- •2. Intertemporal choice problem as foundation of the modern theory of finance.
- •3. Basic economic theory of risk. Expected utility function, risk premium and risk aversion measures.
- •4. Technology, profit maximization and theory of firm and industry supply
- •5. Production costs in short run vs long run and cost minimization problem.
- •Variable Costs
- •Isocost Lines
- •6. Types of industrial markets. The model of perfect competition.
- •7. The theory of monopoly. State regulation of monopoly markets.
- •8. (И.К.)Models of oligopoly and game theory applications
- •9. 9. Institutional foundations of economic systems. The economic theory of property rights.
- •10. Transaction costs: the origin, nature, classification, measurement problems.
- •11. Theory of information, properties, info asymmetry and methods of overcoming it
- •Information asymmetry
- •12. Gdp as an indicator of economic results of the macroeconomic system.
- •Income approach
- •13. Aggregate demand and aggregate supply. The ad-as model.
- •14. Consumption, savings and investment. “Keynesian Cross”.
- •15. Money market. The demand for money and supply, factors that determine them. Equilibrium in the money market.
- •16.Joint balance of real and monetary sectors of the economy (model is-lm).
- •17. Cycles of economic dynamics. Sources of cyclical fluctuations in economic conditions.
- •18. Inflation, its types and methods of measurement. Factors and consequences of inflation. Anti-inflationary policies.
- •19. Disequilibrium in the labor market. Unemployment and its types and methods of measurement.
- •20.Globalization and the polarization in the modern world economy.
- •21.General economic equilibrium in an open economy (model Mandell - Fleming).
- •Is components
- •22.(И.К.)Efficient Market Hypothesis (emh): Concept, Forms, Arguments for and against.
- •23. Economic Data and Econometric Analysis. Four types of Economic Data. Role of Econometrics. Main Application of Econometrics.
- •24. Financial Econometrics, it’s object. Type of equations in mathematical modeling: behavioral equations and identities.
- •25,26,27,29 Simple regression analysis. The Simple Linear Model. Least Squares Regression. Interpretation of a Regression Equation.
- •28.Ordinary Least Squares (ols). The Gauss – Markov Theorem.
- •30.Heteroscedasticity. Possible Causes of Heteroscedasticity. The Goldfeld–Quandt Test.
- •31.Autocorrelation. Possible Causes of Autocorrelation. The Durbin–Watson Test.
- •32.Multiple Regression Analysis. Derivation of the Multiple Regression Coefficients.
- •33.Properties of the Multiple Regression Coefficients: unbiasedness, efficiency, precision, consistency.
- •34.Multiple Regression Analysis. Problem of Multicollinearity.
- •35. Purchasing Power Parity Theory: Concept, Forms, Application
- •36. Fisher Effect Parity Theory: Concept, Application
- •37 International Fisher Effect Parity Theory: Concept, Application
- •38. Interest Rate Parity Theory: Concept, Application
- •39. The composition of the global financial market: instruments, participants, sources of information.
- •41. Types of banks and their role in the international financial market.
- •42. The global equities market: size, indicators, principles of organization.
- •43. The global debt securities market: composition, principles of organization.
- •44. The international debt securities: types and organization.
- •45. The government bond markets: size, composition, significance.
- •46. Mortgage-backed securities: mechanism of issuance, the role in the international financial crisis of 2007-2009.
- •47. Exchange-traded derivatives: types, functions, mechanism of trading.
- •48.Otc derivatives. Swaps.
- •49. Types of institutional investors and their role in the global financial markets.
- •50. The functions of the international financial organizations (imf, World Bank, bis).
- •International trade financing
- •52. International banking: the structure and operational function, the services offered, and measures to improve the efficiency and effectiveness of the international banking organization.
- •53. The major issues in International banking: international money laundering, international banking crisis, regulation of international banking, and offshore banking markets.
- •54. Acquisitions and Mergers in Financial Services Management.
- •55.Measuring and evaluating the performance of banks: financial ratio analysis, profitability analysis.
- •57. Bank Financial Management:
- •58.(И.Р.)Requirements for an effective audit and evaluation of evidence (Не полностью описал)
- •59. The audit process and audit report
- •60. Generally Accepted Auditing Standards and Code of Professional Conduct
- •Accounting principles;
- •Confidential client info not disclose without specific consent.
- •61. Cost concepts, classification, and allocation.
- •62. Job order costing system & cost flow
- •63. Process costing and equivalent production
- •65.(И.Р.)Cost behavior and cvp analysis
- •66. Accounting Cycle, Generally Accepted Accounting Principles, and Financial Statements
- •Accounting Cycle – Steps During the Accounting Period
- •Accounting Cycle: Steps at the end of the accounting period
- •67. Merchandising operations & inventories
- •Inventory Costing Methods
- •Perpetual fifo
- •Perpetual lifo
- •68. Internal control, cash and receivables
- •69. Current & long term Liab.
