| 1 | Banking, Insurance and Risk Management | EBM067A05 |
| Financial institutions such as banks play a key role in the current economic system. Due to this role, they are regulated and supervised to ensure that financial crises (like the 2007 subprime crisis) should not occur. This course concentrates on different risks that financial institutions take, how these risks can be managed, and how the current regulation, especially Basel III, is devised. In particular, we analyze interest rate risk, market risk, credit risk, liquidity risk and operational risk of financial intermediaries. There is also an additional focus on Climate Risk. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | A. Rauf, PhD. MSc. | | Docent(en) | prof. dr. L.H. Hoogduin A. Rauf, PhD. MSc.prof. dr. L.J.R. Scholtens | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students and for students from the MSc EORAS. Students are expected to have prior knowledge about asset pricing and derivative instruments. It is highly advised to have completed the course Derivate Instruments. | | Opmerkingen | Secretary: G. Pol, phone +31(0)50 363 3685, e-mail g.pol@rug.nl, room 5411.0836 |
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| 2 | Behavioural Finance & Personal Investing | EBM806B05 |
| Behavioral Finance (BF) is a new development in the field of finance, which has been going on for more than two decades now. This development has not only affected academic finance, but has also gained profound interest from practitioners, in particular in the field of investments. In BF, empirical phenomena are being analyzed in terms of behavioral characteristics. In doing so, it explicitly deviates from the rational decision-making approach of financial economics. In this course we will focus mainly on individual investor psychology and behavior and contrast it with the neo-classical approach. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. M.M. Kramer | | Docent(en) | F. Febbrarodr. M.M. Kramer | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -individuele opdracht, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | Students have a bachelor in Economics or Business, or related. | | Opmerkingen | Secretary: Grietje Pol, phone: +31 (0)50 363 3685, e-mail: g.pol@rug.nl, room: 5411.0836.
The course literature mentioned in the above is only indicative. The final reading list of the course will be published in due time. |
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| 3 | Business Ethics | EBM043A05 |
| Bonuses, board diversity, consumer rights, corporate social responsibility, suggestive or deceptive marketing techniques, bribes to get international contracts—ethics is everywhere in business. But research in moral psychology shows that we often fail to see what is morally important about a situation. And if we do see it, we often don’t know how to deal with it. And even if we know how to deal with it, we often don’t act accordingly. For all sorts of reasons. This course takes a practical approach to business ethics. Its main objectives are to foster sensitivity to moral aspects of decisions; to teach analytic skills that help you take a position in moral debates and to give a reasonable justification for your position; and to develop ways to successfully cope with moral dilemmas and issues. We examine the main normative theories in business ethics, moral psychology, corporate social responsibility, customer relations, and the environment; we consider specific moral issues in accounting, finance, international business management, and marketing; and we approach these theories, arguments, and concepts in highly interactively ways, devoting significant part of the time to a number of important and well known cases from business ethics by means of collaborative in-class assignments. |
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| 4 | Business Research and Consulting | EBM151A05 |
| Mixed teams of maximum four students (both from bachelor and master programmes in Economics and Business or Industrial Engineering & Management) will examine a real managerial issue. They translate the issue into a problem statement that can be addressed within the time frame of this course. Inherent parts of this course are that mixed teams of students 1) visit the company, 2) carry out desk research and literature search, 3) develop a research design (qualitative and/or quantitative), 4) analyze the results 5) draw conclusions and 6) propose a feasible solution including implementation steps to address the problem of a company. Master students have to reflect on the research process from methodological and theoretical perspectives and their role as master-level consultant and researcher. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. J. Riezebos | | Docent(en) | drs. ing. B.S. Baalmansdrs. G.F. HaanstraDr. L. Marusterdr. B.J.W. Penninkdr. G.C. Ruëldrs. D.P. Tavenier | | Onderwijsvorm | -groepsbegeleiding , -practicum, -werkcollege | | Toetsvorm | -groepsopdracht | | ECTS | 5 | | Entreevoorwaarden | 1. You cannot enroll to this course in Progress, but have to fill out the webform on www.rug.nl/feb/brc no later then two weeks before the enrolment period ends. If more students apply than the available capacity in a block, we do a selection based on the submitted forms. 2. You will hear from us whether you are admitted to the course in time for you to enroll for another elective if needed.
3. You cannot register for this course in Progress: we will take care of that for you. | | Opmerkingen | Enrolment is not through Progress, but through a webform available at www.rug.nl/feb/brc As we cannot guarantee there will be enough positions for all applying students, we will close the enrollment period for this course two weeks earlier than the normal period. You will be informed in time if you are not admitted, which will enable you to register for another elective in Progress. The companies that participate in this course will be arranged by FEB Career Services. This course will be given in English, but in some cases communication (e.g. with companies) might be in Dutch. BR&C will run in every half-semester. Upon completion of the course, master students will receive 5 credits. In some master programmes, the course might not be listed as a recognized elective, in which case you have to contact your programme director in order to find out whether you may list it as an elective course within or on top of your programme. Please do so before you apply through the webform in order to avoid disappointments. |
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| 5 | Corporate Finance for MSc Finance | EBM008B05 |
| The course deals with state-of-the art theory about Corporate Finance. The focus is from a micro-economic perspective, i.e. principal-agent theory. Game theoretic (mathematical) models will be discussed and analyzed and students are required to both master the derivations in these models and develop intuition for the various results. Topics that are dealt with are: separation of management and ownership, moral hazard and adverse selection in financing decisions, credit rationing, effects of diversification on financing constraints, active and passive monitoring, collateral, optimal contract design, and CEO remuneration. The course consists of a number of lectures and tutorials. During the tutorials homework assignments will be discussed. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. G.T.J. Zwart | | Docent(en) | dr. G.T.J. Zwart | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | accessible for MSc Finance students only | | Opmerkingen | Secretary: Ellie Jelsema; e-mail e.t.jelsema@rug.nl, phone +31 (0)50 363 3685, room 5411.0836. |
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| 6 | Corporate Governance for MSc Finance | EBM811C05 |
This course will provide students with an overview of the theoretical and empirical literature on the main themes in corporate governance. The aim is to provide students with in-depth knowledge of how determinants and outcomes of corporate governance arrangements have been measured and studied, using examples from the academic literature. As the literature on corporate governance is extensive, we have chosen a number of topics that are hotly debated in academic as well as policymaking circles. These topics will be related to company performance, linking corporate governance and strategy to corporate finance.
