PRE-MASTER - ub.edu€¦ · 2017-2018 S2 534 Comportement ... M1 FE 1 CC* 4345 Statistics & Financial Econometrics Part I 21 3 3 M1FE 1 CC 630 Cost ... Final exam: 70%

2017-2018 S1 5305 Anthropologie Management et Ethique Anthropology Management & Ethics 15 2 2 Franais

2017-2018 S1 5306 Managerial Economics 1 Managerial Economics 1 30 4 4 Franais

2017-2018 S1 521 Donnes, analyse et dcision (DAD) Data, Analysis and Decision (DAD) 30 4 4 Franais

2017-2018 S1 4891/4892 Macroconomie de l'entreprise Macroeconomics of Business 30 4 4 Franais

2017-2018 S1 523 Comptabilit Gnrale General Accounting 30 4 4 Franais

2017-2018 S1 524 Principes fondamentaux du droit et du droit des affaires Basic legal principles and business law 30 4 4 Franais

2017-2018 S1 526 Software for business Software for business 30 4 4 Franais

2017-2019 S2 4883 Des repres pour se dcider Des repres pour se dcider 7 1 1 Franais

2017-2018 S1 4501 Electif 1 Elective 1 15 1 1

2017-2018 S1 502 Business Communication Business Communication 15 1 Anglais

2017-2018 S1 - LV2 Foreign Language 15 1 -

2017-2018 S1 - LV3 Foreign Language 15 nc -

2017-2018 S1 4499 Socio-cultural France Socio-cultural France 30 7 Anglais

2017-2018 S1 1651 French (Language Course) French (Language Course) 30 5 Franais

SUB-TOTAL SEMESTER 1 240 30 402017-2018 S2 588 Fiscalit Taxation 30 3 3 Franais

2017-2018 S2 5307 Anthropologie Management et Ethique Anthropology Management & Ethics 15 2 2 Franais

2017-2018 S2 5308 Introduction to Marketing Introduction to Marketing 30 3 3 Anglais

2017-2018 S2 5309 Introduction to Finance Introduction to Finance 30 3 3 Anglais

2017-2018 S2 5310 Managerial Economics 2 Managerial Economics 2 30 3 3 Franais

2017-2018 S2 4395 BIG DAD BIG DAD 30 3 3 Anglais

2017-2018 S2 534 Comportement organisationel Organisational Behavior 30 3 3 Franais

2017-2018 S2 535 Business Game : Techpool Business Game : Techpool 15 1,5 1,5 Franais

2017-2018 S2 538 Ngociation Negotiation 15 1 1 Franais

2017-2018 S2 4397 Management d'quipes Team Management 15 1,5 1,5 Franais

2017-2018 S2 1010 Business Communication Business Communication 15 2 Franais

2017-2018 S2 - LV2 Foreign Language 15 2 -

2017-2018 S2 - LV3 Foreign Language 15 nc -

2017-2018 S2 1333 Family Business Family Business 30 8 Anglais

2017-2018 S2 1651 French (Language Course) French (Language Course) 30 5 Franais

2017-2018 S2 4574 Electif 2 Elective 2 15 1 1 Franais

2017-2018 S2 4575 Electif 3 Elective 3 15 1 1 Franais

SUB-TOTAL SEMESTER 2 300 30 39

TOTAL YEAR 540 60 79

LIBELL FRC COURSESCONTACT

HOURS

LANGUAGE OF

INSTRUCTIONEDHEC INCOMING

PRE-MASTER

ACADEMIC

YEARSEM. CODE

BOOK

Master Level 1

FINANCIAL ECONOMICS

ACADEMIC YEAR 2017-2018

FE Track

MASTER in MANAGEMENT 2017-2018MASTER 1 FINANCIAL ECONOMICS

Students from

Pre-Master

Program

other MiM

students

M1FE 1 SEM 4346 Take ownership of your academic environment 2 - -

M1FE 1 SEM 4347 Preparing yourself for learning with cases 4 - -

M1FE 1 CC* 625 Financial Institutions and Markets 15 2 2

M1FE 1 CC 626 Corporate Finance & Asset Markets 30 5 5 5

M1FE 1 CC* 627 Financial Econometrics 30 5

M1 FE 1 CC* 4345 Statistics & Financial Econometrics Part I 21 3 3

M1FE 1 CC 630 Cost Accounting & Management Control 21 3 3 3

M1FE 1 CC 628 Financial Analysis & Reporting 30 5 5 5

M1FE 1 CC 631 Introduction to Fixed Income 30 5 5 5

M1FE 1 CC 2308 Developing Managerial Skills (for a successful professional career) 15 2 2 2

M1FE 1 CC 634 International Economics 15 3 3 3

M1FE 1 CC 4900 Foreign Language 15 2 2

M1FE 1 CC 4378 French course (for visiting students only) 30 5

M1FE 1 CC 87 Socio-cultural France (for visiting students only) 30 7

M1FE 1 OPT 5372 Bloomberg Market Concepts (BMC) 8 - - -

M1FE 1 OPT 4968 Global Financing Solutions (SPOC EDHEC with SG) TBD - - -

M1FE 1 OPT 2589 GMAT PREPARATION 18 -

186 30 30 40

M1FE 2 SEM 633 Introduction to Excel & VBA programming 15 2 2 2

M1FE 2 SEM 805 Introduction to Derivatives 30 5 5 5

M1FE 2 CC 284 Marketing of Financial Services 15 2 2 2

M1FE 2 CC 2702 Valuation 15 2 2 2

M1FE 2 CC* 4622 Financial Econometrics Part II 21 2 2

M1FE 2 CC 632 Analysis of Risk & Performance 30 4 4 4

M1FE 2 CC 762 Corporate Governance 30 5 5 5

M1FE 2 CC 304 Strategic Management 30 4 4 4

M1FE 2 OPT 4901 Foreign Language 15 - -

M1FE 2 CC 4379 French course (for visiting students only) 30 5

M1FE 2 CC 2368 Researching France (For visiting students only ) 30 7

M1FE 2 E 1115 ELECTIVE 1 15 2 2 2

M1FE 2 E 1116 ELECTIVE 2 15 2 2 2

M1FE 2 E 1116 ELECTIVE 3 (For Pre-master Students, visiting students & MSc IA&F Only) 15 2 2

M1FE 2 E 1117 ELECTIVE 4 (For visiting students only + MSc IA&F) 15 2

210 30 30 46

396 60 60 86

PROG. SEM. Status N ELECTIVES NAME

M1FE 2 E 612 M&A Deals with PWC

M1FE 2 E 637 Micro finance

M1FE 2 E 638 Accounting & Taxes for Holding Companies

M1FE 2 E 691 Theory of Financial Crises (DSCG)

M1FE 2 E 662 Interpreting Macro economic Signals (DSCG)

M1FE 2 E 678 Financial Law & Economics (DSCG)

M1FE 2 E 611 Information System & Governance (DSCG)

M1FE 2 E 602 "Retail banking audit" with mazars

M1FE 2 E 668 CFA Preparation

M1FE 2 E 4351 Growth & Finance

M1FE 2 E 1103 Behavioral Finance

M1FE 2 E 1033 Corporate Social Responsibility (CSR)

M1FE 2 E 4623 Topics in Financial Econometrics

ECTS for

INCOMING &

QTEM

ECTS for MiM Students

PROG. SEM. Status N COURSE NAME Hour per Student

Last update: July 3, 2017 MiM-M1

18_M1_NI_FE_S1_SEM_4346: TAKE OWNERSHIP OF YOUR ACADEMIC

ENVIRONMENT NUMBER OF HOURS: 2

SEMESTER 1

INTERNATIONAL PROGRAMME - 0 ECTS

COURSE COORDINATOR: Jeremie LANIEZ

FINANCIAL ECONOMICS Studies

2017/2018

COURSE OBJECTIVES

This course aims at giving the newcomer students the basic knowledge to use the computers properly on the campus, especiallyfor foreign students.

LEARNING OUTCOMES

After having taken this course participants will be able to use:

Windows and the French keyboard1.

Blackboard and Aurion2.

Excels basics3.

Matlabs basics4.

COURSE CONTENT

Session TOPIC CONTENT PREPARATORY WORK

1Windows and the Frenchkeyboard

French keyboard tricks andWindows file structure.

2 BlackboardReview of the services onBlackboard, how to sendassignments, settings...

3 AurionLogging in, review, settings,downloads...

4 Excel & Microsoft OfficeBasics of the software,useful information, languagesettings.

TEACHING & LEARNING METHODS

The sessions will be carried out in a computer room.

ASSESSMENT METHODS

None

18_M1_NI_FE_S1_SEM_4347: PREPARING YOURSELF FOR LEARNING WITH

CASES NUMBER OF HOURS: 4

SEMESTER 1


COURSE COORDINATOR: Penny JARVIS


2017/2018

COURSE OBJECTIVES

This course enables students to understand the relevance of the case study methodology both in class work and future recruitmentscenarios. It Teaches the theory and enables students to practice one or more case studies

The objective is:

Provide an overview of the theory of case studies1.

Prepare students so that they perform to their highest ability during case study projects2.

Explain the use of case studies in future recruitment3.

