Syllabus for MBAX 6220 Fall 2011 Investment Management and Analysis David M. Gross Ph.D. Description After a brief survey of various types of financial instruments and the financial environment, we turn to building a rigors foundation for portfolio analysis and asset pricing. Over this semester, you will develop a large vocabulary of investment terms and will understand the foundations of assessing portfolio and security risk, measuring returns and valuing assets. Learning Objectives The goals of this course are: Learn as much institutional detail and terminology as possible Familiarize yourself with the historic record of risk and returns of different classes of securities Develop a rigorous foundation in portfolio math in order to develop a deeper understanding of risk and return Gain proficiency using Excel to model security and portfolio performance Contact Information Office: KOBL 402 Office hours: Monday through Thursday, 1:30 to 2:30 or by appointment Office phone: 303-735-6181 E-mail: David.Gross@Colorado.Edu Web Page: http://leeds-faculty.colorado.edu/grossd/ Required Text Investments (9th edition), by Bodie, Kane, Marcus, McGraw Hill Irwin publishing. Homework Throughout the term, homework that relates to the material covered in the lectures and text will be assigned but NOT collected or graded. You will be provided with answers to these problems. Much of the material covered by the exams will be from these homework problems. Projects I will assign multiple Excel-based projects that will require you to perform security and portfolio calculations and analysis. The specifics of the projects will be assigned as the semester progresses. Exams There will be one midterm exam and a final exam. The majority of the material on the exams will be taken from the homework and lectures. The rest will come from the text. The final exam WILL BE CUMULATIVE. Exam Schedule Midterm Wednesday, October 19 Final Exam TBA Grade Weighting Midterm Exam 30% Final Exam 50% Projects 20% These are the only factors that will be used to determine your course grade. There will be no extra credit. Course Outline: Brief Review of Terminology and Institutional Details: The Investment Environment – Chapter 1 Asset Classes and Financial Institutions – Chapter 2 How Securities Are Traded – Chapter 3 Mutual Funds and Other Investments Companies – Chapter 4 Portfolio Risk and Return Math Learning about Risk and Return from the Historical Record – Chapter 5 Risk Aversion and Capital Allocation to Risky Assets – Chapter 6 Optimal Risk Portfolios – Chapter 7 Index Models – Chapter 8 Asset Pricing and Models Used to Measure Historic Risk and Return Performance The Capital Asset Pricing Model – Chapter 9 Arbitrage Pricing Theory and Multifactor Models of Risk and Return – Chapter 10 The Efficient Market Hypothesis – Chapter 11 Behavioral Finance and Technical Analysis – Chapter 12 Empirical Evidence on Security Returns – Chapter 13 Securities Analysis Macro and Industry Analysis – Chapter 17 Equity Valuation Models – Chapter 18 Financial Statement Analysis – Chapter 19 Additional Topics (as time allows) Fixed Income Securities – Chapters 14, 15 and 16 Derivative Securities – Chapters 20, 21, 22 and 23 More Portfolio Performance Evaluation – Chapter 24 Disabilities: Students with disabilities who qualify for academic accommodations must provide a letter from Disability Services (DS) and discuss specific needs with the professor (in person or by e-mail), preferably during the first two weeks of class. DS determines accommodations based on documented disabilities (303-492-8671, Willard 322, http://www.colorado.edu/disabilityservices/) University Student Policies: All University of Colorado and Leeds School of Business rules, policies, and procedures will be followed in the course (including those related to drop/add requirements and the grade of “IF”). Academic dishonesty can result in a failing grade for the course. University policies regarding academic and behavior issues should be reviewed at: http://www.colorado.edu/policies/index.html Religious Observance: Campus policy regarding religious observances requires that faculty make every effort to reasonably and fairly deal with all students who, because of religious obligations, have conflicts with scheduled exams, assignments, or require attendance. Please contact your Instructor prior to any potential course conflict. Student Honor Code: http://www.colorado.edu/academics/honorcode The purpose of an Honor Code at the University of Colorado at Boulder is to secure an environment where academic integrity, and the resulting behavior, can flourish. The Honor Code recognizes the importance of honesty, trust, fairness, respect, and responsibility and wishes these principles to be a defining part of the CU-Boulder campus. The Honor Code allows all students to have responsibility for, and the ability to attain, appropriate recognition for their academic and personal achievements. Academic dishonesty can result in a failing grade for the course.
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