{"id":1540,"date":"2023-07-26T12:03:12","date_gmt":"2023-07-26T12:03:12","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/study-programs\/master-of-science-in-finance-and-economics-investment-management\/programme\/"},"modified":"2026-01-14T09:23:56","modified_gmt":"2026-01-14T08:23:56","slug":"programme","status":"publish","type":"study-programs","link":"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/programme\/","title":{"rendered":"Programme"},"content":{"rendered":"<div class=\"section py-0 static\">\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><!-- SecondaryNavigationMirror --><div class=\"js-secondary-nav--sticky wp-block-unilux-blocks-secondary-navigation\" id=\"7c640388-73b8-4f76-99db-34f308816408\">\n    <nav id=\"secondary-navigation\" role=\"navigation\" aria-label=\"Secondary menu\" class=\"secondary-nav\">\n        <button class=\"secondary-nav__button btn btn-solid--primary w-full\" aria-expanded=\"false\" aria-controls=\"secondary-navigation__list\" title=\"The selected page is Programme\" type=\"button\">\n            <span class=\"btn__name mr-auto\">Programme<\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n            <\/svg>\n        <\/button>\n\n        <ul id=\"secondary-navigation__list\" class=\"secondary-nav__list\">\n            <li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Overview<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/programme\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link isactived\" aria-current=\"page\">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Programme<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/career\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Career<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/teaching-staff\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Teaching staff<\/span>\n    <\/a>\n<\/li>\n<li class=\"secondary-nav__item\">\n    <a href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/admissions\/\" target=\"\" rel=\"noreferrer noopener\" class=\"secondary-nav__link \">\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n        <\/svg>\n        <span class=\"secondary-nav__name\">Admissions<\/span>\n    <\/a>\n<\/li>\n        <\/ul>\n    <\/nav>\n<\/div>\n<!-- end SecondaryNavigationMirror --><\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-headline-text-and-image\">\n    \n<div class=\"wp-block-unilux-blocks-wrapper container xl:max-w-screen-xl\">\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"programme\"\n    >\nProgramme<\/h1>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper flex flex-wrap lg:-mx-32\">\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-7\/12 lg:order-2 lg:px-32\">\n<div class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z-300x200.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z-1024x682.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z-768x512.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z-1536x1024.jpg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/iStock-937923394WKnB1Z.jpg 2000w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 3\/2; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/div>\n\n\n\n<div class=\"wp-block-unilux-blocks-wrapper w-full lg:w-5\/12 lg:order-1 lg:px-32\">\n<p>The track is divided into four modules. An investment management module covers fundamental subjects in portfolio management, alternative investments and quantitative models for investment decisions. Two elective modules cover a broad spectrum of special topics in finance. Finally, students are given the option to complete an internship with an applied master thesis, or to write an academic thesis.<br><br>Attendance at second year courses is compulsory.<\/p>\n\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\"><li class=\"wp-block-unilux-blocks-custom-button\"    aria-disabled=\"false\"\n    >\n    <a\n        role=\"link\"\n        aria-disabled=\"false\"\n                    href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics-investment-management\/admissions\/\"\n                target=\"_self\"\n        class=\"btn btn--primary\"\n            >Admissions<\/a>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"academic-contents\"\n    >\nAcademic contents<\/h2>\n\n\n\n<div id=\"tab-nav\" class=\"tab-nav\">\n    <button\n        type=\"button\"\n        class=\"button-toggle btn btn--white w-full\"\n        aria-expanded=\"false\"\n        aria-controls=\"tab-nav__listing\"\n        title=\"Semester 1 and 2\"\n    >\n        <span class=\"btn__name mr-auto\">Currently selected: Semester 1 and 2<\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n            <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\" \/>\n        <\/svg>\n    <\/button>\n    <ul\n        id=\"tab-nav__listing\"\n        class=\"tab-nav__listing nav manual\"\n        role=\"tablist\"\n    >\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 1 and 2<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 3<\/span>\n            <\/button>\n        <\/li>\n                <li role=\"presentation\" class=\"tab-nav__item\" key={button.id}>\n            <button\n                type=\"button\"\n                id=\"tab-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                data-bs-toggle=\"tab\"\n                data-bs-target=\"#tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                role=\"tab\"\n                aria-controls=\"tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n                aria-selected=\"false\"\n                aria-current=\"false\"\n                class=\"tab-nav__button\"\n                tabIndex=\"-1\"\n            >\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--xs\">\n                    <use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\" \/>\n                <\/svg>\n                <span class=\"tab-nav__name\">Semester 4<\/span>\n            <\/button>\n        <\/li>\n            <\/ul>\n<\/div>\n<div class=\"tab-content\">\n    <section\n    id=\"tabpanel-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n    aria-labelledby=\"tab-b7ccfc78-b8c8-4c10-a3c0-74046dbf579b\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    \n<p><strong>The courses of the first year are part of the main common programme and not track specific.<\/strong><\/p>\n<ul class=\"flex flex-wrap mt-24 -mx-16  wp-block-unilux-blocks-free-content-card\">\n    <li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-project-related bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<span class=\"ulux-card__related wp-block-unilux-blocks-plain-text\"><\/span>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"master-in-finance-and-economics\"\n    >\n<strong>Master in Finance and Economics<\/strong><\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/study-programs\/master-in-finance-and-economics\/\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><\/ul><\/section>\n<section\n    id=\"tabpanel-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n    aria-labelledby=\"tab-5efa12d8-fbad-495a-a8d4-43271a85b776\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Investment Management, Semestre 3 (2026-2027 Winter)<\/h3>\n    \n<div id=\"accordion-module-6a62999167a74\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167a99\"\n        >\n            <span class=\"accordion__title\">\n                3.E1. Behavioral Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-6                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167a99\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E1. Behavioral Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-6<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to :<br><\/p><br><ul><br><li>Know anomalies in finance and economics and understand theoretical explanations<\/li><br><li>Know the foundations of behavioural finance and behavioural economics<\/li><br><li>Understand human behaviour<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        \u00a0The course: <ul><li>introduces to the literature on the anomalies in financial markets and the theories of behavioral economics and finance. Departing from the standard paradigm in financial economics, expected utility and the capital asset pricing model, we pinpoint anomalies that show up in the data from the real world and the laboratory.<\/li><li>includes models of prospect theory, noise trader risks, psychological game theory, bounded rationality that help to understand the divergence between observed behavior and the standard paradigm of financial economics.<\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Written exam (2 hours)                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>\u00a0<br><ul><br><li>Barberis and Thaler 2003. \u201cA survey of behavioral finance.\u201d Handbook of the Economics of Finance, 1, 1053-1128<\/li><br><li>Dhami, Sanjit, 2016, Foundations of behavioral economic analysis. Oxford University Press<\/li><br><li>Gigerenzer and Selten (Eds.) 2002. Bounded rationality: The adaptive toolbox. MIT press<\/li><br><li>Hens, Thorsten and Kremena Bachmann, 2009, Behavioral Finance for Private Banking, Wiley<\/li><br><li>Kahneman and Tversky 1979 &#8220;Prospect Theory: An Analysis of Decision under Risk&#8221; Econometrica<\/li><br><li>Shleifer Andrei, 2001, Inefficient markets &#8211; An introduction to behavioral finance. Calderon Lectures in Economics<\/li><br><li>Thaler 1985 \u201cMental accounting and consumer choice\u201d. Marketing science, 4(3), 199-214<\/li><br><li>Thaler 1999 \u201cMental accounting matters\u201d. Journal of Behavioral decision making, 12(3), 183-206<\/li><br><li>Thaler and Johnson 1990 \u201cGambling with the house money and trying to break even\u201d. Management science 36, 643-660<\/li><br><li>Tversky and Kahneman 1992 \u201cAdvances in prospect theory\u201d. Journal of Risk and uncertainty, 5(4), 297-323<\/li><br><\/ul><br>Further readings will be communicated during the lectures.