Syllabus

Title
0953 Investing in Emerging Markets
Instructors
PD Dr. David Hauner
Contact details
hauner@stanfordalumni.org; for course administration please contact cems@wu.ac.at
  • Type
    PI
  • Weekly hours
    2
  • Language of instruction
    Englisch
Registration
09/22/21 to 09/30/21
Registration via LPIS
Notes to the course
Subject(s) Master Programs
Dates
Day Date Time Room
Monday 12/20/21 09:00 AM - 05:00 PM Online-Einheit
Tuesday 12/21/21 09:00 AM - 05:00 PM Online-Einheit
Wednesday 12/22/21 09:00 AM - 05:00 PM Online-Einheit

Contents

Investing in emerging markets from a practitioner's perspective: macro and micro drivers of growth; macro and political risks; economic policies and their impact on investments; capitalmarkets and their local and global drivers.


Learning outcomes

Students will gain a basic understanding in what drives investment returns in emerging markets; how to analyze these factors; and how to express them in various asset classes.

Attendance requirements

80% of attendance is requested, but it is strongly recommended to attend the whole course.

Teaching/learning method(s)

The course will be highly interactive, and thus much of the assessment is based on active participation. Students will give presentations that will be enriched by active classroom discussionand real-world investment insights from the lecturer. Students will also work on a case study on investing in emerging markets. The course will conclude with an open-book exam to demonstrate that students have actively followed the course and are able to drawcoherent conclusions.

Assessment

50pc active participation; 25pc presentation; 25pc 2h open book exam at the end of the last day.

Each student should please select one topic from a list, (which will be distributed) for a 30 minute presentation. Use discretion in selecting the key parts of the publications, make good use of charts and skip the technical parts. Feel free to use additional outside sources to enrich your presentations. The topics differ in length and difficulty: this will be taken into account in the grading of the presentation. Please read as much of the material below as possible: it will show in your class room participation which accounts for most of the grade.


Recommended previous knowledge and skills

Introductory macro and finance

Availability of lecturer(s)

Dr David Hauner, MA, CFA, is chief strategist and economist for CEE, the Middle East and Africa at Bank of America Merrill Lynch in London. He also worked at the InternationalMonetary Fund and Munich Re. He studied at Stanford, ESSEC and the University of Vienna.

Contact: hauner@stanfordalumni.org.

Unit details

Unit Date Contents
1 18/12

Economics of emerging markets (10 topics)

1a. Going for gold in EM  (pages 1-29 & 64-67)

1b. Institutions as a Fundamental Cause of Long-Run Growth

1c. Redistribution, inequality and growth

1d. China’s demography and its implications

1e. The path to sustainable growth in China

1f.  Belt & Road initiative

1g. COVID-19 impact on EM     Chapter 1 of the World Economic Outlook, with a focus on the content on emerging markets

1h. Challenges from climate change

1i. The natural resource curse

1j. Russia economic report

1k. Saudi Arabia’s Transformation: Article I (you should use the website); Article II

 

2 19/12

Day 2: Emerging financial markets (10 Topics)

2a. Is inflation back? (chapter 2)

2b. Deepening capital markets in EM

2c. Financial development in 205 economies

2d. Credit ratings

2e. Two targets, two instruments: monetary and exchange rate policies in emerging market economies

2f. Managing large capital inflows

2g. Policies for macrofinancial stability - how to deal with credit booms

2h. Currency mismatches

2i. Financial crises

2j. The Washington Consensus, the IMF and the World Bank

2k. EM sovereign debt restructurings

3 20/12

Day 3: Investing in emerging markets (10 topics)

In your presentations on these topics please include the implications of the reading for an investment idea (eg, in equities, bonds or private equity): 1) what you want to buy; 2) rationale; 3) expected return (choose your time horizon); 4) potential risks to your investment and how to mitigate them.

3a. Thinking strategically about EM

3b. Green investing in EM

3c. Corporate governance (Chapter 3)

3d. Asia equity market review (up to page 60):

3e. Fintech in EM

3f. AI in China

3g. ESG investing

3h. Impact investing

3i. The case for EM debt

3j. Sovereign bonds

 

 

Last edited: 2021-12-03



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