msgf_brochure_2009

MASTER OF SCIENCE IN GLOBAL FINANCE

Contents

Message from the Deans

Message from the Academic Directors

About Us

- HKUST Business School- New York University Stern School of Business

Faculty Bios

Program Overview

Students’ Words

Program Schedule and Structure

Module Descriptions

Participant Profile in Previous Intakes

Entry Requirements

Financial Aids

For Enquiry and Enrolment

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Accelerate Your Finance Career - Expand Your Business Network

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Message from the Deans

The MS in Global Finance Program, a ground-breaking educational joint venture between Hong Kong University of Science and Technology's Business School (HKUST Business School) and the New York University Stern School of Business (NYU Stern School of Business), is now inviting applications for our upcoming intake.

An alliance between NYU Stern School of Business and HKUST Business School, the program brings together two world-renowned business schools and two of the world's most important finance centers.

Faculties from both schools are sharing teaching – and their insights – equally. And while the program kicks off and ends at HKUST’s picturesque campus in Hong Kong, two intensive learning modules in New York give participants the opportunity to experience two world financial centers. The learning module in Beijing provides a superb learning experience in the largest emerging market in the world.

Participants in the program dramatically enrich their knowledge of finance and develop a deep understanding of the latest trends in the global financial markets. These executives aim at improving their overall effectiveness, as well as their competitiveness, in the finance industry.

You, too, can benefit from this career-enhancing learning experience. We invite you to join us and chart your own course of success in this exciting program. We welcome your enquiries and participation.

MS IN GLOBAL FINANCE

Prof Leonard ChengDean of the HKUST Business School

Prof Thomas F. CooleyDean of the NYU Stern School of Business

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Message from the Academic Directors

Welcome to the Master in Global Finance Program, a program created by HKUST and NYU Stern to cultivate high-performance finance professionals in fields like corporate finance, sales and trading, project finance, loan syndications, asset management, risk management and private banking, either based in or having an interest in the Asia-Pacific region.

The Program provides a truly rewarding learning experience enabling participants to take advantage of the transformation underway in Asia-Pacific, a transformation so profound that even the balance of global financial power has shifted eastwards. Even non-financial sectors in the Asia-Pacific such as manufacturing and real estate are seeking financial expertise.

The HKUST/NYU Stern MS in Global Finance Program aims at addressing the burgeoning need for financial talent. As joint academic directors, we have designed this masters program to balance the technical and global dimensions of finance in a way that is not generally achieved in MBA programs. Participants will be taught by world-renowned faculty from two highly-rated business schools. They will acquire the essential tools needed for today’s financial world and learn about the latest developments and trends in global financial markets, thus enabling them to better understand and take advantage of the transformation underway in the Asia-Pacific.

The region is ripe with career opportunities for anyone interested in finance. Our innovative, world-class program can prepare you for these opportunities. We invite you to contact us and learn more about what we have on offer.


Prof Menachem BrennerProf Menachem BrennerDepartment of FinanceNYU Stern School of Business

Prof Menachem BrennerDepartment of FinanceNYU Stern School of Business

Prof Kalok ChanDepartment of FinanceDepartment of FinanceHKUST Business School HKUST Business School

Prof Kalok ChanDepartment of FinanceHKUST Business School

HKUST Business School & Department of Finance

“Asia’s youngest but most respected business school." Financial Times

The Hong Kong University of Science and Technology (HKUST) is a young public university, established only in 1991. Yet in record-breaking time it has positioned itself as an intellectual powerhouse and developed an enviable reputation in the academic world. At the HKUST Business School in particular, our study and research programs have made us the premier business school in Asia and one of the best in the world. We were one of the first two Asian business schools to be accredited by the AACSB-International (The Association to Advance Collegiate Schools of Business), giving credence to the quality of our programs.

The School has attracted a talented and internationally prominent faculty by promoting a strong research culture and a commitment to excellence. Our academics have trained at top universities in North America and Europe and many are leaders in their fields. They are also well connected in the region and have developed a special focus on China and the rapid changes and developments underway there.

The Department of Finance is one of six academic departments within the Business School and has gained international recognition in its own right. It is the only CFA program academic partner in Asia, and also an academic partner of PRMIA. It also offers a full plate of teaching programs from undergraduate to PhD level, taught by about 30 faculty members.

