國立中山大學 108學年度第2學期 課程教學大綱

National Sun Yat-sen University 108Academic year Course syllabus

中文名稱
Course name(Chinese)

投資理論與實務

課號
Course Code

FM905

英文名稱
Course name(English)

THE THEORY AND PRACTICE OF INVESTMENT MANAGEMENT

課程類別
Type of the course

講授類

必選修
Required/Selected

選修

系所
Dept./faculty

財務管理學系碩士在職專班

授課教師
Instructor

劉德明    

學分
Credit

3

因應嚴重特殊傳染性肺炎(武漢肺炎),倘若後續需實施遠距授課,授課方式調整如下:

         同步遠距【透過網路直播技術,同時進行線上教學,得採Microsoft Teams、Adobe connect等軟體進行】
同步遠距含錄影【透過網路直播技術,同時進行線上教學並同時錄影,課程內容可擇日再重播,得採Microsoft Teams、Adobe connect等軟體進行】
非同步遠距【課堂錄影或錄製數位教材放置網路供學生可非同時進行線上學習,得採EverCam、PPT簡報錄影、錄音方式進行】
實作類課程,經評估無法採遠距課程教學,後續復課後密集補課

★遠距教學軟體操作說明連結

因應嚴重特殊傳染性肺炎(武漢肺炎),倘若後續需實施遠距授課,評分方式調整如下:

        
1.期中考Midterm25%
2.作業Homework35%
3.期末報告Final Report20%
4.上課參予Class Participation20%

課程大綱 Course syllabus

         本課程教學大綱已提供完整英文資訊(本選項僅供統計使用,未提供完整英文資訊者,得免勾記)【Provide information of course syllabus in English.(This is for statistical use only. For those who do not provide information of course syllabus in English, do not check this field.)】

1. (第1週)Invest Overview and Asset Classes
閱讀進度: BKM: Chapters 1,2 and 22;Malkiel:ch.1
2. (第2週) Securities Markets and Mutual Funds
閱讀進度:BKM: Chapters 3 and 4
3. Risk and Return: Past and Prologue
閱讀進度:BKM: Chapters 5; Malkiel:ch.2,3,4
4. Efficient Diversification
閱讀進度:BKM: Chapters 6; Malkiel:ch.2,3,4
5. Capital Asset Pricing and Arbitrage Pricing Theory
閱讀進度:BKM: Chapters 7; Malkiel:ch.9,10
6. Efficient Diversification
閱讀進度:BKM: Chapters 8; Malkiel:ch.9,10
7. Behavioral Finance and Technical Analysis
閱讀進度:BKM: Chapters 9
8. Bond Prices and Yields
閱讀進度:BKM: Chapters 10
9. Managing Bond Portfolios
閱讀進度:BKM: Chapters 11
10. 第十週*** 期中考 ****
11. Part 4: Security Analysis Macroeconomic and Industry Analysis
閱讀進度:BKM: Chapters 12; Malkiel:ch.5,6,7,8
12. Equity Valuation
閱讀進度:BKM: Chapters 13; Malkiel:ch.5,6,7,8
13. Financial Statement Analysis
閱讀進度:BKM: Chapters 14; Malkiel:ch.5,6,7,8
14. Part 5:Derivative Markets Options Markets and Option Valuation
閱讀進度:BKM: Chapters 15,16
15. Futures Markets and Risk Management
閱讀進度:BKM: Chapters 17
16. Part 6: Active Investment Management Portfolio Performance Evaluation
閱讀進度:BKM: Chapters 18
17. International Investing and Hedge Funds
閱讀進度:BKM: Chapters 19,20
18. 第十八週 : 期末考





