{"id":1520,"date":"2023-07-26T12:02:33","date_gmt":"2023-07-26T12:02:33","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/study-programs\/master-of-science-in-finance-and-economics\/programme\/"},"modified":"2026-01-07T12:23:45","modified_gmt":"2026-01-07T11:23:45","slug":"programme","status":"publish","type":"study-programs","link":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/","title":{"rendered":"Programme"},"content":{"rendered":"<div class=\"section py-0 static\">\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><!-- SecondaryNavigationMirror --><div class=\"js-secondary-nav--sticky wp-block-unilux-blocks-secondary-navigation\" id=\"789bcd78-d409-4f00-8867-8c2361cf1110\">\n    <nav id=\"secondary-navigation\" role=\"navigation\" aria-label=\"Secondary menu\" class=\"secondary-nav\">\n        <button class=\"secondary-nav__button btn btn-solid--primary w-full\" aria-expanded=\"false\" aria-controls=\"secondary-navigation__list\" title=\"The selected page is Programme\" type=\"button\">\n            <span class=\"btn__name mr-auto\">Programme<\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n            <\/svg>\n        <\/button>\n\n        <ul id=\"secondary-navigation__list\" class=\"secondary-nav__list\">\n            <li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Overview<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link isactived\" aria-current=\"page\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Programme<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/career\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Career<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/teaching-staff\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Teaching staff<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/admissions\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Admissions<\/span>\n    <\/a>\n<\/li>\n        <\/ul>\n    <\/nav>\n<\/div>\n<!-- end SecondaryNavigationMirror --><\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-headline-text-and-image\">\n    \n<div class=\"wp-block-unilux-blocks-wrapper container xl:max-w-screen-xl\">\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"programme\"\n    >\nProgramme<\/h1>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-wrap lg:-mx-32\">\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-7\/12 lg:order-2 lg:px-32\">\n<div class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG-300x173.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG-768x442.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png 825w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/div>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-5\/12 lg:order-1 lg:px-32\">\n<p>The first year offers two mandatory modules (&#8220;Fundamentals of financial markets, investments and microeconomic theory&#8221; and &#8220;Mathematics and data analysis 1&#8221;), and one optional module (&#8220;Extra-curriculum I&#8221;) in Semester 1. Semester 2 combines two compulsory modules (&#8220;Asset pricing and macroeconomics theory&#8221; and &#8220;Data analysis 2&#8221;) with a choice of three out of nine electives on &#8220;Special topics in finance and economics&#8221;.<\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/admissions\/\"\n                target=\"_self\"\n        class=\"btn btn--primary\"\n            >Admissions<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<div class=\"wp-block-columns is-layout-flex wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/Accredited-Programme.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/Accredited-Programme.jpg 200w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/Accredited-Programme-150x150.jpg 150w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 16\/9; object-fit: contain; width: 75%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p><a href=\"https:\/\/www.fibaa.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">FIBAA&nbsp;<\/a>is an internationally-recognised agency for quality assurance and quality development in higher education. <br>The Master in Finance and Economics&nbsp;received the accreditation in September 2020 until winter semester 2025\/26. <\/p>\n<\/div>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"academic-contents\"\n    >\nAcademic contents<\/h2>\n\n\n\n<div id=\"tab-nav\" class=\"tab-nav\">\n    <button\n        type=\"button\"\n        class=\"button-toggle btn btn--white w-full\"\n        aria-expanded=\"false\"\n        aria-controls=\"tab-nav__listing\"\n        title=\"The selected tab is CONTENT OF THE CURRENT LABEL\"\n    >\n        <span class=\"btn__name mr-auto\">Semester 1<\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n        <\/svg>\n    <\/button>\n    <ul\n        id=\"tab-nav__listing\"\n        class=\"tab-nav__listing nav manual\"\n        role=\"tablist\"\n        aria-label=\"About me\"\n    >\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 1<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 2<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 3 and 4<\/span>\n            <\/button>\n        <\/li>\n            <\/ul>\n<\/div>\n<div class=\"tab-content\">\n    <section\n    id=\"tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n    aria-labelledby=\"tab-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 1 (2025-2026 Winter)<\/h3>\n    \n<div id=\"accordion-module-69d4d66c21558\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c2157a\"\n        >\n            <span class=\"accordion__title\">\n                1.F1.Financial Markets and Institutions &#8211; The Luxembourg Financial Centre                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-25                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c2157a\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.F1.Financial Markets and Institutions &#8211; The Luxembourg Financial Centre<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-25<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span>  Module 1.F.Fundamentals of Financial Markets, Investments and Microeconomic theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            &#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The goal is to provide students with practical knowledge of the industry and enhance their comprehension of the functioning of the value chain within the industry. It enhances the fundamental finance education that they receive with actual statistics and developments as well as future developments of the industry. It should make the students more knowledgeable and provide them with the capability to show their future employers their knowledge of the current state of the industry and help them adapt more quickly to their future work environment.<br><p>\u00a0<\/p><br>\u00a0<br>v<br>\u00a0                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understand the financial markets in particular the role of its main actors, their services, their instruments <br> Acquire a big picture of the main processes that support the functioning of the markets<br> Understand the interactions of the main actors that act in the financial markets in a global and local approach<br> Have a sufficient culture of the processes handle by the actors of the Asset Management industry<br> Understand the function of all the participants in the Market and fund industry sector<br> Distinguish the global and the Luxembourg market<br> Distinguish main sectors of the industry<br> Understand impacts of the regulation<br> Distinguish the fields of applications<br> Have a global overview of the global legal context<br> Grasp the meaning of fintech<br> Discover the impact and opportunities brought by fintech<br> Know what is a pitch and learn more about the life of a fintech<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Financial Markets and Institutions &#8211; The Luxembourg Financial Centre<\/p><p>I. Financial Markets and Institutions (14 units)<br>I.1. Financial Markets, Intermediaries, Primary and Secondary Markets &#8211; Bernard SIMON (8 TU)<br>(8 hours total, delivered in two 4-hour sessions by an industry practitioner from the stock-exchange, fund industry and fintech sectors)<br>Key Economic Actors<br>\u00a0\u00a0\u00a0 Households &amp; Firms<br>o\u00a0\u00a0\u00a0 Allocate labor &amp; capital, decide on consumption vs. saving\/investing<br>\u00a0\u00a0\u00a0 Government &amp; Regulators<br>o\u00a0\u00a0\u00a0 Tax &amp; spend, set rules to ensure market integrity (monetary\/fiscal policy, EU supervisory framework)<br>\u00a0\u00a0\u00a0 Financial Intermediaries<br>o\u00a0\u00a0\u00a0 Banks: maturity transformation, credit intermediation<br>o\u00a0\u00a0\u00a0 Investment banks: underwriting, IPOs, bond issuances<br>o\u00a0\u00a0\u00a0 Fund managers &amp; insurers: pool capital, share and hedge risk<br>\u00a0\u00a0\u00a0 Markets &amp; Infrastructure<br>o\u00a0\u00a0\u00a0 Primary vs. Secondary: new-issue syndicates vs. exchange\/OTC trading<br>o\u00a0\u00a0\u00a0 Money vs. Capital: T-bills, commercial paper vs. equities, corporate debt, derivatives<br>o\u00a0\u00a0\u00a0 Post-trade: CSDs, CCPs, custodians, payment systems (TARGET2-Securities)<br>Key Themes &amp; Takeaways<br>1.\u00a0\u00a0\u00a0 Circular-Flow &amp; Price Discovery<br>o\u00a0\u00a0\u00a0 Funds \u2192 intermediaries \u2192 borrowers; income = output = expenditure<br>o\u00a0\u00a0\u00a0 Market forces set interest rates, equity valuations and FX levels<br>2.\u00a0\u00a0\u00a0 Risk Sharing &amp; Financial Stability<br>o\u00a0\u00a0\u00a0 Role of central banks (ECB) in liquidity provision and macro-prudential oversight (SSM\/ESRB)<br>o\u00a0\u00a0\u00a0 How intermediaries reduce transaction costs, manage adverse selection and moral hazard<br>3.\u00a0\u00a0\u00a0 Innovation &amp; Globalisation<br>o\u00a0\u00a0\u00a0 Fintech\u2019s challenge to traditional banks: digital assets, peer-to-peer lending, blockchain<br>o\u00a0\u00a0\u00a0 Evolution of cross-border capital flows, ICSDs (Euroclear, Clearstream), common-depositary models<br>Why This Course Matters<br>\u00a0\u00a0\u00a0 Master the \u201cBig Picture\u201d: see how micro-decisions by firms and households aggregate into macro outcomes<br>\u00a0\u00a0\u00a0 Navigate Real-World Finance: learn to read balance sheets, order books, interpret policy signals and understand market reactions<br>\u00a0\u00a0\u00a0 Connect Theory &amp; Practice: engage with live case studies and market data<br>\u00a0\u00a0\u00a0 ________________________________________<br>Ready to unlock the inner workings of modern finance? Join us for a two-day deep dive<br><\/p><p>I.2. Financial Instruments, Asset management and Fund industry &#8211; Laura UBBENHORST (6 TU)<br>The course aims at giving the students an understanding of the operations of the financial market. It provides an overview of the most commonly used financial instruments and their respective functionality and practical use. The course also looks at the operations, dependencies, and collaborations of the individual players on the financial market of the Fund industry and helps to gain an understanding of the respective responsibilities and interactions with each other. The main focus thereby lies on the practical examples from the Luxembourgish market and aims to give an insight on the practical implications and the day-to-day management as existing in Luxembourg.