Download mn5611: alternative investments

MN5611: ALTERNATIVE INVESTMENTS
MODULE TYPE/SEMESTER: Option (20 credits), Semester 2
MODULE CO-ORDINATOR: Dr Kais Bouslah
CONTACT DETAILS:
[email protected]
01334 (46)2795
AIM: The aim of this module is to introduce students to the basic concepts of alternative
investments as opposed to traditional investments (i.e., stocks, bonds, and cash). Students
will explore a variety of alternative investments including hedge funds, private equity,
commodity futures, real estate and structured debt investments. The module also presents
Islamic investment as well as Responsible investment as alternative investment strategies.
Furthermore, the module seeks to develop students’ understanding and ability of how to
evaluate the performance of alternative investment strategies using appropriate
techniques.
METHOD OF TEACHING AND LEARNING:
One two-hour lecture each week, plus one-hour tutorial each week.
COURSE OUTLINE:
Week 1: Introduction to Alternative Investment
Week 2: Hedge Funds I
Week 3: Hedge Funds II
Week 4: Commodities and Managed Futures
Week 5: Private Equity
Week 6: Real Estate
Week 7: Credit derivatives
Week 8: Islamic Investment
Week 9: Responsible Investment
Week 10: Carbon Investment
LEARNING OUTCOMES:
On completion of this module, students should be able to:
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Describe the hedge fund market and define the different hedge fund strategies.
Evaluate the performance of hedge fund strategies.
Define commodity futures investments.
Understand private equity investments and define their different strategies.
Evaluate the performance of private equity investments.
Understand real estate investments and define their different types.
Appreciate the risk and return profile of real estate investments.
Describe the credit derivatives market and define its key investment products (e.g.,
CDO).
Explain Islamic finance and define the different Islamic investment products.
UNIVERSITY OF ST ANDREWS
School of Management
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Define responsible investment as an alternative investment strategy and evaluate the
performance of responsible investment strategies.
Describe the carbon market and define carbon investment.
ASSESSMENT:
Coursework 1: One-hour Class test (15%)
Coursework 2: Written essay assignment (35%)
Examination: Two-hour exam in the end of semester examination period (50%)
READING LIST:
Anson, M. J. P. (2006). Handbook of Alternative Assets. 2nd Edition. John Wiley & Sons.
Anson, M. J. P., Chambers, D. R., Black, K. H., and Kazemi, H. (2012). CAIA Level I: An
Introduction to Core Topics in Alternative Investments. 2nd Edition. John Wiley & Sons.
Anson, M. J. P., Fabozzi, F. J., and Jones, F. J. (2011). The Handbook of Traditional and
Alternative Investment Vehicles: Investment Characteristics and Strategies. John Wiley &
Sons.
Details of readings from the above texts plus other associated reading will be provided as
required.
UNIVERSITY OF ST ANDREWS
School of Management