Economics & Finance. Finalité spécialisée du Master en sciences économiques. sciences économiques

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1 Economics & Finance Finalité spécialisée du Master en sciences économiques sciences économiques

2 Introduction La récente crise financière a mis en exergue le rôle important pris par les marchés financiers dans nos économies modernes. Elle a en particulier révélé notre insuffisante connaissance et maîtrise des liens très imbriqués entre le secteur financier et la croissance économique. Objectifs Economics & Finance La finalité spécialisée Economics and Finance a pour objectif d offrir aux étudiants une double formation en économie et en finance, et ainsi de proposer au secteur financier, mais également à d autres secteurs (privés et publics), des profils ayant cette double compétence. Les étudiants devront au cours de leur formation effectuer un stage, rédiger un rapport de stage et réaliser un travail de fin d études sur le même sujet. Cette spécialisation sur un domaine précis doit permettre aux étudiants d exploiter leurs connaissances acquises pour y développer une expertise sérieuse. Cette expertise doit être considérée comme une carte de visite lors d un entretien d embauche. Débouchés sciences économiques La finalité spécialisée en Economics and Finance prépare les étudiants à des postes de cadre et de dirigeant dans les : Banques ou institutions financières non-bancaires, institutions de régulation bancaire Grandes entreprises Départements d études économiques et monétaires Banque Nationale de Belgique, Banque Centrale Européenne Organisations internationales (FMI, Banque mondiale, BERD, ) SPF Finances Enseignement et recherche en économie monétaire et financière. Points forts La formation dispensée vise à fournir aux étudiants des méthodes rigoureuses d analyse et de synthèse fondées sur la modélisation et les techniques économétriques. Plus particulièrement, les étudiants devront suivre des cours approfondis en économie de la croissance et en économie internationale ; économie de l information et théorie des jeux ; finance de marché, finance d entreprise, et gestion du risque ; économétrie des séries temporelles et des données en panel. Double-diplômes Les étudiants de HEC-ULg inscrits en Master en Economie (120 ECTS) ont la possibilité, sous condition de satisfaction des critères de sélection imposés, de suivre un programme de double diplôme. Il existe à ce jour une convention avec l Université de Hohenheim (Allemagne) et l ISM (University Management and Economics) de Vilnius (Lituanie). Dans les deux programmes, les étudiants passent une année à l université de Liège et l autre dans leur université d accueil. Les cours sont enseignés en anglais et le mémoire doit être rédigé en anglais. Les étudiants doivent réussir tous les examens organisés dans les deux établissements de leur programme. La réussite à ces examens donne droit au diplôme de Master de HEC-ULg et au diplôme de Master de l université d accueil. Economics & Finance 2 > 3

3 Programme La finalité spécialisée en Economics and Finance s appuie sur un tronc commun en sciences économiques (55 crédits) et propose ensuite 10 cours spécialisés, des ateliers de portfolio de compétences, la réalisation d un stage et d un mémoire (pour un total de 65 crédits), le tout réparti sur deux ans. ANNEE 1 Tronc commun du Master en sciences économiques (45 crédits) + Economics and Finance (15 crédits). Topics in Empirical Economics choisir 2 cours parmi :. Investments and Portfolio Management. Banking and Insurance. Empirical Methods in Financial Markets. Financial derivatives ANNEE 2 Tronc commun du Master en sciences économiques (10 crédits) + Economic Analysis and Public Governance (50 crédits). Public Economics. Stage (10 crédits). Travail de fin d études (20 crédits). Portfolio de compétences (5 crédits) choisir 2 cours parmi :. Droit et fiscalité des institutions financières. Fund Industry. Financial Risk Management. Financial Economics. International Finance Le contenu des cours spécialisés est brièvement présenté dans les pages qui suivent. Les engagements pédagogiques complets sont disponibles sur le site de l ULg ( et sur l interface Lol@ utilisée par HEC-ULg ( 1 er Master : 1 cours obligatoire et 2 cours à choisir parmi 3 ECON TOPICS IN EMPIRICAL ECONOMICS (OBLIGATOIRE) The aim of the course is to familiarize the student with applied research. For this purpose the student is asked to work on a research project. The subject will be chosen during the first sessions of the course. Then the student will have access to a survey database (micro-data). The first part of the course will be devoted to data processing. For this purpose students will use programming tools. All the data and statistical treatments will be performed with STATA. The software is made available in one of the PC rooms at the B31 building (Sart-Tilman). In the second part of the course the student performs a statistical and econometric study and writes a short report. The report consists in a presentation of the different stages of her/his research: overview of the literature, sample selection and data treatment, descriptive tables and key results. The course takes place in the second semester. The final sessions are devoted to the report presentation and to the debate. FINA INVESTMENTS AND PORTFOLIO MANAGEMENT (1) Underlying Philosophy The course is following the whole process of investment, from the investor profiling to the final investment portfolio recommendation. (2) Organization and Content This course is composed of 6 theoreticals parts, pratical application and group work. The theoretical parts are: Part I : The investment background (Measures of return and risk, security-market indices,...) Part II: Developments in investment theory (Efficient markets, CAPM, APT,...) Part III: Valuation principle and practices(analysis of financial statements, financial ratios, introduction to security valuation,...) Part IV: Analysis and management of common stocks (Industry analysis, company analysis, technical analysis,...) Part V: Analysis and management of bonds (Bonds fundamentals, analysis and valuation of bonds, bond ptf management strategies,...) Part VI: Specification and evaluation of asset management (Professional Money sciences management, alternative économiques assets, and industry ethics; evaluation of ptf performances) Economics & Finance 4 > 5

