Student HANDBOOK 2018 Master of Science in Finance (MSF) is one of the two master’s programs under the umbrella of the Department of Banking and Finance, Chulalongkorn Business School, Chulalongkorn University. The program was established in October 1996 in response to rapid changes in both the domestic and international financial markets. Over the past two decades, the curriculum has been under constant revision to keep the MSF Program full of innovation, academic rigor, and new challenges. Our excellence is confirmed by the EFMD’s EPAS initial 3-year accreditation granted in early 2015 and 5-year re-accreditation in 2018 The MSF Program offers graduate students the latest advanced knowledge in the field of finance. The program’s lecturing staff consists of Chulalongkorn University’s own faculty and experts in the financial services industry. Students admitted to the Program will be provided with cutting-edge knowledge and facilities. Upon completion of the course, students will be able to work throughout the financial services fields, such as corporate treasury, banks, investment banks, and other financial institutions. This handbook provides you with information on the nature and structure of the MSF Program. It covers program details, course list, course structure, graduation requirements, teaching calendar, teaching and administrative arrangement; as well as, regulations and policies. It also contains information about student support services, department and university facilities; as well as, student exchange opportunities. The handbook will help guide you through some of the day-to-day issues involved during your study. 2 MSF | Chulalongkorn University 4 MSF | Chulalongkorn University MSF | Chulalongkorn University 5 Message from the Program’s director I would like to welcome you to our Master of Science in Program Finance (MSF) Program, the first and finest Master Program in finance in Thailand. Since established in 1996, the MSF Program has been producing high quality graduates to Objectives the finance industry and business world. We are proud to see many of our MSF graduates become leaders in global finance firms and major corporations. With A-list faculty Master of Science in Finance Program at members recruited from world-renowned universities, together with visiting professors from top universities around Chulalongkorn Business School strives to the world and leading practitioners from various fields of finance, our program continues to provide students with produce graduates with high proficiency in areas comprehensive finance education, providing a unique blend of finance. Graduates from the Program will be of academic theories, practical applications, and the latest cutting-edge knowledge. well equipped with both academic theories and MSF Program is granted the EPAS accreditation by the applications in various fields of finance. internationally-recognized accreditation body EFMD, and Chulalongkorn Business School is awarded the world-class accreditation AACSB. This is solid proof of our highest standard of teaching and research quality, and we will continue to play an active role and strive for excellence in the global stage. We look forward to having you as part of our MSF family. We are certain that the time you spend with us in our MSF Program will prove to be one of your most rewarding times. Asst. Prof. Anirut Pisedtasalasai (Ph.D.) MSF Program Director MSF | Chulalongkorn University 7 Program Committee Faculty Members Assoc. Prof. Manapol Ekkayokkaya (Ph.D.) University of Durham Assoc. Prof. Thaisiri Watewai (Ph.D.) University of California, Berkeley Assoc. Prof. Thanyaluk Vichitsarawong (Ph.D.) Oklahoma State University Assoc. Prof. Vimut Vanitcharearnthum (Ph.D.) University of Chicago Asst. Prof. Anirut Pisedtasalasai (Ph.D.) University of Exeter, MSF Program Director Asst. Prof. J. Thomas Connelly (Ph.D.) College of Management Mahidol University Asst. Prof. Kanis Saengchote (Ph.D.) Northwestern University – Kellogg School of Management Asst. Prof. Tanakorn Likitapiwat Jananya Sthienchoak Asst. Prof. Pornpitchaya Narapong Srivisal (Ph.D.) (Ph.D.) Kuwalairat (Ph.D.) (Ph.D.) Asst. Prof. Natchanont Komutputipong (Ph.D.) Lancaster University Associate Director Associate Director Associate Director Associate Director Asst. Prof. Pornpitchaya Kuwalairat (Ph.D.) Oklahoma State University Asst. Prof. Ruttachai Seelajaroen (Ph.D.) Australian National University Asst. Prof. Sira Suchintabandid (Ph.D.) Columbia University Asst. Prof. Tanakorn Likitapiwat (Ph.D.) University of Memphis Asst. Prof. Visarut Sribunnak (Ph.D.) University of California, Berkeley Anant Chiarawongse (Ph.D.) University of Chicago Narapong Srivisal (Ph.D.) University of Chicago Peerapong Dhangwatnotai (Ph.D.) Stanford University Asst. Prof. Nathridee Asst. Prof. Ruttachai Seelajaroen Roongkiat Ratanabanchuen (Ph.D.) London School of Economics Suppakitjarak (Ph.D.) (Ph.D.) (Ph.D.) Committee Committee and Secretary Suparatana Tanthanongsakkun Australian National University Tanawit Sae-Sue (Ph.D.) Carnegie Mellon University