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Module Descriptions
Students’ Words
Profiles of Participants in Previous Intakes
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Application Requirements
Financial Aid
Enquiry and Enrolment
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Participants in the Program dramatically enrich their knowledge of finance and develop a deep understanding of the latest trends in the global financial markets.
The Master of Science in Global Finance Program, a ground-breaking educational joint venture between The Hong Kong University of Science and Technology School of Business and Management (HKUST) and New York University Stern School of Business (NYU Stern), is now inviting applications for our upcoming intake. An alliance between NYU Stern School of Business and HKUST Business School, the Program brings together two worldrenowned business schools and two of the world’s most important financial centers. All modules are taught by global, top-ranked faculty who are handpicked for their expertise and thought leadership. And while the Program kicks off and ends at HKUST’s picturesque campus in Hong Kong, four intensive learning modules in New York give participants the opportunity to experience two world financial centers. The learning module in Beijing / Shanghai provides a superb learning experience in the largest emerging market in the world. Participants in the Program dramatically enrich their knowledge of finance and develop a deep understanding of the latest trends in the global financial markets. These executives aim at improving their overall effectiveness, as well as their competitiveness, in the finance industry. You, too, can benefit from this career-enhancing learning experience. We invite you to join us and chart your own course of success in this exciting Program. We welcome your enquiries and participation.
PROF LEONARD CHENG Dean of the HKUST Business School
PROF PETER HENRY Dean of the NYU Stern School of Business
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Our innovative, world-class program can prepare you for the evolving opportunities in the robust and dynamic financial field.
Welcome to the HKUST-NYU Stern Master of Science in Global Finance (MSGF) Program! Over the past decades, the global financial economy has undergone significant changes. These changes have heightened the growing importance of financial services to economies in North America, Europe, Asia Pacific, South America, the Middle East, and other emerging markets. The MSGF Program provides a truly rewarding and world class learning experience which enables participants to reap the benefits of attending classes in 3 major international centers – Hong Kong, Beijing / Shanghai and New York. HKUST and NYU Stern aim to cultivate high-performance professionals in fields like corporate finance, venture capital, asset management, loan syndications, sales and trading, risk management and private banking. Non-financial sectors are also seeking financial expertise in areas such as risk management and corporate finance. As joint academic directors, we have designed our program to balance the technical and global dimensions of finance in a way that is not generally achieved in a common MBA program. Participants are taught by world-renowned faculty from two highly-rated business schools, and they acquire the essential tools needed for today’s financial world. Participants also learn about the latest developments and trends in global financial markets in the aftermath of the financial crisis. Our goal is to enable participants to better understand the global implications of financial issues in today’s markets and to further broaden their knowledge and application of financial concepts and instruments. Our innovative, world-class program can prepare you for the evolving opportunities in the robust and dynamic financial field. We invite you to contact us and learn more about what the MSGF Program has to offer.
PROF BRUNO SOLNIK Department of Finance HKUST Business School
PROF MENACHEM BRENNER Department of Finance NYU Stern School of Business MS IN GLOBAL FINANCE MESSAGE
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Asia’s youngest but most respected business school. Financial Times
HKUST BUSINESS SCHOOL & DEPARTMENT OF FINANCE Established just two decades ago in 1991, HKUST is the only science and technology research university in Hong Kong, and the only one to offer an all-PhD faculty. The highly reputable Quacquarelli Symonds (QS) Asian University Rankings rated HKUST as the top university in Asia in 2012. The HKUST Business School has risen to international prominence in a remarkably short period of time, achieving widespread global recognition and a variety of prestigious academic rankings. Our strength lies in our full range of program offerings, our high quality research conducted by our world class faculty, and our diverse and high-caliber students. The HKUST Business School was the first business school in the region to have been awarded accreditation by both the US-based Association to Advance Collegiate Schools of Business (AASCB International) and the European Quality Improvement System (EQUIS). The Financial Times ranks our EMBA (Kellogg-HKUST) No. 1 in the world and our MBA No. 8 in the world (1st in Asia). With a steadfast commitment to research and thought leadership, we maintain state-of-the-art centers of learning and exploration devoted to a multitude of areas ranging from China business and Asian financial markets to Asian entrepreneurship and experimental business research. Our unique Asian and global perspectives are made possible by our 140-strong international faculty. The mission of our Department of Finance is to produce world-class research, deliver first-rate finance education, and contribute to the financial developments in Hong Kong (HK), Mainland China
and the Asia-Pacific region. The Department has a remarkable research achievement since its inception. It has been consistently ranked No. 1 in research in the Asia-Pacific region and among the top 25 in the world, according to the ASU Finance research rankings (based on publications in top four finance journals: JF, JFE, RFS, JFQA). Professors of our Department of Finance have won many awards and are well connected to the financial industry in Asia. Our reputation in business research derives from the world-class interdisciplinary work developed by our leading research and professional development centers. Among those are the Center for Asian Financial Markets and the Value Partners Center for Investing. The Center for Asian Financial Markets promotes research on financial market activities by establishing strong data and knowledge bases about Asian financial markets, with a particular focus on HK and China, provides an academic interface with government and business that promotes research and facilitates the dissemination of knowledge. The Value Partners Center for Investing is the academic and intellectual center for supporting research and training on investing with emphasis on China / HK financial markets, and to promote HK’s role as the regional fund management center. It has established and monitored the Student Managed Investment Fund (SMIF) first ever in HK to offer students real world experience to practice fundamental investing, outreaches to industry practitioners and enhances the industry-academia interactions through seminars, conferences and publication of newsletters; and supporting scientific and policy research on investment management in HK and Mainland China.
