Compulsory courses: financial economics, empirical financial analysis

Elective courses: financial market microstructure, fixed-income bonds, financial derivatives and risk management, securities investment, corporate financial theory, corporate restructuring and mergers and acquisitions, financial intermediaries and capital markets, international finance, commercial bank management, behavioral finance, monetary economics, financial time series analysis, dynamics.

Course content:

Financial Economics

This course mainly introduces and discusses important concepts in financial economics. The focus of the course is to introduce the single-period financial market model and the pricing model of some simple financial instruments trading in various financial markets. In this course, we will discuss the selection behavior, risk avoidance and random dominance under uncertainty. The theory of single-period optimal portfolio will also be discussed in this course, so as to derive several main equilibrium pricing models of asset market, such as Arrow-Debreu model, CAPM model and APT model. In addition, it will further involve the theory of fund separation. At the same time, this lesson will also briefly introduce the multi-period asset pricing model and the asset portfolio model. At the end of this lesson, we will discuss corporate financial decision-making and Modigliani-Miller theorem.

empirical financial analysis

the purpose of this course is to introduce some important empirical documents in financial economics to students, so as to illustrate the application of measurement methods and tools in financial market analysis. Some empirical contents involved will include the measurement of financial market and the test of asset pricing model, etc. The objects of empirical test include stock market, bond market and foreign exchange market.

Dynamic Asset Pricing Theory

This course is about multi-period models in the financial field, including multi-period optimal modern portfolio theory and asset pricing. The course first introduces the relevant discrete portfolio selection and securities price theory, so as to transition to continuous-time discussion. The content of the course will include Black-Scholes model and its extension in asset pricing, profit term structure model, company securities valuation, portfolio selection under continuous time and general equilibrium of asset pricing model. Students will have to have a certain background knowledge of general equilibrium theory and investment science before they can take this course. In addition, this course also hopes that students can have mathematical knowledge such as calculus, linear algebra and probability theory. In this course, there will often be some exercises for students to answer. Students who take this course are required to have studied financial economics and obtained the consent of their tutors.

microstructure of financial market

this course mainly focuses on the financial market composed of financial institutions with asymmetric information. The content of the course includes (i) rational expectation model and its theoretical basis (ii) trading strategy (iii) organizational structure of financial market. This course will not only introduce the basic theories, but also discuss some important documents.

securities investment

this course mainly introduces some basic theories and analytical methods of financial investment, and makes a case study in combination with the reality of China's financial market. The content of the course will include investment analysis of bonds, stocks, futures and funds and risk management of various financial instruments, including risk hedging and risk avoidance. The purpose of this course is to provide students with the basic knowledge of investment, so that students can understand: what are the investment opportunities, how to determine the best combination of investment, and how to deal with investment problems.

Corporate Reorganization and Merger

This course will mainly introduce the basic theory and application of corporate reorganization and merger. The content of the course will include asset securitization, overall listing of companies, split listing, shell listing, backdoor listing and company acquisition and merger. In this course, the combination of theoretical teaching and case teaching is mainly used to provide students with important theories and operations of investment banks such as corporate mergers and acquisitions and corporate restructuring, so that students can master some basic skills of capital market operation.

Corporate Finance Theory

This course will introduce all aspects of corporate finance and enterprise theory. The contents of the course will include capital structure decision-making, dividend policy, securities product design and voting rights, corporate governance and corporate control market, optimal financial contract, internal organizational structure and management reputation. The course will focus on the influence of information asymmetry, agent conflict, strategic cooperation and incomplete contract on corporate financial decision-making. In addition, this course will also introduce the impact of taxation on corporate financial decisions and securities prices. The course will also introduce the current research to students to promote their innovative ideas in this field.

fixed income bonds

This course will introduce the main theories and applications of fixed income bonds. The content of the course will include national debt, corporate bonds and asset-backed securities. At the same time, the course will also discuss the application of fixed-income securities in various risk management such as default risk, interest rate risk, liquidity risk, tax risk and purchasing power risk, and the reasons why fixed-income securities are constantly innovated.

At the same time, the term structure theory of interest rate is an important part of the course of fixed income securities, but this course only focuses on the single-factor term structure model of interest rate and its application, and briefly introduces the multi-factor term structure model of interest rate. In addition, this course also teaches the pricing habits of fixed-income securities, zero coupon bond, interest-bearing bonds, bond duration, convexity and time effect, term structure model of interest rate, pricing of weighted bonds, pricing of interest rate futures, options and swaps, and mortgage-backed securities (MBS).

financial derivatives and risk management

this course mainly introduces the theory of financial innovation and the development of financial derivatives, including the development of financial derivatives such as forward, futures, swaps and options, and their pricing and asset portfolio. In this course, the nature of financial derivatives is mainly studied, and a theoretical framework for pricing and hedging of all financial derivatives is given. All these financial derivatives play a very important role in financial risk management. This course will illustrate how to apply financial derivatives to financial risk management through some examples. At the same time, this course will also discuss and analyze the development of futures, equity and other financial derivatives in China, and encourage students to do research in this field.

Behavioral Finance

In this course, we will discuss the empirical test of financial models under the conditions of information asymmetry, agent conflict and incomplete contract, and focus on the analysis of empirical research methods. On this basis, this lesson will introduce the behavioral research on corporate finance (including theoretical and empirical research). Relevant contents will include psychological evidence related to corporate finance, and their applications in securities, insurance, capital structure, investment strategy, mergers and acquisitions, corporate governance and media influence. This course will focus on the latest progress in this field and guide students to carry out related thesis research.

financial time series analysis

in this course, we will study the basic model and empirical analysis of financial time series, and the fields involved will include securities, commodities and money markets. This course will focus on empirical econometric analysis, and guide students to conduct empirical research by using the data of China market. Mainly from the perspective of statistics and metrology, this paper reveals the behavior characteristics of price changes in China stock market. Students who study this course must have some basic knowledge of econometrics and have studied the course of financial economics. At the same time, there will be a lot of computer experiments in this course, which requires students to spend more time and energy on data analysis.

commercial bank management

this course will introduce the main theories and their applications about asset management, liability management and risk management of commercial banks. The contents of the course include business analysis, liquidity management, bank asset management, bank loan management, proprietary securities management, credit risk management, bank liability management, capital adequacy ratio management, asset-liability joint management and interest rate risk management of commercial banks.

Financial Intermediary and Capital Market

This course includes financial markets, tools and institutions, with the basic focus on financing at different stages of a company's life cycle and providing financial support for its activities. When, where and how to raise funds are the main points of this course. Although it is necessary to test the transaction costs from the perspective of participating financial intermediaries, the research point is still the problem of financing companies. This paper first discusses the roles of all parties and financial intermediaries in the financial market, and then analyzes the financing options of new enterprises with little or no securities price information, and discusses the related problems of larger listed companies. Problems include public listing decision, mechanism, IPO pricing, the role of investment banks in IPO, privatization, banking bonds and public bond markets, securitization, junk bond market, equity financing and signaling, convertible bond financing, swap market, interest rate, currency and price risk management, and issues related to corporate risk hedging.

international finance

this course provides students with a framework for companies to make corporate financial decisions internationally. The course will discuss a series of problems in international financial management. The main focus will be on spot trading, currency forward, options, swaps, international bonds, international equity and other markets. In each market, we will learn the trading tools inside, and learn the application of these tools in the following company decisions through cases: exchange rate risk management, financing in the international capital market, and international capital budget.

monetary economics

money demand, money supply, interest rate determination, money and economic cycle, money and employment, money and economic growth, inflation and monetary policy.