For more information, please visit www.bm.ust.hk

About Us

HKUST Business School's Significant Rankings:

Program Ranking

Kellogg-HKUST EMBA

Full-Time MBA Program

Department of Finance

No. 1, Global EMBA RankingsBy Financial Times, 2009

No. 16 in the WorldBy Financial Times, 2009

No. 1 in Asia, No. 30 in the world By The Economist, 2009


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No.1 in Asia-Pacific for research output, and the only Asian university in the world top 50By Arizona State University Survey, 2007

New York University Stern School of Business

Located in New York City, an epicenter of global business, New York University Stern School of Business is a premiere research institution where more than 200 faculty members conduct forward-looking research and consulting with leading corporations around the world.

A proud part of Stern’s heritage is its world-renowned finance program. With more than 40 full-time faculty members conducting theoretical and pragmatic research in all key aspects of the field, Stern boasts the largest faculty of any other finance program in the United States. It has been ranked number one world-wide in research productivity by a number of top finance journals. Stern’s finance faculty is highly rated in terms of research output, and members sit on the editorial boards of all of the major finance journals.

Among Stern’s faculty luminaries are Robert Engle, 2003 Nobel Laureate in Economics, known for his time-varying volatility model used by financial markets to measure risk; Edward Altman, whose famous z-score, a mathematical formula which analyzes and predicts bankruptcy risk, is pervasive on Wall Street; Roy Smith, former partner, Goldman Sachs, and Ingo Walter, who together co-authored the best-selling book, Governing the Modern Corporation in 2006; and Martin Gruber and Edwin Elton, whose textbook, “Modern Portfolio Theory and Investment Analysis,” is in its seventh edition and has been used as a resource for business students for nearly 30 years. Students in the MS in Global Finance will have the opportunity to study with several of these Stern faculty members.

NYU Stern’s strength in finance is enhanced by its Salomon Center for Research in Financial Institutions and Markets. The Salomon Center conducts new research across a wide array of financial topics and partners with regulatory, government and business communities to bring high profile business leaders and conferences to Stern’s campus. The Center specializes in seven areas that correspond with the infrastructure of the markets: Asset Management, Corporate Governance, Credit and Debt Markets, Derivatives Research, Financial Econometrics, Financial Institutions and Macro Finance. Each specialty division is directed by a Stern expert in the field.

Relevant rankings for NYU Stern:

TRIUM No. 3 in the World by Financial Times, 2007

MBA Programs No. 8 in the World by EIU, 2008

Finance Department No. 1 in the World by Financial Times, 2008

Because of the size of the faculty and resources devoted to the finance department, students have access to the breadth of thought reflecting the latest global research findings and market practices. Students also benefit from the unparalleled access to Wall Street and the world’s leading practitioners who are adjunct faculty and guest speakers in their classes.

For more information, please visit www.stern.nyu.edu


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Integrative Project (A group projeFaculty in the respective area will

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Faculty Bios

Professor Edward I. Altman is Max L. Heine Professor of Finance and Vice-Director of the NYU Salomon Center for Research in Financial Institutions and Markets. He has been with Stern since 1969 and for many years chaired the Stern School's MBA Program. He has also been a visiting Professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, INSEAD and Luigi Bocconi University in Milan. Professor Altman received his Ph.D in finance from UCLA. .

His primary research areas include bankruptcy analysis and prediction, credit and lending policies, risk management in banking, corporate finance and capital markets. He has consulted widely in these fields and has an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate distress prediction models and procedures for firm financial rehabilitation, and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default Rates on High Yield Corporate Debt. The University of Buenos Aires named him Profesor Honorario in 1996.

Professor Menachem Brenner is Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brenner was an associate Professor of Finance at the Hebrew University in Jerusalem. He also was a visiting professor at the University of California at Berkeley, the University of Bergamo and Tel-Aviv University. He also served on the board of directors of the Tel Aviv Stock Exchange and was a member of the New York Futures Exchange. Professor Brenner received his Bachelor of Science in economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in business administration from Cornell University.

Professor Brenner’s principal areas of academic and teaching activity are in the area of derivative markets, hedging, option pricing and the stock market. His articles have been published in numerous publications including the Journal of Finance, Journal of Financial Economics, Journal of Business and Journal of Financial and Quantitative Analysis.

