Required courses: financial economics, empirical financial analysis
Elective courses: financial market microstructure, fixed-income bonds, financial derivatives and risk management, securities investment, corporate finance theory, corporate restructuring and mergers and acquisitions, financial intermediaries and capital markets, international finance, commercial bank management, behavioral finance, monetary economics, financial time series analysis, dynamic asset pricing theory, exchange rate economics, and financial development theory.
Course content:
Financial economics
This course mainly introduces and discusses important concepts in financial economics. The focus of the course is to introduce the single-cycle financial market model and the pricing model of some simple financial instruments in various financial markets. In this course, we will discuss the choice behavior, risk avoidance and random advantage under uncertain conditions. This course will also discuss the theory of single-period optimal portfolio, and thus deduce several main equilibrium pricing models of asset market, such as Arrow-Debrou model, CAPM model and APT model. In addition, it will further involve the theory of capital separation. At the same time, this lesson will also briefly introduce the multi-period asset pricing model and asset portfolio model. At the end of this lesson, we will discuss corporate financial decision-making and modigliani-Miller theorem.
Empirical financial analysis
The purpose of this course is to introduce some important empirical documents in financial economics to students, so as to illustrate the application of measurement methods and tools in financial market analysis. Some empirical contents involved will include the measurement of financial market and the test of asset pricing model. The objects of empirical test include stock market, bond market and foreign exchange market.
Dynamic asset pricing theory
This course is about multi-period models in the financial field, including multi-period optimal modern portfolio theory and asset pricing. This course first introduces the relevant discrete portfolio selection and securities price theory, thus transitioning to continuous-time discussion. The course content will include Black-Scholes model and its extension in asset pricing, profit term structure model, company securities valuation, portfolio selection under continuous time and general equilibrium of asset pricing model. Before taking this course, students must have some background knowledge of general equilibrium theory and investment science. In addition, this course also hopes that students can have mathematical knowledge such as calculus, linear algebra and probability theory. In this course, there are often some exercises for students to answer. Students taking this course are required to have studied financial economics and get the consent of their tutors.
Microstructure of financial market
This course focuses on the financial market composed of financial institutions with asymmetric information. The course content includes (1) rational expectation model and its theoretical basis (2) trading strategy (3) organizational structure of financial market. This course will not only introduce the basic theory, but also discuss some important documents.
Securities analysis and investment
This course mainly introduces some basic theories and analysis methods of financial investment, and makes a case study combining with the actual financial market in China. The course will include investment analysis of bonds, stocks, futures and funds and risk management of various financial instruments, including risk hedging and risk avoidance. The purpose of this course is to provide students with the basic knowledge of investment, so that students can understand: what is investment opportunity, how to determine the best combination of investment, and how to deal with investment problems.
Corporate restructuring and mergers and acquisitions
This course will mainly introduce the basic theory and application of corporate restructuring and corporate mergers and acquisitions. The course content will include asset securitization, overall listing of companies, split listing, shell listing, backdoor listing and company mergers and acquisitions. This course mainly adopts the combination of theoretical teaching and case teaching to provide students with important theories and operations of investment banks such as enterprise merger and reorganization, so that students can master some basic skills of capital market operation.
Corporate finance theory
This course will introduce all aspects of corporate finance and enterprise theory. The course content will include capital structure decision, dividend policy, securities product design and voting rights, corporate governance and market control, optimal financial contract, internal organizational structure and management reputation. This course will focus on the influence of information asymmetry, agency conflict, strategic cooperation and incomplete contract on financial decision-making of enterprises. In addition, this course will also introduce the impact of taxation on corporate financial decisions and securities prices. This course will also introduce current research to students to promote their innovative ideas in this field.
Fixed income bond
This course will introduce the main theories and applications of fixed-income bonds. The course content will include national debt, corporate bonds and asset-backed securities. At the same time, the course will also discuss the application of fixed-income securities in various risk management such as default risk, interest rate risk, liquidity risk, tax risk and purchasing power risk, and the reasons for the continuous innovation of fixed-income securities.
At the same time, the term structure theory of interest rate is an important part of the course of fixed income securities, but this course only focuses on the single-factor term structure model of interest rate and its application, and briefly introduces the multi-factor term structure model of interest rate. In addition, this course also teaches the pricing habits of fixed-income securities, zero coupon bond and interest-bearing bonds, bond duration, convexity and time effect, term structure model of interest rate, pricing of weighted bonds, pricing of interest rate futures, options and swaps, and mortgage-backed securities (MBS).
Financial derivatives and risk management
This course mainly introduces the theory of financial innovation and the development of financial derivatives, including the development of financial derivatives such as forward, futures, swaps and options, as well as their pricing and asset portfolio. This course mainly studies the essence of financial derivatives, and gives the theoretical framework of pricing and hedging of all financial derivatives. All these financial derivatives play a very important role in financial risk management. This course will illustrate how to apply financial derivatives to financial risk management through some examples. At the same time, this course will also discuss and analyze the development of futures, equity and other financial derivatives in China, and encourage students to do research in this field.
behavioral finance
In this course, we will discuss the empirical test of financial model in the case of information asymmetry, agency conflict and incomplete contract, and focus on the analysis of empirical research methods. On this basis, this lesson will introduce behavioral research (including theoretical and empirical research) on corporate finance. Relevant contents will include psychological evidence related to corporate finance and their applications in securities, insurance, capital structure, investment strategy, mergers and acquisitions, corporate governance and media influence. This course will pay attention to the latest progress in this field and guide students to carry out related thesis research.
Financial time series analysis
This course will focus on the basic model and empirical analysis of financial time series, including securities, commodities and money markets. This course will focus on empirical econometric analysis, and guide students to use the data of China market for empirical research. This paper mainly reveals the behavioral characteristics of price changes in China stock market from the perspective of statistics and metrology. Students who study this course must have some basic knowledge of econometrics and have studied financial economics. At the same time, there will be a lot of computer experiments in this course, which requires students to spend more time and energy on data analysis.
Commercial bank management
This course will introduce the main theories and applications of asset management, liability management and risk management of commercial banks. The course contents include business analysis of commercial banks, liquidity management, bank asset management, bank loan management, proprietary securities management, credit risk management, bank debt management, capital adequacy ratio management, joint asset-liability management and interest rate risk management.
Financial Intermediary and Capital Market
This course includes financial markets, tools and institutions, and focuses on financing at different stages of the company's life cycle and providing financial support for company activities. When, where and how to raise funds are the main points of this course. Although it is necessary to test the transaction cost from the perspective of participating in financial intermediaries, the research point is still the problem of financing companies. This paper first discusses the role of all parties and financial intermediaries in the financial market, then analyzes the financing options of new enterprises with little or no information on securities prices, and discusses the related problems of larger listed companies. Problems include public listing decision, mechanism, IPO pricing, the role of investment banks in IPO, privatization, bank bond and public bond market, securitization, junk bond market, equity financing and signal transmission, convertible bond financing, swap market, interest rate, currency and price risk management, and issues related to corporate risk hedging.
International financing
This course provides students with a framework for companies to make financial decisions internationally. This course will discuss a series of problems in international financial management. The main focus will be spot trading, currency forwards, options, swaps, international bonds, international stocks and other markets. In each market, we will learn the trading tools inside, and learn the application of these tools in the following corporate decisions through cases: exchange rate risk management, international capital market financing, and international capital budgeting.
monetary economics
Money demand, money supply, interest rate determination, money and economic cycle, money and employment, money and economic growth, inflation, monetary policy.