The first part of the course consists of a number of general lectures, in which an overview of the theoretical literature on corporate governance is provided. The lectures are based on a set of academic articles. In the second part of the course, student teams are going to apply this knowledge, first by writing a critical report about a published academic journal article on corporate governance, then by gathering their own data on some aspects of corporate governance and finally by writing a paper about the relationship between corporate governance and firm performance and/or strategy. The course will end with a written exam. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. C.L.M. Hermes | | Docent(en) | drs. M.E. Helmantelprof. dr. C.L.M. Hermes | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -individuele opdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students and students from the MSc Business Administration-MAC. | | Opmerkingen | Secretary: Ellie Jelsema, phone: +31 (0)50 3633685, e-mail: e.t.jelsema@rug.nl, room: 5411.0836. |
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| 7 | Corporate Valuation for MSc Finance | EBM007C05 |
| After passing the course Corporate Valuation, students are able to value a company using the best practices from the corporate finance practice, and to evaluate these practices from an academic and a professional perspective. The course prepares students for a job as a company analyst, financial analyst, portfolio manager, or an investment banker. Two key players from the Dutch corporate finance practice present a business case for the course Corporate Valuation. Both cases are centered on a transaction of a company. At what price can the company be acquired or sold? Teams of students perform a thorough financial analysis as well as a strategic analysis of the business. Each team develops its own valuation and buyout model in Excel. Negotiations conclude each business case. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. ing. N. Brunia | | Docent(en) | dr. ing. N. Brunia | | Onderwijsvorm | -computer practicum, -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students. | | Opmerkingen | Secretary: Grietje Pol, phone +31(0)50 3633685, e-mail g.pol@rug.nl, room 5411.0836 |
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| 8 | Derivative Instruments | EBM068A05 |
The course focuses on the characterization and valuation of financial derivative instruments, such as options, forwards, futures, and swaps. In addition, attention will be devoted to the use of these instruments in portfolio and corporate risk management. The course material also focuses on institutional aspects, the practical and theoretical way in which market prices are established, and the relation with arbitrage and hedging strategies.
The course material will be discussed during weekly lectures, and students work - and get feedback - on assigned problems during weekly tutorials. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. L. Dam | | Docent(en) | drs. M.E. Helmantel | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students | | Opmerkingen | Secretary: Grietje Pol, e-mail g.pol@rug.nl, phone +31 (0)50 3633685, room 5411.0836
Resit semester IIa. |
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| 9 | Economic Development | EBM095B05 |
| Why are some countries poor and some countries rich? This course explores the measurement and analysis of growth and development in today's world. Global economic growth has been rapid since the 1950s but uneven across countries, and major challenges to growth have appeared in the last decade. What were successful growth strategies in the past, and what are the implications of recent changes to trade and technology? What are the implications for inequality and the sustainability of living standards around the world? We discuss new global trends that provide both opportunities and challenges for growth and development. This will be done by in-depth study and discussion of major articles in this field. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. G.J. de Vries | | Docent(en) | dr. G.J. de Vriesprof. dr. R.C. Inklaar | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -computer test/wekelijkse quiz, -individuele opdracht, schriftelijk tentamen met open vragen | | ECTS | 5 | | Entreevoorwaarden | Intermediate-level of knowledge on theory and empirics of Economic Growth or Development Economics is strongly recommended. | | Opmerkingen | Secretariat GEM: gem.feb@rug.nl, +31(0)50 363 3458, 5411.0538
Coordinator: g.j.de.vries@rug.nl |
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| 10 | Economic Evaluation in Healthcare | EBM196A05 |
| Policy makers have to decide whether to include new evidence-based technology in the basic insured package. Economic Evaluation in Healthcare is supportive to these policy makers. This course offers economic perspectives on innovations in healthcare. Patients who need care expect that this care is available in order to prevent, cure or alleviate symptoms. In addition, patients expect that the price of care is related to the expected health outcomes. The rising healthcare costs due to new technological possibilities may jeopardize the needs in other public sectors such as the education, culture, safety and defence sectors. In a context of uncertainty and scarcity, there is a high need for decision making based on valid information about health gain and costs. A course about Economic Evaluation in Healthcare provides students contemporary insights about improving the decision making on new healthcare technologies. |
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| 11 | Emerging Markets (MSc) | EBM085A05 |
The course is practitioner oriented and provides a nuanced perspective on doing business in low income, high growth countries (emerging markets) such as Brazil, Russia, India and China. Primary emphasis is on,
1) Recognizing the uniqueness and challenges of the context characterizing the business environment in these economies such as rapidly evolving business environment, underdeveloped infrastructure, bottom of the pyramid consumers, and
2) How the context then shapes the nature and behavior of firms.
