FIN 409 W21-B Qin-Lei - In this part, you need to solve two programming problems about vector semantics PDF

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In this part, you need to solve two programming problems about vector semantics and feedforward...

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Ross School of Business at the University of Michigan Finance 409 – Fixed Income Securities and Markets Classroom: Class Times: Website: Office Hours: TA Sessions:

Synchronous Remote Learning Instructor: Qin Lei (M/W) 1:00-2:30 pm Office: R3456 https://leiq.bus.umich.edu/fin409 Phone: (734) 764-9872 (Tue) 3-4pm, or by appointment Email*: [email protected] Check out the master schedule of office hours hosted by the team of TAs.

Course Objectives This course focuses on the valuation of fixed income instruments in modern financial markets. We will cover a wide variety of fixed income securities, such as domestic and foreign government bonds, corporate debt, asset-backed securities, and municipal bonds, which collectively comprise the fixed income market. The class dedicates particular attention to the institutional details, risks, and real-world complications that arise with each fixed income product. While emphasizing the unique features of each type of security, the course also provides a unifying framework of tools that apply across the entire spectrum of fixed income instruments. The course also offers a broad, macroeconomic view on fixed income markets by studying their regulation, the origins of financial crises, and policy responses to modern challenges in these markets. This is an elective course in finance, and it requires a reasonable degree of familiarity in Excel and finance concepts. Students are expected to have taken FIN 300/302 before enrolling in this course. Course Materials (1) Required Devices • a PC or Mac with microphone and web camera capable of joining in Zoom meetings • a phone with camera capable of joining in Zoom meetings • a phone holder that is flexible enough to allow the phone camera pointing both horizontally (to show student face/keyboard during tests) and vertically (to show paperwork on the desk during help sessions) (2) Required Course Materials • Electronic copies of the lecture notes are posted on the course website so that you can print them out or download them to your computer before attending the lectures. Even though they are made available at the beginning of the term, you should always rely on the latest notes as revisions may be made even right before the class sessions. *

Note that I have received email messages intended for other people at Michigan with names similar to mine, so you should exercise extra caution to ensure using the correct email address to contact me. You assume all risks and consequences from sending messages to the wrong email address.

FIN 409 Syllabus, Winter B 2021

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(3) Recommended Textbook • Fixed Income Securities: Tools for Today’s Markets, 3rd edition, by Bruce Tuckman and Angel Serrat (John Wiley & Sons; ISBN-13: 978-1118133965). This is one reference book that you can use in this course. It is available from O’Reilly Safari Books Online, which provides free access for all current Michigan students either through repeated trials of 3-day temporary access or through a permanent O’Reilly Safari account with smart phone app. (Choose “Select your institution,” “Not listed? Click here,” and enter your Michigan email address.) Here is the direct URL for this book at O’Reilly Safari. Here is the direct URL for this book at ProQuest Ebook Central. •

The Handbook of Fixed Income Securities, 8th edition, by Frank J. Fabozzi and Steven V. Mann (McGraw-Hill Education; ISBN 978- 0071768467). This is another reference book that you may want to purchase, especially for those of you who would like to pursue a career in the fixed income field. Here is the direct URL for this book at ProQuest Ebook Central.

(4) Software Packages • (Required) Zoom Client for Meetings is available from https://zoom.us/download and must be installed on your PC/Mac to attend lectures and office hours. •

(Required) Zoom Mobile Apps is available from https://zoom.us/download#mobile_app and must be installed on your phone for the live proctoring of exams.

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(Required) To ensure academic integrity, all exam questions will be randomized and must be answered on Canvas using the integrated LockDown Browser with a two-camera proctoring setup. LockDown Browser works for only PC or Mac without using a virtual machine at https://www.respondus.com/lockdown/download.php?id=456851852. Read the Final Exam page for more details.

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(Required) Excel 2016 with Data Analysis ToolPak installed. Under the Office 365 Education program, all UM students are entitled to installing Office 365 on up to 5 devices (PC, Mac and tablets) free of charge. Please visit the Microsoft Office 365 website, and click the “Get started for free” button. You will be asked to provide your Michigan email address to finish the installation process. Current users of Excel 2013 do NOT have to make the upgrade. If you are one of the Mac users, please note that in-class instructions are given from the perspective of a Windows user and the keyboard shortcuts for Windows are different from those for Mac. Once Excel for Mac is installed, follow this MS article to install Analysis ToolPak in Excel 2016 for Mac.

(5) Supplemental Readings • The Wall Street Journal, published by Dow Jones Inc. We will discuss current financial events that are reported in the Wall Street Journal from time to time. There is a free offer of WSJ at https://www.csg.umich.edu/wsj, courtesy of Central Student Government at Michigan.