<br>II. Luxembourg Financial Centre (14 units)<br>II.1. Introduction to the Financial Services industry in Luxembourg, Value chain of the Financial Services industry, Overview of main regulations governing Financial Services industry &#8211; Nicolas DELDIME (8 TU)<br>Introduction to the Financial Services industry in Luxembourg, collaboration fields with the global market In and OUT and understanding of the value chain of the Financial Services Industry.<br>II.2. Introduction to the Financial Services industry in Luxembourg, Statistics &amp; academic approach Global market figures, trends Luxembourg\u2018s facts and figures Products, Key trends and future of the industry &#8211; Dariush YAZDANI (6 TU)<br>The course will give an in depth and practical view of the Global, European and Luxembourg financial services industry mainly: Asset and Wealth Management, Banking and Insurance. The goal is to give students a clear and practical understanding of the data, statistics, products and value chain of each of the sub-industries.<br>Seminary: Startup &amp; Fintech in the Financial Market &#8211; Emilie ALLAERT (2 TU) <br>The first part of the course will guide the student through the origin of Fintech and determine whether it is a new or existing trend. What qualifies as Fintech and what are the sub-categories of Fintech. The course will then discuss the trends in Fintech, what is their impact on the various actors from the Financial Sector (Banks, Insurance, Asset Management \u2026) and how we need to be prepared to work with them. It will also cover briefly the various technologies used.<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>3h<br>\u00a0<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Compulsory literature:<br><\/p><br>The Fourth Industrial Revolution by Klaus Schwab<br>\u00a0<br>Complementary literature (to deepen the subject, this literature is not compulsory):<br>Foundations of Financial Markets and Institutions: Pearson New International Edition<br>by Frank J.Fabozzi (Autor), Franco P. Modigliani (Autor), Frank J. Jones (Autor)<br>The New Lombard Street: How the Fed Became the Dealer of Last Resort Hardcover by Perry Mehrling (Autor)<br>\u00a0<br><p>ALFI: ALFI &#8211; Setting up in Luxembourg<\/p><br><p>\u00a0<\/p><br><p>Luxembourg for Finance: Asset Management &#8211; Luxembourg Financial Centre &#8211; Luxembourg for Finance<\/p><br><p>\u00a0<\/p><br><p>Corporate Finance Institute: Financial Instrument &#8211; Overview, Types, Asset Classes<\/p><br><p>\u00a0<\/p><br><p>CMC Invest: Understanding financial instruments: A comprehensive overview | CMC Invest<\/p><br><p>\u00a0<\/p><br><p>Financial Times: ft.com<\/p><br><p><br>\u00a0<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c21591\"\n        >\n            <span class=\"accordion__title\">\n                1.F2.Financial Accounting &amp; Reporting                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-26                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c21591\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.F2.Financial Accounting &amp; Reporting <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-26<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span>  Module 1.F.Fundamentals of Financial Markets, Investments and Microeconomic theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Prepare and understand basic accounting entries <br> Prepare and understand the content of the financial statements of a company <br> Apply basic financial ratios to the F\/S of a company<br> Understand the specific investor reporting requirements of an alternative investment fund in Luxembourg<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Financial accounting architecture, mechanisms and conventions<br> Structure and content of the key statements (Balance sheet, profit and less accounts, annex, cash flow)<br> Key financial ratios<br> Investor reporting requirements (case of an alternative investment fund)<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>2h<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p><br>N\/A<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c2159f\"\n        >\n            <span class=\"accordion__title\">\n                1.F3.Fixed Income Analysis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            4                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-27                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c2159f\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.F3.Fixed Income Analysis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-27<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span>  Module 1.F.Fundamentals of Financial Markets, Investments and Microeconomic theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understand and use analytical techniques in the field of fixed-income securities (present value, forward rates, yield-to-maturity, term structure theories, duration calculation and management of interest rate risk)<br> Acquire the key fundamentals for investing in fixed income securities issued by sovereigns, banks and corporates<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Introduction to Fixed Income Instruments: Features of Debt Securities<br> Bond Sectors and Instruments: <br>o\u00a0\u00a0 Sovereign, Agency, Corporate Bonds, Asset Backed<br>o\u00a0\u00a0 Primary and Secondary Markets<br> Risks Associated with Investing in Bonds<br> Introduction to the Valuation of Debt Securities<br> Yield Measures, Spot and Forward Rates<br> Measurement of Interest Rate Risk<br> Term Structure and Volatility of Interest Rates<br> Interest Rate Derivatives and Valuation of Interest Rate Derivatives<br> Credit Analysis and Credit Risk<br> Introduction to Bond Portfolio Management <br> Managing Funds against a Bond Market Index<br> Portfolio Immunization and Cash Flow Matching<br><p>\u00a0<\/p><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>1.5h<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> Fixed Income Analysis (Third edition) by Barbara S. Petitt, Jerald Pinto, Wendy Pirie, CFA Institute Investment Series, Wiley.<br> Fixed Income Analytics by Kenneth D. Garbade, MIT Press<br> Credit Risk Measurement by A. Saunders, Wiley Frontiers in Finance<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c215b6\"\n        >\n            <span class=\"accordion__title\">\n                1.F4.Modern Portfolio Theory                  <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-28                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c215b6\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.F4.Modern Portfolio Theory  <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-28<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span>  Module 1.F.Fundamentals of Financial Markets, Investments and Microeconomic theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN, FR<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Understand how investor preferences can be represented <br> Have a good grasp of the distributional and preference assumptions underlying mean-variance analysis<br> Understand the principle of diversification in portfolio management<br> Analyse the relationship between risk and return in the context of MPT<br> Construct mean-variance optimal portfolios for a single investment horizon to achieve investment objectives<br> Understand the role of the risk-free asset and its integration into portfolios<br> Have a good understanding of asset pricing in the mean-variance framework and of the Capital Asset Pricing Model (CAPM) <br> Have a deep understanding of its underlying assumptions<br> Critically assess the strengths and weaknesses of the CAPM <br> Learn mathematical techniques for optimizing portfolios <br> Understand the impact of constraints in portfolio optimization <br> Implement portfolio optimisation using software tools and real-world data<br> Critically assess MPT, including its underlying assumptions about the distribution of stock returns and investor behaviour <br> Gain proficiency in French (for students who choose to follow the course in French)<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>choice under uncertainty \u2013 i.e. investment decisions when returns are uncertain. It introduces the students to the concepts of risk and return and the role of diversification in reducing portfolio risk. The course further focuses on the investors\u2019 objectives in terms of their preferences for risk and return. It proceeds by delineating the optimum investment possibilities that can be constructed from the available set of investment opportunities. In that framework, students will learn how to construct optimal portfolios, maximizing the expected return given a certain amount of risk, which provides the basis for investment strategies widely applied by portfolio managers.\u00a0 <br>The course is structured as follows: <\/p><p>1. Introduction<br>a. Choice Theory under Uncertainty<br>b. Modern Portfolio Theory: The Basic Portfolio Problem<br>c. The Portfolio Management Process<\/p><p>2. Investor Preferences<br>a. Risk Aversion<br>b. Mean-Variance Utility Functions<br>c. Indifference Curves<br>d. The Optimal Portfolio Selection Problem<\/p><p>3. Mean, Variance and Covariance of Asset Returns<br>a. Random Returns<br>b. Mean and Variance of Returns<br>c. Covariance and Correlation of Returns <br>d. Using Historic Data: Time Series vs. Scenario Analysis; Sample vs. Population<\/p><p>4. Mean and Variance of Portfolio Returns<br>a. Portfolio Return<br>b. Mean Return of a Portfolio<br>c. Variance of a Portfolio Return<br>d. Variance-Covariance Matrices and Covariance between Two Portfolios<\/p><p>5. Portfolio Diversification<br>a. Systematic vs. Unsystematic Risks<br>b. The Concept of Diversification<br>c. The Power of Diversification and its Limits<\/p><p>6. Portfolio Analysis with Two Risky Assets<br>a. The Investment Opportunity Set<br>b. The Minimum-Variance Portfolio<br>c. The Efficient Frontier<br>d. The Optimal Portfolio for the Investor<br>e. Introducing a Risk-Free Asset<\/p><p>7. The Markowitz Portfolio Optimization Model<br>a. The Efficient Frontier of Risky Assets<br>b. The Optimal Risky Portfolio<br>c. The Optimal Complete Portfolio<br>d. Capital Allocation and the Separation Theorem<\/p><p>8. Portfolio Analysis with N Risky Assets: Analytic Solutions<br>a. Efficient Portfolios Without a Risk-Free Asset<br>b. Black\u2019s Two-Fund Theorem<br>c. Efficient Portfolios with a Risk-Free Asset<\/p><p>9. The Capital Asset Pricing Model<br>a. Assumptions<br>b. The Market Portfolio and the Capital Market Line<br>c. Deriving the CAPM Equation<br>d. The Security Market Line<br>e. Using the CAPM<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> David G. Luenberger, Investment Science, Oxford University Press, 2nd edition<br> Jack Clark Francis and Dongcheol Kim, Modern Portfolio Theory, Wiley Finance<br> Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments, Mc Graw Hill<br>Additional reading:<br> Edwin J. Elton, Martin J. Gruber, Stephen J. Brown, and William N. Goetzmann, Modern Portfolio Theory and Investment Analysis, Wiley<br> Barucci E. and C. Fontana, Financial Markets Theory, Springer<br> Simon Benninga, Financial Modeling, MIT Press<br> Morris DeGroot and Mark Schervish, Probability and Statistics, Pearson New International Edition, 4th edition<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c215cb\"\n        >\n            <span class=\"accordion__title\">\n                1.F5.Microeconomics, Risk and Information                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-29                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c215cb\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.F5.Microeconomics, Risk and Information<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-29<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span>  Module 1.F.Fundamentals of Financial Markets, Investments and Microeconomic theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Acquire analytical tools and theoretical foundations necessary for any specialisation at upper-level such as labour economics, industrial organisation, international trade, public finance, etc.                