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167aaf\"\n        >\n            <span class=\"accordion__title\">\n                3.E3.Financial Engineering                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-8                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167aaf\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E3.Financial Engineering <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-8<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to :<br><\/p><br><ul><br><li>Show proficiency in probability and statistics, calculus, programming and use these tools to model markets and drive decision making<\/li><br><li>Understand risk and analyze financial data<\/li><br><li>Design and implement complex financial models that allow financial firms to price and trade securities<\/li><br><li>Understand the current academic and practitioner literature on financial engineering<\/li><br><li>Get exposed to some of the most applicable machine learning techniques in finance considering that machine learning and Artificial Intelligence (AI) play a significant role in the creation of models<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Understanding risk and analysing data to drive policy and decision making is the name of the game in institutions like i.e. banks, insurance companies, hedge funds, and governments.Financial Engineering is the study of applying math, statistics, computer science, economic theory, and other quantitative methods to analysing and modelling financial markets. Financial engineers work at the intersection between data science and finance. The first financial engineers were Fischer Black, Robert Merton, and Myron Scholes, infamous for their options pricing model known as the Black-Scholes Model. This model won the Nobel prize in economics and is the foundation for the explosion in derivative markets.\u00a0                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The final grade of the course will be derived from the grade for participation (25%), the presentation (25%) and the grade for the research paper (50%).                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>\u00a0<br>\u201cStatistics and Data Analysis for Financial Engineering\u201d, 2nd edition by David Ruppert and David <br>S. Matteson, Springer, ISBN 978-1-4939-2614-5 (eBook)<br>\u00a0<br>Research papers                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167abc\"\n        >\n            <span class=\"accordion__title\">\n                3.E4.Professional seminars                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-9                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167abc\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E4.Professional seminars<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-9<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>Fund Channel SA (professor: Olivier MARCY): In full autonomy, be able to select the reliable information sources, to analyze the information accuracy. Get the right information at the right moment, it is key and critical in finance.<\/p><br><p>Alternative liquid investments (professor: Edoardo ANCORA): At the end of the course the students will have a complete overview of the valuation techniques applied in Luxembourg for private equity, real estate and private debt. The students will be able to become familiar with the practical aspects to perform and assess a valuation of an alternative and illiquid investment.<\/p><br><p>Let&#8217;s set up an asset management business (professor: Nicolas DELDIME): Understand the strategic concerns of entrepreneurs who move to Luxembourg to do asset management. Have a holistic understanding of a regulated organizational model.<\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        BCEE (professors: Yves BODSON, Philippe HENNES, Yves DOMINICY)<p>Risk Management: The first part of the lecture is an introduction to risk management answering the questions what risk is and what is risk management. The different types of risk in a bank will be introduced, as well as the Banking Union and the three lines of defense. In the second part of the lecture, we will concentrate on the credit risk, and we will be talking about credit scoring models.<\/p><p>Asset Classes and securitization: Presentation of the primary financial asset classes (key legal and economical definitions, interaction between economic and financial cycles, valuation criteria applicable to fixed income instruments and to equities, risk categories and key measurement tools) and of the securitization market (key concepts with references to the primary financial asset classes and evolving legal and economic landscape)<\/p><p>Corporate Banking: The presentation will address the management of the bank&#8217;s commercial relationship with corporate\/professional clients, with the main theme of business financing.<\/p><p>Fund Channel SA (professor: Olivier MARCY)<\/p><p>Information Hierarchy (Duality between, media objectives and public targeted, versus, financial resources)<\/p><p>Part I:<\/p><p>Brief history of the messages and the information channels and approach of the Media theories<\/p><p>News-papers &#8211; Information hierarchy<\/p><p>Part II:<\/p><p>Impact of the digitalization<\/p><p>Web platforms and social media &#8211; information hierarchy<\/p><p>Social Media information hierarchy \u2013 (student presentations \u2013 2\/4 per groups)<\/p><p>\u00a0<\/p><p>Alternative liquid investments (professor: Edoardo ANCORA)<\/p><p>In a time of low-interest, low inflation and high turbulence in Stock Exchanges, investment managers are engaged in the hunt of higher yields like never before, starting to explore the alternative and illiquid investment space. <\/p><p>In this context, a key skill required is the capability to properly value alternative and illiquid assets. During the course we will explore the main alternative investments (private equity, real estate, and private debt) and the typical valuation techniques applied by investment managers in Luxembourg.<\/p><p>\u00a0<\/p><p>Let&#8217;s set up an asset management business (professor: Nicolas DELDIME)<\/p><p>1. Asset management is a regulated profession. What does it mean to practice a regulated profession?<\/p><p>2. Build an organizational model (governance, staffing, insourcing \/ outsourcing, different stakeholders)<\/p><p>3. Build a business plan<\/p><p>4. Review of a practical case<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>BCEE (professors: Yves BODSON, Philippe HENNES, Yves DOMINICY): 3 hours written exam<\/p><br><p><br>Fund Channel SA (professor: Olivier MARCY): 20mn presentation during course period<br><\/p><br><p>Alternative liquid investments (professor: Edoardo ANCORA) :1 hour written exam<\/p><br><p>Let&#8217;s set up an asset management business (professor: Nicolas DELDIME): 1 hour written exam<\/p><br><p>The final grade is the aggregation of the 4 exams&#8217; grade (weighted \/ Teaching Units)<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>Literature<br><\/p><br><p>\u00a0<\/p><br>Information Hierarchy &#8211; Fund Channel SA (professor: Olivier MARCY):<br>Digital Platforms :<br>Fundchannel.com<br>Bloomberg.com<br>Morningstar.com<br>Fundinfo.com<br>Fundsquare.net<br>SwissFundData.ch<br>six-group.com<br>Books :<br>Media et Soci\u00e9t\u00e9 (Francis Balle \u2013 Montchrestien \u2013 7\u00e8me Edition &#8211; 2019)<br>Culture Num\u00e9rique (Dominque Cardon \u2013 Les presses de Sciences Po, Coll. \u00ab Les petites humanit\u00e9s \u00bb 2019)<br>Histoire des M\u00e9dias (Jacques Attali Fayard \u2013 2021)<br>Deux Mille Mots pour dire le Monde ( Henriette Walter \u2013 Bouquins \u2013 2021)<br>Histoire politique de la roue (Rapha\u00ebl Meltz \u2013 Librairie Vuibert \u2013 2020)<br>Histoire de la Rue de l\u2019Antiquit\u00e9 \u00e0 nos Jours ( Danielle Tartakowsky \u2013 Tallandier 2022)<br>Les Algorithmes font la loi (Aur\u00e9lie Jean \u2013 Livre de poche &#8211; 2023)<br>Histoire Mondiale des Imp\u00f4ts de l\u2019Antiquit\u00e9 \u00e0 nos jours (Eric Anceau, Jean-Luc Bordon Pass\u00e9s \/ Compos\u00e9s \u2013 2023)<br>No Crypto ( Nastasia Hadjadji \u2013 2023)<br>Technopolitique (Asma Mhalla \u2013 Seuil \u2013 2024)<br>Newspapers MultiMedia Platforms :<br>Financial Times (UK World Wide)<br>The New Yorker<br>BBC<br>The Economist<br>South China Morning Post<br>Jeune Afrique<br>Les Echos (FR)<br>L\u2019Echo De Tijd (BE)<br>Handelsblatt\u00a0 (DE)<br>Beaux Arts Magazine (FR)<br>Le courrier International<p>\u00a0<\/p><p>Let&#8217;s set up an asset management business (professor: Nicolas DELDIME):Circular Commission de Surveillance du Secteur Financier 18\/698<\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167ac8\"\n        >\n            <span class=\"accordion__title\">\n                3.E5 Financial Econometrics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-14                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167ac8\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E5 Financial Econometrics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-14<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to:<br><\/p><br><ul><br><li>Model the time varying conditional variance of time series data<\/li><br><li>Apply state-of-the-art risk measurement and risk management techniques <\/li><br><li>Assess the performance of the econometric models in describing the time varying VaR<\/li><br><li>Critically appraise risk management systems<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Part 1 \u2013 Background<\/p><ul><li>Risk Management and Financial Returns<\/li><li>Historical Simulations, Value-at-Risk and Expected Shortfall<\/li><li>A Primer on Financial Time Series Analysis<br><\/li><\/ul><p>Part 2 \u2013 Univariate Risk Models<\/p><ul><li>Volatility Modeling Using Daily Data<\/li><li>Volatility Modeling Using Intraday Data<\/li><li>Nonnormal Distributions<br><\/li><\/ul><p>Part 3 \u2013 Multivariate Risk Models<\/p><ul><li>Covariance and Correlation Models<\/li><li>Simulating the Term Structure of Risk<\/li><li>Distributions and Copulas for Integrated Risk Management<\/li><\/ul>Part 4 \u2013 Backtesting and Stress Testing                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% written exam                    <\/div>\n                <\/li>\n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167ad4\"\n        >\n            <span class=\"accordion__title\">\n                3.E2.Household Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-7                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167ad4\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E2.Household Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-7<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to :Carry out their original empirical work, do the critical reading of pertinent articles related to the question and know how to handle complex survey data.