Alternative Investments
Dates: 8 - 26 July, 2013
In the era of significant market turmoil, institutional as well as individual investors look beyond traditional investment vehicles such as bonds and shares. For example the price of gold has substantially increased in 2009. The purpose of this course is to explore the world of alternative investments, such as investments on hedge funds, private equity / venture capital funds, real estate, and commodities, either directly or through funds of funds. The course will combine theory with empirical exercises, allowing students to get a "hands-on" experience. We want to see what the return-risk characteristics of alternative investments are, what attributes to their appeal, how to understand related technical publications, and how to construct a portfolio using them.
Topics will include:
Overview of Alternative Assets
Hedge Funds
■A Hedge Fund Investment Program
■Due Diligence
■Risk Management
■Regulation
■Funds of Funds
Commodities and Managed Futures
■Investing in Commodity Futures
■Managed Futures
Venture Capital (VC)
■Raising Funds
■Valuation of Investments
■Initial Public Offerings (IPOs)
Leveraged Buyouts (LBOs)
■Financing and Leverage
■LBO valuation
■Value Added
■Exit Strategies
Real Estate
■Real Estate and an Investment Asset
■Valuation
■Securitization and Mortgage Backed Securities (MBSs)
■Real Estate Investment Trusts (REITs)
■Demographics
As part of class work students will be encouraged to work with data (in Excel). Particular data work will include measuring the risks of investment portfolios, calculating the alphas of Hedge Fund strategies, evaluating an LBO deal, evaluating a VC deal, and pricing an MBS.
There will be guest lectures by practitioners from the Hedge Fund and Private Equity industries.
Readings
Part of the course is covered in the following textbook, additional material will be distributed, "Handbook of Alternative Assets", by Mark J. P. Anson, John Wiley & Sons (2006).
Lectures: 36 hours Classes: 12 hours
Assessment: Two written examinations
Contenido del curso: 12 horas de clase semanales por las mañanas y conferencias y seminarios por las tardes en función del curso elegido.
Precio total: 3.980 €
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