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>This course: <br> Presents in an accessible fashion all the essential topics in microeconomics typically required at the intermediate level for students in economics and finance <br> Covers the topics of consumer and producer theory moves on to that of market structure (perfect competition, monopoly, monopsony, oligopoly)<br> Introduces notions of risk, game theory, general equilibrium (exchange economy), externalities, asymmetric information, and public goods<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>75 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>Task 2<br>Other, please specify<br>Assignments<br>0-20<br>25 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Lectures and TDs are self-contained.<br>Recommended literature on which the course is articulated: Intermediate Microeconomics, Samiran Banerjee (purchase not obligatory).<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c215e0\"\n        >\n            <span class=\"accordion__title\">\n                1.D1.Mathematics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            3                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-35                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c215e0\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.D1.Mathematics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-35<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.D.Mathematics and Data Analysis I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Work out first order linear and non-linear differential equations<br> Do first and second order conditions of optimal problem with and without constraints<br> Use maximum principle and dynamic programming study dynamic optimisation<br> Obtain some basic idea of Stochastic calculus and optimisation<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>This course provides students a solid foundation in mathematics, which includes the following topics:<br>1. Calculus Review:<br>Cover single-variable calculus topics, including: Derivatives (product rule, chain rule, implicit differentiation); Integrals (definite and indefinite);\u00a0 use examples and real-world applications to illustrate each concept.<br>2. Linear Algebra Review:<br>Discuss fundamental linear algebra concepts: Vectors and vector spaces,\u00a0 Matrices (addition, multiplication, inverse), Determinants,\u00a0 Eigenvalues and eigenvectors and connect linear algebra to applications (e.g., solving systems of linear equations, transformations, leas<br>3. Multivariable Calculus:<br>Extend calculus to functions of multiple variables: Partial derivatives, Gradient, Hessian matrix, Emphasize applications in economics\u00a0 and optimization.<br>4. Optimization:<br>Introduce optimization techniques: Unconstrained optimization, Constrained optimization (Lagrange multipliers) and applications (portfolio optimization, production planning).\u00a0 Provide practical examples and exercises.<br>5. Equality and Inequality Constraints:<br>Explore optimization problems with constraints, Karush-Kuhn-Tucker conditions.\u00a0 Show how to handle both equality and inequality constraints.<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>2h<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> L. Blume and C. Simon. Mathematics for Economists.<br> Chiang, A.\u00a0 and\u00a0 K. Wainwright. Fundamental Methods of Mathematical Economics. <br> Chiang, A.\u00a0 Elements of dynamic optimization. <br> Kamien M and N. Schwartz. Dynamic optimization: The calculus of variations and optimal control in Economics and Management.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c215f5\"\n        >\n            <span class=\"accordion__title\">\n                1.D2.Statistics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-36                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c215f5\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.D2.Statistics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-36<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.D.Mathematics and Data Analysis I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        \u00a0 \u00a0 Understand the difference between a parameter of a model in the population and an estimator of the parameter based on the data\u00a0<br>\u00a0 \u00a0 Describe the dependence among random variables using properties of the multivariate distributions and of the conditional and unconditional expectations of the random variables\u00a0<br>\u00a0 \u00a0 Build predictors of variables given the values taken by other random variables\u00a0<br>\u00a0 \u00a0 Test whether features of samples differ statistically across different samples<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>This course provides students with the statistical foundations and practical skills needed for empirical analysis in economics and finance. Starting from the basics of probability distributions, it introduces tools for modeling discrete and continuous random variables, as well as Bayesian updating and statistical inference.<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>100%<br>Specific Assessment Rules<br>2h30<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Literature<br><\/p><br><p>Recommended reading: <br> Probability and Statistics, by Morris DeGroot and Mark Schervish, Pearson New International Edition, 4th edition (2012) <br> Introductory Econometrics: A Modern Approach, by Jeffrey Wooldridge, CENGAGE Learning Custom Publishing, 7th edition (2018), Appendices A, B, C <\/p><br><p> Miller, M. B. Mathematics and statistics for financial risk management. John Wiley Sons., 2nd edition (2014)<br> B\u00e9k\u00e9s, G., K\u00e9zdi, G. Data analysis for business, economics, and policy. Cambridge University Press., 1st edition (2021)<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c2160e\"\n        >\n            <span class=\"accordion__title\">\n                1.D3.Econometrics I ( R )                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-37                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c2160e\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.D3.Econometrics I ( R )<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-37<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.D.Mathematics and Data Analysis I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Acquire the statistical foundations required to perform statistical analysis in business settings. Very often one needs an accurate and informative analysis of a sample of data. For example, the data might be financial returns, employee salaries, or advertising<br> Use descriptive statistics to summarise a set of data<br> Apply methods of statistical inference to try to draw generalisations from the sample for the broader population<br> Recognize the existence of sampling uncertainty before accepting or rejecting a research hypothesis<br> Undertake \u2018multivariate\u2019 analysis <br> Distinguish the relationships between several variables<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Prerequisites:<\/p><p>Previous knowledge of statistical analysis is not a prerequisite. Although many participants will previously have studied statistics, the course will aim to accommodate those who have only had minimal exposure to the subject. Furthermore, previous experience with statistical software is not necessary. General digital literacy is however required.<\/p><p>&#8211;<\/p><p>Econometrics course using the software R for students interested in the finance tracks in the second year.<br> Use of R (basic datafile manipulation, descriptive statistics, test theory)<br> Simple OLS regression analysis <br> Multiple OLS regression analysis<br> Asymptotic properties<br> Univariate time series modelling and forecasting<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>1h<br>\u00a0<br>Task<br>Take-home exam<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>\u00a0<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> Introductory Econometrics for Finance by Chris Brooks<br> Introductory Econometrics: A Modern Approach by Jeffrey M. Wooldridge<br> Statistics: An introduction using R by Michael J. Crawley<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c2161a\"\n        >\n            <span class=\"accordion__title\">\n                1.D4.Econometrics I ( STATA )                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-38                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c2161a\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.D4.Econometrics I ( STATA ) <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-38<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.D.Mathematics and Data Analysis I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Conduct econometric analyses involving cross sectional and panel data<br> Understand the theoretical foundation of Econometrics<br> Estimate models with the Stata econometrics software<br> Understand the concept of hypothesis testing<br> Understand the consequences of deviations from key assumptions behind OLS estimation<br> Understand the issue of unobserved heterogeneity in panel data<br> Use simple panel estimators<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Chapter 1 Reminders about OLS regression<br>Chapter 2 Multiple Regression Model. Inference, reminders<br>&#8211; Hypothesis testing (follow up)<br>Chapter 3 Additional problem in multiple regression models<br>&#8211; Units of Measurement<br>&#8211; More on Functional Form<br>&#8211; More on Goodness-of-Fit and Selection of Regressors<br>Chapter 4 Additional problem in multiple regression models (follow-up): Prediction Intervals and Residual Analysis<br>Chapter 5 Multiple Regression Models with Qualitative Information. Dummy Variables<br>&#8211; MLR with binary variables<br>Chapter 6 Heteroskedasticity<br>&#8211; Consequences of Heteroskedasticity for OLS<br>&#8211; Heteroskedasticity-Robust Inference<br>&#8211; Testing for Heteroskedasticity<br>Chapter 7 Panel data<br>&#8211; Unobserved heterogeneity<br>&#8211; Types of panel estimators<br>&#8211; Fixed effect estimator<br>&#8211; Random effect estimator<br>&#8211; First differences<br>&#8211; Applications<br><\/p><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam<br>\u00a0<br>Choose an item.