- •70.Long term Assets.
- •71. Contributed Capital & corporate statements.
- •72.(И.Р.)Cash flow statement
- •73. Accounting Rate of Return Method as an Investment Rule. Application and possible Problems
- •74. Payback Method as an Investment Rule. Application and possible Problems.
- •75. Internal Rate of Return Method as an Investment Rule. Application and possible Problems.
- •76. Profitability Index Method as an Investment Rule. Application and possible Problems.
- •1) The method requires an estimate of the cost of capital in order to calculate the profitability index
- •2) The method may not give the correct decision when used to compare mutually exclusive projects.
- •77. Net Present Value Method as an Investment Rule. Application and possible Problems.
- •78. Capital Structure Concept.
- •79. Dividend Policy
- •80. Arbitrage Pricing Theory (apt)
- •81. Capital Asset Pricing Model (capm)
- •82. Fama and French Three Factor Model of Assets Pricing
- •83. Duration concept, application, concept of convexity, and how convexity affects macalay’s duration
- •83. Duration concept, application, concept of convexity, and how convexity affects macalay’s duration
- •84. Valuation based on Price Multiples: p/e, p/bv, p/s.
- •85. (И.К.)Asset Based Valuation Model, Residual Income Valuation Model Asset-based valuation
- •86.(И.Р.)Dividend Discount Model
- •87. Discounted Cash Flow (dcf) Valuation Model
- •88. Capital Structure: Differences between Companies
- •89. Capital structure: Differences between Countries.
- •90. Exporting as a foreign market mode, merits, demerits
- •91. Collaborative Arrangements: Licensing, Franchising, Management Contracts
- •92. (И.К.)Risky assets and portfolio optimization problem.
- •Investors can use either a top-down or bottom-up approach:
- •95. Credit Risk Models
- •96. International Diversification: investing in different markets.
- •97. Translation exposure
- •98. Transaction Exposure.
- •99. Operational Exposure
- •100.(И.Р.)Foreign Direct Investments: Joint Ventures, wholly owned Subsidiaries
- •101. Securitization (s): creation of abSs, participants and functions, securitization’s impact and risks, regulators’ concerns.
- •103. Classification and comparative characteristics of derivatives.
- •1.By the relationship between the underlying asset and the derivative :
- •3.By the market in which they trade:
- •1.Call and Put options
- •2.Exchange-traded or Over-the-counter (otc) options
- •105. Swaps: concept, types, strategies for using
- •106. Futures: concept, types, strategies for using
106. Futures: concept, types, strategies for using
A futures contract is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality for a price agreed today (the futures price or the strike price) with delivery occurring at a specified future date, the delivery date. The contracts are traded on a futures exchange. The party agreeing to buy the underlying asset in the future, the "buyer" of the contract, is said to be "long", and the party agreeing to sell the asset in the future, the "seller" of the contract, is said to be "short". The futures contract is an obligation, the terms specified in the contract are to be fulfilled with both parties.
Types of futures contracts:(according to the underlying assets in which they are based)
1.Foreign exchange futures- is used to hedge against the currency exchange rates fluctuations. Are usually used by the companies involved in international trading or relations;
2.Stock-index futures -are settled by a cash amount equal to the value of the stock index in question on the contract maturity date times a multiplier that scales the size of the contract- is used to hedge the systematic risk;
3.Interest rate futures - may be written on the prices of debt securities (as in the case of Treasury-bond futures contracts) or on interest rates directly (as in the case of Eurodollar contracts);
4.Commodity futures – the contracts about physical assets ( energy, metals, agriculture). Are traded on New York Mercantile Exchange (NYMEX), Chicago Board of Trade (CBOT), Chicago Mercantile Exchange (CME), London, metal exchange (LME),etc.
The stretegies:
1.Hedging. A hedger uses futures contract to protect against price movement in interested underlying asset.
2.Speculating. A speculator uses a futures contract to profit from movements in futures prices. If speculators believe prices will increase, they will take a long position for expected profits. Conversely, they exploit expected price declines by taking a short position.
Besides of going long or short, the Spread strategie exists. Spreads involve taking advantage of the price difference between two different contracts of the same commodity. Spreading is considered to be one of the most conservative forms of trading in the futures market because it is much safer than the trading of long/short (naked) futures contracts. There are many different types of spreads, including: Calendar Spread - This involves the simultaneous purchase and sale of two futures of the same type, having the same price, but different delivery dates. Intermarket Spread - Here the investor, with contracts of the same month, goes long in one market and short in another market. For example, the investor may take Short June Wheat and Long June Pork Bellies. Inter-Exchange Spread - This is any type of spread in which each position is created in different futures exchanges. For example, the investor may create a position in the Chicago Board of Trade (CBOT) and the London International Financial Futures and Options Exchange (LIFFE). |