LEARNING OUTCOMES

After having taken this course participants should be able to:

Understand how to read the case study efficiently

Employ critical reasoning to analyse case studies

Understand how to write up case study reports

Understand how to impress future recruiters by being able to perform well in case study exercises

PREREQUISITES

Students should recognize the importance of this course in preparing them for case study use in the classroom

They should pre-watch the HBR video explaining the theory of case studies before the curse

COURSE CONTENT

The Case Study

Introduction to the course 10 mins

Introduction to the Case Study Method 30 mins

Critical Reasoning 20 mins

Introduction to Case Study 1 20 mins

The Case Study 1 Group Work 30 mins

The Case Study 1 Plenary Session 30 mins

The Case Study 1 Review 20 mins

Case Study Writing Up 20 mins

Case Study 2 (Recruitment) 30 mins

Case Study 2 Presentation 30 mins


Teaching Method- Action Learning (theory, practice , then feedback)

ASSESSMENT METHODS

None

18_M1_NI_FE_S1_625: FINANCIAL INSTITUTIONS AND MARKETS NUMBER OF HOURS: 15

SEMESTER 1


COURSE COORDINATOR: Daniel HAGUET, PhD


2017/2018

COURSE OBJECTIVES

This is an introductory class that provides a comprehensive overview of the financial system: markets and institutions. It covers themain participants, markets and products, as well as recent innovations such as Fintechs.

LEARNING OUTCOMES

After having taken this course participants will be able to:

Understand the basic components and processes of the modern financial system.

Understand the regulatory constraints of the post crisis financial system

Understand the role of the main financial institutions

PREREQUISITES

No specific prerequisites other than an undergraduate education.

COURSE CONTENT

Introduction

Global view of the financial system

The various financial markets

The Institutional investors

The role of the regulatory institutions

Financial innovation and Fintechs


Mixed between lectures and examples

ASSESSMENT METHODS

Continuous assessment: 30%

Final exam: 70%

READINGS

Mishkin, F. and Eakins, S., Financial Markets and Institutions, 8th edition, Global Edition (Pearson Series in Finance)

18_M1_NI_FE_S1_CCO_FIN_626: CORPORATE FINANCE & ASSET MARKETS NUMBER OF HOURS: 30

SEMESTER 1


COURSE COORDINATOR: Milos VULANOVIC , PhD - [email protected]


2017/2018

COURSE OBJECTIVES

The objective of this course is to provide a solid grounding in the principles and practice of finance and develop the understandingof the tools necessary to make good financial decisions. This module aims to provide knowledge and understanding of keymanagement issues in corporate finance and in the market for financial assets. Students will critically assess various analyticaltechniques in relation to specific corporate finance applications and develop a knowledge of key board level considerations.

LEARNING OUTCOMES

The learning objectives of this course are that you became equipped to:

Analyze the theory and practical problems of corporate finance in the modern business environment;

Appraise the way corporate managers use financial theory to solve practical problem;

Apply underlying theories, concepts, assumptions, limitations and arguments to make financial decisions within the real-world

constraints.

After having taken this course, participants will be able to apply in professional setting and to:

Develop a clear understanding of modern corporate finance theory and its associated concepts and translate these concepts

into the strategic context within which corporate finance decisions are made;

Evaluate risk and apply its portfolio theory;

Examine and critique different practices in capital budgeting;

Evaluate major valuation tools

PREREQUISITES

Basic knowledge of Statistics

COURSE CONTENT

Session Topic Content Preparatory work

0 IntroductionOverview of the module

Work requirements / expectations

Overview of the assessment

Reading the appropriatesection of the course notesand the directed readingoutlined in the courseguide.

1Financial Markets andManagement.

The role of the financial manager

Overview of the financial markets

Overview of financial assets

Chapters 1, 2 of Brealeyand Myers.

2 Valuation tools: Time Value of Major valuation tools Chapter 3

Money

Cash flow discounting

Time Value of Money

Stock Valuation

Bond Valuation

3Project Appraisal and CapitalBudgeting Major investment valuation techniques

Chapters 10, 11 of Brealeyand Myers.

Handout

4 Introduction to Risk and ReturnRisk

Returns

Statistical properties

Chapter 7 of Brealey andMyers.

5 Portfolio Selection Basic portfolio formation

Current developments

Brealey andMyers.Bloomberg, CNBC,Yahoo corporate news

6The Capital Asset PricingModel

CAPM, its development and further

extensions

Chapter 9 of Brealey andMyers.

7Financing and optimal capitalstructure

Cost of capital

The tax shield

Miller and Modigliani

Weighted average cost of capital

Real world capital structure decisions

Rights issues

Capital structure case studies

Chapter 17


Bloomberg, CNBC, Yahoocorporate news

8 Market EfficiencyUnderstanding the meaning of efficient

capital markets from the point view of

managers

Chapter 13

Bloomberg, CNBC, Yahoocorporate news

9Management issues incorporate financial risk

Fundamentals in identifying financial

risk

The link between risk management,

capital structure and firm value.


10 Exam RevisionRecap on key topics and themes

Generic advice and preparation for the

exam

Welcome to ask anyquestion related to theexam


Students will receive a detailed course guide providing guidance on reading lists, general background material, specialist texts,journal items and contemporary professional literature, giving ample scope for both the broadening and deepening of priorknowledge. This guide will be made available in electronic form in advance of the course to ensure sufficient time for preparation.Exposure to a wide-ranging literature and substantial reading activities form the bedrock of the programme of study for this course. Minimum reading requirements prior to contact sessions will be fully documented in the course guide. Prior to each sessionstudents will be made aware of session content and seminar questions to facilitate appropriate preparation. In addition dailyreading of the major financial media outlets such as Financial Times, Wall Street Journal, Business Week, portals such as YahooFinance, Bloomberg, blogs as Project Syndicate , EUVOX, E-axes and streaming websites as Bloomberg.tv is strongly encouragedas the content and analysis there would complement our reading and discussions in the course.

Contact sessions will be used for three main purposes:

The delivery of formal interactive lectures, intended to provide the foci for study and to stimulate an enquiring and exploratory

approach within students.

Group discussion, dealing with questions and issues highlighted by the course leader for consideration by students within

the context of their private study, and with questions and issues raised by students themselves.

The course will be based on 30 hours of class contact. A further 60 hours of work should be devoted to directed learning,emphasising the use of on-line information sources, self-directed reading, information exploration and research, probleminvestigation, group work, and personal reflection on the learning experience.

Directed learning, emphasising directed reading and the use of learning resources (including data bases, internet media sourcesand relevant printed journals), will account for at least as much time as the total allocated to contact sessions. In addition, studentswill be expected to devote at least as much time as that devoted to contact sessions plus directed learning to undertaking generalbackground reading, self-directed research, problem investigation and personal reflection on the learning experience. Additionalreading will be outlined in the course guide with particular attention to recent articles and market developments.

ASSESSMENT METHODS

ASSESSMENT% OF THETOTAL MARK

DETAILS SCHEDULELEARNINGOUTCOMEEVALUATED

Classparticipation andgroup work

10One group report/case analysis oncontemporary financial issues

End of the course 1,2,3

2 Assignements 30 Individual/ Group assignmentsWeek 4

Week 71,2,3,4

Individual closedbook exam

Only EDHECacceptedcalculator isallowed

60

An individual exam examining bothnumerical and qualitative elements ofthe course covering all learningoutcomes.

Exam Period 1,2,3,4

READINGS

Compulsory: Brearley, Myers, Allen, (2014) : Principles of Corporate Finance: Global edition, McGraw-Hill Education ISBN 10- 0077151569

Course notes written by the course leader and distributed freely to students via Blackboard.

18_M1_NI_FE_S1_627: FINANCIAL ECONOMETRICS NUMBER OF HOURS: 30

SEMESTER 1


COURSE COORDINATOR: Ian HUNT, Elena DUMITRESCU & Denisa BANULESCU


2017/2018

COURSE OBJECTIVES

This is a course about analysing and modelling financial return data. The course will enable you to estimate the parameters ofuseful models with which you can make reasonable inferences and forecasts.

LEARNING OUTCOMES

Specifically, after successfully completing this course you will be able to:

Compile and properly summarise returns in particular you will appreciate the random variability inherent in data from

financial markets.

1.

Accurately estimate empirical models, such as linear regressions and GARCH volatility set-ups.2.

Assess your modelling results and predictions, criticise related theory and compare the usefulness of different empirical

approaches to finance.

3.

PREREQUISITES

Basic undergraduate statistical modelling, probability analysis and calculus are required.

COURSE CONTENT

There is a brief introduction to this course, followed by three detailed topics.

For the introduction, we begin by reviewing the history and breadth of data from financial markets. This includes assets, assetclasses and risk factors. In addition, time dependence and regimes are discussed. Finally, there is a quick review of thetheoretical and mathematical grounding required for understanding this course (the class notes contain a revision/homeworksection that must be understood by everyone). Three detailed empirical topics follow.

Linear Regression - the context of asset pricing is used (particular attention is paid to risk factors).

Estimating regression model parameters with OLS.1.

OLS assumptions: what they are, how to check them and accounting for violations.2.

How to use linear regressions to judge active portfolio management results.3.

How to use linear regressions for equity premium prediction.4.

Data Summarisation - the contexts of portfolio optimisation and portfolio performance are used.

Estimating means and other moments for asset returns. There is a particular focus on sampling variability and time

dependence.

