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Establishment
Language of instruction
English
Teaching content
FINANCE
This course occurs in the following program(s)
MSc in Finance
- Crédits ECTS: 2.00
Training officer(s)
M.PARK
Stakeholder(s)
M.PARK
Présentation
Prerequisite
Basic understanding of the traditional investment assets such as stocks and bonds.
Basic understanding of economic theory concerning corporate governance structure (agency theory).
Basic understanding of economic theory concerning corporate governance structure (agency theory).
Goal
Develop a good understanding of alternative investment classes beyond the traditional investments. This includes investments in hedge fund, private equity, real estate and commodities. This course is designed for students interested in pursuing a career in financial industry or business consulting, or a career in corporations as financial experts.
Successfully collaborate within a intercultural team
Appraise the performance of a team
Be a reference point for expertise-related questions and ambiguities
Successfully collaborate within a intercultural team
Appraise the performance of a team
Be a reference point for expertise-related questions and ambiguities
Presentation
Topic 1. Hedge Fund
Contents:
- Introduction of hedge fund
- Discussion of hedge fund strategies, performance, agency problem and regulation
Reading:
- Anson(2006) Ch 1-4, 8
- Cumming, Dai and Johan(2013) Ch 1-4, 7
- Stowell (2010) Ch 11-14
- Case Study 1
Topic 2. Private Equity
Contents:
- Private equity fundraising and agency problems
- Exit strategies
Reading:
- Cumming and Johan (2014) Ch 4, 5
Topic 2-1. Venture Capital Contents:
- Valuation of investments, performance and returns
- Exit Strategies
Reading:
- Anson (2006) Ch 16
Topic 2-2. LBO Contents:
- The process of LBO
- Agency issues
Reading:
- Stowell (2010) Ch 16, 17
Topic 3. Real Estate
Contents:
- Understanding REITS, mortgage backed securities, real estate investment trusts
Topic 4. Commodities investment Contents:
- Understanding commodities investments and other alternative investments
Reading:
- Anson (2006) Ch 12-14
Contents:
- Introduction of hedge fund
- Discussion of hedge fund strategies, performance, agency problem and regulation
Reading:
- Anson(2006) Ch 1-4, 8
- Cumming, Dai and Johan(2013) Ch 1-4, 7
- Stowell (2010) Ch 11-14
- Case Study 1
Topic 2. Private Equity
Contents:
- Private equity fundraising and agency problems
- Exit strategies
Reading:
- Cumming and Johan (2014) Ch 4, 5
Topic 2-1. Venture Capital Contents:
- Valuation of investments, performance and returns
- Exit Strategies
Reading:
- Anson (2006) Ch 16
Topic 2-2. LBO Contents:
- The process of LBO
- Agency issues
Reading:
- Stowell (2010) Ch 16, 17
Topic 3. Real Estate
Contents:
- Understanding REITS, mortgage backed securities, real estate investment trusts
Topic 4. Commodities investment Contents:
- Understanding commodities investments and other alternative investments
Reading:
- Anson (2006) Ch 12-14
Modalités
Organization
| Type | Amount of time | Comment | |
|---|---|---|---|
| Présentiel | |||
| Cours interactif | 16,00 | 15 hours of lecture will cover the course contents. 1 hour at the end of second day will be spent to discuss a case study (Case1) distributed on the first day. | |
| Autoformation | |||
| Lecture du manuel de référence | 16,00 | Students are expected to spend 4 hours per day to cover the required readings. | |
| Recherche | 3,00 | A case study (Case2) will be distributed for students’ self-learning. A suggested written answer will be released at the end of the course. | |
| Travail personnel | |||
| Charge de travail personnel indicative | 15,00 | Students should prepare for the exam in self-study. | |
| Overall student workload | 50,00 | ||
Evaluation
Student performance will be assessed through one final written exam of 1.5 hours. Questions of qualitative and quantitative nature will be asked. All questions are open questions that require writing of brief explanations and/or short essays.
| Control type | Duration | Amount | Weighting |
|---|---|---|---|
| Contrôle continu | |||
| Participation | 16,00 | 1 | 10,00 |
| Examen (final) | |||
| Examen écrit | 1,30 | 1 | 90,00 |
| TOTAL | 100,00 | ||
Ressources
Bibliography
Handbook of Alternative Assets, by Mark J. P. Anson, John Wiley & Sons (2006) -
Hedge Fund Structure, Regulation and Performance around the World, by Cumming, D., Dai, N. and S. Johan, Oxford University Press (2013) -
Venture Capital and Private Equity Contracting: An International Perspective, by Cumming, D. and S. Johan, Elsevier (2014) -
An introduction to investment banks, hedge funds, and private equity, by Stowell D., Elsevier (2010) -
Hedge Fund Structure, Regulation and Performance around the World, by Cumming, D., Dai, N. and S. Johan, Oxford University Press (2013) -
Venture Capital and Private Equity Contracting: An International Perspective, by Cumming, D. and S. Johan, Elsevier (2014) -
An introduction to investment banks, hedge funds, and private equity, by Stowell D., Elsevier (2010) -