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Capital Markets, sixth edition

Institutions, Instruments, and Risk Management

Author Frank J. Fabozzi
Ebook
The MIT Press
On sale May 06, 2025 | 1016 Pages | 9780262383196
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The comprehensively updated sixth edition of a leading textbook that examines the wide range of instruments available in financial markets, with new material on central banks, capital market technology, and financing markets for small businesses.


Capital markets are an integral part of the financial system, and their evolution reflects a larger story of global financial change characterized by shifts in regulations, investor behavior, and technological advancements. Now in a comprehensively updated new edition, this widely used textbook examines the wide range of instruments for financing, investing, and controlling risk in today’s financial markets. The book begins with an introduction to financial markets, followed by a detailed examination of risk, including financial risk identification, quantification, and management. It then covers market participants, including a new chapter on central banks; fundraising markets, with a new chapter on financing markets for small businesses; risk and return theories; equity, debt, and derivatives markets; and capital market technologies, in a dedicated new section.

Sixth edition highlights:
•   Includes new chapters on central banks, capital market technologies, and financing markets for small businesses
•   Incorporates analysis of the role of technological innovation throughout
•   Offers broad coverage of all types of financial instruments, including cash and derivative instruments, as well as the risk management dilemmas confronted by major institutional investors
•   Features rich pedagogy and resources, including end-of-chapter discussion questions and integrated online appendices
PART I: INTRODUCTION
1: Financial Assets and Financial Markets
2: Overview of Risks and Risk Management

PART II: THE PLAYERS
3: Overview of Market Participants
4: Depository Institutions
5: Central Banks
6: Insurance Companies and Defined Benefit Pension Plans
7: Managers of Collective Investment Vehicles
8: Investment Banking Firms

PART III: FUND RAISING MARKETS
9: Primary and Secondary Markets
10: Securitization and Its Role in Primary Markets
11: Financing Markets for Small Businesses

PART IV: BASICS OF DERIVATIVES MARKETS
12: Introduction to Risk-Sharing Derivatives: Futures, Forwards, and Swaps
13: Introduction to Insurance-Type Derivatives: Options, Credit Default Swaps, Caps, and Floors

PART V: Risk And Return Theories
14: Return Distributions and Risk Measures
15: Portfolio Selection Theory
16: Asset Pricing Theories

PART VI: INTEREST RATE DETERMINATION AND DEBT PRICING
17: The Theory and Structure of Interest Rates
18: Valuation of Debt Contracts and Their Price Volatility Characteristics
19: The Term Structure of Interest Rates

PART VII: EQUITY MARKETS
20: The Structure of the Common Stock Market
21: Common Stock Strategies and Trading Arrangements

PART VIII: DEBT MARKETS
22: The Money Market for Private Debt Instruments
23: Treasury and Agency Securities Markets
24: Municipal Securities Markets
25: Corporate Senior Instruments Markets
26: International Bond Markets
27: The Residential Mortgage Market
28: The Market for U.S. Agency Residential Mortgage-Backed Securities
29: The Market for Credit-Sensitive Securitized Products

PART IX: DERIVATIVES MARKETS
30: The Market for Equity Derivatives
31: The Market for Interest Rate Risk Transfer Vehicles: Exchange-Traded Products
32: The Market for Interest Rate Risk Transfer Vehicles: OTC Instruments
33: The Market for Credit Risk Transfer Vehicles
34: The Market for Foreign Exchange and Risk Control Instruments

PART X: TECHNOLOGY AND CAPITAL MARKETS
35: Capital Market Technologies
Frank J. Fabozzi is Professor of Practice at Johns Hopkins Carey Business School. He has held positions at EDHEC Business School, Princeton, MIT, NYU, and Carnegie Mellon. He is the author of Capital Markets (fifth edition) and Entrepreneurial Finance and Accounting for High-Tech Companies and coauthor of Foundations of Global Financial Markets and Institutions, all published by the MIT Press.
Frank J. Fabozzi View titles by Frank J. Fabozzi

About

The comprehensively updated sixth edition of a leading textbook that examines the wide range of instruments available in financial markets, with new material on central banks, capital market technology, and financing markets for small businesses.


