Course Description 22-23
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Money and Capital Markets This course examines the most important issues in the theory and practice of modern portfolio management. Topics include efficient capital markets, risk and return, asset pricing models, valuation, equity portfolio management strategies, bond portfolio management strategies, the professional asset management industry, evaluation of portfolio performance, main investment decision biases, investor contrarian and momentum strategies, and herd behavior. |
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Direct Taxation and Tax Planning The aim of the course is to introduce the student to the concept and techniques of income taxation and tax planning of business entities. Upon successful completion of the course the student will be (a) familiar with the whole theory of tax planning and deferred taxation (b) aware of the tax law regarding the determination of the taxable income of a business entity (c) able to determine the tax liabilities of a business entity (d) able to perform accounting entries to determine the result, settle tax liabilities and distribute the profits of a business entity. |
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Business Analysis and Valuation This course introduces and develops a framework for business analysis and valuation using financial statement data. Students examine the ways of utilizing the information available in the accounting statements to make investment decisions and evaluate credit applications. Upon completion of the course, students will be able to understand the usefulness but also the limitations of using financial accounting data to evaluate stocks and a company's creditworthiness. |
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Principles of Corporate Governance This course examines corporate governance practices around the world, seeking to understand the differences in systems in different countries and explores policy issues surrounding corporate boards. Upon completion of the course, students will be able to: understand the process of making financial decisions in modern businesses, assess the value of business decisions, as well as the business as a whole, understand economic and financial developments, read critically the financial press, make economic and financial analyses that can be used for real-life decisions |
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Portfolio Analysis and Management The following topics are covered in the course unit • Introduction to investments, Utility function, Portfolio risk and return • Financial Markets, Financial Institutions, The Investment Environment • Market Efficiency • Markowitz: The concept of diversification and the efficient frontier • Markowitz: Riskless lending and borrowing and the efficient set • Capital Asset Pricing Model (CAPM) • Single Index Model (SIM) and Multifactor Models • Arbitrage Pricing Theory (APT) • Portfolio performance evaluation • International diversification |
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Risk Management The aim of the course is to present contemporary issues on risk measurement in financial institutions. Students familiarize with the institutional framework regarding risk measurement, while advancing their quantitative skills. Emphasis is given on the measurement of Market risk and Credit risk and the various measurement methods with their pros and cons. |
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International Finance Current and Forward Forex Market. Covered and uncovered interest rate parity. Currency Exchanges (FX Swaps). Equilibrium speculation. Rights contracts in Foreign Exchange. Futures Contracts in Foreign Exchange. Theories of determining current Exchange Rates. Macroeconomic policy in open economies. Excellent Currency Areas Funding from international capital markets. Characteristics of Euromarkets. International Banking. Capital taxation from international activities. |
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Macro-finance Students after completing this course should be familiar with: • National Accounts • Components of Aggregate Demand • The Aggregate Supply • Demand and Money Supply • General equilibrium of National Income • Business Cycles: Fiscal and Monetary policies • Monetary Policy Transmission, Interest Rate Channel, Credit Channel, Balance Sheet Channel, Bank Lending Channel • The Financial System and The Real Economy, Capital Market Imperfections and Real Investment Decisions |
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Management Accounting The purpose of the course is the in-depth examination of issues related to the use of accounting information to make decisions for planning business activity, in the short and long term, controlling and evaluating performance. |
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Fraud Examination The primary purpose of the course is to familiarize students with the various occupational fraud schemes. For each fraud method, students solve case studies, and examine the preventive and detective controls that the firm's management may adopt to deal with it. The course aims to provide students with the following general competencies: - Search for, analysis and synthesis of data and information, with the use of the necessary technology - Adapting to new situations - Decision-making - Working independently - Team work - Working in an international environment (Group project) - Working in an interdisciplinary environment (Group project) - Production of new research ideas - Production of free, creative and inductive thinking |
