INTERNATIONAL FINANCE: INSTITUTIONS AND MARKETS
Κωδικός Μαθήματος:
I-4
Τύπος Μαθήματος:
Υποχρεωτικό Μάθημα Κατεύθυνσης
Έτος Σπουδών:
Α'
Εξάμηνο Σπουδών:
Χειμερινό
Αριθμός Πιστωτικών Μονάδων (ECTS):
6
Γλώσσα Διδασκαλίας:
Greek
Περιγραφή:
The aim of the course is to introduce the international money and capital markets and the basic tools for analyzing the investment opportunities offered. The student will have the opportunity to learn about the general rules governing the operation of the financial and capital markets at an international level, the role of the financial system and supranational supervisory authorities, financial products and the exchange rate system as well as the factors that determine the long-term structure of interest rates and the formation of exchange rates.
Περιεχόμενο του μαθήματος (Syllabus):
International money/capital markets
• Products and operations
• Market-players and the role of regulatory authorities
• Developed and emerging markets
International fixed-income markets
• Treasury bills, certificates of deposit
• Bonds (pricing, duration and convexity)
• Advanced fixed-income products (floating rate notes, index-linked bonds, callable-putable bonds, convertible bonds)
The term structure of interest rates
• Yield curve
• Libor, Euribor
• The expectations theory and types of yield curves
• Spreads between bond yields
• Factors affecting the time-evolution of interest rates and yield spreads
• International credit rating agencies
International equity markets
• Products and operations
• Risk and return
• Fundamental valuation of stocks
• Portfolio risk and return
International portfolio selection
• The Markowitz model
• Risk diversification and the dependence structure of stock returns
• International diversification
• Feasible and efficient frontier
International investment appraisal
• Capital asset pricing model (CAPM)
• Systematic risk and stock valuation
• International CAPM
• Single-/ multi-factor models
• Arbitrage pricing theory
• Evaluating the performance of international investment funds
Foreign Exchange (FX) markets
• Products and operations
• Factors affecting the time-evolution of FX rates
• FX risk
• Strategies for managing FX risk
Derivative products
• Currency and Energy Futures
• Options
• Currency swaps
Συνιστώμενη Βιβλιογραφία προς μελέτη:
- Giddy, I.H. (1996), Global Financial Markets, Papazisis (Greek Translation)
- Vasiliou D. and Iriotis, Ν. (2018), Investment analysis and portfolio management, Rosili (in Greek)
Additional bibliography:
- Luenberger, D.G. (2013), Investment Science, Oxford University Press.
- Hull, J. (2014), Options, futures and other derivatives, Prentice Hall, 6th edition
- Elton, E. J., Gruber, M. J., Brown, S. J. και Goetzmann, W. N. (2013), Modern Portfolio Theory and Investment Analysis, Wiley, 6th edition
Related academic journals:
- Journal of International Money and Finance
- International finance
Διδακτικές και Μαθησιακές Μέθοδοι:
Use of ICT in teaching and communication with students
Use of ICT in laboratory eduction
Μέθοδοι αξιολόγησης / βαθμολόγησης:
- Final exam with Multiple Choice Questions and Problem Solving (Conclusive)
- Laboratory Work (Conclusive)
Αντικειμενικοί Στόχοι μαθήματος (επιδιωκόμενα μαθησιακά αποτελέσματα):
• Understanding the characteristics of international money/capital markets and the traded securities
• Learning theories and techniques for investment appraisal and portfolio selection on an international level
• Performing investment risk analysis
• Performing basic calculations in international portfolio selection using commercial software packages (solving optimization problems, estimating beta coefficients, calculating the efficient frontier, etc)
Περίγραμμα του Μαθήματος:
