Financial economy

The idea of the course is to introduce to the frontiers of research in financial economics. The course is focused on theoretical research in the areas of financial frictions, liquidity, financial intermediation and banking.

This course is focused on fi?nancial economics, with specifi?c emphasis on asset pricing and the valuation of risky cash flows, theoretical research in the areas of ?financial frictions, crises, liquidity, financial intermediation, and banking. After studying consumer decision-making under uncertainty, it uses that general framework as a basis for understanding both equilibrium and no-arbitrage theories of securities pricing, including traditional models like the capital asset pricing model (CAPM), Arrow-Debreu theories, and arbitrage pricing theory (APT). The course will contain a mix of lectures and selected paper discussions.

Literatura podstawowa:

Fabozzi, Neave, Zhou; Financial Economics; Wiley 2012

Tirole; The Theory of Corporate Finance; Princeton University Press, 2006

Jones, Financial Economics, Routledge 2008

Dąbrowski I., Economics of Finance, OW SGH, Warszawa 2015

Copeland, Weston; Financial Theory and Corporate Policy, Addison-Wesley Publishing Company, 1988

Literatura uzupełniająca:

Selected articles

Wiedza: Students should know the basic methods of multivariate risk analysis in the financial market.; Students should be able to value the basic financial instruments and to use them for the purpose of risk management.; Students should understand the significance of liquidity for the economic process and how to carry out the economic analysis to manage liquidity.

Umiejętności: Students should know the definition and the meaning of both financial liquidity and market liquidity.; Students should be able to measure and manage the risk using the multivariate analysis methods, as well as to value the portfolio composed of different financial instruments. ; Students should understand the links and differences between economics and finance.

Kompetencje społeczne: Students should be aware of interactions between the social welfare and financial decisions.; Students should understand how finance affects the economic turnover.

inne: 0; egzamin testowy: 0; kolokwium: 0,50; referaty/eseje: 0,50; ćwiczenia: 0; egzamin ustny: 0