• Class Number 3988
  • Term Code 3330
  • Class Info
  • Unit Value 6 units
  • Mode of Delivery In Person
    • Dr Qiaoqiao Zhu
    • Dr Qiaoqiao Zhu
  • Class Dates
  • Class Start Date 20/02/2023
  • Class End Date 26/05/2023
  • Census Date 31/03/2023
  • Last Date to Enrol 27/02/2023
SELT Survey Results

The objective of this course is to familiarise students with the seminal and contemporary literature on selected topics in theoretical, empirical and applied finance as it relates to investment analysis. The material and structure of the course is designed to provide students with an advanced understanding of investment decision making. The course is directed at postgraduate and honours students and is designed for students wishing to pursue higher level studies or a career relating to investment analysis and decision making. The course material builds on undergraduate studies in the area of investments. The material is heavily orientated to research issues and their practical problems.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

  1. Critically analyse investment theories and their applications.
  2. Derive classical asset pricing models and perform empirical tests of the models.
  3. Utilize asset pricing models for investment analysis, such as performance measurement, return predictability and event analysis.
  4. Analyse and explain limitations of these models in relation to real world investment situations.
  5. Work in teams in solving complex problems relating to investment analysis.

Research-Led Teaching

Text book material will be supplemented with the most recent information from relevant news and research. A large part of this course is learning by doing.

Lecture notes and additional reading will be available on Wattle.

Staff Feedback

Students will be given feedback in the following forms in this course:

  • verbal and written feedbacks for assignments

Student Feedback

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). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.

Class Schedule

Week/Session Summary of Activities Assessment
1 Intro: Risk, Return, and Portfolios
2 Decision Making Under Uncertainty
3 Mean Variance Optimization
5 APT and Factor Models Quiz1
6 Cross Sectional Predictability
7 Return Predictability and EMH
8 Contingent Claims and SDF Assignment
9 Changing risk & Conditional CAPM
10 Sentiment and Short constraints Quiz2
11 Behavioral Finance
12 Review

Tutorial Registration

The course has no formal tutorials but drop-in sessions in a hybrid format. Registration is not required.  

"ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage (https://www.anu.edu.au/students/program-administration/timetabling)".


Assessment Summary

Assessment task Value Due Date Return of assessment Learning Outcomes
Online Quiz 1 10 % 22/03/2023 29/03/2023 1,2,3,4,5
Online Quiz 2 10 % 10/05/2023 17/05/2023 1,2,3,4,5
Assignment 20 % 28/04/2023 12/05/2023 1,2,3,4,5
Final Exam 60 % 01/06/2023 29/06/2023 1,2,3,4,5

* 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 Integrity Rule before the commencement of their course. Other key policies and guidelines include:

Assessment Requirements

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 Academic Skills 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.


Course content delivery will take the form of weekly on-campus lectures (recorded and available via echo360 on Wattle), weekly online (Zoom) workshops (recorded) and weekly drop-in sessions, delivered in hybrid format (on campus, live through scheduled Zoom sessions and as pre-recorded videos). Weekly consultations with the lecturer and the tutor(s) will be conducted over Zoom.


Centrally scheduled examinations through Examinations, Graduations & Prizes will be timetabled prior to the examination period. Please check ANU Timetabling for further information.

Assessment Task 1

Value: 10 %
Due Date: 22/03/2023
Return of Assessment: 29/03/2023
Learning Outcomes: 1,2,3,4,5

Online Quiz 1

Weight: 10% in total

Duration: 30 minutes each

Time: Week 5

Submission: via Wattle

Below are the topics covered:

Quiz 1 on Lectures 1 – 4

Quiz 2 on Lectures 5 – 9

Two online quizzes are counted towards the final grade and all quizzes are of equal value (10%). The quizzes are to be completed individually. Each quiz is 30mins. There is only one attempt allowed for each student. Each quiz will open during the workshop hour of the relevant quiz week and it will close in 30 minutes. Alternative arrangement will be made if a student is approved of special considerations. Feedback to each quiz will be given online after the quiz and in person the week after the quiz.

Assessment Task 2

Value: 10 %
Due Date: 10/05/2023
Return of Assessment: 17/05/2023
Learning Outcomes: 1,2,3,4,5

Online Quiz 2

Weight: 10% in total

Duration: 30 minutes each

Time: Week 10

Submission: via Wattle

Below are the topics covered:

Quiz 1 on Lectures 1 – 4

Quiz 2 on Lectures 5 – 9

Two online quizzes are counted towards the final grade and all quizzes are of equal value (10%). The quizzes are to be completed individually. Each quiz is 30mins. There is only one attempt allowed for each student. Each quiz will open during the workshop hour of the relevant quiz week and it will close in 30 minutes. Alternative arrangement will be made if a student is approved of special considerations. Feedback to each quiz will be given online after the quiz and in person the week after the quiz.

Assessment Task 3

Value: 20 %
Due Date: 28/04/2023
Return of Assessment: 12/05/2023
Learning Outcomes: 1,2,3,4,5


Weight: 20% in total

Submission: via Wattle

Assignment and the relevant data will be given in Week 6 and due in Week 8. It counts as 20% toward the final grade. Student can choose to complete the assignment in groups of maximum size of 4. Groups are self-selected, and assigned by lectures if self-selection fails. A complete report as well as appendices such as programming codes needs to be submitted through Wattle links. The submission must be before 5pm Canberra time on the due date. These assignments are designed to improve students’ problem solving skills and develop their ability to apply knowledge in real-world context. 

Assessment Task 4

Value: 60 %
Due Date: 01/06/2023
Return of Assessment: 29/06/2023
Learning Outcomes: 1,2,3,4,5

Final Exam

Weight: 60%

Duration: 3 hours

Time: Examination Period

The final exam is to be completed individually on Wattle. A mixture of theoretical and numerical questions will be included. All topics covered in this course will be examined. The final exam is open book. The exam will be centrally timetabled and more details about the exam will be provided in Week 10.

Academic Integrity

Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.

The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.

The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.


The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.

Online Submission

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. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

There is no hardcopy submission in the course. If given exemption to submit in hard copy by the Associate Dean (Education), hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

Late submission not permitted. If submission of assessment tasks without an extension after the due date is not permitted, a mark of 0 will be awarded.

Referencing Requirements

The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.

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.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

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).

Dr Qiaoqiao Zhu

Research Interests

Empirical Asset Pricing, Corporate Finance

Dr Qiaoqiao Zhu

Friday 14:00 15:00
Friday 14:00 15:00
Dr Qiaoqiao Zhu

Research Interests

Dr Qiaoqiao Zhu

Friday 14:00 15:00
Friday 14:00 15:00

Responsible Officer: Registrar, Student Administration / Page Contact: Website Administrator / Frequently Asked Questions