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Finance 614: Subject and Structure

Finance 614: Subject and Structure. Galina A Schwartz Department of Finance Business School University of Michigan. We are going to study. International Financial Markets: Current Institutions: Offshore and Onshore Markets Financial Innovation Financial Instruments

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Finance 614: Subject and Structure

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  1. Finance 614: Subject and Structure Galina A Schwartz Department of Finance Business School University of Michigan

  2. We are going to study • International Financial Markets: • Current Institutions: Offshore and Onshore Markets • Financial Innovation • Financial Instruments [Derivative securities] Futures, Options, Swaps • International Asset Portfolio: Bond and Equity Portfolios

  3. Game Theoretic Approach: [Same as FIN 612]: • Players (Governments, Regulators, Central Banks, Financial Institutions, Corporations, Individuals) • Incentives and Implementation • Important issues [Same as FIN 612]: technology, legal and regulatory framework, market micro structure, macroeconomic parameters +INFORMATION

  4. What will be different from Finance 612 • Finance 614 is more ADVANCED, and it is more DEMANDING • Economic analysis will be more COMPLEX • Number of topics to be covered will be SMALLER

  5. Specifically, the publications we will use are: • The Economist Magazine • Red Herring Magazine • These publications have more details [and more controversies]

  6. Main skill to master [Same as in 612] • Financial Information Analysis • It is: a difficult, challenging and slow to learn skill • It is: a rigorous approach • It is: frustrating at first • Then, it is rewarding

  7. Fin 614 focuses on: • I. Financial institutions and instruments (+ history) Why do they exist What role do they play • II. Expectations of further developments Hi-Tech and Financial System (past, present, future) • III. International Financial Legalities and their future

  8. Finance 614: International Financial System and Hi-Tech: • Information: its costs, its precision, its retrieval and analysis • Globalization: the `new’ markets and their structures • Innovation: financial transactions, clearing house system, • Security: PC, internet, smart cards, etc -- on your demand

  9. Example : • Long Term Capital Management Insider and Outsider Perspective: Which is more informative? Please, read both AEA papers distributed in class today

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