Numbering Code	U-ECON00 20603 LJ44 U-ECON00 20603 LJ43	Year/Term	2022 ・ Second semester
Number of Credits	2	Course Type	Lecture
Target Year	From 2nd to 4th year students	Target Student
Language	Japanese	Day/Period	Wed.4
Instructor name	ISAGAWA NOBUYUKI (Graduate School of Management Professor)
Outline and Purpose of the Course	Business schools in Europe and the United States offer "Investment" (Securities investment theory) and "Corporate Finance" (Management finance) as specialized finance courses. This course “Investment” corresponds to the former. The course will explain the standard theory of today’s investment such as financial structure and definition of securities, basic theory of asset valuation (valuation of bonds and stocks), the theory of portfolio selection, and factor model. In addition, guest speakers will be invited from the Financial Services Agency and Mizuho Securities to talk about investment education and practical topics. This course is supported by the Endowed Lecture program of Mizuho Securities.
Course Goals	To learn the concept of securities investment, various indicators related to securities investment, basics and applications of portfolio theory, concept and analysis tools of stock valuation and bond valuation, the basic theory of derivatives, portfolio management, and analysis and valuation of securities markets in real-world settings. It is desirable that students are able to theoretically analyze market trends in real-world settings. In addition, learning theories of investment and finance will provide students with the foundation for rational decision-making.
Schedule and Contents	Details will be announced in the lecture, but the following contents are scheduled (in no particular order). 1. Introduction: Overview of investment, returns, time and risk, equilibrium, and arbitrage 2. Bonds (1) ? Bond types and the market, bond price valuation, bond risk, the structure of periods of interest rate 3. Bonds (2) ? Duration and convexity, credit risk, bond portfolio strategies 4. Changes in financial markets and recent issues (Mizuho Securities) 5. Stocks (1) ? Stock structures and the market, risk premium, dividend discount model 6. Stocks (2) ? Investor preferences, portfolio theory, CAPM and its use 7. Equity (3) ? Anomaly, Minimum, and Arbitrage pricing theory; factor model; equity portfolio strategy 8. Securities market and financial administration (financial services agency) 9. Derivatives (1) ? Futures, forwards, options, arbitrage 10. Derivatives (2) ? Risk-neutral pricing, derivatives, and investment strategies 11. International securities investment, exchange exposure management, international asset pricing model 12. Asset allocation, policy asset mix, dynamic asset mix 13. Policy investment, the effect of time diversification, hypothesis of human capital and life cycle, management of defined-benefit pension 14. Current status and issues of financial education and financial literacy (Mizuho Securities) 15. Final exam
Evaluation Methods and Policy	Evaluated based on grades for class participation and the final exam. Details such as percentages will be announced in the lecture.
Course Requirements	None
Study outside of Class (preparation and review)	Read the lecture materials uploaded in advance, and check the technical terms, etc. before attending the lectures.
Textbooks	Textbooks/References	Indicated during class. The textbook will also be indicated at the beginning of the class. Course materials will be uploaded for each lecture to PandA.
References, etc.	ボディ・ケイン・マーカス 『インベストメント 第８版 上，下』 (マグロウヒル) 証券投資のMBAテキスト, バーク＆ディマーゾ 『コーポレートファイナンス 入門編 応用編』 (ピアソン) MBA text for Corporate Finance.