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42778-01 - Vorlesung: Intermediate Finance 3 KP

Semester Herbstsemester 2019
Angebotsmuster Jedes Herbstsemester
Dozierende Heiko Sorg (heiko.sorg@unibas.ch)
Heinz Zimmermann (heinz.zimmermann@unibas.ch, BeurteilerIn)
Inhalt Content:
The classic asset pricing models (CAPM, APT) do not explicitly take the time dimension of financial decisions into account. This is a rather strong limitation. In this course, we want to extent this perspective by developing an empirical framework for long-term pricing effects. Specifically, we cover the following issues:
• We review the basic setting of Euler-equation based (SDF-) asset pricing
• We discuss the equity premium puzzle
• We address intertemporal valuation problems by an analysis of the variability and predictive power of dividend-price and other valuation ratios
• We discuss excess volatility of stock prices with respect to fundamentals
• We derive the pricing implications of models that can explain the equity premium and return predictability: habits, long-run risks and rare disasters
• We discuss how better data can improve existing models
Literatur Course Material:
See Syllabus on homepage.
Weblink Weblink


Teilnahmebedingungen Prerequisites
Standard textbook finance (portfolio theory, asset pricing, option pricing) and microeconomics are required to follow the course. Students who have taken "Advanced Macro and Finance" will have a definitive advantage.

The course "Advanced Empirical Finance" covers empirical exercises of some of the models that we cover and will be complementary to this course.
Anmeldung zur Lehrveranstaltung Registration: Please enrol in MOnA. EUCOR-Students and students of other Swiss Universities have to enrol at the students administration office (studseksupport1@unibas.ch) within the official enrolment period. Enrolment = Registration for the exam!
Unterrichtssprache Englisch
Einsatz digitaler Medien kein spezifischer Einsatz


Intervall unregelmässig
Datum 19.09.2019 – 28.11.2019
Zeit Siehe Detailangaben

Attention, the event does not always take place in the same room. The dates and corespnding rooms can be seen below:

Datum Zeit Raum
Donnerstag 19.09.2019 10.15-13.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S14 HG.32
Donnerstag 26.09.2019 10.15-14.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35
Donnerstag 03.10.2019 10.15-14.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35
Donnerstag 10.10.2019 10.15-14.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35
Donnerstag 07.11.2019 10.15-14.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35
Donnerstag 14.11.2019 10.15-14.00 Uhr Wirtschaftswissenschaftliche Fakultät, Seminarraum S13 HG.35
Donnerstag 21.11.2019 10.15-14.00 Uhr Juristische Fakultät, Seminarraum S6 HG.52
Donnerstag 28.11.2019 10.15-11.00 Uhr Juristische Fakultät, Seminarraum S6 HG.52
Module Modul: Finanztheorie (Masterstudium: Actuarial Science)
Spezialisierungsmodul: Areas of Specialization in International and/or Monetary Economics (Masterstudium: International and Monetary Economics)
Vertiefungsmodul: Monetary Economics and Financial Markets (Masterstudium: Wirtschaftswissenschaften)
Leistungsüberprüfung Semesterendprüfung
Hinweise zur Leistungsüberprüfung Grading is based on a written final exam.
written exam: 12.12.19; 10:15-11:45.
You can still withdraw from the examination by submitting a completed, signed form to our office from 15.10.19 until 25.10.19 / 12:00 o’clock. Withdrawals sent by email will not be accepted. You will find the examination withdrawal form on the Homepage of the Student Dean’s Office. Prior to 14.10.19, please only use MONA for withdrawing. The exam rooms will be published up to 08.12.19.
An-/Abmeldung zur Leistungsüberprüfung Belegen via MOnA innerhalb der Belegfrist
Wiederholungsprüfung keine Wiederholungsprüfung
Skala 1-6 0,1
Wiederholtes Belegen beliebig wiederholbar
Zuständige Fakultät Wirtschaftswissenschaftliche Fakultät / WWZ, studiendekanat-wwz@unibas.ch
Anbietende Organisationseinheit Wirtschaftswissenschaftliche Fakultät / WWZ