Modules are taught in a two-hour block format. The first two hours deliver the core theoretical and technical concepts; these are then applied in the remaining hour which is spent in a classroom.
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ECOM001 Macroeconomics A
ECOM002 Microeconomics A
Microeconomic Theory provides the basic conceptual tools of economic analysis. In Micro A, we will cover the standard economic models of individual decision-making, models of consumer behaviour and producer behaviour under perfect competition, the Arrow-Debreu general equilibrium model and the two fundamental welfare theorems. At the end of the course students should be able: to analyze decision-making with and without uncertainty, derive individual and market demand curves and explain the concept of market equilibrium and its welfare properties.
ECOM003 Econometrics A
ECOM009 Macroeconomics B
Prerequisites: ECOM001 Macroeconomics A
ECOM010 Microeconomics B
This course aims to help students to develop advanced analytical and theoretical skills. The course will attempt to develop students' capacity for strategic reasoning via the analysis of game theoretic tools and mechanism design. Topics to be covered in the second term include: games in strategic and extensive form; Nash equilibrium and its refinements; games with incomplete information; repeated games; adverse selection, signaling, and screening; the principal-agent problem; incentive theory and mechanism design.
ECOM014 Time Series Analysis
The module aims to provide a foundation in time series analysis in general and in the econometric analysis of economic time series in particular, offering theory and methods at a level consonant with an advanced training for a career economist.
- An Introduction to Time Series Analysis for Econometrics and Finance;
- Linear Time Series Models; Seasonal Time Models;
- Estimation and Forecasting;
- Unit Roots and Co-integration;
- ARCH and GARCH Time Series models.
ECOM015 Corporate Finance
ECOM025 Financial Econometrics
ECOM026 Financial Derivatives
ECOM027 Labour Economics
The aim of this module is to enable students to gain an understanding of some relevant issues in contemporary labour economics with an emphasis on the empirical side of the discipline. The material is a mix of theoretical economics, data analysis and micro-econometric techniques. This module illustrates how economists uncover the effect of policy reforms and changes in opportunities and constraints on individual outcomes and behaviours using microdata. The approach used in this course is one that is becoming increasingly popular among applied economists in a number of sub-fields, including development economics, public finance, economics of education and public policy. Because of this, the module is addressed both to prospective researchers and to those wishing to pursue a variety of careers in government, international institutions and consulting. Topics covered include: Wage differentials, Wage Inequality, Discrimination, School vouchers, Early education, Neighbourhood effects, Minimum wages, Early birth outcomes, Immigration, Returns to education, Productivity spillovers, Labour supply, Fertility, Intergenerational transmission of human capital, Training, Welfare. Most of the readings for the course are journal articles.
ECOM032 Econometrics B
ECOM035 International Finance
Foreign exchange is not only the most heavily traded of all financial assets, it has the clearest interface between macroeconomics and finance. In this module you’ll get an introduction to the main theoretical models used to understand FX markets as well as in-depth analysis of how they work in practice. Topics include: Understanding global imbalances, models of exchange rate determination, the structure of the FX market and how trades are priced, FX derivatives markets, foreign exchange intervention and reserves, and currency regimes and crises. Each week the key lessons of the lecture are illustrated through an analysis of current economic events such as the problems in the Euro-area, China's Foreign Exchange Rate Policy and the role of the Dollar as a global reserve currency. We also price and monitor foreign exchange trades suggested by course participants to see how good you are at FX trading!
ECOM036 Mathematics for Economists
The purpose of this module is to equip students with the mathematical tools needed to study economics and related fields at the postgraduate level and to work in these areas as a researcher or practitioner. The emphasis is on both (1) mastering specific techniques that are widely used in economic theory and finance, and (2) developing a language, a conceptual framework, and a standard of argument appropriate for analyzing economic questions mathematically. The course complements the department’s postgraduate micro and macro theory sequences, and together with these modules will enable the successful student to read research papers in theoretical and applied economics. As time permits, some or all of the following topics will be covered: logic, sets and orderings, the real number system, Euclidean space, sequences and limits, topology and convexity, functions and correspondences, continuity, differentiability, the inverse and implicit function theorems, fixed point theorems, optimization, comparative statics, dynamic programming, and optimal control.
ECOM037 Quantitative Techniques
ECOM038 Behavioural Finance
The course will emphasize four main issues. First, we will focus on the explicit and implicit assumptions of the mainstream approach to modelling decision making. Second, we will cover important phenomena that constitute violations/puzzles from the point of view of the mainstream approach. A large emphasis will be placed on puzzles related to important financial decisions by individuals (such as how much to save for retirement) and to the functioning of financial markets. Third, we will discuss various theories from Behavioural Economics that aim to explain the violations/puzzles. We will emphasize how exactly the behavioural theories deviate from the mainstream assumptions. Fourth, where applicable, we will discuss the following question: If decision makers are less than perfectly “rational,” can we design policies that help individuals make better decisions, especially better financial decisions.
ECOM042 Empirical Finance
This course aims to bridge the gap between theoretical financial models and the real world by taking us through the major accomplishments (and failures) of empirical finance during the last quarter of a century. In particular this module will revisit the Efficient Market Hypothesis in finance and its relationship to the random walk model. It will then discuss statistical tests for the random walk hypothesis and their applications to weekly returns on common stocks. It will then go deeper into the empirical analysis of asset returns data so as to uncover the main stylised facts in finance using simple descriptive statistics. To explain the stylised facts in the data, the lectures will then apply asset pricing models from the two main strands of modern finance: market microstructure theory and behavioural finance.