From an academic perspective, the course emphasis is on recognizing and evaluating the assumptions and limitations of popular theories and frameworks, originally developed and applied in the context of developed economies.
The course employs real business case studies to assess the relevance of theory in the context of emerging markets and to gain second-hand experience of the thought processes of top managers and CEOs grappling with business related challenges. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. S.R. Gubbi | | Docent(en) | L. GeDr. S.R. Gubbi | | Onderwijsvorm | hoor- en werkcolleges | | Toetsvorm | -groepsopdracht, -individuele opdracht, -schriftelijk tentamen (open vragen), actieve deelname | | ECTS | 5 | | Entreevoorwaarden | > Student has prior knowledge and understanding of international business and multinational working environment. > Student is able to read, comprehend and analyze academic case studies and company annual reports.
> Student is able to synthesize factual data/information, identify patterns/trends, evaluate a business situation, and effectively communicate orally or in written form.
> Student is familiar and able to extract relevant information from library sources such as Business Source Premier, Lexis-Nexis, and ORBIS database. | | Opmerkingen | Secretariat GEM: gem.feb@rug.nl, +31(0)50 363 3458, 5411.0538 |
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| 12 | Energy & Finance | EBM166A05 |
This is a course in the MSc Finance which focuses on risk analysis and valuation in the energy sector, with an emphasis on mathematical modelling of these risks. Almost all methods that are developed and used in financial market analysis can be used in energy markets as well. However, we concentrate on two general aspects in particular and aim to deepen their understanding. These are real option analysis and energy markets and derivatives. First, real option analysis uses the mathematical methods of derivatives pricing to analyze the value of various types of flexibilities in (real) investment projects. Real option analysis so far has only remotely been touched upon in the finance curriculum and is perfectly suitable to apply in the valuation of energy projects. Secondly, we delve into energy risk management as, in energy markets, many risks are related to underlying cost structures and the characteristics of volatility of prices. Power prices for instance are related to the price of fuels and to carbon prices.
In the course Energy & Finance, we investigate how to assess the exposure of firms to a variety of energy risks regarding both their costs and revenues, and study related risk management and investment strategies. This course is part of the focus area 'Energy'. When you focus your MSc on energy subjects you will be awarded an official acknowledgement on your diploma, improving and broadening your career opportunities in the energy sector. Prerequisites are mentioned in the Teaching and Examination Regulations: 'Focus areas in the master programmes'. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. G.T.J. Zwart | | Docent(en) | prof. dr. M. Mulderprof. dr. L.J.R. Scholtensdr. G.T.J. Zwart | | Onderwijsvorm | -hoorcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | The course is mathematical in nature. Students are strongly recommended to have mathematical skills and background in finance comparable to those acquired in a minor in Finance or equivalent program. | | Opmerkingen | Secretary: Ellie Jelsema; email e.t.jelsema@rug.nl, room 5411.0836, phone: +31(0)50 3633685 |
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| 13 | Energy Transition & Innovation | EBM167A05 |
| The energy industry has changed, is changing, and must continue to change, in order to become more sustainable. The transition, however, presents faces a number of challenges, such as: (1) social challenges, for example, in terms of social resistance to the change; (2) business challenges, for example, as both emergent green technologies and polluter incumbents look for ways in which to become financially sustainable in the new environment; (3) policy challenges, for example, as governments look for ways in which to incentivise the transition; and (4) marketing challenges, for example, as once niche ideas about sustainability and environmental protection, are mainstreamed. In this course we will explore each of these challenges, we will reflect upon the business opportunities that each creates, and will consider the supporting role of competition and markets. In the process, students will gain knowledge about the challenges and opportunities presented by the transition. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. K.J. McCarthy | | Docent(en) | Dr. S. Asad G.H.J. Berends, MSc.Dr. K.J. McCarthyProf. Dr. F. Noseleit | | Onderwijsvorm | -werkcollege, -gastcollege , -hoorcollege | | Toetsvorm | -groepsopdracht, -groepspresentatie, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | General requirements for admittance to the MSc | | Opmerkingen | Secretary: room 5411 0434, tel. +31 (0)50 363 4111, e-mail i.b.a.neef@rug.nl |
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| 14 | Fin. & Econ. Org. of Healthcare Markets | EBM194A05 |
| This course incorporates an advanced perspective on the economics behind organizations operating in the health and healthcare sectors. We recap the individual decision to buy health insurance and discuss the social benefits and costs arising from its provision. We explain why health insurance markets may fail, and solutions that may arise to obviate such market failure. We then discuss major actors in health and healthcare markets: physicians, hospitals, and the pharmaceutical industry. We examine how principal-agent problems characterize the patient-physician relationship. We examine funding methods for hospitals and their impact on physician's incentives. We finally examine the role of the pharmaceutical industry in researching and developing new health technologies and treatments, as well as the process of getting drugs to market. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. A. Bergemann | | Docent(en) | Dr. A. Bergemann H.H. Dijk, PhD. | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Opmerkingen | Secretary: Kim Beute, phone: +31(0)50 36 37018, e-mail: k.beute@rug.nl, room 5411.0734. |
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| 15 | Financial Reporting and Risk Management | EBM168A05 |
