| 授業名 | Investment Analysis |
|---|---|
| Course Title | Investment Analysis |
| 担当教員 Instructor Name | Gordon Chang |
| コード Couse Code | NUC415_N21B |
| 授業形態 Class Type | 講義 Regular course |
| 授業形式 Class Format | Live Virtual |
| 単位 Credits | 2 |
| 言語 Language | EN |
| 科目区分 Course Category | 専門教育科目 / Specialized Subject |
| 学位 Degree | BBA |
| 開講情報 Terms / Location | 2021 UG Nisshin Term3 |
授業の概要 Course Overview
Misson Statementとの関係性 / Connection to our Mission Statement
This course is designed for GBBA students at NUCB to meet the international standards of high quality Finance education and receive a well-developed and highly-inspired teaching style, called Course for Case Method and Participant Centered Learning, developed by Harvard Business School Students are expected to learn the hands-on experience of real investment stories written by practitioners and academics.
授業の目的（意義） / Importance of this course
Investment analysis evolved rapidly since the 1950s. It includes the topics of financial markets and institutions, financial instruments, portfolio theory and risk management, asset pricing models, fixed incoming securities, securitization, M&As, security analysis, and Fintech and financial innovation. Selected Harvard Business School cases will be assigned, discussed, and presented in this course. Our major focus of investment analysis is on most of the publicly traded companies, some private market players and newly developed financial instruments.
到達目標 / Achievement Goal
Achievement goals include:
1. To equip students with necessary knowledge and skills to analyze financial markets;
2. To allow students to explore real investment stories through cases published by Harvard Business School
3. To identify the trade-off between risks and returns;
4. To engage in two-way communications in class to make learning an inspiring experience; and
5. To make efficient and effective investment decisions in the ever-changing financial world.
1. To equip students with necessary knowledge and skills to analyze financial markets;
2. To allow students to explore real investment stories through cases published by Harvard Business School
3. To identify the trade-off between risks and returns;
4. To engage in two-way communications in class to make learning an inspiring experience; and
5. To make efficient and effective investment decisions in the ever-changing financial world.
本授業の該当ラーニングゴール Learning Goals
*本学の教育ミッションを具現化する形で設定されています。
LG1 Critical Thinking
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG6 Managerial Perspectives (BBA)
LG2 Diversity Awareness
LG3 Ethical Decision Making
LG4 Effective Communication
LG6 Managerial Perspectives (BBA)
受講後得られる具体的スキルや知識 Learning Outcomes
After finishing this course, students are expected to
1. Understand the basics and processes of investment analysis;
2. Compare different financial asset classes for investment;
3. Identify optimal portfolios of equities and fixed income securities;
4. Construct a portfolio to meet one's and/or client's goals of high-return and low-risk trade-off strategies;
5. Analyze asset pricing models to achieve expected outcomes;
6. Evaluate the risks of financial derivatives derived from underlying assets, such as stocks, bonds, and mortgages; and
7. Overcome challenges brought up by newly developed financial instruments and innovations, such as Fin-tech.
1. Understand the basics and processes of investment analysis;
2. Compare different financial asset classes for investment;
3. Identify optimal portfolios of equities and fixed income securities;
4. Construct a portfolio to meet one's and/or client's goals of high-return and low-risk trade-off strategies;
5. Analyze asset pricing models to achieve expected outcomes;
6. Evaluate the risks of financial derivatives derived from underlying assets, such as stocks, bonds, and mortgages; and
7. Overcome challenges brought up by newly developed financial instruments and innovations, such as Fin-tech.
SDGsとの関連性 Relevance to Sustainable Development Goals
Goal 4 質の高い教育をみんなに（Quality Education）
教育手法 Teaching Method
| 教育手法 Teaching Method | % of Course Time | |
|---|---|---|
| インプット型 Traditional | 30 % | |
| 参加者中心型 Participant-Centered Learning | ケースメソッド Case Method | 70 % |
| フィールドメソッド Field Method | 0 % | 合計 Total | 100 % |
事前学修と事後学修の内容、レポート、課題に対するフィードバック方法 Pre- and Post-Course Learning, Report, Feedback methods
The lectures are designed both to clarify any confusing materials in the PPTs and readings and to present additional, supplementary materials. You will, however, be held responsible for all reading assignments, case analysis and
reports, as well as all materials presented in class.
reports, as well as all materials presented in class.
