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CSULB FIN 650 - SYLLABUS

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CALIFORNIA STATE UNIVERSITY-LONG BEACH COLLEGE OF BUSINESS ADMINISTRATIONDEPARTMENT OF FINANCE, REAL ESTATE & LAW Spring 2003FINANCE 650: SEMINAR IN INVESTMENTSSaturday Afternoons, 1:00-5:00 p.m.Instructor: Peter A. Ammermann, Ph.D.Office: CBA-328Phone: (562) 985-7526E-mail: [email protected] Website: http://www.csulb.edu/~pammerma/finance_650.htm Office Hours: Tuesday: 12:30 – 1:00, 3:00 – 4:00; Thursday: 12:30 – 1:00, 6:30 – 7:00; or by appt.Course Overview: This course provides an in-depth discussion of investment and portfolio management, in termsof both theory and practice. Students are expected to learn about the investment alternatives that are available in the market. To facilitate this process, students must develop and manage aportfolio that satisfies a specific risk-return objective. In addition, students are required to work on an extended research project designed to provide them with in-depth exposure to some aspect of the theory and/or practice of investments. Required Text: Gordon J. Alexander, William F. Sharpe, and Jeffrey V. Bailey, “Fundamentals ofInvestments, 3rd Ed.”, Prentice Hall. Recommended Computer Skills and Other Supplementary Readings: Microsoft application (Word, Power Point and Excel)Wall Street Journal; Business Week; Forbes; Fortune; Internet electronic resources (e.g., MSN MarketCentral, Yahoo!Finance, ValueLine, etc.)Course Objectives: To familiarize the student with a variety of investment topics, such as the nature and operations of securities markets, risk analysis and risk-factor models, modern portfolio theory (MPT), the capital asset pricing model (CAPM), the arbitrage pricing theory (APT), valuationmodels for stocks and bonds, option pricing and trading, investment strategies in equities and fixed-income securities, and investment performance evaluation.To improve the students’ analytical skills and conceptual abilities in the area of investments through the examination of various problems in security analysis and portfolio management.Instructional Method:Classroom lectures and discussions, active student participation, individual research project, group portfolio management project.Performance Evaluation: 1Component PercentageMid-Term Exam 28Comprehensive Final Exam 32Individual Research Project 10Portfolio Management Project 30Total 100Mid-Term and Comprehensive Final Exams:The mid-term and final exams will emphasize the material from the text. The students are responsible for all of the material of chapters listed on the syllabus, regardless of whether they are explicitly covered in class. Prior to each exam, the students will be provided with a general listing of the material that will be covered by the exam. The final exam will be comprehensive. Individual Research Project:Each student will research a topic of interest in investments (a list of possible topics will be provided by the instructor). At the end of the term, the results of this research must be presented to the class via a short oral presentation and to the instructor via a written research. The grade for this project will depend on the quality of contents, research approach, organization, and writing style. Note: the written report will not be returned to the student.Portfolio Management Project:Each group of students is required to manage a simulated portfolio of $10,000,000. This portfolio must include investment positions (both long and short positions are allowed) in at least 8 stocks that are traded on NASDAQ or one of the major exchanges; investments in bonds and REITs are also allowed, as is the use of derivatives for portfolio protection and performance enhancement purposes. The group must track their portfolio’s progress on a regular basis using the portfolio-tracking function of MSN MoneyCentral. At the start of the term, the group must develop, and present to the class, their portfolio’s mission and objectives(cf., Chapters One and Seventeen of the Alexander et al. text) and their strategy for accomplishing these. Each subsequent week, the group must report on the progress of their portfolio and describe any material changes that have taken place over the preceding week. At the end of the term, each team must submit an “Annual Report” for their portfolio and givea “Presentation to Investors” for their fund describing their results for the term and how well the fund has performed, both in absolute terms and relative to the fund’s mission and objectives. The grade associated with this project will be based on the group’s thoroughness and thoughtfulness in defining the portfolio’s mission and objectives, constructing and managing the portfolio, assessing its performance, and documenting, describing, and presenting a record of this process.Tentative Course Schedule: Week Topic1 Introduction and The Investment Environment: 2Chapters 1, 2, and 3Videotape: Warren Buffett: Oracle of Omaha2 Market Efficiency, Porfolio Selection Problem (and background statistics) and Behavioral Finance: Chapters 4 and 7 (read 5 and 6 on own)Videotape: Mind Over Markets3 Portfolio Theory, Factor Models, and Capital Market Theory (Part 1): Chapters 8 and 94 Portfolio Theory, Factor Models, and Capital Market Theory (Part 2): Chapters 10, 11, and 125 Analysis of Common Stocks (Part 1): Chapters 13 and 14 Mid-Term Exam6 Analysis of Common Stocks (Part 2): Chapters 15 and 16Tentative Videotape: Investing, with Peter Lynch7 Portfolio Management and Performance Evaluation: Chapters 17 and 188 Fixed-Income Securities: Chapters 19, 20, 21, and 229 Derivatives: Chapters 24, 25Final Exam10 Individual Project Summaries and Portfolio Investor PresentationsNote: The contents of this syllabus may be subject to change if circumstances require. If such changes do occur, they will be announced in class and posted on the


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