FIN 409 Syllabus, Winter B 2021

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Study Strategies Successful performance in this course requires you to stay current with the course materials, attend lectures and work through problems to best absorb covered materials. Questions from peers as well as questions directed by the professor to students are key components of effective learning. You should attend class regularly, on time, and with your name card displayed. The practical nature of course materials and the requisite practice time to acquire Excel-based skills make it difficult to do well in this course by attending lectures alone. As responsible stakeholders of this class, you are expected to make active contributions to enrich learning experiences for all. By helping each other inside and outside classes, we cultivate a pleasant study environment. Best learning can be had when you are happy and when you are trying to teach someone else. Find the time to work with your teammates, identify places they struggle with the most and figure out a way to convince them out of the log jam. Being a Samaritan not only helps you win the hearts and minds of your classmates who would reward you at the end of the term by voting you high on peer evaluations so that you earn high marks on team participation and class participation, but also potentially saves you from a future embarrassment of repeating their mistakes during the summer internship or the first several months of your full-time employment, a critical junction of your career advancement. There is a multitude of support structures that are designed to help you succeed in this class. You get the one-on-one help from the professor by attending the regularly scheduled office hours or by making an appointment outside those hours. You are also encouraged to attend the TA help sessions that are scheduled practically every day of the week. You should check out various resources, including lecture videos, on the course website at https://leiq.bus.umich.edu/fin409. You are also expected to receive help from your classmates unless you are explicitly instructed otherwise. None of these support structures can substitute your individual study and preparation, however. Please finish the assigned readings and modeling exercises before each session. Watching lecture videos and reading assigned materials ahead of each class will greatly enhance your ability to take effective notes, better grasp the course content and actively engage in the modeling exercises during each class session. Your preparation prior to attending class sessions is crucial to your success in this course as it is delivered in a flipped classroom with extensive use of technology. Please seek help early if you are having problems with this class. It is also very important to take ownership in the learning process by preparing a list of questions you have and different approaches you have already tried before attending office hours, rather than suffering silently and just fretting that “This isn’t working.” Together with hard work we can make this course a rewarding learning experience. Policy on Fair Use of Technology FIN 409 Syllabus, Winter B 2021

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To promote professionalism in this course, ensure the protection of rights/privacy and mitigate the distraction from misusing technology, students are required to abide by a few conventions. (1) Students shall never share with anybody, inside and outside classes, any course materials, including but not limited to video resources and/or Zoom meeting details (such as date, time, ID, URL and/or password) related to this class. Students may not record or distribute any class activity. (2) Unless initiated, directed and/or permitted by the instructor on a case-by-case basis, there must be no in-class consumption of interactive, social networking or web content via an electronic device, including but not limited to, computer, phone, or tablet (such as iPad or Surface). Examples of such content are web page, photo, audio, video, game, or messaging of any kind (such as email, sms, mms, chat, irc, im, tweet, weibo, etc.). (3) Turn off all electronic devices when the class is in session, except a qualified financial calculator or a web device displaying the course content. In-class use of any electronic device for activities not directly related to class materials distracts you and your classmates, ultimately leading to your performance not reflective of your true potential. An academic study shows these types of activities are essentially second-hand smoke to other students in the class. (4) At all times when the class is in session (such as lectures, recitations and office hours), students shall never broadcast, share, consume or engage in obscene, explicit, offensive or inappropriate act or content (such as meeting background, photo, audio, video, game, messaging or web page). (5) Any violation of this policy as detected by the professor, or reported by fellow students, also leads to a deduction of class participation grade for the violator at the sole discretion of the professor. Attendance Policies (1) In this class, all lectures are attended through Zoom and recorded with best effort but subject to technological disruptions. In the event of technological disruptions, a new Zoom meeting may be restarted. In the unfortunate event that a lecture must be cancelled, students will be directed to watch a pre-recorded version of lecture video instead. All students must stay current with course content as missing classes will put you at a significant disadvantage in terms of learning. Not knowing the materials covered in earlier classes would severely undermine your capability to understand future lectures, a situation that may further discourage you as you must continuously grasp new materials in this course. It also prevents you from adequately contributing to the team discussions and reflects you poorly in peer evaluations conducted weekly. (2) Scheduled exams must be taken only at the scheduled Eastern times regardless of your local time zone. For all lectures you should attend remotely and synchronously (i.e., at the same time as the class sessions are being broadcast live). Otherwise you must watch the recording of those live sessions asynchronously but no later than 11:59pm ET the day after the live sessions. The video recordings may be available only at a delay or may not be available at all given technological constraints. The Zoom meeting logs and video access logs are preserved for verification purpose, and repeated noncompliance leads to a lower class participation grade. FIN 409 Syllabus, Winter B 2021

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(3) Regardless of your time zone and learning preferences, you must ensure no persistent academic/personal schedule conflict with the regularly scheduled lecture times, as you will be required to take all the in-class exams at the scheduled Eastern times. You must not concurrently take another class during any part of the lecture hours. (4) Religiously observant students wishing to be absent on holidays that require missing class should notify the professor in writing within three weeks from the beginning of the semester, and should discuss with the Professor, in advance, acceptable ways of making up any work missed. Grading Policies (1) There are four grading components in this course with weights as follows. (a) (b) (c) (d)

