Магистратура
2024/2025
Финансовые рынки: валютный рынок, долговые рынки и рынки капитала
Статус:
Курс обязательный (Финансы)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
1-й курс, 4 модуль
Формат изучения:
с онлайн-курсом
Онлайн-часы:
20
Охват аудитории:
для своего кампуса
Преподаватели:
Авалян Хачатур Леваевич
Прогр. обучения:
Финансы
Язык:
английский
Кредиты:
6
Course Syllabus
Abstract
FX Market is the largest part of the financial market. On the daily basis the turnover exceeds several trillion USD. It is very important to predict exchange rates; hedge FX exposure, develop strategy for hedging and arbitrage. Equity market is a specialized course aiming to give the attendees the general notion of equity market’s main concepts as well as main questions of modern finance theory. The course is in line with Chartered Financial Analyst (CFA) program material Level 1 and 2 and equity market courses of leading US MA programs. The course is important for any manager or specialist working with financial instruments, providing practical knowledge of risks and returns. It is also useful for private investors, helping build adequate strategy and comprehend the risks. For CFA students the program provides a compact review of material from Securities Markets chapters. Besides classic finance theory, the course devotes attention to behavioral finance and other studies of financial markets inefficiency that gain appreciation in US and European finance programs. This course is designed to introduce to students the fundamental issues of the financial markets particularly make them familiar with debt securities. The course focuses on both theoretical issues as well as practical assignments. Additionally, it covers main features and peculiarities of Russian bond market.
Learning Objectives
- To determine the factors affecting exchange rates, be able to use derivatives to Hedge FX risks and make arbitrage transactions.
- The goal of the course is to give the attendees the general notion of equity market’s main concepts and segments, of the risks of investing in stocks and methods of determining fair value, as well as discuss main questions of modern finance theory.
- The goal of the course is to make students familiar with the main fixed income terminology and classifications, basic risk and return concepts; provide an overview of government and corporate markets in real world; make students comfortable in solving practical exercises.
Expected Learning Outcomes
- The attendees of the course will obtain the skills necessary for fundamental valuation of stocks (analysis of cash flows, company, industry) and for risk estimation, especially in marginal cases.
- Describe the purposes, functions of the financial system and the related terminology of various assets and markets
- Understand the concept of purchasing stock on margin and be able to calculate the return on an investment using margin
- Explain market and limit orders as well as describe quote-driven, order-driven, and brokered markets
- Understand security market indexes, their calculation, uses and relevant peculiarities
- Describe various forms of market efficiency and related concepts
- Describe market anomalies and potential relevance behavioral of finance to understanding those anomalies
- Dеscribe various forms of market efficiency and related concepts
- Dеscribe market anomalies and potential relevance behavioral of finance to understanding those anomalies
- Describe three equity valuation models and their applications
- Explain the rationale for using present value models to value equity and describe the dividend discount and free-cash-flow-to-equity models
- Understand asset-based valuation models, their advantages and limitations and applicability in estimating equity value
- Describe enterprise value multiples, their applicability and use in estimating equity value
- Describe functions of and participants in the foreign exchange market and FX quotations
- Distinguish between nominal and real exchange rates and spot and forward exchange rates
- Understand terms and concepts related to trading activities
- Understand the intrinsic and market value of equity
- Understand financial market organization and structure
- Differentiate and b able to use basic equity valuation concepts and tools
- Understand fixed-income securities and their markets, yield measures, risk factors, and valuation measures and drivers
- Understand different types of fixed-income securities, incl. those with embedded options, know the key principles of asset-backed securities
- Understand yields and values of fixed-income securities
- Understand market risk and its measures
- Understand credit risk and key approaches to credit analysis on debt capital markets
- Understand how investment banks operate in the fixed income market
Course Contents
- Market organization and structure
- Security Market Indexes and Market Efficiency
- Overview of equity securities and industry analysis
- Equity valuation: concepts and basic tools I
- Equity Valuation: concepts and basic tools II
- Currency exchange rates
- Fixed income securities
- Fixed Income: Valuation
- Interest Rate and Credit Risk
- Exam
Assessment Elements
- Graded Tests• 5 tests which may be found at the end of each 2nd week • 1 attempt • Time limit – 25 or 50 minutes (depends on the week) • Navigation between the test pages – sequential • Schedule is provided on the course page
- Final Exam• Organized in the Test form on the SmartLMS platform at the end of the course (will be a joint exam on both parts) • The exam will take place on the scheduled date (the exact date will be announced by the instructor afterwards). Please note that the duration of the exam is limited to 2 academic hours • Students who don't attend the exam, get '0' as the resulting mark for the exam and they are marked absent • The final grade for the course will be calculated according to the grading formula per course
Bibliography
Recommended Core Bibliography
- Decision making in innovation portfolio management. (2016). Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.8023B47D
- Elton, E. J. (2014). Modern Portfolio Theory and Investment Analysis (Vol. Ninth edition). Hoboken, NJ: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639379
- Raja, M., & Raja, R. (2016). Equity Trading and Investment Analysis Using R: A Case Study. IUP Journal of Computer Sciences, 10(1/2), 108–117. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=iih&AN=115909799
Recommended Additional Bibliography
- Hunt, J. A., & Project Management Institute. (2018). PMI-ACP Project Management Institute Agile Certified Practitioner Exam Study Guide. Indianapolis: Sybex. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1693203
- Project Management Institute. (2017). The Standard for Portfolio Management: Vol. Fourth Edition. Project Management Institute.