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The courses help you
get acquainted with a wide range of topics that are essential for
financial economics, and provide you with a solid background for
attending the seminars.
Advanced Money,
Credit and Banking
(FEM11015)
This course provides a
rigorous analysis of the financial services industry. Main topics are
management of financial institutions, bank runs and systemic risk,
credit rationing ad delegated monitoring with adverse selection and
moral hazard: value at risk and heavy tails.
This course provides a
structured framework for financial risk management, outlines hedging
methodologies and shows how derivatives can be applied to control and
manage financial risks (the so-called 'financial engineering'). Special
interest is paid to the evaluation of market and credit risks by means
of value-at-risk.
Advanced Corporate Finance and Strategy
(FEM11006)
This course
synthesizes cutting-edge developments in corporate finance and related
fields -- in particular, real options and game theory -- to bridge the
gap between theory and practice. Traditional and new valuation
principles for strategic investment are discussed; various projects and
acquisitions serve as examples for these theories. Besides that various
applications and examples of private equity investment, acquisitions,
and initial public offering are discussed.
Exchange rates: A
behavioral finance perspective (FEM11076)
The course
consists of two main parts. In the introduction we will present the
motivation for the departures from the rational expectations benchmark
on both the individual and market level. In particular, we will study
the survey evidence on the way foreign exchange market participants
formulate expectations and subsequent trading behavior. In addition, we
contrast the empirical predictions of the RE fundamental-based exchange
rate models with the stylized facts and formulate the existing puzzles
accordingly.
International
Financial Reporting and Analysis
(FEM11012)
The course
furnishes a theoretical basis and practical knowledge concerning the
analysis of annual financial reports of companies and the usefulness of
analysis. Besides that actual topics in the field of annual financial
reporting are discussed, such as; international differences in rules and
regulations; how to cope with these differences for the purpose of
analysis and comparison; and the valuation of companies using the annual
report as a valuation basis.
Asset Pricing
(FEM11008)
The field of asset
pricing aims to explain the prices of financial assets such as stocks,
fixed income instruments and derivative securities. The field is highly
relevant for financial management, because asset pricing models form the
basis for many practical management applications such as capital
budgeting, risk management, portfolio selection and performance
evaluation. During this course both theoretical and empirical or
methodological issues will be discussed. Note: this course has a
quantitative nature.
Advanced Investments (FEM11074)
The aim of this course
is to provide insights into investment decisions on an empirical and
theoretical level. A major part of this course will touch upon the field
of Asset Pricing, especially in the lectures regarding the modeling of
risk. A proper understanding of risk is fundamental to many financial
management applications such as capital budgeting, risk management,
portfolio selection and performance evaluation.
The two seminars
in the program are the most important component of the master program.
For these intensified courses active participation and commitment is a
prerequisite. You are expected to present pieces of the literature or
case applications, ask questions, mention doubts and express your ideas
in class discussions. The program is tailored to the interest of
students and has a variety of seminars available in the area of
Corporate Finance, Intermediaries and Investments, from which you can
choose two seminars. [To top of
page]
Seminar Advanced
Corporate Finance: Private Equity
(FEM11003)
This seminar
provides you an opportunity to become better acquainted with the private
equity market. Private equity involves a long-term commitment in the
financing of firms that are not traded in public financial markets.
Broadly defined, private equity can be divided into two important
categories: venture capital and leveraged buyouts. You will work on a
private equity case assignment, write essays, and present the results of
your research.
Seminar Risk
Management (FEM11005)
This seminar is
devoted to the firm-wide analysis and management of risks. The seminar
covers a wide range of derivative contracts, ranging from plain vanilla
(forwards, futures, swaps and options) to more exotic (exotic options,
weather and insurance derivatives). It explains arbitrage arguments,
trading strategies, the use of binomial trees, Black & Scholes
valuation, volatility smiles, and the 'Greeks’. You will learn about
derivatives markets and how derivative instruments can be used for risk
management.
Seminar Advanced
Corporate Finance: Corporate Governance
(FEM11001)
This seminar
provides you with an opportunity to gain a deeper understanding about
what good corporate governance is and why it matters. The course covers
some theoretical and legal issues, but its main focus is on empirical
research and insights. In two group assignments you will do your own
empirical research and improve your skills in applying corporate finance
techniques.
Seminar Advanced
Money, Credit and Banking
(FEM11018)
The
seminar covers a number of topics from the financial service sector
following those discussed in the course Adv Money, Credit and Banking.
The seminar asks the student to use his analytical skills and empirical
skills to analyze the financial service sector independently and
provides students with independent working knowledge for the sector.
Seminar Exchange
Rates & International Financial Markets
(FEM11054)
The goal of the
seminar is to develop a coherent framework for the fundamental
relationships between international financial markets in relation to
exchange rates from which the numerous questions in international
finance can be analyzed. We develop the canonical model of floating
exchange rates with forward-looking agents. The model is confronted with
the empirical evidence, and subsequently the model is used to explain a
number of stylized facts.
Seminar Advanced
Investments (FEM11074)
The aim of this
course is to provide insights into investment decisions on an empirical
and theoretical level. Starting from the 'classics' such as portfolio
theory, the CAPM and arbitrage, we'll explore which parts of these
models contain assumptions at odds with empirical results, and how we
can improve our understanding of empirical phenomena. Investments are
all about risk and return, and the course seeks to improve the
understanding of both: "how to measure return?", "what are the
characteristics of the return distributions?", "what is risk?" and "How
can we quantify it?" will be important questions in this course.
Seminar Pension Funds
(FEM11010)
This seminar
focuses on the investment decisions and general management of pension
funds and insurance companies. We will look various pension systems
(Defined Benefit vs. Defined Contribution, Pay-As-You-Go vs. Fully
Funded, industry-wide vs. corporate funds) around the world (US, UK,
Denmark, Italy, Japan). The fund we use as a central example is ABP
pension fund: the pension deal, the valuation of assets and liabilities,
management of risks, etc.
Seminar Energy
Finance
(FEM11078)
Like common
stocks, energy is a product that does not differ in quality or
characteristics between several providers. This implies that energy
firms compete in price and in absorbing the risks from changes in the
prices of energy contracts. Therefore, proper portfolio management and
risk management will be the key to survivorship and success. The goal of
this seminar therefore is to provide an overview on issues that relate
to portfolio management and risk management issues in the energy
markets.
Master Thesis Economics
and Business (FEM11067)
The thesis is written individually under
close supervision of one of our staff members. The studyguide
information can be found using the link above. More information about
writing you're master thesis with the Finance Group can be found on BlackBoard
Master thesis for Financial Economics.
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