Anthony Saunders - Financial Markets and Institutions

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seventh edition

Financial MarketsandInstitutions

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seventh edition

Financial Markets
andInstitutions

Anthony Saunders

Stern School of Business

New York University

Marcia Millon Cornett

Bentley University

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FINANCIAL MARKETS AND INSTITUTIONS

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ISBN 978-1-260-09195-3
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To Ingo Walter: a mentor, coauthor, and friend.

TONY SAUNDERS

To my parents, Tom and Sue.

MARCIA MILLON CORNETT

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ABOUT THE AUTHORS

Anthony Saunders

Anthony Saunders is the John M. Schiff Professor of Finance and former chair of the Department of Finance at the Stern School of Business at New York University. Professor Saunders received his PhD from the London School of Economics and has taught both undergraduate- and graduate-level courses at NYU since 1978. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne.

Professor Saunders holds or has held positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Dr. Saunders has acted as a visiting scholar at the Comptroller of the Currency and at the International Monetary Fund. He is editor of the Journal of Financial Markets, Instruments and Institutions, as well as the associate editor of a number of other journals. His research has been published in all of the major finance and banking journals and in several books. He has just published a new edition of his textbook, with Dr. Marcia Millon Cornett, Financial Institutions Management: A Risk Management Approach, for McGraw-Hill/Irwin (ninth edition) as well as a third edition of his book on credit risk measurement for John Wiley & Sons. Professor Saunders was ranked the most prolific author out of more than 5,800 who have published in the seven leading finance academic journals from 1959 to 2008 (Most Prolific Authors in the Financial Literature, 19592008, Jean Heck and Philip Cooley).