Το Πρόγραμμα Μερικής Φοίτησης διδασκόμενων και εξεταζόμενων μαθημάτων ορίζεται αναλυτικά ως εξής:
Προπαρασκευαστικά Μαθήματα (Σεπέμβριος-Οκτώβριος)
The aim of the course is to provide students with the necessary mathematical tools employed in the teaching of main courses of the Programme and used in the related literature, as well as to familiarize them with the application of mathematics in addressing economic problems. The topics covered by the course are: functions and equations; the time value of money (the present and the future value of money); matrices (matrix operations, transposes and inverses, determinants, Cramer’s Rule); differential calculus (derivatives, rules of differentiation; Taylor Series expansion, maxima and minima of functions of one and of more than one variables, optimization with and without constraints); integral calculus (rules of integration, definite and indefinite integrals, improper integrals).
The aim of this course is to refresh students' knowledge on probability and statistics. It covers topics on probability, conditional probability, random sampling, properties of estimators, point and interval estimation, hypothesis tests of a single population, tests on the mean of a normal population (variance known and unknown), as well as tests of population proportions.At the end of the course, the students will be able to apply the Laws of probability and estimate various moments, either static or dynamic, from a random sample. They will be also able contact tests of the a mean, either one- or two-sided, from a normal random.
Μαθήματα Α' Εξαμήνου (Οκτώβριος-Ιανουάριος)
- Οικονομική Χρηματαγορών
The aim of this course is to introduce students to the economics of financial markets and especially to help them understand the role that financial markets play in the business environment. In addition, it focuses on many public issues and examine how the most important players in financial markets, central banks, operate and how monetary policy is conducted. It starts with an overview of the financial system with emphasis on the structure of financial markets and the role of financial intermediaries, and especially the role of the private banking sector. It covers topics on multiple deposit creation and the money supply process, determinants of the money supply, tools of monetary policy, monetary policy goals, strategy and tactics, the demand for money, aggregate demand and supply analysis, effects of monetary and fiscal policy, transmission mechanisms of monetary policy, the government’s role, fiscal policy instruments, the foreign exchange market and the international financial system.
At the end of the course, the students will have a good understanding of the functioning of the financial institutions as well as of the roles of the central bank and the government. Also, they will have acquired knowledge about the tools of monetary policy, and the way that monetary policy is conducted. They will be able to understand the implications of a monetary, but also of a fiscal, policy announcement for the financial markets (domestic and foreign) and the real economy.
- Xρηματοοικονομική και Τραπεζική Λογιστική
The objective of the course is to familiarize students with the financial reporting aspects for assets, liabilities and owners’ equity. The course also covers topics of earnings management, fundamental analysis and equity valuation based on accounting information. The primary emphasis of the course is on reporting for assets and liabilities according to the International Financial Reporting Standards (IFRS).At the end of the course students will have full understanding of the elements of financial statements and be able to use that information in making decisions. In addition, students will know how to value assets, liabilities and measure income. This knowledge will facilitate their use and analysis of financial statement information.
Μαθήματα Β' Εξαμήνου - 1η + 2η περίοδος (Ιανουάριος-Απρίλιος/Απρίλιος-Ιούλιος)
- Ανάλυση Αγορών και Διαχείριση Χαρτοφυλακίου
The aim of this course is to introduce students to capital markets, and the modern tools of investment analysis and portfolio management. It covers topics on investment techniques and capital budgeting, money and capital markets, optimal portfolio management and risk management, asset pricing, security analysis and bond pricing, as well as bond portfolio management. The course also includes a computational demonstration of most of the above tools and techniques with excel, which is very popular in the finance industry.At the end of the course, the students will have a full understanding of concepts and tools of the modern portfolio management techniques and investment decisions. They will be acquire knowledge and skills on institutional issues of financial markets, trading mechanisms, asset evaluation procedures, investment strategies and risk management. They will be also able to implement the above tools and methods in practice to evaluate empirically their performance.
