The Structure and Regulation of Financial Markets

Paperback | October 15, 2000

byPeter D. Spencer

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Aimed at advanced undergraduate and graduate students in economics, banking, and finance, this is a core textbook for the financial markets, institutions, and regulation option of courses in financial economics. It integrates modern theories of asymmetric information into the analysis offinancial institutions, relating the theory to current developments. The text begins with an analysis of adverse selection in retail financial products like life assurance before looking at open capital markets where trades and prices provide information. It then progresses to the more complex areas of corporate governance and financial intermediation in whichinformation is confidential and moral hazard and verification problems become important. These chapters study the various mechanisms that the financial markets have developed to allow investors to delegate the management of their assets to others. This analysis is used to show how regulation canreduce the risk of financial failure and how legal, accounting, and regulatory mechanisms can help shape a country's corporate and financial architecture. These difficult theoretical concepts are conveyed through the careful use of numerical illustrations and topical case studies. Each chapter ends with a set of exercises to test and reinforce students' comprehension of the material. Worked solutions are provided for the numerical exercises.

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Aimed at advanced undergraduate and graduate students in economics, banking, and finance, this is a core textbook for the financial markets, institutions, and regulation option of courses in financial economics. It integrates modern theories of asymmetric information into the analysis offinancial institutions, relating the theory to cu...

Peter D. Spencer is Professor of Financial Economics at Birkbeck College, London and Economic Adviser to the Ernst and Young ITEM Forecasting Club. He started his career at HM Treasury and spent ten years working in the City of London, most recently as Chief Economist of Dresdner Kleinwort Benson. He is chairman of the Shadow Monetary...

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Format:PaperbackPublished:October 15, 2000Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0198776101

ISBN - 13:9780198776109

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Table of Contents

1. Introduction: Asymmetric Information in Financial Markets2. Adverse Selection and the Market for Retail Financial Services3. The Structure and Regulation of Insurance Markets4. Capital Market Microstructure and Regulation5. Information Revelation, Transparency, and the Regulation of Insider Dealing6. Security Research and Regulation7. The Equity Market and Managerial Efficiency8. The Theory of Financial Intermediation9. Convexity, Excessive Risk, and Regulation of Banks10. Bank Runs, Deposit Insurance, and the Role of the Regulator11. Bank Regulation in Practice12. Financial Structure and Regulation