Financial Theory and Analysis

		Study programme 2020-2021	Français
		Financial Theory and Analysis - AAEP
		Learning Activity

Code	Lecturer(s)	Associate Lecturer(s)	Subsitute Lecturer(s) et other(s)	Establishment
W-FINA-001		CROQUET Mélanie HELDENBERGH Anne		UMONS

Language of instruction	Language of assessment	HT(*)	HTPE(*)	HTPS(*)	HR(*)	HD(*)	Term
Français	Français	36	14	0	0	0	Q1

Organisational online arrangements for the end of Q3 2020-2021 assessments (Covid-19)
Written exam (multiple choice, open questions)
Description of the modifications to the Q3 2020-2021 assessment procedures (Covid-19)
written exam via Moodle: 100% with * a theoretical part in the form of true/false (+ 1 / -1 / 0) : no possibility of going back * an exercise part which will combine open exercises and multiple choice questions.

Description of the modifications to the Q1 2020-2021 online assessment procedures (Covid-19) online or face-to-face (according to assessment schedule)

written exam via Moodle: 100% with
* a theoretical part in the form of true/false (+ 1 / -1 / 0) : no possibility of going back
* an exercise part which will combine open exercises and multiple choice questions.

Content of Learning Activity

Financial analysis :
Development of the fundamental tools of financial analysis from the restructuring of accounting statements to the establishment of the financial diagnosis.
Corporate Finance:
Modern theory of the firm and fundamental financial circuit
Analysis of the investment decision within the company
Analysis of capital budgeting tools in certainty and uncertainty
Financial market:
Analysis of the architecture of securities exchanges: the case of Euronext Stock Exchange
Analysis of the organization of exchanges on these stock exchanges
Neoclassical financial theory of the decision of individual investment choices in financial markets: from modern portfolio theory to financial market theory.

Required Learning Resources/Tools

Yann Le Fur, Pascal Quiry et al. (2019), "Finance d'entreprise 2020", 18ème édition, Broché, 1220 pages
Richard Brealey, Stewart Myers & Franklin Allen (2019), "Principles of Corporate Finance, Mc Graw-Hill Education, 13th Edition, 994 pages.
Pascal Alphonse, Gerard Desmuliers, Pascal Grandin & Michel Levasseur (2017), "Gestion de portefeuille et marchés financiers", Pearson Education, 2ème édition, 640 pages.

Recommended Learning Resources/Tools

Alchian A. & Demsetz H.(1972), " Production, Information Costs, and Economic Organization ", American Economic Review, vol. 62, n° 5.
Berle A. & Means, G. (1932), "", New York, Macmillan, 1932
Coase R. (1937), "The Nature of the Firm", Economica, 4(16), p.386-405.
Jensen M.C. & Meckling W.H., " Theories of the Firm : Managerial Behaviour, Agency Costs, and Ownership Structure ", Journal of Financial Economics, vol. 3, n° 4, octobre 1976
Kahneman D. & Tversky A. (1979), "Prospect Theory : An analysis of Decision Under Risk", Econometrica, 47, pp.263-291
Lintner J. (1965), "The Valuation of Risk Assets and Selection of Risky Investments in Stock Portfolios and Capital Budgets ", Review of Economics and Statistics, Vol.47, pp.13-37.
Markowitz H. (1952), "Portfolio Selection ", Journal of Finance, vol. 7, mars, pp. 77-91.
Mossin J. (1966), "Equilibrium in a Capital Market", Econometrica, Vol.34, pp.768-783
Sharpe W.F. (1963), "A Simplified Model for Portfolio Analysis", Management Science, janvier, 277-293
Sharpe W.F. (1964), "Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk ", Journal of Finance, vol.19, n°3, pp.425-442