授業スケジュール Course Schedule
第1日（Day1）
09/16 (THU) Briefing: Syllabus, and Introduction^3rd period: 13: 50 – 15:30 Introduction Asset Classes and Financial Instruments
Break
4th period: 15:40 – 17:20 Trading Securities, Mutual Funds and Other Investment Companies
Case (1): Rudy Wong, Investment Advisor (#910N04)
Assignment Questions:
1.1 What is the role of an investment advisor, and how does an advisor such as Rudy Wong attempt to add value?
1.2 What are the pros and cons of questionnaires and profiling (see Exhibits 5 and 6) in terms of assisting in the development of an investment plan? What should you include in an investment policy statement?
1.3 To what extent do emotions and psychological factors affect investment decisions, and how should Wong account for this, given the state of the financial markets as of March 2009?
1.4 What investment strategies and advice should Wong provide to each of his four clients? How should he communicate which each client?
Quiz, Review and Takeaways
●使用するケース
Case (1): Rudy Wong, Investment Advisor (#910N04)第2日（Day2）
09/23 (THU) Portfolio Theory and Practice3rd period: 13: 50 – 15:30 Risk, Return, and Historical Record
Break
4th period: 15:40 – 17:20 Risky vs Risk-free Assets and Diversification
Case (2): Thompson Asset Management (#914-566)
Assignment Questions:
2.1 What are the return ad risk characteristics of the ProIndex fund, calculating the statistics as outlined in the case (see Exhibit 4)?
2.2 What are the return and risks characteristics of the ProValue fund?
2.3 What statistics and portfolio characteristics should TAM present, assuming different levels of investment in the ProValue fund ($5 million, $10 million, and $15 million)?
Quiz, Review and Takeaways
●使用するケース
Case (2): Thompson Asset Management (#914-566)第3日（Day3）
09/30 (THU) Asset Pricing Strategies3rd period: 13: 50 – 15:30The Capital Asset Pricing Model (CAPM)
Break
4th period: 15:40 – 17:20 Asset Allocation Analysis and Capital Management
Case (3): Darden Capital Management: The Cavalier Fund (#UV7617)
Assignment Questions:
3.1 Which stock do you believe provides the most attractive investment opportunities? Why?
3.2 How would you characterize the riskiness of the different stocks being considered by the Cavalier Fund? Which stock do you believe is the most risky and which is the least risky?
3.3 How does portfolio diversification affect your characterization of risk for the stocks? Kramer argues that the returns associated with a 50-50 weighted portfolio of Groupon and Kinross Gold have a lower standard deviation than those associated with either Groupon or Kinross Gold stock alone. Is that true?
3.4 Kramer proposed the use of the CAPM as a risk-adjusted benchmark. How would you use the CAPM to estimate a benchmark return for each of the consider stocks? What do the benchmark returns suggest about the anticipated returns for each stock?
Midterm Exam/Report, Review and Takeaways
●使用するケース
Case (3): Darden Capital Management: The Cavalier Fund (#UV7617)第4日（Day4）
3rd period: 13: 50 – 15:30 The Term Structure of Interest Rates (Yield Curve)Break
4th period: 15:40 – 17:20 Bond Portfolios Securitization and The 2007-08 Subprime Crisis
Case (4): Pension Policy at the Boots Company PLC (#206-099)
Assignment Questions:
4.1 How should Boots think about the management of its pension fund? Should the pension fund be managed as a stand-alone entity, or should it be managed as an integral part of the corporate balance sheet? In whose interests should the plan be managed?
4.2 Should Boots invest 100% of its pension assets in bonds?
4.3 If Boots invests 100% of its pension scheme assets in bonds, would this increase or decrease the company’s stock price?
4.4 How should Boots implement the decision to invest 100% of its pension assets in bonds if approved by the board of trustees?