4 FINA BANKING AND INSURANCE 1. Partim Banking The course introduces the general activities of a financial institution, with a focus on the bank s role as a financial intermediary. The Bank s balance sheet structure is analysed in detail, with the specificities of the bank s objectives and constraints. The recent crises of 2008 and will be analysed with their impact on the evolution of the banking industry. The first elements of bank risk management will be introduced. Content : a. Lecture 1 i. Part A: Introduction to banking (Rose ch. 1,2,3) ii. Part B: Financial structure (Rose ch. 5) b. Lecture 2 i. Part A: Neo-classic theory of banking ii. Part B: The management of capital (Rose ch.15) c. Lecture 3 i. Part A: Measuring and evaluating performance (Rose ch. 6) ii. Part B: Risk management for changing interest rates. ALM and duration techniques (Rose ch. 7) 2. Partim Insurance The course introduces the notion of insurance as it is considered by its different stakeholders: the consumer and society, the insurer himself, the surrounding economical actors and institutions. The inverted production cycle of the insurance business is emphasized, and basic actuarial mechanisms for pricing and provisioning are exposed. Finally, the current European supervision and regulation context, «Solvency II» is presented. A. LECTURE 1 i. Risk: definitions, classification, cost ii. Insurance: a form of risk management iii. Key facts about the European insurance market iv. Some remarks on insurance availability and behaviours B. LECTURE 2 i. The inverted production cycle ii. Cartography of an insurer activities and value creation iii. Introduction to tariffs iv. Introduction to reserves C. LECTURE 3 i. The need for prudential supervision and regulation ii. Solvency I iii. Towards Solvency II iv. Some institutional actors FINA EMPIRICAL METHODS IN FINANCIAL MARKETS The financial world shows a deeper and deeper interest for quantitative forecasting methods. For the broker, having good approximations of future values of his equity portfolio is essential. A financial analyst should always anticipate as well as possible the behaviour of firms in which his clients are likely to invest. In this framework, this course develops different existing methods to treat those problems.its content heavily depends on students interests and their professional expectations. Among others, topics in the sequel can be involved. Forecasting of seasonal data Risk management Causality Autoregressive moving average models (ARMA models) Generalized autoregressive conditional heteroscedasticity models (GARCH models) Kalman filter... 2 ème Master : 1 cours obligatoire et 2 cours à choisir parmi 5 ECON PUBLIC ECONOMICS A number of topics in public economics will be covered, relating both to public expenditures and income. The approach is both normative and positive. We study direct and indirect taxation: incidence, incentives and optimal taxation. We also include social choice aspects, optimal social insurance systems, as well as the design and effects of real-world retirement income systems in the face of rationalagents. DROI DROIT ET FISCALITÉ DES INSTITUTIONS FINANCIÈRES Contenus du cours 1. Sens du cours Ce cours a pour objectif d initier les étudiants à la législation et la fiscalité des banques et des compagnies d assurance, dans une optique d approche des problèmes que connaissent ces institutions au niveau juridique d une part, et quant à la fiscalité de leurs produits d autre part, l analyse de ces produits étant limitée à ceux relevant de l épargne et du placement. 2. Contenus abordés a. Introduction. Banques et assurances. Bancassurance, assurfinance et bancassurfinance. Le contrôle prudentiel (CBFA). Le secret bancaire. La directive européenne sur la fiscalité de l épargne. Les «mécanismes particuliers». Le blanchiment. b. L univers bancaire. (i) Les produits bancaires pour les particuliers. Intérêts, dividendes, sciences plus-values et placements collectifs. économiques (ii) Les produits bancaires pour les entreprises. (iii) Le régime de taxation des OPC. c. L univers des assurances. Introduction. IARD et assurance-vie. (i) L assurance-vie et l impôt sur le revenu. Les trois piliers. (ii) L assurance-vie et les droits de succession. Economics & Finance 6 > 7