1.

Estimating portfolio performance measures and their sampling variability. For example, the Sharpe Ratio and the

Information Ratio.

2.

Portfolio optimisation and its limits with respect to the estimated inputs.3.

Time Series Modelling

The basics technical terminology and facts about financial time series.1.

Useful ARMA models in finance.2.

Volatility models for asset returns, in particular GARCH.3.


There are both lectures and tutorials. The tutorials are held in computer rooms with smaller groups than the lectures.

ASSESSMENT METHODS

There is an assignment and an exam. The assignment counts for 30% of the overall course grade and can be completedindividually or in small groups.

The exam questions can be about any of the material discussed in lectures or tutorials. The exam will be closed book, but acalculator is allowed.

READINGS

Detailed class notes and several book references will be provided in class. There is no required text-book. A small selection ofjournal articles will also be set as reading. These will be introduced during lectures.

18_M1_NI_FE_S1_4345: STATISTICS & FINANCIAL ECONOMETRICS PART I NUMBER OF HOURS: 21

SEMESTER 1


COURSE COORDINATOR: Denisa RADU-BANULESCU


2017/2018

COURSE OBJECTIVES

This course aims to cover the basic statistical tools needed to understand empirical financial research (with applications usingExcel) and it is structured in two parts. The first part is designed to provide students with the basic knowledge in statistics(descriptive statistics, introduction to inferential statistics, etc.). The second part presents the simple and multiple regressionmodels and some of their applications in finance.

LEARNING OUTCOMES

After having taken this course, participants will be able to:

Compute and interpret descriptive statistics in finance;

Have a comprehensive understanding of the statistical inference: sampling models, estimators, confidence intervals and

hypothesis testing;

Estimate simple/multiple linear regression models and use them to answer specific questions in finance;

Detect the heteroskedasticity and the autocorrelation in the error terms.

PREREQUISITES

Knowledge of linear algebra;

A first course of probability theory (and of statistics).

COURSE CONTENT

Stat/Probability bootcamp [6h]

Descriptive statistics

Normal distribution

Introduction to statistical inference (sampling models, estimators, confidence intervals and hypothesis testing)

Part I

Lecture 1: Characterizing financial returns [2h]

Descriptive statistics

Normality tests

Serial correlation tests

Lecture 2: Single-factor models: OLS regression and the CAPM model [2h]

Lecture 3: Multi-factor models: OLS regression and the Fama-French model [3h]


The course will comprise 5 lectures of 2 hours and 1 lecture of 3 hours (13h) contact time each. Students are also expected toattend 8 hours of scheduled workshops (4 x 2 hours) with Excel. Exercises sessions and Excel training are intended todemonstrate the use of the econometric techniques for the practical implementation of the theoretical material covered during thecourse.

ASSESSMENT METHODS

There will be one piece of group coursework and a written examination in November that will be weighted as 30% and 70%,respectively. The group coursework will be highly empirical, and the students will have to apply their theoretical and quantitativeskills to investigate a given problem in finance. The exam will consist of theoretical and numerical exercises and students shoulddemonstrate a sufficient understanding of all the issues analysed during the course.

READINGS

Brooks, C., Introductory Econometrics for finance, Cambridge University Press, 2nd edition (some selected chapters)

Gujarati, D. and Porter, D., Basic Econometrics, McGraw-Hill Education, 5th edition (some selected chapters)

Newbold, P., Carlson, W.L. and B.M. Thorne, Statistics for Business and Economics, Pearson, 8th edition (some selected

chapters)

18_M1_NI_FE_S1_CCO_ACC_630: COST ACCOUNTING & MANAGEMENT

CONTROL NUMBER OF HOURS: 21

SEMESTER 1


COURSE COORDINATOR: Yan DU, PhD


2017/2018

COURSE OBJECTIVES

This course examines the principles and techniques of accounting for the planning and control of business organizations. Studentswill gain fundamental insights in the importance of cost and management accounting information for both controlling purposes andfor decision-making within business environments.

LEARNING OUTCOMES


Provide a framework for the available techniques used to get an organization under control1.

Make decisions based on cost information2.

Understand the methods used for costing products and services, e.g. job costing, activity costing3.

Prepare budgets and analyse budgetary variances4.

Gain insight into how cost information affects strategic decision-making5.

PREREQUISITES

None

COURSE CONTENT

1. Structure of the Course and Course Setup

(1). There will be 7 interactive sessions (3h per session), among which 2 sessions will be organized in smaller-size groups tofacilitate class discussions of the case studies. Students need to read the case studies that will be covered in advance. This helpsstudents to understand the cases thoroughly, and to be better able to follow the discussion.

The remaining 5 sessions will focus on course material, practical examples, and exercises. These exercises should provide a goodand representative preparation for the written exam.

The handbooks (BHDR, see above for details) serves as a guidebook for this course. I heavily recommend students to purchasethis book. Without it, students will not be able to prepare properly for the interactive sessions and for the final exam.

(2). One group assignment will be made available via Blackboard. Students should organize themselves in groups of 4 to 6people. This assignment is part of the exam material and contribute for 25% of a students total grade.

(3). Class participation and tutorial preparations will be rewarded with a bonus of 1 or 2 points the overall grade out of 20.

2. Outline of the course (preliminary subject to change)

Session 1 (double cohorts):

Introduction of the course

Cost terms and purposes

Job-costing

Session 2 (half cohort): Cost-volume-profit analysis and case study

Session 3 (Single cohort): Relevant cost for decision-making

Session 4 (Single cohort): Activity-based costing (ABC) and customer profitability analysis

Session 5 (half cohort): Budgeting and case study

Session 6 (Single cohort): Variance analysis

Session 7 (double cohorts):

Exam question examples

Wrap-up


The course employs in-class exercises, active group discussions and in-depth case studies.

ASSESSMENT METHODS

1. Class Participation: Bonus of 1 or 2 points / Class participation will be evaluated throughout the course.

2. Group Assignments: 25% / One group assignments will be imposed on the students. It can include large, integrated exerciseson, for instance, relevant cost information for decision-making or activity-based costing or a (smaller) case study students need toprepare.

3. Final Exam: 75% / All learning outcomes are evaluated in the final exam.

The final exam is a closed book exam with exercises and open questions (essay questions). There is no mid-term exam.

READINGS

1. Handbook: A. Bhimani, C. Horngren, S. Datar, G. Rajan (BHDR), Management and Cost Accounting, 5th edition, 2012, Pearson(ISBN: 978-0-273-75745-0).

2. Lecture slides = CORE materials

3. Class notes made by students themselves

4. Exercises and case studies in addition to the ones posted in the book (available via Blackboard)

18_M1_NI_FE_S1_CCO_FIN_628: FINANCIAL ANALYSIS & REPORTING NUMBER OF HOURS: 30

SEMESTER 1


COURSE COORDINATOR: Arnt VERRIEST, PhD & Amandine GERARD


2017/2018

COURSE OBJECTIVES

The course is an overview of accounting concepts and practices, with an emphasis on analyzing, understanding and interpretingbasic financial accounting numbers of stock-listed companies. The emphasis in the first part of the syllabus is on understanding thecontents and dynamics of the four fundamental financial statements: the balance sheet, the income statement, the cash flowstatement and the equity statement, as well as the relations between these statements and differences between US GAAP andIFRS. Next, the syllabus delves into how the accounting occurs for the most relevant items on the balance sheet and the incomestatement (the focus includes among others the items property, plant and equipment, accounts receivable, inventories, intangibleassets, equity and debt transactions, mergers and acquisitions, debt and equity financing and research and development). Theemphasis lies not just on how the transactions are accounted for, but also why the accounting occurs as it does under both IFRSand US GAAP. Next, the focus is on financial statement analysis in which we cover the most relevant ratios to typify a firmsprofitability (disaggregation of ROE into RNOA and its nonoperating return). Students are made familiar with key financial analysisconcepts such as the cash conversion cycle, net working capital, EBITDA, EBIT, cash flow from operations, free cash flow,operating income, gross income etc During the course, students will also get familiar with US GAAP and international accountingpractices. Students become familiar with the key techniques used in multinational corporations to manage incoming and outgoingequity, transfers of funds, performance evaluation and efficiency. Finally, the syllabus shows students how accounting numberssuch as net income and earnings per share are used by financial analysts to forecast future earnings and do fundamental valuationanalysis based on accounting inputs.

LEARNING OUTCOMES


Read, understand and link financial information in the annual report (income statement, balance sheet, cash flow statement,

equity statement and footnote disclosures).

Understand the accounting treatment of key business transactions such as accounting for inventories, sales, R&D,

acquisitions, equity and debt increases etc.

Evaluate and analyse a firm's financial statements on its liquidity, solvency and profitability

PREREQUISITES

Three years of general business courses or Bac + 3 Business Administration, or degrees in Economics, Political Science, AppliedSocial Sciences

COURSE CONTENT

On-line prerequisite course - Basics of Accounting (all international students must pass this course)

The on-line course is designed to make sure that all international students have a basic knowledge of financial accounting and canunderstand financial statements including the balance sheet, the income statement and the cash flow statement.

Course covers working capital, cash conversion cycle, equity/debt, cash flow, accounts receivable and inventory.