Relevant Rankings for HKUST Business School EMBA Ranking (Kellogg-HKUST)
No. 1 in the World, by Financial Times 2012
Global MBA Ranking
No. 8 in the World, No. 1 in Asia, by Financial Times 2013
Department of Finance
The Department has been consistently ranked No. 1 in research in the Asia-Pacific region and among the top 25 in the world, according to the FMA-ASU Finance research rankings.
For more information, please visit http://www.bm.ust.hk
NEW YORK UNIVERSITY STERN SCHOOL OF BUSINESS For more information, please visit www.stern.nyu.edu
Located in New York City, an epicenter of global business, New York University’s Stern School of Business is a premiere research institution where more than 200 faculty members conduct forwardlooking research and consulting with leading corporations around the world.
textbook Modern Portfolio Theory and Investment Analysis is in its seventh edition and has been used as a resource for business students for nearly 30 years. Students in the MSGF Program will have the opportunity to study with several of these Stern faculty members.
A proud part of Stern’s heritage is its world-renowned finance program. With more than 40 full-time faculty members conducting theoretical and practical research in all key aspects of the field, Stern boasts the largest faculty of any other finance program in the United States. It has been ranked number one worldwide in research productivity by a number of top finance journals. Stern’s finance faculty is highly rated in terms of research output, and members sit on the editorial boards of all of the major finance journals.
NYU Stern’s strength in finance is enhanced by its Salomon Center for Research in Financial Institutions and Markets. The Salomon Center conducts new research across a wide array of financial topics and partners with regulatory, government and business communities to bring high profile business leaders and conferences to Stern’s campus. The Center specializes in seven areas that correspond with the infrastructure of the markets: Asset Management, Corporate Governance, Credit and Debt Markets, Derivatives Research, Financial Econometrics, Financial Institutions and Macro Finance. Each specialty division is directed by a Stern expert in the field. Because of the size of the faculty and resources devoted to the finance department, students have access to the breadth of thought reflecting the latest global research findings and market practices. Students also benefit from the unparalleled access to Wall Street and the world’s leading practitioners who are adjunct faculty and guest speakers in their classes. MS IN GLOBAL FINANCE
Among Stern’s faculty luminaries are three Nobel Laureates in economics: Robert Engle (2003), known for his time-varying volatility model used by financial markets to measure risk; Michael Spence (2001), whose scholarship focuses on economic policy in emerging markets, the economics of information, and the impact of leadership on economic growth; and Thomas Sargent (2011), whose models on the effect of policy on the economy guide central bankers and policy makers; as well as Edward Altman, whose famous z-score, a mathematical formula which analyzes and predicts bankruptcy risk, is pervasive on Wall Street; Roy Smith, former partner, Goldman Sachs, and Ingo Walter, who together co-authored the best-selling book, Governing the Modern Corporation in 2006; and Martin Gruber and Edwin Elton, whose
ABOUT US
Relevant Rankings for NYU Stern EMBA Ranking (Trium)
No. 3 in the World, by Financial Times 2012
Global MBA Ranking
No. 19 in the World by Financial Times 2013 No. 11 in the World by The Economist 2012
Finance Department
No. 1 in the World by Financial Times 2012
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PROFESSOR BRUNO SOLNIK is Professor of Finance at HKUST in Hong Kong. He is also Distinguished Emeritus Professor of Finance at HEC Paris, ranked No. 1 business school in Europe by the Financial Times. He holds an Engineer degree from Polytechnique in Paris and a PhD from MIT. He was on the faculty of the Stanford Business School before joining HEC. He has been a visiting professor at the University of California at Berkeley, UCLA , Université de Genève, University of New South Wales and Todai (University of Tokyo). He is a former President of the European Finance Association and Director of the American Finance Association. He has written seven books, five in France and two in the USA, including Global Investments, the leading textbook in the field formerly titled International Investments, and translated into Japanese and Chinese. The sixth edition of Global Investments, coauthored by Dennis McLeavey of the CFA Institute, has been used for all three levels of the CFA examination. He has published some fifty articles in leading finance and economics journals. He also serves on the board of editors of several major finance journals in America, Europe and Asia. Professor Solnik has served on the Council for Education and Research of the CFA Institute and on its Research Foundation. He has received many prizes, including two Graham & Dodd Awards for Excellence by the Financial Analysts Journal, the “Finance Award of the Year” at the 1998 Interlaken Finance Symposium, and the Nicholas Molodovsky Award, presented by the CFA Institute Board of Governors on May 22, 1999. “This award is given periodically only to those individuals who have made outstanding contributions of such significance as to change the direction of the profession and to raise it to higher standards of accomplishment”. He is a Knight in the Order of the Legion of Honor. Professor Solnik is a frequent keynote speaker to professional conferences organized by institutional investors, asset managers and consultants. His expertise has been called upon by many pension funds, foundations and central banks, in Europe, the USA and Asia, to assist them in structuring their asset management efforts. Among others, he advised the pension plans of Royal Dutch/ Shell and Calsters, and the Nobel Foundation. He has also advised numerous asset management companies worldwide. He sat on the investment committee of UBS Global Asset Management. Since 2004, he is one of the four members of the Investment Management Advisory Council of Zurich Insurance Group, a major global insurer managing a portfolio over US$200 billion. He is investment advisor to EDF, a large European utility firm. He serves, or has served, on the board of directors of listed companies (bank, asset manager and security firm), mutual funds, exchange traded funds and hedge funds.