<br>100 %<br>Specific Assessment Rules<br>3h<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p>Introductory Econometrics: A Modern Approach, 5e, South-Western, Cengage Learning by Jeffrey <br>M. Wooldridge, 2013, ISBN-10: 1111531048 ISBN-13: 9781111531041<br><\/p><br><br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c21626\"\n        >\n            <span class=\"accordion__title\">\n                1.O1.VBA                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            2                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-34                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c21626\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c21558\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 1.O1.VBA<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-34<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 1.O.Extra-curriculum I (Module +)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Complete standard tasks in Excel\/VBA<br> Develop any additional Excel\/VBA skills they need on their own<br> Acquire an overview of the vast array of tasks that can be automated with VBA<br> Plot graphs in Excel<br> Handle dates and time in Excel<br> Use built-in functions in Excel<br> Implement sensitivity analysis in Excel<br> Be more productive in Excel using macros, shortcuts, named variables<br> Write programs in VBA <br> Debug programs in VBA<br> Call VBA functions from Excel<br> Write VBA subroutines<br> Generate VBA subroutines by recording a sequence of actions<br> Use Excel to prototype complex functions in VBA<br> Work with random variables and perform basic statistical analyses<br> Generate financial reports in pdf<br><\/p><br><p>\u00a0<\/p><br><p>\u00a0<\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Part I: Core knowledge<br>Topic 0 Introduction to the course<br>Topic 1 Excel Essentials<br> Presentation of Excel<br> Basic manipulations in Excel and some built-in functions<br> Sensitivity analysis in Excel<br> Optimization analysis in Excel<br>Topic 2 Introduction to programming with VBA<br> Writing (small) programs in VBA<br> Functions and control structures in VBA<br> VBA subroutines<br>Part II: Financial Modeling with VBA<br>Topic 3 Use of VBA routines in a realistic set up<br> Case study of the performance of a portfolio insurance strategy<br> Present how people use Excel and VBA in practice<br> Stimulate ideas regarding how to use Excel in your professional life<br>Topic 4 Topics in Excel \/ VBA<br> Working with random variables<br> Loops and conditional statements<br> Generating a financial report<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Take-home exam<br>\u00a0<br>0-20<br>30 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 2<br>Take-home exam<br>\u00a0<br>0-20<br>70 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Benninga, S., Mofkadi, T. (2022). Financial modeling, fifth edition. MIT Press (Recommended)<br> Winston, W. (2021) Microsoft Excel Data Analysis and Business Modeling (Office 2021 and Microsoft 365) (7th ed.) Microsoft Press (Recommended)<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n    aria-labelledby=\"tab-c2f8b154-d526-44fe-9882-b40d24b29499\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Semestre 2 (2025-2026 Summer)<\/h3>\n    \n<div id=\"accordion-module-69d4d66c26d64\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26d87\"\n        >\n            <span class=\"accordion__title\">\n                2.F1.Asset Pricing Theory                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-40                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26d87\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.F1.Asset Pricing Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-40<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.F: Asset Pricing and Macroeconomic Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p> Make informed financial decisions<br> Price basic financial assets (e.g., Bond, European options)<br> Understand the motivations and incentives of financial market participants<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>1. Introduction to Asset Pricing Theory<br> On the Course and Asset Pricing<br> Asset Pricing without Risk<br> Application: Present value formula<br>2. Elements of Probability for Asset Pricing<br> Probability Space<br> Moments<br> Application: ARCH model<br>3. Absolute Pricing with Risk<br> One-Period Consumption-Based Asset Pricing <br> Multiperiod Consumption-Based Asset Pricing <br> Application: CAPM and CCAPM models<br>4 Relative Pricing Fundamentals<br> Discrete time modeling<br> Continuous time modeling<br> Application: Binomial model &amp; Black Scholes model<br>4 Factor pricing*<br> From factor models to expected return-beta representations<br> Empirical factor models<br> Application: APT<br>*indicates topics that are less likely to be covered due to time constraint<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>60 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>Task 2<br>Active participation<br>\u00a0<br>0-20<br>20 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 3<br>Other, please specify<br>\u00a0<br>0-20<br>20 %<br>Specific Assessment Rules<br>Pop quizz<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature: <\/p><br><p> Emilio Barucci and Claudio Fontana, Financial Markets Theory, Springer, chap. 1-4 6, 2017 (2nd edition).<br> Gabrielle Demange, and Guy Laroque. Finance and the Economics of Uncertainty. Blackwell, 2005<br> Steven E. Shreve, Stochastic Calculus for Finance II, chap. 1-4. 2000<br><\/p><br><p>Further handouts and recommended readings relevant for the course and the examination will follow in due course, as discussed in class.<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26d9d\"\n        >\n            <span class=\"accordion__title\">\n                2.F2.Macroeconomics and International Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-41                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26d9d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.F2.Macroeconomics and International Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-41<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.F: Asset Pricing and Macroeconomic Theory<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            \u00a0                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Use the framework developed in class to study questions such as:<br>o What determines output, consumption, investment?<br>o What causes recessions? What causes financial crises?<br>o How do macroeconomics and finance interact?<br>o What is the relationship between fiscal deficit and current account deficit?<br>o What determines inflation?<br>o What are the factors accounting for the recurrent fluctuations in employment and output called the business cycle?<br>o What factors account for exchange rate fluctuations?<br>We will not provide definitive answers to these questions. However, we will present a framework for thinking about these questions and for reviewing the various sides in the debates.<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>This class provides the foundations needed to understand how the macroeconomy operates, with a particular emphasis on the broad economic and financial movements in the global economy. <br>We will construct models to understand the determination of aggregate output, unemployment, prices, interest rates, inflation, and open economy topics, in the short-run and the medium-run, with applications to European economies and discussions of macroeconomic policy issues.<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>75 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>Task 2<br>Other, please specify<br>\u00a0<br>0-20<br>25 %<br>Specific Assessment Rules<br>Problem Set<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Course slides. Disclaimer: the slides serve as supporting material for the lectures and are by design incomplete. You should expect to take notes, as everything that I say in class is potentially examinable. The slides may also contain errors and approximations. If what I say in class deviates from these notes, trust me over the notes. If you see any typos (or even something that just could be clearer), please email me.<br> The class loosely follows these two textbooks:<br>\u2013 Kurlat, Pablo (2020), A Course in Modern Macroeconomics,<br>https:\/\/sites.google.com\/view\/pkurlat\/a-course-in-modern-macroeconomics<br>\u2013 Schmitt-Grohe, Stephanie, Uribe, Martin and Woodford, Michael (2020), International Macroeconomics,<br>http:\/\/www.columbia.edu\/~mu2166\/UIM\/index.html<br> Additional references:<br>\u2013 Romer, D. (2011). Advanced macroeconomics, fifth edition.<br>\u2013 Obstfeld, M., Rogoff, K. (1996). Foundations of international macroeconomics. MIT press.<br>\u2013 Terra, Cristina (2015), Principles of International Finance and Open Economy Macroeco-nomics: Theories, Applications and Policies, Academic Press.<br>\u2013 Williamson, S. D. (2018). Macroeconomics, 6th.<br> As the class develops, other references may be assigned for further advanced background readings.<br> Complementary material, including slides to be used in class, can be downloaded from the course Moodle.<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26da9\"\n        >\n            <span class=\"accordion__title\">\n                2.D1.Econometrics II (R)                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-42                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26da9\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.D1.Econometrics II (R)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-42<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.D: Data Analysis II<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p> Use adequately the data analysis techniques presented in class<br> Quickly learn and critically assess new data analysis techniques on their own<br><\/p><br><p>\u00a0<\/p><br><p>\u00a0<\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ol><li>Basics of Econometrics<br> The magic of econometrics<br> LLN &amp; CLT<\/li><li>Introduction to programming with R<br> Data &amp; computer basics<br> Introduction to R<br> Introduction to programming with R<\/li><li>Fundamentals of linear regression<br> Regression model <br> Justifications for the linear regression model<br> Estimation<\/li><li>Parametric inference<br> Estimation principles: MLE &amp; MM<br> Model selection<\/li><li>Classification<br> Gaussian classifiers: QDA &amp; LDA<br> Binary response models: Linear probability model &amp; Logistic regression<br> Support vector machine<br> Trees<br><\/li><\/ol>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>60 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>Task 2<br>Active participation<br>\u00a0<br>0-20<br>20 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 3<br>Other, please specify<br>\u00a0<br>0-20<br>20 %<br>Specific Assessment Rules<br>Pop quiz<br>\u00a0<br><p>\u00a0<\/p><br><p>\u00a0<\/p><br><p>\u00a0<\/p><br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> Trevor Hastie, Robert Tibshirani, Jerome Friedman (2009). The Elements of Statistical Learning. Available at https:\/\/web.stanford.edu\/~hastie\/ElemStatLearn\/<br> St\u00e9phane Tuffery, Data Mining and Statistics for Decision Making, Wiley series in computational statistics, Wiley<br> Larry Wasserman (2004) All of Statistics. A Concise Course in Statistical Inference <\/p><br><p>Further handouts and recommended readings relevant for the course and the examination will follow in due course, as discussed in class.