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IESEG School of Management ( IÉSEG )

Code Cours :



Niveau Année de formation Période Langue d'enseignement 
Professeur(s) responsable(s)R.JOLIET
Intervenant(s)Robert JOLIET

Pré requis

This course requires deep background in Finance. Students should not take this course as a first experience in Finance.

Portfolio Management and Analysis (strict prerequisite)
Introduction to Bloomberg (strict prerequisite)
Introduction to Financial Markets
Corporate Finance Fundamentals
Probability and Statistics in Finance
Bonds Markets, Analysis and Strategies
Active Portfolio Management

Objectifs du cours

At the end of the course, the student should be able to:
1. Demonstrate how asset pricing can be extended in an international context,
2. Assess how and why firms list their shares on international equity markets,
3. Develop international bond portfolio strategies using domestic, foreign and international bonds,
4. Understand the operations in the global fund industry,
5. Construct an appropriate global asset allocation,
6. Explain the decomposition of international portfolio returns.

Contenu du cours

This course is designed to introduce students to the major issues and challenges encountered by investment managers in an international setting. The course will outline both theoretical and practical issues. Emphasis will be placed in relating insights from scientific analysis with real-world investment decisions and policy issues. The learning process will be facilitated with the help of the Trading Room.

Course outline:

Part I: International Asset Pricing

1. Risk and return of international investments
2. The benefits of international diversification
3. The world and the international CAPM
4. Integrated vs. segmented markets
5. Global risk factors in equity returns

Part II: International Equity Investing: Instruments and Techniques

1. International cross-listing
2. Depositary receipts
3. Closed-end and open-end country funds

Part III: International Bond Investing

1. The characteristics of international debt instruments
2. Floating-rate notes
3. Risk and return on foreign bond investments
4. Yield curve positioning

Part IV: Mutual Funds and ETFs
1. Closed-end funds
2. Open-end funds
3. Exchange-traded funds (ETFs)
4. Fund of fund strategies

Part V: International Investment process

1. Global asset allocation
2. Performance attribution
3. Performance appraisal

Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent study
Group Project20,00  
Estimated personal workload14,00  
Charge de travail globale de l'étudiant50,00  

Méthodes pédagogiques

  • Research
  • Project work
  • Interactive class


This course is assessed through a simulation for which students construct their own portfolio on Bloomberg, following an investment policy statement. The portfolio will consist of three sub-portfolios: equity, bond and mutual fund, allocated across at least five different currency zones. Students share their portfolio with the Professor. At the end of the course, each member of the group will turn in its own final written report about the management and the decisions about the portfolio managed by the group.

Type de ContrôleDuréeNombrePondération
Continuous assessment
Oral presentation0,2010,00
Individual Project0,00150,00
Written Report0,00150,00
TOTAL     100,00


  • "Global Investments”. Pearson Prentice Hall, 6th edition 2009 – Solnik, B., and McLeavey, D -

  • "International Financial Management". Pearson Prentice Hall, 2nd edition 2012 - Bekaert, G., and Hodrick, R. -

  • "International Financial Management". McGraw-Hill International, 5th edition 2009 – Eun, C., and Resnick, B -

Ressources internet

  • IESEG Online

    This course is taught in the Trading Room. Please contact the help desk for any questions about Bloomberg. Material is also posted on IESEG-Online.

* Informations non contractuelles et pouvant être soumises à modification
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