- Ποσοτικές Μέθοδοι
The aim of the course is to introduce students to quantitative methods with emphasis on their application to decision taking.The scope of the lectures is to familiarize the students with the basic theoretical principles and the models applied to Finance. The course also includes lab applications with real economic and financial data. The practical significance of this course is of great importance, as the statistical and econometric analysis is necessary to create Portfolios, to the rational decisions making, in the Banking Sector, in the Capital and Money markets, to asses Portfolio performance, etc.Completing the course, the students will able to quantify a given problem, to find the appropriate method to solve it, to consider alternative models or estimating procedures, and to employ the results this quantitative analysis on decision making for the financial markets and banking sector. The main applications of the financial markets are the assessment of funds and portfolios, of credit risk, and the behaviour of interest and exchange rates.
- Χρηματοοικονομική Διοίκηση
This course examines the valuation of investment projects and capital budgeting decisions by corporates, how they access capital markets and factors that affect capital structure decisions, namely the mix of various forms of financing. It also covers means of raising debt and equity financing in capital markets, with a special focus on early-stage funding and crowdfunding. As a benchmark case, we consider a competitive economy without frictions, where capital structure is irrelevant for the value of the firm. This, so called Modigliani-Miller (MM) irrelevance proposition, is discussed using basic concepts of real options where students have the opportunity to gain insights into the valuation of risky-debt and equity. The MM irrelevance proposition is used to guide students’ thinking about the impact of financial transactions, such as share buybacks, on share valuations and the weighted average cost of capital (WACC). Real-world examples are considered where capital markets are subject to distortions and frictions, such as financial distress costs, principle-agent problems and asymmetric information. The teaching mode is to identify first-order factors that affect capital structure decisions by corporates and think towards an optimal capital structure when such factors interact. In particular, the Static Trade-Off theory (STO) considers the balance between tax shields and financial distress costs in determining a firm’s debt policy. As part of STO, students are introduced to problems of debt-overhang and underinvestment by firms due to legacy debts and learn how managers could deal with these problems, with a special emphasis on rights issues and debt restructurings. In the presence of managerial moral hazard, the Free-Cash-Flow theory (FCF) suggests that debt could act as disciplinary devise, facilitating better monitoring of managerial decisions. According to the Pecking-Order-Theory, information asymmetries lead to mispricing of corporate securities, thus corporate decisions on which type of securities to issue depend on information sensitivities. Aspects of human capital and innovation are considered in relation to big tech companies and their decisions to raise external funds. The course also covers issues on early-stage funding and crowdfunding. Overall, students are equipped with the analytical apparatus to identify first-order issues relevant to corporate financing decisions and learn how to combine and apply them in practice.
- Χρηματοοικονομικά Παράγωγα Προϊόντα
The aim of this course is to introduce students in modern tools of credit risk management and to evaluate options on credit risky debt. These instruments are very popular among bankers to manage and hedge their position against risky debt. The effective management of credit risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organisation. The course is organized as follows. The first section presents standard interest rates models. These are then used in practice to price option or futures on Treasury Bills and Bonds, as well as interest caps and floors. They can also be used to hedge against risky debt. Having introduced the above tools, the second section the course makes an introduction to the credit risk, credit ratings, estimation of default probabilities, calculates the credit risk on debt instruments, presents credit risky bonds, credit default swaps, futures and options on credit default swap spreads, options on swaps, and finally introduces the mortgage-backed securities. The latter can be found very useful for practitioners in the markets for their every day activities, while students will learn all the necessary tools for credit risk management.
Μαθήματα Γ' Εξαμήνου - 1η + 2η περίοδος (Σεπτέμβριος-Δεκέμβριος/ Δεκέμβριος-Μάρτιος)
- Μάθημα Επιλογής 1*
Οι φοιτητές επιλέγουν 1 μάθημα επιλογής από την παρακάτω ενδεικτική λίστα μαθημάτων επιλογής.
- Μάθημα Επιλογής 1*
Οι φοιτητές επιλέγουν 1 μάθημα επιλογής από την παρακάτω ενδεικτική λίστα μαθημάτων επιλογής.
