Finance

• Corporate Finance (10 ECTS)
• Applied Financial Econometrics (10 ECTS)
• Asset Pricing (10 ECTS)

• Empirical Asset Pricing (10 ECTS)
• Derivatives (10 ECTS)
• Securities Markets (10 ECTS)

• Elective Courses (30 ECTS

• Master's Thesis (30 ECTS)

In Corporate Finance the general aim of the course is to provide the participants with profound knowledge about financial decision-making in corporations. It is important to underline that although the course focuses on the managerial problems, decisions must be based on a solid theoretical framework. The topics studied include investment and financing, real options, risk management, capital structure, governance, and asymmetric information.

In Asset Pricing the focus is on theories and empirical methods for analysing asset pricing, fixed income, and equity markets.

In Applied Financial Econometrics, the purpose of the course is to introduce the students to the most widely used quantitative and empirical methods in econometrics. Emphasis is put on relevant financial models and applications. For forecast purposes, models of financial time series and econometrics will obviously be of major relevance.

Securities Markets covers the parts of the financial curriculum that are related to trading in markets for financial instruments. As such it complements the standard courses in asset pricing, corporate finance, and derivatives with issues from the fields of market microstructure and securities trading.

Derivatives

Financial derivatives such as forward, futures, swaps, and options are increasingly important instruments applied by agents of financial markets. The course focuses on describing and understanding these instruments, and on the underlying markets such as money markets, bond markets, stock, currency, and commodity markets.

Empirical Asset Pricing

Empirical Asset Pricing uses statistical and econometric methods to analyse observed prices and returns in financial markets, and to test financial market theories.

In the third semester, you can choose elective courses within your areas of interest. The courses can be taken either at Aarhus BSS during the semester, at AU Summer University or at one of our more than 300 partner universities abroad. You can also participate in internship programmes either in Denmark or abroad.

The fourth semester is devoted to the Master's thesis. You may freely choose the topic of the thesis and thereby get a chance to concentrate on and specialise in a specific field of interest. The thesis may be written in collaboration with another student or it may be the result of your individual effort. When the thesis has been submitted, it is defended before the academic supervisor as well as an external examiner.