Περιγραφή Μαθημάτων

Προπαρασκευαστικά (Έναρξη αρχές Νοεμβρίου)

Μαθηματικά (24 ώρες)

Mathematics – Preparatory
M.Sc. in Applied Economics and Finance (Part Time)
Athens University of Economics and Business
Instructor:  Prof.  Konstantine Gatsios

Aims and objectives:

The aim of the course is to provide students with the necessary mathematical tools employed in the teaching of main courses of the Program and used in the related literature, as well as to familiarize them with the application of mathematics in addressing economic problems. The topics covered by the course are: functions and equations; the time value of money (the present and the future value of money); matrices (matrix operations, transposes and inverses, determinants, Cramer’s Rule); differential calculus (derivatives, rules of differentiation; Taylor Series expansion, maxima and minima of functions of one and of more than one variables, optimization with and without constraints); integral calculus (rules of integration, definite and indefinite integrals, improper integrals).

Course Description:

The course is organised on the basis of the following teaching units. It should be emphasised that each unit does not correspond to a lecture one-to-one.

  1. Functions and equations
  2. The time value of money (the present and the future value of money)
  3. Linear algebra and matrices (matrix operations, transposes and inverses, determinants, Cramer’s Rule)
  4. Differential calculus (derivatives, rules of differentiation; Taylor Series expansion, maxima and minima of functions of one and of more than one variables, optimization with and without constraints)
  5. Integral calculus (rules of integration, definite and indefinite integrals, improper integrals)

Reading Material:

Main Reading

  1. Notes of the Instructor: Those contain, besides theory, more than 100 exercises with their solutions, as well as around 80 exercises to be solved by students in take-home assignments   science of strategic decision making
  2. Chiang A.: Fundamental Methods of Mathematical Economies, 3rd Edition, McGraw-Hill
  3. Watsham, J. T. and Parramore, K.: Quantitative Methods in Finance, International Thomson Business Press

Supplementary Reading

  1. Silberberg E.: The Structure of Economies: A Mathematical Analysis, Mc Graw Hill
  2. Hands D. W.: Introductory Mathematical Economics

Λογιστική (12 ώρες)

MSc in Economic Science (Part time)
Athens University of Economics & Business
Instructor:  Associate Prof. Georgia Siougle

Principles of Financial Accounting 

Aims and objectives:

The objective of the course is to cover fundamental accounting issues dealing with the preparation of financial statements. The course deals with topics related to the basic accounting process such as journal entries, trial balances, accounting ledgers etc. The underlying principles of the course rely on International Accounting Standards. Finally, the course addresses issues related to the interpretation of financial statements.

Text Books:
Main books

Financial Accounting, 10th Edition Walter T. Harrison, Jr., Charles T. Horngren, C. William Thomas

Στατιστική (24 ώρες)

Προπαρασκευαστικά Μαθήματα (AEF)

Διδάσκων: Παπαδάκης Εμμανουήλ

Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Κορμού (Δεκέμβριο – Ιούλιο)

Μικρο-οικονομικά και Αρχές Μικρο-οικονομικής Πολιτικής (1η Διδακτική Περίοδος)

Microeconomics and Principles of Microeconomic Policy
Instructors:  Prof. Yannis Katsoulacos

Aims and objectives:
The aim of this course is to acquaint students with the fundamental concepts and tools of modern microeconomic analysis and to introduce them to the rationale and objectives of microeconomic policies. It is one of two foundation courses that student have to take in the first semester of their studies the objective of which is to provide the basis that allows students to participate in all the other courses in the rest of the program.

Course outline and reading list
The usefulness of microeconomics and its relation to other areas of economics. The consumer, the firm and their behavior. The principle of maximization of utility and profit. Consumer preferences, demand function and elasticity concepts. Theory of production and costs. Cost function, economic cost, opportunity cost and sunk cost. Economic efficiency and social welfare. Price determination, Partial equilibrium analysis. Forms of markets, perfect competition, market power, monopoly. Welfare losses due to monopoly power. Oligopolistic and monopolistic competition. General equilibrium and principles of welfare economics, Market failure, rationale and types of microeconomic policy.

Text Books:

Main books

  1. Katsoulacos Y. (2015) «Theory of Industrial Organisation – Markets, Strategies and Competition Policy», Tipothito, Athens. Appendix 1.
  2. Katsoulacos Y and N Vettas (2004) «Competition Policy and Sectoral Regulation»,  Tipothito, Athens. Chapter 1.
  3. Kreps D. “Microeconomics for Managers”, 2004, W.W. Norton & Company.

Supplemantary reading

  1. Nicholson W. “Microeconomic Theory: Basic Principles and Extensions”, 9th Edition, Thomson, South Western. Part 2 (Chapters 3-6), Part 3 (Chapters 7-9), Part 4 (Chapter 10), Part 5 (Chapters 13-14), Part 7 (Chapter 20).

Katz M.L & Rosen H. S  «Microeconomics», 3rd Edition, 2007, Epikentro.

Στατιστικές και Οικονομετρικές Μέθοδοι για τη Λήψη Επιχειρηματικών Αποφάσεων (1η Διδακτική Περίοδος)
Statistical and Econometric Methods in Decision Making
Instructor: Professor Ekaterini Kyriazidou

Aims and Objectives:
The course is an introduction to the theory and practice of statistical and econometric methods. We introduce regression analysis, emphasizing the intuition behind the modelling, estimation and testing procedures, and gain hands-on experience by analyzing real world data using different computer software packages (EXCEL, STATA). The course focuses on the linear regression model and discusses statistical inference under the classical assumptions, as well as when these assumptions are relaxed. It also introduces certain non-linear models, such as discrete choice (logit and probit) models. Several applications of econometric analysis are discussed, such as the CAPM, hedonic prices, wage determinants, advertising and sales, demand estimation, and brand choice, among others. Students are assumed to have some background in probability theory and statistics.

Upon successful completion of the course the students will:

  • Have experience with the art of modelling real world phenomena
  • Be able to perform regression analysis and understand the statistical assumptions underlying it
  • Be able to identify when some of the basic assumptions may be violated and to correct for that with appropriate techniques
  • Be able to understand, interpret, and evaluate econometric analysis performed by others
  • Be familiar with STATA, a cutting-edge econometric software increasingly used in corporate, government, and academic jobs

Outline:

  1. The Simple Classical Linear Regression Model and the Method of Ordinary Least Squares
  2. Testing and Prediction in CLR
  3. The Multiple Classical Linear Regression Model
    1. Functional Form
    2. Dummy Variables
  4. Relaxing Classical Assumptions
    1. Misspecification of the Population Regression Function
    2. Heteroskedasticity and Serial Correlation
    3. Endogeneity and Simultaneity
  5. Discrete Choice Models


Reading List:

The instructor will distribute lecture notes that will serve as a roadmap for studying. Useful textbooks include:

  • Wooldridge, J.M. (2012): Introductory Econometrics – A Modern Approach, South-Western (The book has been translated in Greek by Papazisis 2013)
  • Gujarati, D. and D. Porter (2008): Basic Econometrics, McGraw-Hill
  • Stock, J and M. Watson (2010): Introduction to Econometrics, Addison-Wesley


Evaluation:

Final grades will be assigned on the basis of a final exam.

Θεωρία Παιγνίων και Στρατηγικές Αποφάσεις Ι (3η Διδακτική Περίοδος )
Game Theory and Strategic Decisions
M.Sc. in Applied Economics and Finance (Part Time)
Athens University of Economics and Business
Instructor:  Prof.  Konstantine Gatsios

What is this Course about: Aims and Objectives

Game is the science of strategic decision making. It studies strategic situations and is used to great effect in sciences as diverse as evolutionary biology and economics.

The chief purpose of this course is to enable the student to set up, study and solve games, especially games that arise in business and economics. It is as theoretical as necessary for providing an introduction to the science of game theory; and practical in that it offers many applications and case studies to make it attractive to managers in both the commercial and non-profit sectors.

It is intended to help managers to expand the conceptual framework within which they operate and, in this way, to develop more powerful generic problem-solving skills and discover alternative perspectives on problems, to resolve practical difficulties more efficiently and more effectively, to acquire a deeper understanding of incentives, conflicts, cooperation, threats, promises and timing of actions; and to comprehend better the nature of power in multi-person systems.

Course Description:

The course is organised on the basis of the following teaching units. It should be emphasised that each unit does not correspond to a lecture one-to-one.

Unit 1

Characteristics of Games

What is a game? We start by presenting the basic, common elements of any game, business game or otherwise.

Keywords: Players, Rules, Strategies, Outcomes, Strategic Interaction

Unit 2

Taxonomy of Games

Games can be distinguished from one another in a number of different ways. There can be games of cooperation and games of conflict. There can be games in which players act “today” with their eyes turned to the future and games in which they don’t. A very important distinction between games concerns the quality of information players have regarding the economic environment in which they operate.

Keywords: Cooperative and Non-cooperative Games; Games of Perfect and of Imperfect Information; Games of Complete and Incomplete Information; Static and Dynamic Games

Unit 3

Description of a Game

Describing a game appropriately, by putting it in a form in which it can be studied, is the first and fundamental step one must take. Like in all problems, setting them up correctly consists of half the solution. There are two alternative ways of formatting a given game, each one being more conducive to certain game characteristics than the other. These two formats are closely related to each other.

Keywords: Extensive Form and the Game Tree (decision nodes and terminal nodes, actions, information sets, payoffs); Strategic or Normal Form (players, strategies, payoffs)

 Case Study: Electing the UN Secretary General (Setting Up the Game)

Case Study: Art Auctions (Setting Up the Game)

Unit 4

Solution Concepts for Games in Strategic Form – Part I

Having learned how to set up a given game we now turn to the question of how we can predict its outcome, its solution. We start by discussing solution concepts for games in strategic form. This introduces us, among others, to better comprehend the concepts of strategic thinking and of strategic interdependence between the players of a game.

Keywords: Strict or Strong Dominance; Weak Dominance; Solution in Dominant Strategies; Iterated Dominance; Solution in Iterated Dominant Strategies

 Case Study: Electing the UN Secretary General (Solving the Game)

Case Study: Art Auctions (Solving the Game)

Unit 5

Solution Concepts for Games in Strategic Form – Part II

We continue our discussion on solution concepts for games in strategic form by introducing the most fundamental equilibrium concept in game theory, that of Nash equilibrium. We investigate its relation with the solution concepts introduced in the previous teaching unit. We then turn to the issue of players’ randomizing between their strategies and the related concept of Nash equilibrium in mixed strategies. We address questions such that “what does it mean that people choose strategies in a probabilistic way?”, or, “do actually people behave like that?” We close this teaching unit by casting a fresh look on Cournot and Bertrand duopoly models.

Keywords: Nash Equilibrium (in Pure Strategies); Nash Equilibrium and Solution in Dominant Strategies; Mixed Strategies; Nash Equilibrium in Mixed Strategies

 Case Study: Cigarette Television Advertising in the US (Based on F. Scherer, Industrial Market Structure and Economic Performance, 2nd edition, Boston: Houghton Mifflin, 1980)

Case Study: The “Every Day Sales” Policy of Sears (Based on H. Varian, “A Model of Sales”, American Economic Review 70, 1980:651-659)

Case Study: Random Drug Testing

Case Study: Today’s OPEC

Unit 6

Solution Concepts of Games in Extensive Form – Part I

We turn our attention to the study of solution concepts in games in extensive form. This game form is more convenient for studying dynamic games. The fact that “today’s” choices by any player may affect “tomorrow’s” options and choices of all players offers a fertile ground to develop concepts such as “threats” and “promises”. We start off by discussing the simplest variant of such games, namely games in which each player has perfect knowledge of the environment in which he or she operates. We develop the concept of sequential rationality that forms the building stone of the backwards induction method by which the Nash equilibrium of such games is computed. We relate this solution to that of dominance in strategic form games. We develop the concept of credible and non-credible threats as well as that of commitment. We discuss the importance of timing in the sequence of actions taken by players. We conclude this teaching unit by casting a fresh look on Stalkeberg duopoly models.

Keywords: Backwards Induction in Games of Perfect (and Complete) Information; Sequential Rationality; Backwards Induction and Dominance Solvability; Credible and Non-credible Threats; The Power of Commitment; The First Move Advantage or Disadvantage

 Case Study: Patents on Innovations and New Products

Case Study: Poison Pills and Other Takeover Deterrents


Unit 7

Solution Concepts of Games in Extensive Form – Part II

We continue our discussion on equilibrium concepts in extensive form games, by considering now games of imperfect information. In particular, the imperfection of information stems from the fact that one or more players do not know the entire “history” of the game, i.e., how the game has been unfolding up to the point they are about to undertake an action. We develop the concept of a sub-game of a game and then combine that with the concept of group rationality to develop a fundamental equilibrium concept for dynamic games: that of sub-game perfect Nash equilibrium.

 Keywords: Sub-game of a Game; Sub-game Perfection in Games of Imperfect Information; Sub-game Perfect Nash Equilibrium

 Case Study: Peace in the World War Trenches

Unit 8

Repeated Games

We move on to studying games which are repeated in time, when, that is, players come in repeated market or business conduct. One interesting feature of such games is that a cooperative behaviour may be established between players with otherwise conflicting interests. What binds them together in a pattern of “good” behaviour is the fact that “punishments” can be triggered otherwise. The concept of “trust” that characterises many market or business situations can be seen arising as an equilibrium outcome of such repeated games. We analyse the importance of a game being repeated finitely or infinitely many times and we relate that to market or business situations.

 Keywords: The Stage Game; Finitely Repeated Games; Nash Equilibrium in Finitely Repeated Games; The “Folk Theorem” for Finitely Repeated Games; Multiple Equilibria in the Stage Game and “Good” Behaviour Among Players in Finitely Repeated Games; Infinitely Repeated Games; Trigger Strategies in Infinitely Repeated Games; Nash Equilibrium in Trigger Strategies; The “Folk Theorem” for Infinitely Repeated Games; Trigger Strategies and “Good” Behaviour Among Players in Infinitely Repeated Games

 Case Study: OPEC in the 70’s

Unit 9  

Static Games of Incomplete Information

Up to now we have been discussing games in which any imperfection of information was related to not knowing the exact “history” of previous actions players have taken. In all cases, however, all players knew the exact characteristics of their opponents, their “types”. Put differently, all players knew exactly what game they were playing. Now we turn to cases where one or more players do not know the exact characteristics of their opponents. Not knowing the characteristic of your opponent is equivalent to not knowing exactly the game you are involved. It is a different think, for instance, to face a low-cost rival than a high-cost one: the consequences of the same actions taken by you and your rival will result to different payoffs in each case. Therefore what is best for you may differ in each case. We discuss how to model such games and how to find the equilibrium in the case of their static variant, the Bayesian-Nash equilibrium.

Keywords: “Types” of players; Transformation of Games of Incomplete Information to Games of Imperfect Information; “Type”-conditional Strategies; Bayesian-Nash Equilibrium

 

Reading Material:

Main Reading

  1. Notes of the Instructor: Those contain, besides theory, 60 solved examples and another 60 exercises to be solved by students in take-home assignments.   science of strategic decision making
  2. Dutta, P.: Strategies and Games, Theory and Evidence, MIT Press

 

Supplementary Reading

  1. H. Varian, “A Model of Sales”, American Economic Review 70, 1980:651-659
  2. Gibbons, R.: A Primer in Game Theory, Prentice Hall, 1992
  3. Kreps, D.: A Course in Microeconomic Theory, Harvester Wheatsheaf
  4. Scherer, F.: Industrial Market Structure and Economic Performance, 2nd edition, Boston: Houghton Mifflin, 1980
  5. McCain, R.: Game Theory, 3rd edition, World Scientific, 2014
  6. Baye, M.: Managerial Economics and Business Strategy, 4th edition, McGraw- Hill

Ανάλυση Αγορών και Τιμολόγηση (2η Διδακτική Περίοδος )
Market Analysis and Pricing
Prof. Nikos Vettas

General description: This course deals with the study of (imperfectly competitive) markets, focusing on market problems that in the academic literature often fall under the heading of “industrial organization”. It assumes adequate knowledge of Microeconomics; on the other hand, this course is an introduction to the issues covered. Related or specialized topics will be covered in other courses in the program.

Course organization: Some parts of the course will be in English and other in Greek (this refers to both lectures and class discussion and to class materials). In exams and class assignments you can use either Greek of English. You are expected to be prepared for class at all times and to actively participate. It may be useful if you could bring a calculator with you in class.

Texts: To the extent this course has a text, it is: Luís M.B. Cabral, Introduction to Industrial Organization, MIT Press, 2000, or its Greek translation, Βιομηχανική Οργάνωση, KΡITIKH, 2003. Additional readings as well as problems will be distributed during the term.

Assessment: The final exam counts for 70% of your course grade. 25% of the grade reflects your performance in class exercises and the remaining 5% depends on individual class participation.

Groups: You will need to be organized in groups of 3-4 students, primarily for the purposes of the class exercises.

Preparation: It is recommended that before each class meeting you review/study the corresponding chapters from the Cabral text [C].

Course outline

  1. From perfect competition to monopoly and between: market equilibrium and welfare. [C: chapters 1-3, 5-6] Class Exercise 1: The U.S. Sugar Quota
    “Sugar’s Sweetest Deal” Time, April 2, 1996
  2. Demand estimation and business decisions.
    Class Exercise 2: Demand Estimation: entry and pricing
  3. Entry and strategic pricing.
    Class Exercise 3: Price leadership and entry into a monopoly market.
    Oster “Competitive Pricing” Ch. 15 in Modern Competitive Analysis, 2nd ed. Oxford, 1994
    Reading: Drug Manufacturers step-up legal attacks that slow generics», Wall Street Journal,
    July 12, 2001.
    Reading: «Glaxo Blasts Canada Sales to US» Wall Street Journal Europe, Jan.13, 2003.
  4. Durable goods.
    Class Exercise 4: Pricing durable goods
    Case: Xerox and leasing in the copier industry
    Resale of Used Rental Cars by Big Three Depress Other Second-Hand Auto Prices, Wall
    Street Journal, January 6, 1992
  5. Oligopoly models. Concentration and profitability measures. Strategic behavior.
    [C: Chapter 7] Notes on “Simultaneous and Sequential Move Games”
  6. Cartels – Competition and cooperation in oligopolies.
    [C: Chapter 8] Class Exercise 5: OPEC Cartel
    Crude Cuts: Will Oil Nations Stick or Stray? Wall Street Journal, March 26, 1999
    Opec Exceeds output target, Financial Times, Aug. 10, 2002
    Opec considers strategy to combat cheating, Financial Times, Aug. 10, 2002
    Notes on “Repeated Interactions”
    Archer-Daniels Faces a Potential Blow as Three Firms Admit Price-Fixing Plot, Wall Street
    Journal, Aug. 28, 1996
  7. Product differentiation. Quality and variety.
    [C: Chapter 12]
  8. Price discrimination. Bundling
    [C: Chapter 10] Shapiro and H. Varian «Versioning: The smart way to sell information», Harvard Business
    Review, Nov-Dec. 1998.
    American Airlines – Different products, different prices. November 1991
    Case: Price discrimination in EU Pharmaceuticals market
  9. Vertical relations: contracts and mergers.
    [C: Chapter 11]
  10. «New Economy»: Search and information.
    Shapiro and H. Varian, “The information economy”, Ch. 1 in Information Rules, Harvard
    Business School Press, 1999
Χρηματοοικονομική Διοίκηση Επιχειρήσεων (2η Διδακτική Περίοδος )

Corporate Finance MSc in Applied Economics & Finance
Athens University of Economics & Business
Instructor:  Assist. Professor Spyros pagratis

Aims and objectives:

This course examines the valuation of investment projects and capital budgeting decisions by corporates, how they access capital markets and factors that affect capital structure decisions, namely the mix of various forms of financing. It also covers means of raising debt and equity financing in capital markets, with a special focus on early-stage funding and crowdfunding.

As a benchmark case, we consider a competitive economy without frictions, where capital structure is irrelevant for the value of the firm. This, so called Modigliani-Miller (MM) irrelevance proposition, is discussed using basic concepts of real options where students have the opportunity to gain insights into the valuation of risky-debt and equity. The MM irrelevance proposition is used to guide students’ thinking about the impact of financial transactions, such as share buybacks, on share valuations and the weighted average cost of capital (WACC). Real-world examples are considered where capital markets are subject to distortions and frictions, such as financial distress costs, principle-agent problems and asymmetric information. The teaching mode is to identify first-order factors that affect capital structure decisions by corporates and think towards an optimal capital structure when such factors interact.

In particular, the Static Trade-Off theory (STO) considers the balance between tax shields and financial distress costs in determining a firm’s debt policy. As part of STO, students are introduced to problems of debt-overhang and underinvestment by firms due to legacy debts and learn how managers could deal with these problems, with a special emphasis on rights issues and debt restructurings. In the presence of managerial moral hazard, the Free-Cash-Flow theory (FCF) suggests that debt could act as disciplinary devise, facilitating better monitoring of managerial decisions. According to the Pecking-Order-Theory, information asymmetries lead to mispricing of corporate securities, thus corporate decisions on which type of securities to issue depend on information sensitivities. Aspects of human capital and innovation are considered in relation to big tech companies and their decisions to raise external funds. The course also covers issues on early-stage funding and crowdfunding.

Overall, students are equipped with the analytical apparatus to identify first-order issues relevant to corporate financing decisions and learn how to combine and apply them in practice.

Course outline and reading list

  1. Capital Budgeting

(Free Cash Flow Analysis, risk-return data sources, WACC, Adjusted Present Value – APV, working capital)

  1. Patterns of Long-Term Corporate Financing

(Capital structure, leverage, Modigliani-Miller Theorem)

  1. Financial frictions and capital structure theory in practice

(Bankruptcy costs, taxes, corporate governance agency problems, moral hazard, asymmetric information, pecking order theory)

  1. Equity capital markets

(IPOs, rights issue)

  1. Debt capital markets

(Syndicated loans, MTN, commercial paper, securitization)

  1. Financial distress

(Debt overhang, solvency and liquidity problems, debt restructuring, free riding, collective action clauses)

  1. Corporate payout policy

(Dividends, share repurchase, effect on stock valuation)

  1. Early stage funding

(Seed capital, venture capital, business angels, crowdfunding)

  1. Funding conditions in the Euro interbank market and SME financing

(Interbank market, Eurosystem, Open Market Operations, Long Term Refinancing Operations, Quantitative Easing, Credit Easing, SME financing)

 

Text Books:

Jean Tirole. “The Theory of Corporate Finance”, Princeton University Press (ISBN 0-691-12556-2)

Jonathan Berk, and Peter  DeMarzo. “Corporate Finance”,  Pearson Series in Finance. (ISBN 13-978-0132993869)

Richard A. Brealey, Stewart C. Myers, and Franklin Allen. «Principles of Corporate Finance», McGraw-Hill, New York, NY. (ISBN 0-07-111795-4).

Pagratis S., course packet in corporate finance (unpublished).

Διαχείριση Χαρτοφυλακίου (3η Διδακτική Περίοδος)

Portfolio Management
MSc in Economic Science (Part time)
Athens University of Economics & Business
Instructor: Prof. Nikolas Topaloglou

Aims and objectives:

The aim of this course is to introduce students to the theoretical and practical aspects of portfolio management. The course is designed to provide students with advanced skills in equity and fixed-income portfolio construction and management, asset allocation, as well as to cover advanced topics such as alternative investments and hedging strategiew with derivatives. Moreover, the course includes a computational demonstration of optimal asset allocation models using Matlab or Gams software.

At the end of the course, the students will have a full understanding of optimal portfolio management, concepts and pricing tools. They are expected to develop optimal portfolios of stocks, bonds and derivatives. They will be also able to implement the above tools and methods to effectively manage financial risks in practice.

Course outline and reading list

1: Equity Valuation

(The principles of investment analysis and valuation, with emphasis on security analysis)

2: Bond Portfolio Management

(Basic valuation of fixed income securities and the management of fixed income investment portfolios)

3: Utility Theory and Asset Allocation

(Utility theory and the expected utility maximization principle)

4: Asset Allocation & Markowitz Theory

(Portfolio management deals with efficiently combining securities into a portfolio tailored to the investor’s preferences)

5: Capital Asset Pricing Model and extensions

(The capital asset pricing models and arbitrage pricing theory)

6: Modern Techniques for Managing Portfolios

(Financial models for Risk Management, alternative risk measures)

7: Derivatives and Hedging Strategies

(Uses of Derivatives in Portfolio Management)

 

Text Books: 

Main books 

  1. T. Copeland, J. Weston, and Κ. Shastri, 2005, Financial Theory and Corporate Policy, Addison-Wesley Publishing Company.
  1. Z. Bodie, A. Kane, and A.J. Marcus, 2005, Investments, McGraw-Hill, 6th Edition.
  1. K. Cuthbertson and D. Nitzsche, 2004, Quantitative Financial Economics, Stocks, Bonds & Foreign Exchange, Wiley Editions, 2nd Edition.
  1. J. Danthine and J. Donaldson, 2005, Intermediate Financial Theory, Elsevier, 2nd Edition.
  1. E.J. Elton, M.J. Gruber, S.J. Brown, W.N. Goetzmann, 2003, Modern Portfolio Theory and Investment Analysis, John Wiley and Sons, 6th Edition.

 

Supplemantary reading

  1. E. Fama, 1976, Foundations of Finance: Portfolio Decisions and Securities Prices, Basic Books, Inc, Publishers.
  1. Francis, J.C. and R. Ibbotson, 2002, Investments: A Global Perspective, Prentice Hall.
  1. Haslem, J.A., 2003, Mutual Funds: Risk and Performance Analysis for Decision Making, Blackwell Publishing.
  1. Hull, J. 2007, Options, Futures and other Derivatives, Prentice Hall
  1. Zenios, S.A., 2007, Practical Financial Optimization: Decision Making for Financial Engineers, Blackwell Publishing.
  1. Fama, E.F. and French, K.R. (1992). “The Cross-Section of Expected Stock Returns”, Journal of Finance, 47, 427-465.
  1. Fama, E.F. and French, K.R. (1993). “Common Risk Factors in the Returns on Stocks and Bonds”, Journal of Financial Economics, 33, 3-56.
  1. Markowitz, H. (1952). “Portfolio Selection”, Journal of Finance, 7, 77-99.
  1. Ross, S.A. (1976). “The Arbitrage Theory of Capital Asset Pricing”, Journal of Economic Theory, 13, 341

 

ΚΑΤΕΥΘΥΝΣΗ: Εφαρμοσμένη Οικονομική

Το Μακροοικονομικό Περιβάλλον της Επιχείρησης (4η Διδακτική Περίοδος)
Μαθήματα Κατεύθυνσης (Κατεύθυνση Εφαρμοσμένης Οικονομικής-AEF)

Διδάσκων: Αποστόλης Φιλιππόπουλος
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Σύστημα Εθνικών Λογαριασμών, Βασικοί Μακροοικονομικοί Δείκτες, Στόχοι και Μέσα Μακροοικονομικής Πολιτικής, Αποταμίευση, Επένδυση και Οικονομική Ανάπτυξη, Επενδυτική Πολιτική και Αναπτυξιακοί Νόμοι, Φοροδιαφυγή και Παραοικονομία, Κρατικός Προϋπολογισμός, Δημόσιο Χρέος και Δημοσιονομικά Ελλείμματα, Ζήτηση και Προσφορά Χρήματος, Νομισματική Πολιτική και Χρηματοπιστωτικός Τομέας, Ανεργία, Μισθοί και Αγορά Εργασίας, Πληθωρισμός και Επιτόκια, Υποδείγματα IS-LM και AS-AD, Πηγές Ενέργειας και Ενεργειακή Πολιτική, Ανταγωνιστικότητα, Επιχειρηματικότητα και Παραγωγικότητα στη Διεθνή Οικονομία, FED, Ευρωπαϊκή Κεντρική Τράπεζα και Διεθνές Νομισματικό Σύστημα, Προσδιοριστικοί Παράγοντες των Διακυμάνσεων της Συνολικής Οικονομικής Δραστηριότητας.

Προτεινόμενο σύγγραμμα: D. Begg, Economics, McGraw-Hill Higher Education

Το Ρυθμιστικό Περιβάλλον της Επιχείρησης (4η Διδακτική Περίοδος)

The Regulatory Environment of Business
MSc in Applied Economics and Finance
Athens University of Economics & Business Instructors:
Prof. Yannis Katsoulacos and Christos Genakos

Aims and objectives:

The aim of this course is to introduce students to the analysis of the regulatory environment of firms and of how it impacts on the formulation of corporate strategies when firms have substantial market power. The course concentrates on both of the important policies that aim to limit the negative effects on welfare of market power – namely, Competition Policy and Sectoral Regulation. It compares and contrasts the rationale and objectives of these two policies and then examines a series of issues associated with their implementation. Specifically, the issues covered concern the measurement of market power and the definition of relevant markets and, subsequently, the regulation of markets with Natural Monopoly characteristics.

At the end of the course the students will have obtained all the necessary knowledge and tools of analysis that would allow them to work as economic analysts on regulatory and competition issues in large corporations in the Telecom and Energy markets, in Competition Authorities and in Sectoral Regulatory Authorities as well as in consultancies that specialize in consultancy services on regulation and competition issues.

Course outline and reading list

  1. Competition Policy and Sectoral Regulation: Rationale and Objectives. 
  1. Assessment of Market Power and Relevant Market Definition

Problems of direct measurement of market power. Oligopoly theory and indirect measures.  The uses and abuses of market shares. Relevant market definition: methodologies and problems when firms already possess market power. Other factors that affect market power and their measurement.

  1. Sectoral Regulation 
  1. Why do we need regulation? – Measuring and evaluating regulation – Regulatory failures – The unintended consequences of regulation – Regulatory nudges 
  1. Monopoly regulation under symmetric information – First and second best – Nonlinear pricing 
  1. Pricing with more than one products – Ramsey pricing – Pick-load pricing – Rate of return regulation
  2. Monopoly regulation under asymmetric regulation – Surplus subsidy schemes – Optimal regulation – Access pricing – Franchise bidding – Universal service obligation

Text Books:

Main books

  1. Katsoulacos Y and N Vettas (2004) «Competition Policy and Sectoral Regulation»,  Tipothito, Athens. Chapters 2 – 7.
  2. Massimo Motta (2004) “Competition Policy”, Cambridge University Press, Chapter 2-3.
  3. R O’Donoghue and AJ Padilla (2006) «The Law and Economics of Article 82EC», Hart Publishing Oxford and Portland.
  4. Kenneth Train (1991), Optimal Regulation, MIT Press.

Supplemantary reading

  1. Viscusi Kip, Harrington J and Vernon J.M. (2005) “Economics of Regulation and Antitrust”, Third or Fourth Edition, MIT Press. Chapters: 3 – 9.
  2. Robert Baldwin, Martin Cave and Martin Lodge (2012), Understanding Regulation: Theory, Strategy and Practice, Oxford University Press.

Θεωρία Παιγνίων και Στρατηγικές Αποφάσεις ΙΙ (5η Διδακτική Περίοδος)
Game Theory and Strategy II
Prof. Nikos Vettas           

General description: This course covers a variety of topics on strategic behavior. Building on ideas and techniques introduced in the Strategy I course, we examine applications of game theory, with emphasis on the formulation of business strategy.

Course organization: Some parts of the course will be in English and other in Greek (this refers to lectures, class discussion and to class materials). In exams and class assignments you can use either Greek of English. You are expected to be prepared for class at all times and to actively participate. It may be useful if you could bring a calculator with you in class.

We shall have a mix of lectures, case study analysis and class exercises.

Texts: There is no “textbook” for this course. As a general background, you should use parts of P. K. Dutta, Strategies and Games, MIT Press, 1999, your text for Strategy I. Details are indicated below. Additional readings are also indicated below and distributed in the course-packet. Material marked (o) is strictly optional and only intended as an additional source for those of you interested in each specific topic.

Assessment: The final exam counts for 70% of your course grade, (individual) class participation for 10% and (team) cases, exercises and presentations for another 20%.

Groups: Teams (3-4 people each) will be set at the beginning of the course.

Preparation: It is recommended that before each class meeting you review/study the corresponding material indicated. You are expected to be prepared for class at all times.

Course outline

Topics to be covered.

1.Game theory under incomplete (asymmetric) information. Adverse selection and moral hazard. Signaling and screening.

Dutta (chs. 20, 21, 22, 24)

(o) Watson J. Strategy, Norton, 2002 (chs.  27, 29)

(o) McAfee R. P. Competitive Solutions, Princeton, 2002 (ch. 13)

2. Contracts and incentives. The principal agent model.

Dutta (ch. 19)

Milgrom P. and J. Roberts Economics, Organization and Strategy, Prentice Hall, 1992 (chs. 1, 6)

(o) Watson J. Strategy, Norton, 2002 (ch. 25)

(o) McAfee R. P. Competitive Solutions, Princeton, 2002 (ch. 8)

 

  1. Network effects and standards.
  2. Cabral, Introduction to Industrial Organization, MIT Press, 2000 (or its translation in Greek,

published by KRITIKI) [ch. 17]

Shapiro C. and H. Varian, Information Rules, Harvard Business School Press, 1999 (chs.  6,7)

Cusumano M. A, Y. Mylonadis and R. S. Rosenbloom “Stretegic Maneuvering and Mass- Market Dunamics: the Triumph of VHS over Beta”

(o) Paul A. David, Clio and the Economics of QWERTY, American Economic Review, May

1985, vol. 75, pp.332-337

(o) Liebowitz S.J and S. E. Margolis, Beta, Macintosh and other fabulous tales, ch. 5 in D.

Spulber, Famous Fables in Economics, Basil Blackwell, 2002

  1. Auctions.

Dutta (ch.  23)

Klemperer P. Auctions: Theory and Practice (chs. 3, 4, 5)

Βέττας Ν., Σημειώσεις για δημοπρασίες

(o) Milgrom P. Putting Auction Theory to Work (ch. 1)

(o) Ν. Βέττας και Γ. Κατσουλάκος,  Πολιτική Ανταγωνισμού και Ρυθμιστική Πολιτική,

Τυπωθήτω-Δαρδανός, κεφ. 5.

(o) McAfee R.P. and J. McMillan “Analyzing the Airwaves Auction“, Journal of Economics

Perspectives, 1996, 10(1): 159-175.

  1. Vertical relations. Contracts and mergers. Strategic delegation.

Cabral [chapter 11]

  1. Hubbard, Integration Strategies and the Scope of the Firm

(o) Oster  S. Modern Competitive Analysis, Oxford, 1994, (ch. 11)

  1. Bargaining.

McAfee R. P. Competitive Solutions, Princeton, 2002 (ch. 14)

  1. Formulating business strategy.

Fiona Scott Morton, Why economics has been fruitful for strategy.

(o) Porter, M. How competitive forces shape strategy, Harvard Business Review, March-April 1979

Επιχειρησιακή Στρατηγική και Ανταγωνισμός (5η Διδακτική Περίοδος)

BUSSINESS STRATEGY AND COMPETITION POLICY
Instructor
:  Prof. Yannis Katsoulacos

Aims and objectives:
The aim of this course is to introduce students to the analysis of corporate strategies that may result in a substantial increase in market power and a reduction in social welfare. It also examines how these strategies are treated by Competition Policy. The course combines theory with the use of models of oligopolistic competition and case-analysis based on important cases from Greece, US and EU. It covers unilateral practices by dominant firms, agreements (with emphasis on horizontal collusion) and an introduction to horizontal mergers.

At the end of the course the students will have obtained all the necessary knowledge and tools of analysis that would allow them to work as economic analysts on strategic competition issues in large corporations, in Competition Authorities and in Sectoral Regulatory Authorities as well as in consultancies that specialize in consultancy services on competition issues.

Course outline and reading list

  1. Unilateral Exclusionary Practices by Dominant Firms

Examines pricing and non-pricing strategies, specifically: predatory pricing, discriminatory pricing, margin squeeze, conditional rebates, tying and bundling, refusal to deal and exclusive contracts.

  1. Agreements and collusion

Provides an introduction to vertical agreements. Detailed analysis of horizontal collusive agreements and of the market conditions that enhance incentives of firms to sustain such agreements. Treatment by competition policy. Analysis of enforcement measures including sanctioning policies and leniency programs.

  1. Introduction to horizontal mergers and acquisitions

Examines incentives to merge and welfare implications of horizontal mergers as well as assessment of mergers by Competition Authorities.


Text Books:

Main books

  1. Katsoulacos Y. (2015) «Theory of Industrial Organisation – Markets, Strategies and Competition Policy», Tipothito, Athens. Part IV.
  2. Katsoulacos Y and N Vettas (2004) «Competition Policy and Sectoral Regulation»,  Tipothito, Athens. Chapters 11, 12, 13.
  3. Bishop S. & Walker M. «The Economics of EC Competition Law», Sweet & Maxwell, 2004 (2nd Edition), Chapters 5 – 7.
  4. Massimo Motta (2004) “Competition Policy”, Cambridge University Press, Κεφάλαια 4 – 7.
  5. R O’Donoghue and AJ Padilla (2006) «The Law and Economics of Article 82EC», Hart Publishing Oxford and Portland.
  6. M D Whinston (2006) «Lectures on Antitrust Economics», MIT Press.


Supplemantary reading

  1. Cabral Luis “Introduction to Industrial Organisation”, MIT Press, 2000. Chapters 10, 11, 15.
  2. Carlton D.W and J. M. Perloff “Modern Industrial Organization, Third Edition, Addison Wesley, 2000. Chapters 2 (Mergers and Acquisitions), 11, 12 (Vertical Restrictions), 19.
  3. Commanor, W.S., George, K and Jacquemin A. (Eds) “Competition Policy in Europe and North America: Economic Issues and Institutions”, Harwood Academic Publishers, 1990.
  4. Evans D.S & R. Schmallensee (2001) “Some economic aspects of anti-trust analysis in dynamically competitive industries”, NBER Working Paper 8268.
  5. Martin Stephen “Industrial Organisation: A European Perspective”, Oxford University Press, 2001. Chapters 3 – 6, sections 3.4, 4.5, 5.7 and 6.7.
  6. Viscusi Kip, Harrington J and Vernon J.M. (2005) “Economics of Regulation and Antitrust”, Third or Fourth Edition, MIT Press. Chapters: 3 – 9.

ΚΑΤΕΥΘΥΝΣΗ: Χρηματοοικονομική

Κεφαλαιαγορές και Τραπεζική (4η Διδακτική Περίοδος)
Capital Markets and Banking
MSc in Economic Science
Athens University of Economics and Business

Aims and objectives:
The course aims to provide the knowledge needed to understand the concepts and methods related to decision making in banking financial management. Among others, it analyses the structure of the banking system, financial statements, performance indicators, risk management techniques, regulatory and strategic planning issues.

At the end of the course students will have the knowledge and tools to be employed in the banking sector and central banks, as well as in specific departments of capital markets’ firms and consultancy companies.

Course outline:

  • The functions of the financial system (money and capital markets)
  • The traditional theory of financial intermediation
  • The role of banks in the financial system: structure and competition
  • Bank financial statements (balance sheet and income statement)
  • Measuring and evaluating bank performance and efficiency
  • Financial management and corporate strategy
  • Asset and liability management and interest-rate risk
  • Managing credit risk
  • Managing market, operational and liquidity risks
  • Asymmetric information, principal-agent model and banking regulation (Basel)
  • Managing financial crises, sovereign risk, the impact of governmental policy, capital adequacy and bank recapitalization
  • Geographic diversification and international banking
  • Bank merger and acquisition (M&A) strategies
  • Financial innovation and technology
  • Corporate governance in the banking sector
  • Strategic issues for banks

Reading list:

  • Matthews, K., M. Giuliodori and F. Mishkin, 2013, “The Economics of Money, Banking and Financial Markets”, Pearson.
  • Sinkey, J., 2002, “Commercial Bank Financial Management”, Prentice Hall.
  • Rose, P., 2002, “Commercial Bank Management”, McGraw-Hill.
  • Glen, A., 2011, “Modern Financial Markets & Institutions”, Pearson.
  • Casu, B., Girardone, C. and P. Molyneux, 2015, “Introduction to Banking”, Pearson.
  • Saunders, and M.M. Cornett, 2004, “Financial Institutions Management”, McGraw Hill.
  • Mishkin, F. and S. Eakins, 2015, “Financial Markets and Institutions”, Pearson.
  • Mishkin, F., 2016, “The Economics of Money, Banking, and Financial Markets”, Pearson.
  • Dewatripont, M. and J. Tirole, 1995, “The Prudential Regulation of Banks”, MIT Press.
  • Crouhy, M., Galai, D. and R. Mark, 2001, “Risk Management”, Mc Graw-Hill.
  • Heffernan, S., 1996, “Modern Banking in Theory and Practice”, John Wiley and Sons.
  • Fabozzi, F., Modigliani, F. and F. Jones, 2013, “Foundations of Financial Markets and Institutions”, Pearson.

Διαχείριση Κινδύνου και Παράγωγα Προΐοντα (4η Διδακτική Περίοδος)

Derivatives and risk management
Instructor
:  Eleftherios Syrrakos

Aims and objectives:
The scope of the course is to introduce students to the “world” of Financial Derivatives, giving them a simplified theoretical and simultaneously practical approach.  The course covers three main types of Derivatives products. The first provides a detailed analysis of futures contracts. It also examines the operation of the Greek derivatives market, explaining the whole mechanism. The second part covers options and shows how option theory can be applied in many aspects of corporate finance. The last part introduces students to interest rate, currency and total return swaps giving them the methodology of their valuation. A brief introduction to Mortgage Backed Securities concludes the course.

The students are asked (on an optional basis) to work individually or as teams to various weekly assignments to understand in more depth the topics discussed in the class.

Course outline and reading list

  • Futures contracts

Examines how futures are priced and gives examples of arbitrage opportunities and how futures can be used for hedging purposes. It also explains the leverage effect and how the Greek Derivatives market works: Daily mark-to-market operations, margin requirements, stock borrowing, stock lending and short selling

  • Options

Covers basic definitions, explains differences between European and American style options, makes a comparison of ITM-ATM-OTM options giving some hints of what an investor should consider in choosing any of these options, defines implied volatility and volatility smile, gives example of basic and more complex strategies, explains how options can be used in financial engineering, gives the basics of two valuation models (binomial and Black Scholes), explains Greeks and their use in portfolio management, and describes the put/call parity. Also, shows how option theory can be used in valuing real options and in many other aspects of corporate theory like valuing main asset/liabilities classes as options.

  • Swaps

Explains what plain vanilla interest rate swaps are, how they can be used and the mechanics of their valuation. Currency swaps are also discussed giving simple examples on how they can be valued and finally a brief definition of Total Return Swaps is given

4  MBS

Explains basic framework of how they are structured         


Text Books:

Main books

  1. Syrrakos, E. (2000) «Financial Derivatives: Valuation and Applications», Conceptum, Athens.
  1. Hull, J. (2015) Options futures and other derivatives 9th edition”, Pearson

Supplemantary reading

  1. Black, F. and Scholes Myron, “The Pricing of Options and Corporate Liabilities”, Journal of Political Economy, Vol.81, No3, Part1, 1973 pages 637-654.
  2. Pringle J. & Wall L., “Interest Rate Swaps: A Review of the Issues”, Federal Reserve bank of Atlanta, Economic Review, 1988, pages 22-40
  3. Trigeorgis L, “Real Options and Interactions with financial flexibility”Financial Management, Vol22, No3, Automn 1993, pages 202-224

Χρηματοοικονομική Λογιστική και Ανάλυση (σύμφωνα με τα Διεθνή Πρότυπα Χρηματοοικονομικής Πληροφόρησης) (4η Διδακτική Περίοδος)

MSc in Economic Science (Part time)
Athens University of Economics & Business
Instructor:  Associate Prof. Georgia Siougle
Financial Reporting and Analysis (with an emphasis on IFRS)

Aims and objectives:

The objective of Financial Accounting and Valuation is to provide fundamental accounting knowledge for the presentation and analysis of Financial Statements. It covers key topics dealing with the understanding of financial accounting reporting. The course critically analyzes the Financial Statements and derives useful knowledge for financial decision making. Furthermore, the course examines the drivers of the return on equity, the risk factors that affect an entity and derives the economic value of the business entity using various methods.

Course outline and reading list

Provides a framework for business analysis and valuation (i.e. industry analysis, competitive analysis, corporate strategy analysis)

Discusses key topics dealing with the understanding of financial reporting (changes in accounting polices and estimates, analysis of off-balance-sheet assets and liabilities, initial recognition and measurement of operating assets and liabilities as well as financial instruments)

Provides key knowledge for implementing a business valuation analysis (i.e. ratio analysis, cash flow analysis, prospective analysis, DCF and FCF analysis)

Main books

1) Financial Accounting for MBAs Peter D. Easton, John J. Wild, Robert F. Halsey, CAMBRIDGE

2) Business Analysis and Valuation: IFRS 3rd Edition (Text and Cases), Krishna G. Palepu  Paul M. Healy , and Erik Peek

3) Financial Statement Analysis, K. R. Subramanyam

Οικονομετρία και Χρηματιστηριακές Αγορές (4η Διδακτική Περίοδος)

Econometrics and Financial Markets
MSc in Economics and Finance
Department of Economics
School of Economics
Athens University of Economics & Business
Instructor:  Prof.  Antonis Demos

Aims and objectives:

The aim of the course is to introduce students to quantitative methods with emphasis on econometric methods in order to be used in contemporary financial analysis. The scope of the lectures is to familiarize the students with the basic theoretical principles and the statistical foundation of econometric methods. The course also includes lab applications with real economic and financial data. The practical significance of this course is of great importance, as the statistical and econometric analysis is necessary to create Portfolios, to asses Portfolio performance, in the Banking Sector, in the Capital and Money markets, etc.

Completing the course, the students will be able to quantify a given problem, to find the appropriate method to solve it, to consider alternative models or estimating procedures, and to employ the results this quantitative analysis on decision making for the financial markets. The main applications of the financial markets are the assessment of funds and portfolios, of credit risk, and the behaviour of interest and exchange rates.


Course outline

  1. Basic Concepts of Linear Stationary Models

Independence, Stationarity and Normality. Stationary ARMA Models. Forecasting with ARMA Models. Vector Autoregressive Models.

 

  1. Introduction to Non-Stationary Time Series

Testing for Non-Stationarity. Finding the Order of Integration. Testing Cointegration and Estimating Cointegrated Time Series.

 

  1. Non-Linear Models

Introductions to Conditionally Heteroskedastic Time Series Models. Testing Conditional Heteroskedasticity. Stochastic Volatility Models. Conditionally Heteroskedastic in Mean Models.

 

  1. Economic and Financial Applications of Simple and Multiple Time Series Models

Emphasis on the Capital and Arbitrage Asset Pricing models.

 

Text Books:

  • Brooks C. (2002), Introductory Econometrics for Finance, Cambridge University Press.
  • Enders W. (1995), Applied Econometric Time Series, John Wiley & Sons.
  • Engle R. F. (1995), ARCH Selected Readings, Oxford University Press.
  • Gourieroux C. (1997), ARCH Models and Financial Applications, Springer.
  • Heij, C., P. de Boer, P.H. Frances, T. Kloek and H.K. van Dijk (2004), Econometric Methods with Applications in Business and Economics, Oxford University Press.
  • Mills T.C. and R.N. Markellos (2008), The Econometric Modelling of Financial Time Series, Cambridge University Press, third


Επιλογής

Διεθνή Οικονομικά και Ευρωπαϊκή Ολοκλήρωση (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Νικόλαος Μπαλτάς
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Συγκριτικό πλεονέκτημα στο διεθνές εμπόριο. Επισκόπηση της θεωρίας της οικονομικής ενοποίησης: Ενιαία Αγορά, ελεύθερη διακίνηση αγαθών, εργαζομένων, κεφαλαίου και υπηρεσιών. Κοινοτικές πολιτικές: ΚΑΠ, Περιφερειακή, Κοινωνική, Απασχόλησης, Ενεργειακή, Μεταφορών, Έρευνας και Τεχνολογίας, Βιομηχανική, Ανταγωνισμού, Περιβαλλοντική. Θεωρίες Νομισματικών Ενώσεων. Οικονομική και Νομισματική Ένωση. Προϋπολογισμός της ΕΕ. Φορολογική Εναρμόνιση. Εξωτερικές εμπορικές σχέσεις των ΕΚ/ΕΕ. Διεύρυνση της ΕΕ. Η κρίση και οι οικονομικές της συνέπειες. Ευρωπαϊκή οικονομική διακυβέρνηση.

Οικονομικά για στελέχη Επιχειρήσεων και Οργανισμών (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Χρήστος Γκενάκος
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Στόχος του μαθήματος είναι να διερευνήσει τις διάφορες πλευρές των Business Economics και να αναδείξει τη σημασία της κατανόησης αυτών για την προετοιμασία και ανάπτυξη μιας αποτελεσματικής επιχειρηματικής στρατηγικής. Ορισμένα από τα θέματα που καλύπτονται είναι: Βασικές Έννοιες των Business Economics, κόστος ευκαιρίας (εμφανές και αφανές κόστος), στόχοι της επιχείρησης, η παράμετρος του χρόνου, κίνδυνος και αβεβαιότητα, αναγωγή, κ.α. Εκτίμηση της συνάρτησης ζήτησης και πρόβλεψη αυτής. Μικρομεσαίες επιχειρήσεις. Αξιολόγηση επενδύσεων. Ανταγωνιστικότητα (έννοια, παράγοντες που την επηρεάζουν, μέτρα ενίσχυσής της). Επιχείρηση και οικονομική πρόβλεψη. Εξωτερικό μακροοικονομικό περιβάλλον-κυβερνητική πολιτική και πιθανές επιπτώσεις αυτής στις επιχειρήσεις (κρατικός προϋπολογισμός, επιτόκια, συναλλαγματική ισοτιμία, κ.α). Επίσης δημιουργείται μια check list για στελέχη η οποία περιλαμβάνει μια σύντομη περίληψη όλων των αρχών που θα έχουν συζητηθεί και η οποία τους επιτρέπει να ανανεώσουν τη γνώση τους.

Πολυκριτηριακή Προσέγγιση στη Λήψη Αποφάσεων (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Ιωάννης Γιαννίκος
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Σκοπός του μαθήματος είναι να παρουσιάσει στους φοιτητές το βασικό μεθοδολογικό πλαίσιο αντιμετώπισης σύνθετων προβλημάτων απόφασης, στα οποία εμπλέκονται περισσότερα από ένα κριτήρια, ορισμένα από τα οποία μπορεί να είναι αλληλοαντικρουόμενα. Στο πρώτο μέρος του μαθήματος παρουσιάζονται βασικές εισαγωγικές έννοιες όπως το αντικείμενο της Πολυκριτηριακής Ανάλυσης Αποφάσεων και η έννοια της βελτιστότητας κατά Pareto. Στη συνέχεια αναλύονται οι βασικές κατηγορίες προσεγγίσεων και συγκεκριμένα η Πολυκριτηριακή Θεωρία Χρησιμότητας, ο Πολυκριτηριακός Μαθηματικός Προγραμματισμός, η Θεωρία Σχέσεων Υπεροχής και η Αναλυτική-Συνθετική Προσέγγιση. Έμφαση δίνεται περισσότερο στην πρακτική εφαρμογή των διαφόρων τεχνικών σε πραγματικά προβλήματα και λιγότερο στην αυστηρά θεωρητική τους θεμελίωση. Κάθε τεχνική αναλύεται με τη βοήθεια συγκεκριμένων μελετών περίπτωσης που σχετίζονται με τη Διαχείριση Ενέργειας, τη Βιώσιμη Ανάπτυξη, τον Προγραμματισμό Μεταφορών ή άλλα προβλήματα από το χώρο της Οικονομικής Επιστήμης ή της Διοίκησης Επιχειρήσεων. Μέρος του μαθήματος διεξάγεται στο εργαστήριο, όπου παρουσιάζονται σχετικά εργαλεία λογισμικού όπως το σύστημα Expert Choice.

Επιχειρησιακή Στρατηγική και Εταιρική Κοινωνική Ευθύνη (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων:
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Εξετάζονται καταρχάς οι έννοιες, αρχές, δείκτες και θεωρίες που συνδέονται με την ΕΚΕ, την εταιρική υποστήριξη αειφόρου ανάπτυξης και τη εταιρική διακυβέρνηση. Γίνεται αναφορά στους στόχους του Global Compact, Millennium Development Goals, United Nations Norms on Human Rights και του World Commission on the Social Dimension of Globalization. Στο Μέρος Β εξετάζετε η διαχείριση εταιρικής ευθύνης. Πρώτα παρουσιάζονται επιχειρησιακές πρακτικές, χαρακτηριστικά επιχειρησιακά πρότυπα, τα αναμενόμενα εταιρικά οφέλη και ενδεικτικά έντυπα κοινωνικού απολογισμού και εκθέσεων ΕΚΕ. Περαιτέρω εξετάζονται τα αναδυόμενα πρότυπα GRI, AA1000, ISO 26000, έρευνες αγοράς και διαφοροποιήσεις στη αντιμετώπιση ΕΚΕ από διάφορες χώρες. Στο τρίτο μέρος οι προσεγγίσεις συμμετεχόντων (stakeholders approaches) στη στρατηγική διαχείριση αναλύονται εκτενώς με παραπομπή στο «Strategic management: A stakeholder approach» του R Freeman’s και τις περιγραφικές, οργανικές και κανονιστικές πτυχές της θεωρίας συμμετεχόντων του Donaldson and Preston.

Εφαρμοσμένα Οικονομικά του Περιβάλλοντος και Διαχείρισης Φυσικών Πόρων (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Ανδριάνα Βλάχου
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Το μάθημα καλύπτει στις μεθόδους που χρησιμοποιούνται, και την πρόσφατη εμπειρική έρευνα, στην εφαρμοσμένη περιβαλλοντική οικονομική και τη διαχείριση των φυσικών πόρων. Το πρώτο τμήμα του μαθήματος εξετάζει στις απαιτούμενες στατιστικές και οικονομετρικές μεθόδους με έμφαση στη δυνατότητα εφαρμογής στις στο αντικείμενο του μαθήματος. Το δεύτερο τμήμα του μαθήματος εστιάζεται στις αρχές στις ανάλυσης κόστους-ωφέλειας ενσωματώνοντας την περιβαλλοντική διάσταση, καθώς και στις τεχνικές για την εισαγωγή σχετικών νομισματικών μεγεθών. Μια διάλεξη σε εφαρμογές λογισμικού παρουσιάζει τη χρήση των οικονομετρικών μεθόδων, στις έχουν παρουσιαστεί στο πρώτο τμήμα του μαθήματος, καθώς και την εφαρμογή στις σε τεχνικές αξιολόγησης, οι οποίες παρουσιάστηκαν στο δεύτερο τμήμα του μαθήματος. Το τρίτο τμήμα του μαθήματος παρουσιάζει τα Γεωγραφικά Συστήματα Πληροφοριών (GIS) και αναδεικνύει στις εφαρμογές στις στη χωρική ανάλυση κόστους-ωφέλειας σε περιβαλλοντικά προβλήματα. Η μέθοδος (GIS) επιτρέπει την ενσωμάτωση στις συνδυασμένης αλληλεπίδρασης μεταξύ οικονομίας και περιβάλλοντος με την εισαγωγή σύνθετων βάσεων δεδομένων στην εφαρμοσμένη έρευνα. Το μάθημα ολοκληρώνεται με την επισκόπηση στις βιβλιογραφίας ‘greening of business’.

Οικονομική Ανάλυση των Συγχωνεύσεων & Εξαγορών υπό το Πρίσμα του Δικαίου του Ανταγωνισμού (6η ή 7η Διδακτική Περίοδος)
Economic Analysis of Mergers and Acquisitions
MSc in Applied Economics and Finance
Athens University of Economics & Business Instructors:  Prof. Christos Genakos

Aims and objectives:
The aim of this course is to introduce students to the analysis of the regulatory environment of firms and of how it impacts on the formulation of corporate strategies when firms have substantial market power. The course concentrates on both of the important policies that aim to limit the negative effects on welfare of market power – namely, Competition Policy and Sectoral Regulation. It compares and contrasts the rationale and objectives of these two policies and then examines a series of issues associated with their implementation. Specifically, the issues covered concern the measurement of market power and the definition of relevant markets and, subsequently, the regulation of markets with Natural Monopoly characteristics.

At the end of the course the students will have obtained all the necessary knowledge and tools of analysis that would allow them to work as economic analysts on regulatory and competition issues in large corporations in the Telecom and Energy markets, in Competition Authorities and in Sectoral Regulatory Authorities as well as in consultancies that specialize in consultancy services on regulation and competition issues.

Το μάθημα παρουσιάζει την οικονομική θεωρία και την Ευρωπαϊκή και Ελληνική νομοθεσία που διέπει τις Σ&Ε εταιρειών (οριζόντιες και μη-οριζόντιες). Βάσει της νομοθεσίας ανταγωνισμού απαγορεύονται οι Σ&Ε που είναι πιθανόν να αυξήσουν σημαντικά την ισχύ των επιχειρήσεων στην αγορά. Η αξιολόγηση των επιπτώσεων των Σ&Ε από τις Αρχές Ανταγωνισμού έχει ως στόχο την προστασία των καταναλωτών, αλλά ταυτόχρονα και την ενίσχυση του ανταγωνισμού στις αγορές. Στο μάθημα αναλύονται όλες οι πιθανές αντι-ανταγωνιστικές συνέπειες (μη συντονισμένα καθώς και συντονισμένα αποτελέσματα) όπως και οι σχετικοί αντισταθμιστικοί παράγοντες, όπως η ισχύς των αγοραστών, το μέγεθος των φραγμών εισόδου στην αγορά και ενδεχόμενοι παράγοντες αποτελεσματικότητας. Θα μελετήσουμε τόσο θεωρητικά όσο και εμπειρικά εργαλεία ανάλυσης, καθώς και μελέτες περιπτώσεων (case studies) από πρόσφατες Σ&Ε.