課程目標 Objectives

         本課程旨在介紹當代做金融投資分析所使用的財務理論與實證技術,及其在各種金融市場之應用。除了投資理論與實證之介紹外,本課程強調對我國目前投資工具的了解與投資組合之建立與分析之學習。全部課程共分六大主題,每一大題均有特別的理論與實證問題,上課之討論與指定之作業則是協助同學學習解決這些問題所需之工具,投資組合競賽則讓同學有機會獲取投資之實務經驗。
In this course you will study the theory and practice of investment management in domestic and global (especially US, Taiwan and China) financial markets. The course comprehensively describes conceptual paradigms and their extensive applications in practice.
The following topics will be covered:
Understanding the risk-return tradeoff: essential concepts and the empirical evidence in security markets;
The stock versus bond performance in the long run and in recent years;
Understanding the essence of short selling and buying on margin;
Recovering key financial ratios from financial statements;
Understanding the notion of market efficiency and its three forms: weak form, semi-strong form, and strong form.
Forming optimal portfolios including and excluding holding constraints;
Investing in public and private equities, commodities, and bonds;
Understanding derivatives securities and their applications;
Valuing equities based on both the discounted cash flows approach as well as price multipliers.
Analyzing performance of mutual funds; Comparing properties of mutual funds and hedge funds;
Examining evidence on profitable trading strategies in global and domestic markets, especially, the size, value, price momentum, and earnings momentum effects in stock prices.





授課方式 Teaching methods

         每週三小時,共15週。除了上課前預習指定教材並上課時參與討論外,學員應熟習電腦軟體Microsoft Excel以便做作業。為了方便討論,第二次上課時學員應準備一份個人簡歷(附照片)並準備一份名牌卡置於桌上明顯處。(no laptops, cell phones are permitted on exams or on classes).
Class Participation is Mandatory!
College courses are meant to advance knowledge. Learning on the college level requires that you connect yourself with information and materials and actively participate in class
□ Be here and please be on time: Some class will start with a pre-class test (which will lay the basis for the class but will not be graded) in the first 5 minutes.
□ Bring your lecture note packet with you
□ If you do miss a class, catch up with your teammates or classmates.




評分方式﹝評分標準及比例﹞Evaluation (Criteria and ratio)等第制單科成績對照表 letter grading reference

        
1.期中考Midterm25%
2.期末考Final25%
3.作業Homework30%
4.平時成績Participation20%

參考書/教科書/閱讀文獻 Reference book/ textbook/ documents
〔請遵守智慧財產權觀念,不可非法影印。教師所提供之教材供學生本人自修學習使用,不得散播及做為商業用途〕
No copies for intellectual property rights. Textbooks provided by the instructor used only for self-study, can not broadcast or commercial use

        
序號作者書名出版社出版年出版地ISBN#
No.AutherTitlePublisherYear of
publish
Publisher
place
ISBN#
1Bodie, Z., Kane, A., and A.L.MarcusInvestmentsMcGraw-Hill&Irwin 華泰書局2018New York9781259277177
2Wesley R. Gray, Tobias E. CarlisleQuantitative ValueJohn Wiley2012New York9781118328071
3劉德明自編講義Instructor's Note2020高雄

彈性暨自主學習規劃 Alternative learning periods

本門課程是否有規劃實施學生彈性或自主學習內容(每1學分2小時)
Is any alternative learning periods planned for this course (with each credit corresponding to two hours of activity)?
否:教師需於「每週課程內容及預計進度」填寫18週課程進度(每1學分18小時之正課內容)。
No:The instructor will include an 18-week course plan in the weekly scheduled progress (each credit corresponds to 18 hours of instruction)
是:教師需於「每週課程內容及預計進度」填寫16週課程內容(每1學分16小時之正課內容),並於下列欄位填寫每1學分2小時學生彈性或自主學習內容。
    Yes:The instructor will include a 16-week course plan in the weekly scheduled progress (each credit corresponds to 16 hours of instruction);the details of the planned alternative learning periods are provided below (each credit corresponds to two hours of activity).

