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Un manuel complet et accessible sur la finance de marchés d'aujourdhui : marchés de capitaux, investisseurs, gestion de portefeuille, gestion des risques, FinTech, finance responsable Comment fonctionnent les marchés financiers? Comment évaluer la performance d'un actif ou d'un portefeuille de titres? Que nous apportent les innovations de la FinTech? Que sait-on de la finance responsable? Comment gérer les risques financiers? Fruit de nombreuses années d'expérience professionnelle et d'enseignement, ce livre propose une vision actuelle et concrète de la finance de marchés. Complet, accessible et axé sur les compétences, il présente : • les acteurs des marchés financiers : investisseurs, entreprises cotées, private equity, banques, assureurs ; • les instruments financiers : capitaux propres, emprunts, devises, produits dérivés, options, contrats à terme et de swap ; • l'évaluation de la performance : obligations à taux fixe, rendement, volatilité, risques. Tous les exemples, les QCM et les exercices sont tirés de l'actualité des marchés. Les prérequis mathématiques ont été réduits au minimum. La même précaution a prévalu pour les annexes sur Visual Basic et Python. Les données Excel des exercices et les corrigés sont disponibles sur le site des éditions Vuibert. Les auteurs : Pierre BERMOND : Directeur Associé, EOS ALLOCATIONS Philippe BERTRAND : Professeur d'Université, Université Aix Marseille Pierre GRUSON : Professeur de Finance, Kedge Business School Bordeaux, Responsable MSc Banking & Finance Thomas LAGOARDE-SEGOT : Professeur de Finance, Kedge Business School Bordeaux Vincent MAYMO : Maître de conférences à l'IAE Bordeaux Directeur Adjoint du collège DSPEG Clément NOUAIL : Economiste Autorité des Marchés Financiers Jean-Etienne PALARD : Maître de Conférences en Finance à l'IAE Bordeaux - Senior Partner à Kickston Partner Thierry QUATRE : Responsable campus Sup De Vinci-Bordeaux Luis REYEZ-ORTIZ : Professeur de Finance, Kedge Business School Paris Responsable MSc Sustainable Finance Laurent SERRA : Laurent Serra Directeur associé – Bayard Finance Chantal TRANIER : Consultante Formatrice en Stratégie Bancaire

This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and financial markets. Many of the results have been published in leading academic journals over the last ten years but some are presented here for the first time. The book is based on an international survey on risk and time preferences — the INTRA study, conducted in 53 countries worldwide. Applications to financial markets include the equity premium puzzle, the value premium, dividend payout policies and asset allocations.

貨幣是什麼？它與財富、所得有何不同？貨幣是如何演進的？它具有什麼功能？人們為什麼要擁有貨幣？什麼是電子現金？什麼是貨幣供給？如何測度？什麼是M1A、M1B、M2？什麼是通貨、準備金、準備貨幣、準貨幣？什麼是貨幣基數、貨幣乘數？什麼是期貨、選擇權？為什麼會有銀行？它有何功能，如何創造信用？什麼是網路銀行？中央銀行主要功能為何？它如何執行貨幣政策？什麼是公開市場操作、存款準備金政策與重貼現率政策？什麼是通貨膨脹？它與貨幣有何關係？什麼是利率？它是如何決定的？什麼是外匯、匯率與外匯存底？匯率制度有哪些？匯率如何決定？為何會升值或貶值？各種匯率制度下，貨幣政策效果有何不同等等？我們每天都在用錢，時常與銀行接觸，利率、匯率、物價膨脹率、經濟成長率與失業率等，都與我們的生活息息相關，而這些都是貨幣銀行學所關心的問題。

The contribution of this dissertation is to investigate financial stability issues from three different perspectives, illustrating that financial instability shows different characteristics over time, among financial institutions, and across financial activities. Chapter 1 reviews the normative and positive monetary policy literature on Taylor rules which have been augmented with exchange rates, asset prices, credit or leverage, and spreads. In addition, the chapter compares the development of these indicators for the core and the periphery of the Eurozone from 1999 (with the introduction of the euro) until 2013. Chapter 2 goes on to investigate the funding advantage that is provided to German Landesbanken by the joint liability scheme of the German Savings Banks Finance Group. Chapter 3 investigates peer-to-peer (P2P) lending and shows that the changing role of soft information, online platform default risk, liquidity risk and underdeveloped online secondary markets, and the institutionalization of P2P markets implies larger risks than traditional banking. Moreover, P2P lending can be considered part of the shadow banking sector.

Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht somit die Frage, wie sich geldpolitische Maßnahmen der Notenbanken auf gesamtwirtschaftliche Größen übertragen. G. Winckler und S. Kaufmann untersuchen in ihrem Beitrag den Transmissionsprozeß in kleinen, offenen Volkswirtschaften am Beispiel Österreichs und der Schweiz. Gemäß den geschätzten Resultaten reagierten die Industrieproduktion und das Preisniveau in Österreich erwartungsgemäß verzögert auf Veränderungen der deutschen geldpolitischen Variablen, während sie in der Schweiz von der an der inländischen Geldmenge orientierten Geldpolitik der Schweizerischen Nationalbank beeinflußt werden. Der Aufsatz von P. Bofinger, J. Reischle und A. Schächter analysiert den Geldangebotsprozeß und befaßt sich dabei mit dem sogenannten Kreditansatz. Während die Zentralbank in bisherigen Modellen das Bankensystem vor allem über die Reservepolitik beeinflussen kann, betont der im Artikel vorgestellte preistheoretische Ansatz die Kontrolle der Zentralbank über einen kurzfristigen Zinssatz, wie es auch der gängigen Praxis der Notenbanken entspricht. Davon ausgehend, daß für die geldpolitische Strategie der Europäischen Zentralbank entweder eine Geldmengensteuerung oder eine direkte Inflationssteuerung in Frage kommen, werden im Beitrag von V. Clausen die Eigenschaften diskutiert, die eine Geldnachfrage in einem Regime der Geldmengensteuerung aufweisen sollte. Im empirischen Teil der Arbeit werden die Geldnachfragen sowohl für die einzelnen Mitgliedsländer als auch für die gesamte Europäische Währungsunion geschätzt und auf ihre Stabilitätseigenschaften überprüft. Die Frage, ob die Phillipskurve linear oder konvex ist, steht im Zentrum der Studie von B. Lüscher. Die für die Schweiz präsentierte Evidenz stützt die These einer nichtlinearen Phillipskurve, was der Geldpolitik die Möglichkeit eröffnet, realwirtschaftliche Einflüsse auszuüben. Eine vorausschauende und glaubwürdige Politik, welche die Varianz des Outputs um seinen Trend reduziert, erhöht somit das Durchschnittsniveau des Outputs. D. Domanski und M. Kremer schließlich gehen in ihrem Beitrag auf die Rolle der Aktienpreise für die Geldpolitik ein. Dabei wird der Preisbildungsprozeß am deutschen Aktienmarkt anhand eines Dividend Discount Modells analysiert. Die empirischen Resultate weisen darauf hin, daß die Geldpolitik in Deutschland den Marktteilnehmern eine gute Orientierung ermöglicht und die Erwartungsbildung erleichtert hat.

There are several different ways of subdividing financial markets.However, the most established classification system distinguishes betweenmoney markets and capital markets. Banks and other market participants usemoney market instruments to borrow and lend cash for short terms, fromovernight up to one year. Therefore, the focus in this market is on short-termdebt instruments, which are usually used for liquidity equalization purposes.Market participants can be active in domestic and in international cross-bordermarkets. Money markets are characterized by high trading volumes, low creditrisk and a high degree of standardization and transparency (Csoport 2001: 20;Fabozzi, Mann and Choudhry 2002: 1-3; Howells and Bain 2009: 304-305;Schinke 2004: 34).

Mais comment se fait-il que malgré tous les logiciels, les statistiques et les prix Nobel à leur disposition, les opérateurs de marchés soient aussi dépassés par les soubresauts de l'économie réelle? Même si les similitudes entre crises existent et même si leurs mécanismes déclencheurs se ressemblent parfois, la détection et la compréhension des récessions est l'angle mort des analystes. Quelles sont donc les erreurs de raisonnement qui, crise après crise, empêchent de les comprendre? Dans ce chapitre extrait de son livre Marchés financiers, la logique du hasard (Eyrolles, 2010), Evariste Lefeuvre montre que, en matière de marchés financiers, le passé n'est pas une source d'enseignement... Pas plus d'ailleurs que les gourous et autres prophètes certifiés ès crises ne sont capables d'éclairer grand-chose ou que les batteries de statistiques économiques utilisées pour construire des prédictions ne sont utiles quand les marchés se dérèglent.

