Бакалавриат 2021/2022

Актуальные вопросы современных финансовых рынков

Статус: Курс по выбору (Совместная программа по экономике НИУ ВШЭ и РЭШ)

Направление: 38.03.01. Экономика

Кто читает: Отдел сопровождения учебного процесса в Совместном бакалавриате ВШЭ-РЭШ

Где читается: Факультет экономических наук

Когда читается: 4-й курс, 3, 4 модуль

Формат изучения: без онлайн-курса

Охват аудитории: для своего кампуса

Язык: английский

Кредиты: 6

Контактные часы: 64

Course Syllabus

Abstract

The overall purpose of the course is to engage students into the discussion of current issues and challenges that global financial markets are facing in the aftermath of financial crisis. The course will touch on numerous public policy issues, many of which are politically controversial and most of which are likely to continue to be important for years to come. A goal of the course is to provide students with a framework within which these public policy issues can be addresses in a useful manner. The first half of the course will be devoted to public policy issues in asset pricing and market microstructure (taught by Anna Obizhaeva) and the second part of the course will be devoted to current topics in corporate finance (taught by Pavle Radicevic).

Learning Objectives

• A goal of the course is to provide students with a framework within which these public policy issues can be addresses in a useful manner. Students should be prepared to discuss and defend the ideas in their write-ups in class. For some questions, there is no “right” or “wrong” answer, in the sense that finance and economics professors themselves are likely to disagree about the answers to the questions. Students may talk to other students about the assigned questions, but each student should prepare a write-up individually, without looking at the write-ups of other students. Each student should list on the write-up the names of the other students with whom the student discussed the write-up.

Expected Learning Outcomes

• The students are able to assess critically their personal and someone else's experience in the current economic situation.
• The students are able to interprete economic events taking place in the global financial market.
• The students are engaged into the discussion of current issues and challenges that global financial markets are facing in the aftermath of financial crisis.

Course Contents

• Abacus Deal, Financial Crisis 2008‐2009
• Derivatives ‐ Buffett vs AIG
• London Whale Case ‐ Regulations after Financial Crisis
• Commodities Markets and Hedging
• Structuring of Retirement Systems
• Government Finance
• Sovereign Wealth Funds and Review

Assessment Elements

• Assignments
  There will be two homework assignments to be prepared upon our discussion of corresponding topic in the class. Students will be required to analyze empirical and simulated data. Write-ups should be succinct and self-contained. Long write-ups are not necessarily good write-ups. Good business writing makes points in a manner that respects the reader’s time. Writeups should be uploaded onto mynes before the deadline.
• In‐class tests
  At the beginning of some lectures, there will be short 5-minute tests with questions about previously studied material. A goal of these tests is to help students not to fall behind on the material and also to make sure that students come on time
• Midterm exam
  A midterm 90-minute exam is in-class and closed-book. One double-sided A4 cheat-sheet is allowed.
• Projects
• Final exam
  A final 90-minute exam is in-class and closed-book. One double-sided A4 cheat-sheet is allowed.

Interim Assessment

• 2021/2022 3rd module
  Two parts of the courses are graded separately, and both have weights of 50% in the final grade. Grading of the first-half course will be based on five in-class tests (5% in total), two assignments (20% in total) and an exam (25%). Class participation will be taken into account as well. Missing class is strongly discouraged. Assignments are graded on a scale 1 to 10 with 6-7 grades corresponding to good grades, 8-9 grades corresponding to excellent grades and 10 reserved for extraordinary marks. Tests are graded on a scale with the following interpretation: 0=missing, 1=okey, 2=good.
• 2021/2022 4th module
  Grading of the second half of the course will be based on two projects (12.5% each) and a final exam (25%). That is, the projects and final exam are equally weighted for the second part of the course.

Bibliography

Recommended Core Bibliography

• Elements of financial risk management, Christoffersen, P. F., 2012
• Hull, J. C. (2017). Options, Futures, and Other Derivatives, Global Edition. [Place of publication not identified]: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1538007
• Röman, J. R. M. (2017). Analytical Finance: Volume I : The Mathematics of Equity Derivatives, Markets, Risk and Valuation. Cham, Switzerland: Palgrave Macmillan. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1344244

Recommended Additional Bibliography

• Remington, T. F. (2019). Institutional Change in Authoritarian Regimes: Pension Reform in Russia and China. Problems of Post-Communism, 66(5), 301–314. https://doi.org/10.1080/10758216.2018.1450154