<\/p><br><ul><br><li>Carry out their original empirical work, critically read pertinent articles related to the research question and know how to handle real estate and complex survey data. <\/li><br><li>Critically assess the individual and social benefits of important financial products accessible to consumers.<\/li><br><li>Approach consumer financial markets with more empathy towards potential customers and design better functioning products and markets.<\/li><br><li><br>Familiarise themselves with real-world experience of household acquiring their own residence, financial savings, debt and investments, up to current developments.<br><\/li><br><\/ul><br><p><br>The course also equips students with a good understanding of commercial real estate market fundamentals across different property sectors. Students will become familiar with key valuation methodologies for property assessment, gain a comprehensive view of the real estate investment lifecycle from acquisition to disposition, and critically assess the opportunities and risks of various real estate fund vehicles and investment strategies employed by institutional investors.<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The objective of the course is to understand how households use financial instruments to attain their objectives, with an emphasis on real estate investment. First, we review the empirical facts on household wealth and inequality, as well as the rational and behavioural aspects underlying consumer financial decision-making. We then study current household financial products and the competitive landscape in credit, investment, and advisory markets. A particular emphasis is placed on residential real estate as both a key asset and a source of debt for households, highlighting its role in wealth accumulation, risk exposure, and financial vulnerability. We also cover innovations in consumer financial products and the regulation of household finance, and provide an overview of recent research on residential real estate markets, including price dynamics, housing affordability, and the impact of macroeconomic and regulatory shocks.<br>The course includes a group project in which students apply the concepts covered in class and deliver a presentation. We introduce two key data sources: one on household finance and one on residential real estate. These datasets are discussed in class and Stata tutorials guide students on how to prepare their dataset for their own project and how to apply basic estimation techniques on household surveys or on real-estate data collected from online advertisements.<br>The commercial real estate module explores the main commercial real estate (CRE) categories, core investment fundamentals and key real estate fund management practices. Students will build a foundation of the CRE sector, navigate the investment process, and gain insight into how institutional investors manage real estate funds. The course is designed to bridge academic theory with real-world application, reflecting current market realities and the decision-making frameworks used by investment firms and fund managers. With its industry-oriented approach, the curriculum equips students for careers in real estate asset management, fund management, and related fields by emphasizing the skills and perspectives most valued by employers in the sector.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul><br><li>Oral exam (45%)<\/li><br><li>Presentation (45%)<\/li><br><li>Active participation (10%)<\/li><br><\/ul>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><br>A comprehensive reading list of recent academic publications, working papers and market reports, is available from the instructors.<br><\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167ae0\"\n        >\n            <span class=\"accordion__title\">\n                3.E6.Statistics in Risk Management using R &#8211; French                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-16                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167ae0\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E6.Statistics in Risk Management using R &#8211; French<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-16<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> FR<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>Les \u00e9tudiants ayant suivi le cours et r\u00e9ussi les examens seront capables de :<br><\/p><br><ul><br><li>Savoir manipuler le logiciel R pour des analyses de donn\u00e9es<\/li><br><li>Comprendre la notion de risque financier et son estimation en utilisant les fonctionnalit\u00e9s du logiciel R<\/li><br><li>Savoir faire une analyse \u00e9conom\u00e9trique de s\u00e9ries temporelles en utilisant le logiciel R<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Le premier chapitre du cours consiste \u00e0 apprendre \u00e0 manipuler le logiciel R, notamment afin d\u2019avoir acc\u00e8s \u00e0 des donn\u00e9es financi\u00e8res et de les analyser. Nous \u00e9tudierons en particulier comment cr\u00e9er des s\u00e9ries temporelles, utiliser des indicateurs statistiques, faire une analyse technique et graphique \u00e0 l\u2019aide du logiciel R.\u00a0 <br>Le deuxi\u00e8me chapitre s\u2019int\u00e9resse au concept de risque financier d\u2019un actif et d\u2019un portefeuille d\u2019actifs au travers de la notion de rendement, de volatilit\u00e9, de calcul d\u2019indicateurs de performance ajust\u00e9s au risque et d\u2019optimisation de portefeuille. Nous d\u00e9velopperons la notion de risque au travers d\u2019indicateurs statistiques tenant compte des risques extr\u00eames. Dans tous ces chapitres, les s\u00e9ries temporelles sont \u00e9tudi\u00e9es en faisant une analyse \u00e9conom\u00e9trique des donn\u00e9es financi\u00e8res. Les applications qui illustrent le cours sont enti\u00e8rement men\u00e9es \u00e0 partir du logiciel R.Les \u00e9tudiants doivent avoir t\u00e9l\u00e9charg\u00e9 le logiciel R avant de venir \u00e0 la premi\u00e8re s\u00e9ance du cours en utilisant le lien suivant\u00a0: https:\/\/cran.r-project.org\/bin\/windows\/base\/                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% examen \u00e9crit                    <\/div>\n                <\/li>\n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167aed\"\n        >\n            <span class=\"accordion__title\">\n                3.E7. Incubator Course: Cases of Modern Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-26                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167aed\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E7. Incubator Course: Cases of Modern Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-26<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to:<br><\/p><br><ul><br><li>Have a broader understanding about how emergent financial technologies are changing the standard Financial Architecture and its implications for financial institutions<\/li><br><li>Have a better understanding of how emergent FinTech developments will change the financial products available.<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        This incubator course aims to <ul><li>Educate students about the disruptive effects of advanced technologies in the financial sector, with a leading focus on asset management, instruments and advanced data analytics.<\/li><li>Raise awareness on both the socio-economic and the performance implications of innovation diffusion.<\/li><li>Provide both academic and industry-strength underpinning for the future of finance.<\/li><\/ul>The incubator course consists of two parts. Each part includes both lectures lectures and practical case work in groups. The practical case works, as well as the lectures are offered by a residing institutional \/ industry partner of this course. Students are asked to provide solutions to the presented case studies, based on a problem-based discovery. <br>The first block is concentrating on the notion \u201cFinancial architecture\u201d in the context of asset management and administration. It discusses the disruptive effects of peer2peer technologies, such as blockchains, through industry-strength case studies. Below, the skeleton of this block is provided as follows:The second block is concentrating on the notion \u201cadvanced data analytics\u201d in the context of asset management and administration. In an ever-changing environment, Investment Banks face many challenges: regulatory compliance, business model review and increased competition. At the same time, the financial sector is witnessing a huge digital transformation, particularly with the advent of new technologies. Artificial intelligence, Distributed Ledger Technology, API and Big data, how can new tools bring solutions to financial institutions?<br>This block would kick-off with a lecture on investment banking. Through its organizational structure and its businesses, themes common to the world of banking and investment will be discussed. Case studies are introduced and discussed in order to propose a digital solution in response to the case problem at hand. Below, the skeleton of this block is provided as follows:Conclusion<ul><li>General Introduction<\/li><li>Introduction to the Financial Architecture<\/li><li>Business Models of Banks<\/li><li>Business Models of the Asset Management Industry<\/li><li>Trading Platforms and their Market Microstructure<\/li><li>Introduction to Blockchain Peer-to-peer platforms<\/li><li>The Blockchain Market Microstructure\u00a0<\/li><li>Business Models of FinTech Credit Platforms<\/li><li>Recent developments about Financial Products on Peer-to-peer platforms<\/li><li>Workshop: Liquidity pools and automated market makers (instrumentalising flash swaps and loans)<\/li><li>Conclusion: A perspective on the changing Financial Architecture in light of recent technological developments.<\/li><\/ul><ul><li>A practical application of Performance and Risk management measures in finance <\/li><li>Measures of return<\/li><li>The complexity of defining and measuring risk<\/li><li>How to find the best returns while minimizing the risk (measures of risk-adjusted return and its limitations)?