| Every organisation faces a variety of risks. Unexpected events in its external or internal environment may affect the probability of achievement of the organisation's goals. Some of the risks are related to compliance with laws and regulation, and more specifically to reliable financial reporting. To assess the financial reporting risks, the adequacy of how an organization has applied the accounting principles and valuation methods should be determined. The first step in understanding financial reporting issues is a thorough understanding of journal entries. The second step is the evaluation of choices and risks that a manager faces when financial statements are compiled. In addition to financial reporting risks, organizations are also exposed to risks related to their core activities. For instance, changes in market circumstances may threaten the organisation's ability to achieve its strategic objectives, or some of the organisation's assets may disappear due to fraud by employees. Ignoring risks can endanger the organisation's survival. Therefore, organisations often rely on systems which enable them to identify and assess risks, and to develop and monitor control activities. However, using such systems also has its drawbacks. In this course, a textbook will be used to refresh students' understanding of business transactions, valuation and accounting principles. Cases and academic papers will provide the basis for a critical thinking regarding risk management issues including an organisation's risk culture and ethical considerations. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. N. Hussain | | Docent(en) | Dr. N. Hussaindr. K. Linke | | Onderwijsvorm | -werkcollege, -hoorcollege | | Toetsvorm | -groepsopdracht, -groepspresentatie, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Students are expected to have passed at least an introductory course in Financial Accounting. | | Opmerkingen | Secretary: drs. Jessica Bakker, tel: +31 (0)50 36 33535, room 5411-829, email: i.j.bakker@rug.nl |
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| 16 | Health Economics and Policy | EBM195A05 |
This course incorporates an advanced perspective on the application of economic principles to analyse health and healthcare.
We recap and critique the dominant economic model (the “Grossman model”) of individual decision-making with regard to health, highlighting both general problems and problems specific to particular aspects of health, such as mental health.
We then consider areas where health economics can inform public policy with regard to health specifically. and how such policy may respond in the future to demographic pressures. We finish by considering how poorer countries face different policy questions. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Prof. Dr. J.O. Mierau | | Docent(en) | Prof. Dr. J.O. Mierau L. Viluma, PhD. | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Opmerkingen | Info: Prof Jochen Mierau, e-mail: j.o.mierau@rug.nl
Secretary: Kim Beute, e-mail: k.beute@rug.nl, room 5411.0734, phone: +31 (0)50 363 7018 |
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| 17 | Healthcare Purchasing And Supply Chains | EBM193B05 |
This course will discuss purchasing and supply chain management in the healthcare sector. We focus on the purchasing of care, not particularly on the purchasing of materials and/or services by the healthcare provider. In the course there is much attention for the implications of different healthcare systems and policies for purchasing.
In pursuing the triple aim of healthcare (quality, accessibility, and cost), purchasers (e.g., health insurers or regional or local governmental bodies) can play an important role. For example, how can we move from volume to value for patients through the incorporation of innovative payment models and how can we better define and measure value of care? What type of contracts should, and can, purchasers agree upon with healthcare providers to incentivize quality? What are the potential effects of such contracts? Importantly, purchasers are not alone- we must consider the interests of care suppliers as well in order to address issues of population health, affordability and quality.
Some further questions arise concerning the healthcare supply chain: What type of purchaser-provider relationships and market conditions are most effective for achieving better care delivery? Should providers cooperate or compete in order to strive for better health outcomes, better care experiences and for healthcare expenses to be reduced? Do we really have optimal market conditions in healthcare? We will critically assess concepts such as payment via diagnosis related groups (DRG), Value-based healthcare (VBHC) and approaches for internal financial control within hospitals. We will use different organisation theories to study the role of the healthcare purchaser and the relationships between key stakeholders.
Furthermore, in order to keep healthcare affordable, one has to think about which provider should offer which service in the healthcare supply chain. As we see in the Netherlands, care is becoming concentrated. More complex care is performed by university hospitals while less complex care can be delivered at peripheral hospitals. But what should the right balance be between complex and non-complex care for university hospitals? How can purchasers manage networks of care?
These types of questions will be elaborated upon in this course. We will show how complex healthcare systems are, and how challenging it is to deal with or change the deeply rooted positions of purchasers and providers in the care chain. |
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| 18 | Inclusive Finance | EBM069B05 |
| The course is designed for MSc students with a background in (business) economics. The focus is on the role of financial markets in low-income countries with a strong focus on microfinance and financial inclusion. In this course, we will study why financial markets in low income countries fail to provide access to financial services for the poor, which mechanisms allow to provide these services, and which alternative methods are used by the poor to manage their cash flows, finance investments, and cope with income risks. Both theories on financial development and the economics of microfinance as well as empirical applications in low-income countries will be studied in this course. We look at opportunities and limitations of financial institutions in low-income countries in general, and of microfinance institutions in particular. Specific topics include: finance and development; credit market failures; the economics of microfinance; techniques to measure impact of financial interventions on borrower welfare. The course contains main lectures, guest lectures and group oral presentations by students. The course is part of the focus area on finance and development together with the course 'International Finance and Development'. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. K. Czura | | Docent(en) | Dr. K. Czura Guest Lecturer(s) K. Saxena, PhD. | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepspresentatie, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | The course is open for all students with a Bsc in business or economics. | | Opmerkingen | The course can be followed as an elective for the different master programmes within the Faculty of Economics and Business.
