KTTP320 Introduction to Finance 8 ECTS credits
Learning outcomes:
At the end of the lecture course student is expected to be able to:
· recognize, define, and report basic concepts and theories of finance and to evaluate
applications and restrictions of the theories
· to apply theories of finance to investment decisions and to basic problems of
corporate finance
· on general level to identify, report and analyze the structure of financial markets and
behavior of financial institutions
· to analyze market behavior and report the analysis results
Content:
The lecture course gives an introduction to finance and to financial markets. The key
points are asset pricing, portfolio diversification and optimization, concept of risk, and
efficient market hypothesis. In addition the lecture course gives an introduction to basic
corporate finance including topics like evaluation of investment projects, capital structure
of a corporation and determination of dividend policy.
Literature:
Brealey, R., Myers, S. & Allen, F. (2006) Principles of Corporate Finance. 8th edition.
Recommended timing: 1st (or 2nd ) year
Language: The lecture course is given in Finnish
KTTP330 Financial Markets and Institutions 6 ECTS credits
Learning outcomes:
At the end of the course the student is expected to be able to:
· describe why and what for financial markets exist and know how financial
institutions behave.
· explain what is money, the purpose of money and how interest rates are determined.
· describe how the demand and supply of money are determined in economy
Content:
The course will familiarize a student with the tasks of financial markets, financial
institutions and the role of money in economy. The course discusses about activities of
financial institutions, the equilibrium of financial markets, about demand for money and
interest rate determination. In the course we also deal with the role of a central bank and
discuss about monetary policy targets and tools. Experts and economists from financial
sector will be invited to lecture on their area of specialization.
Literature:
Mishkin, F.S. 1989. The Economics of MoneyBanking and Financial Markets, 2nd
edition. (selected parts)
Prerequisites: KTTP110 Basics of Economics.
Recommended timing: 1st or 2nd year
Language: The lecture course is given in Finnish
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KTTA325 Corporate Finance 6 ECTS credits
Learning outcomes:
Aim of the lecture is that student will learn:
· to present and to apply basic theories of corporate finance,
· to analyze corporate behavior, to report the analyses results, to plan corporate
financial actions and to make suggestions and decisions regarding corporate finance
Content:
The lecture course gives an introduction to corporate finance. Focus of the lecture course
is capital budgeting process and methods, capital structure of a corporation, dividend
policy, corporate mergers and acquisitions, incentive structures and asymmetric
information, short term cash management, and enterprise risk management.
Literature:
Textbook is Grinblatt, M. & Titman, S. (2001) Financial Markets and Corporate Strategy
2/e.
Prerequisities: Introduction to Finance KTTP320
Recommended timing: 2nd year
Language: The lecture course is given in English
KTTA335 Asset Pricing and Investments 6 ECTS credits
Learning outcomes:
At the end of the lecture course student is expected to be able to
· recognize, define, and report the key theories explaining asset pricing and
functioning of financial markets (CAPM, factor models)
· recognize, define, and report basic theories of derivatives pricing and their
applications
· analyze the possibilities offered by different types of assets and investment strategies,
to make investment propositions, and to make investment decisions
· evaluate investment performance of asset management services and investment
managers
· plan and to construct basic investment solutions
Content:
The lecture course deepens students’ understanding regarding theories of asset pricing,
investments and risk. The key points of the lecture course are price of risk, the Capital
Asset Pricing Model (CAPM), factor models, term structure of interest rates, portfolio
diversification and optimization, derivatives, predictability of markets, risk adjusted
measures of investment performance.
Literature:
Bodie, Z., Kane, A., & Marcus A. (2008) Investments, 7th edition.
Prerequisities: KTTP320 Introduction to Finance
Recommended timing: 2nd year
Language: The lecture course is given in Finnish
3
KTTA390 Behavioral Finance 5 ECTS credits
Literature:
Barberis, N. & Thaler, R. 2003. A Survey of Behavioral Finance. Kirjassa Handbook of
the Economics of Finance, Volume 1B, toim. G. Constantinides, M. Harris ja R. M. Stulz.
