INVESTMENTS I - BMEGT35ML58

The main objective of the course is to provide insight into the background of the main factors influencing investment decisions. Beside the discussion of the classical trilemma of risk-yield-liquidity and the fundamentals of the efficient market hypothesis, the subject also covers the examination of the main indicators used to evaluate international financial markets (financial stress index, VIX index, TED spread etc.). Based on the risk-return characteristics of financial instruments, students participating in the course can also get acquainted with the pricing of bonds and shares, as well as the fundamental and technical analysis of shares. Within the frames of the course the government securities markets and stock exchanges are given special emphasis, among actors of these markets institutional investors and investment banks have outstanding importance. After an introduction to the most important types of derivative products (options, futures and swaps), the course allows an outlook to the future perspectives of financial markets marked by financial innovations (securitisation, credit derivatives, ETFs, REITs).

1. the relationship between factors affecting investment decisions,
2. the main factors affecting the prices of bonds and shares,
3. the main characteristics of financial markets and their investors,
4. the basics of financial derivative instruments and their pricing,
5. the main development tendencies of financial markets and products.

1. interpret yield-risk-liquidity indicators of financial markets,
2. professionally use the terms used in relation to international investment assets and markets,
3. carry out and interpret the valuation of financial instruments.

1. are open to understand, accept and credentially report on financial market processes,
2. co-operate with the teacher and students in broadening knowledge,
3. gain more knowledge by continuously gathering information,
4. are open to use information technological devices.

1. are open to accept critical remarks,
2. co-operate with other students – as part of a team – in solving exercises,
3. apply systematic thinkinging in relation to financial market instruments.

Lectures and written communication, use of ICT tools and techniques.

• Az előadások prezentációinak anyaga és az azokat kiegészítő jegyzetek, amelyeket a félév során folyamatosan feltöltenek a tárgy oktatói.
• Zvi Bodie - Alex Kane - Alan J. Marcus: Befektetések. Aula Kiadó, Budapest, 2005
• Damodaran, Aswath: A befektetések értékelése Panem Kft., Budapest, 2006
• Fazekas Gergely – Gáspár Bencéné – Soós Renáta: Bevezetés a pénzügyi és vállalati pénzügyi számításokba, Tanszék Kft. Kiadó, Budapest, 2003
• Berlinger Edina-Lovas Anita (2016): Pénzügyi számítások. Tesztfeladatok és megoldások. Budapesti Corvinus Egyetem. Befektetések és vállalati pénzügy Tanszék. http://unipub.lib.uni-corvinus.hu/2534/1/Penzugyi_szamitasok_tesztfeladatok.pdf
• John C. Hull: Opciók, határidős ügyletek, és egyéb származtatott termékek, Panem Kft., Budapest, 1999
• Száz János: Kötvények és Opciók árazása, Pécs, 2003
• Slideshows of the lectures and supplementary course materials which will be uploaded continuously during the semester.
• Zvi Bodie - Alex Kane - Alan J. Marcus: Befektetések. Aula Kiadó, Budapest, 2005.
• Damodaran, Aswath: A befektetések értékelése Panem Kft., Budapest, 2006
• Fazekas Gergely – Gáspár Bencéné – Soós Renáta: Bevezetés a pénzügyi és vállalati pénzügyi számításokba, Tanszék Kft. Kiadó, Budapest, 2003
• Berlinger Edina-Lovas Anita (2016): Pénzügyi számítások. Tesztfeladatok és megoldások. Budapesti Corvinus Egyetem. Befektetések és vállalati pénzügy Tanszék. http://unipub.lib.uni-corvinus.hu/2534/1/Penzugyi_szamitasok_tesztfeladatok.pdf
• John C. Hull: Opciók, határidős ügyletek, és egyéb származtatott termékek, Panem Kft., Budapest, 1999
• Száz János: Kötvények és Opciók árazása, Pécs, 2003

Assessment of the learning outcomes described under 2.2. is based on one written end-term test (performance summary) but the result can be improved with extra midterm scores.

A. Detailed description of mid-term performance assessments - Students can improve their grade by additional midterm work (e.g. problem-solving, essay, presentation). B. Detailed description of examination performance assessments - The complex written assessment of knowledge and skill competencies of the subject is based on an exam in the exam period. The parts of the learning material for the exam are selected by the lecturer of the subject. Working time for the exam is announced during the semester.

• Additional points for active participation in lectures: + 10

• Semester-end written exam: 100%

Consulted with the Faculty Student Representative Committee, approved by dr. Lógó Emma, Vice Dean for Education Date:............................. Valid from September 1, 2020.

Subject includes the topics detailed in the course syllabus to ensure learning outcomes listed under 2.2. can be achieved. Timing of the topics may be affected by calendar or other circumstances in each semester.

Part I-III of the Subject Form is to be approved by the Head of Department of Finance named under 1.8.