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ECON 252

Financial Markets (2008)

Undergraduate · Historical course

Spring 2011 · Financial Markets (2011)

Topics

  • Introduction and What this Course Will Do for You and Your Purposes
  • Risk and Financial Crises
  • Technology and Invention in Finance
  • Portfolio Diversification and Supporting Financial Institutions
  • Insurance, the Archetypal Risk Management Institution: Its Opportunities and Vulnerabilities
  • Guest Speaker: David Swensen
  • Efficient Markets
  • Midterm Exam 1
  • Theory of Debt, Its Proper Role, Leverage Cycles
  • Corporate Stocks
  • Real Estate
  • Behavioral Finance and the Role of Psychology
  • Misbehavior, Crises, Regulation and Self Regulation
  • Banks
  • Guest Speaker Maurice "Hank" Greenberg
  • Forward and Futures Markets
  • Midterm Exam 2
  • Guest Speaker Laura Cha
  • Options Markets
  • Monetary Policy
  • Investment Banks
  • Professional Money Managers and Their Influence
  • Exchanges, Brokers, Dealers, Clearinghouses
  • Public and Non-Profit Finance
  • Finding Your Purpose in a World of Financial Capitalism
  • Final Exam

Readings

  • Main texts
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  • Fabozzi, Frank J., Franco Modigliani, Frank J. Jones, and Michael G. Ferri. Foundations of Financial Markets and Institutions , 4th ed. Prentice Hall, 2010.
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  • Shiller, Robert J. Finance and the Good Society . Princeton University Press, 2012.
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  • Course Packet
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  • Brandeis, Louis D. Other People's Money and How the Bankers Use It. Augustus M. Kelley Publishers, Reprints of Economic Classics, 1971.
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  • Brealey, Richard. Stuart C. Myers, and Franklin Allen. Principles of Corporate Finance , 8th edition. McGraw-Hill/Irwin, 2005.
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  • Bagehot, Walter. Lombard Street: A Description of the Money Market. Scribner, Armstrong & Co, 1873. (freely available as a Google eBook)
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  • Carnegie, Andrew. The Gospel of Wealth and Other Timely Essays. The Century Company, 1901. (freely available as a Google eBook)
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  • Commodity Futures Trading Commission and Securities Exchange Commission. Findings Regarding the Market Events of May 6, 2010. Report to the Joint Advisory Committee on Emerging Regulatory Issues, Washington DC: U.S. Commodity Futures Trading Commission, September 30, 2010
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  • Conant, Charles A. Wall Street and the Country: A Study of Recent Financial Tendencies. G.P. Putnam’s Sons, 1904. (freely available as a Google eBook)
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  • Douglas, William O. Democracy and Finance . Yale University Press, 1940.
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  • Ellis, Charles. The Partnership: The Making of Goldman Sachs. Penguin, 2008.
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  • Fraser, Steve. Wall Street: America’s Dream Palace. Yale University Press, 2009.
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  • Gorton, Gary. “Slapped in the Face by the Invisible Hand: Banking and the Panic of 2007.” Federal Reserve Bank of Atlanta Financial Markets Conference, 2009.
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  • Hawtrey, R. G. The Art of Central Banking . Longmans, Green and Co., 1932.
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  • Johnson, Simon, Rafael La Porta, Florencio Lopez-di-Silanos, and Andrei Shleifer. "Tunneling." American Economic Review, 2000, 90(2).
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  • Lehrer, Jonah. “The Truth Wears Off: Is there Something Wrong with the Scientific Method?” The New Yorker, December 13, 2010.
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  • O'Barr, William M. and John M. Conley. Fortune & Folly: The Wealth & Power of Institutional Investing . Business-One Irwin, 1992.
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  • Seligman, Edwin R. A. The Income Tax: A Study of the History, Theory, and Practice of Income Taxation at Home and Abroad. 2nd edition, MacMillan, 1914. (freely available as a Google eBook)
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  • Shiller, Robert J. Irrational Exuberance , 2nd edition. Doubleday, 2006.
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  • Shiller, Robert J. The New Financial Order: Risk in the 21st Century . Princeton University Press, 2003.
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  • Siegel, Jeremy J. Stocks for the Long Run: the definitive guide to financial market returns and long-term investment strategies , 4th edition. McGraw-Hill, 2008.
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  • Sullivan, Teresa, Elizabeth Warren and Jay Lawrence Westbrook. The Fragile Middle Class: Americans in Debt . Yale University Press, 2000.
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  • Sumner, William Graham. What the Social Classes Owe Each Other. Harper Brothers, 1883. (freely available as a Google eBook)
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  • Swensen, David. Pioneering Portfolio Management . Free Press, 2000.
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  • Thaler, Richard H. and Cass R. Sunstein. Nudge: Improving Decisions about Health, Wealth and Happiness. Yale University Press, 2008.
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  • “The Gospel of Wealth” (Review) San Francisco Chronicle, February 9, 1890.
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  • Unger, Peter. Living High and Letting Die: Our Illusion of Innocence . Oxford University Press, 1996.
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  • Working, Holbrook, "Futures Trading and Hedging," American Economic Review, June 1953.
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  • World Economic Forum. Partnering to Strengthen Public Governance. Geneva, 2008.
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Spring 2008

