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Předmět Financial Markets (JEM037)

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Další informace

Sylabus

Lecture 1. Introduction. Financial System RegulationFinancial system regulation. New regulation requirements. Challenges to financial market participants introduced by new financial regulation.Lecture 2. Risk ManagementImportance of risk management. Tricky aspects of introducing the efficient risk management system. Differences among firms in motivation for hedging cash flow risk or against changes in firm values. Risk management of the interest rate risk vs value of portfolio.Lecture 3. Efficient MarketsEfficient market hypothesis (EMH): weak form, semi-strong form, strong form. Relevant information. Speed of adjustment. Hypothesis testing.Lecture 4. Behavioral FinanceExamples of market inefficiencies.  Investor sentiment, noise trade risk, and professional arbitrage. Passive vs. active management.Lecture 5. LiquidityGlobal liquidity. Market Liquidity. Funding Liquidity. Interaction between market liquidity and banks´ funding liquidity. Measurement and indices.Lecture 6. Money Markets and central banksMain features of the money markets. Central bank operations. Money market indicators. Determinants of interbank rates.Lecture 7. Guest Lecture: Central bank investmentsLecture 8. Cross-Border Capital flows, Contagion and Risk AversionContagion and spillovers. Role of key players in facilitating contagion. Market sentiment and Risk appetite. Contagion via common creditor channel.Lecture 9 Structured Products and Global Financial CrisisSecuritization. New structured instruments. 2007-2009 Credit crisis. Impact on the countries of Central and Eastern Europe (CEE).Lecture 10. Incentives, Info and Corporate ControlManagerial incentives and financial decisions. Information content of earnings announcements, change in the dividend policy, debt-equity choice.Lecture 11. Mergers, Acquisitions and RestructuringMergers and Acquisitions as the growth strategies. Shedding assets as gelation of values. Changes in the ownership structure for value creation.Lecture 12. Guest Lecture: Practical aspect of IPOs

Literatura

Hillier, D., Grinblatt, M., Titman, S., 2013. Financial Markets and Corporate Strategy, 2nd European Edition, McGraw Hill.A list of readings covering selected academic articles is provided below; it will be updated during the course.

Garant

Mgr. Iuliia Brushko, M.A.PhDr. Martina Jašová