Professor Jennifer N. Carpenter is an associate professor of Finance at New York University Stern School of Business. Professor Carpenter teaches an M.B.A. course on Debt Instruments and Markets and a Ph.D. course on continuous time asset pricing and portfolio choice. Professor Carpenter received her B.S. in Economics, M.A. in Finance, M.A. in Mathematics, and Ph.D. in Finance from the University of Pennsylvania.

Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund manager compensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business.

Before coming to Stern, Professor Carpenter worked at Goldman, Sachs & Company in the fixed income division. She was a lecturer at the University of Pennsylvania.


ct throughout the whole program)be assigned as the project advisor

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Professor Anthony Saunders is the John M. Schiff Professor of Finance at NYU Stern. Professor Saunders received his Ph.D. from the London School of Economics and has taught both undergraduate and graduate level courses at NYU since 1978. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne.

Professor Saunders holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Dr. Saunders has acted as a visiting scholar at the comptroller of the Currency and at the Federal Monetary Fund. He is an editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions, as well as an associate editor of eight other journals, including Financial Management and the Journal of Money, Credit and Banking. His research has been published in all of the major finance and banking journals and in several books. He has just published a new edition of his textbook, Financial Institutions Management: Risk Management Perspective for McGraw-Hill (4th edition) as well as a 2nd edition of his book on Credit Risk Measurement for John Wiley & Sons (with Linda Allen).

Professor Richard Levich is Professor of Finance and Deputy Chairman of the Department of Finance at NYU Stern. He has taught at the University of Chicago, Yale University, and the University of New South Wales, among others. He is a Research Associate with the National Bureau of Economic Research in Cambridge, Massachusetts. And he also serves as Editor of The Journal of International Financial Management and Accounting. Professor Levich received his PhD from the University of Chicago.

Professor Levich's primary research areas include exchange rates, financial risk management, international capital markets, and multinational financial management. He has authored or edited 15 books on various topics dealing with international finance. His latest book, International Financial Markets: Prices and Policies, second edition, was published in 2001 by McGraw-Hill/Irwin. Professor Levich has published more than 50 scholarly articles in many journals including the Journal of Political Economy, Financial Analysts Journal and Journal of International Money and Finance. In addition to his work at NYU Stern, Professor Levich has consulted and lectured for numerous organizations including the Board of Governors of the Federal Reserve System, General Motors, Morgan Stanley, and the International Monetary Fund.

Professor Marti Subrahmanyam is Charles E. Merrill Professor of Finance at NYU Stern. He received several awards for excellence in teaching including Stern Professor of the Year. Prof. Subrahmanyam received his Ph.D in finance and Economics from MIT.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interest rates. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, 1985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products.

Prof. Walter's principal areas of academic and consulting activity include international banking and financial markets, integrated risk control, international trade policy and corporate governance issues. He has published papers in many of the professional journals in these fields and is the author, co-author or editor of 26 books, including most recently Mergers and Acquisitions in Banking and Finance (New York: Oxford University Press, 2004) and Governing the Modern Corporation (New York: Oxford University Press, 2006). Prof. Walter has served as a consultant to various corporations, banks, government agencies and international institutions, and has held a number of board memberships.

Professor Ingo Walter is the Seymour Milstein Professor, Corporate Governance and Ethics at NYU Stern. He has been on the faculty at New York University since 1970, during which time he has served as Vice Dean for Academic Affairs, Chair of Finance and Chair of International Business, as well as (from 1990 to 2003) Director of the New York University Salomon Center for the Study of Financial Institutions. He has held visiting appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, Institute for Southeast Asian Studies and INSEAD in France and Singapore. Prof. Walter received his A.B. and M.S. degrees from Lehigh University and his Ph.D. degree from New York University.


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Faculty Bios

Professor Sudipto Dasgupta is Chair Professor of Finance and Director of the Centre for Asian Financial Markets at HKUST. He taught at USC before joining HKUST in 1993. He received his Ph.D degree from USC.

Professor Dasugpta has published in leading journals on economics and finance such as the Journal of Finance, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Economic Theory, Journal of Economics and Management Strategy, etc. His research areas are in game theory and industrial organization, bidding for procurement contracts, the economics of joint ventures, firms’ investment and financial policies, takeovers and the market for corporate control.

