- Class Number 2303
- Term Code 3030
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- Dr Dean Katselas
- Dr Dean Katselas
- Class Dates
- Class Start Date 24/02/2020
- Class End Date 05/06/2020
- Census Date 08/05/2020
- Last Date to Enrol 02/03/2020
This course allows students to acquire and apply the skills needed to design investment portfolios. It covers duties to clients, types of investment products, explores links between investment risk and return, introduces tools for use in portfolio construction, brings in analysis of fixed income products and introduces techniques to evaluate past investment performance.
Upon successful completion, students will have the knowledge and skills to:
- Demonstrate a detailed understanding of core investments theory;
- Demonstrate a thorough knowledge of the issues associated with the application of investments theory in a practical setting;
- Work effectively in group environments; and
- Effectively communicate the results of empirical research.
This course will cover methods which are applicable in both a research and practical context. Examples will be provided during the course of the semester which will demonstrate the practical application of research based models.
Bodie, Z., Kane, A. and Marcus, A., (2017), Investments 11th Ed., Mc-Graw Hill, New York. (BKM)
(BKM can be purchased from the on campus bookshop, with a small number of copies also available for 2 hour loan in the reserve loan section of the Chifley Library. Electronic access may also be purchased via the publisher.)
Other Required Reading
CFA Institute Code of Ethics and Standards of Professional Conduct http://www.cfapubs.org/doi/pdf/10.2469/ccb.v2014.n6.1
Brailsford, T., Heaney, R. and Bilson, C. (2011), Investments: Concepts and Applications 4th Ed., Cengage, South Melbourne.
Bodie, Z., Ariff, M., da Silva Rosa, R., Kane, A. and Marcus, A. (2007), Investments 1st Australian Ed., McGraw-Hill Australia, Sydney.
(These recommended texts are available in the reserve loan section of the Chifley Library.)
Students will be given feedback in the following forms in this course:
- written comments
- verbal comments
- feedback to whole class, groups, individuals, focus group etc
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). The feedback given in these surveys is anonymous and provides the Colleges, University Education Committee and Academic Board with opportunities to recognise excellent teaching, and opportunities for improvement. The Surveys and Evaluation website provides more information on student surveys at ANU and reports on the feedback provided on ANU courses.
|Week/Session||Summary of Activities||Assessment|
|1||Topic: Introduction to Investments Activity: Lecture 1 Required student preparation: BKM Chapters 1 to 4.|
|2||Topic: Risk, Return, and the Historical Record Activity: Lecture 2 Required student preparation: BKM Chapter 5.|
|3||Topic: Capital Allocation and Optimal Risky Portfolios Activity: Lecture 3 Required student preparation: BKM Chapters 6 and 7.|
|4||Topic: Index Models Activity: Lecture 4 Required student preparation: BKM Chapter 8.|
|5||Topic: The Capital Asset Pricing Model Activity: Lecture 5 Required student preparation: BKM Chapter 9.||Quiz|
|6||Topic: Multifactor Asset Pricing Models and Empirical Evidence on Security Returns Activity: Lecture 6 Required student preparation: BKM Chapters 10 and 13.|
|7||Topic: The Efficient Market Hypothesis and Behavioural Finance Activity: Lecture 7 Required student preparation: BKM Chapters 11 and 12.||Mid-semester examination|
|8||Topic: Bond Prices and Yields and The Term Structure of Interest Rates Activity: Lecture 8 Required student preparation: BKM Chapters 14 and 15.|
|9||Topic: Managing Bond Portfolios Activity: Lecture 9 Required student preparation: BKM Chapter 16.|
|10||Topic: Portfolio Performance Evaluation Activity: Lecture 10 Required student preparation: BKM Chapter 24.||Assignment due|
|11||Topic: Hedge Funds Activity: Lecture 11 Required student preparation: BKM Chapter 26.|
|12||Topic: Investment Policy and the Framework of the CFA Institute & Review Activity: Lecture 12 Required student preparation: BKM Chapter 28, CFA Code of Ethics and Standards of Professional Conduct.|
Tutorial signup for this course will be done via Wattle. Detailed information about signup times will be provided on Wattle or during your first lecture. When tutorials are available for enrolment, follow these steps:
1. Log on to Wattle, and go to the course site.
2. Click on the link “Tutorial enrolment”.
3. On the right of the screen, click on the tab “Become Member of…..” for the tutorial class you wish to enter.
4. Confirm your choice If you need to change your enrolment, you will be able to do so by clicking on the tab “Leave group….” and then re-enrol in another group. You will not be able to enrol in groups that have reached their maximum number. Please note that enrolment in ISIS must be finalised for you to have access to Wattle.
|Assessment task||Value||Due Date||Return of assessment||Learning Outcomes|
|Quiz - 15 mins duration (Week 5)||0 %||25/03/2020||26/03/2020||1,2|
|Mid-Semester Examination – 90 minutes in duration (Week 7*)||25 %||*||*||1,2|
|Final Examination – 3 hours duration (TBA)||60 %||*||*||1,2|
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
ANU has educational policies, procedures and guidelines, which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Misconduct Rule before the commencement of their course. Other key policies and guidelines include:
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the ANU Online website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Centrally administered examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information. Exam scripts will not be returned.