PROFESSOR SUDIPTO DASGUPTA is Chair Professor of Finance and Director of the Centre for Asian Financial Markets at HKUST. Professor Dasgupta received his Master of Arts in Economic Theory from the University of Calcutta and his Doctor of Philosophy in Finance from University of Southern California. He taught at the University of Southern California and visited at Gothenburg University in Sweden before joining HKUST in 1993. Professor Dasgupta has published in leading journals on economics and finance such as the Journal of Finance, Journal of Financial Intermediation, Journal of Corporate Finance, Journal of Economic Theory, Journal of Economics and Management Strategy, etc. His research areas are in game theory and industrial organization, bidding for procurement contracts, the economics of joint ventures, firms’ investment and financial policies, takeovers and the market for corporate control.
PROFESSOR VIDHAN GOYAL is Professor of Finance at HKUST. He received his Master in Business Administration from the University of Delhi and a Doctor of Philosophy in Finance from the University of Pittsburgh where he was a Research Fellow at the ‘Center for the Study of Contracts and the Structure of Enterprise’. Professor Goyal’s research interests are in empirical corporate finance, with an emphasis on capital structure and corporate governance. His research papers have been published in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial Intermediation, Finance Research Letters, Journal of Corporate Finance and the Pacific Basin Finance Journal. He has extensive teaching experience and won numerous teaching awards including the Michael G. Gale Gold Medal for Distinguished teaching, the Franklin Prize for teaching excellence and the best MBA core teacher award.
PROFESSOR XI LI is a professor teaching at HKUST and the managing partner of XL Partners. He has predicted the 2008 financial crisis, the 2009 market turnaround, and the major macro events afterwards. He has also predicted the quant debacle in 2008, momentum reversal in 2009, and recommended effective remedies. He has worked for Acadian Asset Management and State Street Global Advisors as portfolio manager and senior researcher, spoken at various industry events, taught at various top ranked MBA programs, and been invited to consult with CIC, Value Partners, and other organizations and individuals. He has published in top academic and practitioner journals and won various research awards from academic and practitioner associations. Professor Li has a M.A. in Economics from Tulane and a Ph.D. in finance from Vanderbilt.
PROFESSOR DANYANG XIE is Professor of Economics at HKUST. Professor Xie received his Ph.D. in Economics from the University of Chicago in 1992. He started an academic career in 1991 at the University of Montreal. He joined HKUST in July 1993. He has been teaching Macroeconomics at all levels and China in the Global Economy for the MBAs and EMBAs. His research interest includes endogenous growth, fiscal policy, and money and banking. While serving at the International Monetary Fund as Economist and Senior Economist during 2000-2004, he taught finance-related courses to government officials worldwide. He returned to HKUST in July 2004 and served as Department Head between April 2007 and June 2010.
FACULTY BIOS
Professor Seasholes conducts research in the field of financial economics. His research focuses on trading behavior and asset prices around the world. He has written on cross-border equity investments, herding behavior of individual investors, and loss aversion. Current work focuses on liquidity and asset pricing. One project looks at the systematic liquidity demands of individual investors. A second project studies NYSE specialist inventories (a measure of liquidity provided to the market). Professor Seasholes worked for a number of years on Wall Street and in the emerging markets of East / Central Europe. He was one of the first equity analysts in post-communist Poland, completed a valuation project in Honduras and helped with the Lloyds of London restructuring, in addition to having given a series of lectures in the People’s Republic of China. Professor Seasholes’ work includes work with State Street Bank and Trust and their portfolio flow indices.
MS IN GLOBAL FINANCE
PROFESSOR MARK SEASHOLES is Professor of Finance at HKUST. He received his Bachelor of Arts from Wesleyan University where he graduated with high honors in physics, Phi Beta Kappa, and University Honors (the university’s highest award.) University Honors was awarded to 5 of 650 graduates in his year. Professor Seasholes received his Master of Arts and Doctor of Philosophy degrees in Business Economics from Harvard University. He taught at the University of California, Berkeley Haas School from 2000 to 2007 where he won teaching awards in three programs: Daytime MBA, Undergrad Program, and Berkeley-Columbia Executive MBA, and has visited at Northwestern-Kellogg, INSEAD, and worked at Santa Clara University.
Professor Xie has publications in top Journals in Economics, including Journal of Political Economy, Review of Economic Studies, Journal of Economic Theory, Journal of Monetary Economics, and International Economic Review. He is the co-editor of Annals of Economics and Finance and is a member of the Editorial Advisory Council of Pacific Economic Review.
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PROFESSOR MENACHEM BRENNER is Research Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brenner was an Associate Professor of Finance at the Hebrew University in Jerusalem. He was also a visiting professor at the University of California at Berkeley, the University of Bergamo, University of Melbourne and Tel-Aviv University. He also served as an Advisor to the Bank of Israel, and was a member of the board of directors of the Tel Aviv Stock Exchange and of the advisory panel on Emerging Markets Investable Indices at the International Finance Corporation. Professor Brenner received his Bachelor of Science in Economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in Business Administration from Cornell University. Professor Brenner’s primary areas of research include derivative markets structure, option pricing, inflation expectations, auctions, market efficiency and liquidity. His articles have been published in numerous publications including the Journal of Finance, Journal of Financial Economics, Journal of Business and Journal of Financial and Quantitative Analysis.
PROFESSOR EDWARD I. ALTMAN is the Max L. Heine Professor of Finance at NYU Stern and the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He has been a visiting professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Professor Altman was named to the Max L. Heine endowed professorship at Stern in 1988. Professor Altman was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation and was named “Profesor Honorario” by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine. Professor Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance and Advisory Editor of the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of Distressed Securities, Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2005) and Recovery Risk (2005). Professor Altman’s primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of the New York State Common Retirement Fund’s Investment Committee. PROFESSOR JENNIFER N. CARPENTER is Associate Professor of Finance at NYU Stern. Professor Carpenter teaches an MBA course on Debt Instruments and Markets, and a PhD course on continuous time finance. Professor Carpenter received her Bachelor of Science in Economics, Master of Arts in Finance, Master of Arts in Mathematics, and Doctor of Philosophy in Finance from the University of Pennsylvania. Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund manager compensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business. Before coming to Stern, Professor Carpenter worked at Goldman Sachs & Company in the fixed income division. She was also lecturer at the University of Pennsylvania.
