Finance

Calculus of Several Variables
Functions of Several Variables
Implicit Functions and Their Derivatives
Quadratic Forms and Definite Matrices
Unconstrained Optimization
Constrained Optimization
Concave and Quasiconcave Functions
Economic Applications
Eigenvalues and Eigenvectors
Advanced Linear Algebra
Advanced Analysis
Basic Probability and Statistics

The course introduces some of the most widely used quantitative models in the fields of economics, finance and management. It has a clear focus on applying the methods while not shying off on formal treatments. In particular, the course covers:

Statistical Concepts and Distributions

Asymptotic Limits and Estimators

Linear Models and Estimation

Instrumental Variables Estimation

Generalized Method of Moments

Panel Data

1. Demand Theory
2. Expected Utility Theory
3. General Equilibrium Theory
4. Non-Cooperative Game Theory
a) Dominant strategies and applications
b) Nash Equilibrium and applications
c) Subgame Perfect Equilibrium and applications
5. Principal-Agent Theory
6. The Theory of Incomplete Contracts

The course is an in-depth introduction to the modern theory of asset
pricing and portfolio choice. Its main focus is on the relationship between
arbitrage and equilibrium, and how both conditions imply the existence of
"state prices," positive discount factors such that the price of any security
is simply its discounted expected payoff.
The first part of the course examines static economies while the second
extends into a multi-period framework. Both parts are restricted to
discrete time and symmetric and complete information.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

The class provides key knowledge on how different econometric models work and most importantly sheds light on their limitations. The course also provides step by step application of new tools to different data sets in the computer lab. You will be asked to replicate and in some cases improve, prior empirical studies.

Censored regression functions

Tobit regression

Estimators and sample selection bias

Median and qunatile regressons

Covariance matrices

Causal effects

Nonparametric regressions and intsrumental variables

Non-parametric regressions

Kernel regressions

Time series analysis

Unit root testig Integrated proecesses

Cointegration Introduction to machine learning

The course combines theoretical developments of game theoretic concepts with applications of these concepts to questions in economics, finance and management. The course starts with simple games and shows the solution concepts for these games (and potentially the problems of the concepts). It then gradually enriches the games and the respective solution concepts. For each class of games, several examples will be provided how to apply the material learned in the course, always with an eye on how students can apply these concepts in their own research. Finally, students will present recent of fundamental research papers that use and apply these concepts, thereby pointing out the usefulness (but also the potential problems) of these concepts in research in different fields

The course is structured in three parts (not necessarily chronological):

Part 1: Empirical methodologies (focus on regression discontinuity, difference-in-difference estimators, synthetic control estimators)

Part 2: Discussion of recent empirical papers with a focus on financial intermediation, corporate finance, and possibly with a link to accounting

Part 3: Development of own research ideas

The module introduces concise moral hazard and adverse selection models that allow analyzing major topics in corporate finance including among others firms’ debt capacity, the optimal capital structure, corporate risk and liquidity management. The module then discusses the role of banks in mitigating moral hazard and advserse selection in corporate finance, before moving on with a more general analysis of the role of banks in the financial system.

The objective of the course is twofold:

1) to familiarize students with the field of empirical asset pricing, i.e., to provide exposure to the seminal papers as well as the most important recent contributions; and

2) to teach students how to conduct, interpret and present empirical research. Accordingly, we will encounter a broad set of methodologies and datasets.

This module provides an introduction to the key areas of financial
accounting research. It covers topics such as value relevance of
accounting information, accounting-based valuation, earnings
management, contracting and accounting, disclosure, text-as-data in
accounting, information intermediaries, real effects in accounting,
corporate governance, financial reporting regulation, political ecomony of
accounting etc.

1) Advanced Topics in Information Acquisition and Processing
2) Regression-Based Estimation of Asset Pricing Models
3) Advanced Topics in Financial Intermediation
4) Advanced Topics in Over-The-Counter Markets
5) Advanced Topics in Political Economy in Finance
6) Advanced Topics in Household Finance

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the programme office help you identify the appropriate courses.

Students can choose up to two elective courses suitable for their chosen area of specialisation. These can be offered by Frankfurt School but often are found at other research universities. The faculty and the program office help you identify the appropriate courses.

The workshop provides a forum for presenting ongoing and completed research projects by Ph.D. students. Students learn to present their own academic research for a mixed audience. They will gain skills in presenting, preparing compelling slides, interacting with the audience, taking feedback, and time management. Given the turnover of topics over time, students are required to enrol in the course every time it is offered.