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MASTERS SYLLABUS

2229 - Investments
Semester 1
2019/20

Instructors: Antonino Emanuele Rizzo and Giorgio Ottonello


Antonino Emanuele Rizzo is an Assistant Professor of finance at Nova School of Business and Economics.
He received a Master in Finance in 2011 from Bocconi University (Italy); and a Ph.D. in Finance in 2018
from Tilburg University. His research is in empirical corporate finance, corporate governance, and
venture capital, with a focus on the impact of regulation on financial markets. His teaching experience
includes graduate-level courses on Investment, Asset Management, and Corporate Finance.
For more information, visit Emanuele’s website: https://sites.google.com/site/aemanuelerizzo/
Giorgio Ottonello is an Assistant Professor of finance at Nova School of Business and Economics. He
received a Master in Quantitative Finance in 2014 from WU Vienna (Austria); and a Ph.D. in Finance in
2019 from the Vienna Graduate School of Finance. His research is in fixed-income markets, institutional
investors, portfolio allocation, credit and liquidity risk. His teaching experience includes graduate-level
courses on Financial Markets, Optimization, and Advanced Topics in Financial Academic Research. For
more information, visit Giorgio’s website: https://sites.google.com/view/gi8nello

Contacts:
A.E.Rizzo: emanuele.rizzo@novasbe.pt
G.Ottonello: TBA
Office Hours: TBA

COURSE UNIT AIMS. (Purpose of the course using broad, general terms)
This course is designed to provide students with a strong foundation in all the fundamental concepts in
investments. Broad topics include risk and return, constructing optimal portfolios, asset pricing models,
fixed-income securities, and financial derivatives. We will seek a balance between the theoretical
paradigms, the empirical findings, and their application to the real world. Lectures and exams will
concentrate on both conceptual foundations and quantitative problem solving.

COURSE UNIT CONTENT.

Main topics covered in the course:


 Introduction: present values, risk and return
 Portfolio Theory
 Equities
 Fixed Income
 Linear Derivatives
 Options
Class calendar (subject to change):

Class no. Date Content

1 TBA Introduction to the course and overview of financial markets


2 TBA Returns and Present Values
3 TBA Risk and Return I
4 TBA Risk and Return II
5 TBA Portfolio Management I
6 TBA Portfolio Management II
7 TBA CAPM I
8 TBA CAPM II
9 TBA Factor Models I
10 TBA Factor Models II
11 TBA Market Efficiency
12 TBA Bonus point + Review Lecture
13 TBA Anomalies I
14 TBA Anomalies II
15 TBA Fixed Income I
16 TBA Fixed Income II
17 TBA Fixed Income III
18 TBA Options I
19 TBA Options II
20 TBA Options III
21 TBA Options IV
22 TBA ETF I
23 TBA ETF II
24 TBA Bonus Point + Review Lecture
LEARNING OBJECTIVES. Upon completion of this course, students should be able to:
A. Knowledge and Understanding
 Have a broad knowledge of different investment assets and strategies
 Understand the economic role of financial assets and markets
 Understand the risk-return trade-offs faced by investors
 Understand the concept and implications of market efficiency

B. Subject-Specific Skills
 Know how to value different securities: bonds, stocks, derivatives
 Know how to estimate the term structure of interest rates
 Know how to construct efficient portfolios
 Know how to engineer simple hedging strategies using derivatives

C. General Skills
 Present quantitative results in a clear and concise manner, both written and orally
 Work effectively in teams

DEMONSTRATION OF THE COHERENCE OF THE SYLLABUS WITH COURSE UNIT AIMS


The topics we cover in the course will expose students to all knowledge areas that are most
relevant to Investments. The type of work they have to conduct in class will incentivize them to
think about finance and develop the skills necessary for the practice of Investments.

TEACHING AND LEARNING METHODS.


There are four main teaching and learning methods:
 Lecture-style classes: conceptual material is presented and illustrated with simple
examples.
 Cases: the class prepares and discusses a case on the topic of investments.
 Problem sets: students will be given simple problem sets, mostly aimed at consolidating
technical material (for example, valuing derivatives).
 Topical issues: a recent event and/or news piece is selected for class discussion (for
example: the recent contraction of the hedge-fund industry and its potential implication for
market efficiency).

ASSESSMENT.
The Final Exam is mandatory and must cover the entire span of the course. Its weight in the final grade
can be between 30 to 70%. The remainder of the evaluation can consist of class participation, midterm
exams, in class tests, etc. Overall, written in class assessment (final exam, midterm) must have a weight
of at least 50%.
Assessment methods:
Cases: 30%
Midterm: 35%
Exam: 35%
To obtain a passing grade in the course, students must have a grade in the final exam of at least 10.

Students will have to deliver all the problem sets and cases to be able to complete the course.
The midterm exam is also mandatory.

BIBLIOGRAPHY.

Lecture notes.
“Investments”, by Bodie, Kane, and Marcus, 10th edition, McGraw‐Hill

RESOURCES.

There will be additional materials and handouts posted on the class webpage
Resources on the web that you may find interesting and useful:
 http://www.bloomberg.com/ for market news and data
 http://finance.yahoo.com/ lots of free data and news
 http://mba.tuck.dartmouth.edu/pages/faculty/ken.french/data_library.html data
 http://johncochrane.blogspot.pt/ Prof. John Cochrane’s blog
The Nova Investment Club (http://www.novainvestmentclub.com/) has many interesting initiatives in the
area of finance.

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