Écoles, masters et doctorats / Schools, Masters and Doctorates / Enseignements / Teachings
CLERCQ (Equity Portfolio Manager, Allianz Global Investors France), Adrien TENNE (Administrateur INSEE, Chargé de participations au sein de l'Agence des participations de l'Etat, Ministère de l'Economie et des Finances), Laurent VALIGNY (Directeur des risques, HSBC). Mode de validation : Ce module est validé par 8 crédits. Le contrôle continu compte pour 2/3 de la note globale (50% galop intermédiaire, 25% corrections d'exercices et assiduité en conférence, 25% ﬁche technique). Le contrôle ﬁnal (épreuve de 3 heures) compte pour 1/3 de la note globale. Charge de travail : Exercices, lecture d'articles de presse, et études de cas. Méthode pédagogique : La pédagogie de l'enseignement repose sur un cours magistral et sur une conférence de méthode de deux heures hebdomadaires chacun. Soit un total de 48h. Descriptif du cours : The course aims to familiarize students with the workings of asset markets and the fundamental tools of asset valuation. Three important asset classes will be covered : bonds, stocks and derivatives. The cornerstone of asset valuation is the present-value formula, and will be covered ﬁrst. We will then use it in the context of ﬁxed-income securities, focusing mainly on government bonds and emphasizing the relation between valuation and no-arbitrage. Next, we will move to stocks, starting with basic notions of risk, return and diversiﬁcation. We will formalize the trade-off between risk and return in the context of portfolio theory. We will then examine how risk is priced in equilibrium, via the capital asset pricing model (CAPM) and multi-factor models. In covering these models, we will examine their implications for stock valuation. We will also ask whether the market values stocks efﬁciently, or whether there are “abnormal” returns leading to large proﬁts that are not fair compensation for risk. Finally we will cover derivatives – futures and options. After an overview of derivatives' main uses, we will cover valuation method such as the binomial and the Black-Scholes model, emphasizing again the relation between valuation and no-arbitrage. The course ends with credit derivatives and the role of securitization in the subprime crisis.
Lectures principales demandées : B. Jacquillat et B. Solnik, Marchés ﬁnanciers, Dunod ; Z. Bodie, A. Kane, and A. Marcus, Investments, McGraw Hill.
MARKETING AND COMMUNICATION FOR NONPROFIT ORGANIZATIONS
Semester : Spring Number of hours : 12 Language of tuition : English
Teachers : Danuta PIETER (Déléguée Générale - Fondation Hôpitaux de Paris - Hôpitaux de France). Pedagogical Format : Seminar Course validation : 50% participation. 50% case study presentation in groups of 2 to the rest of the class. One sessions will include a French or international guest lecturer (President of a charity, renowned philanthropist, charity ambassador from the ﬁlm industry or sports. Course Description : Students are most likely to be in touch with nonproﬁt organizations as individual or corporate donors and/or supporters. Some may become nonproﬁt organizations' professionals at some point in their careers or even become major philanthropists at a later stage in their lives. In a growing nonproﬁt sector and a constrained economy, competition for philanthropic resources is ﬁerce. While companies value their client network, so must nonproﬁt organizations with their donor network. The purpose of this course is to offer students an introduction to the required skills to manage effective communication and marketing which are critical to move a nonproﬁt organization closer to success in its mission and in return to provide tools for assessment and understanding of reach out strategies. This course will address the speciﬁcities of the nonproﬁt sector, while at the same time, focusing on the importance of the introduction of methods successfully tested in the for-proﬁt world and offer a practical, hands-on approach, throu