| source London School of Economics (X) |
level |
department |
The aim of the course is to familiarise students with the workings of financial markets, and equip them with the fundamental tools of asset valuation. The course will focus on the three main asset classes – fixed income, stocks, and derivatives – giving a unified perspective of modern valuation methods. The starting point will be the present value formula. The course will then proceed to fixed-income securities, focusing mainly on government bonds. These will be valued off the term structure of interest rates, using the present value formula. The connection with the principle of no-arbitrage will be emphasized. The course will then move to stocks, starting with portfolio theory and then deriving the relation between risk and return (CAPM). The CAPM will provide a risk-adjusted discount rate that will be used to discount stocks’ cash flows with the present value formula. Alternative pricing models such as the APT and multi-factor will also be covered, and the models will be applied to issues of asset allocation and portfolio selection. The last topic will be derivatives, especially futures and options. After familiarizing students with the use of derivatives, the course will cover the main valuation methods (binomial model, Black-Scholes) emphasizing again the principle of no-arbitrage.
Score: 6.5770254 Details | Listing | Web page
Aims to equip students with the fundamental concepts and tools underlying the asset markets side of modern finance. The course covers asset markets and valuation. The valuation of fixed-income securities is covered first, followed by the valuation of stocks, and derivatives such as futures and options. Concepts emphasized include the present-value formula, valuation by arbitrage, portfolio theory, the CAPM, market efficiency, and binomial and Black-Scholes models.
Score: 6.5770254 Details | Listing | Web page
Aims to equip students with the fundamental concepts and tools underlying modern finance, both in the asset markets and the corporate finance side. Provides a foundation for subsequent courses offered by the Department. In the Michaelmas Term, the course covers asset markets and valuation. The valuation of fixed-income securities is covered first, followed by the valuation of stocks, and derivatives such as futures and options. Concepts emphasized include the present-value formula, valuation by arbitrage, portfolio theory, the CAPM, market efficiency, and binomial and Black-Scholes models. In the Lent Term, the course covers corporate finance. This part starts with capital budgeting techniques, in relation to CAPM and other valuation instruments. The course then proceeds identifying the driving forces behind capital structure decisions and choices over debt and equity finance. Special consideration is given to the tax implications of those choices, the possible costs of financial distress, the incentive implications of financial decisions and the signalling impact of those for financial market participants. A final part of the course covers some specific topics in corporate finance: dividend policy, decision to go public, mergers and acquisitions and possibly (time permitting) corporate governance issues.
Score: 6.5770254 Details | Listing | Web page
The course covers range of topics in corporate finance starting with capital budgeting techniques, in relation to CAPM and other valuation instruments. The course then proceeds identifying the driving forces behind capital structure decisions and choices over debt and equity finance. Special consideration is given to the tax implications of those choices, the possible costs of financial distress, the incentive implications of financial decisions and the signalling impact of those for financial market participants. A final part of the course covers some specific topics in corporate finance: dividend policy, decision to go public, mergers and acquisitions and possibly (time permitting) corporate governance issues.
Score: 6.5770254 Details | Listing | Web page
A required graduate course for the MSc Finance and Economics programme, on investors’ behaviour, market equilibrium, and asset pricing. Will encompass topics in choice under uncertainty, complete and incomplete asset markets, mean-variance portfolio theory and equilibrium asset pricing, pricing with no arbitrage, intertemporal asset pricing, Black-Scholes option and other contingent claims pricing models, the term structure of interest rates under uncertainty, and the pricing of interest rate linked and other derivative securities.
Score: 6.5770254 Details | Listing | Web page
The techniques of empirical investigation in economics and finance. Students are introduced to recent empirical findings based on asset pricing models. The course includes a selection of the following topics: multivariate regression; maximum likelihood and methods of moments estimation; hypothesis testing; omitted variables and misspecification; asymptotic theory; measurement error and instrumental variables; time-series modelling; predictability of asset returns; event study analysis; econometric tests of the CAPM and multifactor models; volatility modelling; generalised method of moments estimation.
Score: 6.5770254 Details | Listing | Web page
Provides a thorough grounding in recent developments in the theory of corporate finance. The course involves an advanced development of theories of corporate financial policy and corporate governance, going public, takeovers and insolvency. The development of these theories involves applying the modern theories of agency, asymmetric information and game theoretic ideas. Applications of the economics of incomplete contracts to the problems of ownership and control and financial decisions will also be developed.