Professor Kalok Chan is Chair Professor of Finance and Director of the Centre for Fund Management at HKUST. He obtained his Ph.D. in Finance from Ohio State University and taught at Arizona State University from 1990 to 1997 before joining HKUST. He has also held visiting positions at National University of Singapore, Nanyang Technological University and City University of Hong Kong. His principal areas of academic and consulting activity include asset prices behavior, market microstructure and international finance.

Professor Chan has published numerous articles in top-tier finance journals, including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Financial and Quantitative Analysis. He was ranked the top finance researcher in the Asia-Pacific region by the Pacific-Basin Finance Journal. Professor Chan is a co-editor of the Pacific-Basin Finance Journal and an associate editor of Finance letters and the Journal of Financial Research. He is currently a member of the Risk Management Committee of the Hong Kong Exchanges and Clearing Limited, and the FTSE Asia-Pacific Regional Committee. Professor Chan is also a panel member of the Hong Kong Research Grants Council.

Professor Jie Gan is Associate Professor of Finance at HKUST. She taught at Columbia Business School before joining HKUST in 2002. She obtained her Ph.D. in financial economics from MIT in 1999.

Professor Gan has extensive research, teaching, and consulting experiences in valuation, corporate finance, and derivatives and financial modeling. Her research has been published in top academic journals such as the Journal of Financial Economics and the Review of Financial Studies. In addition to her academic achievements, she worked as a financial consultant for two years for CRA International (formerly Charles River Associates) in various litigation cases involving company or derivative security valuation, security fraud, and anti-trust in a range of industries including financial services, consumer goods, and energy. She also helped a large local bank in Hong Kong create housing price indices and identify bubbles in the real estate market based on valuation models.


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Professor Bruno Solnik is Adjunct Professor of Finance at HKUST. He is also Distinguished Emeritus Professor of Finance at HEC-Paris (France). He was on the faculty of the Stanford Business School before joining HEC. He has been a visiting professor at the University of California at Berkeley, UCLA, Universite de Geneve, University of New South Wales. He holds an Engineer degree from Polytechnic in Paris and a PhD from MIT. Professor Solnik is a former President of the European Finance Association and Director of the American Finance Association. Professor Solnik has received many prizes, including two Graham & Dodd awards for excellence by the Financial Analysts Journal. The "Financial Award of the Year" at the 1988 Interlaken Finance Symposium, and the Nicholas Molodovsky Award, presented by the AIMR Board of Governors on May 22, 1999. "This award is given periodically only to those individuals who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment". He was the first non-American to receive this award.

Professor Solnik has written seven books, including Global Investments (formerly titled International Investments, the leading textbook in the field, translated into Spanish, Japanese and Chinese). The sixth edition of Global Investments, coauthored by Dennis McLeavey of the CFA Institute, is used for all three levels of the CFA examination. He has published some fifty articles in leading finance and economic journals such as the Journal of Finance, the Financial Analysts Journal, Journal of Financial and Quantitative Analysis, the Journal of Economic Theory, Journal of International Money and Finance, etc. He also served on the Council for Education and Research of the AIMR (now CFA Institute) and on its Research Foundation.

Professor Vidhan Goyal is Professor of Finance at HKUST. He received his MBA from the University of Delhi and a Ph.D. in Finance from the University of Pittsburgh where he was a Research Fellow at the 'Center for the Study of Contracts and the Structure of Enterprise'.

Professor Goyal’s research interests are in empirical corporate finance, with an emphasis on capital structure and corporate governance. His research papers have been published in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial Intermediation, Finance Research Letters, Journal of Corporate Finance and the Pacific Basin Finance Journal. He has extensive teaching experience and won numerous teaching awards including the Michael G. Gale Gold Medal for Distinguished teaching, the Franklin Prize for teaching excellence and the best MBA core teacher award.

Professor Chu Zhang is Associate Professor of Finance at HKUST. He taught at the University of Alberta in Canada for six years before joining HKUST, where he teaches fixed-income securities and other investment courses at undergraduate, MSc/MBA, and PhD levels. From 1984 to 1985, he was a lecturer at the School of Management of Fudan University in Shanghai. Professor Zhang completed his MBA and PhD in Finance from the University of Chicago, and also holds a bachelor degree in mathematics and an MS degree in quantitative economics.

He is also engaged in executive teaching for HKUST and Euromoney. He is also members of the American Finance Association and the Society for Financial Studies.

