Learning outcome The purpose of the Master thesis is to provide the student with the skills necessary to conduct independent analyses of economic research problems.
Course Contents ECON Microeconomic Analysis The aim of this course is to provide students an ability to command of the basic concepts, theories and applications of microeconomics and to apply this knowledge to practical problems. For this purpose, first of all, under the topic of individual decision; consumer theories, demand theory, production theory and uncertainty will be discussed.
Continuing with game theory, this course will end with analysis of free market structure, public goods and economic externalities. ECON Macroeconomic Theory This course, which is the continuation of the course in the first semester, will be explained in more detail in terms of the functioning of money and foreign exchange markets and methods of struggling against inflation in an open economy.
In this frame, Marshall-Lerner condition, Keynesian Theory, the financial economics master thesis of money and capital markets in open and closed economies, macroeconomic models and rational financial economics master thesis in these models, politics effectiveness and dynamics of macroeconomic modeling will be discussed.
EFIN Research Methods and Publication Ethics This course is organized around the research process where students learn how to formulate a research question and define a research problem, decide upon a research design, assess data collection methods, define a sampling frame, determine types of data analyses, interpret data appropriately, and prepare a research report.
The course will also provide theoretical as well as empirical basis for qualitative research methods such as focus groups and in-depth interviewing, content analysis, as well as quantitative methods such as survey research, basic regression and time series analysis.
EFIN Corporate Finance The course focuses on how companies select their projects, how they fund them, the channels through which the stock markets bond markets and other markets affect the real economy. Answering these questions is crucial for the understanding of the financial world.
Other topics that will be covered by this course include asset pricing, capital budgeting under risk, market efficieny and corporate governance. EFIN Financial Econometrics This course covers emprical analysis techniques used to investigate the relationships between financial and economic variables.
Under this context, topics such as multivariate regression, maximum likelihood and methods of moments estimation, hypothesis testing, omitted variables and misspecification, asymptotic theory, measurement error and instrumental variables, time-series modelling; predictability of asset returns, event study analysis, econometric tests of the CAPM and multifactor models; volatility modelling, generalised method of moments estimation will be explained through emprical examples.
Students conduct an in-depth study of a research topic of their choice, discuss issues with experts in the field of research, work in discussion groups, debate and solve problem on selected issues.
In the research seminar, the students are given an opportunity to integrate their knowledge, skills and practical experience gained in the program.
Elective Courses EFIN Capital Markets and Institutions The aim of this course is to provide the participants with a basic knowledge about capital markets and capital market institutions and their operations, together with the skills to make research on and analyze the developments in this realm.
In this context, subjects such as stock market business in the World and in Turkey, different capital market instruments, trading and pricing in capital markets, indexation and the analyses of indices and the regulation and supervision of capital markets will be covered.
In addition, the roles of various global and domestic capital market institutons and the role of capital markets in national economy will be discussed.
EFIN Financial Statement Analyses This course primarily covers how financial statements should be read and benefited from, financial analysis techniques, the limitations and implications of financial accounting information and its effects on firm valuation and the importance of footnotes.
EFIN International Financial Markets and Globalization The aim of the course is to introduce the participants to key issues related to the international financial markets which became much more integrated due to the globalization process and to develop the skills of the participants to understand and interpret the behavior of financial institutions and the operation of global markets within the framework of modern finance theory.
The content of the course includes topics such as the structure and functioning of equity, bond markets and foreign exchange markets. It also focuses on specific topics that include raising capital in domestic and international equity and bond markets, project finance and the microstructure of major financial markets.
In addition, the course will cover the impact of globalization on markets, asset allocation and the real economy. The theoretical framework will be supported by empirical evidence and by analysis of real-world financial instruments and financial policy issues.
EFIN Derivative Markets The course delivers the concepts and models underlying the analysis and pricing of financial derivatives. The main aim of the course is to provide the participants with basic skills to understand operation of derivative products and markets and to teach them how to use these products for different purposes.
During the course, special emphasis will be given to the derivative products which are most commonly traded in World markets.
The content of the course also includes basic properties of forwards, futures and options contracts and various product strategies that might be developed using those derivatives contracts.
EFIN Risk Management in Financial Institutions This course will examine the way in which businesses make an assessment of, control and transfer risk. The goal is to engage the participants in active discovery of risk management principles.
Students will be prepared to function in a business environment, developing an awareness of the challenges, the tools, and the process of designing and implementing a risk management program.
The risk management process involves identification of risks and associated potential costs, analysis of the causes of financial loss, determination of various strategies to treat risk, selection of strategies appropriate to the goals and objectives of the business, implementation of the selected strategies, management and monitoring of results.
EFIN Alternative Finance Channels This course covers alternative financial intermediation systems which are defined as non-bank and other than basic capital market instruments. The Private Market operating at Borsa Istanbul will also be analysed as an alternative way of fund raising for start-ups.
EFIN Market Microstructure and Trading This course will help students to explore how trading in financial markets works from both a theoretical and a practical perspective.
The course will help investigating the motives and strategies of traders, dealers, and other financial market participants. Topics covered include models of trading, trading strategies, empirical analysis of financial data, empirical market microstructure, market volatility, algorithmic trading, arbitrage trading, back-testing trading, execution strategies.
EFIN Selected Topics in Financial Economics This course is intended to improve the knowledge base and skills of the students with respect to some special topics selected from financial economics.The graduate program in Economics is available as a Master of Science degree or as a Master of Economics degree.
The MS degree requires a thesis and a final oral examination, while the MR degree is a coursework-only program. In the master’s thesis the student demonstrates his ability to analyse complex problems independently and at an academic level.
The focus of the master’s thesis lies on the selected major, and therefore corresponds with the domain of Financial Economics. Master in Financial Economics (with thesis) Izmir University of Economics "Acquire a strong foundation for Ph.D.
research or press on a career in a variety of roles within economics and finance. This Financial Economics (with Thesis) program at the Izmir University of Economics not only gives you a strong foundation for for PhD. Industrial and Financial Economics Master Thesis No THE DISCOUNTED CASH FLOW APPROACH TO FIRM VALUATION A STUDY WITH FOCUS ON FORECASTING Karl O.
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