All aspects that have to be considered for writing a successful exposé and master thesis, like e.g. the fulfillment of formal requirements, the development of a research project and the correct choice of methodology for answering the research question.

Student Presentations and discussion
Self-study through reading announced literature at home.

After the completion of this module, the students have successfully handed in their Exposé for the master thesis and know how to conduct a research project. They have learned how to develop a research question, choose and discuss the methodology for answering it. They know how good research papers and theses look like and are able to transfer this knowledge into their own project.

> Learn how to structure a research project
> Formulate a research idea and develop a research question
> Narrow the research idea to a realizable size
> Choose and justify a research methodology
> Conduct a sound literature review
> Formulate an exposé in which the research project is described and justified
> Know and apply the scientific standards and writing principles of the University
> Discuss their project and integrate peer and professional feedback
> Give feedback on other research projects
> Organize their project in terms of literature, writing and time plan
> Learn how to develop a thesis exposé

Presentation (30%)
Written exposé (70%)
Obligatory Class Participation

Quantitative Finance will cover:

• Classical linear regression model assumptions and diagnostic tests
• Expansions of the simple linear regression model to multiple linear regressions
• Long-run relationships in finance
• Models of time series volatility and covariances
• Simulational methods in finance
• Introduction to ThomsonReuters Eikon

See lectures within this module.
Class participation in "Data Sourcing and Analysis" is obligatory.

• Fundamentals in Modern Banking;
• Asset Liability Management;
• Banking Regulation;
• Services and Products in Private Banking;
• Strategies in Private Banking.

Interactive Lecture

• Understanding Risks and Risk Management in Banking;
• Applying management tools in Banking;
• Applying various strategy concepts based on strategic analysis instruments to the commercial and private banking sector;
• Investigating the issues of international regulation, global sector trends as well as the

question of generation change and strategies of specific competitors;

• Recognising and critically scrutinising relevant topics or problem areas within the private

banking industry with the help of learnt analysis methods.

See lecture within the module.

Life-Cycle View of Personal Finance
Defined Benefit vs. Defined Contribution Plans
Instruments Typically Used in Pension Finance
Models for Integrating Financial Risks with Other Risks like Longevity Risk

Interactive lecture with exercises

After completing this lecture, students have gained a solid background in financial decisions regarding longevity and retirement. They know how to combine valuation techniques from finance with those from actuarial mathematics, and understand the effects of longevity, bequest motive, and risk-return tradeoff on the corresponding choices made by individual investors.

Understand and apply life-cycle models of individual investors
Distinguish between DB and DC pension plans and understand their respective implications
Combine financial models with models for longevity risk
Select appropriate financial instruments for individual pension planning and justify this selection economically

See lecture within the module.

Grading will be based entirely on the final exam.

• Recognising problems and analysing various topics in the area of financial services
• Handling ambitious practical problems in financial services like consulting projects and

real portfolio management

• Developing customer-specific solutions
• Communicating with project client
• Presenting the final project report
• Working in a team in a project-oriented manner
• Mastering a portfolio under the supervision of a portfolio manager
• Working up all relevant information and data for portfolio management
• Structuring the strategic and tactical asset allocation
• Deciding on security selection

Practical project work

After completion of the module, the students have at their disposal practical experiences in
handling a consulting project in the area of finance.

In the course of the assignment, they utilize a range of advanced procedures and techniques incorporated in the discipline and apply theoretical insights to practical solutions, so that they are directly prepared for their professional life.

Students develop original and creative answers for topics and problems and are able to evaluate the situation even without complete information.

They are able to reflect and enlarge their knowledge and capabilities. In addition, they master
professional project assignment and presentation techniques and are trained to function in a
team.

They are also able to assume responsibility within the team and to coordinate team
assignments while taking into account the interest of the business.

See lectures within the module.

• Identification of a research problem and development of a research question
• Thematically formulating a problem and developing a solution through application of

scientific methods

• Independence in handling a research problem determined in the course of an assessment.
• Discussion with the advisor about methodological and content issues in solving a research

topic.

• Completion of a comprehensive assignment where the students deal with a theoretical or

practice-oriented problem in their field of specialisation by drawing on scientific work
methods.

• Completion of presentation documentation on a research problem within their specialised

field.

• Defense of the elaborated research topic and in-depth discussion with the examination

board.

