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BUSINESS SCHOOL

Unit of Study Outline Unit Code FINC3017 Unit Title Investments and Portfolio Management Semester 1, 2018 Pre-requisite Units: FINC2012 Co-requisite Units: None Prohibited Units: None Assumed Knowledge and/or Skills: None Unit Coordinator: Dr Andrew Ainsworth Address: Room 508, The Business School Building(H69), Darlington NSW 2008 Email: [email protected] Phone: 9036 7992 Consultation Hours: Monday 11-12 Class Day(s): Wed 11:00-13:00 in Merwether Lecture Theatre 2. Wed 15:00-17:00 in PNR Lecture Theatre 2. Required Text / Resources: The textbook is Bodie, Kane and Marcus (2011) 'Investments', 11th Edition, McGraw Hill. You can purchase an older edition or the custom version titled 'FINC3017 Investments and Portfolio Management', McGraw Hill. The textbook can be purchased as an e-book using the following details: ● ● ● ●

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Go to https://www.mheducation.com.au/9781307206708-aus-ebook-investments-11e and click on Buy it Now New users will need to create a McGraw Hill account or existing users can just log in Fill in payment details Once processed, you will receive an email with confirmation of your order and how to download your eBook in VitalSource. Go to the VitalSource website http://bookshelf.vitalsource.com/ and log in or create an account. Select Redeem and enter access code provided in email (be sure not to copy/paste any blank spaces) Select title and start reading This unit of study outline MUST be read in conjunction with The Business School Unit of Study Common Policy and implementation information that applies to every unit of study offered by the Business School (http://sydney.edu.au/business/currentstudents/policy). All assessment rules, such as standards used, penalties etc, are covered. The Business School Student Administration Manual - for information about all processes such as illness, appeals etc ( http://sydney.edu.au/business/currentstudents/student_information/student_administration_manual) When deciding applications and appeals relating to these matters it will be assumed that every student has taken the time to familiarise themselves with these key policies and procedures. The Business School seeks feedback from students and staff in order to continually improve all units offered. For information on previously collected feedback and innovations made in response to this feedback, please see http://sydney.edu.au/business/learning/planning_and_quality/feedback/student

1. Unit of Study Information This unit is designed to provide a comprehensive analytical approach to the modern theory of investments. Topics covered include: mean-variance analysis; Markowitz type portfolio analysis; portfolio construction; asset pricing theories; market efficiency and anomalies; hedge funds and investment fund performance evaluation. Although analytical aspects of investments theory are stressed, there is also an equal amount of coverage on the practical aspects of portfolio management. Current research on investments is emphasised in the course. .

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2. Program Learning Outcomes and Unit Learning Outcomes The Program Learning Outcomes for this Program are located at http://sydney.edu.au/business/about/accreditations/AoL Unit Learning Outcomes Unit Learning Outcomes On the successful completion of the Unit you should be able to: Apply the fundamentals of investment theory to construct portfolios and evaluate their performance.

Program Learning Outcomes

Use Microsoft Excel to solve and analyse investment problems.

1. Depth of disciplinary expertise 2. Critical thinking and problem solving

Communicate clearly and succinctly in writing. Use Bloomberg to identify, extract and manipulate data to analyse investment issues.

3. Communication 1. Depth of disciplinary expertise 4. Information literacy

1. Depth of disciplinary expertise 2. Critical thinking and problem solving 4. Information literacy Interpret current academic research and identify how it guides investment 2. Critical thinking and problem solving decision making and portfolio construction in practice. 4. Information literacy

3. Assessment

Report 1

Program Assessment Individual/ Assessment Learning Due Length Weight Due Date Outcomes Type Group Conditions Time Assessed Assignment Individual Compulsory 1, 2, 3, 4 1500 16.5% 4:00pm 09-Apr-2018

Essay

Assignment

Individual

Compulsory

1, 2, 3, 4

1500

16.5%

4:00pm 07-May-2018

17-May-2018

Report 2

Assignment

Individual

Compulsory

1, 2, 3, 4

1500

17%

Final Exam

Final exam

Individual

Compulsory

1, 2, 4

1500

50%

4:00pm 04-Jun-2018 Final Exam Period

14-Jun-2018 Final Exam Period

Assessment Title

Academic Honesty

Closing Date 19-Apr-2018

Week 4

Assessment details Report 1 ●

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Task Description You will be required to solve an investment-related problem using Microsoft Excel. The problem will involve actual financial market data to allow you to apply the theories and tools that are being covered in the unit. You will need to write a 1500 word report that will be assessed based on your application of the tools and methods learnt in the unit to help you analyse the data provided, how you are able to compare and evaluate different methods/approaches and the identification of any limitations to the approach you have taken. The report will also be assessed on the provision of financial and economic reasons that can explain your findings. Further details will be provided in due course. Assessment Criteria 1.Conforming with instructions (e.g. word length, font, other instructions) 2. Presentation, communication & style (written) 3.Clarity of expression (incl. accuracy, spelling, grammar, punctuation) 4. Content and range 5. Use of literature/ Knowledge of theory

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6. Data/information gathering/processing 7. Conclusions 8. Analysis 9. Problem solving 10. Critical reasoning / critical thinking

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Feedback - What, when and how feedback will be provided for this assessment Feedback will be provided via written comments through Turnitin approximately 2 weeks after the due date. The feedback will assist you in understanding where errors were made and how to improve upon those mistakes in future assessments. A detailed video discussing the solution will be uploaded on Blackboard.