<\/li><li>Can we use new technologies and Machine Learning for predicting stock price? How to observe the factors affecting assets?<\/li><li>Multifactor Models (Fama French, Carhart four-factor model): a linear approach<\/li><li>An Introduction to Decision trees (and random forest): a nonlinear approach<\/li><li>Workshop #1: Implementation of a basic strategy with alternative data: does ESG (Environmental, Social, and Governance) investment bring better performance?<\/li><li>Workshop #2: Compare linear and non-linear approaches in price prediction and understand the limitations<\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        100% in-class oral presentation                    <\/div>\n                <\/li>\n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167af9\"\n        >\n            <span class=\"accordion__title\">\n                3.E8 Topics in Well-being Research                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-28                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167af9\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.E8 Topics in Well-being Research<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-28<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.E: Special Topics in Finance and Economics &#8211; Electives II <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to:<br><\/p><br><ul><br><li>Analyse different datasets with the STATA software <\/li><br><li>Have knowledge of a number of the empirical methods used to tackle theoretical questions<\/li><br><li>Have acquired advanced interdisciplinary knowledge<\/li><br><\/ul><br><p>\u00a0<\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        In this course, students will learn about the different theoretical and conceptual approaches used in the social sciences to analyse well-being and its determinants. <br>After an introduction to the various methods proposed for the measurement of well-being, we will focus on its determinants and explore the relationship with income (including the Easterlin paradox), social position and mobility, as well as the role of adaptation and expectations. <br>We will then move on to discuss societal well-being and the recent proposals to go beyond GDP as a measure of progress.Last, we will show how measures of individual well-being can be used to shed new light on important economic concepts such as income inequality, gender disparities and policy evaluation.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>95% seminar paper<\/p><br><p>5% active participation<\/p>                    <\/div>\n                <\/li>\n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167b05\"\n        >\n            <span class=\"accordion__title\">\n                3.IMT1.Fund Management and the Asset Management Industry                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_IM-1                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167b05\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.IMT1.Fund Management and the Asset Management Industry<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_IM-1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.IMT: Specialisation Investment Management Track <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Discover the incredible diversity of skills required in the fund industry <br> Have the means to quickly discern the unexpected areas in which they can deploy their excellence<br> Understand the activity and the business of their future potential employers allowing them easier integration and multiplying their attractiveness potential for the successful jobs of tomorrow, through the learning of the various fund business models.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The Luxembourg financial sector has fantastically developed over the last 30 years around the fund industry. The objective of the course is to deliver to the student a comprehensive view of the key pillars of the fund industry which without them would not have made it possible to raise Luxembourg&#8217;s place to the rank of first European financial center in terms of investment funds. <br>The Fund Management operational processes, the fund business and organizational models<br>The course will review the typical fund operational processes. The fund financial sector involves a surprising number of different professionals with distinct roles and value contribution. The most popular organizational models of fund managers will be reviewed and compared.<br>Substance and governance requirements applicable to Luxembourg investment fund managers<br>The various financial crisis over the last 20 years have emphasized the need to ensure that fund managers behave with an appropriate degree of professionalism and in the interest of the people who entrust them with their money and savings for retirement. Successive waves of strengthening legislation around ethics, governance, internal control and supervisory framework by National and European Authorities have made the entry ticket for fund business entrepreneurs more expensive. The course will detail these requirements which have to be complied with or fund managers risks facing sanctions or to be eliminated from the market.<br>Fund distribution<br>The course will also zoom into what made Luxembourg a fund marketplace known in the entire world: the fund distribution and the sales process.<br>Taxation<br>At the end of the day, most investors hope that the money invested will generate returns and profits in proportion to the risk they have taken. But what happens if these profits are confiscated because the tax rules, at the level of the portfolio of investments, the fund itself or the personal taxation regime of investors have not been properly taken into consideration at an early stage in the fund set-up and distribution process? The course will introduce students to the various relevant tax concepts and tactics which, without mastery lead to potential business failure.<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>End-of-course assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task<br>Written exam<br>\u00a0<br>0-20<br>100%<br>Specific Assessment Rules<br>2 h<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p>A set of self-contained slides will be distributed before the start of the course. <\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167b11\"\n        >\n            <span class=\"accordion__title\">\n                3.IMT2.Portfolio Management                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_IM-2                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167b11\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.IMT2.Portfolio Management<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_IM-2<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.IMT: Specialisation Investment Management Track <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Deal with state-of-the-art methodologies that underpin professional portfolio management <br> Have a thorough understanding of the core aspects of the investment management process, from the perspective of the individual investor, the corporate financial manager, and the investment manager<br> Have a deep understand of the following three main blocks<br>o Assets and Portfolios (\u201cwhy, who, what, where?\u201d): the goals of investors and portfolio managers, overview of asset classes, practical aspects of trading. <br>o Portfolio Construction (\u201chow?\u201d): determining the investment policy, devising investment strategies<br>o Portfolio Management (\u201cwhen?\u201d):\u00a0 dynamic performance evaluation and portfolio monitoring, life-cycle and tax-efficient investing<br>o Be acquainted with current topics, such as socially responsible investing, FinTech, and ethics in portfolio management <br><\/p>\u00a0\u00a0\u00a0\u00a0\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>1. Assets and Portfolios<br>&#8211; The investment process: Introduction and Overview of Asset Management<br>&#8211; Trading: How do security markets work? <br>2. Portfolio Construction<br>&#8211; Asset Allocation: review on mean variance analysis, practical aspects<br>&#8211; Portfolio Choice and Security Prices: CAPM Review, Asset Pricing Models<br>&#8211; Modern Asset Allocation: Multifactor Models, Anomalies, Factor Investing<br>3. Portfolio Management<br>&#8211; Performance Measurement and Monitoring<br>&#8211; Life-Cycle and Tax-Efficient Investing<br>4. Current Topics<br>&#8211; Socially Responsible Investment<br>&#8211; Fintech<br>&#8211; Ethics in Portfolio Management <br>o Why Ethics Matters to the Investment Industry<br>o Standard I: Professionalism<br>o Standard II: Integrity of Capital Markets<br>o Standard III: Duties to Clients<br>o Standard IV: Duties to Employers<br>o Standard V: Investment Analysis, Recommendations, and Actions<br>o Standard VI: Conflicts of Interest<\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Other, please specify<br>Report<br>0-20<br>60 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 2<br>Presentation<br>\u00a0<br>0-20<br>30 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 3<br>Active participation<br>\u00a0<br>0-20<br>10 %<br>Specific Assessment Rules<br>The course requires regular attendance and participation in class.<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p> Bodie, Z., A. Kane, and A. J. Marcus, Investments, 2014, 10th ed., McGraw-Hill\/Irwin, New York. [BKM]<br> Ang, A., Asset Management: A Systematic Approach to Factor Investing, 2014, Oxford University Press. [AA]<br><\/p><br>An entirely self-contained set of lecture notes (slides) will be distributed. These will cover all the course relevant material in detail. Students are strongly encouraged to complement their background reading with textbook materials detailed below.