Prerequisites: ECOM050 Investment Management
ECOM043 Quantitative Asset Pricing
ECOM044 Advanced Asset Pricing and Modelling
Prerequisites: ECOM043 Quantitative Asset Pricing
ECOM049 Commercial and Investment Banking
ECOM050 Investment Management
ECOM051 Business Finance
ECOM052 Financial Statements
ECOM053 Quantitative Methods in Finance
ECOM055 Risk Management for Banking
Prerequisites: ECOM053 Quantitative Methods in Finance
ECOM056 Empirical Macro Economics
Prerequisites: Econometrics A and Macroeconomics A (or equivalent; contact the lecturer before registering if you have only Econometrics A)
ECOM057 Asset Management
Prerequisites: ECOM050 or ECOM043
ECOM058 (MSc Law and Finance students only) Principles of Accounting
ECOM059 Applied Risk Management for Banking
ECOM061 (MSc Law and Finance Students Only) Financial Economics
ECOM062 (MSc Law and Finance Students Only) Financial Management
ECOM069 Banking Regulations
National, regional and global banks are at the epicentre of economic, political and social developments. They are shaped by their own intrinsic dynamics but they are also at the receiving end of potent external forces, including monetary developments, state regulation and governmental policies. This course examines the regulation of the banking sector in the context of the multifaceted dynamics which operate in international financial markets. Primarily the course aims to contribute to a critical understanding of the subject matter through the combined study of theories of regulation in general and banking regulation in particular. Subsequently, it also aims at analysing the financial markets in which banks play a pivotal role, e.g. primary and secondary capital markets in which banks are very active in different roles.
ECOM070 Cases in Business Finance
This module aims to develop an understanding of how firms raise external finance and design their capital structure, how real investments are valued and how corporations interact with financial markets. The course will use the case study approach to the practical aspects of important topics in corporate finance.
We will apply those concepts and techniques that were studied during the first semester to actual situations. The structure of the module will reflect the structure of the Business Finance course. In addition to analysing specific financing problems, we will also consider issues related to the strategic objectives of the firm. We will use case studies to analyse the complexities of, and apply theory to real-life corporate finance problems.
Prerequisites: ECOM051 Business Finance
ECOM072 Econometrics for Finance
The module will cover fundamental methods for the empirical analysis of financial data. Some prior knowledge of general econometrics will be assumed, and the focus will be on building an understanding of the ideas behind, and the application of, those methods that are most heavily relied upon in the empirical analysis of financial data. A majority of the topics treated will be related to empirical asset pricing and portfolio choice, although other areas of finance will also be covered.
ECOM073 Topics in Financial Econometrics
This module aims to provide a deeper foundation in mathematics and statistics, creating a good basis for students to draw on in their professional careers. Module content also encompasses new and specialised techniques, which may not have been studied previously.
ECOM074 Bond Market Strategies
Bond markets and the term structure of interest rates have always been two cornerstones of financial theory. Moreover, in the last decades, bond markets have become highly sophisticated in their offering of a wide range of instruments, from bonds with embedded options to asset-backed securities or structured notes. Because of the great importance of these markets and instruments, participants must become well-informed of the structure and uses of these securities and also of the increasingly complex techniques for valuing them. This module is designed to develop the MSc students understanding of bond markets and securities theory and practice. It is an advanced course that covers the different types and features of these bond instruments and the fundamental analytical tools to price them. The principle objective is to forge a solid understanding of structuring techniques, portfolio strategies and products within the bond markets.
ECOM076 Alternative Investments *New for 2013/14*
This module provides a thorough overview of recent developments in investment strategies including a description of the peculiarities of alternative asset classes. The main emphasis will be on the various complementary investment vehicles, methods and industries, namely commodities, real estate and hedge funds.
The first part of the course concentrates on commodities, metals, energy and agriculture. The second part of the course focuses on alternative real estate financing and investment vehicles. The third part of the course offers an analysis of hedge fund strategies. The final part of the course provides an overview of additional alternative investments such as socially responsible funds, microfinance funds and other alternative investments.
ECOM077 Valuation and Private Equity
Private equity is a relevant source of capital for companies. This course explores the “private equity cycle”: (i) fund-raising and structure, (ii) investing and (iii) exit. As valuation plays a crucial role in this cycle, the course starts with valuation techniques: from traditional methods as DCF to more recent methodologies as real options. Strong emphasis is given to practical applications: a DCF model for a "target" company will be developed in-class and a real world case of Private Equity transaction will be exposed.
ECOM078 Actuarial Finance and Insurance
This module focuses on the modern technical and practical topics of today's actuarial profession. The quantitative aspects, both on the asset and liability sides as well the asset-liability matching (ALM), are key to this course. Students will have a full opportunity to become familiar with the details of the hot topics on the desks of senior quantitative professionals in the field today. These include the "internal model" vs. the "standard formula" in the regulatory framework, economic vs. regulatory capital modelling, the matching adjustment, and ALM.
ECOM079 Applied Wealth Management
This course introduces concepts in wealth management to be able to comprehend recent developments in the regulatory and economic framework behind the wealth management. The course will start at a level that is appropriate for students with an economics background enabling them to master the understanding of the relevant regulatory framework. It will start with the basic building blocks, i.e. regulatory environment, conduct of business rules, cash management, financial products, and move on to more applied topics, i.e. retirement planning, financial assets and markets etc.
Following the course, students should be able to (1) demonstrate the importance of regulatory framework within the context of wealth management; (2) analyse different financial products: insurance, retirement etc; and, (3) identify and discuss the points of contact between regulation and different types of investors, banks, corporations and other players in national and international financial markets.