Předmět Financial Economics (JEB120)

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Materiál	Typ	Datum	Počet stažení

Sylabus

1. Financial markets and their role in the economy.Overview: comparison of real and financial assets, agents and clients of financial markets, evolution of financial markets, market structure, ongoing trends - globalization, securitization, financial engineering, regulation, and liberalization.The principal book for this topic:·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch.1.2. Financial institutions and financial instruments.Overview: introduction of money markets, bond markets, equity securities, stock and bond market indexes, derivative markets, exchange-traded markets, over-the-counter markets, forward and future contracts, options, and arbitrage.The principal books:·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch.2, 3, 43. Fixed income securitiesOverview: bond characteristics, bond pricing, bond yields, yield curve, yield curve and future interest rates, interest rate structure·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch. 14, 154. Security analysisOverview: macroeconomic and industry analysis, intrinsic value versus market price, shock pricing, financial statement analysis·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch. 17, 18, 195. Options and futures Overview: value of options, option strategies, option valuation, future contracts, trading mechanisms in futures contracts, future market strategies·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch. 20, 21, 226. Portfolio choiceOverview: interest rates, risk and risk premium, real versus nominal risk, risk and risk aversion, systematic versus intrinsic risk, portfolio risk, optimal portfolio, portfolio diversification, mean-variance analysis, introduction of capital asset pricing modelsThe principal textbooks:·         Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch. 5, 6, 7, 8.·        Pennancchi, G. Asset Pricing. 2008; - ch. 1, 2, 3.7.      Portfolio managementOverview: portfolio performance valuation, international diversification, the process of portfolio management.The principal textbooks:·        Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005; - ch. 24, 25, 26, 27.8.      Efficient markets versus behavioral financeOverview: efficient market hypotheses, empirical challenges to efficient market hypotheses, the role of psychology in behavioral finance.The principal textbooks:·        Shiller, R.J. Irrational Exuberance. - 2nd ed., 2005; - ch. 3, 4, 8, 9.·        Shleifer, A. Inefficient Markets: an Introduction to Behavioral Finance, 2001; - ch. 1, 2.9. Money and monetary institutionsOverview: the evolution of money and its functions, money aggregates, the role of money in the short versus long runThe principal textbooks:·        Hadjimichalakis, M.G., Hadjimichalakis, K., G. Contemporary Money, Banking, and Financial Markets, 1995; - ch. 1, 7, 8.·        Walsch, C.E. Monetary Theory and Policy. - 3rd ed., 2010; - ch.1.10. Banks and bankingOverview: the role and evolution of banks, regulation of banks, the role and function of central banks, adverse selection and moral hazard in lender-borrower relationshipThe principal textbooks:·        Grossman, R. Unsettled Account: the Evolution of Banking in the Industrialized World since 1800, 2010; - ch. 1, 2.·        Davies, H., Green, D. Banking on the Future: the fall and the Rise of Central Banking, 2010; - ch. 1, 2, 3, 5.·        Bindseil, U., Gonzales, F., Tabakis, E. Risk Management for Central Banks and Other Public Investors, 2009; - ch. 1, 7, 11.11. Bank crisisOverview: causes of the current global banking crisis, shadow banks and the financial crisis of 2007-2008; preventing banking crisis, bank runs, and bailouts; the role of government in sustainable banking.The principal textbooks:·        Grigoriou, G.N. The Banking Crisis Handbook, 2010; - ch. 1, 3, 11·        Milne, A. The Fall of the House of Credit, 2009; - ch. 1, 2, 9, 10.12. International financial systemOverview: foreign exchange markets and exchange rate regimes, the role of central banks in the international monetary system, international money and capital markets, exchange rate risk and foreign currency regimes, growing interdependence of financial markets, financial catastrophe, sources of financial risks, crisis and non crisis risk in financial markets, contemporary financial crisisThe principal textbook:·          Rivera-Batiz, F.L., Rivera-Batiz, L.A. International Finance and Open Economy Macroeconomics. - 2nd ed., 1994; - ch.  3, 4, 7·          Banks, E. Risk and Financial Catastrophe. - 1st ed, 2009; - ch. 2, 3, 7.

Literatura

The principal textbooks: • Bodie Z., Kane, A., Marcus, A.J. Investments. - 6th ed., 2005. • Davies, H., Green, D. Banking on the Future: the Fall and the Rise of Central Banking, 2010. • Hull, J.C. Risk Management and Financial Institutions. - 2nd ed, 2010. • Rivera-Batiz, F.L., Rivera-Batiz, L.A. International Finance and Open Economy Macroeconomics. - 2nd ed., 1994. • Shiller, R.J. Irrational Exuberance. - 2nd ed., 2005. The supplementary textbooks: • Banks, E. Risk and Financial Catastrophe. - 1st ed, 2009. • Bhattacharya, S., Boot, A.W.A., Thakor, A.V. Credit, Intermediation, and the Macroeconomy, 2004. • Bindseil, U., Gonzales, F., Tabakis, E. Risk Management for Central Banks and Other Public Investors, 2009. • Crouhy, M., Galai, D., Mark, R. Risk Management, 2001. • Černy, A. Mathematical Techniques in Finance. - 2nd ed., 2009. • Grossman, R. Unsettled Account: the Evolution of Banking in the Industrialized World since 1800, 2010. • Jorion, Ph. Financial Risk Manager Handbook. - 3rd ed., 2005. • Hull, J.C. Options, Futures, and Other Derivatives. - 7th ed., 2009. • Pennancchi, G. Asset Pricing. 2008. • Pixley, J. Emotions in Finance: distrust and uncertainty in global markets, 2004. • Grossman, R. Unsettled Account: the Evolution of Banking it the Industrialized World since 1800, 2010.

Požadavky

Presentation & literature review (20 pts) Midterm examination (30 pts) Final examination (50 pts) To pass students need to have at least 55 pts

Garant

prof. Ing. Evžen Kočenda, Ph.D.

Vyučující

Mgr. Iuliia Brushko, M.A.