THE ESSENTIAL OF FINANCIAL MARKETS SOPOĆKO A. Księgarnia

THE ESSENTIAL OF FINANCIAL MARKETS

The most recent global financial crisis revealed, among other things, stunning naivety of investors who seemed to expect from the financial market little less than wizardry. Vast numbers of otherwise (and elsewhere) sensible people came to regard the financial market an area delivered from the laws of economy and sheer logic. What was expected therefrom was unlimited capacities to multiply revenue which was totally unrelated to the process of generation or creation of national income.
A substantial part of the blame should be attributed to ignorance on the part of society. While investing in this market is very common, it is usually treated as a sort of black box - in very much the same way as most people do not really know how airplanes can fly but they board them anyway. They trust in experts, in sophisticated techniques of safeguards, in efficiency of institutions and control measures, etc. It is hard for them to believe that the capital market, also developed by people after all, cannot be entirely controlled by them.
This mainly includes shares and bonds, although the reader will also find some information about less popular assets in this market, such as global depository receipts, etc. Nevertheless, as it turns out and as repeatedly pointed out by experts, capital market belongs to areas in our life we might at best influence, but never really control. And even among such hardly controllable fields of reality it still makes an exception. It is the arena of paradoxical phenomena, not experienced elsewhere. It is here, after all, that demand increases when prices of securities grow up. While there are hundreds of companies in stock exchanges, almost all the trade volume comes from just over a dozen. A seemingly harmless gossip, an information which is not exactly clear or even a mistake made by a single broker manage to change price trends completely and for many days, ending up as a source of many a misplaced investment.

Preface
1. What is financial market
1.1. Characteristics of financial market
1.2. Areas of financial market
1.3. Cash market instruments
1.3.1. Share instruments
1.3.2. Debt instruments
Recommended literature
2. The market of debt instruments
2.1. Macroeconomic impact of the interest rate
2.2. Price of debt instrument. Coupon. Profitability
2.3. Characteristics of debt instruments
2.4. Profitability of debt instruments
2.5. Price and Profitabilit
Recommended literature
3. The system of capital turnover
3.1. Investor - definition
3.2. Institutional investors
3.3. Non-professional investors
3.4. Formation of stock exchange
3.5. Organization and progress of a stock exchange session
3.6. Clearing house. Deposits
3.7. Prohibited transactions
Recommended literature
4. Strategies
4.1. The capital market hypotheses
4.2. Fundamentalists
4.3. Adherents of econometric models of effective market
4.3.1. Single Index Model
4.3.2. The arbitrage pricing model
4.4. Technicians
4.4.1. Dow‘s and Elliott‘s theories

138 stron, miękka oprawa

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