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2024/2025  KAN-CCMVA2403U  Empirical Finance

English Title
Empirical Finance

Course information
Language English
Course ECTS 2.5 ECTS
Type Elective
Level Full Degree Master
Duration Summer
Start time of the course Summer
Timetable Course schedule will be posted at calendar.cbs.dk
Min. participants 30
Max. participants 60
Study board
Study Board for cand.merc. and GMA (CM)
Course coordinator
  • Ulf Nielsson - Department of Finance (FI)
Main academic disciplines
  • Finance
Teaching methods
  • Face-to-face teaching
Last updated on 07-11-2024

Relevant links
Learning objectives
After completing this course, students are expected to be able to:
  • Solve real-world problems and cases using the tools and concepts from empirical finance.
  • Identify, explain, and apply the core concepts, models, and methods.
  • Calculate, interpret, and compare financial statistics.
  • Elaborate and present solutions for financial decision problems.
Course prerequisites
The course is a master level course. However, it is also open to bachelor level participants provided they have sufficient background in core finance material, e.g., preliminary knowledge in corporate finance, financial management, or similar, where basics have been covered (interest rates, discounted cash flow analysis, etc.).
Examination
Empirical Finance:
Exam ECTS 2,5
Examination form Active participation

The completion of this course is based on active student participation in class. The course will be considered as passed if the students participation - based on an overall assessment - in the class activities fulfill the learning objectives of the course. The individual student’s participation is assessed by the teacher.
The student must participate in A combination of assignment and presentation
Individual or group exam Individual exam
Grading scale Pass / Fail
Examiner(s) Assessed solely by the teacher
Exam period Summer and Summer
Make-up exam/re-exam Oral exam based on written product
In order to participate in the oral exam, the written product must be handed in before the oral exam; by the set deadline. The grade is based on an overall assessment of the written product and the individual oral performance.
Size of written product: Max. 5 pages
Assignment type: Essay
Duration: 20 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Examiner(s): If it is an internal examination, there will be a second internal examiner at the re-exam. If it is an external examination, there will be an external examiner.
Description of activities
A combination of assignment and presentation: The student must participate in minimum 80 % of the scheduled teaching.

In addition, the student must contribute to a group assignment that is to be presented in class (max. 10 minutes per group presentation). The assignment should incorporate the various techniques and discussions participants will be familiar with by the end of the course, and follows a similar approach as to the cases and examples presented during the course.
Course content, structure and pedagogical approach

The purpose of the course is that students learn to apply financial theory in a practice. The focus will be on applied portfolio management. The course will present how to approach real world problems by analysing real life financial data within the spreadsheet environment of Excel. In short, the purpose of the course is that students adopt the tools necessary to use financial theory in a practical way which will benefit them in any finance or research related position. At completion of the course, students should be able to, as a minimum, (i) construct an optimal portfolio of assets/stocks, (ii) assess fund management performance, (iii) hedge (bond) portfolios from risk factors such as interest rate changes. The course will primarily take a financial management perspective and concentrate on the application of concepts.
Description of the teaching methods
The course is structured into sessions, where each session focuses on a specific topic. Diverse teaching methods include lectures, cases, readings and discussions. The class meetings are interactive and require ongoing engagement of the students. This includes gaining hands-on experience by implementing concepts and models in Excel, discussing real-life cases to internalize the concepts presented in the course, presenting groupwork on particular topics and providing concrete financial recommendations.
Feedback during the teaching period
Student feedback will occur regularly throughout the course, e.g. via exercises and in-class problem solving. Students are encouraged to make use of those to enhance their learning experience, of course in addition to regular participation and two-way communication in lectures. The teacher will also strive to be readily available for a one-to-one dialogue in both lecture breaks and following each lecture session.
Student workload
Lecture hours 18 hours
Examination 1 hours
Preparation 51 hours
Further Information

2-week course that cannot be combined with any other course.

Expected literature

Financial Modeling, Fifth Edition, By Simon Benninga and Tal Mofkadi
Last updated on 07-11-2024