Professor Zhang has a wide range of research interests in stock market and bond market performance. He has published in various finance journals such as the Journal of Finance, Journal of Financial Economics and Journal of Business.


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Program Overview

A 1-year, part-time finance degree program for market professionals

The Master of Science in Global Finance program – the first executive format finance-specific master degree program in the Asia-Pacific – offers interested professionals the opportunity to advance their knowledge and practices under the guidance of internationally recognized academics.

Developed by the HKUST Business School and NYU Stern School of Business, this one-year, part-time program is also underpinned with a global perspective and the latest insights from Wall Street and the emerging Asian market. Participants will emerge with the skills to contribute to the economic development of the region, and to cope with the rapid changes underway there.

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The program is also designed with busy schedules in mind, with classes mostly held once a month on weekends.

Specifically, participants can expect to:

Gain knowledge from senior academics of two world-renowned academic institutions through interactive lectures, real-life case studies, in-class discussions and integrated projects

Deepen and widen their understanding of finance – from corporate finance, portfolio management, FX and derivative markets to fixed income, risk management and banking reform

Study alongside other international high-flyers and senior executives who will have at least 5 years of working experience in banking, finance or other professional service industries. The classroom will become a natural platform for networking and exchanging ideas

Learn best practices from other companies, including those from Wall Street and Beijing through case studies, speaker sessions and company visits

Become alumnus of both HKUST & NYU and be exposed to various networking opportunities


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Students' Words

MS IN GLOBAL FINANCE Accelerate Your Finance Career - Expand Your Business Network

“Large scale project valuation methodologies with the appropriate models providing depth and breadth.”

Wai Yew Sum (Class 2009)Project Manager, Global Supply Chain

Schneider Electric Asia Pacific Ltd

“I am working in Corporate Finance field, but mainly focus on due diligence before. After receiving more finance knowledge from this program, I can handle more comprehensive jobs including the M&A advisory, valuation, etc.”

Yvonne Ye (Class 2009)Senior Vice President

Grant Thornton

"Interaction with professors from HKUST and NYU, high quality of classmates from various professions, well-organised learning schedule and effective administration are the best aspects of this program."

Alan Luk (Class 2008)Head of Investment Advisory

Investment Services Division, Hang Seng Bank

"The best features of this program are its program content, quality of faculties and quality of classmates."

Alex Pei (Class 2008)Asia DirectorAzahar Group

"The best features of this program are its global outlook, the wide range of subjects covered but still managing to retain a reasonable depth and focus on content, excellent faculties and facilities."

Karthik Vaidynathan (Class 08)Financial Consultant

Murex Southeast Asia Pte Ltd

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“Excellent program structure and perfectly fits with executive learning needs. The best professors with truly global experience.”

Shiddhaarth Velamuri (Class 2009)Solution Architect

Standard Chartered Bank

“Aspiring and make me wish to read more on my own; more quantitative than MBA; nice locations and support by admin.”

Gan-Ochir Zunduisuren (Class 2009)Executive Director

Blue Sky Minerals LLC

"I am from the high-tech industry, so this program will help me with corporate issues and understanding and ultimately help make better finance decisions for my company (also not to get snowed by the CFO)."

Gregory Baker (Class 2008)Senior VP, Sales and Marketing

Mimix Broadband

"It provided the most updated developments in the global / US financial industries and a valuable opportunity to learn in details about its theories, dynamics, benefits / threats to the society."

Winson Fong (Class 2008)Managing Director/Head of Greater China Equities

Societe Generale Asset Management (HK) Ltd

"The professors that deliver the courses are all of excellent standing both in terms of teaching and research experience. It has been my privilege to participate in the lectures. The course coordinators are very responsive to student needs and this is the one aspect to keep up."

Andrew Koh (Class 2008)Assistant Manager, Credit and Risk Management Dept

Agricultural Bank of China

"Time saving and finance focused program."

Jae Myung Shin (Class 2008) Director, Head of Institutional Sales

Franklin Templeton Korea

"As a VC investment manager, I have to find out the best project for our firm. With the program, I am confident to evaluate which project is better for our investment, especially the valuation part. It is really useful."