A powerful, profitable, and elegantly simple system for traders Markets can be extraordinarily complex, and unfortunately most trading systems are too. The Big Trade presents a new system that helps filter out the noise. It leaves behind only meaningful signals you need to listen to in order to make profitable trades. Employing simple math and charts, it codifies the past behavior of traders in your favourite stock to assist you to recognize high probability trading patterns. Peter Pham's system breaks with traditional analytical tools and rejects the theory of predictability. Instead, it lets traders understand both how markets are structured and how they behave. The result is a simple action plan that is as effective and applicable for day traders as it is for generational investors. Blending his personal story and analytical techniques, The Big Trade guides traders of all experience level to find the probability that a stock price will rise or fall in a particular time period. The Big Trade: Gives traders a powerful, yet simple trading methodology Was written by a trader with twelve years of both buy and sell side experience in global equities trading Is appropriate for most styles of trading, including institutional investing and day trading For traders who want a universal approach that works for any market at any time, The Big Trade offers a new and effective methodology for successful trading without gimmicks or magic formulas.

In recent years, the globalization of financial asset markets has become increasingly important and has led to closer linkages among these markets. New global investment instruments such as sovereign credit default swaps, exchange traded funds, and bond markets have been created, enabling investors to fine tune their investment portfolios to their likings. Financial investments have been further expanded to include real asset investments such as real estate investments. It is important for global investors to make proper decisions in assessing these investments in their asset allocations and for policymakers who can provide sound policy guidance to cope with the globalization of the financial markets. This volume contributes to a fresh perspective on the economic and finance research on international financial markets and also the commodity markets. It enables scholars, policymakers, and practitioners to better understand the changes and dynamics of commodity and financial asset trading following the recent global financial crisis. This volume contains a comprehensive analysis of international financial markets through a series of essays from leading researchers in the field.

Repo, from sale and repurchase agreement, is one for the oldest and widely used instruments in global capital markets. It is a vital ingredient in the smooth and efficient running of the financial markets, and is used by all market participants including central banks, commercial banks, fund managers and corporates. This book is a comprehensive, detailed and authoritative description of the repo instrument. Written by a former repo trader, it covers applications and analysis of the various different instruments used in the repo markets. It also places the repo markets in the overall context of the money markets and banking asset-liability management.

Australia's #1 business publisher is proud to publish The Wiley Trading Guide including writing from some of the best trading authors and professionals operating in Australia and the US. With new material from some of Wiley's best-selling trading authors including Louise Bedford, Daryl Guppy, Chris Tate, Stuart McPhee and more, this guide is the must-have book for traders looking to capitalise on the market recovery in 2010. Hot topics covered include Forex, futures, charting, CFDs, computerised trading, trading plans and trading psychology.

With EU legislation, the increasing reach of the US economy, greater flexibility of financial instruments, and M&A activity across borders, financial markets are becoming ever more international. Overshadowing them all is the spectre of the credit crunch - a global tsunami that stemmed originally from the subprime mortgage crisis in the US but quickly became a global issue, hitting both international money markets and high street lending.How the Global Financial Markets Really Work brings clarity and sense to an often complex international environment, showing how circumstances in one country can have a dramatic effect on the financial environment in many others. The book examines financial markets as they are today - global and, for better or worse, interlinked and inter-dependent. It covers the markets of the US and Europe, as well as other key financial centres around the world, such as Hong Kong and Sydney, but will also offer insight to the unique issues facing emerging markets, including Eastern Europe, China, India and the United Arab Emirates.

The financial instability and its spillover to the real sector have become a great challenge to macro-economic theory. The book takes a Keynesian theoretical perspective, representing an attempt to revive what Keynes stressed in his General Theory, namely the role of the financial market in macroeconomic outcomes. Although this book is inspired and motivated by the Asian currency and financial crises in the years 1997-8 and the experiences of the currently evolving U.S. financial disruptions, it also focuses on reviving a modeling tradition that provides a theoretical framework that throws light on recent financial market episodes and disturbances and their macroeconomic effects. It brings to the forefront, as Keynes has suggested, the role of financial market stability for growth and macroeconomics. It criticizes theories that see economic disruptions and shocks rooted solely in the real side of the economy. It stresses the financial real interaction as the major source for macroeconomic instability and disruptions.This important new book from a group of Keynesian, but nonetheless technically oriented economists would be of most interest to specialists and graduate students in macroeconomics and financial economics, especially those with an interest in US and European financial markets, emerging market analysis, and dynamic economic modeling.