Supporting Staff Visiting Professors Prof. Christian C.P. Wolff (Ph.D.) Research Professor, Luxembourg School of Finanace (Luxembourg) Prof. Jurgen Huber (Ph.D.) Professor of Finance, University of Innsbruck (Austria) Prof. Krishna N. Paudyal (Ph.D.) Professor of Finance, University of Strathclyde (UK) Prof. Nuttawat Visaltanachoti (Ph.D.) Professor of Finance, Massey University (New Zealand) (Ph.D.) Chanthima Boonthueng (Pla) Alisa Khuarunyasunthon (Bee) Titipron Duangthong (Eve) Prof. Paul H. Malatesta Norman J. Metcalfe Faculty Fellow in Finance, University of Washington (USA) General Administrator General Administrator General Administrator Prof. Phil R. Holmes (Ph.D.) Professor of Finance, University of Leeds (UK) [email protected] [email protected] [email protected] Prof. Russell R. Wermers (Ph.D.) Professor of Finance, University of Maryland at College Park (USA) Prof. Steen Thomsen (Ph.D.) Professor and Chairman of the Center for Corporate Governance, Copenhagen Business School (Denmark) MSF | Chulalongkorn University 9 COURSE LIST Core Courses PROGRAM OF STUDy Plan A 16 credits Plan B 16 credits Master of Science in Finance (MSF) offers two different Full-time program Both Plan A and Plan B students must enroll all following core courses. programs: Full-time and Flexible programs. The Full-time 2604639 Finance Theories 3 (3-0-9) program is a one-year program while Flexible program – – Study on Monday Friday (9.00 16.00) 2604643 Derivatives and Risk Management 3 (3-0-9) is two-year program. Students in both programs have and (depending on the availability of individual lecturers) two options to choose: Plan A (Thesis option) and Plan on Saturday – Sunday (9.00 – 17.00) 2604647 Financial Statement Analysis 3 (3-0-9) B (Special project option). Students who have less than 2604674 Financial Econometrics 3 (3-0-9) one-year work experience are compulsory to choose 2604680 Ethics in Finance 1 (1-0-3) Plan A and to enroll in Full-time program according to Flexible program the Chulalongkorn University guideline. Students who 2604697 Financial Markets, Institutions, and Instruments 3 (3-0-9) have more than one year work experience can choose Study on Saturday – Sunday (9.00 – 17.00) either Plan A or Plan B and can enroll in either Full-time or and (depending on the availability of individual lecturers) Flexible program. on Monday – Friday (18.00 – 21.00) Elective Courses Plan A 8 credits The class schedule of each course will be announced on the MSF Program’s Plan B 14 credits Plan A - Thesis option website (http://msfin.acc.chula.ac.th/) and in front of the classroom. The class schedule is subject to change due to the needs of both instructor and Plan A students must enroll the below elective courses for at least 8 credits and for Plan B students 14 credits. students. Please always check the class schedule. This plan is available in both the Full-time and Flexible 2604662 Alternatives and Innovations in Investment 2 (2-0-6) programs. Students who have less than one year work experience are required to enroll in this plan according 2604663 Corporate Finance 2 (2-0-6) to the Chulalongkorn University guideline. The study The MSF Program requires 36 credit hours 2604664 Strategic Portfolio Management 2 (2-0-6) plan consists of 24 credits of coursework and a thesis to complete and the maximum study period 2604665 Portfolio Performance Evaluation and Attribution 2 (2-0-6) research project (a total of 12 credit hours over two of both full-time program and flexible terms). Students who choose this option are required to 2604666 Foundations of Behavioral Finance 2 (2-0-6) submit their thesis proposal and get approval within program is 4 years. 2604667 Market Microstructure 2 (2-0-6) 2 years otherwise the students’ status would be 2604668 Corporate Governance and Compliance 2 (2-0-6) terminated. Credit requirements in both Plan A and 2604669 Selected Topics in Risk Management 2 (2-0-6) Plan B are depicted below. 2604670 Equity Analysis and Valuation 2 (2-0-6) Plan B - Special project option 2604678 Macro Issues in Finance 2 (2-0-6) This plan is available in both Full-time and Flexible Program Structure Plan A Plan B 2604687 Financial Programming 2 (2-0-6) programs. Students must have at least one year of 2604688 Financial Engineering 2 (2-0-6) work experience to be eligible for this plan. The plan Total required credits 36 36 consists of 30 credits of coursework, a research project 2604690 Fixed Income Securities 2 (2-0-6) (totaling 6-credit hours over two academic terms) and Coursework credits 24 30 2604692 Special Topics in Finance 2 (2-0-6) a comprehensive examination (in the term following the 2604694 Emerging Capital Markets 2 (2-0-6) completion of coursework and the research project). n core course credits 16 16 2604695 Financial Risk Management for Pension Plans 2 (2-0-6) All MSF Program courses are taught in English. The n elective course credits 8 14 2604696 Practical Corporate Financial Modeling 2 (2-0-6) Program operates on a trimester basis (three terms per one academic year). Each term is 4 months long.