- Tραπεζική Διοίκηση και Διαχείριση Κινδύνων
The aim of this course is to introduce students to modern banking economics, and especially the current tools of banks risk management. It covers topics on banking theory and practice and techniques of risk detection, risk measurement, risk management, risk hedging and risk immunization. The course also includes a computational demonstration of most of the above tools and techniques with excel, which is very popular in the banking industry. At the end of the course, the students will have a full understanding of concepts and tools of the modern banking techniques and strategic decisions. They will acquire knowledge and skills on banking products, procedures, accounts and statements. They will be also able to implement the above tools and methods in practice to evaluate empirically banks performances. Finally, the students will be able to manage the credit risk, the interest rate risk, the parity (fx) risk, the liquidity risk, and the operational risk of the banking institutions.
Δ' Εξάμηνο (Μάρτιος-Ιούλιος)
- Διπλωματική Εργασία
Η εκπόνηση της Διπλωματικής Εργασίας δεν είναι υποχρεωτική για τους φοιτητές μερικής φοίτησης, αλλά μπορεί να αντικαθίσταται με τα παρακάτω 3 μαθήματα αντί διπλωματικής.
Μαθήματα αντί Διπλωματικής
- Ειδικά Θέματα στη Χρηματοοικονομική
The aim of this course is to present a number of risk management and investment applications to the students, which are used in practice. It covers topics in international portfolio risk management and currency risk, matual funds and portfolio performance evaluation, Investments strategies and value at risk (VaR) applications. At the end of the course, the students will have become familiar with techniques and concepts on international investing risk management procedures and diversification, performance evaluation procedures and security selection, investment strategies accounting for taxes and inflation, investor constrains, investment policies and VaR procedures. VaR procedures for asset portfolios and loans management will be demonstrated through a an econometric package.
- Ειδικά Θέματα στην Τραπεζική
The aim of this course is the completion of the knowledge of those students who have already attended the course of Banking & Risk Management. They will acquire the most modern and specialized knowledge of current banking issues. The course also includes a computational demonstration of most of the above tools and techniques with excel, which is very popular in the banking industry. At the end of the course, the students will have a full understanding of concepts and tools of the modern banking techniques and strategic decisions. They will acquire knowledge and skills on banking supervision (especially in: capital adequacy, money laundering, etc.), securitization practices, bank payments systems, bank administration structures, bank crises, bank business plans, bank budgeting, treasury cash flows, and bank valuation methods.
- Πληροφοριακά Συστήματα και Στρατηγικές Διαχείρισης στη Χρηματοοικονομική
Dealing room operations focus, mainly, on trading financial securities and executing financial transactions, and are directly dictated from risk, liquidity and cash management constrains. The aim of this course is to make the student familiar with the functions, operations and trading strategies in the modern dealing room. It attempts to develop an operational knowledge in trading financial securities with a focus on risk management, cash management (working capital management) and return enhancement. This course begins with an introduction to dealing room technology, market making, technical analysis, it proceeds to cover a repertoire of trading and arbitrage strategies for equities and derivatives, and finally it presents best financial techniques regarding cash management.After the completion of the course the students will have a full understanding of the activities of a bank’s or a financial institution’s treasury department, and an insight of how treasury can support business strategy. They will be acquire fundamental knowledge and skills on trading mechanisms (how security trading is conducted, how security traders can minimize their cost of trading, and of how market makers can optimally set prices and execute orders), theoretical and empirical issues of different financial instruments, their valuation methodology, and their institutional uses in risk and cash management. They will also gain first-hand experience in trading simulated securities and making a market for simulated securities at the program’s Dealing Room consisting from 12 fully functional Thomson Reuters Eikon Terminals.
