2016国际金融课件

horizon
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This Course
• My view of the objectives of a Master Course: • Enabling students to use the most current academic research to improve corporate and financial institutions’ decisions • How to evaluate the pros and cons of a decision • Ultimately, using finance for the “good society” • Course based on research papers & cases • Required readings will be posted on the website • Together with my slides
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INTERNATIONAL FINANCIAL MANAGEMENT
Professor Mariassunta Giannetti
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Who am I?
• • • •
PhD., University of California, Los Angeles MA / BA Bocconi University, Italy Held positions at London Business School, Bocconi University Currently, Professor of Finance at the Stockholm School of Economics
• Whose determinants and effects we aim to understand
than 50 percent of capital flows within Europe. With hindsight, it appears that capital mobility in Europe outpaced the development of institutions and common 22 regulations necessary to support such flows. Exhibit'E2
days
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Cases
• Ideally, you should work in groups of 4 • You can work in smaller groups or solo • You are free to choose and change case co-workers • Case report & tables • Only one file to be uploaded on the courseweb
one weeks in advance to the discussion
• (New) Contents • More on emerging markets • Less on CAPM-International diversification (covered by Dr. Sangiorgi)
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Grading
• 70% exam • Closed books; no formulas sheets • 30 % case discussions & class participation • I require to hand in cases on the course web, but cases will not be graded • In exceptional situations, I may look at the case report to help you to pass the exam/final grade • (Any) Grade complaints by email to me within 10 working
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An overview of the themes of the course
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International Financial Management Why should you care?
• On Jan 15, 2015: • ZURICH—Switzerland’s central bank on Thursday scrapped its policy of capping the Swiss franc at 1.20 to the euro
• Think of bringing ideas based on research to a board meeting or the
meeting of the asset management company where you work
• Student presentations: I will ask for 2 or 3 volunteer groups about
the forces explaining them?
• What explains the different performance of the stocks of
emerging and advance economies following currency depreciations?
• How do firms and investors take into consideration
opportunities and risks associated with international financial markets?
• Currencies • Different laws and institutions • Expropriation risk
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Some other empirical facts…
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IFM-Spring 2016
• What’s new? • Class participation and student presentations • Objective: Anybody with an MA should be able to practically use research findings in the real world
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Readings
• Five cases as announced in the website • I will announce about 7-10 days before when they are due
• In class/website
• Student presentation (I will ask for volunteers) • Case discussion in class
yavor.kovachev@phdstudent.hhs.se • Office hours by appointment only (send an email)
• Yavor • Myself
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Readings
• All the material contained in the slides is required • At the end of each set of slides, I will list readings • Background readings (Basic knowledge some of you may already have) • Required Readings • Suggested Readings (not required) • The readings I provide in the syllabus for each lecture are indicative and may change
• Slides are not a substitute for lectures!
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Today
• Administrative stuff • Overview of the course • Introduction of some basic
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Administration: Some practicalities
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Class Meetings
• Lectures • Attendance strongly recommended • You will be graded (also) on active class participation • Seminars held by Yavor Kovachev
• Mostly background readings: • Textbook: Bekaert and Hodrick, International Financial Management, Second Edition • Useful complement: Solnik and McLeavy, Global Investments, International Edition, 6/E
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Announcements & Information
• Anything announced during a lecture regarwk.baidu.coming, e.g.,
• • • •
course requirements, the exam, changes of schedule or deadlines is assumed to be common knowledge. Those who are not present at a lecture are advised to obtain relevant information from other students. You are expected to check the course website as it will be updated during the course with the relevant material. Direct questions on course administration to the secretary Jenny Questions on exercizes, background readings, assignments to the TA Higher level academic questions to me
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Tales from emerging markets
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…and emerging market stock markets
• Vanguard Emerging Market Exchange Traded Fund (ETF)
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Questions
• Can we predict large exchange movements? What are
• My research: On International Finance and Corporate • Published on the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, American Economic Review, Journal of International Economics… • Associate editor of many journals • Rising Star in Finance, 2016 • Current issues: Flight home, Corporate scandals, Investor
• What has happened next to
• Exchange rates • Stock markets • Asset managers (carry traders?)
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The Swiss Franc dramatically appreciated…
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…and the stock market consequences