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167b1d\"\n        >\n            <span class=\"accordion__title\">\n                3.IMT3.Investment Strategies                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_IM-3                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167b1d\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.IMT3.Investment Strategies <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_IM-3<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.IMT: Specialisation Investment Management Track <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Understand the key characteristics of active and passive investing and the features that investment strategies of each type have in common<br> Identify and characterize core investment strategies of UCITS funds <br> Understand and be able to implement well-known investment strategies <br> Have an understanding of investment strategies\u2019 potential pitfalls and practical restrictions due to transaction costs, liquidity, risk management and regulatory constraints. <br> Present their investment strategy to potential investors <br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>The aim of this course is to shape students\u2019 understanding of the process of investing in public capital markets. It explores popular investment strategies from the perspective of the portfolio manager of a UCITS fund: indexing, value investing, momentum investing, macro strategies, ESG investing, activist strategies, systematic strategies etc. In addition, the practical considerations related to portfolio management, order execution, and fund risk management are covered. At the end of the course, students give their fund pitch presentations.<br>1. Active vs. passive investing<br>&#8211; Rise of passive investing<br>&#8211; Fee compression<br>&#8211; Other major market trends<br>2. Capital market instruments and regulated markets <br>&#8211; Eligible assets:Money market instruments, bonds, equities and currencies<br>&#8211; OTC and ETD derivatives <br>&#8211; Cash management<br>&#8211; Eligible assets<br>&#8211; Stock exchanges and other regulated markets<br>3. Passive Investing<br>&#8211; ETF vs. index fund<br>&#8211; Passive strategies: Buy &amp; hold indexing etc.<br>&#8211; Securities lending<br>4. Active Investing<br>&#8211; Fundamental analysis<br>&#8211; Technical analysis, momentum, reversal, calendar effects<br>&#8211; Stock characteristics, value vs. growth<br>&#8211; Event-driven strategies <br>&#8211; Tactical asset allocation<br>&#8211; Active fixed income strategies<br>5. Earnings and activism<br>&#8211; Value added, misvaluation, corporate governance<br>&#8211; Activist funds<br>&#8211; Campaigns and proxy fights<br>&#8211; Shareholder rights and investment funds<br>6. ESG and sustainable finance<br>&#8211; ESG, sustainability risk integration, Impact investing and socially responsible investing<br>&#8211; EU taxonomy, SFDR<br>7. Macroeconomic data and Investment strategies<br>&#8211; Macroeconomic indicators <br>&#8211; Global macro strategies, CTA \/ Managed futures<br>&#8211; Currencies Investing: momentum, value and carry trade<br>8. Systematic strategies<br>&#8211; Factor investing: macro and style factors<br>&#8211; Smart beta<br>&#8211; AI strategies<br>9. Portfolio management in practice<br>&#8211; Transaction costs <br>&#8211; Best execution<br>&#8211; Liquidity considerations<br>&#8211; Leverage, collateral management<br>&#8211; Efficient portfolio management techniques<br>&#8211; KID and prospectus<br>10. Risk management of investment funds<br>&#8211; Market risk, credit risk, counterparty risk, concentration risk, liquidity risk<br>&#8211; UCITS Investment Restrictions<br>&#8211; Global Exposure: Commitment approach vs. Value-at-Risk<br>&#8211; Stress testing and liquidity stress testing<br>11. Fund pitch presentations<br><\/p>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>50 %<br>Specific Assessment Rules<br>1.5 h<br>\u00a0<br>Task 2<br>Presentation<br>\u00a0<br>0-20<br>30 %<br>Specific Assessment Rules<br>N\/A<br>\u00a0<br>Task 3<br>Other, please specify<br>\u00a0<br>Choose an item.<br>20 %<br>Specific Assessment Rules<br>practical exercises (KID, fund strategy description)<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p>A set of articles will be provided during the course. <\/p>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167b29\"\n        >\n            <span class=\"accordion__title\">\n                3.IMT4.Alternative Investments                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_IM-4                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167b29\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.IMT4.Alternative Investments<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_IM-4<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.IMT: Specialisation Investment Management Track <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Have an in-depth understanding of the alternative investment industry and be able to characterize and understand the common features of alternative investments such as hedge funds, private equity \/ venture capital funds, infrastructure, real estate and commodities<br> Recognize and distinguish the specific organizational and operational setup of the major asset classes of alternative investments, their particular investment strategies and investor profiles<br> Understand and be able to implement known investment strategies of hedge funds, venture capital funds, buyouts, infrastructure funds, and commodities; have a good knowledge of strategies\u2019 evaluation, risk management and risk-return profile<br> Have a thorough understanding of how alternative investments can be incorporated into an investment portfolio from an asset allocation perspective; be able to assess the benefits and pitfalls of introducing alternative investments in a portfolio <br> Have a grasp on markets for alternative investment: how to access them through private placements to registered products<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course provides students with a thorough overview of various forms of alternative investments, such as hedge funds, private equity and venture capital funds, real estate and commodities. <br>Its purpose is to give students a good understanding of how alternative investments operate and of the underlying investment strategies.<br>In particular, it aims at equipping students with knowledge of alternative investment strategies (both directly and through funds of funds), methods to evaluate their performance and valuation approaches, the operational and organizational aspects of alternative investment vehicles and their legal environment.<br>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The class is organised as follows:<br>1. Overview of Alternative Assets<br>&#8211; The alternative investments industry<br>&#8211; Key characteristics of alternative investment vehicles (hedge funds, private equity and venture capital funds, managed futures, commodities, real estate) and investor profiles<br>&#8211; Operational and organizational structures<br>&#8211; Vehicles valuation on regulated and non-regulated markets<br>2. Hedge Funds<br>&#8211; Establishing a hedge fund investment program<br>&#8211; Hedge fund strategies<br>&#8211; Benchmarks and asset allocation<br>&#8211; Evaluating hedge fund performance and risk management<br>&#8211; Funds of Funds<br>3. Private Equity<br>&#8211; Venture Capital<br>&#8211; Leveraged Buyouts<br>&#8211; Performance Measurement<br>&#8211; Valuation of Investments<br>&#8211; Exit Strategies<br>&#8211; ESG in Private Assets<br>4. Risk Management for Alternative Investment Funds<br>&#8211; Differences between traditional and alternative investment funds<br>&#8211; Regulatory overview<br>&#8211; Market, liquidity, and operational risk<br>&#8211; Risk reporting<br>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined or continuous assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>40 %<br>Specific Assessment Rules<br>2 h<br>\u00a0<br>Task 2<br>Other, please specify<br>\u00a0<br>0-20<br>40 %<br>Specific Assessment Rules<br>Seminar paper<br>\u00a0<br>Task 3<br>Presentation<br>\u00a0<br>0-20<br>20 %                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br><p>Recommended background reading:<br>Mark J.P. Anson, Handbook of Alternate Assets. Second Edition. John Wiley Sons<br>Andrew Lo, Hedge Funds: An Analytic Perspective, Updated Edition<br><\/p><br>A self-contained set of slides and case studies will be published on Moodle prior to the start of the course. Students are strongly encouraged to supplement their reading by articles listed on the course slides.<br>\u00a0                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a62999167b34\"\n        >\n            <span class=\"accordion__title\">\n                3.IMT5.Time series analysis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_IM-5                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a62999167b34\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a62999167a74\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 3.IMT5.Time series analysis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_IM-5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 3.IMT: Specialisation Investment Management Track <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> Yes<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p> Independently apply the presented methods to real empirical problems. To do so, they will have to hand in a series of assignments in which they deal with real economic and financial data.<br> Clearly understand the econometric tools that are essential to study economic and financial data<br> Independently apply these tools to real time series data<br> Critically assess the suitability of the presented methods given the characteristics of real time series data<br><\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Financial time series and their characteristics<br> Stylized facts<br> Important concepts: stationarity, autocorrelation, etc.<br> Applications of time series models<br>Regression analysis for time series: the stationary case <br> Static and dynamic regression models<br> Inference<br> Forecasting using dynamic models<br>ARMA<br> Estimation<br>o Maximum likelihood estimation<br>o Model choice<br> Forecasting<br> Extension: VAR model<br>Regression analysis for time series: the non-stationary case <br> Deterministic trends<br> Stochastic trends<br> Unit root tests<br> Cointegration<br>Volatility models<br> Data and stylized facts<br> GARCH models<br> Estimation<br> Forecasting<br> Value-at-Risk, Expected Shortfall <br> Extension: multivariate volatility models                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Assessment Modality<br>Combined assessment<br>Assessment Tasks<br>Type of Assessment<br>Grading Scheme<br>Weight for final Grade<br>Task 1<br>Written exam<br>\u00a0<br>0-20<br>60 %<br>Specific Assessment Rules<br>2 h<br>\u00a0<br>Task 2<br>Other, please specify<br>\u00a0<br>Choose an item.