PROFESSOR ALEXANDER LJUNGQVIST is the Ira Rennert Chair in Finance and Entrepreneurship at NYU Stern, where he teaches an MBA course in financing new ventures and a PhD seminar in corporate finance. Professor Ljungqvist received his Master of Science in Economics and Business from Lund University in Sweden, and his Master of Philosophy and Doctor of Philosophy in Economics from Nuffield College at Oxford University. Professor Ljungqvist has been with NYU Stern since 2000 and was tenured in 2005. His primary research areas include financial intermediation, investment banking, initial public offerings, entrepreneurial finance and venture capital, corporate governance, and behavioral corporate finance. He has published articles in these areas in all the leading scholarly journals, including the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics. He is the author of Going Public, a survey of work on IPOs published by Oxford University Press (second ed., 2001). He currently serves as editor on the board of the Review of Financial Studies. At NYU’s Salomon Center, Professor Ljungqvist directs the School’s research activities in the field of alternative investments. He has been Director of Research of NYU’s Berkley Center for Entrepreneurial Studies since 2005. Prior to joining NYU, Professor Ljungqvist taught at London Business School and Oxford University’s Saïd Business School. He has worked for Deutsche Bank, Berenberg Bank, Schroder, Munchmeyer, Hengst & Co., the Swedish Trade Council, and the Swedish Foreign Ministry. Between 1995 and 2000, he was a senior consultant with OXERA Ltd.
PROFESSOR THOMAS A. PUGEL has been on the faculty of New York University since 1978. He received his B.A. in Economics from Michigan State University in 1974 and his Ph.D. in Economics from Harvard University in 1978. At NYU Stern, he served as Faculty Director of Executive MBA Programs during 2007-2009, as Academic Director of the Langone MBA Program during 2004-2008, as Vice Dean for Faculty during 1994-1998, and as chairperson of the International Business Area during 1990-1994 and 1998-2003. He was Visiting Professor at the School of International Politics, Economics and Business at Aoyama Gakuin University, Japan, during 1985-1986, and a member of the U.S. Faculty of the National Center for Industrial Science and Technology Management Development at Dalian, Peoples Republic of China, in 1983. He was a Visiting Scholar at the Board of Governors of the Federal Reserve System in 1980. Professor Pugel’s research focuses on international industrial competition, with emphasis on market structure, strategy, and performance, and on government policies toward international trade and industry. He is co-author of Microelectronics: An Industry in Transition and the co-editor of Fragile Interdependence: Economic Issues in U.S.-Japanese Trade and Investment. He has published numerous articles in professional journals and chapters in books. He is the author of the textbook International Economics (fourteenth edition). His teaching interests include global macroeconomics, the economics of firms and markets, and the economics of international trade and investment. He has served as a research consultant to a number of U.S. government agencies, international organizations, and business organizations. Included among these are J.P. Morgan, Citicorp, Chrysler Corporation, the Federal Trade Commission, the Joint Economic Committee of the U.S. Congress, and the United Nations. PROFESSOR ANTHONY SAUNDERS is the John M. Schiff Professor of Finance at NYU Stern. Professor Saunders received his Ph.D. from the London School of Economics and has taught both undergraduate and graduate level courses at NYU since 1978. Throughout his academic career, his teaching and research have specialized in financial institutions and international banking. He has served as a visiting professor all over the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne. Professor Saunders holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well as the Council of Research Advisors for the Federal National Mortgage Association. In addition, Professor Saunders has acted as a visiting scholar at the comptroller of the Currency and at the Federal Monetary Fund. He is an editor of the Journal of Banking and Finance and the Journal of Financial Markets, Instruments and Institutions, as well as an associate editor of eight other journals, including Financial Management and the Journal of Money, Credit and Banking. His research has been published in all of the major finance and banking journals and in several books. He has just published a new edition of his textbook, Financial Institutions Management: Risk Management Perspective for McGraw-Hill (4th edition) as well as a 2nd edition of his book on Credit Risk Measurement for John Wiley & Sons (with Linda Allen). PROFESSOR MARTI SUBRAHMANYAM is the Charles E. Merrill Professor of Finance and Economics at NYU Stern. He holds a degree in Mechanical Engineering from the Indian Institute of Technology, Madras, a post-graduate diploma in Business Administration from the Indian Institute of Management, Ahmedabad and a doctorate in Finance and Economics from the Massachusetts Institute of Technology. Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Universita Guido Carli LUISS, Rome, Italy, Singapore Management University and Churchill College, Cambridge University. He has served as a consultant for several corporations, industrial groups and financial institutions in the U.S., Europe, Asia and Latin America. He also sits on the boards of several companies including the ICICI Bank Ltd. (NYSE: IBN), Infosys Technologies Ltd. (NASDAQ: INFY), Metahelix Life Sciences (P) Ltd, Nomura Asset Management Inc, and the board of advisers of Apollo Management L.P. He serves as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in more than twenty countries around the world.
MS IN GLOBAL FINANCE
Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interest rates. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, 1985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products. Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.
