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INVESTMENTS

BUS 423, Fall 2009

Instructor: Narasimhan Jegadeesh


Office: 507, GBS
Office Hours: Monday and Wednesday 10:30 AM to 11:30AM, or by
appointment
Phone: (404) 727-4821
TA: Kevin Tang (yue_tang@bus.emory.edu)
Office Hours
For Kevin: Thursday 3:00PM to 4:00PM

Course Objectives:
The objective of this course is to prepare students to work in the areas of portfolio
management, stock research and investment banking. The course will primarily focus on
security analysis and management of stock portfolios. We will also cover fundamentals
of options on stock, stock index futures and fixed-income securities.

Reading material
• Text: Investments, Zvi Bodie, Alex Kane, and Alan Marcus, eighth edition,
McGraw-Hill Irwin Publishing (ISBN-978-0-07-336355-4). (BKM).
• Lecture slides will be posted on first class.
• Selected articles related to material covered in class will be posted on First Class.

Evaluation:

Assignments (2) Assignment 1: 10% 10/5/09


Assignment 2 : 5% 12/7/09

Cases (2) Partners Healthcare: 8% 9/23/09


Boston Beer Company, Inc.: 12% 11/2/09

Midterm Exam 35% 10/21/08

Final Exam 30% University Schedule

Note: Please ensure that you will be able to take the exams during scheduled times.
There will be no make-up exams. The exams are closed-book, but you are allowed to
bring in one sheet containing only formulas.

Please work in groups of up to three students for assignments and case-write-ups. Form
your own groups, and feel free to make any changes between assignments. Do not take
any help from outside your groups (except from me and Kevin), and abide by the
University Honor Code. The assignments and case write-ups are due at the start of class
on scheduled dates. Late submissions will not be graded.

Class Etiquette: All students are expected to come to class on time and to not leave
before the end of class.
This schedule is intended as a general guideline and is subject to change. The actual time
spent on each topic could be different, depending on the comfort level of the class.

Course Topics and Readings

1) Introduction, overview of financial markets and stock indices


Class: 8/31 and 9/2
Chapter 1: Read the chapter to get a general idea about financial markets
Chapter 2: Problems: 9 and 10
Chapter 4: Problems: 5, 6, 7 and 9

2) Risk and Return


Class: 9/2
Chapter 5: Skip 5.9-5.10
Problems: 11

3) Efficient Frontier and Asset Allocation


Class: 9/9 and 9/14
Chapter 6: Skip 6.1 and 6.5
Problems: 2, 10-17, 21 and 26, CFA problems 8-9
Chapter 7: Problems 2, 5, 6, 9, 10, 12, 13, 14, 17, CFA problem 1-6

4) Factor Model and Asset pricing models


Class: 9/16 and 9/21
Chapter 8: Problems: 1, 5-12, CFA problem 5
Chapter 9: Skip 9.4 to 9.6
Problems: 1, 4, 13,-15, 19, CFA Problems 3-9

5) Efficient Frontier – Review and Case Analysis


Class: 9/23
Case: Partners Healthcare; Write-up due

6) Industry analysis
Class: 9/28, 9/30
Chapter 17: Problems: 4-6, 9, 11, and 14

7) Financial Statement Analysis


Class: 9/30, 10/5
Chapter 19: Problems: 3-6, CFA problem 2

Assignment I Due 10/5/09

8) Security Analysis and Valuation


Class: 10/7, 10/14, and 10/19
Chapter 18: Problems: 1-6, 8-11, 14 -16; CFA Problems: 1-3, 8, 10.

9) Midterm Exam
Class: 10/21
10) Valuation using comparables
Class: 10/26
Chapter 18
11) Guest Speaker
Class: 10/28

12) Case: Boston Beer Company, Inc: Write-up due


Class: 11/2

13) Market Efficiency and Behavioral finance


11/4,11/9
Chapter 11: Problems: 2, 4, 6, 7, 9, 12, 18, 19; CFA Problems: 1, 9 and 10

14) Performance of mutual funds and Stock analysts


Class: 11/11, 11/16
Chapter 4: 4.7 and 4.8
Chapter 24: Skip 24.4, 24.5
Problems: 5 and 6; CFA Problems: 4-6, 10, 11 and 14

15) Stock Trading


Class: 11/18
Chapter 3: Problems: 8, 13, and 14

16) Fixed-income securities


Class: 11/23 and 11/30
Chapter 14: 14.2-14.4, Skim through the rest
Chapter15: 1-4, 6, 7, 8, 10-14; CFA Problems: 1-4, 7 and 10

17) Class Cancelled – 11/25

18) Options and Futures


Class: 12/2 and 12/7
Chapter 22: Problems: 2-4, 8, 10 and 16
Chapter 20: Skip 20.5-20.6; Problems: 5, 7, 8, 10, 11, 21 and 23
CFA Problems: 1 and 5
Chapter 21: Problems: 3, 6, 11 and 12; CFA Problems: 3

Assignment II due – 12/7