4.5 Why do pension funds hold equities?
Quiz, Review and Takeaways
●使用するケース
Case (4): Pension Policy at the Boots Company PLC (#206-099)第5日（Day5）
10/14 (THU) Security Analysis, Financial Crisis and Securitization3rd period: 13: 50 – 15:30 Macroeconomic and Industry Analysis
Break
4th period: 15:40 – 17:20 Security Analysis, Financial Crisis and MBSs
Case (5): Harley-Davidson: Motorcycle Producer or Financing Firm (#105-027)
Assignment Questions:
5.1 How important to Harley is the ability to internally finance customer purchases? Is it a crucial portion of the value creation cycle?
5.2 What is causing financial analysts to be concerned about Harley-Davidson?
5.3 If you were Harley-Davidson’s management, would you continue to provide internal financing for customers or would you change this part of the business? Would you make any other changes to decrease the Wall Street’s concerns?
5.4 How does securitization change the economics of Harley-Davidson? How is it reflected in the financial statements?
5.5 What is the goal of a securitization? How does it change the economics of an asset and the related firm, i.e., Harley-Davidson in our case?
“Can financial engineering cure cancer?” by Prof. Andrew Lo, MIT
(https://www.youtube.com/watch?v=xu86bYKVmRE&t=793s)
Quiz, Review and Takeaways
●使用するケース
Case (5): Harley-Davidson: Motorcycle Producer or Financing Firm (#105-027)第6日（Day6）
3rd period: 13: 50 – 15:30 Equity Valuation Models4th period: 15:40 – 17:20 Derivative Management
Case (6.1): Student Educational Loan Fund (SELF) (#296-046) and
Case (6.2): Blackstone Alternative Asset Management (BAAM) (#219-063)
Assignment Questions:
6.1.1 What is SELF? What should be its objective? What is the problem faced by Rick Melnick?
6.1.2 Ignoring prepayment risk, what fixed-rate should SELF set on its loans, given the data in the case? (Assume that the rates are being set for students who will graduate and begin to pay off their loan in the current month.)
6.1.3 How can you characterize the loans SELF makes in terms of riskless bonds and options? Remember that a call option gives the holder a right to buy an asset and a put option gives the holder the right to sell an asset. What do you think affects the values of these options? Under what circumstances might a student choose to prepay an old-style SELF loan? A new, mortgage-style monthly-pay SELF loan?
6.1.4 What should Melnick recommend to the SELF board? Why? What fixed-rate should they charge students?
6.2.1 What is BAAM’s moat in the FOF business Blackstone Principal Solutions (BPS)?
6.2.2 Why is BAAM expanding into other platforms outside BPS?
6.2.3 Has BAAM built a moat in the direct investing (or “manufacturing) business? Does it have the right investing approach and structure to scale it up? What are the risks of entering this business for BAAM and Blackstone?
6.2.4 Should BAAM push harder to create products for retail investors? Where is the best place to break in?
6.2.5 Assess BAAM’s succession plan? Why is succession so hard in the asset management industry?
Quiz, Review and Takeaways
●使用するケース
Case (6.1): Student Educational Loan Fund (SELF) (#296-046) andCase (6.2): Blackstone Alternative Asset Management (BAAM) (#219-063)
第7日（Day7）
10/28 (THU) Investment Analysis and Financial Innovation3rd period: 13: 50 – 15:30 Equity Valuation Models
4th period: 15:40 – 17:20 Financial Innovation
Case (7): Zopa.com: From a hot idea to an established market player? (#ES1541)
Assignment Questions:
7.1 What is Zopa’s value proposition? How does it differ to traditional retail banks?
7.2 How sustainable is Zopa’s competitive advantage?
7.3 Would you invest in Zopa? Why or why not?
7.4 What are the strategic options for traditional retail banks such as RBS in responding to Zopa? Which of these options should the established banks pursue? Why?