At the end of the course all students are required to be able to analyze, interpret and communicate financial information. Althoughthe subject focuses on the use of accounting information, students will also become familiar with the basic vocabulary and toolsrelated to corporate finance.

Intensive Seminar on Performance - Overview of external (financial) and internal (managerial) accounting information modes to

manage, control, plan and make decisions in International Business.

Week Topic Content Preparatory work

Lecture 1

Introduction to FinancialReporting and FinancialStatements Frameworkfor Analysis and Valuation

Recapitulation of how accounting occurs for

basic transactions

Balance sheet

Income Statement

Cash flow statement

Equity Statement

TBA

Lecture 2Financial Statements:Overview of the core FS

Overview of the Core Financial Statements andexamples from IFRS and US GAAP

TBA

Lecture 3Financial StatementAnalysis: Core

Profitability Analysis

Disaggregation of ROE into operating and

nonoperating components.

Extras on profitability analysis

TBA

Lecture 4Financial StatementAnalysis: Core

Profitability Analysis: Nokia Case

Solvency Analysis and Credit Risk

Assessment

Liquidity Analysis (Part 1)

TBA

Lecture 5Operating Income andRevenue Recognition

Detailed analysis of operating income items TBA

Lecture 6Operating Assets andAsset Recognition

Detailed analysis of operating asset items

Liquidity analysis (Part 2)TBA

Lecture 7Forecasting FinancialStatements and Cash-flowBased Valuation

Overview of the forecasting process + case study TBA

Lecture 8FSA from practitionerspoint of view

Credit Risk Analysis Process

Credit Ratings

Predicting Bankruptcy

TBA

Lecture 9Cost of Capital andValuation Basics

Estimating Cost of Capital

Dividend Discount Model

Valuation using Market Multiples

TBA

Lecture 10

Special topics

Wrap-Up

Final Exam

Segment reporting

Red flag signals in accounting and financial

disclosures

Wrap-up of the course

Information on final exam and examples of

previous years exams.

TBA

ASSESSMENT METHODS

30% - One group assignment

70% - Final Exam (3h00)

READINGS

The text book used in this course is Financial Statement Analysis and Valuation by Easton, McAnally, Sommers and Zhang, 4th

Edition or 5th Edition, Cambridge Business Publishers.

18_M1_NI_FE_S1_CCO_FIN_631: INTRODUCTION TO FIXED INCOME NUMBER OF HOURS: 30

SEMESTER 1


COURSE COORDINATOR: Fabrice GUEZ


2017/2018

COURSE OBJECTIVES

The Interest Rate markets have been in turmoil since the liquidity crisis of 2008. The negative interest rate environmenttransformed the way we deal with interest rate products.

The course will give students a practical presentation on the pricing and the risk management of fixed income securities in this newenvironment. It develops the pricing of corporate and government bonds and the management of bond portfolio and deals with themain bond portfolio strategies.

We will achieve in this course the following objectives:

Describe the main interest rate financial instruments,

Understand the valuation of a Fixed Income portfolio

Understand how to bootstrap an interest rate curve into a zero coupon curve

Know how to construct a discount factor curve

Understand the importance of the slope and curvature of the yield curve

Understand Modified duration, Macaulay duration and convexity, risk management tools to analyze interest rate sensitivity

LEARNING OUTCOMES

After having taken this course, participants will be able to:

now the pricing of fixed income securities1.

understand the risk management and hedging of their sensitivity2.

Distinguish the main passive and active approaches to fixed income portfolio management3.

COURSE CONTENT

Different kind of bonds: corporate and govies1.

The negative interest rate framework2.

Bond Prices & Yields3.

Interest Rates Term Structure4.

Zero coupon rates and discount factors5.

Bootstrapping a Zero-Coupon Yield Curve6.

Hedging Interest Rate Risk via Duration7.

Convexity and Convexity Trading8.

Bond Portfolio Strategies9.


This course will mix lectures and practical studies

ASSESSMENT METHODS

Assessment:

75% Final exam (Duration 3 hours)

25% Coursework

READINGS

Fixed-Income Securities: Valuation, Risk Management and Portfolio Strategies

Authors: Lionel MARTELLINI, Philippe PRIAULET, Stphane PRIAULET - Publisher: John Wiley.

18_M1_NI_FE_S1_CCO_2308: DEVELOPING MANAGERIAL SKILLS (FOR A

SUCCESSFUL PROFESSIONAL CAREER) NUMBER OF HOURS: 15

SEMESTER 1


COURSE COORDINATOR: Marijo BOS / TBU


2017/2018

COURSE OBJECTIVES

The objective of this course is to proactively inspire newly EDHEC master students to embrace and explore new leadership andcommunications principles. We live in an increasingly complex world and an economy based on knowledge sharing andcollaboration. This collaborative economy requires self-leadership and agile interpersonal skills in order to effectively connectacross cultures and contexts. Its imperative for young professionals to launch their careers with the foresight to self-regulate andidentify personal strengths to shape interpersonal communications.

The objective of this program is to strengthen interpersonal communications by enhancing self-awareness, self-management and

presentation of self in the context of 1-1 job exploration and professional environments. We will focus on boosting your

communication skills and the knowledge of leadership and management concepts that support how you relate to others. All

modules and exercises are based on nurturing a growth-mind set and will be complemented by multilateral interactions through

social media, small group simulations, and strength-building activities.

LEARNING OUTCOMES

1. Through a strength-based approach that includes instruments to uncover core values and preference styles, thismodule is highly interactive and formative. It includes numerous observation exercises and peer group feed-forward,promoting self-understanding, agility and personal growth. The program emphasizes a positive approach tocommunication, leadership and personal presentation in 1-1 settings, in group dialogue and in delivering a message tolarger audiences.

2. Well review and apply practical techniques to be used in personal leadership development, which will improvebusiness communications across mediums and contexts. This includes various aspects of verbal and non-verbalcommunications.

3. Well introduce positive leadership practices and review how communication choices and styles impact the role andsuccess of a leader. In our laboratory setting participants will flex communication styles to inspire, influence, engage andultimately turn difficult conversations to learning dialogues as a way to connect more effectively with your diverse and everchanging business community.

4. Well create an environment to practice, practice, practice and role-play through exercises that address realchallenges. The module allows participants the opportunity to design, prepare and deliver different approaches tocommunication in a supportive setting.

PREREQUISITES

Three weeks prior to the start of the course, there will be a mandatory one hour- webinar.

COURSE CONTENT

Day 1 Self-Leadership and Relating to Others

9.00 10.00 IntroductionGet to know each other

Purpose to Impact

Discussion: what do we want to get out of the course

10.00 12.00 Self-Awareness through reflection and feedback

What leaders do and dont do

12.00 13.30 Lunch

13.30 14.30

Self-Awareness personal presentation

Basic tips on building visibility and professional profile

Connecting with others positively

14.30 14.45 Break

14.45 16.45

CommunicationEmpathy, Olympic Style Listening

Balancing Inquiry and Advocacy

Verbal, Mind and Body language16.45-17:00 Break

17:00-18:00Tools to Succeed - Introduction to Coaching, Mentoring, and Sponsoring

Letters to Self


This is a participative, experiential module meaning it is dynamic and requires a lot of movement and logistics. Given the largeclass size, I greatly appreciate your support in listening and following instructions carefully and holding your peers accountable todo the same. Please be on time and attentive. A piece of wisdom - through others feedback we can expedite the advancement ofour leadership communications skills and make sure we are augmenting the right behaviors. Be courageous in offering real time,supportive, feedback, suggestions and reviews. Comments should be strength-focused throughout our time together giveexamples and recommended options to consider. You can make the difference in helping a classmate become an excellent leader.

Finally, the ability to effectively lead and communicate are key elements to success as one progresses in an organization thisincludes external and internal opportunities for leadership such as day to day interpersonal communications, team meetings, publicspeaking, negotiations, resolving conflict, giving and receiving feedback and more. Leadership communications is a core skills asyou move up the professional pipeline. How you communicate creates a perception that becomes others reality. How you leadand respond to others shares a story of who you are, what you care about and it certainly impacts how others respond to you. Theimpact of your behavior is often not what you intended this course will help you create more alignment between your intendedimpact of your message and the actual impact.

Throughout the session you will be asked to participate in a number of interactive exercisestake them seriously and have fun!

Preliminary tasks

Reflect and write down the elements of leadership that you consider most important. What 3 skills do you want to advance?

Who are role models for you on effective leadership?

Complete the online mini MBTI self or another tool to promote self-understanding. http://similarminds.com/jung.html. If

you have done the MBTI in the past, you can reference your results for the program.

The VIA Survey of Character Strengths can be accessed here. https://www.viacharacter.org/survey/account/register. It takes

20 minutes to complete. You will need to register at this site and then complete the VIA Survey. The results will be sent to

your registered email so so you can take the results with you to the program.

Gallup Strengths Profile

Review and reflect on either the movie Eye in the Sky or Moneyball ahead of the course if possible. Write a brief review and

relate the course concepts to behaviors in the movie. Observations and analysis must be original (yours) and not those of

others.

Be sure to print and bring both MBTI AND VIA results with you to the sessions!

http://similarminds.com/jung.htmlhttps://www.viacharacter.org/survey/account/register

Create a compelling, updated LinkedIn profile.

