2026/2027

Инвестиционные стратегии, аналитика и оценка рисков

ID 1178425

Статус: Маго-лего

Кто читает: Кафедра банковского дела (Нижний Новгород)

Где читается: Факультет экономики НИУ ВШЭ (Нижний Новгород)

Когда читается: 1 модуль

Охват аудитории: для своего кампуса

Преподаватели: Варнашина Алина Александровна

Язык: английский

Кредиты: 3

Контактные часы: 28

Course Syllabus

Abstract

This course examines contemporary approaches to investment decision-making in conditions of uncertainty and evolving economic environments. The course covers approaches to analysing financial assets, methods for assessing investment attractiveness, principles of investment strategy development, capital allocation frameworks, and tools for evaluating investment performance and risk.

Learning Objectives

• Explanation of the structure, roles and interrelationships of financial markets and institutions.
• Description of characteristics, purposes and economic functions of major financial instruments.
• Analysis of financial risk sources, market behaviour under stress and mechanisms of risk distribution.
• Evaluation of causes, consequences and lessons of historical financial crises.
• Comparison of international regulatory frameworks and assessment of their impact on market stability.
• Investigation of market dynamics and pricing mechanisms across equity, debt, derivatives, commodity and insurance markets.
• Formulation of critical perspectives on financial system development and institutional resilience.

Expected Learning Outcomes

• Compare the structure and trading rules of major exchanges, explain key trading mechanisms and market participants, evaluate the impact of historical preconditions on exchange markets.
• Analyse stock index dynamics, explain the role of equity markets for issuers and investors, assess how indices influence market behavior and investment strategies.
• Explain the role of banks in financial intermediation, describe functions of central and commercial banks, assess causes and consequences of banking crises.
• Distinguish between forward, futures, options and swap contracts, explain roles in risk management and hedging strategies, evaluate risks associated with derivatives.
• Analyse price dynamics across major commodity markets, identify key drivers of volatility and assess the impact of global economic and geopolitical events on commodity prices.
• Analyse stock index dynamics, explain the role of equity markets for issuers and investors, assess how indices influence market behaviour and investment strategies.
• Classify major types of insurance, explain key mechanisms of risk pooling and underwriting and assess consequences of large insurance crises and catastrophic events.
• Analyse characteristics of major debt instruments, explain key risks in fixed income markets and assess the impact of defaults and debt crises on financial systems.
• Identify major types of financial markets, explain roles of key financial institutions and intermediaries, compare models of financial system organisation.

Course Contents

• Introduction to Financial Markets and Institutions
• Exchange Markets
• Equity Markets
• Fixed Income Markets
• Banking System
• Derivatives: Futures, Forwards and Swaps
• Commodity Markets
• Insurance Markets
• Investment Environment and Development of an Investment Thesis

Assessment Elements

• Portfolio Strategy Project: Investment analysis and asset selection
  Throughout the course, each group develops its own investment strategy and makes sequential decisions regarding asset selection, portfolio construction, portfolio adaptation, and performance evaluation. The project reflects the full investment cycle - from the formulation of an investment thesis and definition of the investment context to the preparation of a final investment recommendation. At an early stage of the course, groups independently determine their investment idea, selection criteria, and the composition of their investment universe. The portfolio is subsequently revised throughout the course as students apply new analytical approaches and respond to additional market and environmental information.
• Portfolio Strategy Project: Portfolio construction and allocation decisions
  Throughout the course, each group develops its own investment strategy and makes sequential decisions regarding asset selection, portfolio construction, portfolio adaptation, and performance evaluation. The project reflects the full investment cycle - from the formulation of an investment thesis and definition of the investment context to the preparation of a final investment recommendation. At an early stage of the course, groups independently determine their investment idea, selection criteria, and the composition of their investment universe. The portfolio is subsequently revised throughout the course as students apply new analytical approaches and respond to additional market and environmental information.
• Portfolio Strategy Project: Investment strategy revision and portfolio rebalancing
  Throughout the course, each group develops its own investment strategy and makes sequential decisions regarding asset selection, portfolio construction, portfolio adaptation, and performance evaluation. The project reflects the full investment cycle - from the formulation of an investment thesis and definition of the investment context to the preparation of a final investment recommendation. At an early stage of the course, groups independently determine their investment idea, selection criteria, and the composition of their investment universe. The portfolio is subsequently revised throughout the course as students apply new analytical approaches and respond to additional market and environmental information.
• Portfolio Strategy Project: Risk analysis and strategy resilience assessment
  Throughout the course, each group develops its own investment strategy and makes sequential decisions regarding asset selection, portfolio construction, portfolio adaptation, and performance evaluation. The project reflects the full investment cycle - from the formulation of an investment thesis and definition of the investment context to the preparation of a final investment recommendation. At an early stage of the course, groups independently determine their investment idea, selection criteria, and the composition of their investment universe. The portfolio is subsequently revised throughout the course as students apply new analytical approaches and respond to additional market and environmental information.
• Portfolio Strategy Project: Final performance evaluation and investment recommendation
  Throughout the course, each group develops its own investment strategy and makes sequential decisions regarding asset selection, portfolio construction, portfolio adaptation, and performance evaluation. The project reflects the full investment cycle - from the formulation of an investment thesis and definition of the investment context to the preparation of a final investment recommendation. At an early stage of the course, groups independently determine their investment idea, selection criteria, and the composition of their investment universe. The portfolio is subsequently revised throughout the course as students apply new analytical approaches and respond to additional market and environmental information.

Interim Assessment

• 2026/2027 1st module
  0.2 * Portfolio Strategy Project: Portfolio construction and allocation decisions + 0.2 * Portfolio Strategy Project: Investment analysis and asset selection + 0.3 * Portfolio Strategy Project: Final performance evaluation and investment recommendation + 0.15 * Portfolio Strategy Project: Risk analysis and strategy resilience assessment + 0.15 * Portfolio Strategy Project: Investment strategy revision and portfolio rebalancing

Bibliography

Recommended Core Bibliography

• Corporate Finance for Business. The Essential Concepts. Ronny Manos , Keith Parker , D. R. Myddelton, 978-3-030-92419-5, published: 01 May 2023
• Герасимова, Е. Б. Анализ эффективности бизнеса=Business Performance Analysis : учебник / Е. Б. Герасимова. — Москва : КноРус, 2026. — 198 с. — ISBN 978-5-406-15162-4. — URL: https://book.ru/book/959255 (дата обращения: 01.07.2026). — Текст : электронный.
• Зацарная, Н. А. Финансирование инвестиционных проектов (на английском языке) FINANCING INVESTMENT PROJECTS : учебное пособие / Н. А. Зацарная, Т. Г. Бондаренко. — Москва : Русайнс, 2024. — 120 с. — ISBN 978-5-466-06851-1. — URL: https://book.ru/book/953943 (дата обращения: 01.07.2026). — Текст : электронный.

Recommended Additional Bibliography

• Corporate Finance: A Systematic Approach, Kuo-Ping Chang, Springer Singapore, 978-981-19-9119-6, Published: 20 March 2023
• Handbook of Corporate Finance. Research Handbooks in Money and Finance series, David J. Denis, published: 06 Feb 2024, eISBN: 9781800373891
• Герасимова, Е. Б. Экономический анализ=Business performance analysis : учебник / Е. Б. Герасимова. — Москва : КноРус, 2023. — 192 с. — ISBN 978-5-406-11052-2. — URL: https://book.ru/book/948573 (дата обращения: 01.07.2026). — Текст : электронный.

Authors

• ZOTOVA YANA NIKOLAEVNA