<br>40 %<br>Specific Assessment Rules<br>Assignments<br>\u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Campbell John, Lo Andrew, and McKinlay Craig (1997), The Econometrics of Financial Markets, Princeton University Press<br> Hamilton James D. (1994), Time Series Analysis, Princeton University Press<br> Harvey Andrew (1990), The Econometric Analysis of Time Series (second edition), Philip Allan<br> Tsay Ruey S. (2010) Analysis of Financial Time Series (third edition), John Wiley Sons<br> Wooldridge Jeffrey M. (2013), Introductory Econometrics: A Modern Approach (fifth edition), Thomson South-Western<br>All relevant course material will be provided in lecture notes (slides). Command of statistical software like Matlab, R, Stata, or Eviews is required. <br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<section\n    id=\"tabpanel-c2f8b154-d526-44fe-9882-b40d24b29499\"\n    aria-labelledby=\"tab-c2f8b154-d526-44fe-9882-b40d24b29499\"\n    class=\"tab-panel fade hidden is-hidden\"\n>\n    <div class=\"wp-block-unilux-blocks-course-offer\">\n    <h3>Course offer for Investment Management, Semestre 4 (2025-2026 Summer)<\/h3>\n    \n<div id=\"accordion-module-6a6299916c392\" class=\"accordion accordion--theme\">\n            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3b6\"\n        >\n            <span class=\"accordion__title\">\n                4.E1.Design Execution and Evaluation of  Research in Finance and Economics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-12                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3b6\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E1.Design Execution and Evaluation of  Research in Finance and Economics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-12<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to:<br><\/p><br><ul><br><li><br>Execute an academic research project: identify a research question, position it in the context of current literature, formulate hypotheses and apply appropriate methodology to test them, present results and discuss the implications of the analyses that have been carried out; critically assess academic research and the work of peers.<br><\/li><br><\/ul><br><ul><br><li><br>The course is intended to equip students with the necessary knowledge and tools to carry out independent research and prepare them for the master thesis \u2013 either academic or the research section of the applied thesis.<br><\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The course aims at developing and strengthening students\u2019 academic skills in identifying and analyzing research questions, applying research methods in finance and economics to approach these questions, and interpreting results relative to the current state of the art.The course is centered around a set of research projects in Finance and Economics that students carry out in small research teams. Each team focuses on an individual research project and carries it out along all its stages, from identifying a research question and motivating its relevance to choosing appropriate methodology to address it, executing the analysis, and presenting and interpreting the results.The course is structured as follows:<p>1. Introductory session on a selected set of research topics, providing guidance on identifying each respective research question, on the appropriate research methodology and empirical strategy, the respective data to use for the empirical analysis, and related literature.<\/p><p>2. Execution stage during which research teams plan and conduct their chosen research projects.<\/p><p>3. Student presentation sessions at each stage of the execution of the research projects:<\/p>3.1.\u00a0\u00a0\u00a0\u00a0\u00a0Research idea\/question, motivation behind it and current state of the art.3.2.\u00a0\u00a0\u00a0\u00a0\u00a0Research methodology, empirical setup, development of hypotheses, overview of the data needed to address the research question.Execution and analysis of results, potential further areas of inquiry, conclusion.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>60% Seminar paper<\/p><br><p>30% Presentation<\/p><br><p>10% Discussion<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Academic articles that represent the key references for the set of research projects distributed ahead of the course.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3cb\"\n        >\n            <span class=\"accordion__title\">\n                4.E2 Financial Econometrics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-22                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3cb\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E2 Financial Econometrics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-22<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            Upon successful completion of this course students will be able to:<br><ul><br><li><br>Model the time varying conditional variance of time series data;<br><\/li><br><li><br>Apply state-of-the-art risk measurement and risk management techniques<br><\/li><br><li><br>Assess the performance of the econometric models in describing the time varying VaR<br><\/li><br><li><br>Critically appraise risk management systems<br><\/li><br><\/ul><br>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Part 1 \u2013 BackgroundRisk Management and Financial ReturnsHistorical Simulations, Value-at-Risk and Expected ShortfallA Primer on Financial Time Series AnalysisPart 2 \u2013 Univariate Risk ModelsVolatility Modeling Using Daily DataVolatility Modeling Using Intraday DataNonnormal DistributionsPart 3 \u2013 Multivariate Risk ModelsCovariance and Correlation ModelsSimulating the Term Structure of RiskDistributions and Copulas for Integrated Risk ManagementPart 4 \u2013 Backtesting and Stress Testing                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        2h written exam                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p><\/p><br>The reference books for this course are:<br>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Elements of Financial Risk Management, Elsevier, ed. 2, Peter F. Christoffersen, 2012<br>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Risk Management and Financial Institutions, Wiley, ed. 3, John Hull, 2012 (optional)<br>&#8211;\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<br>Financial Risk Manager Handbook, Wiley, ed. 5, Philippe Jorion, 2009 (optional)<br>                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3d8\"\n        >\n            <span class=\"accordion__title\">\n                4.E3 Statistics in risk management using R &#8211; French                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-16                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3d8\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E3 Statistics in risk management using R &#8211; French<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-16<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> FR<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>Objectifs:<br><\/p><br><p><br>Savoir manipuler le logiciel R pour des analyses de donn\u00e9es<br><\/p><br><p><br>Comprendre la notion de risque financier et son estimation en utilisant les fonctionnalit\u00e9s du logiciel R<br><\/p><br><p><br>Savoir faire une analyse \u00e9conom\u00e9trique de s\u00e9ries temporelles en utilisant le logiciel R<br><\/p>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Le premier chapitre du cours consiste \u00e0 apprendre \u00e0 manipuler le logiciel R, notamment afin d\u2019avoir acc\u00e8s \u00e0 des donn\u00e9es financi\u00e8res et de les analyser. Nous \u00e9tudierons en particulier comment cr\u00e9er des s\u00e9ries temporelles, utiliser des indicateurs statistiques, faire une analyse technique et graphique \u00e0 l\u2019aide du logiciel R.\u00a0 Le deuxi\u00e8me chapitre s\u2019int\u00e9resse au concept de risque financier d\u2019un actif et d\u2019un portefeuille d\u2019actifs au travers de la notion de rendement, de volatilit\u00e9, de calcul d\u2019indicateurs de performance ajust\u00e9s au risque et d\u2019optimisation de portefeuille. Nous d\u00e9velopperons la notion de risque au travers d\u2019indicateurs statistiques tenant compte des risques extr\u00eames. Dans tous ces chapitres, les s\u00e9ries temporelles sont \u00e9tudi\u00e9es en faisant une analyse \u00e9conom\u00e9trique des donn\u00e9es financi\u00e8res. Les applications qui illustrent le cours sont enti\u00e8rement men\u00e9es \u00e0 partir du logiciel R. Les \u00e9tudiants doivent avoir t\u00e9l\u00e9charg\u00e9 le logiciel R avant de venir \u00e0 la premi\u00e8re s\u00e9ance du cours en utilisant le lien suivant\u00a0: https:\/\/cran.r-project.org\/bin\/windows\/base\/                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Examen \u00e9crit de 2 heures pendant la p\u00e9riode de cours                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Bilbiographie :<\/p>Analyse des s\u00e9ries temporelles, 5e \u00e9dition, de R. Bourbonnais et V. Terraza, chez Dunod 2022<br>Analyse Statistique pour la gestion bancaire et financi\u00e8re, applications avec R, de V. Terraza et C. Toque, chez De Boeck, 2013<br>Mod\u00e9lisations de la Value at Risk &#8211; Une \u00e9valuation de l\u2019approche Riskmetrics de V. Terraza Editions Universitaires Europ\u00e9ennes &#8211; 2010\u00a0<br>Le livre de R, apprentissage et r\u00e9f\u00e9rence, de B. Desgraupes, chez Vuibert, 2013<br>S\u00e9ries temporelles avec R, de Y. Aragon, chez Springer, 2011                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3e5\"\n        >\n            <span class=\"accordion__title\">\n                4.E4. Incubator Course: Cases of Modern Finance                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-26                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3e5\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E4. Incubator Course: Cases of Modern Finance<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-26<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the module unit successful students will be able to:<br><\/p><br><ul><br><li>Have a broader understanding about how emergent financial technologies are changing the standard Financial Architecture and its implications for financial institutions<\/li><br><li>Have a better understanding of how emergent FinTech developments will change the financial products available<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>This incubator course aims to <\/p><ul><li>Educate students about the disruptive effects of advanced technologies in the financial sector, with a leading focus on asset management, instruments and advanced data analytics.