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Auditing The course is a particularly demanding introduction to auditing and assurance services. It is designed for the student to understand both the theory and practice of auditing. By developing both an understanding of the underlying concepts and principles of auditing and the ability to apply and adapt these concepts and principles in a variety of contexts and circumstances is essential to an auditor for life-long learning. 1. To introduce you to the basic concepts of auditing, with the emphasis being on the practice of auditing in the external (public company audits) and internal auditing contexts. 2. To understand the role that audits (both internal and external) play, their purpose, and the value that 52 they provide. 3. To identify, research, understand, and apply current auditing standards and guidance relating to ethics, independence, and other professional standards. 4. To begin your preparation for various professional certification exams. |
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Indirect Taxation The course deals with corporate income taxation issues. The first section of the course presents basic concepts of deferred taxes (tax expense, current tax and deferred tax) and alternative ways of measuring them. The second section presents the relevant provisions of the Tax Legislation Code concerning the determination of taxable income and the determination of corporate income tax. The course concludes with a presentation of pricing methods for intra-group transactions. |
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Consolidated Financial Statements The purpose of the course is to present and thoroughly analyze the accounting of business combinations. The course material is developed with reference to both International Financial Presentation Standards and Greek Accounting Legislation. At the end of the course the student will be familiar with the accounting techniques of business combinations. At the beginning, the accounting methods for dealing with takeovers, mergers and business divisions are presented (acquisition method, takeover method and joint stock method) Next, the basic techniques for drawing up the consolidated financial statements (proportionate consolidation and full consolidation) are presented Then special issues are presented in the preparation of the consolidated financial statements (e.g. elimination of intra-group transactions, indirect ownership, mutual holdings between parent and subsidiary|) The course concludes with a presentation of the topic of impairment of a cash-generating unit. |
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Bank’s Institutional Operating Framework The purpose of the course is the analysis and presentation of the institutional framework for the operation of banks. The topics covered are: Need for a regulatory framework, the role of Central Banks, establishment and operation of banks, financing rules, banking transactions, supervision of International Banking, Basel Committee, deposit guarantee system, lender of last resort, special forms of credit institutions, mechanisms supervision, internal control systems, morphology and risk management, banking transparency and sanctions, corporate governance of banks, CAMELS Ratings, Regulation/Deregulation, restructuring of the regulatory framework. |
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Valuation Theory (1) Dynamic valuation models in integrated markets: -State prices and no-arbitrage opportunities -Optimal choice of consumption and portfolio composition: Dynamic programming and martingale -Agglomeration, equilibrium prices and asset returns (2) Applications of Dynamic Valuation Models:- Learning, Uncertainty and Pricing - Learning, Uncertainty and 'Bubbles' (3) Heterogeneity:-Heterogeneous preferences -Limited participation in the stock market -Asymmetric information -Dimension of opinions (4) Non-integrated markets: -Applications of non-integrated markets |
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Public Sector Accounting The purpose of the course is to present the contemporary international trend of reforming the Public Sector Administration (New Public Management) with an emphasis on the issues of the presentation of accounting information, based on international and national standards and the organization of administrative accounting (budgets, costing, etc.). |
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Cost Accounting The goal of the course is to introduce students to the content of Cost Accounting. More specifically, this course attempts to explain students:
Standard costing and variances analysis. |
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Accounting Information Systems and Internal Control The primary purpose of the course is to introduce students to the study and graphical documentation of the business processes of sales, procurement of raw materials, payroll, acquisition of fixed assets and production. The students become familiar with the internal security measures, which the management of the company integrates into its procedures. In addition, they are exposed to current developments in internal auditing while learning to use ACL auditing software and the Microsoft Office Visio program. |
