现代金融学基础 2

你将学到什么

课程概况

Due to challenges arising from the COVID-19 pandemic, start dates for the MITx MicroMasters® Program in Finance courses have been postponed until Fall 2020.

Please note: the dates listed for each course are tentative and subject to change. If we make any further changes to the program schedule, we will share this information with you via email, and make it available on our website.

Many of the most important financial decisions in business are done under uncertainty. This is the second course in the Foundations of Modern Finance series of courses, as part of the MicroMasters® Program in Finance. It provides you with the science behind making financial decisions under uncertainty.

We build on the core set of basic principles taught in the first part, and continue to develop a powerful and general framework for making financial decisions in business and in personal financial planning. We introduce financial derivative securities, and their valuation models, discuss the capital structure decision of firms, and explore the interaction between investing and financing.

At the center of financial decision making is the valuation problem. How much value does a business investment create? What is a fair price to pay for a financial asset? We develop models and analytics for measuring risk and for valuing financial assets. We apply valuation models to financial securities, including stocks and bonds, and to project valuation and capital budgeting.

The course is excellent preparation for anyone planning to take the CFA exams.

课程大纲

Introduction to Finance

Financial decisions of households and corporations
Approaches to valuing financial and real assets
The role and the overview of financial markets
Financial Frictions
Unifying principles of finance

Market Prices and Present Value

Historic returns on asset classes: return and risk
State-space model for time and risk
Security prices, state prices and arbitrage pricing
Present Value (PV) and future value
Discount rates, time value and risk premium
Compound interest
Annuity and perpetuity formulas

Fixed Income Securities

Fixed-income markets
Term structure of interest rates
Properties of bond prices and market conventions
Inflation and real rates

Common Stocks

Discounted Cash Flow (DCF) model
Gordon model, multi-stage growth model
EPS, P/E, PVGO

Risk

Decision under uncertainty and expected utility theory
Risk aversion
Diversification and portfolio analytics
Systematic and idiosyncratic risks

Factor models and Arbitrage Pricing Theory (APT)

Factor models for risk
APT
Applications of APT

Market Efficiency

Efficient Market Hypothesis (EMH)
Implications of EMH
Empirical evidence on EMH

Introduction to Corporate Finance

Corporate financial decisions
Opportunity cost of capital and NPV
Financial objective of corporate managers

Capital Budgeting

NPV rules
Cash flow calculations
Alternatives to NPV
Project interactions
Capital budgeting and discount rates

预备知识

Probability and Statistics (undergraduate)
Calculus (undergraduate)
Linear algebra (undergraduate)