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Capital Markets @ UNC Kenan Flagler

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  • Get the Capital Markets certificate delivered by UNC Kenan-Flagler – Syllabus
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PRESENTATION

COURS 1 : INTRODUCTION TO CAPITAL MARKETS

Taught by Wall Street veterans Stephen Weiss and Shelly Lombard, this course explores the relationship between financial markets and the macro-economy. Students will develop an understanding of how capital markets are organized, the roles of key players and the mechanics of financial products – including stocks, bonds and options – that are needed to make informed investment decisions.

COURS 2 : FIXED INCOME MARKETS

Taught by UNC Kenan-Flagler finance professor Greg Brown, this course explores fixed-income markets – the finance industry’s largest asset class. Students will develop an understanding of how the primary bond markets are organized and the roles of key players, learn the primary uses of money market products and bonds, and develop an understanding of new bond issues.

COURS 3 : FX MARKETS

Taught by UNC Kenan-Flagler finance professor Christian Lundblad, this course explores the inner workings of the Foreign Exchange (FX) markets. Students will learn essential FX trading terminology and develop an understanding of regulations, market instruments and the mechanics and uses of FX derivatives, as well as valuation techniques.

SYLLABUS

Participants will spend approximately 70 hours to complete the entire UNC Capital Markets Certificate program, including preparation for the final exam, that they will take at a Pearson Vue Center.

It consists of 100 multiple choice questions. There are three types of questions:
 Basic knowledge: 30% of the questions that account for 15% of the points
 In-depth knowledge: 40% of the questions that account for 40% of the points
 Understanding (exercises): 30% of the questions that account for 45% of the points

CURRICULUM :

Macro-economic environment and capital markets
Learn from Kirk Kerkorian
 Which indicators to watch to understand markets?
 How are stocks valued?

Key players and risk
Main economic players
 Fundamental notions
 Maounis and Amaranth Advisors debacle

Options
Option mechanics
 Bill Ackman’s activist positions

Introduction to fixed income
Fixed income
 Credit products
 Geoff Grant was so right he lost a fortune

Money markets
Relationship between macroeconomics and interest rates
 Monetary policy of Central Banks
 Unsecured loans
 Secured loans
 Day count factors
 Term structure
 FRA and STIR

Bond markets
What is a bond?
 Origination
 Price quotations and accrued interest
 Credit spreads
 Credit Default Swaps
 Other types of bondss

Bond calculation
Time value of money, discounting cash-flows
 Pricing of a fixed rate bond
 Yield to maturity
 Zero-coupon rates
 Bond price analysis
 Duration and other sensitivities
 Strategies

Bond futures and swaps
Characteristics and use of bond futures
 Pricing principles for bond futures
 Characteristics and use of interest rate swaps
 Discount factors and forward rates
 Pricing principles for interest rate swaps
 Building an asset swap
 I-spread and Z-spread

Spot FX and market mechanisms
Introduction
 Specifics of the FX market
 Cross rates
 Monetary policies
 Chinese currencies
 Settlement

Forward FX and FX swaps
Discounting cash-flows
 Forward FX
 Non Deliverable Forward
 FX swaps

FX options: valuation and client strategies
FX options
 Moneyness and valuation
 Black-Scholes and Monte-Carlo
 Hedging the FX risk : Vanilla, Exotic options

Dynamic management of a portfolio
The Greeks
 Delta-neutral book management
 Option strategies
 Exotic options
 Volatility smile

GREGORY BROWN

AFFILIATE PROFESSOR, UNC KENAN-FLAGLER, CAPITAL MARKETS

Greg Brown is the Sarah Graham Kenan Distinguished Scholar and Professor of Finance at UNC Kenan Flagler, where he teaches corporate finance, financial derivatives and macroeconomics. His research centers on financial risk and the use of financial derivative contracts as risk management tools. He also studies private investment strategies, such as hedge funds and private equity.

Dr. Brown is co-editor of the book Corporate Risk: Strategies and Management, with Donald Chew. He has consulted for money management firms, software developers and Fortune 500 companies on various aspects of financial risk management.

Prior to his academic career, Dr. Brown worked for the Board of Governors of the Federal Reserve System in the Division of Research and Statistics. His responsibilities included current analysis and macroeconomic forecasting of the business investment sector.

Dr. Brown received his PhD from the University of Texas at Austin and his BS in physics and economics from Duke University.

SHELLY LOMBARD

VISITING PROFESSOR, UNC KENAN-FLAGLER, CAPITAL MARKETS

Shelly Lombard has spent more than two decades on Wall Street working at some of the world’s preeminent financial institutions, including Barclays, Citi, Drexel Burhnam Lambert, and Chase Manhattan Bank.

In those capacities she worked on some of the most high profile deals of all time including the KKR/RJR Nabisco LBO which served as the basis for the best-selling book: Barbarians at the Gate. In 2007 Shelly became one of the leading research analysts on Wall Street covering the Automotive Industry and was a frequent speaker on CNBC, Bloomberg TV and various other media outlets.

In addition to her market experience, Shelly has spent the past seven years as an instructor and trainer of Capital Markets where she has trained both new hires and experienced professionals at some of the world’s most prestigious Investment Banks. She is a graduate of Columbia Business School and is a Visiting Teaching Fellow at the UNC Kenan-Flagler Business School.

STEVEN WEISS

VISITING PROFESSOR, UNC KENAN-FLAGLER, CAPITAL MARKETS

Stephen L. Weiss is the Founder and Managing Partner of Short Hills Capital Partners, LLC, a fund of hedge funds. SHCP invests in long/short equity hedge funds on behalf of qualified investors and institutions.

A former hedge fund manager, Weiss has enjoyed a 27-year career on Wall Street having held senior management positions at the most prestigious Investment Banks and hedge funds. During his tenure on the sell-side, he was privileged to have had responsibility for generating investment ideas for firms including Tiger Management, Soros Funds, Omega Advisors and Viking Global.

Weiss is the author of two investment books, The Billion Dollar Mistake and The Big Win which profiled twenty of the industry’s true legends. As a CNBC Contributor, he appears regularly on the Halftime Report and is a Visiting Teaching Fellow at the UNC Kenan-Flagler Business School.

CHRISTIAN LUNBLAD

AFFILIATE PROFESSOR,
UNC KENAN-FLAGLER, CAPITAL MARKETS

Christian Lundblad is the Edward M. O’Herron Distinguished Scholar and Professor of Finance at the UNC Kenan-Flagler Business School. His research spans asset pricing and international finance, with a specialization in emerging market development.

Dr. Lundblad served as a financial economist at the Federal Reserve Board in Washington, D.C., where he advised the Board of Governors on international financial market developments.

Dr. Lundblad earned a PhD in financial economics and a master’s degree in economics from Duke University. He earned his BA in economics and English literature with highest honors from Washington University in St. Louis.

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