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Market Microstructure and Dealing Room Simulations Market Microstructure is the field that deals with the organization of markets and their participants. Specifically, the dynamics of trade and price developments in different markets are examined by studying: o the rules governing trading. o the types of market-participants. o their incentives, and o the strategies they choose to achieve their objectives. |
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Shipping Finance This course aims to familiarize student with the business financing system in the shipping industry. The particularities of the sector are examined in relation to the general financial principles. Topics such as the economics of Shipping, the globality and international nature of the sector, the cyclicality of markets, investment decisions, financing methods and risk management are analyzed, among others. |
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Credit Risk Derivatives Overview of fixed income markets: Yield metrics (Yield to Maturity, Total Returns, Par Yields)/ Yield Curves / Sensitivity measures / Forward contracts, futures and Swaps / Hedging interest rate risk/ Yield-curve speculative strategies. The concept of Credit Risk – Measurement methods: Credit-scoring/ Structural models / Reduced-form models / Default Correlation models (Copulas, Transition models). Corporate bonds: Credit Spreads (Z-spread, Asset-Swap Spread, i-Spread) / Credit ratings / Management strategies. Credit derivatives and uses: Credit Default Swaps, Hedging, Speculative strategies, Arbitrage strategies, Default Correlation Derivatives, CDOs, CLOs, CMOs, Securitisation methods, Tradeable indices of systemic credit risk (iTraxx, CDX), Management of Credit Lines, Corporate Bond Portfolios, and Loan Portfolios, Use of Credit Derivatives in Alternative Investments (hedge fund, private equity). |
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Quantitative Methods This course can be considered as an introduction to Econometrics. Its aim is to present the basic theory Econometrics and how this can be rigorously applied to a variety of problems arising from Economics, Finance and Business Administration. Topics to be covered include the simple and multiple linear regression models, parameters estimation using least squares and the basic tools of statistical inference (hypothesis tests and confidence intervals). The course also studies a number of methods that examine the adequacy of an econometric model based on measures of fit, forecasting accuracy and residual analysis. Finally, it examines the notion of heteroscedasticity and autocorrelation and suggests various ways to dealt with them. In this course, econometric theory is combined with econometric practice by showing its use with software package EViews. |
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Modern Types of Financing An Overview of Corporate Financing. • Factoring • Venture Capital • Convertible Bonds • Leasing (Operating and Financial Leases) • Mergers & Acquisitions • Securitization |
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Behavioral Finance Traditional economics and finance is developed on the assumption of a rational utility maximizing economic agent. Recent empirical evidence, however, suggests that real people behave differently than assumed. This module reviews the literature on cognitive psychology as regards to human and investor behaviour and contrasts this with the behavior that is expected from traditional models. We discuss Prospect Theory (PT), i.e., a theory alternative to Expected Utility Theory (EUT), and show that many empirical phenomena that are considered as ‘anomalies’ by traditional finance can be explained within this framework. The module also discusses empirical findings on various related issues such as herding behaviour, measures of herding, investor overreaction and under-reaction, measurement of investor sentiment, mental accounting, overconfidence, the house-money effect, the dividend puzzle, the equity premium puzzle, the closed-end fund puzzle, among others. |
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Banking The course aims to provide an in-depth understanding of the main concepts, issues and practices regarding the field of financial econometrics. It introduces students to the main models, while demonstrating their usefulness for conducting empirical analysis in financial applications. In the process, the students become familiar with the various econometric tools and acquire the necessary skills for analyzing financial time series. Upon completion of the course, the students
Will be able to use these tools for the implementation of complex trading strategies. |
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Financial Institutions Accounting The purpose of the course is to introduce students to the concept and to the accounting treatment of financial instruments. The lectures intend to enable students to understand the role of accounting as a means of measuring financial activities and also as a source of information about the risks (credit, market, liquidity, operational) that financial entities face. Additionally, the course focuses on the fundamental differences between the financial statements of financial and non financial institutions. |
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Computational Finance MATLAB is an industry standard software package used extensively for Finance based computer applications. The course aims to provide students with the necessary tools and expertise to use MATLAB in solving complex financial problems. The course shows how to write a program in MATLAB from the simple arithmetic operations to the more sophisticated tools of the language. The course covers a variety of financial applications including portfolio optimization, data handling, derivatives and risk management. |