Final Exam/Report
●使用するケース
Case (7): Zopa.com: From a hot idea to an established market player? (#ES1541)成績評価方法 Evaluation Criteria
*成績は下記該当項目を基に決定されます。
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
S = 4.0 GPA = 90-100% = Outstanding
A = 3.0 GPA = 80-89% = Excellent
B = 2.0 GPA = 70-79% = Generally satisfactory
C = 1.0 GPA = 60-69% = A passing grade
F-Re = 0.0 GPA = 40-59% = Fail, but the student is given the option to submit a makeup report in order to get a chance at
passing the course with a C grade
F = 0.0 GPA = 39% or below = Fail
IN = -1.0 GPA = Ｉｎｃｏｍｐｌｅｔｅ ｄｕｅ ｔｏ ａ ｌａｃｋ ｏｆ attendance （attendｉｎｇ 10 periods or less ｏｕｔ ｏｆ ｔｈｅ 14 ｐｅｒｉｏｄs over the 7-ｗｅｅｋ ｃｌａｓｓ ｓｅｓｓｉｏｎｓ）
*クラス貢献度合計はコールドコールと授業内での挙手発言の合算値です。
| 講師用内規準拠 Method of Assessment | Weights |
|---|---|
| コールドコール Cold Call | 10 % |
| 授業内での挙手発言 Class Contribution | 40 % |
| クラス貢献度合計 Class Contribution Total | 50 % |
| 予習レポート Preparation Report | 0 % |
| 小テスト Quizzes / Tests | 10 % |
| シミュレーション成績 Simulation | 0 % |
| ケース試験 Case Exam | 0 % |
| 最終レポート Final Report | 40 % |
| 期末試験 Final Exam | 0 % |
| 参加者による相互評価 Peer Assessment | 0 % |
| 合計 Total | 100 % |
評価の留意事項 Notes on Evaluation Criteria
Grades will be given according the following scale:S = 4.0 GPA = 90-100% = Outstanding
A = 3.0 GPA = 80-89% = Excellent
B = 2.0 GPA = 70-79% = Generally satisfactory
C = 1.0 GPA = 60-69% = A passing grade
F-Re = 0.0 GPA = 40-59% = Fail, but the student is given the option to submit a makeup report in order to get a chance at
passing the course with a C grade
F = 0.0 GPA = 39% or below = Fail
IN = -1.0 GPA = Ｉｎｃｏｍｐｌｅｔｅ ｄｕｅ ｔｏ ａ ｌａｃｋ ｏｆ attendance （attendｉｎｇ 10 periods or less ｏｕｔ ｏｆ ｔｈｅ 14 ｐｅｒｉｏｄs over the 7-ｗｅｅｋ ｃｌａｓｓ ｓｅｓｓｉｏｎｓ）
教科書 Textbook
- N/A「No textbooks are required for this course.」N/A（N/A）
参考文献・資料 Additional Readings and Resource
The assigned articles and/or reports from The Economist, The Wall Street Journals, Financial Times or other publications are required for all of you to prepare before each class.
授業調査に対するコメント Comment on Course Evaluation
The attitudes that may cause negative impact on your final grades:
1. Offensive remarks/passive attitude during lecture
2. Reports not submitted or late submission
3. Late or non-group participation
4. Leaving/entering the classroom late & often
5. Using electronic devices inappropriately
1. Offensive remarks/passive attitude during lecture
2. Reports not submitted or late submission
3. Late or non-group participation
4. Leaving/entering the classroom late & often
5. Using electronic devices inappropriately
担当教員のプロフィール About the Instructor
EDUCATION
Certificate, Program for Case Method and Participant-Centered Learning (PCMPCL), Harvard Business School, Boston, USA, 2007
Certificate, Entrepreneurship, Leadership and Innovation (ELI), Babson College, Boston, USA, 07/2019
Certificate, Program for How to Teach Innovation and Leadership, Held by Babson College in Renmin University of China, Beijing, China, 04/2017
Ph.D., 1997, Texas A&M University, USA
M.S., 1992, Texas A&M University, USA
MBA, 1990, Auburn University, USA
BBA, 1995, Soochow University, Taiwan
POSITIONS HELD
Chairperson, Graduate Inst. of Finance, the School of Mgmt., National Taiwan University of Science and Technology (NTUST),
2020-present
Associate Dean, the School of Management, NTUST, 2017-present