Score: 6.5770254 Details | Listing | Web page
Provides a thorough grounding in the theory of derivatives pricing and hedging. This course develops the theories of no-arbitrage asset pricing. Particular emphasis is placed on pricing within a multi-period, mostly continuous-time, framework. A special feature of the course is its coverage of the modern theory of contingent claims valuation by PDE and martingale methods. These asset pricing-methods are applied to the pricing of vanilla and exotic options and corporate liabilities, forwards, futures, as well as fixed income derivatives. The uses of derivatives in hedging and risk-management are discussed as well.
Score: 6.5770254 Details | Listing | Web page
A graduate level course on the quantitative and statistical tools that are important in applied finance. Students will be exposed to application of these tools and the key properties of financial data through a set of computer-based classes and exercises. The following topics will be covered; review of statistics and introduction to time-series econometrics; modelling financial returns; an introduction to the analysis of financial data using MATLAB; volatility models; Value-at-Risk. Implementing the tools in MATLAB is an essential part of the course and all classes are computer based.
Score: 6.5770254 Details | Listing | Web page
A topics course on empirical and applied problems in portfolio management: Portfolio risk management, international diversification, currency management for international investors, asset allocation, trade implementation costs and trading strategies, portfolio performance measurement and attribution.
Score: 6.5770254 Details | Listing | Web page
This course examines the academic and policy debates on the operation of the global financial system. The course will aim to be topical, but the analysis of the issues will be based on rigorous economic arguments. The course begins with a brief overview of the history of the international financial system. Several theories of financial crises are then developed in some detail, and are assessed by reference to historical experience and the mechanics of speculative of attack, including the current liquidity crisis. Special emphasis is placed on the analysis of coordination failures and their implications for economic policy. The course concludes by analysis of the current liquidity crisis in the context of the models and historical experience discussed earlier in the course.
Score: 6.5770254 Details | Listing | Web page
The course is a self-contained introduction to Corporate Finance and aims to provide students with an overview of financial analysis at graduate level. A preliminary section reviews the principles of saving and real investment and relates them to the notion of the cost of capital. Part I considers how firms finance their investments and the resulting capital structure. It explores the circumstances where the choice of financial structure is irrelevant (Modigliani-Miller theorems) and those in which it has substantial implications for firm value due to e.g., taxes and agency costs. We will illustrate the concepts with a number of specific company cases and exercises. Part II covers a number of special topics in corporate finance, such as takeovers, corporate governance, and corporate finance aspects of the recent financial crisis.
Score: 6.5770254 Details | Listing | Web page
The decision to go public Mergers and acquisitions Synergies and competition The bidding process Investing in real options Financing R&D Financial predation Financial distress and restructuring mature firms A second graduate course in finance geared towards applications in management and industry analysis. The course considers the range of financial decisions encountered over the life cycle of the firm. This includes the financing decisions of start-up firms including the decision to become a publicly listed company and the cost/benefits of control oriented financial structures. Mergers and acquisitions are studied by incorporating competitive analysis into the problem of valuing potential transactions. This will include a consideration of alternative bidding procedures. The problem of valuing growth options will be explored including the questions of the timing of real investments of the importance of product market competition. R&D financing will be covered including an assessment of the various forms of venture capital finance and of information sharing through financial relations and R&D joint ventures. It will consider when and how financial contracting can be used for advantage in product market strategies (predation). Finally, the problem of financial restructuring mature firms is considered both in and outside of formal mechanisms (such as bankruptcy proceedings) for resolving financial distress.
Score: 6.5770254 Details | Listing | Web page
This course is an introduction to computational methods in finance; the course uses Matlab. We will begin with an introduction to basic Matlab. We will then learn how to simulate individual securities, with a special focus on the predictability and fat tails features of volatility. Simultaneously we will examine the data to test how well our models approximate the real world. Next we will move onto modeling portfolios of multiple securities and test the CAPM and the Fama-French three factor model; we will also test for long term predictability in asset prices. Finally we will use numerical techniques to price options and to construct a yield curve.
Score: 6.5770254 Details | Listing | Web page
The aim of this course is to supplement the Economics pre-sessional course and provide students with the essential quantitative methods for the core Finance courses FM436 and FM437. Measure Theory and Elementary Probability Concepts, Conditional Expectations, Introduction to Stochastic Processes, Stochastic Integration, Ito Calculus, Stochastic Differential Equations, Feynman-Kac formula, Girsanov Theorem.
Score: 6.5770254 Details | Listing | Web page
This course examines key issues in international finance, focusing on recent developments and incorporating theoretical, empirical, policy and institutional dimensions. The course uses exchange rates as its thread and considers them from four perspectives: theory, policy, global risk and investors. The course examines models of exchange rates determination and related empirical evidence. It reviews current empirical issues related to the US current account deficit, global imbalances and the high short run volatility of exchange rates. It analyses the choice and coordination of exchange rate regimes, including the experience of the European Monetary Union. The course examines exchange rates as one of the sources of global financial instability and assesses the structure and convergence of financial systems. It considers the risk exposures for investors arising from exchange rate volatility and its hedging with currency instruments.
