Courses in winter semester 22/23

Seminar "Financial crises over the past 100 years"

 

“Economists have recently become more engaged with the study of financial crises and with good reason. As the 2008 Global Financial Crisis unfolded, the profession and the wider world got an overdue reminder of the importance of these events, both in terms of their historic tendency to recur over time, their capacity to strike rich as well as poor countries, and the deep and lasting damage they can inflict on economies, societies, and polities.” (Sufi and Taylor (2021): Financial Crises: A Survey, Working Paper)

In this seminar, students engage in different financial crises which occurred over the past 100 years and evaluate causes, effects and measures taken.

Organizational notes:

  • The seminar places will be allocated in one application round. The allocation is done manually, the time of application (within one application round) is not important. As criteria, we take into account both grades and previous knowledge in the area in Finance (from lectures, seminars, etc.). In addition, we also take into account the priority of the application as stated in the wiwi portal.
  • When applying, you have the possibility to indicate your desired topics. We will try to take your preferences into account as far as possible. The final allocation of topics will only be communicated after the second application round has been completed.
  • Please note that we consider the acceptance of an allocated seminar place via the wiwi portal as a binding registration for the seminar. After that, a withdrawal from the seminar is only possible in justified exceptional cases after prior consultation.
  • As an official start of the seminar we will hold a joint kick-off.
  • Relevant for grading are an individual thesis and a group presentation in a block seminar.

Dates: 

  • Wednesday, 05.10.2022: Deadline for application
  • Monday, 10.10.2022: Invitations to students by organizers
  • Friday, 14.10.2022: Deadline for students to accept/reject invitation
  • Monday, 24.10.2022: Kick-off at 2 PM
  • Monday, 23.01.2023: Submission of seminar papers
  • Monday, 30.01.2023: Final presentations

Topics:

  • Great Depression 1929
  • Mexican Peso Crisis 1994 
  • Asian Financial Crisis 1997
  • Dot Com Crisis 2001
  • Global Financial Crisis 2008
  • EURO Debt Crisis 2010 
  • COVID Crisis 2020
     

Courses in the summer semester 2022

Course "Derivate" (Derivatives)

The lecture Derivatives deals with the possible applications and valuation problems of derivative financial instruments. After an overview of the most important derivatives and their significance, first of all forwards and futures are analyzed. This is followed by an introduction to option pricing theory. The focus is on the valuation of options in discrete-time and continuous-time models. Finally, construction and application possibilities of derivatives are discussed, for example in the context of risk management.

Basic literature: Hull, J. (2012) Options, Futures, & Other Derivatives, Prentice Hall, 8th Edition.

 

 

Courses in winter semester 21/22

Seminar "FinTech on the Rise"

„The intersection of finance and technology, known as fintech, has resulted in the dramatic growth of innovations and has changed the entire financial landscape. While fintech has a critical role to play in democratizing credit access to the unbanked and thin-file consumers around the globe, those consumers who are currently well served [via traditional banking services] also turn to fintech for faster services and greater transparency. Fintech, particularly the blockchain, has the potential to be disruptive to financial systems and intermediation" (quoted from Allen/Gu/Jagtiani (2020), A Survey of Fintech Research and Policy Discussion, Working Paper). This seminar deals with the most important developments in modern financial markets, including cryptocurrencies, crowdinvesting, initial coin offerings, security tokenization, social trading, and robo advisors.

Organizational notes:

  • The seminar places will be allocated in two application rounds. The allocation is done manually, the time of application (within one application round) is not important. As criteria, we take into account both grades and previous knowledge in the area in Finance (from lectures, seminars, etc.). In addition, we also take into account the priority of the application as stated in the wiwi portal.
  • When applying, you have the possibility to indicate your desired topics. We will try to take your preferences into account as far as possible. The final allocation of topics will only be communicated after the second application round has been completed.
  • Please note that we consider the acceptance of an allocated seminar place via the wiwi portal as a binding registration for the seminar. After that, a withdrawal from the seminar is only possible in justified exceptional cases after prior consultation.
  • As an official start of the seminar we will hold a joint kick-off.
  • Relevant for grading are an individual thesis and a group presentation in a block seminar.

Dates: 

  • Tuesday, 29.06.21: Deadline for application, 1st application round
  • Wednesday, 30.06.21: Invitations to students by organizers
  • Monday, 05.07.21: Deadline for students to accept/reject invitation
  • Wednesday, 29.09.21: Deadline for application, 2nd application round
  • Thursday, 30.09.21: Invitations to students by organizers
  • Monday, 04.10.21: Deadline for students to accept/reject invitation
  • Monday, 18.10.21: Kick-off at 2 PM
  • Monday, 31.01.22: Submission of seminar papers
  • Monday, 07.02.22: Final presentations

Topics: 

  • Traditional Money Creation vs. Cryptocurrencies
  • Bank Lending vs. Crowdinvesting
  • IPOs vs. ICOs
  • Centralized Trade vs. Security Tokenization
  • (International) Payment Transactions through Banks vs. Peer-to-Peer
  • Investment Consultancy vs. Social Trading and Robo Advisors

 

Courses in summer semester 2021

Seminar "Rise to be a millionaire? On predictability of stock returns"

Active investors try to identify stocks that should be bought or sold at specific times in order to achieve the highest possible portfolio return. In recent years, researchers and investors have identified numerous stock-specific signals and characteristics that can be helpful when picking stocks. In this seminar, we will focus on signals based on past stock performance. A well-known example is the "momentum" of a stock, i.e. the return over the past twelve months. We will implement different strategies to get an own impression of the profitability of the strategies and possible economic explanations.