FACULTY BIOS
PROFESSOR INGO WALTER is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern, and also serves as Director of the Stern Global Business Institute, an independent academic research center focusing on global economic and management issues. Professor Walter received his B.A. and M.S. degrees from Lehigh University and his Ph.D. degree in 1966 from New York University. He taught at the University of Missouri - St. Louis from 1965 to 1970 and has been on the faculty at New York University since 1970. From 1971 to 1979 he was Associate Dean for Academic Affairs and subsequently served a number of terms as Chairman of International Business and Chairman of Finance as well as Director of the New York University Salomon Center for the Study of Financial Institutions from 1990 to 2003. He has had visiting professorial appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute for Southeast Asian Studies in Singapore, and various other academic and research institutions including a collateral appointment as Professor of International Management at INSEAD since 1986. Professor Walter’s principal areas of academic and consulting activity include international trade policy, international banking, environmental economics, and economics of multinational corporate operations. He has published papers in various professional journals in these fields and is the author, co-author or editor of 26 books, including Street Smarts: Linking Professional Conduct and Shareholder Value in the Securities Industry (Boston: Harvard Business School Press, 1997), The Political Economy of European Financial Integration (Manchester, Manchester University Press and Cambridge: MIT Press, 1997), High Finance in the Euro-Zone (London: Financial Times - Prentice Hall, 2000), and Mergers and Acquisitions in Banking and Finance – What Works, What Fails and Why? (New York: Oxford University Press, 2004). His new book, co-authored with Roy C. Smith, is Governing the Modern Corporation (New York: Oxford University Press, 2006). Professor Walter has served as a consultant to various corporations, banks, government agencies and international institutions, and has held a number of board memberships.
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A ONE-YEAR, MODULAR, EXECUTIVE-FORMAT MASTER’S DEGREE PROGRAM FOR PROFESSIONALS
The Master of Science in Global Finance program – the first executive-format master‘s degree in finance in Asia Pacific – offers interested professionals the opportunity to advance their knowledge and practices under the guidance of internationally recognized academics. Jointly developed by the HKUST Business School and NYU Stern School of Business, this groundbreaking program takes the latest insights from Wall Street and the emerging Asian market and puts them in a global context. Participants will emerge with the skills required to contribute to the robust development of the global financial markets, and to cope with the rapid changes underway there.
Specifically, participants can expect: The program is designed with busy schedules in mind, with classes held usually once a month at weekends.
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to gain knowledge from senior academics of two world-renowned academic institutions through interactive lectures, real-life case studies and integrative projects
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to learn best practices from other companies, including those from Wall Street and China, through case studies, speaker sessions and company visits
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to deepen and widen their understanding of finance – from corporate finance, portfolio management, FX and derivative markets to fixed income, risk management and banking reform
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to become alumni of both HKUST & NYU and be exposed to superb networking opportunities
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that lecture hours count towards the continuous professional training (CPT) requirement stipulated by the Securities and Futures Commission in Hong Kong
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to study alongside other global executives who will have at least 5 years of working experience in banking, finance or other professional service industries. The classroom will become a natural platform for networking and exchanging of ideas
MS IN GLOBAL FINANCE PROGRAM OVERVIEW
11 12
NOV Opening Ceremony & Group Integrative Project Initial Sessions
JAN
FEB
M
Module 1
Module 2
Module 3
Module 4
Module 5
Global Macro & Asian Markets
Foundations of Corporate Finance
Foundations of Investments
Portfolio Management & Asset Allocation
Derivatives Markets
Hong Kong (Central, Hong Kong)
HKUST Campus (In-residency Period)
New
Integrative Project (a group proje Faculty in the respective area will
A. Program Structure
B. Module Structure
Duration
1 year
2 WEEKS BEFORE THE MODULE
Mode
Modular
Pre-module
- 5 Modules + 1 closing session in Hong Kong - 1 Module in Beijing / Shanghai (5 days) - 4 Modules in New York (8 days + 11 days) - 1 Integrative Project (Group)
Participants will receive - textbook - pre-readings - Pre-module Assignment - contact information of Teaching Assistant
Require approximately 30 hours for both pre-readings and a Pre-module Assignment.
* Shown above is a typical Program Schedule and Structure. Please refer to our website/inserts for up-to-date information.
AR
MAY
JUN
AUG
NOV
Module 6
Module 7
Module 8
Module 9
Module 10
Fixed Income Instruments & Markets
Applied Corporate Finance & Valuation
Banking Reform & Corporate Risk Management in China
Risk Management in Financial Institutions
Topics in Financial Markets & Innovation
York
Hong Kong (Central, HK)
Beijing / Shanghai
New York
Group Integrative Project Presentation & Closing Ceremony
HKUST Campus (In-residency Period)
ct for the duration of the program) be assigned as the project advisor
During the Module
Post-module
Tutorial: Led by a Teaching Assistant, the tutorial provides basic concepts you will need for the lecture.
Participants are required to complete a Post-module Assignment or Final Take-home Exam.
Lecture: Comes with case studies, group exercises, discussions, etc.
Tutorial: 2-3 hours (optional) Lecture: 24 hours Fri (half day), Sat & Sun (whole day) & Mon (half day)
Requires approximately 30 hours
PROGRAM SCHEDULE AND STRUCTURE
2 WEEKS AFTER THE MODULE
MS IN GLOBAL FINANCE
MODULE, ONCE A MONTH
13 14
1
2
GLOBAL MACRO & ASIAN MARKETS
2 CREDITS
4
2 CREDITS
This module introduces students to macroeconomic forces that affect global and Asian financial markets. Students will discuss various global macroeconomic concepts, the influences of global finance on long-run economic growth, and the structure / size of foreign exchange markets. This module will also cover recent developments in global / Asian financial markets, macroeconomics in a post-crises world, and exchange rates.
