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| Semester | spring semester 2019 |
| Course frequency | Every spring sem. |
| Lecturers |
Michael Huynh (michael.huynh@unibas.ch)
Oliver Landmann (oliver.landmann@unibas.ch) Heinz Zimmermann (heinz.zimmermann@unibas.ch, Assessor) |
| Content | Course outline Part Finance The lecture provides an overview on some of the key topics of the theory of finance 1) Capital market under certainty: Consumption, investment, economic growth, and interest rates; Fisher separation and economic implications 2) Capital market under uncertainty: Consumption-based pricing, risk aversion, state (SDF) valuation, CAPM, arbitrage pricing with applications to options 3) Corporate financial decisions: Capital structure and cost of capital, Modigliani-Miller, contingent-claim analysis of corporate securities, over- and underinvestment, real options, pecking order theory, payout decisions Course outline Part Macroeconomics: I Capital Accumulation, Growth, and Income Distribution 1. Capital Accumulation and Economic Growth (Solow and extensions) 2. Economic Growth, the Real Interest Rate and Income Distribution: the Piketty Debate II Asset Prices and Macroeconomic Stabilization 3. A Review of the Standard Short-Run Macro Model 4. Investment, Tobin’s q, and Aggregate Output 5. The New Keynesian Open-Economy Model and Swiss Exchange Rate Policy |
| Learning objectives | Course objective: Introduction to key finance-related long-run and short-run issues in macroeconomics Treatment of key principles of financial economics, in particular related to time and uncertainty |
| Bibliography | Reading Part Finance (recommended, not required): Cochrane, J., Asset pricing, Princeton Univ Press, 2005 Lengwiler, Y., Microfoundations of financial economics, Princeton Univ Press, 2006 Niepelt, D., Macroeconomic models, book draft, available online (chapters 3 and 4) de Matos, J.A., Theoretical foundations of corporate finance, Princeton Univ Press, 2001 Sharpe, W., Investors and markets, Princeton Univ Press, 2008 Readings Part Macroeconomics: David Romer, Advanced Macroeconomics, 4th ed. 2012, Chapters 1 and 9. Thomas Piketty and Emmanuel Saez, Inequality in the Long Run, Science, 344 (6186), 838-843 Olivier Blanchard, Alessia Amighini/Francesco Giavazzi, Macroeconomics – A European Perspective, 2nd.ed. 2014, Chapter 11. Olivier Blanchard, Output, the Stock Market, and Interest Rates, American Economic Review, 71, 1981, 132-143. Wendy Carlin/David Soskice, A New Keynesian Open Economy Model for Policy Analysis, CEPR Discussion Paper No. 7979, September 2010. |
| Comments | Finance part: For each of the three subjects of the lecture, a package of slides is available. They are used in the lectures. |
| Weblink | Weblink to ADAM |
| Admission requirements | Completed Bachelor in Business and Economics |
| Course application | 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! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|
No dates available. Please contact the lecturer.
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) Core Module: Economics (Master's Studies: Business and Economics) (Pflicht) Modul Kernbereich Wirtschaftswissenschaften für Fortgeschrittene (Master's Studies: Sustainable Development (Start of studies before 01.08.2017)) Modul: Methoden der Wirtschaftswissenschaften (Master's Studies: European Global Studies) Module: Core Competences in Economics (Master's Studies: Sustainable Development) Module: Selected Subjects of Economics and Jurisprudence (Master's Studies: Actuarial Science) Module: Theory of Finance (Master's Studies: Actuarial Science) |
| Assessment format | end-of-semester examination |
| Assessment details | written exam: 13.06.19; 13:30- 15:00; St. Jacobshalle: A-Z. Die Adressen der Prüfungsräume finden Sie hier: https://wwz.unibas.ch/de/studium/pruefungen/vorlesungs-und-pruefungsraeume/ . Bitte kontrollieren Sie die Raumzuteilung kurz vor den Prüfungen noch einmal! |
| Assessment registration/deregistration | Registration: course registration |
| Repeat examination | no repeat examination |
| Scale | 1-6 0,1 |
| Repeated registration | as often as necessary |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |