The new program will be offered jointly by the Department of Economics and the Department of Public and Business Administration.
The program resides in the School of Economics and Management, home of the Centre for Banking and Financial Research, the Economics Research Centre, and the Real Options Research Laboratory. The new program builds on the significant strengths and research expertise of the faculties of the Department of Economics and the Finance faculty of the Department of Business and their experience in already offering several successful quality graduate programs in Economics and in Finance.
The program is well suited for students with strong background in economics and/or quantitative methods. The aim of the program is to produce strong graduates able to apply advanced analytical techniques of modern finance and economics in industry and to conduct quality research. Graduates may follow career paths in banking and financial institutions, the insurance sector, central banking, consulting firms or corporations that demand high analytical financial, economics and econometrics skills. The program is also suited for students who wish to continue their graduate studies into PhD programs in Economics or in Finance. Depending on academic performance in the first semester of study, some financial support can normally be available to excellent students in the second and third semesters of study.
The language of instruction will be English as the program aims to also attract students from European Union countries as well as from other countries in the Mediterranean, the Middle East and the Far East. Similar graduate programs are available in both departments in Greek.
The program can normally be completed in three academic semesters. The course requirements consist of ten carefully selected, rigorous theoretical and methodological courses and a 15.5 ECTS thesis (90 ECTS in total). In addition, students may be asked to attend a few short background courses in accounting or quantitative methods depending on their background (these short courses will be offered just before the start of the first academic semester). The courses and their suggested sequencing are described below.
M.Sc. in Financial Economics
(in English)
Preliminary courses: Basic Accounting, Quantitative Methods
| FIRST SEMESTER |
|
|
Course Code
|
Course Title
|
ECTS |
| ECO 601 |
MICROECONOMIC ANALYSIS |
7.5
|
| ECO 603 |
STATISTICS & ECONOMETRICS I |
7.5
|
| PBA 521 |
FINANCIAL THEORY |
7.0
|
| PBA 525 |
OPTIONS & FUTURES |
7.0
|
|
|
|
| SECOND SEMESTER |
|
|
| ECO 653 |
STATISTICS & ECONOMETRICS II |
7.5
|
| ECO 680 |
APPLIED FINANCIAL ECONOMETRICS |
7.5
|
| PBA 526 |
FINANCIAL ANALYSIS & CAPITAL MARKET RESEARCH |
7.0
|
| PBA 528 |
ADVANCED CAPITAL BUDGETING |
6.0
|
| PBA 542 |
SEMINAR SERIES (COLLOQUIUM) |
3.0
|
|
|
|
| THIRD SEMESTER |
|
|
| ECO 602 |
MACROECONOMIC ANALYSIS |
7.5
|
| PBA 522 |
INVESTMENTS |
7.0
|
| ECO or PBA |
THESIS |
15.5
|
TOTAL: 90 ECTS
COURSE DESCRIPTION
ECO 601 Microeconomic Analysis I (7.5 ECTS)
The course provides a review of the classic theories of consumer and producer behavior and describes basic market structures and the analysis of factor markets. It then lays out the basic principles of game theory under conditions of both complete and incomplete information. These tools are used for the analysis of several topics in modern microeconomic theory, such as bargaining auctions, moral hazard and adverse selection.
ECO 603 Statistics and Econometrics I (7.5 ECTS)
The course provides an overview of probability theory, random samples, regression analysis, prediction, and related notions. It covers the linear regression model: estimation, hypothesis testing and misspecification. In conjunction with ECON 653 it treats generalized linear regression, time-series, dynamic linear and nonlinear regressions, multivariate regression systems, simultaneous-equations, generalized method of moments, limited dependent variables and panel data analysis.
PBA 521 Financial Theory (7 ECTS)
The course presents the theory of financial decisions and corporate policy. It covers discounted cash flow and contemporary methods of capital budgeting, risk and uncertainty, mean-variance portfolio choice, capital asset pricing models and arbitrage pricing theory, efficient markets, capital structure and dividend policy, basic option pricing, corporate restructuring and mergers and acquisitions.
PBA 525 Options and Futures (7 ECTS)
The course studies the pricing and use of derivatives such as options and futures contracts. The no-arbitrage principle and its use in pricing futures contracts and option restrictions is first developed, followed by the binomial-tree approach and the Black-Scholes model. Various extensions and applications are provided, including (1) pricing options on stock indices, currencies and futures; (2) risk management; (3) pricing options embedded in corporate securities (e.g., equity, callable bonds, warrants and convertibles; (4) fixed-income (interest-rate) derivatives.
ECO 653 Statistics and Econometrics II (7.5 ECTS)
This follow on course covers elements of matrix algebra and further treatment on the linear regression model, generalized linear regression, time-series, heteroskedasticity and autocorrelation, dynamic linear regression, nonlinear regression, multivariate regression systems, the simultaneous-equation model, generalized method of moments, limited dependent variables, and panel data analysis.
ECO 680 Applied Financial Econometrics (7.5 ECTS)
The course provides an overview of various methodological tools and applications in financial econometrics. It covers financial time series and their characteristics, conditional heteroskedastic models, nonlinear and continuous-time models and their applications. It also deals with risk management, extreme values, quantile estimation and value at risk; estimation and tests of asset pricing models and multivariate volatility models; and high-frequency data analysis and market microstructure.
PBA 526 Financial Analysis and Capital Market Research (7 ECTS)
The course provides a comprehensive analysis of financial information as an aid to decision making (e.g., in investing, lending and managerial decisions). The course covers (1) business analysis tools such as business strategy analysis, accounting and financial analysis, prospective analysis (forecasting and valuation); (2) applications in credit analysis and bankruptcy prediction, security analysis, corporate financing decisions, such as dividend policy, capital structure, M&A and management communication; (3) international financial analysis and contemporary issues in financial analysis.
PBA 528 Advanced Methods of Capital Budgeting (6 ECTS)
The course reviews traditional methods of capital budgeting and their deficiencies and introduces modern investment valuation thinking and tools involving flexibility and optimal exercise of options under uncertainty. It places emphasis on the use of the real options methodology in both operating and strategic decisions, applied through the use of binomial trees and Monte Carlo simulation in the context of real-life problems and cases.
ECO 602 Macroeconomic Analysis I (7.5 ECTS)
The course reviews the traditional “workhorse” models of macroeconomic analysis and surveys recent developments in the field. Models of income, interest rate, price level, exchange rate, and balance of payments surplus/deficit determination are reviewed. New theoretical developments involving the microeconomic foundations of macro models, inflation and unemployment, growth and real business cycles are also considered.
PBA 522 Investments (7 ECTS)
The course covers the basic principles of investment analysis and valuation, with emphasis on security analysis and portfolio management in a risk-return framework. Security analysis focuses on whether an individual security is correctly valued in the market (i.e., it is the search for mispriced securities). Portfolio management deals with efficiently combining securities into a portfolio tailored to the investor’s preferences and monitoring/evaluating the portfolio. The course covers both the theory and practical aspects of investments.
PBA 542 Seminar Series (Colloquium) (3 ECTS)
This seminar series (colloquium) introduces graduate students to contemporary research topics. It involves attendance and active participation in presentations of original research by visiting researchers and presentations of critique and analysis of selected research. It is graded with Pass/Fail.
Contact Phone Numbers:
+ 357 22 89 3605 / + 357 22 89 3650 / + 357 22 89 3636