The aim of the module is to provide students with tools and knowledge in global asset allocation and equity portfolio management, with particular emphasis on the management of risk. Topics include construction of global benchmarks, portfolio construction, factor models, currency risk management, investment strategies, performance evaluation and attribution. The module also introduces participants to behavioral finance and the implication for asset allocation. Topics include:
FOUNDATIONS OF CORPORATE FINANCE
• • • •
2 CREDITS
The aim of the module is to provide students with a comprehensive overview of the financing and investment decisions made by firms. It covers capital budgeting, dividend policy, financing policy and managerial incentives. Topics include: • • • • • •
3
PORTFOLIO MANAGEMENT & ASSET ALLOCATION
Investing in risk free and risky projects Capital allocation and corporate strategy Taxes and financing choices Debt holder-equity holder conflicts Financial structure and corporate strategy Basics of valuation
FOUNDATIONS OF INVESTMENTS
2 CREDITS
This module provides an introduction to modern asset pricing theory. We begin by briefly reviewing portfolio theory. We then move on to discussing current determinants of asset prices such as cash risk and liquidity. One of the module’s goals is to apply asset pricing theories to investment decision-making. A second goal is to prepare students for upcoming modules. A third goal is to build a fundamental knowledge of fixed income and derivative products. Topics include: • • • • • • • •
Frictionless markets vs. markets with frictions Portfolio diversification Models of equilibrium asset prices Introduction to fixed income securities Introduction to forwards and futures Introduction to options Static replication Determinants of option prices
•
5
Design of investment strategies and products Hedging currency risk in global asset allocation Performance measure and attribution Measuring risk for institutional portfolios, mutual funds and hedge funds Managing hedge funds: present and future
DERIVATIVES MARKETS
2 CREDITS
This is a module in derivatives markets: structure, valuation and strategies. It builds on the content of the module, Foundations of Investments and combines theory, empirical findings and practical applications. The main applications include the equities, foreign exchange and commodities markets. The key derivatives instruments discussed include forwards, futures and options. Cases and examples include the 1987 crash, LTCM, Metallgesellschaft, Amaranth, etc. Topics include: • •
•
Overview of derivatives markets Futures markets - Recent developments in the structure of futures markets - The cost of Carry Model - Hedging with futures Options markets - Review of options strategies and markets - Options valuation - Options on FX, indices, futures - Risk management: VAR - Exotic options - Applications
6
FIXED INCOME INSTRUMENTS & MARKETS
2 CREDITS
9
The module addresses fixed income financial instruments and their derivatives, covering the types of debt instruments, interest rate structures and building the yield curve, the valuation of debt securities, debt default and related topics. There is also consideration of fixed income instruments in portfolio strategies, as well as the role of financial structures, options and derivatives such as credit default swaps. Topics include: • • •
• • • • •
Fixed income instruments and markets – cash and derivatives Term structure dynamics Fixed income valuation, default probability and portfolio optimization
APPLIED CORPORATE FINANCE & VALUATION
2 CREDITS
This module focuses on the valuation of companies and the creation of shareholder value by looking at the interplay of corporate strategy and finance. The module exposes participants to valuation frameworks that can readily be applied to improve business and strategic decision-making. Topics include:
•
BANKING REFORM & CORPORATE RISK MANAGEMENT IN CHINA 2 CREDITS This module provides an overview of China’s financial markets, the reform of financial institutions and corporate risk management. Students will gain an understanding of the recent developments in financial services and corporate practices in China. In addition to regular lectures, sessions by industry speakers will be organized. As the module is held in Beijing / Shanghai, company visits will be arranged, allowing participants to have a better understanding of doing business in China. Networking opportunities with executives in China also exist.
TOPICS IN FINANCIAL MARKETS & INNOVATION
2 CREDITS
A capstone module covering advanced topics in finance, the selection of which will depend on market developments and students’ interest. The module builds on material covered in other modules in the program, and is taught at the research-driven frontier. Examples of topics: • • • • • • • •
Financial market microstructure Behavioral finance Corporate restructuring Volatility Structured financial products Credit and exotic derivative products Family-dominated and closely held firms Hedge funds
INTEGRATIVE PROJECT IN GLOBAL FINANCE
4 CREDITS
The aim of the project is to enable students to apply what they have learned in each module and to draw on their practical experience to the global banking and financial markets. Students are assigned to work in groups on a team project throughout the year and will culminate with a presentation to a panel of faculty.