5 FINA FUND INDUSTRY Created in collaboration between HEC-ULg and KBL, the KBL and PWC Chair proposes this course on fund industry. Its goal is to provide Business and Law students (as well as anyone interested in making a career in the mutual fund industry) with an overview of the mutual fund industry regarding basic principles as well as the different sorts of jobs. This course is practice-oriented and is built around Luxembourg mutual fund industry standards. Luxembourg is by far the European leader (and second in the world behind the United States) in the mutual fund industry with more than funds managing around billion Euros. Financial services in Luxembourg represent more than employees contributing to almost one third of Gross Domestic Product. The course is articulated around 11 main parts. All these parts are presented by experts in mutual funds from the academic as well professional world (KBL, PWC, EFA, Deloitte; Touche, Arendt; Medernach, la bourse de Luxembourg, EHP). > Part 1: Introduction to mutual fund markets > Part 2: Plurality of products > Part 3: The different investment vehicles > Part 4: Creation of a mutual fund and organization of its social life > Part 5: Fund administration > Part 6: Custodian bank and trust company > Part 7: Organization of mutual fund surveillance > Part 8: Pension funds > Part 9: Basic principles of fiscal law for mutual funds in Luxembourg > Part 10: Admission to quotation (specialization: law) > Part 11 : Principles of fund commercialization (specialization: management) FINA FINANCIAL ECONOMICS This course provides an overview of the interactions between financial markets and financial institutions with an emphasis on the analysis of the recent economic and financial crisis. The first (theoretical) part of the course studies the main aspects of financial risk and returns at rational expectations equilibrium and the sources of deviation from this equilibrium. Students participation is solicited through group works on the analysis of research papers on this topic. The second (applied) part begins with a review of the concept of interest rates and the different theorieson the term structure of interest rates. An application in interest-rate risk management is covered with exercise sessions in the trading room. A second part is dedicated to financial institutions and the economic analysis of financial crisis and the recent subprime meltdown. Banking and the management of financial institutions as well as their regulation is detailed with a particular focus on monetary policy and the role of Central Banks during the financial crisis. Finally, the course prioritizes contacts with market professionals as selected guests intervene during some sessions. FINA INTERNATIONAL FINANCE The course is structured along three related dimensions: International Investments (2 weeks) Focus: International portfolio allocation - international financial markets - investment game This course introduces you to managing international asset portfolios via capital markets and lending institutions. It will give you the opportunity to test your investment skills in a simulated real-life international investment game. While you will be managing your portfolio, the course will offer you a comprehensive and up-to-date coverage of international investment concepts and theories. It will provide you with a detailed analysis of the benefits and dangers of investing abroad - highlighting as well thecomplications caused by the very process of international investment decision making. International Finance (2 weeks) Focus: Exchange rate markets and Purchasing Power Parity In this part of the course we will study the dynamics of exchange rate markets (spot and future markets)as well as international trade and capital flows. One of our goals will be to understand the underlying mechanisms of the Purchasing Power Parity theory as well as the origins, implications and role of existing deviations from the PPP equilibrium. The course incorporates the analysis of current financial and economic events around the globe: current issues facing the euro / the dollar, current state andchallenges from the US perspective, the question related to competitive devaluations, and more. Multinational Financial Management (two weeks) Focus: Specific guidelines for making financial decisions in an international context. The purpose of this part of the course is to provide a clear conceptual framework for understanding multinationals key financial decision-makings. Too often companies focus on the threats and risks inherent in venturing abroad minimizing the opportunities that are available to multinational firms, such as the ability to obtain a greater degree of international diversification and the ability to arbitrage between imperfect markets. The course incorporates - here as well - the analysis of current financial and economic events around the globe: current issues facing European firms competitiveness, the debate over regulation, the political considerations underlying the debate over protectionism, and more. This part of the course is enhanced through a detailed real-life analysis of the impact /threats/ opportunities of Asian markets. The diagnostic will try to build and justify expectations related to country risk considerations, foreign direct investment, competitive disequilibria and growth. sciences économiques Economics & Finance 8 > 9

