Program Booklet 2014
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Welcome Dear Summer School Students, First of all, we would like to warmly welcome you to Stuttgart and especially to the University of Hohenheim. We are very happy to have you here and look very much forward to an intensive and inspiring experience. In our Summer School, a small group of students will meet with experts in financial market theory and empirics, behavioral finance, corporate finance, macroeconomics and public finance. We offer you a three and a half weeks comprehensive learning experience and deliver insights into the financial crises from different angles. You will find a stimulating combination of academic education and practical experience to connect you with the thriving industry and culture in the region: High-quality teaching by nationally and internationally renowned professors from the University of Hohenheim Project-oriented work in small multicultural groups (including local students). Attractive industry programme which offers insight into the management and structure of globally active companies located in the region, e.g. Daimler (Mercedes-Benz), Bausparkasse Schwäbisch Hall, SwissRe in Munich, Commerzbank in Frankfurt and The Stuttgart Stock Exchange. An exciting cultural and leisure programme (optional) including visits to Heidelberg and the medieval city of Tübingen. We hope you will enjoy your stay here at Hohenheim and the programme, which we have chosen for you! And of course, we also hope that you will become a friend and future ambassador of our University! Kind regards, Prof. Dr. Dirk Hachmeister Lars Banzhaf Dean, School of Business, Economics International Office, School of Business and Social Sciences Economics and Social Sciences Summer School – Programme Lectures in Hohenheim Special Programme Industry Programme CW 27: July 2nd – 6th, 2014 MON 30.6. TUES 1.7. WED 2.7. THURS 3.7. FRI 4.7. SAT 5.7. SUN 6.7. 09:00 Tümmers Tykvova 10:30 Visions for Europe The Benchmark and National Realities Model: Perfect Capital Markets 11:00 12:30 13:30 Welcome/ Burghof DIES Stuttgart 15:00 Introduction The Benchmark ACADEMICUS City 15:30 AULA Model: Financial Rallye 17:00 Intermediation Football Football World Cup World Cup QF 1 and 2 QF 3 and 4 18:00/22:00 18:00/22:00 CW 28: July 7nd – 13th, 2014 MON 7.7. TUES 8.7. WED 9.7. THURS 10.7. FRI 11.7. SAT 12.7. SUN 13.7. 09:00 Free Free Burghof Schwäbisch Lampenius Heidelberg 10:30 Banks as Financial Hall Group Behavioral Intermediaries Finance 11:00 12:30 13:30 Hachmeister Burghof Schiller Schwäbisch Free Stäffeles 15:00 Business Financial Insurance Hall Group Tour Valuation Systems and Companies + Stuttgart Stability City Tour + “Ballet im Park” 15:30 17:00 Football 18:00 Grilling with KCH Pub Crawl Football Football World Cup Football World Cup World Cup SF 1 World Cup 3rd Place 21:00 22:00 SF 2 22:00 22:00 CW 29: July 14nd – 20th, 2014 MON 14.7. TUES 15.7. WED 16.7. THURS 17.7. FRI 18.7. SAT 19.7. SUN 20.7 09:00 Simulation Lehmann Schramm Merlo Tübingen 10:30 Stock Exchange Financial Crisis Ethics of Financial Crisis: Stuttgart in historical Financial Markets A General perspective Overview 11:00 Commerzbank 12:30 Frankfurt 13:30 Stock Exchange Mercedes Benz Free Tour Frankfurt Free 15:00 Stuttgart 13:30 15:30 17:00 CW 30: July 21-25, 2014 MON 21.7. TUES 22.7. WED 23.7. THURS 24.7. FRI 25.7. 09:00 Spahn Examination Scheffknecht European Balance of 10:30 Financial Crisis, Swiss Re AULA Payment Crisis and Free Macro Imbalances Munich 11:00 the Socialization of and Money Supply 12:30 Public Debt 13:30 Schiller Free Jung 15:00 Risk Perception, Munich Financial Time Series Free 15:30 Risk Taking and Computer Lab 17:00 Risk Aversion Closing Ceremony Exams Procedure Students who have successfully completed the summer school will be awarded 9 ECTS. During the first days of the summer school the students will sign up for case studies (group assignment). We will set up four groups. Each group will be working on a specific topic/case throughout the summer school. All groups will be supervised by two professors and will be supported by a German student tutor. The results of the group assignment will be presented to the professors and student fellows at the end of the summer school. During the presentation, each group member has to play an active role. The presentation should last about 40 minutes and will be followed by a discussion. All in all, the assessment will take 60 minutes. Grading will be based on the German grading system: 1,0 | 1,3 very good 1,7 | 2,0 | 2,3 good 2,7 | 3,0 | 3,3 satisfactory 3,7 | 4.0 pass 5,0 fail Unauthorized absence will be accepted only for one module (1/2 day). Students with additional unauthorized absence will not be entitled to successfully complete the summer school programme. SCHEDULE Wednesday, 2 July 2014 Arrival / Move-in Regardless of the date you will arrive, we will pick you up from the airport/train station and bring you to your Student Hotel or dormitory, close to the city-centre. Internationales Studentenhotel Neckarstraße 172 70190 Stuttgart Emergency Number: +49 (0)176-488 250 92 12:30 Transfer to the University of Hohenheim by metro: meeting point in front of the student hostel, Neckarstr. 172 13:15 Lunch in the University canteen 14:30 Official Welcome (Aula) Welcome speech by the Dean Prof. Dr. Dirk Hachmeister Presentation of the Summer School programme Prof. Dr. Jörg Schiller Organizational remarks Lars Banzhaf Presentation of the optional programme Valentin Henzler 16:30 Campus tour 18:00 Welcome Dinner with Swabian Food Café Denkbar (on Campus) Thursday, 3 July 2014 09:00 Lecture: Vision for Europe and National Realities (Hall 123) Prof. Dr. Hans J. Tümmers The objective of this course is to analyze the differences of the nations in Europe and to compare the socio-cultural structures of Britain, Germany and France in order to develop a better understanding of the different political cultures in Europe. In a second part we study the integration process in post war Europe, followed by an analysis of the institutional system of the European Union. In a third part the course will focus on the main internal and external policies of the European Union. 10:30 Break 11:00 Lecture continues (Hall 123) Prof. Dr. Hans J. Tümmers 12:30 Lunch break 13:30 Lecture: The Benchmark Model: Financial Intermediation (Hall 123) Prof. Dr. Hans-Peter Burghof In this lecture, you will learn about the fundamental functions of financial intermediation, and why it generates value. Starting from the Fisher separation, an understanding of the different forms of transformation through intermediation is given. It is shown how different types of intermediaries help to overcome market imperfections. 15:00 Break 15:30 Lecture continues (Hall 123) 17:00 End of lecture Friday, 4 July 2014 09:00 Lecture: The Benchmark Model: Perfect Capital Markets (Hall 123) Prof. Dr. Tereza Tykvova The course will deal with perfect capital markets and distinguish them from efficient capital markets. We will discuss the conditions that perfect / efficient capital markets satisfy. Moreover, we will deal with implications resulting from perfect / efficient capital markets. Finally, we will discuss reasons for inefficiencies and empirical evidence. 10:30 Break 11:00 Lecture continues (Hall 123) Prof. Dr. Tereza Tykvova 12:30 Lunch break Optional programme: Dies Academicus 13:30 Dies Academicus is an academic holiday. Students and staff of the university are given an opportunity to get to know other faculties. It is also a day where the university opens its doors to the public and thus, it is also known as the Open University. The motto of the Dies Academicus is Discovering and Enjoying the University! It gets to the heart of what the visitors can expect: A wonderful summer party with exciting activities that can be enjoyed. This event showcase that the university is enjoyable, thanks to research and teaching, the University of Hohenheim is among the most interesting and multifaceted universities in Germany. Enjoy the very special atmosphere of the “Dies Academicus” which is celebrated annually. After the traditional tapping of the beer barrel by the President, many student groups will present themselves and serve food, cocktails, and much more. On Friday evening, the castle courtyard will turn into a big party zone. Optional programme: The FIFA World Cup Championship The World Cup Quarter Finals part 1 will be showing live at 6:00p.m and part 2 at 10:00p.m. Let’s get together and cheer our favourite teams! Saturday, 5 July 2014 Optional programme: The FIFA World Cup Championship The World Cup Quarter Finals part 3 will be showing live at 6:00p.m and part 4 at 10:00p.m. Let’s get together and cheer our favourite teams! Sunday, 6 July 2014 Optional programme: City Rallye Meeting point: In front of the Student Hotel, Neckarstr. 172 Start: Afternoon tba Monday, 7 July 2014 FREE MORNING 13:30 Lecture: Business Valuation (Aula) Prof. Dr. Dirk Hachmeister Valuation is the process of converting a forecast into an estimate of the value of the firm. In the first part, we will have a short look on valuation theory and concepts. In practice, a wide variety of valuation approaches are employed. In this lecture we illustrate valuation using an all-equity firm to simplify the discussion and look at implementation issues using the real life example of Facebook Inc. 15:00 Break 15:30 Lecture continues (Aula) Prof. Dr. Dirk Hachmeister 17:00 End of lecture Tuesday, 8 July 2014 FREE MORNING 13:30 Lecture: Financial Systems and Stability (Aula) Prof.