Contactar Esade

Hedge funds (CF30906)

General information

Type:

 OP

Curs:

 1

Period:

 S semester

ECTS Credits:

 3 ECTS

Teaching Staff:

Group Teacher Department Language
Miquel Noguer Alonso Economía, Finanzas y Contabilidad ENG

Prerequisites

No prerequisites

Previous Knowledge

Basic financial markets
Statistics

Workload distribution

10 weeks course in the form of lectures, guest speakers and class discussions.

Course Learning Objectives

Learn about the Hedge Fund Industry : History, who is who, Strategies. regulation and main trends.

CONTENT

1. Definition of a Hedge Fund

2. Historical analysis of Hedge Funds

a. The early years: the 1930s
b. The formative years (1949-1968)
c. The dark years (1969-1974)
d. The Renaissance (1975-1997)
e. The Asian and Russian crisis (1997-1998)
f. The technology bubble (2000)
g. The 2008 crisis
h. Madoff
i. Hedge funds today
j. The future

3. Legal context

a. USA
b. Europe
c. Spain
d. Emerging nations

4. Operative and organisations structures

a. Legal structures and sources
b. Operative structures
c. Specific investment vehicles
d. Disclosure and documentation

5. Strategies

a. Long / Short Equity
b. Dedicated short
c. Distressed securities
d. Arbitrage : Merger, Convertible and Fixed income
e. Emerging markets
f. Global macro
g. Managed Futures and Commodity Trading Advisers (CTAs)
h. Other strategies

6. Yield, risk and performance measures

a. Liquidity value and yield
b. Risk statistic / yield
c. Measures for yields adjusted to risk
d. Databases, indices and benchmarks

7. Investing in Hedge funds

a. Advantages and disadvantages of investing in Hedge Funds
b. Asset allocation and Hedge Funds
c. Selecting Hedge Funds
d. Fund of Hedge Funds
e. Structured products linked to Hedge Funds
f. Hedge Fund replication

Methodology

10 weeks course in the form of lectures, guest speakers and class discussions.

Assessment criteria

Final Exam - 50%
Group Project - 50%

Important clarifications:

1.To pass the course, a minimum grade of 50% is required on both the final exam and the weighted average of the two components listed above. Specifically, if both the final exam mark and the weighted average are above 50%, then the weighted average becomes the final grade for the course. Otherwise, the final grade for the course will be the lower mark of the two.

2.In case a retake exam is needed, the final course grade will be 100% determined by the retake exam mark.

Bibliography

CAIA, CAIA association, Wiley Finance
Lhabitant, F., Handbook of Hedge Funds, Wiley finance series, 2007
Ezra Zask, All about Hedge funds ( Second Edition ), McGraw-Hill ,2013
Lo, A., Hedge Funds: An Analytic Perspective (Advances in Financial Engineering) Princeton University Press, 2010
UBS investment research

Timetable and sections

Group Teacher Department
Miquel Noguer Alonso Economía, Finanzas y Contabilidad

Timetable

From 2019/5/20 to 2019/6/3:
Monday, Tuesday, Wednesday and Friday from 8:45 to 11:45.