Pierce Tsai (Class 2008)Assistant Vice President

First Premium Investment Co., Ltd

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Program Schedule and Structure

Module Structure

Nov (1 week) Jan Feb Mar Apr

HKUST Campus

MODULE 1 MODULE 2 MODULE 3 MODULE 4 MODULE 5

Foundation 1 Corporate Finance

Foundation 2 Asset Markets

Applied Corporate Finance and Valuation

Derivatives Markets

Portfolio Management and Asset Allocation

HK

OPENING SESSION

- Overview on Global Market

- Basic Finance & Accounting Session

- Introduction to Integrative Project

- Speaker Session

- Social Activities

2 weeks before the Module

Pre-Module

Participants will receive:

- textbook- pre-readings- pre-module Assignment- contact information of Teaching Assistant

Require approx. 30 hours for both pre-readings and a pre-module assignment.

Program Structure

Duration: 1 year

Mode: Part-time

- 7 Modules in Hong Kong

- 1 Module in Beijing (5 days)

- 2 Modules in New York (2 weeks)

- 1 Integrative Project (Group)

Timeline

Activity

Workload

* Please refer to our website/insertions for up-to-date schedule and details p.14

MS IN GLOBAL FINANCE Accelerate Your Finance Career - Expand Your Business Network

May Jun (5 days) Jul Aug (2 weeks) Nov (2 days)

MODULE 6 MODULE 7 MODULE 8 MODULE 9 & 10 CLOSING SESSION

Foreign Exchange Markets

- Financial Market in China - Banking Reform

- Corporate Risk Mgt

- Company Visits

- Speaker Sessions

Fixed Income Instruments & Markets

- Risk Management in Financial Institutions

- Topics in Financial Markets & Innovation

- Company Visits

- Speaker Sessions

- Integrative Project Presentation

- Speaker Session

- Social Activities

Integrative Project (A group project throughout the whole program)Faculty in the respective area will be assigned as the project advisor

Beijing/Tsinghua University HK New York/

NYU SternHKUSTCampus

Fri – Mon, Once a month

Module

Tutorial:Led by a Teaching Assistant, the tutorial provides basic concepts for participants to better equip for the lecture.

Lecture:Comes with case studies, group exercises, discussions, simulation exercises, etc.

Tutorial: 2 - 3 hours *optionalLecture: 24 hours Fri (half day), Sat & Sun (whole day) & Mon (half day)

2 weeks after the Module

Post-module

Participants are required to complete an assignment.

Require approx. 30 hours


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Module Descriptions*

Foundation 1 - Corporate Finance

The aim of the module is to provide students with a comprehensive overview of the financing and investment decisions made by firms. It covers capital budgeting, dividend policy, financing policy and managerial incentives. Topics include:

• Investing in risk free and risky projects• Capital allocation and corporate strategy• Taxes and financing choices

2 Credits

2 Credits

2 Credits

2 Credits

2 Credits

• Debt holder-equity holder conflicts• Financial structure and corporate strategy• Basics of valuation

Foundation 2 - Asset Markets

This module provides an introduction to asset pricing theory and modern portfolio theory, and introduces some applications of these theories to investment decision-making. It also builds a fundamental knowledge of derivatives and fixed income products. Topics include:

• Mean-variance Analysis • Models of Equilibrium Asset Prices • Fixed-income securities • Introduction to derivatives • Forwards and Futures

• Price restrictions• Trading strategies • Option pricing & real world applications• The roots of Subprime Crisis: derivatives?

Applied Corporate Finance and Valuation

This module focuses on the valuation of companies and the creation of shareholder value by looking at the interplay of corporate strategy and finance. The module exposes participants to valuation frameworks that can readily be applied to improve business and strategic decision-making. Topics include:

• Valuation of businesses and subsidiaries• Value drivers• Relative valuations• Mergers and Acquisitions• Payment methods and financing

• Takeover defences• Cross-border transactions• Corporate restructuring transactions - Divestitures, Spin-Offs, and Equity Carveouts• Value creation in private equity transactions

Derivatives Markets

This is a module in derivatives markets: structure, valuation and strategies. It builds on the content of Module 2 and combines theory, empirical findings and practical applications. The main applications include the equities markets, foreign exchange and commodities. The key derivative instruments discussed include forwards, futures and options. Cases and examples include the 1987 crash, LTCM, Metallgesellschaft, Amaranth, etc. Topics include:

• Overview of derivatives markets• Futures markets - Recent developments in the structure of futures markets - The cost of Carry Model - Hedging with futures