Assessment Task 1
Learning Outcomes: 1,2
Quiz - 15 mins duration (Week 5)
Date: Wednesday 25 March 2020 (Online via Wattle)
Value or weighting: 0% (Quiz will be for self check purposes only)
Additional information: This will be an online quiz conducted via Wattle, consisting of multiple choice questions only. You must commence the quiz between 12pm and 1pm and once you commence the quiz you will have 15 minutes to complete the quiz. The purpose of the quiz is to provide students with feedback on their understanding of the material, prior to the mid-semester exam. The questions will be of practical (numerical) and/or theory in nature and students will need to review and revise all material covered in lectures 1 to 4, inclusive, as well as the corresponding tutorial material, and will be held during the scheduled Workshop time for Week 5. There will be no Workshop held in this week.
Assessment Task 2
Learning Outcomes: 1,2
Mid-Semester Examination – 90 minutes in duration (Week 7*)
Date: Week 7 - to be centrally timetabled.
Value or weighting: 25% (or 0% if the mid-semester exam is not attempted or redeemed)
Additional information: This will be an optional and redeemable closed book examination covering all topics from week 1, up to and including the material lectured in week 5. There will be no formula sheet for this examination, so please ensure you study with this expectation in mind. More details regarding the exam will be provided in the lecture in Week 6.
*The mid-semester exam will be scheduled centrally, with the expectation being that it will be held during Week 7. This may be subject to change in the unforeseen event of timetabling restrictions. Should this be the case, students will be advised well in advance, by the lecturer.
Assessment Task 3
Learning Outcomes: 2,3,4
Due Date: Friday 15 May 2020, by 5pm (Week 10)
Value or weighting: 15%
Additional information: An assignment handout will be provided on Wattle at the commencement of semester, with details elaborated in class. This assignment is to be submitted electronically via Wattle by 5pm, on the Friday of Week 10.
Team formation: The assignment is to be completed in a group containing 4 - 5 students. Students should commence forming groups as soon as possible, and once decided upon, email the Lecturer with the details of their group (student names and IDs of each member), with all group members included as recipients to the email. To assist students in finding a group, a discussion forum will be available via Wattle, in Week 1, where students may post their desire to find a group, and/or existing groups looking for additional members. The deadline for forming groups will be the end of Week 3.
Assessment Task 4
Learning Outcomes: 1,2
Final Examination – 3 hours duration (TBA)
Date: To be centrally scheduled and administered by the ANU examinations office to take place during the final exam period.
Value or weighting: 60% (or 85% if the mid-semester examination is redeemed)
Additional information: This will be a closed book examination which may include all topics covered throughout the semester, with emphasis placed on the topics from weeks 6 to 12. There will be no formula sheet for this examination, so please ensure you study with this expectation in mind. More details regarding the exam will be provided in the lecture in Week 12.
Academic integrity is a core part of the ANU culture as a community of scholars. At its heart, academic integrity is about behaving ethically, committing to honest and responsible scholarly practice and upholding these values with respect and fairness.
The ANU commits to assisting all members of our community to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. The ANU expects staff and students to be familiar with the academic integrity principle and Academic Misconduct Rule, uphold high standards of academic integrity and act ethically and honestly, to ensure the quality and value of the qualification that you will graduate with.
The Academic Misconduct Rule is in place to promote academic integrity and manage academic misconduct. Very minor breaches of the academic integrity principle may result in a reduction of marks of up to 10% of the total marks available for the assessment. The ANU offers a number of online and in person services to assist students with their assignments, examinations, and other learning activities. Visit the Academic Skills website for more information about academic integrity, your responsibilities and for assistance with your assignments, writing skills and study.
The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin. Where students work in a group assignments may be submitted by just one member of the group, but must include a completed cover sheet clearly identifying all members of the group. Please keep a copy of the assignment for your records.You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records.
For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.
No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.
Accepted academic practice for referencing sources that you use in presentations can be found via the links on the Wattle site, under the file named “ANU and College Policies, Program Information, Student Support Services and Assessment”. Alternatively, you can seek help through the Students Learning Development website.
The assessments will be returned via TurnitIn by the dates indicated in the Assessment Summary. If there is any change to this, an announcement will be made on Wattle.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Resubmission of Assignments
No resubmission of assignments is allowed.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Diversity and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents undergraduate and ANU College students
- PARSA supports and represents postgraduate and research students
Informed trading, Asset pricing
Dr Dean Katselas