Course Outlines MIF
Pre-Course Training
Fundamentals of Finance
This course provides an introduction to corporate finance and investments. Topics covered include, among others: principles of valuation and financial decision-making, time value of money, interest rates, and loan amortization, investment decision rules, valuation of bonds and stocks, capital budgeting, portfolio selection, pricing of risk, and the Capital Asset Pricing Model, debt and taxes, cost of capital estimation, and capital structure.
Quantitative Methods & Research Skills
This course reviews probability, inferential statistics, basic econometrics, and provides an introduction to qualitative and quantitative research methodology and design.
Financial Accounting
This course provides an introduction to financial accounting. Topics covered include, among others: accounting principles and financial statements, accounts, debits, and credits, income and cost recognition, current assets (accounts receivable, inventory), long-term assets (PPE, investments, and intangibles), current liabilities, long-term obligations, and corporate equity accounting, statement of cash flows, and financial and ratio analysis.
Block 1
Investments
This course provides an advanced treatment of modern investment theory, asset pricing, and portfolio management. The course reviews fixed income valuation and portfolio management, optimal portfolio selection and capital asset pricing theories, empirical tests of asset pricing theories, performance evaluation, and market efficiency. It also provides a discussion of recent developments in asset pricing research, including behavioral finance.
Advanced Corporate Finance & Valuation
The first part of this course provides an advanced treatment of corporate valuation methodology (e.g., Pro-forma Forecasting, APV, FTE, WACC, Economic Profit, Multiples). We will apply valuation techniques to a variety of business contexts, including M&A, leveraged buy outs, and international project finance. The second part of the course reviews theories of capital structure and payout policy. It also provides a discussion of recent empirical research on the value impact of capital structure decisions.
Financial Econometrics
A working knowledge of econometrics is indispensable in finance, for example in the evaluation of portfolio performance. This course provides a hands-on approach to developing skills for the statistical and econometric analysis of financial models.
Block 2
M&A and Restructuring
This course covers topics such as mergers & acquisitions, Private Equity and equity offerings. The course offers a rich blend of lectures, readings, exercises and cases.
The objective of the course is to achieve a rigorous working knowledge of key issues in corporate finance. Students will acquire a thorough understanding of the accepted theoretical foundations and conceptual underpinnings of finance and financial economics. Students will learn ability to apply concepts and ideas in practical business situations.
Financial Derivatives
Derivative products have a profound impact on financial markets, and there is extensive interaction between academic research and business practice. This course seeks to find a balance between theory and practice by examining the fundamental principles of the valuation of derivative securities and structured products, and discussing a series of case studies and applications.
International Financial Management
The aim of this course is to provide you with a deep understanding of financial management issues in an international setting. Topics covered include international debt and equity markets, cross-border capital budgeting and financing, foreign exchange risk measurement and management, international taxation and transfer pricing, and international portfolio investment and global asset allocation.
Financial Analysis and Valuation (elective)
This course covers advanced issues in corporate valuation, accounting, and financial analysis. The focus is on understanding and dealing with the complexities that arise in the implementation of valuation models and analysis of financial statements. Topics covered include, among others: review of enterprise and equity valuation methodology, treatment of pension deficits, minority interests, and leases, advanced issues in pro forma forecasting and cost of capital estimation, valuing M&A, cross-border valuation, and valuation of financial institutions.
Block 3
International Study trip: Cape Town, South Africa
Programme of 5 days in Cape Town (7,5 hours per day on average)
Block 4
Risk Management & Financial Institutions
This course examines the role of banks in modern economies, and it provides an analysis of the ways in which risks are quantified and managed by financial institutions. Among the topics covered are the nature and economic role of commercial and dealer banks; the measurement, modelling, and management of market risk, credit risk, and liquidity risk; and regulation of financial institutions (in particular, Basel I – III) and other policy issues of topical interest (e.g., concerning the market for credit derivatives, Dodd-Frank Act, etc.). All major concepts will be directly linked to the 2007-2009 credit crisis and to other major financial crises.
Financial Modelling
This course focuses on building financial models with Excel and VBA for corporate valuation, portfolio management, and financial derivatives. The classes will be directed towards applying finance theory to building implementable models that are widely used in practice.
Real Estate Finance (elective)
This course analyzes the role of real estate assets for portfolio decision making. It provides a framework to analyze the different vehicles of real estate investments (such as, REITs, CMBS) and their financing, to describe the international real estate marketplace, and to address the challenges of performance measurement for real estate assets.
Finance Research Workshop
The aim of this course is to prepare you for the master thesis research project. It reviews key elements of research methodology, empirical research methods, and research design, and provides a structured setting where you develop a successful research project proposal.
Ethics in Finance Workshop
The objective of this course is to make participants aware of the importance of ethics in finance, the importance of laws and codes of conducts and codes of ethics in various finance professions (e.g., CFA) and help develop participant’s skills in recognising and treating ethical issues.
Block 5
Advanced Asset Management (elective)
This course aims at enhancing your understanding of recent developments in asset management. The focus is on advanced asset management techniques, such as dynamic asset allocation strategies, performance measurement, and style analysis. In addition, the latest research on alternative investments, such as hedge funds and private equity, will be reviewed.
Computational Finance with MATLAB (elective)
This course provides an introduction to MATLAB, an interactive programming environment that is widely used in the financial services industry. The course deepens your knowledge and understanding of finance theories by developing MATLAB applications and building financial models in areas such as portfolio management, derivatives pricing, and risk management.
Leadership programme NEW
The goal of the programme is to for the students to develop more self-awareness of their personal style of management and leadership talents. The purpose of the programme is not to provide a single 'correct' perspective, instead it is intended that the programme enables personal reflection and insight critical for future work and personal success. This will require that each student fully engages both with the course material, as well as, respectfully, with their own and others' experiences.
Behavioural Finance (elective) NEW
The objective of this course is to provide a comprehensive introduction to Behavioural Finance. This relatively new eld integrates insights from psychology into economic models to better understand, predict, and possibly prevent (seemingly) irrational decision-making of investors and firms.