Core, Stream Core and Capstone Courses

This course aims to provide candidates with understanding of (i) fundamental approaches for equity valuation, (ii) fundamental approaches for valuation of fixed income securities, (iii) the knowledge about corporate finance and behavioral approaches in asset valuation, and (iv) the recent development of valuation techniques, especially relevant to sustainability. On the theoretical side, this course introduces fundamental knowledge for asset valuation, investment strategies, and portfolio management. On the practical side, this course covers recent topics that are related to the asset valuation techniques used in both Hong Kong and United States. Some projects about asset valuation are specially designed to let candidates apply the theoretical knowledge into practice. This course is highly recommended for candidates who intend to pursue a career or further studies in equity valuation and securities analysis. Certainly, the knowledge from this course will also be very useful when you make your own personal investment decision.  

Note: This course is not open to candidates who have taken or are taking MFIN7005.

This course aims to provide candidates with understanding of (i) fundamental knowledge for asset valuation, (ii) portfolio management techniques for risk management and speculation. (iii) investment strategies adopted in financial market, and (iv) the recent development of portfolio management tools and investment strategies including sustainability issues. On the theoretical side, this course introduces fundamental knowledge for asset pricing, investment strategies, and portfolio management. On the practical side, this course covers recent topics that are related to the investment strategies and portfolio management in both Hong Kong and United States. Some projects about portfolio management and asset valuation are specially designed to let candidates apply the theoretical knowledge into practice. This course is highly recommended for candidates who intend to pursue a career or further studies in investment strategies and portfolio management. Of course, the knowledge will also be very useful when candidates make their own personal investment decision.  

Note: This course is not open to candidates who have taken or are taking MFIN7002. 

This course provides an introduction to the financial statements and financial reporting process from a user’s perspective. The course focuses on fundamental accounting concepts and principles as well as techniques related to financial statements analysis and corporate ESG activities. Ethical and professional standards that persons engaged in the professional practice of financial analysis and investment management should know, understand, and apply are also covered. 

Note: This course is not open to candidates who have taken or are taking MFIN7001.

New financial products are increasingly invented in marketplaces to achieve environmental and social benefits as traditional financial products failed to do so. This course introduces bonds, loans, and other financial securities and derivatives with specific environmental, social, and governance (ESG) goals. Those novel financial products can specify the use of proceeds, such as green bonds and green loans. They may also be outcome-based and have pre-specified targets, such as sustainability-linked bonds. The design, evolution and effectiveness of those green and sustainable financial products are thoroughly discussed.

Investors and other corporate stakeholders are increasingly calling for high-quality reporting by companies on sustainability performance and environmental, social and governance (ESG) matters. This course offers an in-depth and comprehensive discussion of ESG reporting with an emphasis on its practical application in the corporations and business world. Major topics include ESG reporting standards, corporate disclosure of various ESG matters, ESG rating, ESG scandal, and auditing of ESG reports. Issues on the carbon emission trading and the development of carbon markets will also be discussed.  

Note: This course is not open to candidates who have taken or are taking MACC7024 or PMGM7035.

Investors are increasingly concerned of the environmental, social, and governance (ESG) impact of their investments, in addition to conventional considerations of risk and return. For example, they may exclude firms or industries with high carbon emissions or pollutions from their portfolios. Such ESG considerations can affect, both positively and negatively, the financial performance of the investments. This course discusses typical ESG-motivated investment strategies. It also introduces impact investing ⸻ investments to achieve clear pre-specified ESG goals. The measurement of impact and the performance of such investments are deliberated in this course. Tools and concepts such as the United Nations’ Principles for Responsible Investment will also be covered in class.

Reducing carbon emission is critical to contain climate change. One of the goals of the 2015 Paris Agreement is to reach net-zero carbon emission globally by 2050. We need to price carbon emission properly so that relatively more efficient firms in terms of carbon emission intensity can be fostered and inefficient firms will be eliminated. One approach is to impose carbon tax. Many countries choose to establish carbon markets. This course discusses the cap-and-trade compliance market for carbon emission allowance. It also examines the voluntary carbon credit market. How carbon markets lead to better environmental outcomes and help finance clean technologies against climate change is also evaluated. Carbon markets around the world, especially in E.U., China, and USA will be covered. Students will learn the essential knowledge to qualify as trader, examiner, or accountant in the market.

After the 1997-98 Asia financial crisis and the 2008-09 financial tsunami Europe and the United States, corporate governance and social responsibility have attracted widespread public attention and debates. In the past few decades, our Asian organizations have undergone dramatic transformations in their governance strategies and practices. However, what are the characteristics of corporate governance in Asia? How are Asian organizations adapting their governance in response to the dynamic business and regulatory environment? What are the impacts? Most of these questions are still under-explored. This is mainly because we do not fully understand our institutional and business environment and how these factors affect corporate and managerial behaviors. This course is designed to provide a theoretical framework to analyze these questions.  

Note: This course is not open to candidates who have taken or are taking MACC7011 or PMGM7021.

This capstone course asks students to apply what they have learned in the programme to actual corporate and market situations. Students can work with industrial corporations, investment firms or government agencies to provide effective solutions to practical problems related to environmental, social, and governance (ESG) issues. Examples include corporate ESG management, sustainability strategies, and building ESG portfolios. Experiential learning and knowledge exchange are encouraged. Students can also work on a research project under the supervision of course instructors. The project topics are self-selected by students.