Topics

  • Finance and Insurance as Powerful Forces in Our Economy and Society
  • The Universal Principle of Risk Management: Pooling and the Hedging of Risks
  • Technology and Invention in Finance
  • Portfolio Diversification and Supporting Financial Institutions (CAPM Model)
  • Insurance: The Archetypal Risk Management Institution
  • Efficient Markets vs. Excess Volatility
  • Behavioral Finance: The Role of Psychology
  • Human Foibles, Fraud, Manipulation, and Regulation
  • Guest Lecture by David Swensen
  • Debt Markets: Term Structure
  • Midterm Exam 1
  • Stocks
  • Real Estate Finance and Its Vulnerability to Crisis
  • Banking: Successes and Failures
  • Guest Lecture by Andrew Redleaf
  • Guest Lecture by Carl Icahn
  • The Evolution and Perfection of Monetary Policy
  • Midterm Exam 2
  • Investment Banking and Secondary Markets
  • Professional Money Managers and Their Influence
  • Brokerage, ECNs, etc.
  • Guest Lecture by Stephen Schwarzman
  • Forwards and Futures
  • Stock Index, Oil and Other Futures Markets
  • Options Markets
  • Making It Work for Real People: The Democratization of Finance
  • Okun Lecture: Learning from and Responding to Financial Crisis, Part I (Guest Lecture by Lawrence Summers)
  • Okun Lecture: Learning from and Responding to Financial Crisis, Part II (Guest Lecture by Lawrence Summers)
  • Final Exam

Readings

  • Brandeis, Louis D. Other People's Money and How the Bankers Use It , Augustus M. Kelley Publishers, Reprints of Economic Classics. New York, 1971.
    Listed text
  • Brealey, Richard, Stuart C. Myers, and Franklin Allen. Principles of Corporate Finance , 8th edition. McGraw-Hill/Irwin, 2005.
    Listed text
  • Douglas, William O. Democracy and Finance . New Haven: Yale University Press, 1940.
    Listed text
  • Fabozzi, Frank J., Franco Modigliani, Frank J. Jones, and Michael G. Ferri. Foundations of Financial Markets and Institutions , 4th ed. Boston, Massachusetts: Prentice Hall, 2010.
    Listed text
  • Hawtrey, R. G. The Art of Central Banking . London: Longmans, Green and Co., 1932.
    Listed text
  • O'Barr, William M. and John M. Conley. Fortune & Folly: The Wealth & Power of Institutional Investing . Homewood, Illinois: Business-One Irwin, 1992.
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  • Shiller, Robert J. Irrational Exuberance , 2nd edition. New York: Doubleday, 2006.
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  • --- The New Financial Order: Risk in the 21st Century . Princeton: Princeton University Press, 2003.
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  • Siegel, Jeremy J. Stocks for the Long Run , 4th edition, New York: McGraw-Hill, 2008.
    Listed text
  • Sullivan, Teresa, Elizabeth Warren and Jay Lawrence Westbrook. The Fragile Middle Class: Americans in Debt . New Haven: Yale University Press, 2000.
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  • Swensen, David. Pioneering Portfolio Management . New York: Free Press, 2000.
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  • Unger, Peter. Living High and Letting Die: Our Illusion of Innocence . New York: Oxford University Press, 1996.
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Sources