Investments - Johns Hopkins University



Investments2 CreditsBU.232.701.XX [NOTE: Each section must have a separate syllabus.][Start & End Date / ex: 8/24/17–8/12/17][Semester / ex: Spring 2017]Location: OnlineInstructor[Full Name]Contact Information[Email Address][Phone Number, (###) ###-#### (Optional)]Office Hours[List the day(s) and times of your virtual office hours. Indicate how you will respond to calls and emails. While faculty are permitted to state “and by appointment,” office hours should not be held exclusively by appointment.]Instructional Teaching Specialist[If this course section has an ITS, list his or her name and contact information here. If there is no ITS, delete this heading.]Teaching Assistant[If this course section has a TA, list his or her name and contact information here. If there is no TA, delete this heading.]Required Text & Learning MaterialsBodie, Z., Kane, A., & Marcus, A. J. (2017). Investments (11th ed). New York, NY: McGraw-Hill Education. ISBN: 978-1-259-27717-7Recommended TextsPlease note that any textbooks listed here will not be ordered in the online bookstore (MBS). Bar-Or, Y. (2010). Play to prosper: The small investor’s survival guide. The Light Brigade Corp. ISBN: 978?0980011852Bar-Or, Y. (2017). Pillars of wealth: Personal finance essentials for medical professionals. TLB Publishing.Technology RequirementsDesktop or laptop computerBroadband Internet accessUp-to-date virus protection softwareWebcam (most laptops have built-in webcams) Microphone (most webcams and laptops have built-in microphones)Optional Readings and Resources Please note that any textbooks listed here will not be ordered in the online bookstore (MBS). Module 1 Chapters 1–3 from Play to prosper: The small investor's survival guide Module 2 Chapters 4, 7, and 8 from Play to prosper: The small investor's survival guide This reading helps to emphasize that many economic measures are merely estimates, and some are very rough estimates. Please access this reading through your Blackboard course: Bar-Or, Yuval D. (2008). Blind spots in current risk management practices: Measurement error. Journal of Risk Management in Financial Institutions, 1(4): 435–438. This reading builds on the concept of correlation presented at the beginning of this module:Clark, K. (2015). Are oil prices and interest rates correlated? Retrieved from Module 4 The following article describes one investor's opinion of beta. Note: Over the years, many such opinions have been published. 5 Chapters 9–11 from Play to prosper: The small investor's survival guide Module 6 The big short: Inside the doomsday machine, by Michael Lewis: Chapters 13–14 from Play to prosper: The small investor's survival guide Course DescriptionThrough an in-depth study of portfolio theory and asset pricing models, students acquire the analytical skills necessary to conduct the valuation of equities, fixed-income securities, and alternative investments. This exploration builds on a thorough exposure to the concepts of risk, risk aversion, and compensation for risk in financial markets. It leads to an understanding of the importance of diversification in controlling portfolio risk for effective asset management.Prerequisite(s)BU.231.620 OR BU.910.611Learning ObjectivesBy the end of this course, students will be able to: Measure the risk and performance of investments.Explain risk aversion and apply the principles of portfolio allocation.Apply single-factor and multi-factor asset pricing models to measure systematic risk.Discuss the concept of market efficiency and its implications for investment decisions.Evaluate a variety of financial instruments (stocks, bonds, options).Identify ethical issues in the context of investment decisions.Formulate an investment recommendation and convince an audience to invest in a particular security or portfolio.To view the complete list of Carey Business School’s general learning goals and objectives, visit the Carey website.Course PoliciesSynchronous Online SessionsAttendance of synchronous online sessions is highly recommended and of great value to students. This course will have [state # of sessions] synchronous online sessions, all of which will be delivered via Adobe Connect. To access the Adobe Connect meeting room for this course, go to [insert Adobe Connect URL].Synchronous Session Schedule:Module 1: [Insert date/time]Module 2: [Insert date/time]Module 7: [Insert date/time]ParticipationActive participation is required for students to meet the highest expectations for this course. Students are expected to participate in all assigned online class activities and assessments. Each course will also include opportunities for peer municationA Q&A discussion board has been set up as a place for students to submit questions to their peers and the instructor regarding course navigation, course content, course assignments, and other related queries. The online discussion format allows students to see the questions that their classmates have already asked, as well as the answers that have been provided. The [list all that apply: instructor, instructional teaching specialist (ITS), or teaching assistant (TA)] will check the Q&A discussion board daily and respond to student questions, where appropriate and necessary, within 48 hours.Note: Students who have a question that is urgent, or that is regarding a personal matter (such as grades), should contact the instructor directly at [insert email