Our Institute's staff regularly offers the following four lectures. More information is available via Campus-Online and Moodle.
Einführung in die BWL (WiMa) -- offered in German --
This course covers the whole range of Business Administration. This includes decisions about the legal form, corporate governance & strategy, as well as ongoing business functions such as procurement, production, marketing, investments, human resources, accounting, and controlling.
Business Unit Strategy and Corporate Finance
The course deals with the interrelation of strategic considerations and corporate finance. For instance, we will also compare the pros and cons of different forms of capital (bank loans, bonds, equity, convertibles etc.) to fund growth. We will also discuss the different financial exit strategies (spin off, auction, leveraged buyout etc.) if a company decides to split-off a segment that is considered non-core by its management. We are mainly using the textbooks "Richard A. Brealey, Stewart C. Myers, and Franklin Allen: Principles of Corporate Finance, 9th edition and M. Grinblatt, and S. Titman: Financial Markets and Corporate Strategy."
Advanced Financial Intermediation
Why are financial intermediaries such as banks and mutual funds different from other industries? How did Lehman Brothers’ bankruptcy bring financial systems worldwide to the brink of collapse? What is the “shadow banking system” and how on earth are individual hedge fund managers able to earn more than one billion dollars per year? These questions are answered by various teaching forms such as classical lectures, talks by industry experts, academic paper presentations, presentations by students covering topical issues, and by solving problem sets and case studies.
Research in Finance
This course is designed to prepare Master students for their empirical Master thesis. Both Finance institutes, the one run by Professor Löffler and ours, highly encourage students to take this prep course if they aim to write their thesis at these institutes!
The course comprises two parts: 1) The first is a hands-on introduction on how to use Stata, the most common statistical program in Financial Economics. Students will learn how to manage data, how to visualize and clean data, and how to run and interpret cross sectional and panel regressions. Students are required to solve several empirical problems on their own. 2) The second part consists of active and mandatory participation in the Finance group’s research seminar for doctoral students and short-term visitors- the biweekly Brown Bag Seminar. Students are required to provide one short review (2-3 pages) of one of the research presentations. The review should be written as an academic referee report and should thus concentrate on the contribution to the literature and a judgment of the empirical strategy.
Global Financial Policies
In this course we will examine the role of central banks and other regulatory institutions in the global economy and financial stability. We will study the basic functioning financial intermediation, and objectives, operational framework, decision making process and policy implementation of central banks. We will explore the causes and consequences of financial crises and whether and how policies and institutions can be used to stabilize markets and help countries recover from crises, and what lessons we can learn from recent experiences which might help prevent future crises. We will investigate the recent developments in monetary policy experiments throughout the world, and macroprudential regulation framework to contain the systemic risk.
Project class in Asset Management ("Anwendungsprojekt Finance") --> Note: not offered in summer term 2020 due to Corona restrictions!
Students will develop their own equity investment strategies using advanced machine learning approaches using R. The course will combine lectures (offering key concepts in Backtesting, Machine Learning, and R) as well as hands-on empirical implementations of their own strategies. Student groups with successful backtest results will be invited to participate in the planned Ulm University Student Investment Initiative (U2SI2). Grades will be based on a written project report and a brief presentation.
In addition to the above lectures, external lecturers offer the following courses if their schedule permits.
Valuation -- offered in German --
The course is designated to general principles of valuation. It is covering different valuation approaches, such as discounted cash flow, "Ertragswertverfahren", valuation with multiples, and role of real options in valuation. It is also about specific issues in valuing companies, for example non-operating assets, corporate and personal taxes, pensions and other liabilities, relevant legal and institutional norms. The course is also including case studies about topics such as fairness opinions or squeeze-out valuation.
News: The Corporate Strategy lecture will be offered by the Institute of Accounting and Auditing (beginning in summer 2020)