2020/2021

Инструменты личного инвестирования

Статус: Майнор

Кто читает: Департамент финансов

Где читается: Санкт-Петербургская школа экономики и менеджмента

Когда читается: 1, 2 модуль

Преподаватели: Макарова Василиса Александровна, Холодилин Константин Аркадьевич

Язык: английский

Кредиты: 5

Контактные часы: 60

Course Syllabus

Abstract

Rational models of the classical theory of finance have much greater capabilities in the application of behavioral aspects, the main of which will be presented in this discipline. Target audience includes following three groups: – future financiers, consultants and analysts; – future academics interested in behavioral and classic theory of finance field; – general audience that is interested in the complicated world of finance.

Learning Objectives

• The course aims to teach students methods of thinking in the field of investment using the methods and technologies of experimental economics.

Expected Learning Outcomes

• Understand time value of money, patterns of financial decision making in increasing complexity of financial environment.
• To know mathematics of finance theory and methodology of financial decisions.

Course Contents

• Basics of Money, Bond, and Property Markets
  Interest rates and money market investments. Investing in bonds. Property investment and mortgages. Basics of Stock Markets. Stock exchanges. Stock indices. The rationale and conduct of regulation
• Institutional Investments
  Mutual funds (unit trusts, OEICs, investment trusts). Life assurance and assurance-related investments. Pensions. The importance and significance of institutional investors
• Capital Market Theory
  Portfolio diversification. Capital market theory:The capital asset pricing model. Capital market theory:Alternatives and criticisms
• Portfolio Management
  Styles of portfolio construction. Evaluating the performance of fund managers
• Investment Analysis
  The economic environment. Dividend discount models. Company accounts and economic value added. Ratio analysis. Technical analysis
• Market Efficiency
  Market efficiency: Concepts and weak form evidence. Noise trading and behavioural finance Market anomalies. Further evidence on market efficiency. Stock market bubbles and crashes.
• Stock Index Futures
  Stock index futures. Stock index futures prices. Hedging with stock index futures
• Currency forwards, futures, swaps, and options
  Bond and Interest Rate Analysis. Bond prices and redemption yields. Duration and risk. Bond price convexity. Bond futures. Yield curves and interest rate futures. Interest rate swaps
• Stock Options
  Stock options. Speculation with stock options. Hedging with options. Structured products. Warrants, convertibles, and split-caps. Option pricing and the Black-Scholes model. Variations on the basic Black-Scholes option pricing model.The binomial option pricing model

Assessment Elements

• Homework
• In-class activities
• Written assignment
• Final examination

Interim Assessment

• Interim assessment (2 module)
  0.5 * Final examination + 0.25 * Homework + 0.1 * In-class activities + 0.15 * Written assignment

Bibliography

Recommended Core Bibliography

• Financial economics : a concise introduction to classical and behavioral finance, Hens, T., 2010
• Redhead, K. (2008). Personal Finance and Investments : A Behavioural Finance Perspective. London: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=237524

Recommended Additional Bibliography

• Richards, T. (2014). Investing Psychology : The Effects of Behavioral Finance on Investment Choice and Bias. Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=759584