Capital markets are an integral part of the financial system, and their evolution reflects a larger story of global financial change characterized by shifts in regulations, investor behavior, and technological advancements. Now in a comprehensively updated new edition, this widely used textbook examines the wide range of instruments for financing, investing, and controlling risk in today’s financial markets. The book begins with an introduction to financial markets, followed by a detailed examination of risk, including financial risk identification, quantification, and management. It then covers market participants, including a new chapter on central banks; fundraising markets, with a new chapter on financing markets for small businesses; risk and return theories; equity, debt, and derivatives markets; and capital market technologies, in a dedicated new section.

Sixth edition highlights:
•   Includes new chapters on central banks, capital market technologies, and financing markets for small businesses
•   Incorporates analysis of the role of technological innovation throughout
•   Offers broad coverage of all types of financial instruments, including cash and derivative instruments, as well as the risk management dilemmas confronted by major institutional investors
•   Features rich pedagogy and resources, including end-of-chapter discussion questions and integrated online appendices

Table of Contents

PART I: INTRODUCTION
1: Financial Assets and Financial Markets
2: Overview of Risks and Risk Management

PART II: THE PLAYERS
3: Overview of Market Participants
4: Depository Institutions
5: Central Banks
6: Insurance Companies and Defined Benefit Pension Plans
7: Managers of Collective Investment Vehicles
8: Investment Banking Firms

PART III: FUND RAISING MARKETS
9: Primary and Secondary Markets
10: Securitization and Its Role in Primary Markets
11: Financing Markets for Small Businesses

PART IV: BASICS OF DERIVATIVES MARKETS
12: Introduction to Risk-Sharing Derivatives: Futures, Forwards, and Swaps
13: Introduction to Insurance-Type Derivatives: Options, Credit Default Swaps, Caps, and Floors

PART V: Risk And Return Theories
14: Return Distributions and Risk Measures
15: Portfolio Selection Theory
16: Asset Pricing Theories

PART VI: INTEREST RATE DETERMINATION AND DEBT PRICING
17: The Theory and Structure of Interest Rates
18: Valuation of Debt Contracts and Their Price Volatility Characteristics
19: The Term Structure of Interest Rates

PART VII: EQUITY MARKETS
20: The Structure of the Common Stock Market
21: Common Stock Strategies and Trading Arrangements

PART VIII: DEBT MARKETS
22: The Money Market for Private Debt Instruments
23: Treasury and Agency Securities Markets
24: Municipal Securities Markets
25: Corporate Senior Instruments Markets
26: International Bond Markets
27: The Residential Mortgage Market
28: The Market for U.S. Agency Residential Mortgage-Backed Securities
29: The Market for Credit-Sensitive Securitized Products

PART IX: DERIVATIVES MARKETS
30: The Market for Equity Derivatives
31: The Market for Interest Rate Risk Transfer Vehicles: Exchange-Traded Products
32: The Market for Interest Rate Risk Transfer Vehicles: OTC Instruments
33: The Market for Credit Risk Transfer Vehicles
34: The Market for Foreign Exchange and Risk Control Instruments

PART X: TECHNOLOGY AND CAPITAL MARKETS
35: Capital Market Technologies

Author

Frank J. Fabozzi is Professor of Practice at Johns Hopkins Carey Business School. He has held positions at EDHEC Business School, Princeton, MIT, NYU, and Carnegie Mellon. He is the author of Capital Markets (fifth edition) and Entrepreneurial Finance and Accounting for High-Tech Companies and coauthor of Foundations of Global Financial Markets and Institutions, all published by the MIT Press.
Frank J. Fabozzi View titles by Frank J. Fabozzi

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