The main objective of the course is to provide deeper understanding of various advanced topics in asset pricing and corporate finance. Most of these topics will be theoretical in nature, but some relevant empirical analyses will also be discussed. Some of the major issues that will be covered include utility specifications, analysis of optimal portfolio/consumption choices under uncertainty, multifactor models, and other asset pricing models. We will also look more in depth into corporate finance theory, especially capital market efficiency, agency theory, capital structure, and dividend policy. Some special topics related to option pricing, corporate restructurings, or political uncertainty can also be discussed.  

AKTUELLT 2019

PRELIMINÄR TIDTABELL:

3.9      16.00-17.30      Introduktion + förel., 305
4.9      14.15-17.30      Föreläsning 305
5.9      14.15-17.30      Föreläsning 305
6.9      12.30-15.45      Föreläsning 305
14.9      Första tentillfälle
28.9      Sista tentillfälle
4.10      Lista med övningsrubriker till anslagstavlan kl. 12.00. Anmälan till rubrik (endast för dem som klarat tenten!)  
11.10     Övningstillfällenas tidtabell publiceras

28.10     Övningstillfällena börjar denna vecka. Pågår ca 4 veckors i en takt på 2-3 i veckan
Sista inlämningsdag för slutliga analysen meddelas senare

The main objective of the course is to provide deeper understanding of various advanced topics in asset pricing and corporate finance. Most of these topics will be theoretical in nature, but some relevant empirical analyses will also be discussed. Some of the major issues that will be covered include utility specifications, analysis of optimal portfolio/consumption choices under uncertainty, multifactor models, and other asset pricing models. We will also look more in depth into corporate finance theory, especially capital market efficiency, agency theory, and capital structure. Some special topics related to option pricing, credit risk, political uncertainty, and new financial technologies can also be discussed.

This course develops a framework for understanding growth from a (i) strategic management perspective and an (ii) investor perspective. Strategic concepts as well as the role of the industry and nonmarket environments are dealt with. The course also explores the role of financial statements as a channel for information from companies to investors and capital markets. Students apply the frameworks by doing investment analyses of business ventures presented at the Slush seminar in Helsinki.

Deadline for motivational letters Oct 23.pdfDeadline for motivational letters Oct 23.pdf

Capital Budgeting is a tool to evaluate the economic value of corporate investment decisions. Sound capital budgeting practices build upon rigorous valuation theory. Risk analysis is used to understand the impact of uncertainty on project value, and to set proper project hurdle ratios i.e. determine the proper cost of capital. This course also introduces option based tools to evaluate strategic flexibility inherent in corporate investments.

This course covers recent developments in the area of financial innovation (FINTECH), such as Blockchain, digital currencies, peer-to-peer method of identifying ownership, and smart contracts. Its goal is to analyze the emergence of Blockchain and related innovations as highly disruptive technologies for the financial industry, business laws, accounting and monetary economics (central banking).

To fully understand the implications of such technologies, we will cover various related topics such as the nature of money, legacy payment and banking, basics of crypto technology, digital currency systems, peer-to-peer transactions, governance and regulation of emerging technologies, double entry bookkeeping, and financial exchanges. We will also focus on several digital currencies, their “intrinsic value,” the reasons for their recent popularity, and the microstructure of their trading. Finally, we will survey various ventures that begun to capitalize on these innovations.

To enhance students’ understanding of the most recent and most promising financial innovations that will change the nature of the professional jobs that would be available in the future for students majoring in finance, accounting, and other business areas. The course also intends to create a bridge between business, law, and computer science. Students majoring in these areas would be equipped with a basic knowledge in each other’s fields, which should enhance the quality of their communications after entry into their corresponding careers.

This course examines the causes and consequences of un-sustainable business practice as well as some of the ways that companies are finding to reduce their impact on the environment and communities.  Since corporations are major contributors to our environmental challenges, they must also be part of the solution.  The impact of stakeholders, including investors and consumers, and concerned citizens is examined as these groups help to determine what actions companies will take to address the challenges of sustainability.

The course covers:
- common types of market failure including negative and positive externalities, the commons problem, inter-generational equity, and the perspectives of behavioral economics
- standard responses to market failures - regulation, taxes and trading
- ethics of free markets and expected utility theory of behavior, social contract and the stakeholder perspective of business ethics, and John Rawls’ veil of ignorance
- major models of sustainable systems, including – life cycle analysis, closed loop design, The Natural Step, Cradle to Cradle, socially responsible investing, Bottom of the Pyramid, benefits corporations, and social entrepreneurship.
- impacts of climate change, over-fishing, water challenges
- policy responses to climate change. E.g., Kyoto and Clean Development Mechanisms
- the role of consumers and investors in urging companies to become greener.
- alternative energy sources and generation, their status, and long term prospects.

The course can be taken as part of the Study Module in Corporate Responsibility.

This course develops a framework for understanding growth from a (i) strategic management perspective and an (ii) investor perspective. Strategic concepts as well as the role of the industry and nonmarket environments are dealt with. The course also explores the role of financial statements as a channel for information from companies to investors and capital markets. Students apply the frameworks by doing investment analyses of business ventures presented at the Slush seminar in Helsinki.