6 FINA FINANCIAL RISK MANAGEMENT This advanced finance course provides an overview of the management of financial risks: Market Risk, Interest-Rate Risk, Credit Risk, Operational Risk... Basic risk management concepts will also be detailed (stochastic processes, hedging, copulae, Basel Accords, Value-at-Risk...) Introduction to risk management Introduction to stochastic processes Principles of hedging, volatility, correlations and copulae Interest-Rate risk Basel Accords and Value-at-Risk Economic Capital and RAROC Credit risk Operational risk Regarding market risk, the course reviews the sources of risk and the mechanisms to quantify and control them, as well as the hedging strategies available to the risk manager. The analysis of credit risk goes through the assessment of individual and portfolio exposures, and the methods to manage this type of risk using credit derivatives. A critical assessment of the risks related to securitization is provided. The course provides an introduction to operational risk within the financial industry. To illustrate and practice the concepts, a set of interactive exercise sessions will be organized in the computer and virtual trading room of HEC-ULg. Furthermore, case studies representing virtual marketsituations will be analyzed during these exercises sessions. Finally, the course prioritizes contacts with market practitioners. During two evening sessions organizedin collaboration with Deloitte Luxembourg, senior executive will provide students with a practiceoriented view of a special topic in risk management. Selected guests will also intervene during classes. Stage/Travail de fin d étude Au cours de sa formation à HEC-Ecole de Gestion de l Université de Liège, tout étudiant (filière 120 crédits) effectue obligatoirement un stage en entreprise ou dans toute autre institution publique ou privée et un mémoire (travail de fin d études) en 2ème année de Master. Le stage de 10 semaines L étudiant réalise un stage en entreprise durant les 10 premières semaines de l année académique (mi-septembre à fin novembre) et peut-être prolongé jusqu à la mi-décembre. Le rapport de stage d une cinquantaine de pages doit être remis au début du mois de janvier. Le stage peut s effectuer au sein d une entreprise privée ou publique, d un organisme public, d une organisation internationale ou d une organisation non gouvernementale. Le stage a lieu en Belgique ou à l étranger et est généralement non rémunéré. Pour plus d infos : visitez le site intranet Lol@ consacré aux stages et aux mémoires en sciences économiques : Personne de contact : > Nadia DE ZOTTI Boulevard du Rectorat, 7, B31 - Bureau R41 Tél. : 04/ nadia.dezotti@ulg.ac.be Le mémoire L étudiant choisit un sujet de mémoire et un promoteur au cours de la première année de Master. Le contenu et le lieu du stage doivent être autant que possible liés au sujet de mémoire. Le stage doit être considéré comme l opportunité d avoir une vision plus professionnelle du sujet de mémoire et la possibilité de collecter des données non-publiques au sein de l institution. Le sujet de mémoire doit permettre à l étudiant de faire l apprentissage des méthodes d analyse et de synthèse que les économistes utilisent et que les étudiants auront appris au cours de leurs études. Le sujet peut être théorique, empirique ou les deux. Il existe à HEC-ULg une variante possible du mémoire appelé «mémoire-projet». Le sujet de ce dernier est proposé par une entreprise ou un organisme public qui accueille l étudiant dans ses locaux non seulement au cours de la période de stage mais également un jour par semaine le restant de l année académique. Le mémoire-projet est donc une opportunité pour l étudiant de plancher sur un sujet tout en étant en immersion dans l institution ou l entreprise d accueil. Pour plus d infos : aller sur l espace «mémoire-projet» sur LOL@. Personne de contact : Responsables des Mémoires-projets > Sophie LERUTH - Tél. 04/ Sophie.leruth@ulg.ac.be Economics & Finance 10 > 11

7 Contacts & informations Responsable de la finalité : Lionel ARTIGE Directeur de programme Lionel.Artige@ulg.ac.be Edition janvier Program Manager : Nadia DEZOTTI nadia.dezotti@ulg.ac.be En partenariat avec :