Course outline and reading list

  1. Competition Policy in EU and US – Economic analysis of horizontal mergers I – The merger paradox
  2. Economic analysis of horizontal mergers II – Event study methodology
  3. Estimating demand and monopoly power
  4. Analysis of unilateral effects – Market definition
  5. Analysis of unilateral effects – Merger simulation
  6. Coordinated merger effects – collective dominance
  7. Vertical restriants and Vertical mergers – intra-brand competition
  8. Strategic effects of vertical restraints – bundling, tying and foreclosure – inter-brand competition

 

Text Books:

Main books

  1. Katsoulacos Y and N Vettas (2004) «Competition Policy and Sectoral Regulation»,  Tipothito, Athens.
  2. Massimo Motta (2004) “Competition Policy”, Cambridge University Press.
  3. Peter Davis and Eliana Garcés (2010), Quantitative Techniques for Competition and Antitrust Analysis, Princeton University Press.


Supplemantary reading

  • Cabral, L.M.B. (2000), Introduction to Industrial Organization, MIT, Press.
  • Church J. and R. Ware (2000), Industrial Organization: A Strategic Approach, McGrawHill.
  • Bruce Lyons (2009), Cases in European Competition Policy, Cambridge University Press.
Διοίκηση Ανθρώπινων Πόρων και Εργασιακές Σχέσεις: Θεωρία και Εφαρμογές (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Αναστασία Μιαούλη
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Σειρά επιστημονικών προγραμμάτων υποστηρίζουν ότι τα συστήματα διοίκησης ανθρώπινων πόρων σε επιχειρησιακό επίπεδο και τα συστήματα εργασιακών σχέσεων σε επίπεδο κλάδων ή εθνικής οικονομίας επιδρούν αποφασιστικά στις οικονομικές επιδόσεις, επιχειρησιακές και εθνικές, και στις διαρθρωτικές προσαρμογές. Στόχος είναι η πρακτική και συγκριτική παρουσίαση και ανάλυση θεμάτων σχετικά με την διοίκηση ανθρώπινων πόρων στην επιχείρηση και στο σύστημα εργασιακών σχέσεων στην χώρα στις, και η σύνδεση στις με στις βιβλιογραφικές προσεγγίσεις. Βασικά θέματα: διαχείριση αμοιβών, διαχείριση απασχόλησης, διαχείριση συνθηκών εργασίας, διαχείριση αλλαγών και συγκρούσεων.

Οικονομική Γεωγραφία (Τα Νέα Οικονομικά της Εγκατάστασης) (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων: Ελένη Καραβέλη
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Το πλαίσιο της νέας οικονομικής γεωγραφίας: Η συγκέντρωση της οικονομικής δραστηριότητας σε εθνική, περιφερειακή και παγκόσμια κλίμακα. Τοπικές εξωτερικές οικονομίες και εξειδίκευση περιοχών: ‘βιομηχανικές ζώνες’ ή ‘συσπειρώσεις’ (clusters), αστικές συγκεντρώσεις, συγκεντρώσεις υψηλής τεχνολογίας ή ‘νέας οικονομίας’, σε Η.Π.Α. και Ε.Ε. Ανταγωνιστικό πλεονέκτημα και ελκυστικότητα περιοχών. Διεθνείς εμπορικές και επενδυτικές ροές: ο ρόλος των πολυεθνικών επιχειρήσεων και των περιφερειακών εμπορικών ενώσεων. Εσωτερικές και εξωτερικές οικονομίες κλίμακας, μεταφορικό κόστος και μέγεθος αγοράς ως προσδιοριστικοί παράγοντες της επιχειρηματικής εγκατάστασης στο χώρο σε συνθήκες οικονομικής ολοκλήρωσης. Συμπεράσματα ως προς στρατηγικές αποφάσεις των επιχειρήσεων σχετικά με το είδος των επενδύσεων και την τοποθεσία εγκατάστασης με βάση μελέτες-περιπτώσεων (case-studies).

Οικονομικά Τεχνολογικής Αλλαγής, Έρευνας & Ανάπτυξης και Καινοτομιών (6η ή 7η Διδακτική Περίοδος)
Μαθήματα Επιλογής (AEF)
Διδάσκων:
Διαλέξεις: 18:00-21:15μ.μ. Κτίριο Μεταπτυχιακών Σπουδών (Ευελπίδων 47α και Λευκάδος 33)

Βασικές έννοιες στα οικονομικά της τεχνολογικής αλλαγής. Εφευρέσεις, Καινοτομίες, Διάχυση. Βασικής έρευνα, Εφαρμοσμένη Έρευνα, Ανάπτυξη. Επιστήμη και Τεχνολογία. Σημασία της τεχνολογικής αλλαγής. Υπόλοιπο Solow. Δείκτες μέτρησης καινοτομικότητας και ανταγωνιστικότητας. Πρόσφατες οικονομετρικές εκτιμήσεις. Η καινοτομία στις επιχειρήσεις: Προσδιοριστικοί παράγοντες. Κίνητρα επιχειρήσεων για επενδύσεις σε Ε&Α. Κίνητρο κέρδους και στρατηγικό κίνητρο. Δομή αγοράς, μονοπωλιακή δύναμη και επενδύσεις σε Ε&Α. Σύγχρονα υποδείγματα ανταγωνισμού σε Ε&Α βασισμένα στη θεωρία παιγνίων. Ε&Α και Ανταγωνισμός. Αποτυχίες της αγοράς στη διαδικασία καινοτομίας. Τεχνολογική Πολιτική. Επιδοτήσεις σε Ε&Α, και Ερευνητικές Συνεργασίες.

Πληροφοριακά Συστήματα στη Χρηματοοικονομική (6η ή 7η Διδακτική Περίοδος)

Information Systems in Financial Analysis
Instructor
: Prof. John Halikias

Aims and objectives:
The aim of this course is to introduce students to current methods and techniques that are used in financial analysis with the aid of electronic spreadsheets. Real case studies are presented in all lectures and the solution of the financial problems is worked out with the known package Microsoft Excel. In particular, syllabus includes spreadsheets basics, income statements, balance sheets, cash flows, time value of money, bank loans, etc. Lectures take place in PC lab and the presentation is based in real case studies.

At the end of the course, students will have a good knowledge of using spreadsheets from basic screen navigation skills to building fairly complex financial models. Students will gain also valuable insights and a deeper understanding of financial analysis by actually building their own spreadsheets. By creating their own spreadsheets, students will have to actually confront many issues that otherwise would be left unexplored.

Course outline and reading list:

  1. Income Statements
  2. Balance Sheets
  3. Cash Flow Analysis
  4. Time Value of Money
  5. Investment Appraisal: Net Present Value, Internal Rate of Return, etc.
  6. Project Finance
  7. Sensitivity Analysis and Scenario Manager
  8. Goal Seek
  9. Goal Seek with Restrictions (Solver)
  10. Table Analysis (Table and Pivot Table)
  11. Data Analysis
  12. Principles of Technical Analysis

 

 

Text Books:

Mayers R. Timothy & Shank M. Todd (2011), Financial Analysis with Microsoft Excel 2010, Cengage Learning, 6th Edition

Walkenbach J. (2010), Microsoft Excel 2010 Formulas, John Wiley & Sons

Carlberg C. (2010), Business Analysis: Microsoft® Excel® 2010, 1st ed., Indianapolis, IN: Que Publishing.

Walkenbach, J. (2010),  Microsoft® Excel® 2010 Bible, 1st ed., Indianapolis, IN: John Wiley & Sons.

Winston, W. (2011), Microsoft® Excel® 2010: Data Analysis and Business Modeling, 3rd ed., Redmond, WA: Microsoft Press.

Francis Clauss (2009), Corporate Financial Analysis with Microsoft Excel, McGraw Hill Professional.

Τραπεζική Οικονομική και Διοίκηση (6η ή 7η Διδακτική Περίοδος)
Banking Economics & Management
MSc in Economic Science (Part time) Athens University of Economics & Business
Instructor: Associate Professor Gerassimos Sapountzoglou    

Aims and objectives:

The aim of this course is to introduce students to modern banking economics, and especially the current tools of banks risk management. It covers topics on banking theory and practice and techniques of risk detection, risk measurement, risk management, risk hedging and risk immunization.

The course also includes a computational demonstration of most of the above tools and techniques with excel, which is very popular in the banking industry.

At the end of the course, the students will have a full understanding of concepts and tools of the modern banking techniques and strategic decisions. They will acquire knowledge and skills on banking products, procedures, accounts and statements. They will be also able to implement the above tools and methods in practice to evaluate empirically banks performances. Finally, the students will be able to manage the credit risk, the interest rate risk, the parity (fx) risk, the liquidity risk, and the operational risk of the banking institutions.