Final Exam Team Assignments Trivia Participation

40% 40% 10% 10%

(2) As adult professionals, you are expected to act responsibly in all aspects of this course, including but not limited to attending classes regularly and on time. Given the extensive modeling exercises in class, you must attend only the section in which you are officially enrolled. It is your responsibility to work with recruiters and the Ross Career Services to minimize recruiting-related disruptions. (3) During the class sessions, you may need to answer one or more “Trivia” questions that are designed to assess your preparation prior to each class session and/or to measure your comprehension of materials covered in class as the lecture progresses. Trivia questions are administered with open-book and open-notes, excluding messaging services of any kind. You may also be assigned to work on additional Trivia questions outside classes before a set deadline. Some Trivia questions require individual submissions of results for modeling exercises along with a team spreadsheet, so team discussions inside and outside classes are allowed and encouraged for such Trivia questions. There is a maximum achievable total of 30 points for correctly answering Trivia questions. (4) There are two assignments that students work in assigned teams of FIVE members. You earn a team score without consulting anyone outside the team. Each assignment should be submitted once as a group. No late submissions are permitted. The maximum total grade for the team assignments is 40 points. (5) There is a final exam and there is no make-up exam in this course. So please make your travel plans accordingly. Electronic devices of any kind are not permitted during the exam with the exception of a qualified financial calculator and a blank spreadsheet. The exam is closed-book and closed-notes except for a single-sided hand-written “cheat sheet” of letter size. No Xerox copying, pasting, printing or multiple layers will be allowed for the cheat sheet. The maximum total grade for the final exam is 40 points.

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(6) To encourage participation of all students when working on the team assignments and quantitative exercises both inside and outside classes, each student is asked to submit a peer evaluation at the end of the term. Students will allocate participation percentages for each team member, reflecting the overall contribution (both in terms of quality and quantity) of team members to the group productivity. Students will also receive a class participation score based on your compliance with the attendance rules using Zoom meeting logs and video access logs. The maximum team/class participation grade is 10 points. The detailed components and component weights for the participation grade are subject to further change at the sole discretion of the Professor. (7) The professor grades all assignments and final exam without using TAs but grading errors can happen from time to time and should be corrected. Within one week of your grades being disclosed, you may request a re-examination of your graded work. The request must be submitted in writing, along with a description of the question(s) that need to be re-examined as well as an explanation of why the original grade was incorrect. In general, the entire work will be checked for grading errors, and correcting these could either raise or lower the overall score. Please consider your re-examination requests carefully before submitting them. University and School Policies (1) Disability Accommodations The University of Michigan is committed to providing equal opportunity for participation in all programs, services and activities. Students wishing to receive testing accommodations must register with the University of Michigan Services for Students with Disabilities (SSD) office as soon as possible. Students must then submit their Verified Individualized Services and Accommodations (VISA) form online as early as possible, but no later than two weeks prior to the first test or quiz for which accommodations are requested. Accommodations arrangements are not guaranteed for students who submit their VISA form with less than two weeks' notice. Requests must be sent using the Ross Accommodations Request Form and must include a scanned or photographed copy of the VISA form. This form only needs to be submitted once during your academic career with Ross unless your accommodations eligibility expires. In rare cases, the need for an accommodation arises after the two-week deadline has passed (example: a broken wrist). In these cases, students should still contact SSD and the Ross Accommodations Coordinator. However, due to logistical constraints, we cannot guarantee that an accommodation can be made after the two-week deadline has passed. Questions can be directed to the Ross Accommodations Coordinator at [email protected]. (2) Honor Code Personal integrity and professionalism are fundamental values of the Ross School community. You have a duty to be familiar with and understand the Ross School’s Statement of Community Values, the Ross School Academic Honor Code, and the Ross School Code of Student Conduct FIN 409 Syllabus, Winter B 2021

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including all campus public health policies. In light of COVID our community has enhanced the Code of Student Conduct to include our commitment to each other and adherence to campus and School public health policies. Each of these, including a Statement of Student Rights and Responsibilities, may be found in the Ross School Impact on Ross Community Values. In addition every student at the University of Michigan accepts the rights and responsibilities of membership in the University’s academic and social community. These rights and responsibilities are clearly laid out in The Statement. By enrolling in this course you confirm that you have read and understood these statements and policies, and further that you agree to abide by them. The Ross Community Values site contains valuable information and links on writing and how to check to make sure you have not plagiarized the work of others. Claimed ignorance of these codes and policies will be viewed as invalid should a violation take place. In all cases if you have questions please address them with the professor as far in advance as possible. Any violation of the Ross School Academic Honor Code such as plagiarism, otherwise passing off anyone else’s work as your own, unauthorized collaboration, use of materials generated for use during past offerings of this course, or any form of cheating will be referred to the Community Values Committee. Possible penalties include course failure with a permanent notation of an honor policy violation on your transcript and even expulsion. As a community we are all still adapting and learning how this applies to hybrid and remote learning environments, but the same principles of academic integrity apply. Students are not allowed to use old lecture notes, old trivia questions, solutions to old trivia questions, old exams, solutions to old exams, and/or any other material from previous classes taught by the professor that have not been made available to all students in this class. Any use of such materials in this course...