Prepare a three -minute message on what would someone gain by having you on their team.

o Short elevator pitch video clips

Course work

A number of articles on communications, values, interpersonal connectedness and leadership.

Review and reflect on the short readings on leadership and communication and how to apply this knowledge to your own

personal goals around leadership.

Self-evaluation of your leadership strengths and weakness in order to gain a more concrete objective of what you need to

improve.

Other course policies

Attendance: Given that a substantial amount of knowledge will be acquired in class through individual and teamdiscussions, attendance will be considered a crucial issue in this course. If a participant needs to be absent in some session, it should be communicated to the instructor well in advance.

Punctuality: Problem formulation is made at the beginning of the class. That activity determines and shapes the rest ofthe class analysis and discussion. So, being late in the session will strongly limit the students ability to activelyparticipate and share his/her thoughts. Furthermore, to leave the class before its end is unacceptable either.

Individual Participation: One of the basic skills of any person in the business world is the ability to communicate his/herideas in an organized and intelligible fashion. For that reason, class participation and attitude is fundamental in this 3 daycourse. Highly valued comments and contributions include: focusing in topics not fully discussed yet, sharing differentperspectives in the analysis, relating personal and working experiences to the cases under study, and applyingtheories/frameworks/models that may help you and others go from good to great communicators.

Class preparation and advance program reading is necessary for class discussion and exercises.

Academic Integrity: Just as integrity is valued in the workplace, it is also the foundation for how we should conductourselves during the course. Academic misconduct will not be tolerated. As such, students should not share anyinformation regarding exams or presentations. Copying work of other participants, especially during the period beforeand after the residency, is a serious offense.

Discussion of individual assignments is encouraged, but the end product is expected to be an individuals effort. It is theresponsibility of the course participants to contact the instructor with any question they might have of what constitutesappropriate ethical standards.

I look forward to exchanging, sharing and learning with all of you.

NOTE: The content of this syllabus may be modified prior to the course and the final agenda will be shared at thestart of the program. This is to better meet the needs and expectations of the students. Complementary readingmaterial might be distributed two weeks before the programs or during the classes for evening reading as well aspreparatory material for speaking exercises.

ASSESSMENT METHODS

TO BE COMPLETED

READINGS

Reflect on a set of questions while reviewing following movies / videos:

Eye in the Sky (2015)

Moneyball (2011)

TED: Amy Cuddy on Body language

https://www.ted.com/talks/amy_cuddy_your_body_language_shapes_who_you_are?language=en

Every Day Bias: https://www.youtube.com/watch?v=v01SxXui9XQ

Difficult Conversations, Douglas Stone,

http://www.peace.ca/difficultconversations.pdfhttp://www.peace.ca/difficultconversations.pdf

https://www.youtube.com/watch?v=BDyAc1vNLEY

59 Seconds & persuasion: https://www.youtube.com/watch?v=ydchCy5WF_I&sns=tw

Articles:

Linkedin articles

Numerous HBR, purpose driven leadership, communicating to get heard, self-awareness.

HBR articles: Art of Speaking, Presence, Positive Leadership and Happiness, The science Behind The Smile (article)

http://www.fastcompany.com/3026222/leadership-now/6-powerful-communication-tips-from-some-of-the-worlds-best-

interviewers

http://livehappymagazine.com/self/skills/how-have-happy-forecast?id=aria

The Networking game

The power of talk who gets heard and why.

From Purpose to Impact.

Online sources:

Gallup Strengths Profile

MBTI http://similarminds.com/jung.html

VIA Survey of Character Strengths https://www.viacharacter.org/survey/account/register

Systems Thinker and Dialogue Leadership (link-review) http://leopoldleadership.stanford.edu/sites/default/files/systhink.pdf

Gender and communication articles (to read ahead of class):

http://www.theatlantic.com/magazine/archive/2014/05/the-confidence-gap/359815/

http://www.nytimes.com/2015/01/11/opinion/sunday/speaking-while-female.html

http://www.forbes.com/sites/jennagoudreau/2012/10/29/do-you-have-executive-presence/

and all of the note links in this article including,

http://onproductmanagement.net/2011/07/06/5-practical-ways-to-improve-executive-communications/

http://psychcentral.com/blog/archives/2013/09/11/7-persistent-myths-about-introverts-extroverts/

Further sources:

https://hbr.org/2010/10/difficult-conversations-9-common-mistakes

Harvard Management Communications Letter. Intuitor, Thinker, Feeler, Senser: Which one are you and who are you talking

to?

Identity (review before and in class), https://www.brainpickings.org/2015/08/20/amin-maalouf-

https://www.youtube.com/watch?v=v01SxXui9XQhttp://www.peace.ca/difficultconversations.pdfhttp://www.peace.ca/difficultconversations.pdfhttps://www.youtube.com/watch?v=BDyAc1vNLEYhttps://www.youtube.com/watch?v=ydchCy5WF_I&sns=twhttp://www.fastcompany.com/3026222/leadership-now/6-powerful-communication-tips-from-some-of-the-worlds-best-interviewershttp://www.fastcompany.com/3026222/leadership-now/6-powerful-communication-tips-from-some-of-the-worlds-best-interviewershttp://livehappymagazine.com/self/skills/how-have-happy-forecast?id=ariahttp://similarminds.com/jung.htmlhttps://www.viacharacter.org/survey/account/registerhttp://leopoldleadership.stanford.edu/sites/default/files/systhink.pdfhttp://www.theatlantic.com/magazine/archive/2014/05/the-confidence-gap/359815/https://hbr.org/2010/10/difficult-conversations-9-common-mistakeshttps://www.brainpickings.org/2015/08/20/amin-maalouf-identity/?utm_content=buffer07065&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

identity/?utm_content=buffer07065&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

https://www.brainpickings.org/2015/08/20/amin-maalouf-identity/?utm_content=buffer07065&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer

18_M1_NI_FE_S1_CCO_FIN_634: INTERNATIONAL ECONOMICS NUMBER OF HOURS: 15

SEMESTER 1


COURSE COORDINATOR: Tristan PERRIER


2017/2018

COURSE OBJECTIVES

Global flows of goods, services and investment very strongly influence trading and business opportunities. The course provides abasic but solid conceptual framework for understanding the mechanisms at work in international macroeconomics and finance.Specific real-life examples are used to illustrate general principles and theoretical mechanisms.

LEARNING OUTCOMES


analyse key output, inflation, balance of payments and exchange rate information;

apply economic and financial reasoning to the interpretation of market reactions to shocks;

understand exchange rate, monetary, and fiscal policy choices.

PREREQUISITES

Arbitrage-free finance; demand, supply, and equilibrium economic concepts.

COURSE CONTENT

1

Essentials of international economic relations

GDP, an international perspective

The trade balance

Current trends in world trade

2

The accounting framework and how to use it

The balance of payments

International assets/liabilities analysis

3Key macro indicators for international financial investors

Assessing a countrys macroeconomic and financial strength

4

Forex and thee interest parity condition

Introduction to nominal/real exchange rates and PPP

How exchange rates interact with interest rates

5

Determinants of exchange rates

Monetary and non monetary factors

Short and long term approaches

6 Presentation and discussion of group case studies.


Lectures introduce definitions and mechanisms and illustrate them with examples for discussion. Students should develop and testtheir understanding working on the additional material available on the courses Blackboard pages.

ASSESSMENT METHODS

Group home preparation and presentation during the last meeting of a case study on an assigned topic: 25%

Final exam: 75%

READINGS

The material is covered by standard textbooks, for example in Part 3: Exchange Rates and Open-Economy Macroeconomics ofKrugman, Obstfeld, and Melitz, International Economics: Theory and Policy, Pearson. 2015.

18_M1_NI_FE_S1_CCO_FLE_INCOMNODD_4378: FRENCH COURSE (FOR

VISITING STUDENTS) NUMBER OF HOURS: 30

SEMESTER 1



2017/2018

COURSE OBJECTIVES

Level 1

Acquire knowledge of basic grammatical structures

Acquire vocabulary needed for basic daily communication

Discover the socio-cultural life of France

Level 2

Learn to master the most common communication situations, both written and oral

Discover France, its geography, its customs, its social life

Participate in discussions and present ones opinions clearly

Fill gaps in grammar

Level 3

Discover the language of business and the life of an enterprise in the French socio-economic context

Learn to communicate in the business world, both in writing and orally

Learn about the working of a firm based on specific themes

LEARNING OUTCOMES

Level 1


Master basic conversation skills

Carry out basic everyday tasks in the French language

Level 2


Master written and spoken French in both a business and social context

Level 3


Be able to use French in various business simulations

Master business French

Understand French companies and how they work

PREREQUISITES

Level 1 None

Level 2 To be able to speak, write and understand basic French

Level 3 To be able to speak, write and understand French at advanced level

COURSE CONTENT

Level 1

Various aspects of daily life such as:

Introducing oneself and introducing someone to a third person

Speaking about oneself

Reserving a hotel room

Asking for directions or for information

Shopping

Making simple descriptions

Level 2

The final goal of this course is to:

Communicate with ease by telephone,

Undertake administrative procedures,

Make reservations,

Send e-mail messages,

Write simple letters,

Understand texts in French and discuss a particular topic

Level 3

Various aspects of a firms life internally and in its relations with the outside world, namely:

Legal business forms

Flowcharts

Employment

Advertising

Banking

Suppliers


Level 1

Discovering the basics of language

Applied exercises both spoken and written, individual and in groups

Role playing

Level 2

Applied exercises both spoken and written, individual and in groups

Role playing

Discussions and debates

Grammar exercises as needed

Level 3

Interactive approach to the business world.