North-Holland.
Shefrin, H. 2002. Beyond Greed and Fear: Understanding Behavioral Finance and the
Psychology of Investing. Oxford University Press.
Shleifer, A. 2000. Inefficient Markets: An Introduction to Behavioral Finance. Oxford
University Press.
Prerequisities: KTTP320 Introduction to Finance
Recommended timing: 2nd (or 3rd)year
KTTA385 Topics in Finance I 4 ECTS credits
Learning outcomes:
Topics in Finance I deepens student’s understanding regarding some specific area of
finance. Completion is possible only in form of a book exam.
Content:
Student can choose the topic conditional that the examiner will accept it and that there are
at least three students willing to take the same exam on the same exam day. Possible
topic can be for example mergers and acquisitions, in which case the text book could be
Weston, Mitchel and Mulherin, Takeovers, Restructuring and Corporate
Governance. Another example is valuation of companies, in which case the text book
could be Copeland, Koller & Murrin: Measuring and Managing the Value of Companies.
Literature:
Please, contact the examiner.
Prerequisities: KTTP320 Introduction to Finance
Recommended timing: 2nd (or 3rd)year
KTTS330 Advanced Financial Economics 5 ECTS credits
Learning outcomes:
At the end of the lecture course student is expected to be able to:
· recognize, report, and apply theories of financial economics, evaluate and report
under what kind of conditions and assumptions theories can be applied and if theories
are consistent with the empirical observations
· recognize, report, and apply empirical tests applied to theories and hypothesis of
financial economics
· analyze behavior of financial markets and pricing of financial instruments by
applying theories of financial economics, and to report the analysis results
Content:
The lecture course gives a comprehensive treatment of theories of financial economics
with a special emphasis on quantitative financial economics. The key points are the
Capital Asset Pricing Model (CAPM), the consumption based CAPM (CCAPM),
portfolio diversification, term structure of interest rates, and intertemporal portfolio
choice.
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Literature:
Copeland, K., Weston, T. & Shastri, J. (2005) Financial Theory and Corporate Policy 4th
edition.
Cuthbertson, K. & Nitzsche, D. (2004) Quantitative Financial Economics: Stocks, Bond
and Foreign Exchange, 2nd edition.
Prerequisites: KTTS220 Mathematical Economics II. In addition it is recommended that
students know the basic econometric methods (for example KTTA250 Econometrics I,
and/or KTTA280 Applied Time Series Econometrics I).
Recommended timing: 3rd or 4th year
Language: The lecture course is given in English
KTTS365 Derivatives and Risk Management 5 ECTS credits
Learning outcomes
At the end of the lecture course student is expected to be able to:
· recognize, report, and apply theories of derivatives pricing and risk management
· evaluate return and risk potential of sophisticated derivative instruments and
structures, and calculate their market values
· analyze and plan risk management solutions and make decisions regarding risk
management
Content:
The lecture course gives a comprehensive treatment of derivatives and risk management.
Key points of the lecture course are derivatives pricing, the Black-Scholes-Merton model,
risk neutral pricing, tree models, numerical methods, Value-at-Risk, Expected Shortfall,
market and credit risks and instruments applied to hedge these risks, portfolio
optimization with nonlinear risk measures.
Literature:
Hull, J. (2006) Options, Futures, and Other Derivatives 6th edition.
Jorion, P. (2000) Value-at-Risk: The New Benchmark for Risk Management, 2nd edition.
Prerequisites: KTTA325 Corporate Finance, KTTA335 Asset Pricing and Investments,
KTTS220 Mathematical Economics II. In addition it is recommended that students know
the basic econometric methods (for example KTTA250 Econometrics I, and/or KTTA280
Applied Time Series Econometrics I) and master theories of financial economics (for
example KTTS330 Advanced Financial Economics).