Organizational notes:

  • The seminar places will be allocated in two application rounds. The allocation is done manually, the time of application (within one application round) is not important. As criteria, we take into account both grades and previous knowledge in the area in Finance (from lectures, seminars, etc.). In addition, we also take into account the priority of the application as stated in the wiwi portal.
  • When applying, you have the possibility to indicate your desired topics. We will try to take your preferences into account as far as possible. The final allocation of topics will only be communicated after the second application round has been completed.
  • Please note that we consider the acceptance of an allocated seminar place via the wiwi portal as a binding registration for the seminar. After that, a withdrawal from the seminar is only possible in justified exceptional cases after prior consultation.
  • As an official start of the seminar we will hold a joint kick-off.
  • Relevant for grading are an individual thesis and a group presentation in a block seminar.

Dates: 

  • Sunday, 31-Jan-21: Deadline for application, 1st application round
  • Monday, 01-Feb-21: Invitations to students by organizers
  • Friday, 05-Feb-21: Deadline for students to accept/reject invitation
  • Sunday, 21-Mar-21: Deadline for application, 2nd application round
  • Monday, 22-Mar-21: Invitations to students by organizers
  • Friday, 26-Mar-21: Deadline for students to accept/reject invitation
  • Monday, 12-Apr-21: Kick-off at 2 PM
  • Monday, 12-Jul-21: Submission of seminar papers
  • Thursday, 22-Jul-21: Final presentations*

* Please let us know if this date coincides with another class. 

Topics:

  • Volatility (total volatility and idiosyncratic volatility)
  • Momentum (momentum and calendar momentum)
  • Reversal (short-term and long-term reversal)
  • Market risk (Beta and coskewness)
  • Return patterns (lottery characteristics and streaks)

 

Courses in winter semester 20/21

Team project "Development of a web application for the analysis of stock returns"

For qualified investment decisions, a sound analysis of equity and bond returns is essential. In practice, frequently used statistics such as variance and beta are not sufficient for risk assessment. Instead, the value of an investment depends on whether the cash flows covary with systematic factors. Unfortunately, it is usually impossible for the standard retail investor to carry out a sound analysis. Therefore, this team project aims to develop a web application that analyzes and evaluates any investment opportunity based on modern asset pricing models.

First of all, the members must make themselves familiar with modern asset pricing models. Based on this, a detailed concept for the app should be developed. In a second step, the basic functions of the app are to be programmed in R before an app environment is added using the R package Shiny. In the third step, the app is to be optimized from a user perspective. The team should work out a presentation ("pitch") and develop a video tutorial that introduces the functionality of the app.

 

Kick-off: Monday, 2nd Nov 2020, 2 PM

 

Seminar "Die größten Finanzskandale"

The case of Wirecard is only the latest example of a whole series of scandals that have undermined the confidence in financial markets and their players. The damage is often in the billions and the victims are investors, banks (or their employees and capital providers) and the general public (the "taxpayer"). This seminar deals with the biggest financial scandals. We want to shed light on how the respective scandal could have occurred, who were the victims and who the perpetrators, whether and, if so, what has changed after disclosure.

Organizational notes

  • The seminar places will be allocated in two application rounds. The allocation is done manually, the time of application (within one application round) is not important. As criteria, we take into account both grades and previous knowledge in the area in Finance (from lectures, seminars, etc.). In addition, we also take into account the priority of the application as stated in the wiwi portal.
  • When applying, you have the possibility to indicate your desired topics. We will try to take your preferences into account as far as possible. The final allocation of topics will only be communicated after the second application round has been completed.
  • Please note that we consider the acceptance of an allocated seminar place via the wiwi portal as a binding registration for the seminar. After that, a withdrawal from the seminar is only possible in justified exceptional cases after prior consultation.
  • As an official start of the seminar we will hold a joint kick-off.
  • Relevant for grading are an individual thesis and a group presentation in a block seminar.

Dates: 

  • 26th Oct 2020: Information on acceptance / rejection for applicants & topic allocation
  • 2nd Nov 2020: Kick-off at 10 AM
  • 8th Feb 2021: Submission of seminar papers
  • 15th Feb 2021: Final presentations*

* Please let us know if this date coincides with another class. 

Topics

  • Ponzi schemes (from Ponzi via Madoff to crypto currencies)
  • The Libor scandal
  • Cum-ex transactions
  • Insider trading
  • Rogue traders
  • Accounting fraud and delayed filing of insolvency (the cases of Enron, WorldCon and Parmalat)