By means of a business-creation simulation (in groups of 3 or 4 students), students create and play out a fictional situation.

They will have to "operate" their business, do research work, begin negotiations...

These exercises will lead to work with grammar objectives

ASSESSMENT METHODS

Participation: 30%

Continuous assessment: 70%

READINGS

Levels 1, 2, 3 :

"Grammaire Progressive du Franais", niveau A2/B1 - Intermdiaire Maa Gregoire, Odile Thievenaz CLE INTERNATIONAL,

2013

Bescherelle La grammaire pour tous , Laurent Nicolas, Bndicte Delaunay, Hatier 2012

Le Bled, orthographe, grammaire, conjugaison, vocabulaire Edouard Bled, Hachette 2012

Level 1 :

"Civilisation Progressive du Franais", niveau dbutant C. Carlo, Mariella Causa CLE INTERNATIONAL, 2003

"Comment vont les affaires" dAnatole Bloomfield et Batrice Tauzin. Hachette 2007

Level 2:

"Civilisation Progressive du Franais ", niveau intermdiaire Ross Steele CLE INTERNATIONAL, 2004

"Comment vont les affaires" dAnatole Bloomfield et Batrice Tauzin. Hachette 2007 "Communication progressive du

Franais des affaires" de Jean-Luc Penfornis. Cl international 2010

Level 3 :

"Civilisation progressive du franais", niveau avanc Jacques Pcheur CLE INTERNATIONAL, 2010

"Affaires suivre" dAnatole Bloomfield et Batrice Tauzin. Hachette 2007

18_M1_NI_FE_S1_CCS_87: SOCIAL-CULTURAL FRANCE (FOR VISITING

STUDENTS ONLY) NUMBER OF HOURS: 30

SEMESTER 1


COURSE COORDINATOR: Anne E. WITTE, PhD


2017/2018

COURSE OBJECTIVES

To take a panoramic view of the socio-cultural complexity of the environments in which French business takes place

To use an historical perspective when evaluating French industrial, retail, service and high tech businesses

To draw links between educational and political ideals and the orientation of French consumer and strategic behaviours

LEARNING OUTCOMES


1. Recognize and speak knowledgeably about contemporary France - its famous politicians, its social structure and its

business dynamics

2. Speak and write critically about the corporate sector in France

3. Name, describe and analyze the top companies and firms of French contemporary business

4. Identify the historical events that explain contemporary French business, niche markets, and sectors of excellence

including luxury, military equipment, retail and food

5. Develop a critical perspective on the political philosophies that have influenced France

PREREQUISITES

Three years of general business courses or Bac + 3 Business Administration.

COURSE CONTENT

Session 1 An historical and geographical introduction to France and its regions

Reading Harvard Business Review Reprint H02RHJ Everything we know about Platforms, we know from medieval

France

Reading The Mississippi Bubble of 1718-1720 - http://www.thebubblebubble.com/mississippi-bubble

Session 2 - Life in contemporary France - Facts & Figures, demographics

Reading Meaney, Thomas (2012) The Generalist: On Charles DeGaulle, The Nation, (online www.thenation.org Source

URL: http://www.thenation.com/article/169892/generalist-charles-de-gaulle

Session 3 - The Business and Economics of France historical sectors of excellence, current challenges, future opportunities

Reading . Chi yue Chiu, Language and Culture, Onl ine readings in Psychology and Culture, 4(2),

http://dx.doi.org/10.9707/2307-0919.1098;

http://www.thebubblebubble.com/mississippi-bubblehttp://www.thenation.org/http://www.thenation.com/article/169892/generalist-charles-de-gaullehttp://dx.doi.org/10.9707/2307-0919.1098

Session 4 Socio political France - social trends, political ideals, socialism

Reading: Landes, D. (2007) Dynasties: Fortune and Misfortune in the World's Great Family Businesses. London: Viking.

(See chapter Peugeot, Renault, Citron)

Session 5 Innovation and idea generation historical and contemporary

reading 5 Bartikowski, B. & Singh, N. (2014) Doing E-Business in France : Drivers of Online Trust in Businessto-Consumer

Websites. Global Business and Organizational Excellence, DOI: 10.1002/joe.21551.

Session 6 - Perspectives on French as a language, a system of meaning and a world view

Reading Fukuyama, F. (2005) Face to FAce France in Trust.

Session 7 - Famous French Women, women in everyday life, the French family

Reading Country Report France 2016 Euromonitor International

Session 8 - Art& Aesthetics, Luxury, and the philosophy of the elite

Reading Kuhn, Raymond (2013). The media and the executive in France: An unequal power relationship. European Journal

of Communication, 28: 122.

Session 9 - French intellectual movements with special emphasis on literature and critical theory

Reading A collection of press articles

Reading Retailing in France, Euromonitor Passport Series 2016

Session 10 - French organizational and management styles (Based on cross cultural studies)


Lectures, study cohorts, Socratic dialogue, reading.

ASSESSMENT METHODS

In order to reach learning objectives three and four, students will be graded in a continuous learning format with group oralpresentations and participation based on reading assignments and course presentations

In order to assess that learning objectives one and two have been reached, a final written exam combining facts and figuresquestions with short style essays will be given at the end of the term

Oral Exam 1 - 30%

Participation and Reading Assignments - 30%

Final Exam - 40% (2 hours)

READINGS

Castel, P., Deneire, M., Kurc, A., Lacassagne, M-F., Leeds, C.A. (2012) Universalism and Exceptionalism: French Business

Leadership in Culture and Leadership Across the World, ed. J.S. Chhokard, F.C. Brodbeck, R.J. House, (New York:

Routledge), pp: 547-581.

Fukuyama, F. (1995) Trust: the Social Virtues and the Creation of Prosperity, New York, Free Press. See particularly

chapter 11 on French companies, trust in the private sector and the history behind large state owned corporations in France.

Landes, D. (1998). The Wealth and Poverty of Nations: Why Some are so Rich and Some so Poor. New York: Norton.

Levy, Jonah (1999) Tocqueville's Revenge: State', society and economy in contemporary France, Cambridge: Harvard

University Press.

18_M1_NI_FE_S1_5372: BLOOMBERG MARKET CONCEPTS (BMC) NUMBER OF HOURS: 8

SEMESTER 1


COURSE COORDINATOR: Self-paced e-learning course / OPTIONNAL


2017/2018

COURSE OBJECTIVES

Bloomberg Market Concepts (BMC) is an 8 hour self-paced e-learning course that provides a visual introduction to the financialmarkets. BMC consists of 4 modules Economics, Currencies, Fixed Income and Equities woven together from Bloomberg data,news, analytics and television. By taking BMC, learners familiarize themselves with the industry standard service through fourheavily interconnected modules.

LEARNING OUTCOMES

Learn the language of finance

Supplement your university learnings with practical knowledge of the markets

Familiarize yourself with over 70 Bloomberg Terminal functions

Discover the inner workings of the markets

Learn what moves markets

Familiarize yourself with key benchmarks that professionals monitor

Get Bloomberg on your resume

Receive a certificate of completion after completing BMC

Demonstrate your comfort with the gold standard data platform

COURSE CONTENT

THE MODULES

Economic Indicators

Currencies

Fixed Income

Equities

ASSESSMENT METHODS

All learners receive a certificate of completion after finishing all modules which can be used as a micro-credential on their rsums

18_M1_NI_FE_S1_4968: GLOBAL FINANCING SOLUTIONS (SPOC EDHEC

WITH SG) NUMBER OF HOURS: 18

SEMESTER 1


COURSE COORDINATOR: Abraham LIOUI and SOGCEN / Subject to change


2017/2018

COURSE OBJECTIVES

TO BE COMPLETED

18_M1_NI_FE_S1_SEM_FIN_2589: GMAT PREPARATION NUMBER OF HOURS: 18

SEMESTER 1


COURSE COORDINATOR: Brian HOFER


2017/2018

COURSE OBJECTIVES

To familiarize the students with the different sections of the GMAT examination (Integrated Reasoning and the Analytical

Writing Assessment, Quantitative section: problem solving and data sufficiency and Verbal Section: reading comprehension;

sentence correction; critical reasoning).

To practice key test taking strategies to ensure the requisite GMAT score attainment

To work through typical GMAT questions in the various sections

LEARNING OUTCOMES

To be familiar with all sections of the GMAT and be able to answer typical GMAT questions in each section1.

To have acquired key test taking strategies2.

To operationalise math and English language terminology of the GMAT3.

To take a full practice GMAT test online in preparation for the GMAT examination 4.

PREREQUISITES

none.