• Options markets - Review of options strategies and markets - Options valuation - Options on FX, indices, futures - Risk management: VAR - Exotic options - Applications

Portfolio Management and Asset Allocation

The aim of the module is to provide students with tools and knowledge in global asset allocation, with particular emphasis on the management of risk. Topics include construction of global benchmarks, portfolio construction, factor models, currency risk management, investment strategies, performance evaluation and attribution. The module also introduces participants to behavioral finance and the implication for asset allocation. Topics include:

• Design of investment strategies and products• Hedging currency risk in global asset allocation• Performance measure and attribution

• Measuring risk for institutional portfolios, mutual funds and hedge funds• Managing hedge funds: present and future


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Fixed Income Instruments & Markets

The module addresses fixed income financial instruments and their derivatives, covering types of debt instruments, interest rate structures and building the yield curve, the valuation of debt securities, debt default and related topics. There is also consideration of fixed income instruments in portfolio strategies, as well as the role of financial structures and options and derivatives such as credit default swaps. Topics include:

• Fixed income instruments and markets – cash and derivatives• Term structure dynamics

• Fixed income valuation, default probability and portfolio optimization

Risk Management in Financial Institutions

The module covers the state-of-the-art and new developments in major areas of risk management in financial institutions and business firms in general – credit risk, market risk, liquidity risk, operational risk, sovereign risk, strategic risk, and reputational risk. Emphasis is placed on risk integration. Topics include:

• Market risk and liquidity risk, VAR and RAROC• Credit risk and distressed debt• Sovereign risk assessment

• Operational and reputational risk• Risk integration

Topics in Financial Markets & Innovation

Capstone module covering advanced topics in finance, the selection of which will depend on market developments and student interest. The module builds on material covered in other modules in the program, and is taught at the research-driven frontier. Examples of topics:

• Financial market microstructure• Behavioral finance• Corporate restructuring• Volatility

• Structured financial products• Credit and exotic derivative products• Family-dominated and closely held firms• Hedge funds

Integrative Project

The aim of the project is to enable students to apply what they have learned in each module to the global banking and financial markets. Students will work throughout the year on a team project, which will culminate with a presentation to a panel of faculty and executives from cooperating firms.

* topics subject to change

Foreign Exchange Markets

This module covers foreign exchange cash and derivatives markets and instruments – spot, outright forwards, swaps, and futures. It also addresses arbitrage in currency and capital markets, and international parity conditions, dealings with forex risk in corporate finance and efficient portfolio construction, and creating and back-testing foreign exchange forecasting models. Topics include:

• Introduction to the study of international financial markets and recent developments • Foreign exchange: markets structure and institutions• International parity conditions: purchasing power parity, interest rate parity and the Fisher parities• Determination of spot exchange rates: theory and evidence

• Foreign exchange market efficiency• Foreign exchange rate forecasting• Euromoney • Eurobond markets• International bond portfolios

Banking Reform and Corporate Risk Management in China

This module provides an overview of China's financial markets, reform of financial institutions and corporate risk management. Students will gain an understanding of the recent development of financial services and corporate practices in China. In addition to regular lectures, there is also a speaker session delivered by related regulator. Since the module is held in Beijing, company visits will be arranged allowing participants to have a better understanding of doing business in China. Networking opportunities with executives in China also exist.

2 Credits

2 Credits

2 Credits

4 Credits

2 Credits

2 Credits

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Participant Profile in Previous Intakes

Age

Average:

33

Educational Background

All students are bachelor holders and one third of them also hold master degrees, usually in the area of Business Administration or Engineering.

Working Experience

Average:

9.1 years

Nationality Distribution

German

Norwegian

French

Spanish

British

Bangladeshi

Mongolian

MainlandChinese

Indian

Pakistani

Saudi Arabian

South African

Ugandan Singaporean

Hong Kong Chinese

FilipinoMalaysian

Vietnamese

Japanese

Taiwanese

KoreanAmerican

Canadian

Chilean

Brazilian

Australian

Class Mix

Half of the participants reside in Hong Kong, while the other half flies in from major cities in Asia, such as Taipei, Singapore, Tokyo, etc. A few may fly from even the US, Europe or Australia.

