1. No category

Financial Economics (FIE)
NHH, August 13, 2015
Professor Øystein Thøgersen
FIE: Introduction
• FIE – the most popular profile at NHH
- Approximately 35% of all masters students
• Possible reasons
-
A really interesting and exciting subject
A diverse portfolio of high-quality courses
Strong job prospects
Finansavisen August 2014:
- “norske meglerhus domineres av tidligere NHH-studenter ”
2
Financial Economics
Macroeconomics
Investors
Saving
Capital management
Capitalmarket
Firms
Pricing
Investments
Corporate Finance
3
The three "pillars" of the FIE profile
• Investments, capital management
• Corporate Finance
• Macroeconomics
• Designing the individually optimal course-portfolio
- How much in-depth specialization?
- How much diversity?
- How much priority to "more advanced" courses?
4
Mandatory Courses
• Mandatory Finance courses: At least two out of the following three courses
- FIE 400 Investments/Financial Markets
- FIE 402 Corporate Finance
- FIE 403 Business Cycle Analysis
• Mandatory methodological course: One out of the following three courses
- FIE 401 Empirical Methods in Finance
- ECN 402 Econometric Techniques
- FIE 439 Empirical Analyses of Financial and Commodity Markets
5
A lot of flexibility… Choose wisely!!
Note, the table should also
include:
-FIE423, "Renteinstrumenter"
-FIE426, "Kapitalforvaltning"
(Both course offered in the
spring semester)
6
A quiz
Who is who? – and what do they
have in common??
7
FIE: Basic structure
• Each student is required to take at least
- Six courses within Financial Economics
• At least two of the core finance courses
• One of the three methodological course
• Electives in financial economics
- Six other courses
• A "minor" or exchange
• Three courses from the overall NHH master course portfolio
- Note: You must have at least 2.5 ECTS in ethics
- Thesis
• Time line
- Take core courses and the methodological course early (first and second semester)
- Move on and take electives (mainly in second & third semester)
- Master thesis: The thesis is normally written in the fourth semester. But – start to think about the
thesis much earlier!!
8
Corporate Finance
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
FIE 402 Corporate Finance / Foretakets finansiering
FIE 428 Corporate Financial Management
FIE 432 Personlig økonomi
FIE 433 International Finance
FIE 435 Financial Modeling
FIE 436 Venture Capital, Private Equity, and IPOs
FIE 437 Valuation
FIE 443 Merges and Acquisitions
FIE 441 Taxes and Business Strategy
FIE 444 Banking
FIE 445 Project Finance
FIE 420 Corporate Governance
ECO422 Advanced Corporate Finance
FIE 401 Empirical Methods in Finance
ECO 440 Økonomi og usikkerhet: Forsikring og finans
9
Investments/ Capital management
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
FIE 400 Investments / Finansmarkeder
FIE 403 Business Cycle Analysis / (Konjunkturanalyse)
FIE 420 Pengemarkeder og Bankvesen
FIE 421 Long-term Macroeconomic Analysis
FIE 422 Internasjonale finansmarkeder og og finansiell stabilitet
FIE 423 Renteinstrumenter
FIE 425 Derivatives and Risk Management
FIE 431 Krakk og kriser
FIE 432 Personlig økonomi
FIE 426 Kapitalforvaltning
ECN 430 Empirical methods and applications in macroeconomics and finance
FIE 433 International Finance
FIE 434 Behavioral Finance and Wealth Management
FIE 435 Financial Modeling
FIE 438 Applied Portfolio Management
ECO 403 Time Series Analysis and Prediction
ECO 421 Asset Pricing
ECO 425 International Macroeconomics
ECO 440 Økonomi og usikkerhet: Forsikring og finans
10
Macroeconomics and financial markets
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
FIE 400 Investments / Finansmarkeder
FIE 403 Business Cycle Analysis / (Konjunkturanalyse)
FIE 420 Pengemarkeder og Bankvesen
FIE 421 Long-term Macroeconomic Analysis
FIE 422 Internasjonale finansmarkeder og og finansiell stabilitet
FIE 423 Renteinstrumenter
FIE 431 Krakk og kriser
FIE 426 Kapitalforvaltning
FIE 433 International Finance
FIE 434 Behavioral Finance and Wealth Management
FIE 438 Applied Portfolio Management
ECN 430 Empirical methods and applications in macroeconomics and finance
ECO 403 Time Series Analysis and Prediction
ECO 421 Asset Pricing
ECO 425 International Macroeconomics
11
«Apetizers»
• Finally, let’s consider two nice examples of selected issues
discussed and analyzed in various FIE courses
• 1. Capital management – illustrated by challenges facing the
«petroleum fund»
• 2. The stock market and the business cycle
12
Case 1: The largest SWF in the world…
13
Volatility in the return of the fund….
14
…and volatility in excess returns
15
Rebalancing
16
Case 2:The stock market and the business cycle
17
Case 2b: Effect of 9/11
18
Maybe this will motivate you as well…?
19