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FIN 340 Syllabus

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FIN 340 Syllabus FIN 340

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FIN 340 Syllabus
International Finance
Dr. Peter Westin
Class Notes
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This 5 page Class Notes was uploaded by StudySoupLacey on Thursday September 1, 2016. The Class Notes belongs to FIN 340 at DePaul University taught by Dr. Peter Westin in Fall 2016. Since its upload, it has received 24 views. For similar materials see International Finance in Finance at DePaul University.


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Date Created: 09/01/16
FIN 340: International Finance Autumn 2016 Driehaus College of Business, DePaul University Instructor: Dr. Peter Westin Lecture schedule: Tue, Thu 11.50 am – 1.20 pm Classroom: Lewis Center, room 1217 My office: Rooms: 6224 or 6225 (adjunct offices, economics department) Telephone: 312-975-9123 E-mail: Course Description Markets have become global. An understanding of global financial markets is essential for managing an international business, a portfolio of financial instruments, or even a domestic business exposed to international competition. This course is designed to give a working knowledge of the most important components of international financial management, focusing on international financial markets, institutions, and instruments. The topics we will cover include: drivers of international trade in goods, currencies, and financial assets; international financial instruments; determination of spot and forward exchange rates; international hedging and trading strategies; and lessons of recent financial crises for financial management. The class will be interactive and will also include a discussion of current events. The class combines theoretical economic concepts and applied management tools. Learning Objectives This course aims at providing students with a practical understanding of foreign exchange markets, international money markets, and international capital markets. Students will be introduced to international finance by means of looking at how firms and governments interact with these markets. The course will ask: Why is a country’s currency policy important? What are a country’s financial policy options? How do managers and investors determine their exposure, or risk? How do they control, or hedge, this exposure? How do they finance their operations and investments? The course will also aim to equip students with an understanding of news relating to international finance reported in such publications as The Financial Times and The Wall Street Journal. Prerequisite FIN 320. Tools and concepts from FIN 320 will be applied and further developed in this course. Required textbook Fundamentals of Multinational Finance, by Moffet, Stonehill, Eiteman, fifth edition, published by Pearson. ISBN: 978-0-205-98975, available at the DePaul bookstore. MyFinanceLab for Muffet, Stonehill, Eiteman. It can be purchased directly from Pearson together with an eText version of the textbook for approximately $110. Alternatively you can get the printed version of the textbook at a significant discount when purchased together with MyFinanceLab. MyFinanceLab will be used for your home assignments. Additional sources At the start of each class we will discuss current event and relate it to topics relevant to this course. Students are, therefore, strongly encouraged to frequently read the financial press (Wall Street Journal, Financial Times, Bloomberg, The Economist). Students of DePaul can access Financial Times free of charge. I also recommend students to download the Bloomberg Business app (free of charge). I may also post additional relevant material on D2L Course schedule*: Week 1-2: Global Financial Environment Week 3-5: Foreign Exchange Rate Theory and Markets Week 6-7: Foreign Exchange Exposure Week 8-9: Financing the Global Firm Week 10: Foreign Investment Decision * additional and more detailed information will be communicated via D2L Grading The grading will be based on a mid-term exam and the final exam. In addition, there will be a group project and presentation, as well as an individual assignment. The students will also be required to hand in a small weekly assignment in the form of a couple of questions related to the previous week’s classes. Midterm exam 30% Final exam 35% Group investment project 15% Individual paper 10% Weekly home assignments 10% The grading of group and individual assignment will be based on the quality and timeliness of your work and how you apply the concepts learned in class. Other factors that will be taken into account when it comes to projects are structure and presentation skills, as well as the quality of the analysis (see more below). The final grade will be determined on the following scale: A: 94-100%, A-: 90-93%, B+: 87-89%, B: 83-86%, B-: 80-82%, C+: 77-79%, C: 73- 76%, C-: 70-72%, D+: 65-69%, D: 60-64%, F: <60% Exams The mid-term exam will multiple choice and will be based on what has been covered up to October 6. The Final exam will consist of two parts. Part I: Multiple choice questions based on the chapters covered since October 6. Part II: 8 shorter answer question/problems, of which you should answer 5 of your choice. These can derived from any topic covered during this course. Group project The group project will consist of two assignments/presentations. Each group (of 4-5 students) will choose an asset in which to invest a fictitious $100,000 (e.g. bond, stock, currency, or an index). IMPORTANT: THE ASSET SHOULD BE A NON-USD ASSET. For the first presentation the group will lay out the investment case for the investment (the reason for choosing the asset), as well as evaluate the 1-month performance of the investments. I strongly advise to use comparisons looking at relative performance and/or correlations. This can be done by looking at peers (other related stocks, bonds, currencies, benchmark and/or sector indices), and/or underlying fundamentals (e.g. if you have chosen to invest in ExxonMobile an underlying fundamental would be the oil price). For the second presentation each group will evaluate the 2-month performance. However, this time the group will also show how, at the initial investment date, the exposure could have been hedged, and present the net result. Home assignment On a weekly basis I will post home assignments on MyFinanceLab. In most cases these will be multiple choice questions where you will have two attempts to answer each question. It is important that you regularly check MyFinanceLab and the deadlines for the completion of home assignment. Only under very special circumstances will I extend the deadline individually. Technical problems or “too much to do” will not be a valid argument. I therefore strongly recommend not leaving it up to the last minute to complete the assignments. Individual paper Each student will write a short paper (maximum 5 pages). I will provide three broad topics within which you have the freedom to elaborate, using sources of your choice. I will mark the paper based on four components; structure, sourcing, relevance to the course, and the quality of analysis. In addition, I expect you to run a spell-check before handing it in. The final paper should be handed in as a printed hard-copy (i.e. not submitted as an attachment in an e-mail). Deadlines and dates: 15 Sep: Group project: Provide me with the name of the chosen asset 6 Oct: Mid-term exam 11 Oct: Group project: Presentation 1 13 Oct: Individual paper: Provide me with a working-title and structure of your paper Nov 8: Group project: Presentation 2 Nov 8: Individual paper: Deadline for handing in the individual paper Nov 22: FINAL EXAM, 11.30 – 1.45 Teaching philosophy While not always easy, my goal is to turn, what may seem like theoretical concepts, into something practical that students can relate to. Getting a basic understanding of financial markets, instruments, and monetary policy, as well as the accompanied jargon will, in my view, help to prepare students for life after university. I do emphasize that you are expected to read the assigned material before the class. Being prepared means that you will be better positioned to grasp the topics discussed and also engage in the discussion. Being well prepared early on will also make you better equipped for the exams. General statement of DePaul’s Academic Integrity Policy DePaul University is a learning community that fosters the pursuit of knowledge and the transmission of ideas within a context that emphasizes a sense of responsibility for oneself, for others and for society at large. Violations of academic integrity, in any of their forms, are, therefore, detrimental to the values of DePaul, to the students' own development as responsible members of society, and to the pursuit of knowledge and the transmission of ideas. Violations include but are not limited to the following categories: cheating; plagiarism; fabrication; falsification or sabotage of research data; destruction or misuse of the university's academic resources; alteration or falsification of academic records; and academic misconduct. Conduct that is punishable under the Academic Integrity Policy could result in additional disciplinary actions by other university officials and possible civil or criminal prosecution. Please refer to your Student Handbook or visit Academic Integrity at DePaul University ( for further details.


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