<\/li><li>Raise awareness on both the socio-economic and the performance implications of innovation diffusion.<\/li><li>Provide both academic and industry-strength underpinning for the future of finance.<br><\/li><\/ul>The incubator course consists of two parts. Each part includes both lectures lectures and practical case work in groups. The practical case works, as well as the lectures are offered by a residing institutional \/ industry partner of this course. Students are asked to provide solutions to the presented case studies, based on a problem-based discovery. <br>The first block is concentrating on the notion \u201cFinancial architecture\u201d in the context of asset management and administration. It discusses the disruptive effects of peer2peer technologies, such as blockchains, through industry-strength case studies. Below, the skeleton of this block is provided as follows:The second block is concentrating on the notion \u201cadvanced data analytics\u201d in the context of asset management and administration. In an ever-changing environment, Investment Banks face many challenges: regulatory compliance, business model review and increased competition. At the same time, the financial sector is witnessing a huge digital transformation, particularly with the advent of new technologies. Artificial intelligence, Distributed Ledger Technology, API and Big data, how can new tools bring solutions to financial institutions?This block would kick-off with a lecture on investment banking. Through its organizational structure and its businesses, themes common to the world of banking and investment will be discussed. Case studies are introduced and discussed in order to propose a digital solution in response to the case problem at hand. Below, the skeleton of this block is provided as follows:Conclusion<ul><li>General Introduction<\/li><li>Introduction to the Financial Architecture<\/li><li>Business Models of Banks<\/li><li>Business Models of the Asset Management Industry<\/li><li>Trading Platforms and their Market Microstructure<\/li><li>Introduction to Blockchain Peer-to-peer platforms<\/li><li>The Blockchain Market Microstructure\u00a0<\/li><li>Business Models of FinTech Credit Platforms<\/li><li>Recent developments about Financial Products on Peer-to-peer platforms<\/li><li>Workshop: Liquidity pools and automated market makers (instrumentalising flash swaps and loans)<\/li><li>Conclusion: A perspective on the changing Financial Architecture in light of recent technological developments.<\/li><\/ul><ul><li>A practical application of Performance and Risk management measures in finance <\/li><li>Measures of return<\/li><li>The complexity of defining and measuring risk<\/li><li>How to find the best returns while minimizing the risk (measures of risk-adjusted return and its limitations)?<\/li><li>Can we use new technologies and Machine Learning for predicting stock price? How to observe the factors affecting assets?<\/li><li>Multifactor Models (Fama French, Carhart four-factor model): a linear approach<\/li><li>An Introduction to Decision trees (and random forest): a nonlinear approach<\/li><li>Workshop #1: Implementation of a basic strategy with alternative data: does ESG (Environmental, Social, and Governance) investment bring better performance?<\/li><li>Workshop #2: Compare linear and non-linear approaches in price prediction and understand the limitations<\/li><\/ul>                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        The final grade will be an oral presentation (100%)                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Literature:<\/p><br>Ayadi, R., Cucinelli, D. and De Groen P. (2019) \u00ab\u00a0Banking Business Models Monitor\u00a0: Europe\u00a0\u00bb<br>Halaburda, H., Haeringer, G., Gans, J. and Gandal, N. (2022) \u201cThe Microeconomics of Cryptocurrencies\u201d, Journal of Economic Perspectives forthcoming. \u00a0\u00a0<br>Lehar, A. and Parlour, C. (2021) \u201cDecentralized Exchanges\u201d, SSRN Working Paper.<br>Liberti, J.M. and Petersen, M.A. (2019) \u201cInformation: Hard and Soft\u201d, The Review of Corporate Finance Studies, 8(1), 1-41.<br>Valleee, B. and Zheng, Y. (2019) \u201cMarketplace lending: A new banking paradigm?\u201d, The Review of Financial Studies, 32(5), 1939-1982.<br>Verlaine, M. (2020) \u201cBehavioral Finance and the Architecture of the Asset Management Industry\u201d.<br>Stefan Jansen. (2020).\u00a0Machine Learning for Algorithmic Trading: Predictive models to extract signals from market and alternative data for systematic trading strategies with Python, 2nd Edition.<br>Chlo\u00e9-Agathe Azencott. (2018).\u00a0Introduction au Machine Learning.<br>Joachim H\u00e4cker, Dietmar Ernst. (2017).\u00a0Financial Modeling: An Introductory Guide to Excel and VBA Applications in Finance.<br>Jean Dermine. (2009).\u00a0Bank Valuation and Value-Based Management: Deposit and Loan Pricing, Performance Evaluation, and Risk Management.<br>John C. Hull. (2018).\u00a0Risk Management and Financial Institutions.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3f1\"\n        >\n            <span class=\"accordion__title\">\n                4.E5 Topics in Well-being Research                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            5                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-28                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3f1\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E5 Topics in Well-being Research<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 5<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-28<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Objectives<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>\n                            <p><br>On completion of the course unit successful students will be able to:<br><\/p><br><ul><br><li><br>Analyse different datasets with the STATA software<br><\/li><br><li><br>Have knowledge of a number of the empirical methods used to tackle theoretical questions<br><\/li><br><li><br>Have acquired advanced interdisciplinary knowledge.<\/li><br><\/ul>                        <\/p>\n                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        \u00a0                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        In this course, students will learn about the different theoretical and conceptual approaches used in the social sciences to analyze well-being and its determinants. After an introduction to the various methods proposed for the measurement of well-being, we will focus on its determinants and explore the relationship with income (including the Easterlin paradox), social position and mobility, as well as the role of adaptation and expectations. We will then move on to discuss societal well-being and the recent proposals to go beyond GDP as a measure of progress. Last, we will show how measures of individual well-being can be used to shed new light on important economic concepts such as income inequality, gender disparities and policy evaluation.                    <\/div>\n                <\/li>\n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Assessment<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <p>Seminar Paper (95%)<\/p><br><p>Active participation (5%)<\/p>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Recommended literature:<br>Balestra, C., Boarini, R. Ruiz, N. (2018).<br>Going beyond GDP: empirical findings, in: C. D\u2019Ambrosio (ed.), Handbook of Research on Economic and Social Well-Being, chapter 2, pages 52-103, Edward Elgar Publishing.<br>Blanchflower, D. G., Oswald, A. J. (2004). Well-being over time in Britain and the USA. Journal of Public Economics, 88, 1359-1386.<br>Blanchflower, D. G., Oswald, A. J. (2008). Is well-being U-shaped over the life cycle? Social Science Medicine, 66, 1733-1749.<br>Card, D., Mas, A., Moretti, E., Saez, E. (2012). Inequality at work: The effect of peer salaries on job satisfaction. American Economic Review, 102, 2981-3003.<br>Clark, A. E., Oswald, A. J. (1996). Satisfaction and comparison income. Journal of Public Economics, 61(3), 359-381.<br>Clark, A. E., Frijters, P., Shields, M. A. (2008). Relative income, happiness, and utility: An explanation for the Easterlin paradox and other puzzles. Journal of Economic Literature, 46, 95-144.<br>Clark, A. E., Lepinteur, A. (2019). The causes and consequences of early-adult unemployment: Evidence from cohort data. Journal of Economic Behavior Organization, 166, 107-124.<br>Clark, A. E. (2018). Four decades of the economics of happiness: Where next? Review of Income and Wealth, 64, 245-269.<br>Di Tella, R., MacCulloch, R. J., Oswald, A. J. (2001). Preferences over inflation and unemployment: Evidence from surveys of happiness. American Economic Review, 91, 335-341.<br>Easterlin, R. A. (1974). Does economic growth improve the human lot? Some empirical evidence. In Nations and Households in Economic Growth. Academic Press.<br>Fl\u00e8che, S. (2021). The welfare consequences of centralization: evidence from a quasi-natural experiment in Switzerland. Review of Economics and Statistics, 103, 621-635.<br>Giovannini, E., Rondinella, T. (2018). Going beyond GDP: theoretical approaches, in: C. D\u2019Ambrosio (ed.), Handbook of Research on Economic and Social Well-Being, chapter 1, pages 1-51, Edward Elgar Publishing.<br>Guio, A.-C. (2018). Multidimensional poverty and material deprivation: empirical findings, in: C. D\u2019Ambrosio (ed.), Handbook of Research on Economic and Social Well-Being, chapter 6, pages 171-193, Edward Elgar Publishing.