Deadline for motivational letters Oct 18.pdfDeadline for motivational letters Oct 18.pdfSyllabus_Strategic growth investing_2018_Oct16.pdfSyllabus_Strategic growth investing_2018_Oct16.pdf

The main objective of the course is to provide deeper understanding of various advanced topics in asset pricing and corporate finance. Most of these topics will be theoretical in nature, but some relevant empirical analyses will also be discussed. Some of the major issues that will be covered include utility specifications, analysis of optimal portfolio/consumption choices under uncertainty, multifactor models, and other asset pricing models. We will also look more in depth into corporate finance theory, especially capital market efficiency, agency theory, and capital structure. Some special topics related to option pricing, credit risk, political uncertainty, and new financial technologies can also be discussed.

Capital Budgeting is a tool to evaluate the economic value of corporate investment decisions. Sound capital budgeting practices build upon rigorous valuation theory. Risk analysis is used to understand the impact of uncertainty on project value, and to set proper project hurdle ratios i.e. determine the proper cost of capital. This course also introduces option based tools to evaluate strategic flexibility inherent in corporate investments.

This course examines the causes and consequences of un-sustainable business practice as well as some of the ways that companies are finding to reduce their impact on the environment and communities.  Since corporations are major contributors to our environmental challenges, they must also be part of the solution.  The impact of stakeholders, including investors and consumers, and concerned citizens is examined as these groups help to determine what actions companies will take to address the challenges of sustainability.

The course covers:
- common types of market failure including negative and positive externalities, the commons problem, inter-generational equity, and the perspectives of behavioral economics
- standard responses to market failures - regulation, taxes and trading
- ethics of free markets and expected utility theory of behavior, social contract and the stakeholder perspective of business ethics, and John Rawls’ veil of ignorance
- major models of sustainable systems, including – life cycle analysis, closed loop design, The Natural Step, Cradle to Cradle, socially responsible investing, Bottom of the Pyramid, benefits corporations, and social entrepreneurship.
- impacts of climate change, over-fishing, water challenges
- policy responses to climate change. E.g., Kyoto and Clean Development Mechanisms
- the role of consumers and investors in urging companies to become greener.
- alternative energy sources and generation, their status, and long term prospects.

The course can be taken as part of the Study Module in Corporate Responsibility.

This course develops a framework for understanding growth from a (i) strategic management perspective and an (ii) investor perspective. Strategic concepts as well as the role of the industry and nonmarket environments are dealt with. The course also explores the role of financial statements as a channel for information from companies to investors and capital markets. Students apply the frameworks by doing investment analyses of business ventures presented at the Slush seminar in Helsinki.

Syllabus_Strategic growth investing_27.9.2017_published.pdfSyllabus_Strategic growth investing_27.9.2017_published.pdf

The main objective of the course is to provide deeper understanding of various advanced topics in asset pricing and corporate finance. Most of these topics will be theoretical in nature, but some relevant empirical analyses will also be discussed. Some of the major issues that will be covered include utility specifications, analysis of optimal portfolio/consumption choices under uncertainty, multifactor models, and other asset pricing models. We will also look more in depth into corporate finance theory, especially capital market efficiency, agency theory, capital structure, and dividend policy. Some special topics related to option pricing, corporate restructurings, or political uncertainty can also be discussed.

Financial modeling expertise is of paramount importance to financial professionals, academics and students. Excel and its embedded Visual Basic for Applications (VBA) programming language are therefore preferred tools for them, because with less programming skills complex financial and business models can be developed, solved or simulated therein. This course gives introduction to the Excel and programming techniques of VBA language, and then focuses on the implementation of techniques and financial models (such as data simulation, portfolio optimization, general asset pricing, option pricing, risk management, and corporate finance). The course serves to bridge the gap between financial theory and its implementation.

The main objective of the course is to provide deeper understanding of various advanced topics in asset pricing and corporate finance. Most of these topics will be theoretical in nature, but some relevant empirical analyses will also be discussed. Some of the major issues that will be covered include utility specifications, analysis of optimal portfolio/consumption choices under uncertainty, multifactor models, and other asset pricing models. We will also look more in depth into corporate finance theory, especially capital market efficiency, agency theory, capital structure, and dividend policy. Some special topics related to option pricing, corporate restructurings, or political uncertainty can also be discussed.

You have a thorough understanding of mathematical definitions of theoretical financial concepts utilized for the pricing of financial derivatives.

Financial modeling expertise is of paramount importance to financial professionals, academics and students. Excel and its embedded Visual Basic for Applications (VBA) programming language are therefore preferred tools for them, because with less programming skills complex financial and business models can be developed, solved or simulated therein. This course gives introduction to the Excel and programming techniques of VBA language, and then focuses on the implementation of techniques and financial models (such as data simulation, portfolio optimization, general asset pricing, option pricing, risk management, and corporate finance). The course serves to bridge the gap between financial theory and its implementation.