Associate Professor, Graduate Institute of Finance, NTUST, 2017-present
Director, EMBA Program, the School of Management, NTUST, 2017-present
Director, Singapore EMBA Program, the School of Management, NTUST, 2017-present
Director, Center for Case Research, the School of Management, NTUST, 2017-present
Committee member, R&D Committee, Examination Yuan, Taiwan, 2019-present
Board Member, University Endowment Fund Board, NTUST, 2018-present
Board Member, Public Service Pension Fund (PSPF) Board, Taiwan, 2010-present
Guest Speaker, East Kentucky University, Richmond, USA, February, 2019
Visiting Professor, Asia Pacific University (APU), Beppu, Kyushu, Japan, July, 2018
Mandate Reviewer, Private Schools Pension Fund, Taiwan, 09-10/2016
Consultant, Labor Pension Fund, January, 2010
Consultant, Public Service Pension Fund (PSPF), Taiwan, 2005-2010
（実務経験 Work experience）
PROFESSIONAL ACTIVITIES
AWARDS, HONORS AND GRANTS
Best Teaching Award, NTUST, 2013
Best Mentorship Award, NTUST, 2009
Visiting Professor, Asset Securitization, invited by the Nicolaus Copernicus University (Uniwersytet Mikołaja Kopernika w
Toruniu, UMK), Torun, Poland, under the Erasmus+ Staff Mobility Program of ERASMUS+ Bilateral Agreement, 11/2019
Co-Team leader of European University and Business Visits (with Prof. Pin Luarn), Hellbrunn University Graduate School (HUGS), Mercedes-Benz Robotic Manufactory, and Milan Institute of Technology (MiT), Stuttgart, Germany and Milan, Italy,
09/2019
Co-Team Leader of EMBA Overseas Recruiting Trip (with Prof. Tzu-Chuan Chou), Cambodia and Singapore Business Leaders,
Phnom Penh, Cambodia and Singapore, 08/2019
Invited Participant, NTUST-the Nagoya University of Commerce and Business (NUCB) Undergraduate Exchange and
Cooperation Initiative, Nagoya, Japan, 07/2019
Best Presentation Award, Entrepreneurship, Leadership and Innovation (ELI), Babson College, Boston, USA, 07/2019
Invited Participant, 2019 EFMD Annual Conference, Lisbon, Portugal, 06/2019
Invited Participant, NTUST-NUCB and NTUST-Waseda Business School Cooperation Initiatives, Nagoya and Tokyo, Japan,
05/2019
Director of EMBA Case Competition, Case Competition of Taiwan Elite EMBA Alliance, Chiayi, Taiwan, 05/2019
Invited Participant, AACSB 2019 February Deans Conference, Vancouver, Canada, 02/2019
Co-Team leader of Australia University and Business Visits (with Prof. Pin Luarn), University of Queensland Business School, Microsoft Australia Sydney, Nature’s Care Factory and QUT Business School, Brisbane and Sydney, Australia, 01/2019
Invited Participant, 2019 EFMD Conference for Deans and Directors General, CEIBS, Shanghai, China, 01/2019
Invited Participant, AACSB 2018 October Asia Pacific Annual Conference, NUCB, Nagoya, 10/2018
Invited Participant, 2018 EFMD Conference for Deans and Directors General, TUM School of Management, Munich, Germany,
01/2018
Visiting Professor, Investment Strategies, invited by Ritsumeikan Asia Pacific University (APU, a subsidiary of elite private
Ritsumeikan University), Beppu, Kyushu, Japan, 07/2018
China Container Terminal Corporation (a listed company) Industry-Academic Cooperative Project, “Wu-Du Inland Container
Operation Site Redevelopment,” 2017-2018
First Securities Investment Trust Corporation (a listed company) Industry-Academic Cooperative Project, “Alternative Assets,
Smart Beta, and Asset Allocation,” 2016-2018.