<br>Layard, R. (2006). Happiness and public policy: A challenge to the profession. Economic Journal, 116, C24-C33.<br>Lepinteur, A. (2019). The shorter workweek and worker wellbeing: Evidence from Portugal and France. Labour Economics, 58, 204-220.<br>Luttmer, E. F. (2005). Neighbors as negatives: Relative earnings and well-being. Quarterly Journal of Economics, 120, 963-1002.<br>Oswald, A. J., Proto, E., Sgroi, D. (2015). Happiness and productivity. Journal of Labor Economics, 33, 789-822.                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c3fd\"\n        >\n            <span class=\"accordion__title\">\n                4.E6 Data Protection for Official Statistics                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            1                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_FE-12                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c3fd\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.E6 Data Protection for Official Statistics<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 1<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_FE-12<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.E Special Topics in Finance and Economics &#8211; Electives III<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Course learning outcomes<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        On completion of the course unit successful students will be able to:\u00a0-Distinguish between the various legal regimes applicable to data in the EU;-Identify the specific legal obligations relevant to their work;-Understand the core elements of the legal regime governing personal data in the EU;-Engage productively with legal professionals towards compliance with data-related obligations;-Apply best practices on data protection to their technical work.<br>                    <\/div>\n                <\/li>\n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Description<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Data is an essential input for statistical work. Increasingly, the processing of that data is subject to various kinds of legal requirements. Some of those requirements, such as those relating to information that is associated or can be associated with specific individuals (personal data), are meant to safeguard individuals and groups from potential risks related to the processing of their data. Others, such as data portability and interoperability requirements, are meant to maximize the positive externalities from data collection and usage. Amid this network of legal entanglements, professionals need to be able to identify their legal duties and the best ways to complying with them during their work activities.<br>This course aims to provide an overview of key legal concepts that are relevant for professionals who engage in activities involving the processing of personal data, with particular emphasis on the specific challenges that emerge in the context of official statistics. In particular, the course addresses the following concepts:<br>-The landscape of EU data law: personal data protection and other data-related pieces of legislation<br>-The scope of personal data protection: when are data protection obligations applicable?<br>-General rules and principles applicable to data processing<br>-Rights of the data subject<br>-Data protection by design and by default<br>-Cybersecurity as a data protection concern<br>-Special regime for research data<br>-Responsibility for data misuse                    <\/div>\n                <\/li>\n                \n                \n                \n                                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Note<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        Short readings will be shared with the students before the course. Additionally, the course will draw from the following background sources:<br>-Marco Almada, Law Compliance in AI Security Data Protection (European Data Protection Board 2025).<br>-Article 29 Working Party, \u2018Guidelines on transparency under Regulation 2016\/679\u2019 (2018).<br>-Laurence Diver and Pauline McBride, \u2018Argument by Numbers: The Normative Impact of Statistical Legal Tech\u2019 (2022) 3 Communitas: th\u00e9ories et pratiques de la normativit\u00e9.<br>-European Data Protection Board, \u2018Guidelines 4\/2019 on Article 25 on Data Protection by Design and by Default\u2019 (2020).<br>-European Union Agency for Fundamental Rights, Handbook on European data protection law (Publications Office of the European Union 2018).<br>-Mireille Hildebrandt, \u2018Law as Computation in the Era of Artificial Legal Intelligence: Speaking Law to the Power of Statistics\u2019 (2018) 68 University of Toronto Law Journal 12.<br>-Christopher Kuner, Lee A Bygrave and Docksey, Christopher (eds), The EU General Data Protection Regulation (GDPR): A Commentary (Oxford University Press 2020).<br>-Paul Ohm, \u2018Focusing On Fine-Tuning: Understanding The Four Pathways For Shaping Generative AI\u2019 (2024) 25 Columbia Science and Technology Law Review 214.<br>-Indra Spiecker gen. D\u00f6hmann and others (eds), General Data Protection Regulation: Article-by-article commentary (Beck; Nomos; Hart Publishing 2023).                    <\/div>\n                <\/li>\n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c409\"\n        >\n            <span class=\"accordion__title\">\n                4.Applied Master Thesis (including Internship)                 <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            20                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-19                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c409\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.Applied Master Thesis (including Internship) <\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 20<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-19<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.IMT.Master Thesis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>            \n<div class=\"accordion__item\">\n    <h4 class=\"accordion__header\">\n        <button\n                type=\"button\"\n                class=\"accordion__button collapsed\"\n                aria-expanded=\"false\"\n                data-bs-toggle=\"collapse\"\n                data-bs-target=\"#accordion-panel-6a6299916c415\"\n        >\n            <span class=\"accordion__title\">\n                4.Academic Master Thesis                <span class=\"accordion__data\">\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">ECTS credits:<\/span>\n                        <span class=\"accordion__data__value\">\n                            20                        <\/span>\n                    <\/span>\n                    <span class=\"accordion__data__item\">\n                        <span class=\"accordion__data__name\">Course code:<\/span>\n                        <span class=\"accordion__data__value\">\n                            MScFE_BK-20                        <\/span>\n                    <\/span>\n                <\/span>\n            <\/span>\n            <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-down icon--lg\"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-down\"><\/use><\/svg>        <\/button>\n    <\/h4>\n\n    <div id=\"accordion-panel-6a6299916c415\" class=\"accordion__collapse collapse\" data-bs-parent=\"#accordion-module-6a6299916c392\">\n        <div class=\"accordion__body p-0\">\n            <ul class=\"list-highlighted\">\n                <li class=\"list-highlighted__item items-start\">\n                    <header class=\"list-highlighted__header\">\n                        <h5 class=\"text-18\"><strong>Details<\/strong><\/h5>\n                    <\/header>\n                    <div class=\"list-highlighted__body\">\n                        <ul>\n                            <li><span class=\"text-dark font-heading font-bold\">Course title:<\/span> 4.Academic Master Thesis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Number of ECTS:<\/span> 20<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Course code:<\/span> MScFE_BK-20<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Module(s):<\/span> Module 4.IMT.Master Thesis<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Language:<\/span> EN<\/li>\n                            <li><span class=\"text-dark font-heading font-bold\">Mandatory:<\/span> No<\/li>\n                        <\/ul>\n                    <\/div>\n                <\/li>\n\n                <!--<li class=\"list-highlighted__item items-start\">-->\n                <!--    <header class=\"list-highlighted__header\">-->\n                <!--        <h5 class=\"text-18\"><strong>--><!--<\/strong><\/h5>-->\n                <!--    <\/header>-->\n                <!--    <div class=\"list-highlighted__body\">-->\n                <!--        <div class=\"speaker-group\">-->\n                <!--            -->                <!--        <\/div>-->\n                <!--    <\/div>-->\n                <!--<\/li>-->\n\n                \n                \n                \n                \n                \n                \n            <\/ul>\n        <\/div>\n    <\/div>\n<\/div>    <\/div><\/div><\/section>\n<\/div>\n<\/div><\/section>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The track is divided into four modules. An investment management module covers fundamental subjects in portfolio management, alternative investments and quantitative models for investment decisions. Two elective modules cover a broad spectrum of special topics in finance. Finally, students are given the option to complete an internship with an applied master thesis, or to write an academic thesis.<\/p>\n","protected":false},"author":82,"featured_media":1381,"parent":1539,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Master in Finance and Economics - Investment Management","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"study_program_identifiers":"INVMNGT__F2_M_MASCFINECO_IM_4__F2_M_MSFE_4","override_seo_title":false},"type-of-studies":[],"teaching-languages":[],"field-of-interest":[],"organisation":[],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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