* Μαθήματα Επιλογής (Ενδεικτική Λίστα)
- Αποτιμήσεις και Συγχωνεύσεις Επιχειρήσεων και Τραπεζών
The aim of this course is to introduce students to companies’ valuations and mergers/ acquisitions. It covers topics on Financial Reporting and Analysis, Corporate Finance, Equity and Alternative Investments. In more details in the part of Financial Reporting and Analysis it covers Financial Reporting System analysis (with an emphasis on IFRS), Analysis of Inventories and Long-Lived Assets, Analysis of Pensions, Stock Compensation and Other Employee Benefits, Analysis of Inter-Corporate Investments, Analysis of Business Combinations, Analysis of Global Operations, Ratio and Financial Analysis. In the part of Corporate Finance it covers special topics on Capital Structure Decisions, Working Capital Management, Mergers/Acquisitions and Corporate Restructuring. Finally, in the part of Equity and Alternative Investments it covers special topics on Valuation of Shares Equity together with Private Equity/Venture Capital Valuation. At the end of the course, students will have a full understanding of concepts and tools of the companies’ valuation methods as well as mergers/acquisitions techniques. They will acquire knowledge and develop skills, firstly on financial analysis and management to valuate business operations, assets and equity shares; and secondly on business combinations and mergers/acquisitions. They will be also able to implement the above knowledge, tools and methods in practice to evaluate empirically their performance.
- Διαχείριση Πιστωτικού Κινδύνου
The aim of this course is to introduce students in modern tools of credit risk management and to evaluate options on credit risky debt. These instruments are very popular among bankers to manage and hedge their position against risky debt. The effective management of credit risk is a critical component of a comprehensive approach to risk management and essential to the long-term success of any banking organisation.
The course is organized as follows. The first section presents standard interest rates models. These are then used in practice to price option or futures on Treasury Bills and Bonds, as well as interest caps and floors. They can also be used to hedge against risky debt. Having introduced the above tools, the second section the course makes an introduction to the credit risk, credit ratings, estimation of default probabilities, calculates the credit risk on debt instruments, presents credit risky bonds, credit default swaps, futures and options on credit default swap spreads, options on swaps, and finally introduces the mortgage-backed securities. The latter can be found very useful for practitioners in the markets for their every day activities, while students will learn all the necessary tools for credit risk management.
- Θεωρία Παιγνίων & Στρατηγικές Αποφάσεις: με εφαρμογές στα Οικονομικά
Game theory studies strategic situations. It is the science of strategic decision making. It has been used to great effect in sciences as diverse as evolutionary biology and economics.
- Διαχείριση Χρηματοοικονομικών Κινδύνων
- Διαχείριση Διαθεσίμων
The course aims to expose students to key concepts and practices in Treasury (& Asset-Liability) Management. An introduction to core Treasury functions and activities in financial markets, and its interaction with other business areas of the financial firm, provides the institutional context. Students are introduced to practical and theoretical concepts - within an overall institutional risk management framework - relating to liquidity, liquidity cost and its internal cost allocation (“funds-transfer-pricing”), liquidity risk (static/dynamic liquidity risk models) and liquidity risk management; sources of interest rate risk and currency risk in the balance sheet and their modelling and management, capital and capital adequacy. At the end of the course students should be in a position to understand in depth these fundamental concepts and, with the knowledge of practical risk management tools and methods that they have acquired in the course, be able to integrate them into a working practical framework to manage the inherent risks discussed above as they result from the balance sheet’s assets & liabilities. At the same time, through this process they gain an understanding of how a financial institution can better achieve its business objectives (tactical & strategic) as they relate to the management of the balance sheet, especially in the context of today’s continuously evolving and highly demanding regulatory/supervisory framework.
Τα προσφερόμενα μαθήματα κατ’ έτος αποφασίζονται από την Ε.Δ.Ε. του ΔΠΜΣ κατόπιν εισήγησης της Σ.Ε. του Προγράμματος.
Τροποποίηση του προγράμματος μαθημάτων και ανακατανομή μεταξύ των εξαμήνων μπορεί να γίνει με αποφάσεις των αρμοδίων οργάνων σύμφωνα με τον Κανονισμό Μεταπτυχιακών Σπουδών.
Η ανακατανομή των μαθημάτων στο πρόγραμμα Μερικής Φοίτησης γίνεται με αποφάσεις των αρμοδίων οργάνων και θα περιλαμβάνεται στον Κανονισμό Μεταπτυχιακών σπουδών του ΔΠΜΣ.