ESE Short Courses
1) History and evolution of the Financial Market:
Speculations, Tulip Mania, South Sea bubbles, Mississippi Land Schemes (John Law), Railways, Autos, Canals, Dow Jones 1929 Crash, Japan 1990 Real Estate and Nikkei 225 bubble, Internet, 2008 financial crisis etc.
a) Stocks, Bonds, and Commodities are the eldest exchange traded assets.
Exchange Listing: Clearing and Settlement, Stocks, Bonds, ETFs, Commodities,
2) Transactions in Shares:
Exchange registration, investors’ protection, market abuse, insiders trading debates, regulations enforcement,
a) Equities valuations: Shares and their valuation: Fundamental (relative) P/E, Dividends, P/B, P/C Factors etc…Technical (historical pattern) Charting Bar, Dow theory.
b) Bonds valuations: Yield curve, inflation, risk of default, corporate bonds, convertibles, rating…
3) Derivatives: Futures, Forwards, Options (American, European), warrant, and Swaps. What are they, and how are they valued, and how are they used? Term structures (premium, discount), Margin (initial, maintenance), Carry Trade, Puts, Calls, Volatility (implied, historical, terms structure “smile”), the Greeks, pay-off profiles.
4) Investment Approaches and Modern Finance: There is always a theory behind every investment approach. Bachelier, Markowitz, Sharpe, CAPM (Indexing).
5) Hedging and Risk Management:
Kind of risks (counterparty, market, inflation, liquidity). Returns/risk, Sharpe Ratio, Protection against adverse price movements, portfolio insurance, dynamic hedging using replication (Futures, Options), order types, short selling.
6) Portfolio Management:
Global Asset Allocation, Tactical Asset Allocation, portfolio construction, using Options and Futures, Core Satellite with ETFs. Active v Passive (stock go up more than down, low probability to outperform index), Mutual Funds, Exchange Traded Funds, Closed end Funds (premium/discount).
7) Alternative Classes:
Hedge Funds, (CTA, Long/Short, Convertible Arbitrage etc…), private equity, capital protected etc…Ethical investment approaches, sustainable development, earth etc...
Objectives of the course:
The persons who complete this course should:
-Develop an understanding to the foundation of the financial market;
-Understand the regulation in regards of market abuse, such as manipulation, and insider trading;
-Develop an understanding to the most commonly used valuation methods of stocks, and bonds, and their interrelationships;
-Identify the characteristics of investment risks in various assets;
-Understand and apply techniques to use Derivatives for hedging and risk management;
-Acquire an awareness of modern techniques in Portfolio Managements using active and passive approaches.
Course lectures given by
Prof. Ahmen Mouneimneh
BSc New York Institute of Technology;
E. Juris Doctor Concord Law School;
LLM University of London
Who would find this course useful?
Investment Regulatory Authority
Sovereign Wealth Funds
Registration Fee for this course: USD 5000
Student: Michele Vietri Citizenship: Italian Programme and Year: BSc, 2nd year, Management Campus: Florence Internship Company: Dezan Shira and Associates Location: Beijing, China My name is Michele Vietri and I am a second year Management student of the Bachelor in Business Administration at the ESE campus in Florence. This year I was highly motivated to seek an...