Extensively revised and updated following the credit crunch that began in 2007 and the financial crisis that erupted in 2008, the 5th edition of this highly regarded book, brings the reader right up to speed with the latest developments in financial instruments and provides a clear and incisive guide to this complex world that even those who work in it often find hard to understand. With chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, it looks at why these markets exist, how they work and who trades in them, and it gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms in financial markets they didn't properly understand. Read this book and you and your company won't be new additions to this list. A fabulous source of reference for anyone wishing to understand financial markets - there is no better guide.

This book provides a comprehensive review of the prospects for financial markets in the face of rapid technological development and international integration. It offers a revolutionary perspective, exploring the challenges for regulators and demonstrating a network economics approach to explain the failure of e-money to develop.

November 11th 2003 saw a landmark event take place in London. As the first conference designed for quants by quants the Quantitative Finance Review 2003, moved away from the anonymous bazaars that have become the norm, and instead delivered valuable information to market practitioners with the greatest interest. The roster of speakers was phenomenal, ranging from founding fathers to bright young things, discussing the latest developments, with a specific emphasis on the burgeoning field of credit derivatives. You really had to be there. Until now, at least. The Best of Wilmott 1: Including the latest research from Quantitative Finance Review 2003 contains these first-class articles, originally presented at the QFR 2003, along with a collection of selected technical papers from Wilmott magazine. In publishing this book we hope to share some of the great insights that, until now, only delegates at QFR 2003 were privy to, and give you some idea why Wilmott magazine is the most talked about periodical in the market. Including articles from luminaries such as Ed Thorp, Jean-Philippe Bouchaud, Philipp Schoenbucher, Pat Hagan, Ephraim Clark, Marc Potters, Peter Jaeckel and Paul Wilmott, this collection is a must for anyone working in the field of quantitative finance. The articles cover a wide range of topics: • Psychology in Financial Markets • Measuring Country Risk as Implied Volatility • The Equity-to-Credit Problem • Introducing Variety in Risk Management • The Art and Science of Curve Building • Next Generation Models for Convertible Bonds with Credit Risk • Stochastic Volatility and Mean-variance Analysis • Cliquet Options and Volatility Models And as they say at the end of (most) Bond movies The Best of Wilmott... will return on an annual basis.

El sistema financiero está integrado por un conjunto amplio de mercados e instituciones cuya función esencial es alcanzar la mayor eficiencia en el procesode canalización del ahorro hacia la inversión. En los primeros capítulos se plantean y resuelven problemas y cuestiones relativas a los mercados monetarios,los mercados de capitales y los mercados de derivados. En la segunda parte del libro se estudia el sistema bancario y el resto de instituciones que conforman la arquitectura actual del sistema financiero.INDICE: Presentación. 1.Mercados monetarios. 2.Mercados capitales (I): ampliaciones de capital. 3.Mercados capitales (II): emisiones de renta fija. 4.Mercados capitales (III): fusiones y adquisiciones. 5.Mercados de activos derivados. 6.sistema bancario. 7.Otras instituciones del Sistema Financiero. Referencias bibliográficas. Revistas recomendadas. Páginas de Internet de especial interés.

Successful trading, speculating or simply making informed decisions about financial markets means it is essential to have a firm grasp of economics. Financial market behaviour revolves around economic concepts, however the majority of economic textbooks do not tell the full story.To fully understand the behaviour of financial markets it is essential to have a model that enables new information to be absorbed and analysed with some predictive implications. That model is provided by the business cycle.'Economics for Financial Markets'takes the reader from the basics of financial market valuation to a more sophisticated understanding of the actions that traders take which ultimately drives the volatility in the financial markets. The author shows traders, investment managers, risk managers and finance professionals how to distil the flow of information and show what needs to be concentrated on, covering topics such as:• Why are financial markets subject to economic fashions?• How has the New Economy changed financial market behaviour? • Does the creation of the euro fundamentally change the behaviour of the currency markets?Shows how to distil the vast amount of information in financial markets and identify what is importantDemonstrates how the'New Economy'had changed financial market behaviourExplains how to follow the behaviour of central banks