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26db5\"\n        >\n            <span class=\"accordion__title\">\n                2.D2.Econometrics II (STATA)                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-43                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26db5\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.D2.Econometrics II (STATA)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-43<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.D: Data Analysis II<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p> Formulate a research question and its related hypothesis to test empirically<br> Use statistical software (STATA) to gather, organize and process data to answer a research question<br> Use statistical software to produce graphs and tables to be used in scientific reporting<br> Discriminate between identification strategies to answer a research question<br> Interpret the output of empirical research in scientific journals<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The objective of the course is familiarise students with research designs and the different tools economists use to identify causal relationships.\u00a0<br>\u00a0<br>The course begins with a complete presentation of what research design and causality means. It then proceeds with presenting the economist toolkit to identify causal estimates (including randomised control trials, instrumental variables, panel data regressions, difference-in-differences, regression discontinuity designs).\u00a0<br>Each methodology is illustrated using several empirical applications taken from the literature.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Final exam during exam session<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam\u00a0 120 min<br><br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>\u00a0Closed book<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p>1-\u00a0\u201cCausal Inference The Mixtape\u201d, by Scott Cunningham, Yale University Press, 2021 (main reference)<br>2-\u00a0\u201cMostly Harmless Econometrics\u201d, by Joshua Angrist and J\u00f6rn-Steffen Pischke, Princeton University Press, 2009<br>3-\u00a0\u201cImpact Evaluation: Treatment Effects and Causal Analysis\u201d, by Markus Frolich and Stefan Sperlich, Cambridge University Press, 2019<br>4-\u00a0\u201cCausal Analysis\u201d, by Martin Huber, MIT Press, 2023<br>5-\u00a0\u00a0Selected papers.\u00a0\u00a0                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26dc1\"\n        >\n            <span class=\"accordion__title\">\n                2.E1.Financial Analysis and Valuation                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-44                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26dc1\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E1.Financial Analysis and Valuation<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-44<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            \u00a0\u00a0\u00a0 Leverage case studies for practical evaluation of Equity investments and diverse assets<br>\u00a0\u00a0\u00a0 Determine if securities are overvalued, fairly valued, or undervalued using current market prices and valuation estimates<br>\u00a0\u00a0\u00a0 Understand and describe different equity valuation models used in professional settings<br>\u00a0\u00a0\u00a0 Comprehend and articulate various equity distribution mechanisms, including dividends, stock splits, and repurchases<br>\u00a0\u00a0\u00a0 Describe the dividend payment process in detail<br>\u00a0\u00a0\u00a0 Use present value models for equity valuation, focusing on dividend discount and free-cash-flow-to-equity models, with real data<br>\u00a0\u00a0\u00a0 Calculate the intrinsic value of non-callable, non-convertible preferred stocks using actual financial figures<br>\u00a0\u00a0\u00a0 Evaluate the intrinsic value of equity securities using both the Gordon growth and two-stage dividend discount models, with real-life examples<br>\u00a0\u00a0\u00a0 Identify which companies are suitable for different dividend discount models based on real industry scenarios<br>\u00a0\u00a0\u00a0 Implement price multiples in equity valuation, understand their connection to fundamental financial metrics, and apply comparable analysis<br>\u00a0\u00a0\u00a0 Effectively present and explain their valuation results and analysis to investment boards, translating complex financial concepts into actionable insights for decision-makers<br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course introduces students to spreadsheet modelling and various techniques essential for investment analysis, company valuation, forecasting, and more, with a particular focus on Equity Markets and Investment Portfolios. We will delve into case studies, emphasising practical applications in these areas.\u00a0Valuation extends beyond mere numerical analysis. It demands judicious model selection and careful derivation of inputs. We&#8217;ll delve into the most widely used equity valuation models, including present value models, multiplier models, and asset-based valuation, each serving a crucial role in intrinsic value estimation.\u00a0When it comes to valuing a company or a group of companies, selecting a suitable valuation model becomes imperative, guided by the available data. This data not only influences the choice of the model but also how it&#8217;s employed in the valuation process.\u00a0While more complex models exist, potentially offering refined valuation, it&#8217;s essential to remember the &#8220;law of parsimony&#8221;: a model&#8217;s complexity should align with the inputs at hand. Simplicity often trumps complexity in terms of practicality and relevance.\u00a0It is important to acknowledge the inherent fallibility of valuation. No method guarantees absolute accuracy, and forecasts will inevitably be off the mark at times. Our objective is to minimise these inaccuracies, striving for the most reliable forecasts possible within the given constraints.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Other, please specify<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>Case Study<br>\u00a0<br>Task 2<br>Presentation<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>case Study<br><br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Literature:<br>Core Textbooks:<br><br><br><ul><br><li><br>Koller, T., Goedhart, M., Wessels, D. (2020).<br>Valuation: Measuring and Managing the Value of Companies (7th Edition). Wiley Finance.<br><\/li><br><li><br>Damodaran, A. (2018). The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses (3rd Edition). Pearson FT Press.<br><\/li><br><li><br>Berk, J., DeMarzo, P. (2020). Corporate Finance (5th Global Edition). Pearson.<br><\/li><br><\/ul><br>\u00a0<br><br><br>Additional Recommended Reading:<br><br><br><ul><br><li><br>Bodie, Z., Kane, A., Marcus, A. (2022).<br>Investments (12th Edition). McGraw-Hill.<br><\/li><br><li><br>Lundholm, R., Sloan, R. (2019). Equity Valuation and Analysis (4th Edition). McGraw-Hill\/Irwin.<br><\/li><br><li><br>Pinto, J. E., Henry, E., Robinson, T. R., Stowe, J. D. (2015). Equity Asset Valuation (CFA Institute Investment Series, 3rd Edition). Wiley.<br><\/li><br><li><br>CFA Institute (Annual). CFA Program Curriculum (Equity Investments Corporate Finance volumes) \u2013 for the latest approaches and case studies in valuation.<br><\/li><br><\/ul><br>\u00a0<br><br><br>Online Resources and Data:<br><ul><br><li><br>Aswath Damodaran\u2019s website (NYU Stern): Regularly updated datasets, valuation spreadsheets, and lecture notes on intrinsic and relative valuation.<br><\/li><br><li><br>CFA Institute\u2019s online articles and research briefs on equity valuation and corporate finance.<br><\/li><br><li><br>Financial data and analytics platforms such as Bloomberg, FactSet, PitchBook, and SP Capital IQ for real-time valuation metrics, comparables, and market data.<br><\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26dcc\"\n        >\n            <span class=\"accordion__title\">\n                2.E2.Corporate Finance                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-45                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26dcc\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E2.Corporate Finance <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-45<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Study the theoretical concepts of capital budgeting and valuation <br> Learn how to solve problems and to apply the theoretical concepts to real world data<br> Learn to value the equity and debt investments in existing corporations<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Return and risk <br> Capital asset pricing model<br> Cost of equity and cost of capital<br> Efficient market hypothesis, behavioral finance &amp; beauty contest <br> Financial structure of the corporate firm <br> Limits to the use of debt, financial distress <br> Leverage and valuation \u2013 flow to equity \u2013 flow to the firm \u2013 adjusted present value<br> Introduction to financial options and pricing of real options<br> Topics: M&amp;A, Corporate governance, short-term finance, etc.<br>The course introduces students to corporate finance. It builds on the capital asset pricing model. Systematic and unsystematic risks of assets are discussed in the contexts of the capital market line and the security market line. Making use of the Modigliani and Miller theorem of optimal capital structure with and without taxes, students learn how to value bonds, stocks and projects applying three different discounted cash-flow approaches. <br>We discuss the flow-to-equity approach, the APV approach, and the WACC approach. Furthermore, the course introduces to relative valuation and option valuation. Financial issues will be discussed that impact the business organisation including financing, capital budgeting, dividend payouts, capital structure, agency issues, financial and business risk. Throughout the course, the theoretical concepts are illustrated through textbook problems and real-world applications. We set-up and apply financial spreadsheets to data gathered in real-time from internet sources. <br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>The course will be based on the following tex books:<br> Corporate Finance by Ross \/ Westerfield \/ Jaffe \/ Jordan<br> Corporate Finance by Berk \/ DeMarzo<br> Corportate Finance &#8211; A Focused Approach Erhardt \/ Brigham<br> Investment Valuation by Damodaran<br>Additional reading will be provided during the course.