ECON*4560 Advanced Topics in Finance W Credit

Transcription

1 ECON*4560 Advanced Tpics in Finance W Credit General Curse Infrmatin Instructr: Nikla Gradjevic Office Lcatin MacKinnn 734 Office Hurs Tuesdays, 05:30-07:00pm. Department/Schl Department f Ecnmics and Finance TA s Office Lcatin Office Hurs Class Schedule: Tues, Thur: 04:00-05:20PM in MINS 106. Pre-requisites: (ECON*2560 r ECON*3560), ECON*3710, (1 f ECON*3100, ECON*3770, ECON*3810, ECON*4700), ECON*3740, (2 f ECON*3360, ECON*3510, ECON*3660, ECON*3760, FARE*4240, ECON*3860, ECON*3960) Curse Descriptin This is an advanced finance curse, which will cver a selectin f tpics in financial thery and practice such as capital markets cnsumptin and investment decisins, agency prblem, risk management in banking, pricing cntingent claims, insider trading, event study methdlgy, dividend plicy, market efficiency, technical trading, internatinal financial management, glbal financial crisis and nn-linearities in financial data. The bjective f this curse is threefld: (i) intrduce students t discussins related t finance research, (ii) prvide an verview f a few selected cre as well as mdern tpics in finance, and (iii) expse students t the analysis f seminal research papers. The delivery f this curse will invlve frmal lecturing as well as class discussins and student presentatins. Students are strngly encuraged t participate and indeed lead the discussins t the extent that they can. In this curse, the mre interactin, the better the learning experience. There is n required textbk fr this curse. The readings will cnsist f the lecture ntes and a set f assigned papers fr each tpic. All materials, including lecture ntes and assigned papers, will be psted n CurseLink r distributed in class. 1

2 Indicative Cntent LECTURE TIMETABLE INTRODUCTION Curse Orientatin Intrductin t the Study f Internatinal Financial Markets Market Structure and Institutins Nte: The first lecture will be given n January 10, TOPIC 1 TOPIC 2 TOPIC 3 TOPIC 4 TOPIC 5 TOPIC 6 TOPIC 7 TOPIC 8 TOPIC 9 TOPIC 10 TOPIC 11 TOPIC 12 New Micr Exchange Rate Ecnmics Systemic Risk and Glbal Financial Crisis Event Study Methdlgy Dividend Plicy Insider Trading Efficient Market Hypthesis Nn-linearities in Financial Data Real Optins Technical Analysis Student Presentatins Student Presentatins Risk Management in Banking Ntes: The abve class schedule isn t carved in stne it may vary during the term depending n students prgress as well as prfessr s discretin. All imprtant materials will be cvered. 2

3 Curse Assessment Assciated Learning Outcmes Due Date/ lcatin Assessment 1: 10% In-class participatin Assessment 2: 10% Blmberg Market Cncepts (BMC) Understanding principles and cncepts, analytical prblem slving in a real wrld cntext, research. 04/06/2017 Assessment 3: 10% Tpic presentatin Assessment 4: 30% Article presentatin Oral cmmunicatin and presentatin, analytical prblem slving in a real wrld cntext, research. Oral cmmunicatin and presentatin, grup wrk, understanding principles and cncepts, analytical/empirical prblem slving. Weekly During the tw weeks befre the last week f classes Assessment 5: 40% Case study Numerical and analytical prblem slving, understanding principles and cncepts, written cmmunicatin. 04/06/2017 Ttal 100% Blmberg Market Cncepts Ntes: Blmberg is a mass media crpratin based in New Yrk City ( Blmberg prvides financial tls such as security analysis, security trading platfrm, live and histrical data feeds and news arund the wrld thrugh the Blmberg Terminal. Blmberg terminals are widely utilized in the investment industry. Yu may earn up t 10% marks by cmpleting the Blmberg Market Cncepts (BMC) training befre the final exam. T get the full 10% fr this curse, yu need t watch all fur BMC mdules, take the quizzes alng the way and get the certificate. Cllege f Business and Ecnmics is nw hme t twelve Blmberg terminals. Yu can access BMC by creating a Blmberg lg n ne f the terminals then typing BMC <GO>. BMC includes vides with embedded quizzes that demnstrate the usefulness f the Blmberg terminals while reinfrcing imprtant material that we will cver in class. In the end, yu will receive a cmpletin certificate frm Blmberg. Please a cpy f yur certificate t ngradje@uguelph.ca t receive credit at the end. I will als wrk with Blmberg t mnitr yur cmpletin thrughut the semester. 3