學生彈性或自主學習活動
Alternative learning periods
勾選或填寫規劃內容
Place a check in the appropriate box or provide details
時數
Number of hours
學生分組實作及討論
Group work and discussion
參與課程相關作業、作品、實驗
Participation in course-related assignments, work, or experiments
參與校內外活動(研習營、工作坊、參訪)或競賽
Participation in on- or off-campus activities (e.g., seminars, workshops, and visits) or competitions
課外閱讀
Extracurricular reading
線上數位教材學習
Learning with online digital learning materials
其他(請填寫規劃內容)
Other (please provide details)

每週課程內容及預計進度 Weekly scheduled progress

        
週次日期授課內容及主題
WeekDateContent and topic
12020/02/27~2020/02/29Invest Overview and Asset Classes
22020/03/01~2020/03/07Securities Markets and Mutual Funds
32020/03/08~2020/03/14Risk and Return: Past and Prologue
42020/03/15~2020/03/21Efficient Diversification
52020/03/22~2020/03/28Capital Asset Pricing and Arbitrage Pricing Theory
62020/03/29~2020/04/04Efficient Diversification
72020/04/05~2020/04/11Behavioral Finance and Technical Analysis
82020/04/12~2020/04/18Bond Prices and Yields
92020/04/19~2020/04/25Managing Bond Portfolios
102020/04/26~2020/05/02期中考Midterm
112020/05/03~2020/05/09Security Analysis Macroeconomic and Industry Analysis
122020/05/10~2020/05/16Equity Valuation
132020/05/17~2020/05/23Financial Statement Analysis
142020/05/24~2020/05/30Part 5:Derivative Markets Options Markets and Option Valuation
152020/05/31~2020/06/06Futures Markets and Risk Management
162020/06/07~2020/06/13Part 6: Active Investment Management Portfolio Performance Evaluation
172020/06/14~2020/06/20International Investing and Hedge Funds
182020/06/21~2020/06/24期末考Final

課業討論時間 Office hours

         時段1 Time period 1:
時間 Time:星期二
地點 Office/Laboratory:
時段2 Time period 2:
時間 Time:星期三
地點 Office/Laboratory:

系所學生專業能力/全校學生基本素養與核心能力 basic disciplines and core capabilitics of the dcpartment and the university

        
系所學生專業能力/全校學生基本素養與核心能力
basic disciplines and core capabilities of the department and the university
課堂活動與評量方式
Class activities and evaluation
本課程欲培養之能力與素養 This course enables students to achieve.紙筆考試或測驗 Test.課堂討論︵含個案討論︶ Group discussion (case analysis).個人書面報告、作業、作品、實驗 Indivisual paper report/ assignment/ work or experiment.群組書面報告、作業、作品、實驗 Group paper report/ assignment/ work or experiment.個人口頭報告 Indivisual oral presentation.群組口頭報告 Group oral presentation.課程規劃之校外參訪及實習 Off-campus visit and intership.證照/檢定 License.參與課程規劃之校內外活動及競賽 Participate in off-campus/ on-campus activities and competitions.課外閱讀 Outside reading.
※系所學生專業能力 Basic disciplines and core capabilities of the department
1.財務倫理之能力與社會責任實踐 1. Financial ethics ability.           
2.國際觀之能力 2. Global perspective.           
3.解決財務問題之能力 3. Problem solving ability in Finance.VVVVVVV   V
4.溝通之能力 4. Communication skill.V VVVVV   V
5.財務管理專業知識之能力 5. Expertise in Financial management.V VVVVV   V
※全校學生基本素養與核心能力 Basic disciplines and core capabilities of the university
1.表達與溝通能力。 1. Articulation and communication skillsV  VVVV   V
2.探究與批判思考能力。 2. Inquisitive and critical thinking abilitiesVVVVVVV   V
3.終身學習能力。 3. Lifelong learningV         V
4.倫理與社會責任。 4. Ethnics and social responsibility           
5.美感品味。 5. Aesthetic appreciation           
6.創造力。 6. Creativity           
7.全球視野。 7. Global perspective           
8.合作與領導能力。 8. Team work and leadership           
9.山海胸襟與自然情懷。 9. Broad-mindedness and the embrace of nature            

本課程與SDGs相關項目:The course relates to SDGs items:

         尚未建立SDGS資料

本課程校外實習資訊: This course is relevant to internship:

         本課程無註記包含校外實習

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