In this course, we will discuss fundamental principles of trading off risk and return, portfolio optimization, and security pricing. We will study and use risk-return models such as the Capital Asset Pricing Model (CAPM) and multi-factor models to evaluate the performance of various securities and portfolios. Specifically, we will learn how to interpret and estimate regressions that provide us with both a benchmark to use for a security given its risk (determined by its beta), as well as a risk-adjusted measure of the security’s performance (measured by its alpha). Building upon this framework, market efficiency and its implications for patterns in stock returns and the asset-management industry will be discussed. Finally, the course will conclude by connecting investment finance with corporate finance by examining firm valuation techniques such as the use of market multiples and discounted cash flow analysis. The course emphasizes real-world examples and applications in Excel throughout. This course is the first of two on Investments that I am offering online (“Investments II: Lessons and Applications for Investors” is the second course).
Ce cours fait partie de la Spécialisation Gestion financière
Investments I: Fundamentals of Performance Evaluation
Offert par
À propos de ce cours
Résultats de carrière des étudiants
67%
Compétences que vous acquerrez
Résultats de carrière des étudiants
67%
100 % en ligne
Cours 3 sur 7 dans le
Dates limites flexibles
Approx. 30 heures pour terminer
Anglais
Programme du cours : ce que vous apprendrez dans ce cours
Course Overview
In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. The orientation also helps you obtain the technical skills required for the course.
Module 1: Investments Toolkit and Portfolio Formation
In Module 1, we will build the fundamentals of portfolio formation. After providing a brief refresher of basic investment concepts (our toolkit), a summary of historical patterns of stock returns and government securities in the U.S. is provided. We then consider general examples of portfolio choice to highlight the tradeoffs between “risk” and return. We end the module with a discussion of dominated assets and efficient portfolio formation, emphasizing real-world examples and practice in Excel solving for the optimal portfolio given certain constraints (such as the amount of volatility we will accept in our portfolio).
Module 2: Motivating, Explaining, & Implementing the Capital Asset Pricing Model (CAPM)
In Module 2, we will develop the financial intuition that led to the Capital Asset Pricing Model (CAPM), starting with the Separation Theorem of Investments. We will understand that in a CAPM setting, only the market-wide risk of an asset is priced – securities with greater sensitivity to the market are required by investors to yield higher returns on average. We will also learn how to interpret regressions that provide us with both a benchmark to use for a security given its risk (determined by its beta), as well as a risk-adjusted measure of the security’s performance (measured by its alpha).
Module 3: Testing the CAPM, Multifactor Models, & Market Efficiency
In Module 3, we will discuss different asset-pricing models, the pros and cons of each, and market efficiency. In particular, we will test the effectiveness of the Capital Asset Pricing Model (CAPM) and examine survey data concerning its use by chief financial officers (CFOs) of firms. Predictable patterns in stock returns, such as the size and value effects, will also be examined and the Fama-French 3-Factor Model will be introduced. Market efficiency will be discussed in this module, as well as its implications for the asset-management industry and observed patterns in stock returns.
Module 4: Investment Finance and Corporate Finance: Firm Valuation
In Module 4, we will learn about the two key approaches to valuing a company or stock: market multiples and discounted cash flow. We will learn how to value perpetuities and will discuss how caution should be exercised in terms of projecting both the growth in long-term cash flows and the riskiness of those cash flows – two key components of the perpetuity formula. Finally, to gain experience with the market multiples approach, we will estimate a value of Google at the time of its initial public offering (IPO) back in 2004 using market data on Yahoo! as a comparable firm.
Course Conclusion
In this module, we say goodbye to the Investments course as key takeaways from the course are reviewed. A tease is also provided to topics that will be covered in Professor Weisbenner's second course on Investments.
Avis
4.8
Meilleurs avis pour INVESTMENTS I: FUNDAMENTALS OF PERFORMANCE EVALUATION
This was a fantastic course, with a realistically attainable amount of material, and a humble, knowledgable professor whose teaching style makes a normally difficult topic very easy to understand.
Professor Weisbenner is fabulous! He is able to make anyone understand complex investment topics through his delivery and curriculum design. You are missing out not taking Investments from him!
One of the best courses across platforms- classroom or online that I have taken. Huge real life value addition. Professor Scott has worked incredibly hard in putting this valuable content.
I've taken several investments classes on Coursera and this is the best presentation of CAPM I've seen. Really systematic and entertaining presentation. I will recommend it to friends.
Excellent course with huge nuggets of theoretical wisdom complemented by practical techniques through Data analysis and solver. A must for every investment enthusiast and manager.
Lectures are nicely delivered!!! BUT videos of lectures should be confined within 15 minutes and be cited data sources and how to we can see and obtain data aswell
Awesome course on Investment. I enjoyed lectures, quizzes and peer assignments. There is a lot to learn and benefits can be significant. Thank you professor Scott.
I learned a lot from this course. This course has fundamentally changed the way I understand investments. I hope to apply my knowledge in real world situation.
Amazing! Shed light on so many questions that I didn't even know to ask and corrected a lot of assumptions I had wrong. Loved this class. A must take class.
This is a great course, highly recommend it, but make sure you have the bandwidth to climb a steep learning curve if you aren't in the investment world.
Normal course work was very good. The Honors content was a bit disappointing in that I finished it before the weeks deadline but never received a grade.
All the examples were helpful in providing a lot of real world perspectives and was beneficial to someone who had already done a similar course.
An excellent course! loved the material, great assignments, built my fundamentals in investments in a great way. Professor Scott is great man.
This course is heavy but I learned so much and the information is very relevant and helpful for better understanding financial investments.
I would have preferred to be slightly shorter and to the point. For me was a little difficult to comprehend all the words at the beginning.
Great course and professor. Packs a lot of information and did not find any mistakes. Very smooth course overall. Highly recommended.
Professor Weisbenner provides practical, data driven analyses to investment management in a fun and engaging manner.
Very informative (in fact it's more informative than most Coursera courses I've encountered), but easy to follow.
love the course! professor is very funny and extremely knowledgeful! very educational, learned alot in the class.
I've been using Coursera for almost four years. This course was my best experience so far. Extremely recommended!
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Université de l'Illinois à Urbana-Champaign
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
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