The course is part of the focus area on finance and development together with the course International Finance and Development (EBM207A05).
Secretary: Ellie Jelsema, phone: +31 (0)50 3633685, e-mail: e.t.jelsema@rug.nl, room: 5411.0836 |
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| 19 | Institutional Investment Management | EBM822A05 |
| This course aims to further develop the student's understanding of portfolio management and investment. More specifically, the course aims to develop an understanding of the methods and techniques used in the field of institutional investment management. The course has two main points of focus. Firstly, in order to be able to do conduct empirical research and understand the practical applications, the theoretical aspects of institutional investment management are examined. Secondly, the practical application of these theories in e.g., banking, insurance companies, pension funds and institutional investment houses are explored. The lectures (including a field trip to Amsterdam) provide a comprehensive insight in the theoretical and practical issues concerning the institutional investment management process. Students become familiar with up-to-date methods and techniques implemented in investment management via case studies and by means of a serious investment game. Active student participation is required. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. R.M. Salomons | | Docent(en) | J.J. Bosma, PhD.prof. dr. R.M. Salomons | | Onderwijsvorm | -gastcollege , -hoorcollege , -interactief hoorcollege , -practicum, -werkcollege | | Toetsvorm | -groepsopdracht, -individuele opdracht, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students. Finish the course 'Portfolio Theory' before entering this course. | | Opmerkingen | Secretary: E.T. Jelsema, phone +31 (0)50 363 3685, e-mail e.t.jelsema@rug.nl, room 5411.836.
'Institutional Investment Management' together with 'Portfolio Theory' provide a good basis for the CFA/VBA postgraduate courses for investment analysts. |
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| 20 | International Banking and Finance | EBM096A05 |
| In this course we study internationally operating banks and other financial institutions from an institutional, evolutionary perspective, and with attention to their impacts on the economy. We start by studying money, credit and banking. We study consequences for the economy’s growth and stability. We take a balance sheet approach to understanding each topic. Study materials include online lectures, empirical academic articles and policy papers. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. D.J. Bezemer | | Docent(en) | prof. dr. D.J. Bezemer Guest Lecturer(s) | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -computer test/wekelijkse quiz, -individuele opdracht | | ECTS | 5 | | Entreevoorwaarden | Intermediate quantitative methods, intermediate micro economics, intermediate macro economics, basic banking, accounting. Knowledge of econometrics (OLS, fixed effect models, limited dependent variable models) is recommended. | | Opmerkingen | Secretariat GEM: e-mail gem.feb@rug.nl, room 5411-0538; 0503633458 |
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| 21 | International Finance and Development | EBM207A05 |
| Globally there is an increasing realization of the need to attract foreign capital and finances for national development in the lower income countries. Foreign financial flows could take the form of foreign direct investment (FDI), foreign equity capital, foreign debt, development aid and increasingly remittances. The impact of capital flows and how best to attract and utilize them, especially in developing countries, remain a crucial policy debate. Moreover, the operations of multilateral and international financial institutions and their protocols are complex. This course deals with the role and impact of external finance for development and the mechanisms for attracting them. It also discusses the dynamics of multilateral institutional arrangements, like the World Bank and the IMF. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. A. Minasyan | | Docent(en) | Dr. K. CzuraDr. A. Minasyan | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -actieve deelname, -groepspresentatie, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Background in Economics and/or Business at BSc level | | Opmerkingen | If MSc Finance students are willing to do a “focus” area in Finance and Development, this course needs to be combined with the Inclusive Finance (EBM069B05) course.
Secretariat: e-mail: gem.feb@rug.nl, phone: +31 (0)50 3633458 |
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| 22 | International Financial Reporting | EBM045B05 |
The course introduces the subject of international financial accounting and explains the relevance thereof. The major international financial accounting systems will be compared and discussed. In this context, particularly the international development of the accounting discipline is covered as well as the classification of international accounting systems. Examples of important international financial reporting subjects as
covered during this course are: foreign currency transactions and the related accounting, foreign currency as part of the financial statement consolidation process, hedge
accounting, inflation accounting and segment reporting. Furthermore, international aspects related to the analysis of financial statements will be discussed, and an overview provided which covers the most recent changes in corporate governance in relation to financial accounting subjects. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | S. Rusanescu, PhD. | | Docent(en) | S. Gebraiel, PhD. S. Rusanescu, PhD. | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Students are expected to have passed at least an introductionary course in financial accounting. | | Opmerkingen | Students have to make assignments and present their work in tutorials. Secretary: drs. Jessica Bakker, tel: 050-36333438, e-mail: i.j.bakker@rug.nl |
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| 23 | Master's Thesis Finance | EBM866B20 |
| The Master's Thesis is the conclusion of the MSc Finance. It is a test of the student's ability to conduct independent academic research resulting in a thesis. The research project has to be in the field of Finance, with a preference for an empirical thesis. We follow a structured approach as documented in the Guidelines for Writing a Thesis in Finance. You need to submit your thesis proposal according to the standards specified in the Guidelines for Writing a Thesis in Finance. This proposal should be uploaded on the Nestor site of the course or be submitted to Grietje Pol (g.pol@rug.nl). The exact deadlines will be available on the Nestor website of the Msc Finance Organization. Based on your proposal, you will be assigned a supervisor. Supervisors may organize meetings jointly with other students. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. A. Plantinga | | Docent(en) | dr. A. Plantinga | | Onderwijsvorm | -individuele begeleiding | | Toetsvorm | -individuele opdracht, -individuele presentatie | | ECTS | 20 | | Entreevoorwaarden | Students have passed at least 20 EC in terms of courses of the MSc Finance, and also have passed the mandatory CITI modules. Students also need to have an approved program for the MSc Finance. | | Opmerkingen | This course is offered in both semester I and semester II.