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26dd8\"\n        >\n            <span class=\"accordion__title\">\n                2.E3.Derivatives                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-46                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26dd8\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E3.Derivatives<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-46<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p> Demonstrate a working knowledge of the principles of financial derivatives<br> Understand how derivative markets work<br> Interpret the particular role of over-the-counter markets<br> Apply concepts of no-arbitrage and risk neutral valuation<br> Determine prices of derivatives like futures and options<br> Understand how particular risk exposures can be hedged<br> Deal with the \u2018greeks\u2019 of an option portfolio<br> Understand option strategies<br> Define the risk profile of a commodity-based strategy, recommend on risk-mitigation tactics (hedging) using various paper hedging techniques<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Over the last decades, firms have been increasingly challenged by financial price risks due to unpredictable movements in stock prices, exchange rates, interest rates and commodity prices. The financial markets have responded by continuously developing a range of financial instruments, called derivatives. <br>By the end of the course, you will have a good knowledge of how these contracts work, how they are used for hedging using real-life experience, and how they are priced.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>\u00a0<br>Task<br>Written exam<br>\u00a0<br>0-20<br>\u00a0<br>Specific Assessment Rules<br>2h<br>The final written examination will constitute the final grade of the course. Students are allowed to use a non-programmable calculator as well as one-page A4 with formulas.<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>For example:<br>Hull, John: Fundamentals of Futures and Options Markets, Pearson\/Prentice-Hall or similar introductory derivatives textbook<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26de3\"\n        >\n            <span class=\"accordion__title\">\n                2.E4.Financial Stability : Theory &amp; Practice                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-47                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26de3\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E4.Financial Stability : Theory &amp; Practice<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-47<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            \u00a0                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course will empower students with a strong foundation in financial stability, emphasizing its pivotal role within the economy. The topics explored in this course hold significant relevance for various career paths in finance, including wealth management, banking, corporate finance, and consulting. Furthermore, this knowledge is valuable even for students not pursuing finance careers, as it equips them to develop informed perspectives on the intricacies of the financial system.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course gives an analysis of the financial system, its sources of instability, and the common approaches for reducing this instability.<br>The first part of the course provides an overview of the financial system. It highlights its key functions and explains why it has a complex structure (e.g., heavy regulation, complex contracts).<br>The second part of the course describes the traditional banking and shadow banking sectors and explain why both sectors are subject to financial instability. It then explains why financial instability can lead to crises with severe consequences on economic activity. Finally, it provides an overview of the role played by regulation and central bank in limiting the consequences of financial instability.<br>The third part of the course focuses on the recent advances for improving financial stability. It begins with an analysis of the 2008 crisis&#8212;an event that triggered a deep thinking about financial stability. It then discusses how to improve financial stability by managing systemic risk and sharpening financial regulation.<br>Outline of the Course<br>Part I: Financial System and Systemic Risk<br>A. Functions of the Financial System<br>B. Structure of the Financial System<br>C. Systemic Risk<br>Part II: Banking Sector<br>A. Commercial Banks<br>B. Universal Banks<br>C. Shadow BanksPart III: Stabilization of the Financial System<br>A. Government Intervention<br>B. Central Bank InterventionPart IV: Post 2008 Evolution and Current Issues<br>A. Regulatory Response<br>B. Pros and Cons of the Regulatory Response<br>C. Measuring and Taxing Systemic Risk<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Choose an item.<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>70%<br>Specific Assessment Rules<br>\u00a0<br>\u00a0<br>Task 2<br>Active participation<br>\u00a0<br>0-20<br>10%<br>Specific Assessment Rules<br>\u00a0<br>\u00a0<br>Task 3<br>Presentation<br>\u00a0<br>0-20<br>20%<br>Specific Assessment Rules<br>\u00a0<br>\u00a0<br>Specific Retake Modality (if applicable)<br>Click or tap here to enter text.<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>The course is based on class lectures and problem sets.<br>There is no mandatory book to read for this course.<br><br>\u00a0                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26def\"\n        >\n            <span class=\"accordion__title\">\n                2.E5.Economie mon\u00e9taire internationale  (Fr)                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-48                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26def\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E5.Economie mon\u00e9taire internationale  (Fr)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-48<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> FR<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Mobiliser les principaux outils macro\u00e9conomiques permettant d\u2019analyser les interd\u00e9pendances financi\u00e8res internationales <br> Expliquer les principaux d\u00e9terminants de l\u2019\u00e9volution des taux de change <br> Analyser les contraintes de diff\u00e9rents r\u00e9gimes de change <br> Comprendre les principaux m\u00e9canismes des crises de change<br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Le cours traite des th\u00e8mes suivants\u00a0: 1. Analyse \u00e9conomique des r\u00e9gimes de change 2. D\u00e9termination du taux de change r\u00e9el par les \u00e9changes de biens et services (r\u00e8gle de parit\u00e9 de pouvoir d\u2019achat ; Effet Balassa\u2013Samuelson ; taux de change r\u00e9el dans un mod\u00e8le d\u2019\u00e9conomie d\u00e9pendante \u00e0 trois biens ; taux de change d\u2019\u00e9quilibre)\u00a0 3. Interd\u00e9pendances financi\u00e8res internationales (R\u00e8gle de parit\u00e9 de taux d\u2019int\u00e9r\u00eat et mesure de l\u2019int\u00e9gration financi\u00e8re internationale ; mod\u00e8le de change fond\u00e9 sur le choix de portefeuille ; Overshooting) 4. Mod\u00e9lisations et enseignements des crises de change                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Modalit\u00e9 d\u2019\u00e9valuation<br>S\u00e9lectionnez un \u00e9l\u00e9ment.<br>T\u00e2ches d\u2019\u00e9valuation<br>Type d\u2019\u00e9valuation<br>Syst\u00e8me de notation<br>Pond\u00e9ration de la note finale<br>T\u00e2che 1<br>Autre, veuillez pr\u00e9ciser<br>0-20<br>70%<br>R\u00e8gles particuli\u00e8res d\u2019\u00e9valuation<br>Travail \u00e9crit<br>\u00a0<br>T\u00e2che 2<br>Pr\u00e9sentation<br>0-20<br>30%<br>R\u00e8gles particuli\u00e8res d\u2019\u00e9valuation<br>Pr\u00e9sentation des cas<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>B\u00e9nassy-Qu\u00e9r\u00e9 Agn\u00e8s, Economie mon\u00e9taire internationale, 2e \u00e9d 2015<br> Copeland Laurence, Exchange Rates and International Finance, Pearson, 2014<br> B\u00e9nassy-Qu\u00e9r\u00e9 A., Coeur\u00e9 B., Jacquet P., Pisani-Ferry J., Economic Policy: Theory and Practice, Chap 5<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26dfa\"\n        >\n            <span class=\"accordion__title\">\n                2.E6.Monetary Policy                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-49                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26dfa\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E6.Monetary Policy<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-49<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Get a clear understanding of the before and after crisis monetary policy stance of notably the ECB and the FED and of the theoretical underpinnings of the latter                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Students are introduced to key theoretical and empirical considerations concerning monetary theory and monetary policy.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Oral exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>\u00a0<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Allen Blinder, After the Music Stopped, The Financial Crisis, the Response and the Work Ahead, Penguin Books, 2013.<br>Papadia and Valimaki central banking in turbulent times ecb and fed public documents<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26e06\"\n        >\n            <span class=\"accordion__title\">\n                2.E7.Contemporary Issues in Public Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-50                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26e06\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E7.Contemporary Issues in Public Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-50<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understand the nature of public finance and the role of public sector<br> Understand the decision making process of public officials<br> Understand organization, decentralization and competition of public funding and institutions<br> Evaluate tax incidence, evasion and tax structure<br> Understand public pension funding issues<br> Understand public role in correcting global externalities (carbon emissions)<br> Get knowledge of academic literature in Public Finance and Public Economics<br> Develop an independent research<br> Acquire writing skills<br> Present research results orally<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This course covers economic studies of contemporary issues in public finance issues. The economic understanding of public finance issues is essential in modern economies where at least a third of economic activities relate to government and public institutions. In many circumstances, experts in Economics and Finance are asked to advise federal and local government officials on the public finance of health, education, justice, infrastructure, scientific research, justice, economic development, etc. Experts also counsel about the economic and financial impact of government intervention in private markets like agriculture, housing, space, etc. \u00a0<br> The focus of the course is on application of analytical tools to key policy issues relating to the spending, taxing and financing activities of government. The course gives students an appreciation of the analytical methods in economics for the study of the public sector and the role of the state in principle and in practice. It provides a thorough grounding in the principles underlying the role of the state, the design of social insurance and the welfare state, the design of the tax system, the scope of the government, etc. The objective is to enable students to understand the practical problems involved in implementing the principles of public finance.