After completion of the module, the students have acquired a detailed knowledge and a critical understanding of their research topic. They have at their disposal specialised knowledge of methods and procedures for processing data and explaining it in a structured manner.
Furthermore, they exhibit originality and creativity in the application of their knowledge.

The students complete research and development projects, applying specialised research methods, survey and development techniques by drawing on their previously acquired skills.
Additionally, they present the significant findings of their project to academic and real economy specialists, thereby utilising various communication methods in order to illustrate complex data on a scientific level.

Upon positive evaluation of the thesis module the Master's degree is awarded to the candidate.

• Evaluation of the written thesis paper
• Presentation and defense in front of the examination board

==> Presentation & Defence date is: 23.01.2019
==> Submission deadline of the Master thesis is on Fr, 30.11.2018 at the Central Services Desk. Please check the website for opening hours: https://www.uni.li/de/universitaet/services/zentraleservicestelle
==> The digital version of your Master thesis is to be submitted via moodle using the course "Thesis Project". Please use the required naming as providedin the Guidelines for academic papers in Economics.
==> Submission Thesis: Please check Guidelines for academic papers in Economics (under Regulations and Forms).

Investment Strategies by Asset Class: Equitiy, Fixed Income, and Derivatives Strategies
Investment Strategies for Different Economic Environments
Asset Management in Practice

Paper-based preparation of topics, strategy implementation and testing, presentation and discussion

After completion of this module, students know about practical aspects of asset management, in particular various investement strategies. These strategies can be categorized by asset class and/or particular (macro-)economic environments for which they are particularly suitable.

Understand exactly how investors try to achieve profits using different asset classes
Know the state of the art regarding risk/profit drivers in financial markets
Devise, justify, and test investment strategies for different economic environments (inflationary/deflationary, expansion/recession,...)

See lecture within the module.

• Global Financial Environment
• International Parity Conditions
• Foreign Exchange Rate Determination and Forecasting
• The Foreign Exchange Market and the Use of Foreign Currency Derivatives
• Foreign Exchange Exposure
• Financing the Global Firm
• Foreign Investment Decisions
• International Trade Finance
• Working Capital Management

Interactive lecture with exercises.
An excursion could be offered, lasting several days, and with relation to the content of the lecture.
Business leaders will be invited to give a speech with practical insight.

• Having at ones disposal comprehensive and integrated knowledge of the majority of core areas in international business finance.
• Independently solving problems in international business finance by means of acquired concepts.
• Applying procedures and techniques that are specialised and always state-of-the-art.
• Identifying, conceptualising and defining new and abstract issues and problems in international business finance.
• Communicating acquired information comprehensibly to specialists and laities.

Continuously updated Syllabus and lecture slides will be available on moodle.

See lectures within the module.

• Introduction to Financial Markets
• Interest rates and bond prices
• The structure of interest rates
• Market efficiency
• Monetary policy
• Money markets
• Bond markets
• Mortgage markets
• Derivative markets
• Introduction to Financial Economics
• Expected utility, Mean-variance and Prospect theory
• Ambiguity
• Capital Asset Pricing Model
• Behavioral CAPM
• Basic two-period models
• Arbitrage Pricing Theory

Interactive lecture with compulsory pre-readings.

After the completion of the module the students know how the most important financial markets work and which instruments are traded on them. They know and are able to use in examples the groundwork of decision theory and asset pricing models. An insight into behavioral aspects is approached.

Students...
> know how interest rates and bond prices are related and influence each other
> know different structures and theories of interest rates
> are able to explain what market efficiency is and know evidence for different stages
> can explain how monetary policy is used to influence financial markets
> know the dynamics of money, bond, derivatives and mortgage markets
> are able to use all classic decision theories to solve exemplary problems
> know the assumptions underlying each decision model
> understand what ambiguity is and how it influences decisions
> understand and are able to use different pricing models on basic exemplary problems

See lecture within the module.

Empirical Finance will cover:

• Foundations of Modern Standard Capital Market Theory and Capital Asset Pricing Model
• Market Anomalies
• The Event Study Method
• Empirical Asset Pricing Tests
• Key concepts of experimental research approaches
• Testability of market and trader behavior
• Introduction to R (Syntax, program structure, programming concepts)

Interactive lecture with exercises

See lectures within the module.
Class participation in "Programming in Finance" is obligatory.