Основы финансов 1

2025/2026

Статус: Майнор

Кто читает: Международный институт экономики и финансов

Где читается: Международный институт экономики и финансов

Охват аудитории: для всех кампусов НИУ ВШЭ

Преподаватели: Кестнер Ирина Владимировна, Фардо Винсент Марк

Язык: английский

Кредиты: 5

Контактные часы: 64

Full Syllabus Ask Question

Abstract

This course will provide an introduction and overview of the Finance discipline. The course is designed as a foundational course in finance on which subsequent, more specialised finance courses are based. This course is divided into two parts. The first part revolves around asset pricing theory and its application to the valuation of securities that are traded in financial markets (eg, stocks, bonds, and derivatives).

Learning Objectives

The course provides students with foundational analytical and institutional knowledge in banking and finance.
The first part of the course emphasizes the key concepts of modern theory of finance such as the time value of money, the absence of arbitrage, the trade-off between risk and expected returns, the notion of diversifiable risk and its implications for asset pricing, and the different forms and tests of market efficiency. At the end of this part, students should be able to discuss the main theoretical and empirical drivers of financial and real asset valuation. Students are also expected to acquire general knowledge about standard financial assets and the risks they carry.
In the second part of the course, students learn about the consequences of asymmetric information and transaction costs on banking. At the end of the course, they should also be able to highlight the main differences between financial systems, explain the role and origins of financial intermediaries, the methods used by banks to manage various types of risk, and the rationale for bank regulation. Students are also expected to be able to discuss the main factors and developments of the 2007-2009 financial crisis

Expected Learning Outcomes

- Apply the two - fund separation theorem as a prerequisite for asset pricing theories.
- Be able to apply stock pricing formula for the resulting price calcualtion.
- Be able to apply the models to piricng financial instruments.
- Be able to demonstrate the understanding of key differences between the CAPM & APT models;
- Be able to discuss functions of financial systems & types of financial systems with real - life examples.
- Be able to perform valuation of bonds;
- Be able to proceed with different project valuation techniques (NPV<, IRR< SPB, DPB) and understand key differences.
- Be able to understand the concept of mean - variance frontier, investors' choice with & without risk - free asset;
- Understand the concept of yield curve, spot & forward rates;
- Understand the concept of YTM
At the end of this part, students should be able to discuss the main theoretical and empirical drivers of project appraisal techniques.
Be able to understand financial literature on the basis of theoretical notions shown above.
Students are expected to acquire general knowledge about tradeoff between risk and return
The notion of diversifiable risk and its implications for asset pricing
- Learn different types of financial markets and financial instruments (stocks, bonds, derivatives);
o Basics of derivatives

Course Contents

Introduction
Financial Markets and Instruments
Capital Budgeting and Valuation
Fixed Income
Risk and return
Asset pricing theories
Stock Valuation
Derivatives

Assessment Elements

Home assignments
Final exam
In order to get a passing grade for the course, the student must sit (all parts) of the examination.
October midterm
Participation
Lecture quizzes are performed during the lecture using an online tool and should be taken while physically present at the lecture. Lecture quizzes are closed-book quizzes. They are designed to test the students' understanding of the material. Classwork tasks include elements of soft skills development such as teamwork, communication abilities, and management skills. Classwork includes participation in seminar discussions, problem-solving (individually and in groups), group presentation on several topics.

Interim Assessment

2025/2026 2nd module
0.45 * Final exam + 0.15 * Home assignments + 0.25 * October midterm + 0.15 * Participation

Bibliography

Recommended Core Bibliography

Corporate finance, Berk, J., 2007
Financial institutions management : a risk management approach, Saunders, A., 2018
Financial markets and institutions, Mishkin, F. S., 2018
Principles of corporate finance, Brealey, R. A., 2008

Recommended Additional Bibliography

Fabozzi, F. J., & Markowitz, H. (2011). The Theory and Practice of Investment Management : Asset Allocation, Valuation, Portfolio Construction, and Strategies (Vol. 2nd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=364873
Financial theory and corporate policy, Copeland, T. E., 2005

Authors

Fardo Vinsent Mark

Course Syllabus