Courses

Finance function and finance manager; financial environment; financial analysis; financial planning and control; risk-return relationships; time value of money; bond and stock valuation; working capital management; cash, receivables and inventory management; short-term financing; capital budgeting; project cash flow analysis; capital budgeting for risky projects; cost of capital; capital structure; dividend; long-term financing; stock supply and investment banking; long-term borrowing; financial distress, bankruptcy and restructuring; introduction to international finance.

Formation of supply, demand and market prices, elasticity of demand, markets and welfare. Firm’s behavior, industrial organization, perfectly competitive markets, monopoly, oligopoly and monopolistic competition, labor markets, income distribution. Determination of national income, measurement of inflation, production and growth, exchange between unemployment and inflation. Money and banking, international free trade and protectionism.

Basic data analysis, correlation analysis, simple regression analysis, statistical inferences of regression analysis, multiple regression, use of dummy variables in regression analysis, distributed delay models, introduction to univariate time series analysis, regressions with time series variables, time series analysis used in macroeconomics and finance methods, model determination issues, multiple equation models.

Financial assets; financial markets, globalization and derivative markets, financial intermediaries and recent developments in markets, institutions accepting deposits; central banking and monetary policy; insurance companies; investment companies and pension funds; determination of financial asset prices and interest rates; general level and structure of interest rates; structure and working of primary and secondary markets; markets of government securities; private bonds market; stock markets; futures markets; option markets; swap markets.

Empirical evidence on the effects of money,  the demand of money, the supply of money, the static Classical and Keynesian models, inflation dynamics, alternative inflation and unemployment theories, government budget constraint, short-term monetary policy, the effectiveness of monetary policy in different exchange rate regimes in open economies, the credit channels of monetary policy, time inconsistency of policies, monetary policy implementation procedures, money and business cycles.

Stages of Research, Research Question and Hypothesis, Research Design, Research Subject Selection, Ethics in Social Research, Data Types, Data Collection Methods, Sampling Methods Analysis, Qualitative Research Methods, Questionnaire, Observation and Interview, Quantitative Research Methods Analysis, Questionnaire, Research Results Reporting , Interpreting and Evaluating Research.

The importance of multinational companies and international financial management; international monetary system; balance of payments; foreign exchange markets; foreign exchange futures and foreign exchange option markets; basic parity conditions in international finance; foreign exchange risk position and foreign exchange risk; foreign exchange risk management; exchange rate estimation; international money and capital markets; international banking; interest rate and currency swaps; financing international trade; direct foreign investment; multinational capital budgeting; international working capital management.

The course of costs; cost-quantity-profit analysis; current cost concept; pricing concepts; management control systems; budgeting; deviation analysis; measuring segment performance; transfer pricing.

Definition and measurement of expected return and risk; financial assets; financial markets; sources of financial information; stock market indices and their calculation; valuation of financial assets; portfolio analysis; capital asset pricing model; arbitrage pricing model; bond valuation; term structure of interest rates; interest rate risk, credit risk and inflation risk; stock valuation; stock price movements and technical analysis; fundamental analysis; portfolio selection and management; measurement of portfolio performance; financial derivative products and markets.

Government spending and taxes, theory of optimal tax policy, dynamic fiscal policy, balance and growth. National income, government spending and balanced budget multiplier. Theory and application of cost-benefit analysis and other similar techniques in the evaluation of investment projects. Sources of differentiation between private and public investment decisions. Budget deficit and inflation, ways to finance budget deficit. Privatization, Internal and external debts.

Banker-Customer relationship, retail banking, deposits, pricing, money management, fee-based services, corporate banking, general evaluation criteria, credit ratings, credit pricing, crediting and auditing, current developments in international perspective case studies.

Price volatility, hedging and financial engineering concept; risk profile, risk reduction; protection of short and long positions; hedging by term contracts hedging by swap contracts; hedging by option contracts; option pricing models; creative use of derivative assets, mathematical, statistics and spread-sheet applications

Regression analysis, test of significance of coefficients, multiple linear and nonlinear regression models, varying variance, testing of autocorrelation assumptions and estimation methods used when these problems exist, multiple linear dependence, modeling the trend, stationarity in time series, co-integration, seasonality modeling, unit root tests, stochastic trend, ARIMA models, volatility measurement models, ARCH and GARCH models.

Use of economic theory, econometrics and mathematical economics in business decision making; demand, production and costs, pricing under different market structures, decision making under risk and uncertainty; capital budgeting.

Definition, determination, measurement of risk, trends and developments in risk management, risk management and legal aspects of insurance, commercial property and debt risks, insurance industry, insurance and marketing systems, insurance company operations, insurance legislation.

This course is the last study of non-thesis graduate students before they graduate in the Financial Economics program. Students must complete a Graduation Project under the supervision of an instructor to obtain a Master's degree.

The final stage of the thesis consists of the presentations of the students about their theses which are open to discussion.