address]. Otherwise, students are encouraged to use the course’s Q&A discussion board as their primary method for asking questions. For technology support questions, please contact the Personal Support Center. Toll-free: 855-270-4436, Ext. 3. Email: carey@. You should contact the PSC if you experience issues when attempting to submit work to Blackboard. The PSC can view your computer, guide you through the process, and document screen captures. If unresolved, the PSC will escalate the issue appropriately. This process would document your Blackboard issue, establishing that you made a faithful effort to submit your work on time.Discussion BoardsInteracting with other students via discussion boards is an important part of this course, and will require prompt postings and responses. Discussions will occur during specific timeframes designated by the instructor. (See course calendar for specific information.) Discussion Board RubricTo ensure that all students are contributing in a substantive way to class discussions, the instructor will use the following rubric to grade student participation.CriteriaExcellentGood AdequatePoor Frequency37–40 pointsParticipates 4 or more times throughout the week, within the specified time period. Engages others in conversation over multiple days.34–36 pointsParticipates 2–3 times throughout the week, within the specified time period. Engages others in conversation over multiple days.30–33 pointsParticipates 1 time; makes all contributions on the same day; initial post and/or replies are late.0–29 pointsDoes not participate.Posting Content37–40 pointsPosts substantive contribution that shows an excellent understanding of the required reading material and/or additional relevant resource.34–36 pointsPost lacks full development of concepts or thoughts. Advances learning through the inclusion of information from required reading material.30–33 pointsRepeats but does not add substantive information to the discussion; does not include information from required reading material.0–29 pointsPosts information that is off-topic, incorrect, or irrelevant to discussion.Clarity & Mechanics17–20 pointsCommunicates constructively. Contributes to discussion with clear, concise comments formatted in an easy to read style that is free of grammatical or spelling errors.14–16 pointsCommunicates constructively. Contributes valuable information to discussion with minor clarity or mechanical errors.10–13 pointsCommunicates constructively. Minimal contribution to discussion with noticeable errors in clarity or mechanics.0–9 pointsPosts content which is too long or too short, unprofessional or disrespectful, and which may contain multiple errors or may be otherwise inappropriate.Exam ProctoringYour instructor may choose to administer exams by employing an online proctoring solution. The school utilizes Software Secure’s Remote Proctor Now to ensure the highest level of academic integrity of the exams. Please remember that as a student of the Carey Business School, you have agreed to complete your coursework with integrity.Remote Proctor Now requires a webcam and microphone. The only software open on your computer during exams should be the browser needed to access the exam. Response Proctor Now can tell if other windows on your computer are open. Keep everything except the exam browser window closed. Don't try to copy any parts of the exam. Information regarding the Remote Proctoring setup and exam conditions will be posted on your Blackboard course site. Assignments The following table reflects the assignments for the course and their relative weight toward the final grade.AssignmentLearning ObjectivesWeightDiscussionsM1 Discussion: Video IntroductionsM2 Discussion: The Role of Correlation in Portfolio ManagementM3 Discussion: Valuations M4 Discussion: Pricing ModelsM6 Discussion: After the CrisisM7 Discussion: Option Trading Strategy2, 3, 4, 620%Assignments: Textbook ProblemsM1 Assignment: Textbook ProblemsM2 Assignment: Textbook ProblemsM3 Assignment: Textbook ProblemsM4 Assignment: Textbook ProblemsM5 Assignment: Textbook ProblemsM6 Assignment: Textbook ProblemsM7 Assignment: Textbook Problems1, 2, 3, 520%Investment Analysis ProjectM2: Company Approval (complete/incomplete)M3: Investment Recommendation (complete/incomplete)M5: Valuation Memo (10%) & Peer Review (5%)M6: Event Analysis Memo (5%)M7: Video Summary (5%)1, 5, 725%Midterm Exam1, 2, 3, 510%Final Exam1, 2, 3, 525%Total100%Assignments: Textbook ProblemsApply the concepts covered in the readings to illustrate your thought process. If a problem consists of multiple steps, write these out to demonstrate that you have fully analyzed the relevant elements. Show your work in detail. This is the best way to prepare for quiz and final exam questions. You may submit your work in Word, Excel, or PDF files. Handwritten notes are not acceptable. Textbook problems are due by Sunday, 11:59 pm ET, of each Module.Grading CriteriaIn order to understand what is expected for each textbook problem, please review the rubric in Blackboard. This criteria explains benchmarks for success. Note that you are not required to answer questions correctly in order to receive full credit. The key is that you must make an effort.Investment Analysis ProjectDuring this course, you will work through an investment analysis project on a company of your choosing. The objective is to expose you to some of the analyses and communications that a stock analyst would