Secretary: Ms. G. Pol, phone: +31 (0)50 363 3685, e-mail: g.pol@rug.nl. Room 5411.0836
It is necessary that you read the “Thesis Manual MSc Finance", a document that can be downloaded from the Nestor page of the MSc Finance Organization. Please notice that there are specific deadlines for handing in a thesis proposal and the final thesis. In order to have access to this Nestor web site you need to be registered as a student of the Msc Finance and you need to enroll for the Msc Finance Thesis. Starting from the second semester of 2016-2017, we do no longer accept thesis proposals that are going to be used for different program except for students from the MSc Economics. |
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| 24 | Microeconomics of Household Behaviour | EBM106A05 |
| The course will cover intertemporal models of consumption, saving and retirement decisions and review the empirical evidence on these issues. Particular attention will be paid to the question whether people save enough for retirement and to the saving behaviour of older people. Intertemporal choices will be analysed in the context of the life-cycle framework. However, deviations from economic rationality and the standard life-cycle model will also be evaluated. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. M. Groneck | | Docent(en) | prof. dr. R.J.M. AlessieDr. M. Groneck A.J. van der Vaart | | Onderwijsvorm | -interactief hoorcollege | | Toetsvorm | -schriftelijk tentamen (open vragen), -groepsopdracht | | ECTS | 5 | | Entreevoorwaarden | The course also goes into the mathematical details of the models. Students should have a working knowledge of
a) simple constrained optimization problems using the method of Lagrange multipliers.
b) Household optimization (Microeconomics)
c) working knowledge of econometrics (OLS, IV) | | Opmerkingen | Coordinator: dr. Max Groneck, m.groneck@rug.nl, room 541.0721. Secretary: Helena Lei, h.lei@rug.nl room 5411.0734, +31 (0)50 3637018. |
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| 25 | Monetary Policy, Strategy and Operations | EBM107B05 |
| Transmissiekanalen van monetaire beleidsbeslissingen, (de rol van financiële marktimperfecties bij) reëel-financiële interactie, monetaire beleidsstrategieën, implementatie van monetaire beleidsbesluiten in financiële markten, EMU en het Europese Stelsel van Centrale banken, het monetaire beleid van de ECB (conventioneel en onconventioneel, strategie, implementatie en transmissie, rol van de euro), de financiële crisis van 2007-09, de Europese schuldencrisis van 2010-2013, de beleidsreactie op de pandemie, de Europese banken unie, flankerend beleid in een onvolledige monetaire unie, systeemrisico, financiële (in) stabiliteit. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. J.M. Berk | | Docent(en) | prof. dr. J.M. Berk S. Pool, MSc. | | Onderwijsvorm | -gastcollege , -hoorcollege | | Toetsvorm | -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Open for all Master students | | Opmerkingen | Only available on Friday.
Coordinator: Prof. Jan Marc Berk, j.m.berk@rug.nl
Secretary Grietje Pol, phone +31(0)50 3633685, e-mail g.pol@rug.nl, room 5411.0836 |
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| 26 | Portfolio Theory | EBM015B05 |
| Portfolio theory addresses the question of how to construct portfolios of individual stocks and bonds that satisfy the objectives of an investor. We study the theory of portfolio management and asset allocation In addition, we study asset pricing models (CAPM, APT) and how asset pricing models can be tested empirically. Students learn also how to use Excel in building models for constructing and evaluating portfolios. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. A. Plantinga | | Docent(en) | F. Febbrarodr. A. Plantinga | | Onderwijsvorm | -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -groepspresentatie, -schriftelijk tentamen (meerkeuze vragen), -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance and MSc EORAS students. | | Opmerkingen | Secretary: Grietje Pol, tel: +31 (0)50 3633685, e-mail: g.pol@rug.nl, room: 5411.0836.
During several classes, we invite students to bring their laptop to class for hands-on instruction and application of the theories discussed during class. |
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| 27 | Regulating Energy Markets | EBM148B05 |
The central theme of the course is: how do energy markets, in particular electricity and gas markets, function and how can this be improved by governments (regulators). The functioning of energy markets differs from many other sectors because of the economies of scale of the networks, resulting in natural monopolies, the importance of network balance, the societal objective to radically change the nature of the energy industry (i.e. energy transition: renewables, hydrogen, electrification) and the fact that energy is a basic commodity which is needed by everyone. Topics to be discussed are among others: how to determine the tariffs that an operator of an electricity or gas network is allowed to charge on users of the infrastructure? How to implement competition in the energy industry, both on wholesale level and retail level? To what extent need the energy markets be changed because of the energy transition in which fossil technologies are replaced by renewable sources (as wind and solar)? How to give incentives to energy producers and consumers to reduce carbon emissions?
Knowledge of economics of regulating market is useful for positions within regulated companies (TenneT, Gasunie, etc.), companies using regulated infrastructures (in particular large energy users), governments (national, EU), regulatory bodies (ACM, ACER, etc.) and consultancies (PWC, Oxera, etc.).
