Known for its solid conceptual framework, Madura's best-selling FINANCIAL MARKETS AND INSTITUTIONS, 12e, helps students understand why financial markets exist, how financial institutions serve these markets, and what services those institutions offer. Focusing on the management, performance, and regulatory aspects of financial institutions, it explores the functions of the Federal Reserve System, the major debt and equity security markets, and derivative security markets. The 12th edition includes updates on regulatory reform as well as expanded coverage of behavioral finance concepts, high-frequency trading, and pension fund underfunding implications. Critical Thinking Questions, Flow of Funds Exercises, and online research assignments help students put what they learn into practice, while timely examples further connect concepts to financial trends. In addition, MindTap®, an integrated e-text and online learning solution enhances understanding of course content and offers opportunities to extend learning.