utilize in the process of recommending an investment. Your investment recommendation must be for a purchase of common stock in a large publicly listed firm. The firm may be headquartered anywhere in the world. It may be simplest to choose an S&P 500 listed firm. For the purposes of this project, you may pretend you are advising an investment client. Investment Analysis Project BreakdownPlan your schedule as needed to complete the stages of the assignment on time.All times are listed in Eastern Time (ET).ModuleAssignmentDue DateModule 2Company Approval Submit name and ticker symbol of the company you wish to examine via email to the instructor.By Sunday, 11:59 pm, of Module 2Module 3Investment RecommendationSubmit a half-page memo providing an introduction to the company and the main reasons to invest in the company.By Sunday, 11:59 pm, of Module 3Module 5Valuations Memo and Peer ReviewSubmit a single-page memo with your effort at valuation of the company. Review the valuation memos of two classmates.Because your classmates depend on your feedback to improve their work, you will receive a score of zero for the review portion if you fail to submit your own report on time OR fail to provide timely reviews. You are strongly encouraged not to refer to other students' reviews. Also, avoid providing feedback such as, "I agree with John's comments." You will be graded on original feedback to your classmates.Submit your memo by Thursday, 11:59 pm, of Module 5Evaluate your peers by Sunday, 11:59 pm, of Module 5Module 6Event Analysis MemoSubmit a half-page memo in which you identify a recent event that had a positive or a negative impact on the company’s stock price.By Sunday, 11:59 pm, of Module 6Module 7Video SummaryPost a 3-minute video in which you make a case for investing in this particular stock. Respond to the video summary of at least two classmates.Submit your video by Thursday, 11:59 pm, of Module 7Respond to classmates by Sunday, 11:59 pm, of Module 7ExamsYou should bring a calculator to the final exam. You should not, however, use an online calculator. Mobile phones, tablet devices, or other computers are not permitted during the exam. Your instructor will provide a formula sheet to prepare for the exam, which you may print out and use as scratch paper. You will be permitted to use Excel during the exam.The midterm exam consists of primarily quantitative, multiple-choice questions. You will have 1 hour to complete the midterm exam.The final exam consists of quantitative and qualitative multiple-choice questions. You will have 2 hours to complete the final exam.GradingEffective Fall 2017: The grade of A is reserved for those who demonstrate extraordinarily excellent performance as determined by the instructor. The grade of A- is awarded only for excellent performance. The grades of B+, B, and B- are awarded for good performance. The grades of C+, C, and C- are awarded for adequate but substandard performance.?The grades of D+, D, and D- are not awarded at the graduate level (undergraduate only). The grade of F indicates the student’s failure to satisfactorily complete the course work.Please note that for Core and Foundation courses, a maximum of 25% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.3. For Elective courses, a maximum of 35% of students may be awarded an A or A-; the grade point average of the class should not exceed 3.4. (For classes with 15 students or fewer, the class GPA cap is waived.)Tentative Course CalendarThe instructors reserve the right to alter course content and/or adjust the pace to accommodate class progress. Students are responsible for keeping up with all adjustments to the course calendar.All times are listed in Eastern Time (ET).ModuleTopicReadingDue1Financial Markets OverviewRead Chapters 1–5 from Investments?(11th ed.). Focus on Chapters?4?and 5.Note:?In?Chapter 5,?omit sections 5.2, 5.3, and 5.9. You only need to get a general sense of the patterns in 5.8—no need to memorize details.M1 Discussion: Video Introductions initial post due Thursday, 11:59 pmM1 Assignment: Textbook Problems due Sunday, 11:59 pmAttend Synchronous Session on [Insert date/time]2Portfolio Return, Risk and DiversificationRead Chapters 6 and 7 from?Investments?(11th ed.).Note:?In?Chapter 6,?omit Appendices.?In Chapter 7, omit section 7.5 and?Appendices.M2 Discussion: The Role of Correlation in Portfolio Management initial post due Thursday, 11:59 pmM2 Assignment: Textbook Problems due Sunday, 11:59 pmInvestment Analysis Project: Company Approval due Sunday, 11:59 pmAttend Synchronous Session on [Insert date/time]3Equity Valuation and the Capital Asset Pricing ModelRead Chapters 9 and 18 from?Investments?(11th ed.).Note:?In?Chapter 9, omit from Labor Income and Nontraded Assets to the end of that subsection (pp. 306–313).M3 Discussion: Valuations initial post due Thursday, 11:59 pmM3 Assignment: Textbook Problems due Sunday, 11:59 pmInvestment Analysis Project: Investment Recommendation due Sunday, 11:59 pmInstall and test Remote Proctor NowRemote Proctor Now Practice Quiz due Sunday, 11:59 pm4Multifactor Pricing ModelsRead Chapters 10 and 13 (up to 13.5) from?Investments?(11th ed.).M4 Discussion: Pricing Models initial post due Thursday, 11:59 pmM4 Assignment: Textbook Problems due Sunday, 11:59 pmMidterm due Sunday, 11:59 pm5Market Efficiency: Rational vs. Behavioral FinanceRead Chapters 11 and 12 from Investments (11th ed.).M5 Assignment: Textbook Problems due Sunday, 11:59 pmInvestment Analysis Project: Valuations Memo due Thursday, 11:59 pm; Peer Review due Sunday, 11:59 pm6Fixed Income Securities (Bonds, Annuities, Loans)Read Chapters 14, 15, and 16.1 to 16.2 from?Investments?