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Das Master in Finance Programm der WHU wurde für Absolventen aus aller Welt mit einem ausgezeichneten ersten akademischen Abschluss in einem wirtschaftsbezogenen Studiengang, sowie Absolventen von STEM-Fächern mit starkem quantitativen Hintergrund und ersten Erfahrungen mit finanzwirtschaftlichen Themen, z.B. durch Wahlfächer, Abschlussarbeiten, CFA oder praktische Erfahrungen, konzipiert. Das Programm beginnt jedes Jahr im September. DIe Unterrichtssprache ist Englisch.
Das Programm wird in zwei verschiedenen Tracks angeboten: einem 90 ECTS Track mit einer Dauer von 17 Monaten und einem 120 ECTS Track mit einer Dauer von 21 Monaten.
Nach einem mindestens sechswöchigen Praktikum beginnt für die Studierenden im 120 ECTS Track ein Auslandssemester; zusätzlich besteht im längeren Track die Möglichkeit einen Doppelabschluss zu erlangen. Nach dem Auslandsaufenthalt beginnen die Studierenden mit dem Verfassen ihrer Masterarbeit.
Studierenden mit einem 210 ECTS Bachelorabschluss steht der 90 credit Track offen: sie besuchen ein Capstone Modul, das aus Vorträgen zu ausgewählten Themen sowie aus Firmenbesuchen in einer der Wirtschaftsmetropolen Amerikas, Asiens oder Europas besteht. Nach einem mindestens vierwöchigen Praktikum endet der Master in Finance mit der Erstellung einer Masterarbeit.
Um detailliertere Informationen zu den Modulen zu erhalten, empfehlen wir das Vorlesungsverzeichnis zu besuchen. Wir bitten um Verständnis, dass die Titel der Kurse, sowie die Kursbeschreibungen derzeit nur auf Englisch vorliegen.
Die Studierenden belegen 3 Pflichtkurse - sogenannte Core Modules: Advanced Econometrics, Capital Market Theory und International Financial Reporting.
This module provides an advanced treatment of econometric methods, discussing theoretical concepts as well as applying them to real world data sets taken from finance and macroeconomics. Building on a sound understanding of the linear regression model and ordinary least-squares estimation the emphasis in this course lies on the analysis of nonlinear regressions, panel data, and non-stationary time series models, as well as on advanced inferential techniques such as nonlinear least squares, instrumental variable and maximum likelihood estimation. The module takes the form of interactive lectures with exercises.
Capital Market Theory contains the foundational knowledge for the WHU Master in Finance (MiF). Based on the Stochastic Discount Factor (SDF) Approach, it covers the theoretical background of the main topics in finance, namely Capital Asset Pricing, Option Pricing, State Preference Theory, and Behavioral Finance. Additionally, the course discusses the analysis of Sovereign Credit Risk. Capital Market Theory is a comparatively rigorous quantitative course which provides a lot of applications to illustrate the partially advanced analytical parts.
This module is designed to familiarize students with today’s world of financial reporting based on International Financial Reporting Standards (IFRS). In the EU, stock-listed companies are required to prepare their consolidated financial statements in accordance with IFRS, and IFRS are required or allowed as the basis for financial reporting in more than 100 countries world-wide. Throughout the course, students get acquainted with the institutional and conceptual backgrounds of IFRS, and they become familiar with IFRS financial statements, and the most important IFRS topics and requirements.
The module develops a theoretically founded understanding of optimal investment and financial decision-making in modern corporations. The module starts with a formal analysis of asymmetric information and agency problems and continues with applied issues including the analysis of financing and dividend policies, product market interactions, investor activism, mergers and acquisitions, and executive compensation. The module also highlights the recent empirical evidence on these topics and the tools necessary to understand them.
The objective of the module is to enable students to understand the structure and current issues of the market for active and passive asset management services and their relationship to a number of concepts of capital market theory. Moreover, after completing the module, students will be familiar with the various styles, tools, and techniques of real-life asset management. In Part I some important elements of capital market theory will be revisited with a special emphasis on those aspects of model architecture which are not usually covered in textbooks.