COURSE CONTENT

Session Topic Content1 GMAT/Quantitative Section Introduction to GMAT test Quant section emphasized

2Problem Solving & DataSufficiency

Test taking strategies & practice problems

3Quantitative Review &Quantitative Assessment

Focus on practice problems, feedback, & explanationFull length quantitative section of the exam

4Integrated Reasoning &Analytical Writing Assessment

Test taking strategies & practice problemsStrategies for writing critical essays

5 Verbal sectionIntroduction to verbal section and strategies for ReadingComprehension

6 Verbal sectionStrategies and practice problems on Sentence Correction andCritical Reasoning


Lectures and in-class exercises

Online support via Blackboard course GMAT Preparation

Online support via prepmyfuture.com

Online support available on Kaptest.com (registration is free with book, mentioned below)

Students are strongly advised to buy the following book: Kaplan GMAT Premier 2017 with 6 Practice Tests: book + online+ DVD + mobile [2016 edition] (available from online retailers and in all good bookstores)

ASSESSMENT METHODS

Assessment % of the total mark Details ScheduleLearning outcomeevaluated

1.25-hour writtenexam

50% of final gradeQuantitative Section(Data Sufficiency &Problem Solving)

Class 3 LO1, 2, 3

Full GMAT practicetest

50% of final gradeFull GMAT with allsections

At end of courseLO4

READINGS

RECOMMENDED READINGS:

Kaplan GMAT Premier 2017 with 6 Practice Tests: book + online + DVD + mobile (2016 edition)

GMAT Website: http://www.gmac.com/; http://www.mba.com/

IR section explained: http://www.veritasprep.com/gmat/integrated-reasoning/

http://www.mba.com/http://www.veritasprep.com/gmat/integrated-reasoning/

18_M1_NI_FE_S2_SEM_I&T_633: INTRODUCTION TO EXCEL & VBA

PROGRAMMING NUMBER OF HOURS: 15

SEMESTER 2


COURSE COORDINATOR: Pierre TELLER


2017/2018

COURSE OBJECTIVES

This course aims to give an overview of Excel and VBA programming for solving financial problems. It is designed for students withno prior knowledge of VBA programming and only basic notions of problem solving with Excel spreadsheets. The course focuseson developing basic financial modeling skills in Excel for the manipulation of financial data and for financial applications.

LEARNING OUTCOMES


Use Excel financial worksheet functions1.

Create VBA macros in Excel2.

Add user-defined functions to Excel3.

Create and customize graphical user interface for financial applications in Excel4.

PREREQUISITES

This course requires a basic familiarity with Excel, but there are no prerequisites on computer programming.

COURSE CONTENT

Module Content Delivery mode & prerequisites

1

Introduction course

General introduction

Basic Excel notions (absolute and relative references, named

ranges)

Array-based formulas

Common excel functions

Excel data analysis tools (data tables, pivot tables, etc.)

Best practices in excel modeling

In-class

No prerequisites

2

Excel functions:

Statistical functions

Financial functions (PV, FV, IRR, PMT, NPV, etc.)

Lookup functions (VLOOKUP, INDEX, MATCH, etc.)

E-learning

Self-paced exercises

No prerequisites

3Building financial models with Excel

Cash flow analysis

In-class

Prerequisites: content of

Investment decisions

Portfolio theory, drawing efficiency frontier with Excel charting

features

module 2

4

Introduction to VBA programming

Basic macros

Macro recorder

Debugging tools

Variables (declaration, types, option explicit)

Graphical user interfaces

E-learning

Self-paced exercises

No prerequisites

5

Using VBA in Excel models

Building VBA functions (User-defined functions)

Arrays (Option Base 1)

Using worksheet functions in macros

R1C1 references

In-class

Prerequisites: content of

module 4


Some modules will be seen in class (1, 2 and 3), the other ones are E-learning modules.

In-class sessions are comprised of in-class presentation of methods and tools of Excel followed by one or several exercises to doin class and at home. The ONLY way to learn these tools is through individual practice. The professors therefore stronglyencourage students to practice regularly at home and may request that several students present their homework to the class.

For E-learning modules, students will have some exercises to make at home. The solution of these exercises will be availableonline. At the end of the module, live Q&A sessions will be organized online to answer any question students may have aftermaking the exercises.

ASSESSMENT METHODS

Group take-home assignment 100%. The assignment will require developing a financial application in VBA to meet givenspecifications. Students will be evaluated based on their ability to integrate learning outcomes 1 4 as well as use of goodprogramming practice.

READINGS

For beginners only, for the Excel part of the course:1.

Chapters 1 to 14 from Excel 2013 Formulas and Functions, Paul McFedries, Que Publishing - ISBN-10: 0-13-326072-0, ISBN-13: 978-0-13-326072-4

link: http://www.quepublishing.com/store/excel-2013-formulas-and-functions-9780133260724

For all students, for the VBA part of the course:

1.

VBA and Macros : Microsoft Excel, Bill Jelen, Tracy Syrstad, QUE Publishing - ISBN-13 : 978-0-7897-4314-5

http://www.quepublishing.com/store/excel-2013-formulas-and-functions-9780133260724

18_M1_NI_FE_S2_CCO_805: INTRODUCTION TO DERIVATIVES NUMBER OF HOURS: 30

SEMESTER 2


COURSE COORDINATOR: Laurent DEVILLE, PhD (TBU)


2017/2018

COURSE OBJECTIVES

Derivatives play a key role in transferring risks in the economy. They are now commonly used in investment and corporate financial

management. This course offers a first exploration of the world of derivatives securities such as futures, forwards, swaps and

options. The objective is to provide the grounds for a good understanding of how these instruments trade, how they can be valued

and how they should be used.

LEARNING OUTCOMES


understand how derivatives trade

build derivatives portfolios fitting specific needs and/or expectations

value the basic types of derivatives

PREREQUISITES

none

COURSE CONTENT

1) Derivatives markets & Trading futures // Reading: OFoD: Chapters 1 & 2

2) Hedging strategies with futures // OFoD: Chapter 3

3) Pricing forwards and futures // OFoD: Chapter 5

4) Mechanics of swaps & Options fundamentals // OFoD: Chapter 10

5) Option trading strategies // OFoD: Chapter 12

6) Arbitrage relationships // OFoD: Chapter 11

7) Binomial option pricing // OFoD: Chapters 13 & 21 (sections on binomial trees)

8) The lognormal distribution and Black-Scholes formula // OFoD: Chapters 14 & 15

9) Hedging and the Greek letters // OFoD: Chapter 15

10) Implied volatility and course review // OFoD: Chapter 20


Technical developments will alternate with examples and applications. The course will require a significant amount of calculationand/or computer spreadsheet work. Exercises and applications will be solved in class in Excel and posted on the Blackboard.

ASSESSMENT METHODS

Grading:

Class participation: 15%

Mid-term exam: 35%

Final exam: 50%.

The mid-term exam is a closed-book multiple choice questions exam on the material covered over the first five sessions. The finalexam is a closed book exam on all the material covered during the course. The class participation grade will depend on the studentinvolvement in class and on the result of a classroom derivatives trading game. Past exams with solutions are available on theBlackboard.

READINGS

We will use the following book as the reference textbook: John C. Hull (2014) Options, Futures and Other Derivatives, 9th ed.,

Prentice Hall, ISBN-10: 0133456315 (OFoD)

Each session is associated with one or two chapters of the textbook that should be read beforehand.

Students who already own the short version of the same text may use it although it does not cover topics of interest for students

intending to follow more advanced derivatives classes: John C. Hull (2013) Fundamentals of Futures and Options Markets, 8th ed.,

Prentice Hall, ISBN-10: 0132993341 (Fund).

18_M1_NI_FE_S2_CCO_MKG_284: MARKETING OF FINANCIAL SERVICES NUMBER OF HOURS: 15

SEMESTER 2


COURSE COORDINATOR: Marie-Ccile CERVELLON, PhD & Andr GERMINET


2017/2018

COURSE OBJECTIVES

As new banking channels (mobile, online) develop, retail banks have to find ways to sustain their growth in the new competitivelandscape. Thus, innovative marketing strategies have become a significant lever of development in the banking sector.

The course aims at exposing students to new developments and trends in financial services marketing. Further, students willdevelop their innovative and creative thinking skills in the context of a business challenge with Crdit Agricole.

LEARNING OUTCOMES

After having taken this course, participants are expected to (knowledge-based outcomes)

Understand the principles of Marketing in the banking sector (LO1)

Identify new trends and opportunities of business developments (LO2)

More specifically, participants should be able to (skill- and competency-based outcomes)

Engage in creative thinking and problem solving through immersion in a business situation (LO3)

Work on a collaborative project with a team spirit to win a competition (LO4)

COURSE CONTENT

SESSION N DURATION TOPICTYPE OFCOURSE

CONTENTPREPARATORYWORK

1 2 hours IntroductionLecture(MCC)

Principles of Marketing

2 3 hours Coaching 1 Coach AG

3 3 hours Coaching 2 Coach AG Assignment 1: Situationanalysis

4 3 hours Coaching 3 Coach AG Assignment 2:

Marketing strategy

5 0.5 hours X2 PresentationJuryMCC+AG

Selection + finals Final presentation


For this course, the teaching & learning methods will comprise lectures and applied coaching sessions on a real marketing projectfor a leading bank in the financial industry, Crdit Agricole

ASSESSMENT METHODS

ASSESSMENT NATURE% OF THETOTAL MARK

DETAILS DURATIONLEARNINGOUTCOMEEVALUATED

Assignment 1 Team work 15% Situation analysis LO2

Assignment 2 Team work 15% Marketing strategy LO1

Final presentation Team work 70%Presentation ofconcept and strategy

0.5 hour X 2 LO3, LO4

READINGS

Recommended readings:

Ennew, C. T. and Waite, N., Financial Services Marketing: An International Guide to Principles and Practice, Latest Edition,

Elsevier

P. Kotler & G. Armstrong, Principles of Marketing, Latest Edition, Pearson Education

18_M1_NI_FE_S2_CCO_FIN_2702: VALUATION NUMBER OF HOURS: 15

SEMESTER 2


COURSE COORDINATOR: Marco GHITTI, [email protected]


2017/2018

COURSE OBJECTIVES

To understand the range of business valuation models and techniques that are available and commonly used by practitioners

(financial analysts, investment and merchant banks, consulting firms) in business valuations and deal-making (M&As, LBOs,

and so forth).