4 Tpic presentatin Ntes: There will be weekly tpic presentatins by students that will last fr 5-10 minutes. Each presentatin will demnstrate students research effrt based n an assigned tpic and will invlve class discussins. The gal will be t summarize and discuss the current state f literature with respect t selected tpics in finance. Article presentatin Ntes: Each grup (4 students) will select, analyze and present (fr 25 minutes) t the class a jurnal article r a case frm a list ffered by the instructr. These presentatins will be scheduled fr the tw weeks befre the last week f classes. A sign-up sheet will be available with the instructr. Yu are als required t write a brief summary f yur article (r a case) and t prvide the instructr with a hard cpy prir t the presentatin. Case Study Ntes: The take-hme, case study will be given t yu in advance, n later than the end f the 9th week f classes, and will be due n the last class n Thursday April 6, Mre details n the case study will be prvided later. Curse Resurces Recmmended Texts: 1. Internatinal Financial Management: Canadian Perspectives (3rd Editin) by Chel S. Eun, Bruce G. Resnick and Dnald J.S. Brean, McGraw-Hill Ryersn, The Micrstructure Apprach t Exchange Rates by Richard K. Lyns, MIT Press, Cntemprary Financial Intermediatin (3rd Editin) by Greenbaum & Thakr & Bt, Academic Press, The Ecnmetrics f Financial Markets by Campbell, J. Y., A. W. L and A. C. MacKinlay, Princetn University Press, Supplementary readings n specific tpics will be annunced in class. Curse Plicies Grading Plicies Yu will need medical r cmpassinate reasns t miss any f the graded events. University Plicies Academic Cnsideratin When yu find yurself unable t meet an in-curse requirement because f illness r cmpassinate reasns, please advise the curse instructr in writing, with yur name, id#, and cntact. See the academic calendar fr infrmatin n regulatins and prcedures fr Academic Cnsideratin: 4

5 Academic Miscnduct The University f Guelph is cmmitted t uphlding the highest standards f academic integrity and it is the respnsibility f all members f the University cmmunity, faculty, staff, and students t be aware f what cnstitutes academic miscnduct and t d as much as pssible t prevent academic ffences frm ccurring. University f Guelph students have the respnsibility f abiding by the University's plicy n academic miscnduct regardless f their lcatin f study; faculty, staff and students have the respnsibility f supprting an envirnment that discurages miscnduct. Students need t remain aware that instructrs have access t and the right t use electrnic and ther means f detectin. Please nte: Whether r nt a student intended t cmmit academic miscnduct is nt relevant fr a finding f guilt. Hurried r careless submissin f assignments des nt excuse students frm respnsibility fr verifying the academic integrity f their wrk befre submitting it. Students wh are in any dubt as t whether an actin n their part culd be cnstrued as an academic ffence shuld cnsult with a faculty member r faculty advisr. The Academic Miscnduct Plicy is detailed in the Undergraduate Calendar: Accessibility The University f Guelph is cmmitted t creating a barrier-free envirnment. Prviding services fr students is a shared respnsibility amng students, faculty and administratrs. This relatinship is based n respect f individual rights, the dignity f the individual and the University cmmunity's shared cmmitment t an pen and supprtive learning envirnment. Students requiring service r accmmdatin, whether due t an identified, nging disability r a shrt-term disability shuld cntact the Centre fr Students with Disabilities as sn as pssible. Fr mre infrmatin, cntact CSD at ext r csd@uguelph.ca r see the website: Curse Evaluatin Infrmatin Please refer t: Drp date The last date t drp ne-semester curses, withut academic penalty, is March 10, Fr regulatins and prcedures fr Drpping Curses, see the Academic Calendar: Curse Learning Outcmes The Department f Ecnmics and Finance Learning Outcmes fr this curse are: Skills: 1. Written Cmmunicatin: The article analysis will prvide an pprtunity fr students t prvide a written summary f a particular financial paradigm. The final exam is a written reprt fr a real-wrld situatin that relates t a majr decisin taken by an investr r a cmpany. 2. Oral Cmmunicatin/Presentatin: The presentatin f a research paper will prvide students with an pprtunity t present t the class their summary and evaluatin f a majr research paper. 3. Analytical Prblem Slving: Much f the curse is abut studying and interpreting financial thery and practice and making recmmendatins fr individual investrs and cmpanies. 5

6 4. Prblem slving in a Real Wrld Cntext: All finance tpics taught in this curse relate t hw investrs and cmpanies act in the real wrld. 5. Grup Wrk: The article presentatin will be dne in grups f students. Knwledge: 1. Mathematical methdlgy: We will be using simple mathematical techniques fr certain tpics. 2. Statistical and Ecnmetric Methdlgy: We will be using simple distributins and will be cmputing descriptive statistics t help us understand the prbability f certain future utcmes ccurring. Distributins are central in financial risk management. 3. Understanding f Specific Markets: This curse is devted t understanding financial markets and in particular the markets fr stcks and bnds, althugh derivatives markets will be cnsidered as well. 4. Histrical and Glbal cntext: We will investigate the histrical perfrmance f glbal financial markets. 5. Financial Asset Pricing, Crprate Finance, and Risk Analysis: This is just a summary f what this curse is abut. 6