<br> The course aims at covering topics like public sector statistics, theories of public finance, tax evasion, tax incidence, tax competition, government decentralization, financing social security and pension, carbon emission and externality management, privatisation and outsourcing, etc. <br> The course also aims at training students to formulate questions and solutions for specific issues in public finance and public intervention. Students are asked to develop their skills to organise and develop a short policy research on a specific public finance question. Students shall acquire or improve their writing and presentation skills.<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Other, please specify<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>Seminar Paper<br>\u00a0<br>Task 2<br>Presentation<br>\u00a0<br>0-20<br>30 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 3<br>Other, please specify<br>\u00a0<br>0-20<br>20 %<br>Specific Assessment Rules<br>Class and tutorial participation<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature: <\/p><br><p>Main readings:<br> Intermediate Public Economics (2013), Hindrickx J. and Myles G.D., Cambridge press <br> Public Finance and Public Policy (2019), Jonathan Gruber, MacMillan<br> Economics of the Public Sector (2015), Stiglitz and Rosengard, W. W. Norton Company<br> Journals: International Tax and Public Finance, Journal of Public Economics, etc.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26e12\"\n        >\n            <span class=\"accordion__title\">\n                2.E8.Economics of Innovation                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-57                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26e12\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E8.Economics of Innovation<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-57<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understand and analyse general and topical issues related to innovation and its implications for firms and the economy<br> Have acquired the terminology for a sophisticated discussion of innovation topics<br> Gain a theoretical and empirical toolbox to independently analyse topics in innovation<br> Make sense of recent developments such as artificial intelligence as an innovation<br> Analyse the implications for firms<br> Analyse topical innovation issues empirically<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Ideas, innovation and technical inventions have become the most important resource in today&#8217;s developed economies. Innovation is an important driver of growth and wealth of nations. From the firms\u2019 perspective, innovation has become widely recognised as a key source of competitive advantage for businesses of all sizes. Innovation is, however, uncertain, costly and the returns are difficult to appropriate. This course provides students with a comprehensive understanding of the main theoretical and empirical concepts of the economic analysis of innovation.<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>70 %<br>Specific Assessment Rules<br>2h<br>\u00a0<br>Task 2<br>Take-home exam<br>\u00a0<br>0-20<br>30 %<br>Specific Assessment Rules<br>Empirical<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p>Hall and Helmers (2023), Innovation and Intellectual Property, selected chapters; Greenhalgh and Rogers (2010), Innovation, Intellectual Property and Growth, selected chapters; selected articles <\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26e1d\"\n        >\n            <span class=\"accordion__title\">\n                2.E9.Public Policy Analysis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-55                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26e1d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.E9.Public Policy Analysis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-55<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.E: Special Topics in Finance and Economics &#8211; Electives I<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        &#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Apply practical skills and strategies to policy-related projects<br> Think critically about the policy process using analytical frameworks and develop a firm understanding of the challenges and politics of public policy<br> Analyse evidence-based impact evaluations and effective policy communications skills<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course is designed to provide hands-on insights into evidence-based policy advice. <br>Using selected topics from the field of public policy, students will receive an introduction to assessing the available policy-relevant evidence in the academic literature. <br>Each topic is complemented by a critical assessment of limitations to implementation posed by conflicting interests of constituents, policymakers, and affected interest groups. <br>The course is designed to enable students to reflect critically on the role of evidence-based policy advice. Examples are to be taken from active labor market policies, welfare policies, housing policies, financial education, development policies, climate policies and the like.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Take-home exam<br>\u00a0<br>0-20<br>100 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>\u00a0<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> Altmann, S.; Grunewald, A.; Radbruch, J. (2021): Interventions and Cognitive Spillovers. Review of Economic Studies<br> Card, D.; Kluve, J.; Weber A. (2010): Active Labor Market Policy Evaluations &#8211; A Meta-Analysis. The Economic Journal, 120, <br>F452\u2013F477. Doi: 10.1111\/j.1468-0297.2010.02387.x<br> Card, D.; Krueger, A. (1994): Minimum Wages and Employment &#8211; A Case Study for the Fast Food Industry in New Jersey and Pennsylvania.<br>American Economic Review, 84, 4, 772-793<br> Chang A.C.; Li, P. (2017): A Preanalysis Plan to Replicate Sixty Economics Research Papers That Worked Half of the Time. <br>American Economic Review, 107, 5, 60-64. DOI: https:\/\/doi.org\/10.1257\/aer.p20171034<br> Cochrane Handbook for Systematic Reviews of Interventions. (training.cochrane.org\/handbook\/current)<br> Fernandes, D.; Lynch, J.G.; Netemeyer, R.G. (2014): Financial Literacy, Financial Education, and Downstream Financial Behaviors. Management Science, 60, 8; 1861-1883. Doi: https:\/\/doi.org\/10.1287\/mnsc.2013.1849<br> Gough, D.; Thomas, J.; Oliver, S. (2012): Clarifying differences between review designs and methods. Systematic Reviews, 1, 28; https:\/\/doi.org\/10.1186\/2046-4053-1-28<br> Hamermesh D.S. (2017): Replication in Labor Economics: Evidence from Data, and What It Suggests. American Economic Review, 107(5), 37-40<br> Herndon T., Ash M., Pollin R. (2014): Does high public debt consistently stifle economic growth? A critique of Reinhart and Rogoff. Cambridge Journal of Economics, 38 (2), 257\u2013279<br> Neumark, D.; Wascher W. (2007): Minimum Wages and Employment. Foundations and Trends in Microeconomics, 2007, 3 (1+2), <br>1-182<br> Reinhart C.M., Rogoff K.S. (2010): Growth in a time of debt. American Economic Review, 100(2), 573-578<br> Rosling H., Rosling O., Rosling-R\u00f6nnlund A. (2018): Factfulness. London<br> Schneider H. (2017): Universal Basic Income &#8211; Empty Dreams of Paradise. Intereconomics, 52(2), 83-87<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-69d4d66c26e29\"\n        >\n            <span class=\"accordion__title\">\n                2.O1.Bloomberg                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            1                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE-52                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-69d4d66c26e29\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-69d4d66c26d64\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 2.O1.Bloomberg<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE-52<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 2.O: Data Platforms  (extra curriculum)<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            \u00a0                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Use Bloomberg for their research, investments or future jobs <br> Demonstrate an awareness of the functioning of financial markets and various types of risks faced by financial services firms (e.g. FX risk, credit risk)<br> Gain hands-on experience with the Bloomberg Terminal <br> Develop practical skills required in the financial industry and knowledge of the Bloomberg Terminal enhances CVs of students placing them abreast of the job market competition as graduates who are both intellectually and technically savvy<br> Grasp complex concepts in a straightforward way using industry-proven analytical tools <br> Understand financial markets and the global economy<br> Identify the causality in market events using a popular platform and to interpret them <br> Analyse financial markets <br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The introductory course to Bloomberg is a self-learning, interactive module that introduces the Bloomberg Terminal to students. <br>The course consists of concrete examples of using Bloomberg taken from the financial industry and case studies involving the use of the Bloomberg data, Bloomberg news and Bloomberg analytics. <br>The content of the course is focused, among other items related to the professional use of Bloomberg, on the practical use of this platform to explore: <br> historical data extracts for financial collateral haircut calculations and use of fund benchmarks and equity relative indices <br> some important issues about interest rates <br> topics of bond total return, various measures of bond return, and the leading factors of return change; basic idea of the meanings of interest rate swap, the swap pricing methods and the corresponding Bloomberg functions <br> issues concerning carry trade and interest rate parity <br> aspects of credit rating and using agency ratings for Probability of Default models in credit risk <br> important aspects of equity trading with Fundamental and Technical Analysis, as well as the use of Bloomberg news <br> Business Analysis of specific industries from investment and loan granting standpoint                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\u00a0<\/p><br>Assessment Modality<br>Combined of continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Attendance<br>\u00a0<br>0-20<br>10 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 2<br>Take-home exam<br>\u00a0<br>0-20<br>90 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br><p>\u00a0<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p><br>ScScott, R. H. (2010). Bloomberg 101. Journal of Financial Education, 36(1\/2), 80\u201388 http:\/\/www.jstor.org\/stable\/41948636<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n    aria-labelledby=\"tab-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    \n<p><strong>Choose one of the following specialisations:<\/strong><\/p>\n<ul class=\"flex flex-wrap mt-24 -mx-16  wp-block-unilux-blocks-free-content-card\">\n    <li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-banking\"\n    >\n<strong><strong>Master in Finance and Economics \u2013 