(11th ed.).Note:?In?Chapter 16, omit?from Passive Bond?Mgmt.?(16.3) to end of chapter.M6 Discussion: After the Crisis initial post due Thursday, 11:59 pmM6 Assignment: Textbook Problems due Sunday, 11:59 pmInvestment Analysis Project: Event Analysis Memo due Sunday, 11:59 pm7Basic DerivativesRead Chapters 20 and 21 from?Investments?(11th ed.).Note:?In?Chapter 20, omit?20.5 Option Like Securities to end of chapter.?In Chapter 21,?omit Portfolio Insurance on page 748.M7 Discussion: Option Trading Strategy initial post due Thursday, 11:59 pmM7 Assignment: Textbook Problems due Sunday, 11:59 pmInvestment Analysis Project: Video Summary due Thursday, 11:59 pm; Response to classmates due Sunday, 11:59 pmAttend Synchronous Session on Friday, [Insert date/time]8FinalsN/AFinal Exam due Sunday, 11:59 pmCarey Business SchoolPolicies and General InformationBlackboard SiteA Blackboard course site is set up for this course. Each student is expected to check the site throughout the semester as Blackboard will be the primary venue for outside classroom communications between the instructors and the students. Students can access the course site at . Student Technology ResourcesPersonal Support Center (PSC): Toll-free: 855-270-4436, ext. 3Local: 410-235-0545, ext. 3Email: carey@ HYPERLINK "" Introduction to Blackboard Introduction to Adobe ConnectCourse EvaluationAs a research and learning community, the Carey Business School is committed to continuous improvement. The faculty strongly encourages students to provide complete and honest feedback for this course. Please take this activity seriously; we depend on your feedback to help us improve. Information on how to complete the evaluation will be provided toward the end of the course.Disability Support ServicesAll students with disabilities who require accommodations for this course should contact Disability Support Services at their earliest convenience to discuss their specific needs. If you have a documented disability, you must be registered with Disability Support Services (carey.disability@jhu.edu or 410-234-9243) to receive accommodations. For more information, please visit the Disability Support Services webpage.Academic Ethics PolicyCarey expects graduates to be innovative business leaders and exemplary global citizens. The Carey community believes that honesty, integrity, and community responsibility are qualities inherent in an exemplary citizen. The objective of the Academic Ethics Policy (AEP) is to create an environment of trust and respect among all members of the Carey academic community and hold Carey students accountable to the highest standards of academic integrity and excellence.It is the responsibility of every Carey student, faculty member, and staff member to familiarize themselves with the AEP and its procedures. Failure to become acquainted with this information will not excuse any student, faculty, or staff from the responsibility to abide by the AEP. Please contact the Student Services office if you have any questions. For the full policy, please visit the Academic Ethics Policy webpage.Students are not allowed to use any electronic devices during in-class tests. Calculators will be provided if the instructor requires them for test taking. Students must seek permission from the instructor to leave the classroom during an in-class test. Test scripts must not be removed from the classroom during the test.Student Conduct CodeThe fundamental purpose of the Johns Hopkins University’s regulation of student conduct is to promote and to protect the health, safety, welfare, property, and rights of all members of the University community as well as to promote the orderly operation of the University and to safeguard its property and facilities. As members of the University community, students accept certain responsibilities which support the educational mission and create an environment in which all students are afforded the same opportunity to succeed academically. Please contact the Student Services office if you have any questions. For the full policy, please visit the Student Conduct Code webpage.Student Success CenterThe Student Success Center offers free online and in-person one-on-one and group coaching in writing, presenting, and quantitative courses. The center also offers a variety of workshops, exam study sessions, and instructor-led primer seminars to help prepare students for challenging course content, including statistics and accounting. For more information or to book an appointment, please visit the Student Success Center website.Other Important Academic Policies and ServicesStudents are strongly encouraged to consult the Carey Business School’s Student Handbook and Academic Catalog and Student Resources for information regarding the following items:Statement of Diversity and InclusionInclement Weather PolicyCopyright StatementUnless explicitly allowed by the instructor, course materials, class discussions, and examinations are created for and expected to be used by class participants only.?The recording and rebroadcasting of such material, by any means, is forbidden. Violations are subject to sanctions under the Honor Code. ................
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