The course not only deals with the economic theory behind the regulation of markets, but also applies this theory to real-life problems in energy markets. The course consists of lectures and tutorials every week. The course starts by discussing the question why energy markets need regulation. Then, we discuss how the government could regulate these markets. These first meetings are meant to give the students some theoretical background in economic regulation. Afterwards, we discuss key issues in the daily practice of regulation: benchmarking on efficiency and the determination of the the appropriate reward (i.e. the WACC) on capital which is invested in the network. These questions are highly important for regulated firms as it affects how much profit they are allowed to make and to which extent they are able to finance the investments. Then, we go into in the question how to implement competition in energy markets. We discuss the design of electricity and gas markets on wholesale level and how these markets become more integrated on an international level. We also pay attention to how environmental regulation (like emissions trading and subsidies for renewables) can be designed and how this affects the electricity sector/market. We also pay attention to the retail energy market and consumer behaviour, discussing how competition can be implemented in markets where the demand is affected by factors like (perceived) switching costs and trust in retailers.
In most weeks, there will be assignments, which are discussed in the tutorials based on presentations by students. In addition, there will be a few extra tutorials where we recap the material and discuss questions of students. At the end there will be a meeting to discuss the mock exam. This course is part of the focus area 'Energy'. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. M. Mulder | | Docent(en) | prof. dr. M. Mulder | | Onderwijsvorm | -gastcollege , gecombineerde hoor-/werkcolleges, werkcolleges | | Toetsvorm | -groepsopdracht, -groepspresentatie, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Open to all MSc students, but students are recommended to have some background in microeconomics and finance. | | Opmerkingen | Info: Prof. Machiel Mulder, e-mail machiel.mulder@rug.nl
Secretary: K. Beute; e-mail k.beute@rug.nl, room 5411.0734, phone +31(0)50 3637018 |
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| 28 | Research Methods in Finance | EBM070A05 |
| The course provides students with an introduction to econometric tools that are frequently used in finance research. The techniques will be taught during lectures and applied in computer tutorials. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | Dr. S.S.H. Eriksen | | Docent(en) | Dr. S.S.H. Eriksen | | Onderwijsvorm | -computer practicum, -hoorcollege | | Toetsvorm | -groepsopdracht, -schriftelijk tentamen (open en mc vragen) | | ECTS | 5 | | Entreevoorwaarden | Only for MSc Finance students. Solid grasp on statistical foundations such as probability, probability distributions, hypothesis testing. Working knowledge on OLS. | | Opmerkingen | This course is offered in both semester Ia and semester IIa.
Secretary: Grietje Pol, phone: +31 (0)50 3633685, e-mail: g.pol@rug.nl@rug.nl, room: 5411-0836 |
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| 29 | Responsible Finance and Investing | EBM071A05 |
| This course focuses on the role of non-financial attributes in production. In particular, we study the interaction between financial performance and social & environmental performance of firms, in particular financial institutions, and the impact of this interaction on finance and investment decisions. This regards both the firms as such as well as investment portfolios. As to financing, it especially is pricing and risk that will be discussed; as to investing, we investigate the impact of screening on performance. We highlight the costs and benefits of managing non-financial attributes and go into their pricing and into the consequences of inappropriate pricing. Furthermore, the role of risk from addressing or ignoring social and environmental performance is studied. Students will be required to work on projects in which they try to come to grips with responsibility in financing and investing. They will experience how to make trade-offs between financial and non-financial performance. Students will analyze and argue about how financial and non-financial performance interact and they will learn how to model this using Matlab. For Finance students, these skills are highly important and sought after. Realize that for us learning is about building the capacity to take effective action. We want our students to understand, to get motivated and to arrive at own ideas and hope regarding sustainable finance. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. L.J.R. Scholtens | | Docent(en) | Dr. A. Dalòprof. dr. L.J.R. Scholtens | | Onderwijsvorm | -werkcollege, -computer practicum, -gastcollege , -hoorcollege | | Toetsvorm | -computer test/wekelijkse quiz, -groepsopdracht, -individuele opdracht | | ECTS | 5 | | Entreevoorwaarden | Students will have a BSc degree in Economics and/or Business, a decent background in Finance & Investing and a keen interest in both Environmental and Social issues and in Banking, Finance and Investing. They are open to learning new skills and an interest in quantitative analysis. | | Opmerkingen | Secretary: Ellie Jelsema, email e.t.jelsema@rug.nl, phone: +31 (0)50 3633685, room 5411.0836 |
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| 30 | Sustainability in Business and Economics | EBM209A05 |
This course serves as a foundation course for students who are interested in deepening their knowledge of sustainable development in the context of business and economics. Using the UN Sustainable Development Goals (SDGs) as the guiding template, several aspects of sustainable development, such as biodiversity, climate change, poverty, inequality and human rights will be discussed. Guest lecturers from different faculties will discuss the latest knowledge on these topics from their disciplines, and during discussions we will reflect on the uptake of this knowledge in recent studies in business and economics.