To understand both the commonality and the differences in the elements and approaches of these models and techniques,

providing students with a strong conceptual and theoretical framework surrounding business valuation issues.

Application of these models and techniques to contemporary market conditions and examples of business valuations in real-

life situations.

LEARNING OUTCOMES

After having taken this course participants will benefit from:

knowledge & comprehension on how to prepare comparable, fundamental and relative value analysis;

analytical application on how to prepare and interpret Discounted Cash Flow (DCF) analysis;

understanding how to apply the above analysis and comparison of the outcomes of these analytical approaches.

PREREQUISITES

International Accounting REM 3536, Financial Analysis & Reporting CCO 628: Comprehensive understanding of the

interconnection of the basic accounting statements of the Balance Sheet, Income Statement, and Statement of Cash Flows,

Net Income versus Cash Flow, Cash versus Accrual, Depreciation, Ratio Analysis.

Math/Stats REM 3538: Sampling, Std Deviation, Correlation, Linear Regression.

Corporate Finance & Asset Markets CCO FIN 626: Capital Structure, Returns (Arithmetic & Geometric Means).

Time Value of Money and Discounted Cash Flow computations, Beta, Cost of Capital (CAPM & WACC).

Financial Institutions & Markets CCO FIN 625: Primary & Secondary Equity Markets, Stock Indices, IPOs, Investors.

Students are strongly encouraged to read the relevant chapter of the textbook before each session.

COURSE CONTENT

Class N Course contentReference & SourceMaterials

1

Equity Valuation: Applications and ProcessesThe Valuation Process, Analysing Financial Statements and applying Macro-Economics and Ratio Analysis to Forecast Company Performance, ValuationModels.

CHAPTER 1-3Exercises & Problems asassigned from textbook.

2

Return ConceptsHolding Period Return, Expected/Required Returns, Equity Risk Premium,Arithmetic versus Geometric Means, Historic versus Forward Look Returns, Beta,CAPM, WACC, Multifactor Models.

CHAPTER 4, 7-8Exercises & Problems asassigned from textbook.

3Discounted Dividend ValuationExpected Cash Flows, Discount Rates, Present Values and Terminal Values,

CHAPTER 9-10, 11-13Exercises & Problems as

Constant Growth, Multi-Stage Growth and Discount Models, Reinvestment andGrowth Rates.

assigned from textbook.

4

Free Cash Flow ValuationOperating Income versus Operating Cash Flow, Free Cash Flows versusStatement of Cash Flows, Free Cash Flow to Firm Valuation, Free Cash Flow toEquity Valuation.


5

Market-Based Valuation: Price and Enterprise Value MultiplesComparables, Enterprise Value and Multiples, Trailing and Forward looking P/E,Multistage Dividend Discount, Determining Book Value and Price to Book,Forecasting Fundamentals, Price to Sales, Price to Dividends and Yields


To beannounced

Group Assignments and Final Written exam 1 hours on [***] based on GroupAssignments, Lecture Notes and Textbook.


Lectures with real world examples based approach with interactive student/team participation. Students are strongly encouragedto test their comprehension through the exercises/problems presented in the textbook.

ASSESSMENT METHODS

Final grade for the course will be structured as follows:

80% final written exam (1 hours) based on the overall material covered through the length of the course;

20% group assignments to be uploaded on Blackboard (groups valuation will be based on the quality of the outputs). The

deadlines will be specified in class.

READINGS

Required text and workbook: Damodaran, A. (2012). Investment Valuation: Tools and Techniques for Determining the Value of AnyAsset. 3rd Edition. Wiley Finance Edition. If a newest edition were released by the beginning of the course, students would beencouraged to use the newest version.

Recommended reading:

Pinto, J.E., Henry, E., Robinson, T.R. and Stowe, J.D. (2015). Equity Asset Valuation. 3rd Edition. Wiley. If a newest edition

were released by the beginning of the course, students would be encouraged to use the newest version. Previous edition of

the book are still valuable too.

Pinto, J.E., Henry, E., Robinson, T.R. and Stowe, J.D. (2015). Equity Asset Valuation Workbook. 3rd Edition. Wiley. If a

newest edition were released by the beginning of the course, students would be encouraged to use the newest

version. Previous edition of the book are still valuable too.

Other supplementary content and course material

Brealey, R.A., Myers, S.C. and Allen, F. (2017). Principles of Corporate Finance. 12th Edition. McGraw-Hill

Education. Previous edition of the book are still valuable too.If a newest edition were released by the beginning of the course,

students would be encouraged to use the newest version. Previous edition of the book are still valuable too.

Bodie. Z,, Kane. A. and Marcus, A.J. (2014). Investments Global Edition. 10th Edition. McGraw-Hill Education. Previous

edition of the book are still valuable too. If a newest edition were released by the beginning of the course, students would be

encouraged to use the newest version. Previous edition of the book are still valuable too.

Koller T., Goedhart M., Wessels D., (2015). Valuation: Measuring and Managing the Value of Companies. 6th Edition by

McKinsey & Company Inc., Wiley. If a newest edition were released by the beginning of the course, students would be

encouraged to use the newest version. Previous edition of the book are still valuable too.

Articles from Financial Times, The Economist and Wall Street Journal.

18_M1_NI_FE_S2_CCO_FIN_4622: FINANCIAL ECONOMETRICS PART II NUMBER OF HOURS: 21

SEMESTER 2


COURSE COORDINATOR: Veronika CZELLAR, PhD & Vivien LESPAGNOL


2017/2018

COURSE OBJECTIVES

The course objective is to provide students with an overview of econometric methods, which are useful for modeling and predictingfinancial time series.

LEARNING OUTCOMES

After having taken this course, participants will be able to

Model the dynamics of financial returns

Estimate the parameters of volatility models

Forecast the value-at-risk

PREREQUISITES

Statistics and Financial Econometrics Part I

COURSE CONTENT

Dynamics of financial returns1.

Predictive content of past returns

Stylized facts about financial returns

Modeling univariate volatility1.

ARCH/GARCH models and maximum likelihood estimation

Stochastic volatility and moment-based estimation

Value-at-risk and expected shortfall

Modeling multivariate volatility1.

Covolatility

Multivariate extensions of ARCH-type and stochastic volatility models


The course will involve the following teaching methods :

in-class lectures

online quizzes

tutorials organized in smaller groups

ASSESSMENT METHODS

The final grade will be determined by a take-home assignment (30% of the final grade) and a written final exam (70% of the finalgrade).

READINGS

Optional: Brooks, C. (2014), Introductory Econometrics for finance, Cambridge University Press, 3rd edition (someselected chapters).

18_M1_NI_FE_S2_CCO_FIN_632: ANALYSIS OF RISK & PERFORMANCE NUMBER OF HOURS: 30

SEMESTER 2


COURSE COORDINATOR: Laurent CALVET, PhD (TBU)


2017/2018

COURSE OBJECTIVES

This course contributes at preparing students to a career in finance, banking and particularly in asset management. It develops thebasic principles of portfolio construction, as well as asset pricing, and introduces to the fundamentals of risk and performancemeasurement in an asset management context. Students will be able to build investment portfolios, conduct empirical analysis ofinvestment strategies, and evaluate risk and performance measures.

The tutorials are specifically designed to allow students to learn how to work with empirical data. Students will implement differentdata-gathering techniques and methodologies to build investment portfolios. They will learn how to estimate and test asset pricingmodels, as well as to test the efficiency of financial markets and to assess the performance of portfolio strategies.

LEARNING OUTCOMES


Build and back-test investment strategies

Perform empirical estimation and test of asset pricing models

Measure risk and performance of investment strategies

PREREQUISITES

First course in finance: Corporate finance and asset markets or equivalent

Fundamentals of linear algebra: basic operations with matrices (e.g.: addition, product, inversion)

Basic knowledge of Microsoft Excel

COURSE CONTENT

Lecture 1

Fundamentals of financial analysis

Prices, dividends. Arithmetic returns, logarithmic returns, adjusted prices.

Different definitions of average returns, volatility.

Portfolios of assets.

Data sources.

Markowitz model

The two-asset case and the diversification effect.

The multi-asset case: efficient frontier with N risky assets.

Issues with the Markowitz model: the effect of estimation risk and transaction costs.

Tutorial 1

Data gathering and treatment

Data gathering from proprietary and open sources.

Calculation of re

Documents

PRE-MASTER - ub.edu€¦ · 2017-2018 S2 534 Comportement ... M1 FE 1 CC* 4345 Statistics & Financial Econometrics Part I 21 3 3 M1FE 1 CC 630 Cost ... Final exam: 70%