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CHAPTER 4The Financial Environment: Markets, Institutions, and Interest Rates;What is a market?;Types of financial markets;How is capital transferred between savers and borrowers?;Types of financial intermediaries;Physical location stock exchanges vs. Electronic dealer-based markets;Physical location stock exchanges vs. Electronic dealer-based markets;The cost of money;What four factors affect the cost of money? (see p 133 Chinese);利率水準“Nominal” vs. “Real” rates;Determinants of interest rates;Premiums added to k* for different types of debt;About MRP;Term structure of interest rates;Yield curve and the term structure of interest rates;Hypothetical yield curve;Term structure of interest rates;What is the relationship between the Treasury yield curve and the yield curves for corporate issues?;Term structure of interest rates;What determines the shape of the yield curve;What determines the shape of the yield curve;What determines the shape of the yield curve;Illustrating the relationship between corporate and Treasury yield curves;Using the Yield curve to estimate future interest rates;Pure Expectations Hypothesis;Assumptions of the PEH;An example:Observed Treasury rates and the PEH;One-year forward rate;Three-year security, two years from now;Other factors that influence interest rate levels;Risks associated with investing overseas;Factors that cause exchange rates to fluctuate