2016/2017
KAN-CFIVO1003U Investments
| English Title |
| Investments |
|
|
| Language |
English |
| Course ECTS |
7.5 ECTS |
| Type |
Mandatory |
| Level |
Full Degree Master |
| Duration |
One Semester |
| Start time of the course |
Autumn |
| Timetable |
Course schedule will be posted at
calendar.cbs.dk |
| Study board |
Study Board for MSc in Economics and Business
Administration
|
| Course
coordinator |
- Claus Munk - Department of Finance (FI)
|
| Main academic
disciplines |
|
|
|
Last updated on
06-07-2016
|
| Learning objectives |
To achieve the grade 12, students
should meet the following learning objectives with no or only minor
mistakes or errors: The course aims at providing students with the
institutional information, the models, and the computational
methods relevant for a systematic approach to investment decisions.
Upon completion of the course the student should be able to:
- Explain the concepts, theories, models, and methods for
portfolio selection, risk measurement and management, the
risk-return tradeoff, and the pricing of stocks and bonds as
discussed during the course.
- Discuss the theoretical and empirical validity of the central
theories and models developed in the course.
- Apply the theories and models to realistic problems.
- Implement relevant models using Excel or similar computational
tools.
- Discuss the role of capital markets, the efficiency of capital
markets, and theories about investor behavior
|
| Examination |
|
Investments:
|
| Exam
ECTS |
7,5 |
| Examination form |
Written sit-in exam |
| Individual or group exam |
Individual exam |
| Assignment type |
Written assignment |
| Duration |
4 hours |
| Grading scale |
7-step scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Autumn |
| Aids allowed to bring to the exam |
Limited aids, see the list below:
- Written sit-in-exam on CBS' computers
- Books and compendia brought by the examinee
- Notes in paper format brought by the examinee
- USB key to upload your notes before the exam
- Access to all information on CBSLearn
- Any calculators
- All dictionaries
- Additional allowed aids, please see the list
below
|
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If the number of registered candidates for the make-up
examination/re-take examination warrants that it may most
appropriately be held as an oral examination, the programme office
will inform the students that the make-up examination/re-take
examination will be held as an oral examination
instead.
|
Description of the exam
procedure
In addition to the aids listed, the student is allowed to
hand in graphs and mathematical equations written by hand on
paper as a supplement to the answers written on the
computer.
|
|
| Course content and
structure |
|
The course develops a deep understanding of financial markets
and how investors use the securities traded in financial markets.
The course covers the following topics:
- Measuring risk and returns
- Fixed income securities, bond pricing, the term structure of
interest rates, and interest rate risk management
- Basic stock pricing models
- Portfolio theory and, in particular, mean-variance
analysis
- Index/factor models and consequences for portfolio choice
- Introduction to utility functions and risk aversion
- Introduction to multi-period investment strategies
- Equilibrium in capital markets and the Capital Asset Pricing
Model in various forms
- Stylized empirical facts about returns on financial assets
- Pricing anomalies, market efficiency, and behavioural
finance
- Excel is used throughout the course wherever
relevant
|
| Teaching methods |
| Lectures with exercises. |
| Student workload |
| Lectures |
33 hours |
| Preparation for lectures |
66 hours |
| Exercise classes |
14 hours |
| Preparation for exercise classes |
70 hours |
| Exam |
4 hours |
| Final preparation for exam |
19 hours |
|
| Expected literature |
|
Munk: Financial Markets and Investments, Lecture notes, 2016.
Supplementary articles or text book chapters.
|
Last updated on
06-07-2016
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