Nationality wise, it is an international class with people from the US, Europe, Asia, etc.


p.18

Company Location

MainlandChina

IndiaNepal

United Kingdom

France

Thailand

Singapore

Hong Kong

Taiwan

KoreaJapan

Mongolia

Vietnam

Companies Participants Work For

Students usually come from 5 sectors: Accounting Firms, Banks, Financial Institutions, Insurance and MNCs. Besides, we also have students who are business owners or working in family businesses.

The followings are companies that some of our students work for:

Accounting / Auditing Firms - Ernst & Young- Grant Thornton- KPMG- Samil PriceWaterhouseCoopers, LLP

Banking & Investment Services - ABN Amro- ANZ- Agricultural Bank of China- American Express- AIG Consumer Finance Group Asia- Avancera Investments- BNP Paribas Capital- Banco Santander- Bank of China- Barclays Bank- Barclays Capital Asia Ltd.- CCG Investor Relations- CICC- China Development Industrial Bank- China Universal Asset Management Co.- Citicorp Investment Bank- Commerzbank AG- Credit Suisse- Deutsche Bank- Franklin Templeton Korea- Goldman Sachs- Goldride Securities- Hang Seng Bank

- Hang Seng Bank (China) Ltd.- HSBC- HSBC Private Bank (Suisse) SA- ING Real Estate- KBC Bank N.V.- Kookmin Bank- Merrill Lynch- New Asia Partners- Pacific Investment Management Co.- Ping An of China Asset Management (HK)- Polaris Capital (Asia)- The Royal Bank of Scotland- Societe Generale- Standard Chartered Bank- UBS AG- Value Partners- Wachovia Bank

Insurance - New York Life- Zurich

MNCs - Accenture Co. Ltd.- CCNI Hong Kong- Hewlett-Packard Asia-Pacific & Japan- JCDecaux China- Jones Lang LaSalle- Lufthansa German Airlines- McCann Worldgroup

* Please refer to the website for details

- Nestle Taiwan Ltd.- Saudi Aramco- Shell Hong Kong Ltd.- Sino Resources Group Ltd.

Others - Atos Origin (S) Pte Ltd.- Audiovox Corp- BlackRock Solutions- Bloomberg LP- CCM Airlines- CLSA Research Ltd.- EB Real Estate Asia Ltd.- Formosa Petrochemical Corp- Himal Power Ltd.- Hong Kong General Chamber of Commerce- Innerc Associates Pte Ltd.- Mandatory Provident Fund Schemes Authority- Moody’s Investors Service- Otto International- Pacific Pearl Group- PartnerRe Europe Ltd.- Quetron Enterprise Co. Ltd.- Sanlin Wind Forging- Standard & Poor’s- TE Hong Kong- YHK Technology Corp Ltd.- Yangtze Associate


Position in Company

Our participants are VPs, MDs, GMs, Directors, Regional Heads, Department Heads, Managers, Analysts, business owners or other professionals.

U.S.A.

p.19

For Enquiry and EnrolmentHONG KONG OFFICE (Campus)

Room 6417, 6/F (Lifts 25-26)HKUST, Clear Water Bay, Kowloon, Hong Kong

Office Hours: Monday to Friday, 9am to 5:30pm

HONG KONG OFFICE (Central, by appointment only)

Room 1501-2, 15/F, Hong Kong Club Building3A Chater Road, Central, Hong Kong

Office Hours: Monday to Friday, 10am to 6pm

Tel: Fax:

[email protected]://globalfinance.bm.ust.hk

NEW YORK OFFICE

Henry Kaufman Management CenterNYU Stern, 44 West 4th Street, Suite 4-100New York, NY 10012

Office Hours: Monday to Friday, 9am to 5pm

Tel: Fax:

Financial AidsFederal Students Aid for US citizens, Non-means-tested Loan Scheme and Private Education Loan for HK residents are available. Please visit our website or refer to inserts for details and updates.

(852) 2358-5028(852) 3104-0329

(1) 212-998-0442 (1) 212-995-4222


Entry Requirements Program Fee- Bachelor degree and good GPA result

- 5 years of full-time working experience; applicants with less working experience will be considered on a case-to-case basis

- Two recommendation forms

* Reasonable TOEFL, IELTS (or equivalent) result required if English was not the language of instruction in the past education. GMAT may be required for applicants with insufficient quantitative background

USD 59,000

Inclusive of all courses, books and materials, room and board for the in-resident periods in Hong Kong (first and last session), meal arrangements during program period (dinner not included).

msgf_brochure_2009

Documents

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