markets and about public policy toward those markets. The book is addressed to undergraduate students in the liberal arts, but will also be useful for undergraduate and beginning graduate students in programs of businessadministration who want an understanding of how economists assess financial markets against the criteria of allocative and informational efficiency.

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From the Publisher

There are many textbooks for business students that provide a systematic, introductory development of the economics of financial markets. However, there are as yet no introductory textbooks aimed at more easily daunted undergraduate liberal arts students. Introduction to the Economics ofFinancial Markets fills this gap by providing an...

James Bradfield is Leavenworth Professor of Economics at Hamilton College.

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Format:HardcoverDimensions:512 pages, 7.09 × 10.12 × 1.18 inPublished:February 22, 2007Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0195310632

ISBN - 13:9780195310634

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Table of Contents

Part I: Introduction1. The Economics of Financial Markets2. Financial Markets and Economic EfficiencyPart II: Intertemporal Allocation by Consumers and Firms When Future Payments are Certain3. The Fundamental Economics of Intertemporal Allocation4. The Fisher Diagram for Optimal Intertemporal Allocation5. Maximizing lifetime utility in a firm with many shareholders6. A Transition to Models in which Future Outcomes Are UncertainPart III: Rates of Return as Random Variables7. Probabilistic ModelsPart IV: Portfolio Theory and Capital Asset Pricing Theory8. Portfolio Theory9. The Capital Asset Pricing Model10. Multifactor Models for Pricing SecuritiesPart V: The Informational Efficiency and the Allocative Efficiency of Financial Markets: The Concepts11. The Efficient Market Hypothesis12. Event StudiesPart VI:The Informational and Allocative Efficiency of Financial Markets: Applications13. Capital Structure14. Options15. Futures Contracts16. Insider Trading17. Summary and Conclusions

Editorial Reviews

"Professor Bradfield has written a wonderful book on the Economics of Financial Markets. It's one of the few texts focusing on the economics of securities markets and their operation. Professor Bradfield starts with the basics, but moves on to present extremely complex financial concepts ina transparent and intuitive manner. This book is a "must read" for anyone seeking to understand how economists view the efficiency (informational and otherwise) of financial markets and securities." --Daniel Jubinski, Assistant Professor of Economics, Colgate University, Department ofEconomics