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Capital Taxation The purpose of the course is the presentation of capital taxation in Greece as it evolves within the international tax framework. The different types of taxes on capital are analyzed both at the level of possession and at the level of use and transaction. In particular, the following are thoroughly analyzed: Real Estate Ownership Tax, Real Estate Transfer Tax, Income Tax-Capital Tax, Stock Exchange Transactions, Capital Concentration Tax, Contribution of Law 128/1975, Taxation of Inheritances, Donations and Parental Allowances. Finally, in view of the introduction of the asset register and possibly a wealth tax (Wealth Tax), the legislative framework for the submission of asset declarations is presented as well as the relevant data that must be declared in the respective declarations. |
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Financial Accounting The aim of the course is to guide students in the area of Financial Reporting. Key components of financial reporting are discussed: Financial Reporting and Accounting Standards, Conceptual Framework for Financial Reporting, Statement of Financial Position and Statement of Cash Flows, Cash and Receivables, Valuation of Inventories, Depreciation, Impairment and Depletion, Intangible Assets, Investments-Financial Instruments- IFRS 9, Revenue Recognition, Accounting for Leases, Case Studies |
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Financial Accounting I The course aims to familiarize students with issues of Financial Accounting Theory and Practice. Emphasis is given to the accounting framework, income recognition and assets measurement. The valuation rules are based on current (Greek and International) Accounting Standards. To follow the course students should be familiar with the basic principles and concepts of Financial Accounting. |
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Financial Accounting II The aim of this course is to thoroughly present and analyze Financial Accounting theory and practice by assigning emphasis on the recognition and measurement of revenues and specific classes of assets and liabilities. The abovementioned topics are approached based on both IFRS and Greek Accounting Standards. Students having successfully attended the course will acquire knowledge regarding the theoretical framework of Financial Accounting. |
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Financial Instruments: Analysis and Valuation The course covers the basic derivative securities, derivative markets and their functions, the pricing of derivative securities via stochastic processes and the risk management of financial positions via derivatives. Computational techniques of pricing derivatives are also covered. Specifically, the students will: • gain a deep understanding of financial derivatives • appreciate the role of derivative securities in hedging and risk management • be able to price financial derivatives using analytical and numerical methods Moreover, the purpose of the course is to deal with issues related to the Accounting treatment of the Financial Instruments of the Financial Reports. (Accounting for Financial Instruments - IFRS9) |
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Corporate Finance The course is about the decisions of firms regarding their investments and their financing. Specifically, it focuses on the main techniques of managing long-term investments and covers topics such as project valuation, cost of capital, the relationship between risk and return, market efficiency, dividend policy and stock repurchases, capital structure of companies and working capital. After attending the course, the student should be able to calculate the value of investments and securities in an environment of uncertainty. The student will know the basic techniques of investment valuation, bond and stock valuation, the theories of company financing, and their practical application. The student will be able to understand the importance of dividend policy and stock repurchases. Finally, the student will be able to know the main financial models of managing working capital. |
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Financial Econometrics The course aims to provide an in-depth understanding of the main concepts, issues and practices regarding the field of financial econometrics. It introduces students to the main models, while demonstrating their usefulness for conducting empirical analysis in financial applications. In the process, the students become familiar with the various econometric tools and acquire the necessary skills for analyzing financial time series. Upon completion of the course, the students
Will be able to use these tools for the implementation of complex trading strategies. |
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Financial Derivatives The course covers the basic derivative securities, derivative markets and their functions, the pricing of derivative securities via stochastic processes and the risk management of financial positions via derivatives. Computational techniques of pricing derivatives are also covered. Specifically, the following topics are covered: • Futures contracts and hedging • Forward contracts and pricing • Swaps • Options contracts: Characteristics and trading strategies • Pricing options contracts |
