ΠΡΟΓΡΑΜΜΑ ΜΑΘΗΜΑΤΩΝ

Το Πρόγραμμα Πλήρους Φοίτησης διδασκόμενων και εξεταζόμενων μαθημάτων ορίζεται αναλυτικά ως εξής:

Προπαρασκευαστικά Μαθήματα (Σεπτέμβριος-Οκτώβριος)

Mαθηματικά

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).

Αναλυτική Περιγραφή Μαθήματος_Syllabus

Στατιστική

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.

Aναλυτική Περιγραφή Μαθήματος_Syllabus

Α' Εξάμηνο (Οκτώβριος-Φεβρουάριος)

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.    

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Χρηματοοικονομική 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.

Aναλυτική Περιγραφή Mαθήματος_Syllabus

Ποσοτικές Μέθοδοι
Τhe 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.

Aναλυτική Περιγραφή Mαθήματος_Syllabus 

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.

Αναλυτική Περιγραφή Μαθήματος_Syllabus

 Β' Εξάμηνο (Φεβρουάριος-Ιούλιος)

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.  

 Aναλυτική Περιγραφή Μαθήματος_Syllabus

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.

Αναλυτική Περιγραφή Mαθήματος_Syllabus

Τραπεζική Διοίκηση και Διαχείριση Κινδύνων

The financial crisis that erupted in 2007 has demonstrated the importance of recognizing and managing the multiple risks with which Financial Institutions (FI) are faced.   This course will provide an integrated approach to managing risks faced by FIs: their recognition, measurement and mitigation.  We will place emphasis on the role that derivative products play in mitigating risk.  The risk management framework of FIs consists both of internal systems as well as external rules of prudential supervision.  We will cover both these dimensions.  The current crisis has pushed to the surface deficiencies that led to failures in both self-regulation of FIs as well in their official supervision. In the course, we will examine solutions to the risk management problems facing the modern financial system. By the course end, the students should be able to: master the fundamentals of risk management (except for credit risk management) as well of compliance to bank regulatory procedures, Identify and measure risk exposure for a FI, applying methods such as Value-at-Risk (VaR) and Expected Shortfall, understand and implement hedging strategies to offset portfolio and asset risk positions using derivative instruments such as futures, forwards, options, and swaps.

Αναλυτική Περιγραφή Μαθήματος_Syllabus

Μάθημα Επιλογής 1*

Οι φοιτητές επιλέγουν ένα μάθημα επιλογής από την παρακάτω ενδεικτική λίστα μαθημάτων επιλογής.

Μάθημα Επιλογής 1*

Οι φοιτητές επιλέγουν ένα μάθημα επιλογής από την παρακάτω ενδεικτική λίστα μαθημάτων επιλογής.

Γ' Εξάμηνο (Σεπτέμβριος-Ιανουάριος)

Διπλωματική Εργασία

Η εκπόνηση της Διπλωματικής Εργασίας είναι υποχρεωτική για τους φοιτητές πλήρους φοίτησης.

* 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.

Αναλυτική Περιγραφή Mαθήματος_Syllabus

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.

Αναλυτική Περιγραφή Mαθήματος_Syllabus

Θεωρία Παιγνίων και 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.

Αναλυτική Περογραφή Mαθήματος_Syllabus

Πληροφοριακά Συστήματα 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.

Αναλυτική Περιγραφή Mαθημάτoς_Syllabus

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.

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Μεγάλες Βάσεις Δεδομένων και Στατιστική Μάθηση

This course is an introduction to statistical learning. It aims to familiarize students with the concepts of supervised and unsupervised learning for exploratory analysis and prediction using prominent  techniques, such as linear regression, classification analysis (logistic regression, neural networks, decision trees, random forests) and clustering (k-means, hierarchical clustering). In the process, some widely used techniques in modeling, estimation and prediction will be introduced, such as principal component analysis, cross validation, and bootstrapping among others.The course aims primarily to give a working knowledge and hands-on experience with the above tools and techniques, and therefore a core part of it will also be dedicated to familiarization with using large databases (big data) and understanding the logic behind data structures, data handling, data manipulation and data quality assessment. To that end, an introduction to Structural Query Language (SQL) of relational databases will also be provided.Statistical analysis and machine learning will be done in the R statistical computing package. Students will be required to do approximately six labs using real-world data. Extensive guidance in using R and SQL will be provided, but previous basic programming skills in R or exposure to a programming language such as MATLAB or Python will be useful.

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Eφαρμογές Οικονομετρίας στα Οικονομικά και Χρηματοικονομικά

This course emphasizes both the theoretical and the practical aspects of econometric analysis, focusing on techniques for estimating models of various kinds. The goal is to develop the theoretical background that will allow you to implement the techniques and apply them in real world problems. For this reason we will focus on empirical exercises that apply the models in real economic datasets. Good understanding of the material taught in introductory econometric and statistic courses are essential attending this course.

Αναλυτική Περιγραφή Μαθήματος_Syllabus

Χρηματοοικονομικές Aγορές  και Eταιρική Διακυβέρνηση

Aναλύονται:Ο ρόλος της ασυμμετρίας στην πληροφόρηση στην λήψη αποφάσεων των επιχειρήσεων, η διάκριση ιδιοκτησίας και ελέγχου σε μια επιχείρηση, τα κίνητρα των διευθυντικών στελεχών, οι εταιρείες αξιολόγησης των επιχειρήσεων,μακροχρόνια χρηματοδότηση των επιχειρήσεων,η χρηματοδότηση νεοφυών επιχειρήσεων, χρηματοδότηση των επιχειρήσεων κάτω από μη συμμετρική πληροφόρηση, ο ρόλος των χρηματοοικονομικών αγορών, η τάση για υπερβολικό δανεισμό των επιχειρήσεων, τα αποτελέσματα των συγχωνεύσεων στην αξία των επιχειρήσεων, το αποτέλεσμα της έλλειψης ρευστότητας στην αξία των μετοχών.

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