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| Semester | fall semester 2023 |
| Course frequency | Every fall sem. |
| Lecturers |
Thorsten Hens (thorsten.hens@unibas.ch, Assessor)
Maxime Stern (maxime.stern@unibas.ch) |
| Content | This course provides an in-depth treatment of selected topics at the frontier between macro and financial economics. It includes in-class meetings with in-depth discussions of the topics and selected papers, and a set of exercises to practice the material. |
| Learning objectives | The first part of the course covers microeconomics: decision theory and general equilibrium. The second part applies these foundations to finance. In the course the neoclassical growth model with financial markets will be developed step-by-step. We first study the interaction of a labor, a product and a capital market in a two-period model. Then the model is extended to infinitely many time periods and finally uncertainty is included. In the last section natural resources are added so that one can study the interaction of financial markets and the environment, today called ESG-investing. The following famous claims in finance will get a precise economic foundation: • The equity premium • The stochastic discount factor • The Capital Asset Pricing Model • The Modigliani-Miller Principle • The Gordon Growth Model • Increasing Economic Inequality • The Hotelling Rule • Sustainable Development |
| Bibliography | The course follows the textbook “Economic Foundations for Finance” written by Hens and Elmiger. |
| Comments | In fall semester 2023 the lecturer will be Prof. Thorsten Hens (Universität Zürich) due to Prof. Yvan Lengwiler's sabbatical. |
| Weblink | Further Information |
| Admission requirements | Basic mathematics and statistics are required, e.g. derivatives, expansions, vari-ances and covariances, linear regression. Additional material includes standard bachelor micro- and macroeconomics, e.g. indifference curves, production functions, substitution and income effect, … Special knowledge in financial economics is not required, although advantageous. We assume that a basic course in financial markets or financial management (e.g. investments) has been taken. |
| Course application | Registration: Please enroll in the Online Services (services.unibas.ch); Eucor-Students and mobility students of other Swiss Universities or the FHNW first have to register at the University of Basel BEFORE the start of the course and receive their login data by post (e-mail address of the University of Basel). Processing time up to a week! Detailed information can be found here: https://www.unibas.ch/de/Studium/Mobilitaet.html After successful registration you can enroll for the course in the Online Services (services.unibas.ch). Applies to everyone: Enrolment = Registration for the course and the exam! |
| Language of instruction | English |
| Use of digital media | No specific media used |
| Interval | Weekday | Time | Room |
|---|---|---|---|
| wöchentlich | Tuesday | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Date | Time | Room |
|---|---|---|
| Tuesday 19.09.2023 | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 03.10.2023 | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 10.10.2023 | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 17.10.2023 | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 24.10.2023 | 16.15-20.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 21.11.2023 | 08.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Seminarraum S15 HG.31 |
| Tuesday 28.11.2023 | 08.30-12.00 | Wirtschaftswissenschaftliche Fakultät, Auditorium |
| Modules |
Basic Module: Advanced Topics in Economics (Master's Studies: International and Monetary Economics) Module: Fundamentals in Finance and Money (Master's Studies: Finance and Money) Module: Selected Subjects of Economics and Jurisprudence (Master's Studies: Actuarial Science) Module: Specific Electives in Finance, Controlling, Banking (Master's Studies: Business and Economics) |
| Assessment format | main lecture exam |
| Assessment details | The course is worth 6 ECTS credit points. Grading is based on a 90-minutes written exam at the end of the lecture. The exam is closed-book (no electronic devices permitted). Date of the exam: 03.01.24; 10:15-11:45; WWZ 15: A-Li; WWZ Audi: Lu-Z. Depending on the number of students, the start of the exam may be moved forward or backward for 15 minutes. Exam rooms and start times will be published until 29.11.23. You can still withdraw from the examination by submitting a completed, signed form to our office from 17.10.23 until 27.10.23 / 12:00 o’clock. The deregistration form and the mail address can be found on the homepage of the Dean of Studies Office: https://wwz.unibas.ch/en/studies/examinations/de-/registration-of-examinations/ Prior to 16.10.23, please deregister only in the Online Services. repeat exam: 06.02.24; 10:15-11:45. You will receive the rooms for the repeat exam by mail. IMPORTANT: For courses with a main lecture exam, a repeat exam is offered in addition to the regular examination date.This repeat examination can only be taken if the student has taken part in and failed the regular examination (grade < 4.0) see English translation of the study guide of our master programs by December 13, 2021: Paragraph 4.13.4.1. |
| Assessment registration/deregistration | Reg.: course registration, dereg: cancel course registration |
| Repeat examination | one repetition, best attempt counts |
| Scale | 1-6 0,1 |
| Repeated registration | one repetition |
| Responsible faculty | Faculty of Business and Economics , studiendekanat-wwz@unibas.ch |
| Offered by | Faculty of Business and Economics |