The course is organised around a number of ''grand challenges''. During classes, at least the following items will be reflected upon: What is the problem; why does this problem exist; how to determine (un)sustainability; how to relate to the relevant SDGs; what can you do. The nature of the course is interactive; tutorial time will be spend on discussion and doing group or individual exercises and assignments. This includes conducting a case study of an organisation's contribution to the Sustainable Development Goals, culminating in a (poster) presentation and a written report. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | dr. C.H. Slager | | Docent(en) | and others Guest Lecturer(s)dr. C.H. Slager | | Onderwijsvorm | -gastcollege , -hoorcollege , -werkcollege | | Toetsvorm | -groepsopdracht, -groepspresentatie, -individuele opdracht, -schriftelijk tentamen (open en mc vragen), actieve deelname | | ECTS | 5 | | Opmerkingen | Contact Secretariat GEM: gem.feb@rug.nl, phone. +31 (0)50 363 3458, room 5411.0538. |
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| 31 | Theory of Monetary Policy | EBM164B05 |
| There are two sections in this course. In the first three weeks students learn the development and diversity of monetary theory since the 1920s. Students analyze the role of money and banks from three theoretical perspectives (New Keynesian, Post-Keynesian and Neo-Austrian). In the second part of four weeks students learn the theoretical aspects of monetary policy. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. E. Sterken | | Docent(en) | prof. dr. D.J. Bezemerprof. dr. J. de Haanprof. dr. L.H. Hoogduinprof. dr. E. Sterken | | Onderwijsvorm | -interactief hoorcollege | | Toetsvorm | -actieve deelname, -individuele opdracht, -schriftelijk tentamen (open vragen) | | ECTS | 5 | | Entreevoorwaarden | Admission to the MSc Economics, MSc Finance and/or MSc International Economics and Business. Students need to master undergraduate macroeconomics. There is a macroeconomics entry test. Note that a management/business/ bachelor will not give you enough grounding for this course. | | Opmerkingen | Secretariat IEEF: room 5411-0734 (Duisenberg building), phone: +31 (0)50 363 7018 |
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| 32 | Trade, Environment and Growth | EBM097A05 |
| This course (for which basic knowledge of matrix algebra is indispensable) applies input-output analysis to issues on trade, on environment, and on growth. For the production of commodities and services, industries depend on other industries for their intermediate products. More and more, such linkages between industries cross borders. Input-output analysis is a tool that takes such interdependencies in the production structure into full account. It has been applied to a wide variety of topics, ranging from international and development economics to disciplines dealing with energy and environmental issues. The course will focus on three such topics. Typical questions are the following. How much high-skilled labor in the US is involved in satisfying the demand for cars by households in Australia, reflecting trade in production factors? What is the greenhouse gas footprint of China, or how large are the Chinese exports of greenhouse gas emissions? What percentage of the growth in German GDP between 1995 and 2009 was due to the increased household consumption in the rest of the EU? To analyze these questions, the World Input-Output Database will be used. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. H.W.A. Dietzenbacher | | Docent(en) | prof. dr. H.W.A. Dietzenbacherprof. dr. B. Los | | Onderwijsvorm | -interactief hoorcollege , -practicum | | Toetsvorm | -groepsopdracht, schriftelijk tentamen met open vragen | | ECTS | 5 | | Entreevoorwaarden | Students with a BSc degree in Economics & Business Economics, Econometrics and Operations Research (or a comparable degree). Basic knowledge of matrix algebra is indispensable for this course. An indication for a sufficient background is Chapters 15 and 16 in Essential Mathematics for Economic Analysis (4th edition) by Sydstaeter, Hammond and Strom, which is taught in the second year course Matrix Analysis and Optimization. | | Opmerkingen | Secretary: gem.feb@rug.nl, +31 (0)50 363 3458, 5411 0538 |
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| 33 | World Econonomy in Historical Perspective | EBM101B05 |
| The aims of this module are to provide at an advanced level the sources and methods of quantitative economic history, together with a review of some major findings of economic historical research of interest to economists. This course deals with selected issues during the period of modern economic growth that is, from the industrial revolution until the present time. Within this time frame growth processes of different parts in the world are discussed and compared. The course will address the issue of transferability or replicability of the Western experience to other regions under different institutional and social conditions. Important questions include: How did globalization begin? When and why did it lead to development or underdevelopment, did it play a role in the great divergence in income between the West and the rest of the world. What was the impact of colonialism and free trade on these regions. What lessons does history teach to countries that want to catch up to the West today? The course focuses on important topics related to modern economic growth: technological progress / general purpose technologies, historical institutional analysis, globalization and the historical geography of economic development and Divergence Big Time: Global economic growth since 1870. Students should achieve an understanding of both how economic historical research can be used to shed light on the current state of the economy and how economic analysis can sharpen our understanding of history. |
| Faculteit | Economie en Bedrijfskunde | | Voertaal | Engels | | Coordinator | prof. dr. J. Bolt | | Docent(en) | prof. dr. J. Bolt G. Lecce, PhD. | | Onderwijsvorm | -interactief hoorcollege , -individuele begeleiding, groepsbegeleiding | | Toetsvorm | actieve deelname, verplichte aanwezigheid | | ECTS | 5 | | Entreevoorwaarden | Introductory bachelor course in Economic History or Development Economics (level: E. Helpman, The Mystery of Economic Growth, London, 2004; David N. Weil, Economic Growth, Singapore, 2009; C.I. Jones, Introduction to Economic Growth, London, 2002; K.G. Persson, An Economic History of Europe: Knowledge, Institutions and Growth, 600 to the Present, Cambridge, 2010). | | Opmerkingen | Info: Dr Jutta Bolt, e-mail j.bolt@rug.nl
Secretary Kim Beute, phone +31(0)50 3637018, e-mail k.beute@rug.nl, room 5411.0734 |
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