

Financial investments
Diplôme de Sciences Po StrasbourgParcours Diplôme de Sciences Po Strasbourg - Économie et finances
ComposanteSciences Po Strasbourg
Catalogue2025-2026
Description
This lecture is an introduction to financial assets and financial management. It presents the characteristics, risk measures, valuation principles, and main uses for investors and issuers of the principal classes of financial instruments (bonds, stocks, derivatives) traded on financial markets.
Compétences visées
- Examiner les choix de financement des entreprises
- Analyser les techniques d’ingénierie financière et de financement
- Communiquer efficacement en anglais
Disciplines
- Sciences de gestion et du management
Syllabus
Chapter 1 Fixed Income
Definition and characteristics of bonds
Bond pricing : zero-coupon rates, yield-to-maturity, the quotation of bonds
Interest rate risk: sensitivity and duration
Particular bonds: Floating rate notes, convertibles, mandatories…
Chapter 2 Decision making under risk
Mathematical expectation
The expectation-variance framework and the risk/return substitution
Expected utility
Portfolio choice under risk: An introductory model
Chapter 3 Portfolio management
Risk and return in a portfolio : the two assets case
Systematic risk and diversification
The Capital Asset Pricing Model
Actuarial valuation models : The Gordon-Shapiro model and Price-Earnings ratios
Chapter 4 Forward contracts
Forward transactions and risk transfer
Characteristics of a forward contract
Speculation, hedging, and arbitrage
Chapter 5 Options
Definition and base transactions
The call/put parity
Determinants of option prices and the Black and Scholes formula.
Applications
Bibliographie
Finance d’entreprise (Corporate Finance), Jonathan Berk and Peter DeMarzo, Pearson