Invited Participant, AACSB 2017 October Europe, Middle East, and Africa Annual Conference, Malta, 10/2017
Taiwan’s Ministry of Science and Technology (MOST) Grant, “Establishing a Development and Sustainable Facility
Management Model for Public Housing,” (with Professor Kung-Jen Du), 2016-2017
Taiwan’s National Science Foundation (NSC) Grant, “Credit Rating Analysis of Asset Securitization in Taiwan,” 2007-2008
Taiwan’s National Science Foundation (NSC) Grant, “Applying Dynamic Game Theory to Analyze the Equilibrium of Real
Estate Transactions: An Empirical Study with Experimental Method,” (with Hsin-Wei Chiang), 2000-2001
Taiwan’s National Science Foundation (NSC) Grant, “A Study of Demand Factors for Housing Purchasers – An Application
of Experiments,” 1999-2000
PUBLICATIONS
1. Chang, Guangdi and Bo-Ching Cheng. (2016) “Evidence of cross-asset contagion in U.S. markets.” Economic Modelling 58, pp 219-226 (SSCI, Impact Factor: 2.188).
2. Chang, Guangdi and Chia-Shih Chen. (2014) "Evidence of contagion in global REITs investment," International Review of Economics and Finance 31, pp 148-158 (SSCI, Impact Factor: 1.717)
3. Chang, Guangdi and Weihan Chen. (2013) "Macroeconomic uncertainty, correlations between global financial markets, and asset allocation strategies," International Review of Economics and Finance
4. Chang, Guangdi and Fulwood Chen. (2013) "An Agency Theory Approach to Sovereign Debt Crisis," The International Journal of Business and Finance Research, Volume 7, Number 5, pp. 123-134. (EI)
5. Chang, Guangdi and Yi-Tsuo Chang. (2013) "Time-Varying Risk Premia for Size Effects on Equity REITs," The International Journal of Business and Finance Research, Volume 7, Number 4, pp 13-28. (EI)
6. Chang, Guangdi and Fulwood Chen. (2013) "CEO Behavior and Subprime Mortgage Crisis," The International Journal of Business and Finance Research, Volume 7, Number 3, pp. 13-25. (EI)
7. Chang, Guangdi and Hsiao-Lung Lee. (2002). "Predicting Apartment Rental Rates - A Comparison of Multiple Regression Analysis and Artificial Neural Networks," 2002 Conference for Innovative Management, Department of Business Administration, School of Management, NTUST, Taipei, Taiwan.
8. Chang, Guangdi. (2002), "Fundamentals of Investment," (in Chinese), translated from Corrado and Jordan's Fundamentals of Investment, second edition, Shin-Lou Publisher, Taipei, R.O.C.
9. Chang, Guangdi. (2000). "Mortgage Securitization in Taiwan - A Feasibility Analysis," 2000 Securitization Conference Proceedings, NCCU, Taipei, Taiwan.
10. Chang, Guangdi. (1999). "Functional and Operational Mechanisms for How to Efficiently Improve the Related Projects of Restoring and Renewing Shopping Zones," Conference for the Modernization of Taiwan's Business Environment in the 21st Century, Department of Commerce, Ministry of Economic Affairs, Taipei, Taiwan, R.O.C.
11. Chang, Guangdi. (1997). "Asian Financial Crisis Deserves Attention," The Third Asian-Pacific Young Leaders Conference, Taipei, R.O.C., pp 21-26.
12. Chang, Guangdi. (1997). "The Feasibility of Establishing a Secondary Mortgage Market to improve the Liquidity and Availability of Housing Finance Fund in Taiwan," Ph.D. Dissertation, Texas A&M University, pp.1-207.
13. Chang, Guangdi (1995). "Comparison of the Efficiency of Housing Finance Programs in the Asia Pacific Rim," Proceedings of 1995 Science, Engineering, & Technology Seminars (SETS), pp.11, Houston, Texas, USA.
14. Chang, Guangdi. (1995) "Comparison of the Efficiency of Housing Finance Programs in the Asia Pacific Rim," Proceedings of 1995 Science, Engineering, & Technology Seminars (SETS), pp.11, Houston, Texas, USA (1995).