MODULE DESCRIPTIONS
8
Valuation of businesses and subsidiaries Value drivers Relative valuations Mergers and acquisitions Payment methods and financing Takeover defenses Cross-border transactions Corporate restructuring transactions – divestitures, spin-offs and equity carve-outs Value creation in private equity transactions
Market risk and liquidity risk, VaR and RAROC Credit risk and distressed debt Sovereign risk assessment Operational and reputational risk Risk integration
MS IN GLOBAL FINANCE
• • • • • • • •
2 CREDITS
The module covers the state-of-the-art and new developments in major areas of risk management in financial institutions and business firms in general – credit risk, market risk, liquidity risk, operational risk, sovereign risk, strategic risk, and reputational risk. Emphasis is placed on risk integration. Topics include:
10 7
RISK MANAGEMENT IN FINANCIAL INSTITUTIONS
* Topics are subject to change
15 16
Students’ Words
“I am from the high-tech industry, so this program will help me with corporate issues and understanding and ultimately help make better finance decisions for my company (also not to get snowed by the CFO).” Gregory Baker (Class of 2008) General Manager, RFSS NXP Semiconductors The Netherlands
“The strongest aspects of this Program are the shorter time compared to other programs and the great faculty”. Rodrigo Daleffe Aires (Class of 2010) Executive Director Trade Finance & Correspondent Banking Santander Group Mexico
“It provided the most updated developments in the global / US financial industries and a valuable opportunity to learn in details about its theories, dynamics, benefits / threats to the society.” Winson Fong (Class of 2008) Managing Director/Head of Greater China Equities Societe Generale Asset Management (HK) Ltd Hong Kong
“The class consisted of highly intelligent and experienced professionals. My classmates motivated me to be up to date with developments in the market and also made me study very hard.” Adedayo Idowu (Class of 2011) Advisor Arican Advisory Services Limited Nigeria
“The professors that deliver the courses are all of excellent standing both in terms of teaching and research experience. It has been my privilege to participate in the lectures. The course coordinators are very responsive to student needs and this is the one aspect to keep up.” Andrew Koh (Class of 2008) Deputy Manager, Internal Audit, Singapore Branch Agricultural Bank of China Singapore
“I felt that the Integrative Project was a valuable part of the overall program experience. It allowed us to draw together many of the key concepts / ideas learned through the Program and to apply these to a real life situation. The problem solving dimension is important, as it highlights the relevance of what we learned in the classroom. The Project also allowed us to work with team members from different backgrounds with different personalities.” Terence Liang (Class of 2010) Managing Director, Corporate Finance Solutions HSBC Private Bank (Suisse) SA Hong Kong
“Interaction with professors from HKUST and NYU, high quality of classmates from various professions, well-organised learning schedule and effective administration are the best aspects of this program.” Alan Luk (Class of 2008) Head of Investment Advisory Investment Services Division, Hang Seng Bank Hong Kong
“Very good pedigree of professionals from various industries. It was enriching and enlightening to see such a diverse group of people, with different backgrounds, from all sorts of ages (though none too young) that had so much to contribute and share with one another. I find that this was one of the best aspects of the MSGF Program.” David Sefri (Class of 2011) Vice President Nomura International Hong Kong
“The MSGF program presented an intensive and thought-provoking curriculum taught by world-class professors. The HKUST and NYU Stern alignment together with students from diverse industries and cultures gave me the opportunity to put a global perspective on the knowledge that we were gaining. This learning experience was both unique and challenging. A further invaluable element of the programme is the ability to take our classroom “on the road” to Beijing and New York which greatly enhanced the global experience.’’ Shannon Thornton (Class of 2010) Vice President Deutsche Bank AG, Hong Kong Branch
“As a VC investment manager, I have to find out the best project for our firm. With the program, I am confident to evaluate which project is better for our investment, especially the valuation part. It is really useful.” Pierce Tsai (Class of 2008) Assistant Vice President First Premium Investment Co., Ltd PRC
“Excellent program structure and perfectly fits with executive learning needs. The best professors with truly global experience.” Shiddhaarth Velamuri (Class of 2009) Solution Architect Standard Chartered Bank Singapore
“I am working in Corporate Finance field, but mainly focus on due diligence before. After receiving more finance knowledge from this program, I can handle more comprehensive jobs including the M&A advisory, valuation, etc.”
STUDENTS’ WORDS
Rocky Wu (Class of 2011) President, Greater China Region & EVP, Business Development Publications International USA
MS IN GLOBAL FINANCE
“The strongest aspects of the MSGF Program are the students and faculties. We have 40 or so students coming from 18 countries with all kinds of background and experiences. It is a big asset. So are the professors, while all are very reputable, they brought us with variety of views from many areas they have experienced with.”
Yvonne Yip (Class of 2009) Chief Consultant Yvonne Yip & Associates Limited Hong Kong
“Aspiring and make me wish to read more on my own; more quantitative than MBA; nice locations and support by admin.” Gan-Ochir Zunduisuren (Class of 2009) Executive Director Blue Sky Minerals LLC Mongolia
17 18
AGE
WORKING EXPERIENCE
EDUCATIONAL BACKGROUND
Average 33
Average 9.5 years
Students are bachelor degree holders and one third of them also hold master’s degrees.
NATIONALITY DISTRIBUTION
CLASS MIX
Approximately half of the participants resides in Hong Kong, while the other half flies in from major cities in Asia, such as Taipei, Singapore, Tokyo, and from the US, Europe and Australia. It is truly an internationally and culturally diversified class with people from Asia, the US, Europe, the Middle East, South America, Africa, Australia and New Zealand.
COMPANIES PARTICIPANTS WORK FOR
Students typically come from 5 sectors: Accounting / Audit Firms, Banks / Financial Institutions, Insurance and MNCs. Besides, we also have students who are business owners or working in family businesses.
The followings are companies that some of our students work for: ACCOUNTING / AUDIT FIRMS - Baker Tilly Sungto - Cosmos Certified Public Accountants Limited - DePaula & Clark - Deloitte - Ernst & Young - Grant Thornton - KPMG - McGladrey & Pullen, Limited - PriceWaterhouseCoopers - Samil PriceWaterhouseCoopers, LLP - Trason Clearwater
- Thai Summit Autoparts Industry Co., Ltd. - WesleyQuest Co., Ltd. - Wong’s International Holdings Ltd.
Our participants are VPs, CEOs, CIOs, MDs, GMs, Directors, Regional Heads, Department Heads, Managers, Analysts, business owners or other professionals.