Score: 6.5770254 Details | Listing | Web page
• New Present Value: The goals of the firm. Interaction of firms and capital markets. Asset valuation with known cash flows. • Bond valuation: Term structure of interest rates. Forward rates and loans. Duration. • Stock valuation: The Gordon growth model and variants. The functioning of equity markets. • Risk and return: What is risk? The portfolio frontier. • Capital Asset Pricing Model (CAPM) What is the price of risk? The capital markets model. Alternatives to CAPM. • Market efficiency • Valuation of risk cash flows. Capital budgeting. A first course in financial analysis for students with a basic knowledge of management. The course explores the way that firms and the capital market function to channel savings toward productive investments. From the investor’s perspective it considers characteristics of the major financial contracts and the principles used in their valuation. It considers how investors should select their portfolios and the implications of this behaviour for pricing assets in stock and bond markets. It explores the question of whether stock markets are efficient in reflecting investors information. It applies these insights to the firm’s financial management decision of whether or not to invest in a risky project and how to select among alternative investments.
Score: 6.5770254 Details | Listing | Web page
• Capital structure and the cost of capital in efficient markets • Financial options: options payoffs, option valuation, put-call parity, binomial pricing model • Real options • Dividend policy and capital structure irrelevance • Capital structure: incentives created by corporate and personal taxes, financial distress • Signalling with dividends and capital structure • Complex securities: warrants, callable bonds, convertible bonds • Going public This is a second course in financial analysis for students with a knowledge of the topics covered in Finance I. The course starts with the determination of the cost of capital for a firm in an efficient market. It then introduces the principles of financial options and shows how puts and calls can be priced. These tools are applied to the valuation of real options, that is, real investments where payoffs are affected by the options available to the firm in how the projects will be operated. After seeing the equivalence between the liabilities of the levered firm and financial options, the problem of capital structure and financial policy are further studied. The course closes with more advanced topics including convertible bonds and the decision of the firm to list its shares on a stock exchange.
Score: 6.5770254 Details | Listing | Web page
This course examines the theory of financial decision-making by firms and examines the behaviour of the capital markets in which these decisions are taken. The topics covered are the theory of capital budgeting under certainty in perfect and imperfect capital markets, portfolio theory, equity and bond markets, the capital asset pricing model, efficient markets, sources of funds, basic theory of capital structure and the cost of capital, company dividend decisions and financial markets and institutions.
Score: 6.5770254 Details | Listing | Web page
This 10,000 word dissertation should be written on a topic to be agreed with the Programme Director.
Score: 6.5770254 Details | Listing | Web page
The dissertation may focus on analysing the relevant literature and other source material on a particular topic and writing a critical survey or commentary, indicating clearly the main problems and their nature, or investigating and reporting on a selected problem, either by some small-scale empirical research, or by using information derived from secondary sources. The dissertation must identify relevant issues, sustain reasoned argument, and draw supportable conclusions. It must be arranged in an organised manner and include a full bibliography.
Score: 6.5770254 Details | Listing | Web page
See entry for FM402
Score: 6.5770254 Details | Listing | Web page
See entry for FM404
Score: 6.5770254 Details | Listing | Web page
See entry for FM421
Score: 6.5770254 Details | Listing | Web page
See entry for FM440
Score: 6.5770254 Details | Listing | Web page
1 - 25 26 - 50 51 - 75 76 - 100 101 - 125 126 - 150 151 - 175 176 - 200 201 - 225 226 - 250 251 - 275 276 - 300 301 - 325 326 - 350 351 - 375 376 - 400 401 - 425 426 - 450 451 - 475 476 - 500 501 - 525 526 - 550 551 - 575 576 - 600 601 - 625 626 - 650 651 - 675 676 - 700 701 - 725 726 - 750 751 - 775 776 - 800 801 - 825 826 - 850 851 - 875 876 - 900 901 - 925 926 - 950 951 - 975 976 - 1000 1001 - 1025 1026 - 1050 1051 - 1075 1076 - 1100 1101 - 1125 1126 - 1150 1151 - 1175 1176 - 1200 1201 - 1225 1226 - 1250 1251 - 1275 1276 - 1300 1301 - 1325 1326 - 1350 1351 - 1375 1376 - 1400 1401 - 1425 1426 - 1450 1451 - 1475 1476 - 1486