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Introduction The Structure of U.S. Commercial Banking A Trend Toward Consolidation Branch Banking Bank Holding Companies International Banking The Convergence Trend in Banking Bank Failures Changing Technology

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The Goal of Controlling Inflation Inflation creates undesirable distortions in the allocation of scarce resources. In the 1990s, several central banks (such as New Zealand, Canada, and U.K.) began setting target inflation rates or rate ranges. The U.S. has not set an explicit inflation rate target – it pursues price stability and full employment...

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Reverse Split reduces number of shares outstanding For example, a 1-for-5 stock split replaces every 5 shares of stock with one share Reasons: Transactions costs may be less for investors Liquidity might be improved Too low a price not considered “respectable” Exchange minimum price per share requirements

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Legal reserves in the U.S. consist of the amount of deposits each institution keeps with the Federal Reserve bank in its district plus the amount of currency and coin held in its vault. Total legal reserves = Required reserves + Excess reserves

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You can find information about a company’s capital structure relative to its industry and sector using the industry center or sector analysis through Yahoo! Finance Click on the Web surfer to go to the site Choose a company and get a quote Perform sector and industry comparisons

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Eurodollars and other Eurocurrency deposits are continually on the move in the form of loans. They are employed to finance the import and export of goods, to supplement government tax revenues, to provide working capital for the foreign operations of multinational corporations, and to provide liquid reserves for the largest banks.

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A firm’s WACC reflects the risk of an average project undertaken by the firm “Average”  risk = the firm’s current operations Different divisions/projects may have different risks The division’s or project’s WACC should be adjusted to reflect the appropriate risk and capital structure

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CD interest rates are computed as a yield to maturity (ytm) on a 360-day basis. Interest = term in days  deposit  promised income 360 principal ytm In secondary market trading, the bank discount rate (DR) is used as a measure of CD yields. DR = Par value – Purchase price  360 . Par value days to maturity

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The foundation of the market’s structure is the level of yields on Treasury bills. Most other yields in the money market are scaled upward from Treasury bill rates. The key price and yield determinants are safety, liquidity, marketability, and taxability.

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The Influence of the Business Cycle in Shaping Interest Rates and Asset Prices Relative Movements in Short- and Long-Term Interest Rates and Security Prices over the Business Cycle Seasonality in Market Interest Rates

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