Lectures

Content

This course focuses on investment decisions under uncertainty, with an emphasis on investment decisions in equity markets. Following a discussion of the fundamental issues in stock valuation, portfolio theory is the central topic of the course. This is followed by an analysis of return and risk in equilibrium, including the derivation of the Capital Asset Pricing Model and the Arbitrage Pricing Theory. Finally, financial investments in bond markets are covered.

Term offered

each summer term

Recommendations

Knowledge of Business Administration: Finance and Accounting is recommended.

Credits

4,5 CP

Content

This course on derivatives deals with the applications and valuation of financial derivatives. After an overview of the main derivatives and their significance, forwards and futures are analyzed first. This is followed by an introduction to option pricing theory. The emphasis is on valuing options in discrete-time and continuous-time models. Finally, the construction and uses of derivatives - for example in risk management - are discussed.

Term offered

each summer term

Credits

4,5 CP

Content

This course focuses on the opportunities and risks associated with operating internationally. The analysis is carried out from two perspectives: that of an international investor and that of a company operating internationally. The course identifies possible courses of action, in particular for managing exchange-rate risk. Because of the central importance of exchange-rate risk, the foreign exchange market is covered at the beginning. In addition, the common exchange-rate theories are presented.

Term offered

The course is offered as a 14-day or block course.

Credits

3 CP

Content

The course Asset Pricing deals with the valuation of risky cash claims. In doing so, it is necessary to consider both the timing and the unpredictable nature of payments. The lecture introduces a stochastic discount factor and a central pricing equation that can be used to value any type of cash claim, including stocks, bonds, and derivatives. The first part of the course presents the theoretical framework; the second part addresses empirical questions in asset pricing.

Term offered

each summer term

Recommendations

We strongly recommend knowledge of the basic topics in investments (bachelor course), which will be necessary to be able to follow the course.

Credits

4,5 CP

Content

The lecture "Bond Markets" deals with the national and international bond markets, which are an important source of financing for companies, as well as for the public sector. After an overview of the most important bond markets, different yield definitions are discussed. Based on this, the concept of the yield curve is presented. In addition, the theoretical and empirical relationships between ratings, default probabilities and spreads are analyzed. The focus will then be on questions regarding the valuation, measurement, management and control of credit risks.

Term offered

each winter term

Credits

4,5 CP

Content

The course "Bond Markets – Tools & Applications" includes a hands-on project in the field of national and international bond markets. Using empirical datasets, the students have to apply practical methods in order to analyze the data in a targeted manner.

Term offered

each winter term

Recommendations

Knowledge of the "Bond Markets" course is very helpful.

Credits

1,5 CP

Content

The lecture "Bond Markets – Models & Derivatives" deepens the content of the lecture "Bond Markets". The modelling of the dynamics of yield curves and the management of credit risks forms the theoretical foundation for the valuation of interest rate and credit derivatives to be discussed. In this course, students deal intensively with selected topics and acquire the relevant knowledge on their own.

Term offered

each winter term

Recommendations

Knowledge of "Bond Markets" and "Derivatives" courses is very helpful.

Credits

3 CP

• We offer an examination for each of our lectures in each semester.
• Please note the following points with regard to registration and deregistration:
  • Exam registration usually takes place via the Campus Management Portal in the specified time period. If an error message appears during registration, please contact the student service.
  • You can deregister from the examination by one day before the exam via the Campus Management Portal. On the day of the exam you can only withdraw in person at the exam supervisor. If you are absent from the exam without having cancelled your registration in time or if you do not appear on time, your exam will be graded with the grade 5.0 - failed. In case of illness, please submit a medical certificate within 3 working days.

• At the beginning of the new semester we offer you an inspection appointment. The exact dates can be found in the corresponding news on the start page of our homepage.