Recommended timing: 3rd or 4th year
Language: The lecture course is given in English
KTTS390 Topics in Finance II 4 ECTS credits
Learning outcomes:
Topics in Finance II deepens student’s understanding regarding some specific area of
finance. Completion is possible only in form of a book exam.
5
Content:
Student can choose the topic conditional that the examiner will accept it and that there are
at least three students willing to take the same exam on the same exam day. Possible
topic can be for example portfolio optimization, in which case the text book could be
Campbell & Viceira, Strategic Asset Allocation. Another example of a topic is behavioral
finance, in which case the text book could be Shefrin, A Behavioral Approach to Asset
Pricing.
Literature:
Please, contact the examiner.
Prerequisites: KTTP320 Introduction to Finance, KTTA325 Corporate Finance,
KTTA335 Asset Pricing and Investments
Recommended timing: 3rd (or 4th) year
A special program in Financial Studies (Only in Finnish)
30 op
Rahoituksen opintokokonaisuus
Opintokokonaisuuden suorittaminen edellyttää, että vähintään yksi valinnaisista
kursseista suoritetaan kansantaloustieteen tarjoamista rahoituksen aineopintotason
kursseista (KTTA-alkuiset opintojaksot)
21 op Pakolliset
8 op
KTTP320
6 op
KTTP330
7 op
YLAA310
9 op Valinnaiset
6 op
KTTA325
6 op
KTTA335
4 op
KTTA385
KTTA39x
5 op
KTTA280
6 op
YLAA105
7 op
YLAS130
6 op
TLTA112
5 op
KAOA190
5 op
KAOA200
60 op
Johdatus rahoitukseen
Rahoitusmarkkinat ja -instituutiot
Tilinpäätösanalyysi ja arvonmääritys
Corporate Finance
Sijoittaminen ja rahoitusvaateiden hinnoittelu
Rahoituksen erityiskysymyksiä I
Rahoituksen erityisteemoja
Aikasarjaekonometria I
Kirjanpito ja tuloslaskenta
IFRS-laskenta ja konsernitilinpäätös
Venture Capital Strategies
Arvopaperimarkkinaoikeus
Sijoittajaviestintä
Kansantaloustieteen perus- ja aineopinnot
45 op Pakolliset
9 op
KTTP110
Kansantaloustieteen peruskurssi
6
4 op
5 op
9 op
9 op
9 op
KTTP122
KTTA210
KTTA250
KTTA150
KTTA160
Suomen talous ja talouspolitiikka
Matemaattinen taloustiede I
Ekonometria I
Mikrotaloustiede I
Makrotaloustiede I
15 op Valinnaiset
· valinnaisia perus- ja aineopintotasoisia opintoja
5 op
KTTP615
Euroopan taloudellinen integraatio
5 op
KTTP710
Julkistalouden perusteet
4 op
KTTP720
Oppihistoria
8 op
KTTP320
Johdatus rahoitukseen
6 op
KTTP330
Rahoitusmarkkinat ja -instituutiot
5 op
KTTA410
Aluetaloustiede I
5 op
KTTA510
Työn taloustiede I
5 op
KTTA620
Kansainvälisen kaupan teoriat
4 op
KTTA730
Ympäristötaloustiede I
5 op
KTTA735
Ympäristötaloustieteen erityiskysymyksiä
5 op
KTTA530
Topics in Spatial Labour Markets
5 op
KTTA280
Aikasarjaekonometria I
6 op
KTTA325
Corporate Finance
6 op
KTTA335
Sijoittaminen ja rahoitusvaateiden hinnoittelu
4 op
KTTA385
Rahoituksen erityiskysymyksiä I
KTTA39x
Rahoituksen erityisteemoja
6 op
KTTA720
Toimialan ja innovaatioiden taloustiede