In this course, we will discuss fundamental principles of trading off risk and return, portfolio optimization, and security pricing. We will study and use risk-return models such as the Capital Asset Pricing Model (CAPM) and multi-factor models to evaluate the performance of various securities and portfolios. Specifically, we will learn how to interpret and estimate regressions that provide us with both a benchmark to use for a security given its risk (determined by its beta), as well as a risk-adjusted measure of the security’s performance (measured by its alpha). Building upon this framework, market efficiency and its implications for patterns in stock returns and the asset-management industry will be discussed. Finally, the course will conclude by connecting investment finance with corporate finance by examining firm valuation techniques such as the use of market multiples and discounted cash flow analysis. The course emphasizes real-world examples and applications in Excel throughout. This course is the first of two on Investments that I am offering online (“Investments II: Lessons and Applications for Investors” is the second course).
財務管理 の専門講座イリノイ大学アーバナ・シャンペーン校（University of Illinois at Urbana-Champaign）このコースについて
受講生の就業成果
67%
習得するスキル
受講生の就業成果
67%
提供：
イリノイ大学アーバナ・シャンペーン校（University of Illinois at Urbana-Champaign）
The University of Illinois at Urbana-Champaign is a world leader in research, teaching and public engagement, distinguished by the breadth of its programs, broad academic excellence, and internationally renowned faculty and alumni. Illinois serves the world by creating knowledge, preparing students for lives of impact, and finding solutions to critical societal needs.
修士号の取得を目指しましょう
シラバス - 本コースの学習内容
Course Overview
In this module, you will become familiar with the course, your instructor, your classmates, and our learning environment. The orientation also helps you obtain the technical skills required for the course.
Module 1: Investments Toolkit and Portfolio Formation
In Module 1, we will build the fundamentals of portfolio formation. After providing a brief refresher of basic investment concepts (our toolkit), a summary of historical patterns of stock returns and government securities in the U.S. is provided. We then consider general examples of portfolio choice to highlight the tradeoffs between “risk” and return. We end the module with a discussion of dominated assets and efficient portfolio formation, emphasizing real-world examples and practice in Excel solving for the optimal portfolio given certain constraints (such as the amount of volatility we will accept in our portfolio).
Module 2: Motivating, Explaining, & Implementing the Capital Asset Pricing Model (CAPM)
In Module 2, we will develop the financial intuition that led to the Capital Asset Pricing Model (CAPM), starting with the Separation Theorem of Investments. We will understand that in a CAPM setting, only the market-wide risk of an asset is priced – securities with greater sensitivity to the market are required by investors to yield higher returns on average. We will also learn how to interpret regressions that provide us with both a benchmark to use for a security given its risk (determined by its beta), as well as a risk-adjusted measure of the security’s performance (measured by its alpha).
Module 3: Testing the CAPM, Multifactor Models, & Market Efficiency
In Module 3, we will discuss different asset-pricing models, the pros and cons of each, and market efficiency. In particular, we will test the effectiveness of the Capital Asset Pricing Model (CAPM) and examine survey data concerning its use by chief financial officers (CFOs) of firms. Predictable patterns in stock returns, such as the size and value effects, will also be examined and the Fama-French 3-Factor Model will be introduced. Market efficiency will be discussed in this module, as well as its implications for the asset-management industry and observed patterns in stock returns.
Module 4: Investment Finance and Corporate Finance: Firm Valuation
In Module 4, we will learn about the two key approaches to valuing a company or stock: market multiples and discounted cash flow. We will learn how to value perpetuities and will discuss how caution should be exercised in terms of projecting both the growth in long-term cash flows and the riskiness of those cash flows – two key components of the perpetuity formula. Finally, to gain experience with the market multiples approach, we will estimate a value of Google at the time of its initial public offering (IPO) back in 2004 using market data on Yahoo! as a comparable firm.
Course Conclusion
In this module, we say goodbye to the Investments course as key takeaways from the course are reviewed. A tease is also provided to topics that will be covered in Professor Weisbenner's second course on Investments.
レビュー
INVESTMENTS I: FUNDAMENTALS OF PERFORMANCE EVALUATION からの人気レビュー
This was a fantastic course, with a realistically attainable amount of material, and a humble, knowledgable professor whose teaching style makes a normally difficult topic very easy to understand.
Professor Weisbenner is fabulous! He is able to make anyone understand complex investment topics through his delivery and curriculum design. You are missing out not taking Investments from him!
One of the best courses across platforms- classroom or online that I have taken. Huge real life value addition. Professor Scott has worked incredibly hard in putting this valuable content.
I've taken several investments classes on Coursera and this is the best presentation of CAPM I've seen. Really systematic and entertaining presentation. I will recommend it to friends.
財務管理専門講座について
よくある質問
いつ講座や課題にアクセスできるようになりますか？
講義と課題へのアクセスは、登録のタイプによって異なります。聴講モードでコースを受講すると、ほとんどのコース教材を無料で見ることができます。採点された課題にアクセスして修了証を取得するには、聴講中または聴講後に、修了証エクスペリエンスを購入する必要があります。聴講オプションが表示されない場合：
- コースは聴講オプションを提供していない可能性があります。代わりに無料トライアルをお試しいただくか、学資援助を申請することができます。
- コースは、聴講オプションを提供せずに「修了証なしフルコース」オプションを提供する場合があります。このオプションでは、すべてのコース教材が表示され、必須の評価を提出して、最終成績を取得することができます。この場合、修了証エクスペリエンスは購入できません。
この専門講座をサブスクライブすると何を行うことができるようになりますか？
コースに登録する際、専門講座のすべてのコースにアクセスできます。コースの完了時には修了証を取得できます。電子修了証が成果のページに追加され、そこから修了証を印刷したり、LinkedInのプロフィールに追加したりできます。コースの内容の閲覧のみを希望する場合は、無料でコースを聴講できます。
返金ポリシーについて教えてください。
サブスクライブすると、7日間の無料トライアルを体験できます。この期間中は解約金なしでキャンセルできます。それ以降、払い戻しはありませんが、サブスクリプションをいつでもキャンセルできます。返金ポリシーをすべて表示します。
学資援助はありますか？
はい。受講料の支払いが難しい受講生に、Coursera（コーセラ）は学資援助を提供しています。左側の［登録］ボタンの下にある［学資援助］のリンクをクリックして申請してください。申請書の入力を促すメッセージが表示され、承認されると通知が届きます。キャップストーンプロジェクトを含む専門講座の各コースでこのステップを完了する必要があります。詳細。
コースを修了することで大学の単位は付与されますか？
このコースでは大学の単位は付与されませんが、一部の大学ではコース修了証を単位として承認する場合があります。詳細については、大学にお問い合わせください。Coursera（コーセラ）のオンライン学位および Mastertrack™証明書は、大学の単位を取得する機会を提供します。
さらに質問がある場合は、受講者向けヘルプセンターにアクセスしてください。
