This book aims to develop a clear understanding of why financial markets exist, how financial institutions serve these markets, and what services those institutions offer. Packed with today's real examples and practical applications, this edition clarifies the management, performance, and regulatory aspects of financial institutions. It explores the functions of the Federal Reserve System and its recent changes, major debt and equity security markets, and the derivative security markets. Expanded coverage now discusses stock valuation, market microstructure strategies, and liquidity in today's financial markets. In addition, new content explains popular sources of funding, such as crowdfunding.@Cengage