Part II explains the basic structure of the asset management industry by deviations from the perfect world of theory. It analyses the tools and techniques applied by real world asset managers as well as the role of investment consultants. In addition, the demand side of the market is analyzed by describing the methodologies and tools of institutional investors.
This module discusses important topics in behavioural finance, including non-expected-utility theory, heuristics and biases, heterogeneous beliefs, anomalies such as equity premium puzzle, momentum, home bias, etc. The goal is to understand various perspectives in the behavioural finance research and its practical relevance. In Emotional Finance psychological and neural aspects of perception and financial decision making are explored in order to get a comprehensive understanding of capital markets and financial transactions. The analysis is based on Freund’s psychoanalytical theory.
Financial statements are used for a wide range of applications including analysis of firm performance, communication with the markets, firm valuation, and selecting M&A targets. This module provides a framework for using financial statement information in the context of business analysis and firm valuation. Its content includes strategy analysis, accounting analysis, understanding firm performance using ratio analysis and implementing firm valuation.
In this module, we will analyze conflicts of interest within the firm and discuss mechanisms to mitigate these problems. Since corporate governance mechanisms vary around the world, the module will cover definitions, the underlying concepts, and the main taxonomies of corporate governance systems.
It will also critically assess the empirical evidence on the importance and effectiveness of various corporate governance devices, such as ownership structures and large shareholder monitoring, the market for corporate control, shareholder activism, the board of directors, and executive compensation.
This module is designed to facilitate an in depth exploration of current issues in European banking in the aftermath of the global financial crisis of 2007 - 2009. In Europe banks are more important as a source of finance for the real economy than in the US; therefore understanding the issues facing the banks is key to understanding the future of the European economy. Starting with a short introduction to financial systems and banking, covering the financial crisis, the Euro crisis, and the newly established Banking Union, each session will focus on a distinct topic to allow for a comprehensive, yet focused and digestible discussion of the subject matter from both a micro and macro perspective.
In this module students are introduced to the concepts and techniques of market and credit portfolio risk management. They learn to apply these methods in computer classes and a course project. In addition, the concept of risk is discussed as a theoretical foundation to these models. The goal is that students get a comprehensive understanding of financial risk management and financial regulation.
In this course, students learn how to implement financial models in Excel, how to use the functions and formulas to their advantage, and how to build meaningful models. Students also learn to optimize with the Solver function: the most common tool used in making business decisions.
An important aspect of the course is gaining practical experience in formatting, visualization and analysis of financial data. By numerous examples, the students will gain insides on portfolio management and asset pricing.
FIN610 studies technology-driven innovations in the financial sector; including cryptocurrencies and the blockchain, digital advisory and trading systems, peer-to-peer lending, crowdfunding and mobile payment systems. Such innovations can potentially disrupt existing industry structures, reshape their boundaries, and change the way firms create and deliver products and services. At the same time, they create privacy, regulatory and law-enforcement challenges. We study these issues in a format which combines lectures, case studies, and experts from the industry.
The objective of this module is to provide an overview of different approaches to valuation, with a particular focus on Discounted Cash Flow (DCF) valuation. A special attention is given to the theoretical underpinnings of the discount rate used in the DCF approach (i.e., the cost of financing: from cost of equity to cost of capital) and to its derivation. In addition, relative valuation models (multiples) and specific topics such as valuing private company, takeover valuation, and event studies as a valuation tool will be discussed.
The objective of this course is to provide students general knowledge on mergers and acquisitions (M&As) from a corporate finance perspective. After completing successfully the course, students will have a solid understanding of the most fundamental issues and concepts in the M&A field. Without being exhaustive, the following topics will be covered during the course: wealth effect assoicated with M&As, motivations of companies to enter the M&A market, the role and value added of investment banks in the takeover process, choice of the sale process, merger arbitrage, the role of CEOs in large transaction, and further issues related to regulation and social utility associated with the existence of an active M&A market. Bridging the gap between research and practice, this course is ideal for those interested in M&As and/or willing to work in the M&A industry.