Course outline and reading list

  1. Economic Activity, Monetary and Credit System & Banking Intermediation
[Banks and Economic Activity, Monetary, Financial and Credit System, Banking Intermediation, Intermediation Cost, Asymmetric Information, Moral Hazard, Banks & Economies of Scale, Banks & Economies of Scope, Banks & Liquidity Transformation]

 

  1. Bank Products, Banking Procedures, Bank Accounts and Statements
[Bank Products, Procedures, Accounts & Statements: On-balance sheet activities (Assets, Equities, and Liabilities Analysis, The Balance sheet Equilibrium), Off-balance sheet activities (Letters of Guarantee, Loan Brokerage, When-Issued Trading, Note Issuance Facilities, Derivatives / Forward Contracts, Futures, Options, Interest Rate Swaps,  Exchange Rate Swaps, Securitization), Bank Profits and Losses Accounts & Reports]

 

  1. Profitability and Effective Bank Management: Behavioral and Profitability Bank Models, Bank Performance Indexes
[Banks and Optimization Policy, Behavioral and Profitability Bank Models, Bank Performance Indexes (Return on Equity – ROE, Return on Assets – ROA, Equity Multiplier – EM, Asset Utilization Index – AU, Profit Margin Index – PM, Leverage Index Analysis, Bank Strategies]

 

  1. Introduction in Bank Risks
[Structure & Administration of Bank Risks, Risk Limits Theory, Risk Adjusted Return on Capital (RAROC), Return on Risk Adjusted Capital (RORAC), Economic Capital (EC)]

 

  1. The Credit Risk
[Credit Risk & Credit Expansion, Expected vs. Unexpected Losses, Probability of Default (PD), Loss Given Default (LGD), Credit Spread & Risk Primia, Spot &Forward Credit Spread,  Credit Spread & Probability of Default, Marginal & Cumulative PD, Recovery Rate (RR) & Exposure at Default (EAD)]

 

  1. Credit Risk Measurement Models
[KMV Model, CreditMetrics Model, CreditRisk+ Model]

 

  1. Evaluation of the Credit Worthiness, Credit Rating, Assessment Models

(Evaluation of the Credit Worthiness: External and Internal Systems, Credit Rating: Investment and Speculative Grades, Standard & Poor’s, Moody’s and Fitch Ratings, Assessment Models: Heuristic Models (Questionnaires, Expert Systems, Fuzzy Logic Systems), Statistics Models (Multivariate Discriminant Analysis and Z-score Analysis, Regression Analysis, Artificial Neural Networks), Optional Models, Simulation Models, Hybrid Models]

 

  1. The Bank Lending System

(Bank Lending Regulation, Credit & Profitability Criteria, Authorization System and Procedures, Lending Classification, Credits Monitoring System, Pricing Policies, Reference Interest Rates (ECB Rate, Euribor, Libor, EONIA,  TME,TAG), Controls]

 

  1. The Interest Rate Risk, Measurement Models
[Interest Rate Risk Theory (RSA, RSL, Gap, Cumulative Gap), Repricing Model, Maturity Model, Duration Model, Duration & Elasticity, Convection]

 

  1. The Foreign Exchange (Parity) Risk, Measurement Models and Hedging
[FX Markets, Spot & Forward Markets, Cross Rates, Interest Rate Parity Theorem, Covered Interest Arbitrage, Bid-Ask Spread, Purchasing Power Parity (PPP), FX Expectations, Banking Book and FX Risk, Trading Book and FX Risk, FX Risk Measurement, FX Forwards, FX Futures, FX Options, Currency Swaps]

 

  1. The Operational Risk
[Morphology of Operational Risks, Human Operational Risk, Operational Risk of Technology, Procedural Operational Risk, Regulatory Operational Risk, OR Detection, OR Measurement, OR Provisions, OR & Economic Capital]

 

  1. The Liquidity Risk
[Bank Liquidity, Liquidity Risk Indexes, Liquidity Risk Limits, Liquidity Risk Identification,  Liquidity Risk Measurement, Cash Flows Approach & Liquidity Position, Financial Flexibility]

 

  1. Bank System Regulation and Supervision: Standards of Basel Accord I, ΙΙ & ΙΙΙ and Capital Adequacy
[Market Failures, Self-Regulation Positions and Effective Banking Supervision – Prudential Supervision, – B.I.S. & Basel Committee, – Basel Accord I, II, III, – The 3 Pillars, – Capital Adequacy Requirements, Exposures, Money Laundering, Illegal Financing – Tier1,Tier2 & Tier3 Capital Requirements, Basel Standards and Risk Weighted Assets (RWA): For Credit Risk, Market Risk, Operational Risk and  Liquidity Risk, – Technical Approaches for RWA (Standard Approach, Internal Ratings Approach, Based Approach, Foundation Approach, Advanced Approach, Credit Risk Mitigation, Basic Indicator Approach, Alternative Standardized Approach,  Advanced Measurement Approach Internal Models Approach) – Macro-Prudential Policy’s – Stress Tests and Bank Recapitalization – European Bank Union, ECB and Bank System Supervision (SSM, SSR), Bail in vs. Bail out]

 

  1. Banking System and Financial Crises
[Types & Frequencies of Financial Crises, – Characteristics, Causes & Impacts of the 2008 Financial Crisis, – Deleveraging, Deflation, Pro-cyclical Phenomena – Credit Crunch, Financial Stress and Macrofinancial Implications, Liquidity Evaporation & Negative Risk Appetite, The Banks Adventure – Capital Markets  Distress – Macroeconomic & Monetary Impacts, – Bank Restructuring Agency (BRA) – Trouble Asset Relief Program (TARP), DeLarogiere Committee Proposals – Systemic Risk, ESM  & Basel III Standards.]

Text Books:

 

Main Books:

  • C. Hull, ‘Risk Management & Financial Institutions’, 3rd edition, Hoboken, New Jersey: John Wiley & Sons, 2012.
  • Sapountzoglou, H. Pentotis, «Banking Economics» (Volume Α & Β), Editions G. Benou, (in greek), Athens, 2009.
  • Α. Saunders, M. M. Cornett, “Financial Institutions Management: A Risk Management Approach”, McGrawHill, Irwin Series in Finance, 7th Edition, New York 2010.
  • Sinkey, “Commercial Bank Financial Management”, Prentice Hall, 6th Edition, 2002.


Supplemantary
Reading:

  • Acharya, L. Pedersen, Th. Philippon and Mathew Richardson, “Measuring Systemic Risk,” C.E.P.R. Discussion Papers. 2012.
  • Altman, E. Hotchkiss, “Corporate Financial Distress and Bankruptcy”, J. Wiley & Sons (Wiley Finance), 3rd Edition, New Jersey, 2006.
  • Altman, A. Resti, A. Sironi, “Recovery Risk: The Next Challenge in Credit Risk Management”, Risk Books, USA, 2005.
  • Altman, “Handbook of Corporate Finance”, J. Wiley & Sons (Professional Banking and Finance Series), 1986.
  • Basel Committee on Banking Supervision, “The New Basel Capital Accord”, Bank of International Settlements, Revised Document 2005.
  • Basel Committee on Banking Supervision, Consultative Document : International framework for liquidity risk measurement, standards, and monitoring”, December 2009.
  • Basel Committee on Banking Supervision, “Results of the comprehensive quantitative impact study”, December 2010.
  • Basel Committee on Banking Supervision, “Sound practices for backtesting counterparty credit risk models”, December 2010.
  • Basel Committee on Banking Supervision, “Guidance for national authorities operating the countercyclical capital buffer”, December 2010.
  • Basel Committee on Banking Supervision, Consultative Document : Strengthening the resilience of the banking sector”, December 2010.
  • Basel Committee on Banking Supervision, “Revisions to the Basel II market risk framework”, (Updated as of 31 December 2010), February 2011.
  • Basel Committee on Banking supervision, “Progress report on Basel III implementation” October 2011.
  • Belmont, “Value Added Risk Management in Financial Institutions: Leveraging Basel II & Risk Adjusted Performance Measurement”, J. Wiley & Sons (Wiley Finance), USA, 2004.
  • Benninga, ‘Financial Modeling’, 3rd edition, London: The MIT Press,2008.
  • Bessis, “Risk Management in Banking”, John Wiley & Sons Ltd, W. Sussex, 1998.
  • Blake, “Financial Market Analysis”, John Wiley & Sons Ltd, 2nd Edition, W. Sussex, 2000.
  • Brealey, S. Myers, “Principles of Corporate Finance”, McGraw-Hill, Irwin Series in Finance, 7th Edition, N.Y., 2003.
  • Chorafas, “The Commercial Banking Handbook: Strategic Planning for Growth and Survival in the New Decade”, McMillan Press Ltd, London, 1999.
  • Damodaran, A., ‘The Dark Side of Valuation: Valuing Young, Distressed, and Complex Businesses’, 2nd edition, Upper Saddle River, New Jersey: FT Press, 2009.
  • Dowd, “An Introduction to Market Risk Measurement”, John Wiley & Sons Ltd, W. Sussex, 2002.
  • Freixas, J. C. Rochet, “Microeconomics of Banking”, 3rd Edition, MIT Press, USA, 1998.
  • Golin, “The Bank Credit Analysis Handbook”, J. Wiley & Sons Ltd (Wiley Finance), N.Y., 2001.
  • Goodhart, P. Hartmann, D. Llewellyn, L. Rojas-Suarez, S. Weisbrod, “Financial Regulation: Why, How and Where now?” London, Routledge, 1998.
  • Heffernan, “Modern Banking in Theory and Practice”, John Wiley and Sons, 1996.
  • Hempel, D. Simonson, “Bank Management: Text & Cases”, John Wiley & Sons, Inc., 5th Edition, N.Y., 1999.
  • Howells, K. Bain, “The Economics of Money, Banking and Finance: A European Text” (Financial Times & Prentice Hall), Pearson Education Ltd, UK, 2002.
  • Hughes, S. MacDonald, “International Banking: Text & Cases”, Addison-Wesley, N.Y., 2002.
  • Jorion, “Value at Risk”, McGrawHill, 2001.
  • Koch, S. Scott MacDonald, “Bank Management: Credit Risk, Interest Rate Risk, Deposit Market Volatility”, The Dryden Press, Harcourt College Publishers, 4th Edition, N.Y., 2000.
  • Miller, D. Van Hoose, “Modern Money & Banking”, McGraw-Hill, Inc, 3rd Edition, N.Y., 1993.
  • Mishkin, S. Eakins, “Financial Markets & Institutions”, Addison-Wesley World Student Series in Finance, 4th Edition, N.Y., 2003.
  • P. Morgan, “Risk Metrics”, 4th Edition-International, 1996.
  • P. Morgan, “Credit Metrics”, International Edition, 1997.
  • Ong, “The Basel Handbook: A Guide for Financial Practitioners”, Risk Books Editions, London 2005.
  • Orton, “Reengineered Banks: Fighting for Competitive Advantage in the New Millenium”, Ireland, Laferty Publications, 1996.
  • Quagliariello M., “Stress-testing the Banking System”, Cambridge University Press, 2010.
  • Smithson, “Credit Portfolio Management”, John Wiley & Sons, Inc, N.J., 2003.
  • Wells, “Global Credit Management”, John Wiley & Sons Ltd, W. Sussex, 2004.

 

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