Investing on financial markets

Crédit : 3 ECTS
Langue du cours : anglais

Volume horaire

• CM : 24 h

Compétences à acquérir

Understanding asset management's purpose and optimization. Understanding uncertainty reduction techniques to improve investment decisions over time. Portfolio construction & risk-return analyses.

Description du contenu de l'enseignement

The course aims at grasping key financial asset management principles and concepts, their goals, major means, common tools & constraints, in a search of a "reasonably optimal" portfolio. I-A review of investment processes, techniques and models over time II-Investment Process: investment philosophy, investment universe, asset selection, portfolio construction, risk monitoring, reporting III-Diversification, factors & risk premia IV-Risks & return assessment (VaR, CVaR, EVT, major ratios) V-Directional & non-directional strategies for relative or absolute expected returns VI-SRI, ESG and other non-financial inputs VII- Case studies (investment themes & asset managers)

Mode de contrôle des connaissances

Two team-based class presentations: a first one about a pre-approved theoritical subject, and a second one being a feedback following a meeting with a CIO or a CEO of a Paris-based asset management company (meetings arranged by the lecturer)

Pré-requis recommandés

Open mindedness

Pré-requis obligatoires

Prior knowledge of major financial markets instruments (equities, bonds, forex, commodities, derivatives

Bibliographie, lectures recommandées

Not easy: Expected Returns - An Investor ’ s Guide to Harvesting Market Rewards, by Antti Ilmanen, Wiley Finance (2011)
Bedside reading: The Intelligent Investor, subtitled “ The definitive book on value investing ” , by Benjamin Graham, Harper Business Essentials (2006)
Easier and entertaining: Fooled by randomness, subtitled “ The hidden role of chance in life and in the markets ” by Nassim Taleb, Penguin Books (2007)

Enseignant responsable

DENIS BEAUDOIN