Essay ●

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Task Description You will be required to write a 1500 word essay on an investment issue from the academic finance literature. You will be required to identify research relevant to a specific investment issue. Your essay will be assessed based on its structure, your identification of academic evidence to support your argument of the issue, as well as your ability to relate and apply the academic evidence to finance practice. Further details will be provided in due course. Assessment Criteria 1.Conforming with instructions (e.g. word length, font, other instructions) 2. Presentation, communication & style (written) 3.Clarity of expression (incl. accuracy, spelling, grammar, punctuation) 4. Referencing 5. Use of literature/ Knowledge of theory 6.Subject's limitations and boundaries/relation to other frameworks 7. Conclusions 8. Rationale 9. Critical reasoning / critical thinking 10. Synthesis

Feedback - What, when and how feedback will be provided for this assessment Feedback will be provided via written comments through Turnitin approximately 2 weeks after the due date. The feedback will assist you in understanding where errors were made and how to improve upon those mistakes in future assessments. A detailed video discussing the solution will be uploaded on Blackboard.

Report 2 ●

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Task Description You will be required to solve an investment-related problem using Microsoft Excel. The problem will involve actual financial market data to allow you to apply the theories and tools that are being covered in the unit. You will need to write a 1500 word report that will be assessed based on your application of the tools and methods learnt in the unit to help you analyse the data provided, how you are able to compare and evaluate different methods/approaches and the identification of any limitations to the approach you have taken. The report will also be assessed on the provision of financial and economic reasons that can explain your findings. Further details will be provided in due course. Assessment Criteria 1.Conforming with instructions (e.g. word length, font, other instructions) 2. Presentation, communication & style (written)

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3.Clarity of expression (incl. accuracy, spelling, grammar, punctuation) 4. Content and range 5. Use of literature/ Knowledge of theory 6. Data/information gathering/processing 7. Conclusions 8. Analysis 9. Problem solving 10. Critical reasoning / critical thinking

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Feedback - What, when and how feedback will be provided for this assessment Feedback will be provided via written comments through Turnitin approximately 2 weeks after the due date. The feedback will assist you in understanding where errors were made and how to improve upon those mistakes in future assessments. A detailed video discussing the solution will be uploaded on Blackboard.

Final Exam ●

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Task Description The final exam will involve multiple choice questions, problem solving questions and shorter answer essay-style questions. Assessment Criteria 1. Content and range 2. Use of literature/ Knowledge of theory 3.Subject's limitations and boundaries/relation to other frameworks 4. Analysis 5. Problem solving 6. Rationale 7. Critical reasoning / critical thinking

Feedback - What, when and how feedback will be provided for this assessment There will not be any formal feedback on your exam but you will have an opportunity to review your exam paper at a Discipline Exam Review Session.

4. Other Resources for Students All lectures and seminars are recorded and will be available within the LMS for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes. Maths in Business The Business School provides a free series of workshops with student facilitators open to all students interested in mastering both basic and upper intermediate level mathematics. The program includes workshops from basic to intermediate level maths and Excel, both of which are fundamental skills for any aspiring business student.The Maths in Business program helps ensure high achievement throughout your business degree. Most foundational units of study require a firm understanding of maths, and this is essential to senior units in accounting, business analytics and finance. Registrations open in the first week of semester. For more information or to register, please visit: https://sydney.edu.au/students/maths-in-business.html Email all enquiries about the Maths in Business program to: [email protected]

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5. Unit Schedule Week

List of Topics

1 5 Mar 2018

Introduction

Assessments Due

2 Investment Decisions Under Uncertainty 12 Mar 2018 3 Optimal Portfolios 19 Mar 2018 4 Single Index Model 26 Mar 2018 Common week 2 Apr to 8 Apr 5 9 Apr 2018

Capital Asset Pricing Model

Report 1 (9 April)

6 Asset Pricing Models 16 Apr 2018 7 No lecture - ANZAC Day Public Holiday 23 Apr 2018 8 Market Efficiency 30 Apr 2018 9 7 May 2018

Investment Style

Essay (7 May)

10 Performance Evaluation 14 May 2018 11 Hedge Funds 21 May 2018 12 Illiquid Assets 28 May 2018 13 4 Jun 2018

Course Review

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Report 2 (4 June)

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