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Golden Gate University Department of Finance and Economics FI 350 – Portfolio Management January 2007

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Golden Gate University Department of Finance and Economics FI 350 – Portfolio Management January 2007 Golden Gate University Department of Finance and Economics FI 350 – Portfolio Management January 2007 Marty Dirks – 415-845-7829– [email protected] Elliot Blumberg – [email protected] Adjunct Professors Course Objectives This is a hands-on course, placing students in the role of an equity securities analyst and portfolio manager. As such, students will regularly submit investment ideas for in-class and online discussion. Through this process, students will enhance their ability to develop their investment analysis skills as well as communicate their investment ideas, both verbally and in writing. Students will consider all aspects of the investment evaluation process including valuation, event catalyst impact, risk management and hedging. Alternative investment strategies utilized by hedge funds will be discussed, including long-short (Jones Model), risk arbitrage, convertible arbitrage, statistical arbitrage, and trading of securities. Security selection and risk management will be examined through the use of textbook excerpts, journal articles, newspaper and magazine articles, SEC filings and written case situations. Portfolio optimization, and portfolio performance attribution and evaluation will be presented. Creating synthetic positions and risk management through use of options will be examined. Prerequisites FI 340. Basic understanding of financial accounting and equity valuation techniques. This is a “capstone” course, building concepts from many prerequisite courses. Students should be familiar with basic option theory and using option “Greeks.” Options As A Strategic Investment is on reserve in the library. Students should understand the concepts in this book prior to the lectures involving options theory. Similarly, students should be familiar with the material in an investments text such as Investment Analysis and Portfolio Management by Reilly and Brown or Investments by Bodie, Kane and Marcus. These books are on reserve in the library. This is not to say students need to be ready for a comprehensive exam on all the material in these books, but that the books are a “comfortable read.” FI 350 Page 2 Required Text and other Readings Required: • Harvard Business School Cases are available for purchase online at http://harvardbusinessonline.hbsp.harvard.edu or on reserve in the Golden Gate University library • A 15-week online subscription to the Wall Street Journal and Barron’s. • Journal and news articles on reserve in Golden Gate University online library. Recommended for reference (not required) and on reserve in library: • Reilly and Brown, Investment Analysis and Portfolio Management, Thomson-South-Western • Zvi Bodie, Alex Kane and Alan Marcus, Investments, Irwin McGraw Hill • Lawrence G. McMillan, Options As A Strategic Investment, New York Institute of Finance Grading Written Assignments 20% Presentation and Class / Online Participation 25% Team presentation of assigned case 10% Midterm Exam 20% Final Exam 25% Extra Credit Work It may be possible for students to arrange extra credit assignments. If this is of interest, discuss it with an instructor. Class Reflection Sheet: You may be asked to complete a reflection sheet at the end of a class to give feedback to instructors. Please be diligent and complete this short feedback form. The purpose of this is to help improve the course with feedback while your memory of the class is fresh. It will also help assure your attendance and in-class participation is correctly noted. Office Hours: Instructors are usually available to meet with students for the hour prior to the start of class. If you wish to meet with us, contact us by Email or phone to schedule an appointment. Teaching Mode The course will be taught in “Mixed Mode” – using both in-classroom lectures and CyberCampus online. In-Class Participation FI 350 Page 3 Much of the class time is designed for an exploration of the assigned readings and cases through class discussion. The value of the class itself is highly dependant on the participation of the entire class. You are expected to attend each class and participate in the class discussions. Effective participation will require that you arrive at every class period having read the assigned text material and case(s) and prepared to offer and defend your recommendations. A brief guide to preparing for case discussions is included in this syllabus. One objective of this course is to help assure your career success. Discussion, defending your ideas and being open to discuss other’s different ideas are critical to success in most professional positions you may seek. This classroom provides a “safe” environment where you can practice these skills. Contribution to discussion, no matter how difficult or awkward, will be rewarded, where no participation cannot be rewarded. For those of you who find class discussions challenging, we encourage you to step into uncomfortable territory. Where you find your greatest fear, you often find your greatest opportunity for personal growth. It is understood that some students are more comfortable speaking in public than others. Those that participate less in class will be expected to compensate by being especially active in online discussions. Students are encouraged to submit recent news stories of interest for discussion in class. (It is best to Email the news story to the instructor in advance of the class meeting.) Please use name cards (provided) to help professors learn student names and assure in-class participation is properly credited. Attendance is important; if you are absent, you cannot participate and you cannot be given credit for participation. Group Case Analysis Each student will be required to present one case to the class as part of a 3-4 student team. Other classmates must be prepared to discuss the case as well. Please select your case preparation group by the second class meeting. Late Assignments Work submitted late is generally discounted at half credit. Note that this is a failing grade for that assignment. If there are unusual circumstances, approval for late submission must be arranged in advance with an instructor. Makeup exams will be given only in exceptional circumstances, and only with prior approval of an instructor. Note This is a Tentative Syllabus This tentative syllabus is based on the assumption that there are no guest lecturers. As guest lecturers become available and as unanticipated students needs become clear, this course will evolve to accommodate changes. Students should expect changes to the syllabus as the course FI 350 Page 4 progresses, including the possibility that a scheduled online class may be changed to a classroom lecture. Plagiarism and Other GGU Policies Students should consult the current Golden Gate University Bulletin for University policies regarding incompletes and withdrawals. In addition, students should refer to the Bulletin for University policies regarding academic integrity. The university’s official (and extended) policy on plagiarism is found online at: http://www.ggu.edu/services/studentaffairs/griffin/cheating.htom The official university policy on plagiarism follows: “Golden Gate University requires that students be honest in their academic work. Academic dishonesty is viewed as an ethical issue and the violation of the principles expressed in the university’s Mission Statement. Academic dishonesty degrades all those who depend upon the integrity of the university, its courses, and its degrees. Definitions of academic dishonesty, identification and reporting procedures, academic and administrative sanctions and appeal procedures are outlined in detail in the Griffin (student handbook), and are available from the Division of Student Affairs.” In the workplace, discussion and collaboration with peers is valuable; it may be essential to your success. We encourage collaboration in this class. The only exceptions are that the exam work, the actual writing of your assignments and the cyber discussion dialog is your own work. FI 350 Page 5 Tentative Syllabus Approximately half of classes will be held Wednesdays at 4:00 PM and half will be taught online, with flexible hours. Live classes will be held in Building 536M (the GGU downtown San Francisco campus at 536 Mission Street) in Room ____. Lecture 1 – January 10 – Introduction Introduction to the course Investment industry overview Trading exercise Selection of industries by students for individual research projects Lecture 2 – January 17 – Industry analysis & overview of hedge fund strategies Analysis of industries Sector valuation and levers Hedge funds Discussion of student/analyst equity recommendations and sector investment write-up requirements Lecture 3 – January 24 – Equity analysis Industry analysis, using semiconductor industry as an example Equity analysis Valuation of equities Short selling Total enterprise valuation analysis Lecture 4 – January 31 – Industry analysis Students submit an analysis of how companies compete in their chosen sector Lecture 5 – February 7 – T Eaton case and student presentations of short investments T Eaton case Written analysis of individual short recommendations is due Wal-Mart discussion Lecture 6 – February 14 – Presentations of long recommendations within student sectors Written analysis of individual long recommendations is due Lecture 7 – February 21 – Midterm Exam FI 350 Page 6 Lecture 8 – February 28 – Options Lecture 1 Inputs to option pricing (Volatility, Interest, Underlying Price, Strike Price, Time) Characteristics: Delta, Gamma, Vega, Theta
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