Banking<\/strong><\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-banking\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-digital-transformation-in-finance\"\n    >\n<strong>Master in Finance and Economics \u2013 Digital Transformation in Finance<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-digital-transformation-in-finance\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-financial-economics\"\n    >\n<strong>Master in Finance and Economics \u2013 Financial Economics<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-financial-economics\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-investment-management\"\n    >\n<strong>Master in Finance and Economics \u2013 Investment Management<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-of-science-in-finance-and-economics-investment-management\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-risk-management\"\n    >\n<strong>Master in Finance and Economics \u2013 Risk Management<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-risk-management\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-sustainable-finance\"\n    >\n<strong>Master in Finance and Economics \u2013 Sustainable Finance<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-sustainable-finance\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics-private-assets\"\n    >\n<strong>Master in Finance and Economics \u2013 Private Assets<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-private-assets\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><\/ul><\/section>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"emos\"\n    >\nEMOS <\/h2>\n\n\n\n<p>Our program also offers the possibility for interested students to opt for acquiring &#8221; The European Master in Official Statistics (EMOS) &#8221; label on their diploma. The EMOS label aims at including official statistics in statistical curricula and provides an international recognition as a highly educated professional statistician trained to work in (inter-)national statistical institutes and institutions using official statistics.<\/p>\n\n\n\n<p><strong>EMOS offers academic excellence for you to learn about<\/strong><\/p>\n\n\n\n<ul class=\"ulux-list\">\n<li class=\"ulux-list-item\">Designing, collecting, analysing, and interpreting data&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">Identifying trends and relationships in data designing processes for data collection and production&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">Communicating statistics to users&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">State-of-the-art programming, coding and modelling techniques&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">How to query, extract, load, transform and visualise data and metadata&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>EMOS experience<\/strong><\/p>\n\n\n\n<ul class=\"ulux-list\">\n<li class=\"ulux-list-item\">Practice-driven traineeships with professional statisticians&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">Study visits to Eurostat in Luxembourg&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">Webinars to learn at your own pace&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">A master thesis competition: winners win a trip to present in an international conference&nbsp;<\/li>\n\n\n\n<li class=\"ulux-list-item\">An international network covering most European countries<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/cros-legacy.ec.europa.eu\/content\/emos_en\"\n                target=\"_self\"\n        class=\"btn btn--primary\"\n            >More info<\/a>\n<\/li>\n<\/ul>\n<\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The first year offers two mandatory modules (&#8220;Fundamentals of financial markets, investments and microeconomic theory&#8221; and &#8220;Mathematics and data analysis 1&#8221;), and one optional module (&#8220;Extra-curriculum I&#8221;) in Semester 1. Semester 2 combines two compulsory modules (&#8220;Asset pricing and macroeconomics theory&#8221; and &#8220;Data analysis 2&#8221;) with a choice of three out of nine electives on &#8220;Special topics in finance and economics&#8221;.<\/p>\n","protected":false},"author":33,"featured_media":1353,"parent":1519,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Master in Finance and Economics","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"study_program_identifiers":"MASCFINECO_TC__F2_M_MASCFINECO_TC_4__F2_M_MSFE_4","override_seo_title":false},"type-of-studies":[],"teaching-languages":[],"field-of-interest":[],"organisation":[],"authorship":[33],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Master in Finance and Economics (1st year): Courses | University of Luxembourg<\/title>\n<meta name=\"description\" content=\"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Programme\" \/>\n<meta property=\"og:description\" content=\"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\" \/>\n<meta property=\"og:site_name\" content=\"FDEF EN\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/uni.FDEF.lu\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-07T11:23:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png\" \/>\n\t<meta property=\"og:image:width\" content=\"825\" \/>\n\t<meta property=\"og:image:height\" content=\"475\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\",\"name\":\"Programme - Master in Finance and Economics - FSTM I University of Luxembourg\",\"isPartOf\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png\",\"datePublished\":\"2023-07-26T12:02:33+00:00\",\"dateModified\":\"2026-01-07T11:23:45+00:00\",\"description\":\"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png\",\"width\":825,\"height\":475},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.uni.lu\/en\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Faculty of Law, Economics and Finance\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Study Programmes\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Master in Finance and Economics (1st year)\",\"item\":\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/\"},{\"@type\":\"ListItem\",\"position\":5,\"name\":\"Programme\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#website\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"name\":\"FDEF\",\"description\":\"Faculty of Law, Economics and Finance I Uni.lu\",\"publisher\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\"},\"alternateName\":\"Faculty of Law, Economics and Finance I University of Luxembourg\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#organization\",\"name\":\"FDEF - University of Luxembourg I Uni.lu\",\"alternateName\":\"Faculty of Law, Economics and Finance\",\"url\":\"https:\/\/www.uni.lu\/fdef-en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"contentUrl\":\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg\",\"width\":2560,\"height\":2560,\"caption\":\"FDEF - University of Luxembourg I Uni.lu\"},\"image\":{\"@id\":\"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/uni.FDEF.lu\",\"https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Master in Finance and Economics (1st year): Courses | University of Luxembourg","description":"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/","og_locale":"en_GB","og_type":"article","og_title":"Programme","og_description":"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.","og_url":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/","og_site_name":"FDEF EN","article_publisher":"https:\/\/www.facebook.com\/uni.FDEF.lu","article_modified_time":"2026-01-07T11:23:45+00:00","og_image":[{"width":825,"height":475,"url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/","url":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/","name":"Programme - Master in Finance and Economics - FSTM I University of Luxembourg","isPartOf":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage"},"thumbnailUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png","datePublished":"2023-07-26T12:02:33+00:00","dateModified":"2026-01-07T11:23:45+00:00","description":"The programme for the first year of the Master in Finance and Economics offers two mandatory modules and one optional module.","breadcrumb":{"@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#primaryimage","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/MScFEEIOdmG.png","width":825,"height":475},{"@type":"BreadcrumbList","@id":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/programme\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.uni.lu\/en"},{"@type":"ListItem","position":2,"name":"Faculty of Law, Economics and Finance","item":"https:\/\/www.uni.lu\/fdef-en\/"},{"@type":"ListItem","position":3,"name":"Study Programmes","item":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/"},{"@type":"ListItem","position":4,"name":"Master in Finance and Economics (1st year)","item":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/"},{"@type":"ListItem","position":5,"name":"Programme"}]},{"@type":"WebSite","@id":"https:\/\/www.uni.lu\/fdef-en\/#website","url":"https:\/\/www.uni.lu\/fdef-en\/","name":"FDEF","description":"Faculty of Law, Economics and Finance I Uni.lu","publisher":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#organization"},"alternateName":"Faculty of Law, Economics and Finance I University of Luxembourg","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.uni.lu\/fdef-en\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/www.uni.lu\/fdef-en\/#organization","name":"FDEF - University of Luxembourg I Uni.lu","alternateName":"Faculty of Law, Economics and Finance","url":"https:\/\/www.uni.lu\/fdef-en\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/","url":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","contentUrl":"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2026\/03\/03111918\/FDEF_SM-Profile_1600x1600px-scaled.jpg","width":2560,"height":2560,"caption":"FDEF - University of Luxembourg I Uni.lu"},"image":{"@id":"https:\/\/www.uni.lu\/fdef-en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/uni.FDEF.lu","https:\/\/www.linkedin.com\/showcase\/fdef-uni-lu\/"]}]}},"_links":{"self":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1520"}],"collection":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs"}],"about":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/types\/study-programs"}],"author":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/33"}],"version-history":[{"count":0,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1520\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/study-programs\/1519"}],"wp:authorship":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/users\/33"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media\/1353"}],"wp:attachment":[{"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/media?parent=1520"}],"wp:term":[{"taxonomy":"type-of-studies","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/type-of-studies?post=1520"},{"taxonomy":"teaching-languages","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/teaching-languages?post=1520"},{"taxonomy":"field-of-interest","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/field-of-interest?post=1520"},{"taxonomy":"organisation","embeddable":true,"href":"https:\/\/www.uni.lu\/fdef-en\/wp-json\/wp\/v2\/organisation?post=1520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}