COMPANY LOCATION
INSURANCE - Allianz - China Overseas Insurance Ltd. - MetLife International - Metropolitan Life Insurance Company (MetLife) - New York Life - Prudential Corporation Asia - Tai Ping Group - Zurich - Zurich Insurance Group (HK) MNCS - Accenture Co Ltd - BTS USA - Benetton Russia LLC - CCNI Hong Kong - Cisco Systems - Dechert - The Economist Group - EnvAerospace, Inc. - Ericsson - Getrol Trading - Hewlett-Packard Asia-Pacific & Japan - Inventive Consult - JCDecaux China - Jones Lang LaSalle - Linfox - Lufthansa German Airlines - McCann Worldgroup - Nestle Taiwan Ltd. - Orient Marine - Runge Ltd - Saudi Aramco - Shell Hong Kong Ltd - Siemens Ltd., China - Sino Resources Group Ltd
OTHERS - A Nguyen-ing Strategy - Atos Origin (S) Pte Ltd. - Audiovox Corp - BlackRock Solutions - Blizzard Entertainment - Bloomberg Finance, LP - Bloomberg LP - CCM Airlines - Citic Metal Co., Ltd - Dow Chemical Company - EB Real Estate Asia Ltd. - Formosa Petrochemical Corp - Gruppo, Levey & Co. - Himal Power Ltd. - Hong Kong General Chamber of Commerce - Innerc Associates Pte Ltd. - LM Glasfiber - Mandatory Provident Fund Schemes Authority - Macrostrategy Research - Moody’s Investors Service - Openlot Ventures (Asia) VC, Pte Ltd - Optimum Pace International Limited - Otto International - Pacific Pearl Group - PartnerRe Europe Ltd. - People Impact International Inc. - Publications International, Ltd. - Quetron Enterprise Co. Ltd. - San Fong Seng Group Limited - Sanlin Wind Forging - Shouguang Dili Agri-products Group Company Limited - Standard & Poor’s - T.D.S. (Hong Kong) Limited - TC Treasury Advisor - TE Hong Kong - Tambun Indah Land Berhad - U.S. Navy - Vantage Point Capital, Inc. - Witbe Limited - YHK Technology Corp Ltd. - Yangtze Associate
PROFILES OF PARTICIPANTS IN PREVIOUS INTAKES
POSITION IN COMPANY
- R.J. O’Brien - RAK Investment Management, Ltd. - The Royal Bank of Scotland - SBI Holdings, Inc. - SinoPac Securities - Societe Generale - Standard Bank - Standard Chartered Bank - Sungard - TT International (HK) Limited - Tullett Prebon - UBS AG - Value Partners - Wachovia Bank
MS IN GLOBAL FINANCE
BANKS / FINANCIAL INSTITUTIONS - ABN Amro - Arican Advisory Services Limited - Australia and New Zealand Banking Group - Agricultural Bank of China - Ajia Partners Inc. - American Express - AIG Consumer Finance Group Asia - Angelo Gordon Asia Limited - Avancera Investments - BNP Paribas - BNP Paribas Capital - BNY Mellon - Banco Santander - Bank of America Merrill Lynch - Bank of China - Banorte-IXE Grupo Financiero Banorte - Barclays Bank - Barclays Capital Asia Ltd. - Barclays Capital Inc. - Box Holdings Limited - CCG Investor Relations - CICC - CME Group - CWN Capital Inc. - Capital International, Inc. - Censere Group - Charles Schwab - China Development Industrial Bank - China Universal Asset Management Co - Chinatrust Commercial Bank - Citibank - Citibank N.A. (Thailand) - Citicorp Investment Bank - Citigroup - CLSA Research Ltd.
- Chardan Capital Markets - Comerica Securities, Inc. - Commerzbank AG - Credit Suisse - Credit Suisse Mexico - Deutsche Bank - Douglas Finance B.V. - Fidelity Bank Plc - Franklin Templeton Korea - Freddie Mac - General Motors Asset Management - Ginga Petroleum Pte Ltd - Goldman Sachs - Goldride Securities - Griffin Securities - Hang Seng Bank - Hang Seng Bank (China) Limited - HSBC - HSBC Private Bank (Suisse) SA - Harvest Global Investments Limited - Hong Kong Asset Management Limited - Hyundai Asset Management - ING Real Estate - ITAÚ BBA Hong Kong - Islamic Development Bank - JPMorgan - JPMorgan Chase Bank N.A. - Jane Street Holding - KBC Bank N.V. - Kookmin Bank - MBC Capital Limited - Macquarie Group - Madison Williams & Company - Manulife Asset Management-Asia - Marfin Popular Bank Co Ltd - Merrill Lynch - Mirae Asset Global Investments HK - Mizuho Corporate Bank, Ltd - Mount Surplus Holdings Ltd - Natixis - New Asia Partners - Newedge USA - Nomura International - Nomura International plc - OneWest Bank - Pacific Investment Management Co. - Peak Futures - Permata Bank - Ping An of China Asset Management (HK) - Polaris Capital (Asia) - Professional Advisory Services Pte Ltd
19 20
- Bachelor degree and good GPA results - 5 years of full-time working experience; applicants with less working experience will be considered on a case-by-case basis - Two recommendation letters, preferably one from current employer - A good TOEFL / IELTS-Academic result if English was not your language of instruction at the undergraduate or postgraduate level GMAT is required for applicants with insufficient quantitative background.
Federal Student Aid for US citizens and Non-means-tested Loan Scheme (NLS Loan) for HK residents are available. * Please refer to our website / inserts for up-to-date information.
HONG KONG OFFICE (Campus)
HONG KONG OFFICE (Central, by appointment only)
Room 6417, 6/F (Lifts 25-26) The Hong Kong University of Science and Technology Clear Water Bay, Kowloon, Hong Kong Office Hours: Monday to Friday, 9am to 5:30pm
Tel: +(852) 2358-5028 Fax: +(852) 3104-0329
Room 1501-2, 15/F Hong Kong Club Building 3 Chater Road, Central, Hong Kong Office Hours: Monday to Friday, 10am to 6pm
[email protected] http://www.globalfinancemaster.com
NEW YORK OFFICE NYU Stern, 44 West Fourth Street, Suite 4 -100 New York, NY 10012, USA Office Hours: Monday to Friday, 9am to 5pm Tel: +(1) 212-998-0442 Fax: +(1) 212-995-4222
[email protected] http://www.globalfinancemaster.com
