The course IAM will be offered in slightly modified form in the spring semester (FSS) 2022. The dates, times and rooms can be found on portal2. Please also join the respective ILIAS group of the current semester since all course materials as well as potential important announcements will be solely distributed via this ILIAS group . Additional information can be found in this document (version of 2022) as well as in the module catalogue of your course of study. Please check regularly for updates.
In the preliminary chapter, the logistics of the course will be announced. Slides will soon be posted above. In the introduction we will then discuss the setup and historical development of the asset management industry in important markets, as well as the products available.
Setting up a Fund
In this chapter, we will look at the definition of delegated asset management and the most important products like mutual funds, and hedge funds. Relevant regulatory rules, fund characteristics, and the pricing, distribution and sales process will be covered as well. We will also go through some recent real cases.
In this chapter, we will look at the different forms of market efficiency. Based on this, we will cover the Active versus Passive Debate and the resulting implications for the investment process. We will discuss different tactical asset allocation & security selection strategies as well as topics relating to strategic asset allocation. The chapter will also provide insights that relate to risk management as a key component of successful asset management.
Performance: Measurement, Determinants & Prediction
The fourth chapter covers external and internal performance evaluation, performance attribution, determinants of performance, performance persistence as well as rankings and ratings. Moreover, the chapter will also provide some insights in the implications of different kinds of performance measurement in reality.
Investor Behavior & Managerial Incentive
This chapter covers topics related to the behavior and incentives of investors and asset managers using recent findings in academia and real world cases.
While everyone seems to talk about ESG, responsible investing etc., few people are actually familiar with the latest insights on this topic in academic research and with the many challenges an asset manager faces who wants to implement a rigorous, objective and fact driven framework. This part of the lecture should help to shed more light on all of these topics and related issues.
Crypto Currencies & DeFi
In this chapter we cover a few basics on crypto currencies and learn about what DeFi in general can potentially be useful for and where we should be mindful of certain risks.
In our last session, we will discuss recent trends in asset management. Finally, we talk about the job market prospects before summarizing the course.
Note that some contents of the chapters might slightly change due to the contribution of guest lecturers.
Please note that the lecture FIN 682 International Asset Management is offered only in the spring term. The course is organized in lectures and exercises.
The course is fully taught in English. All material as well as the final exam will be in English.
There will be exercise sessions taught by Fabian Gamm.
To receive a grade for the course students have to pass the final exam (100%). Time and date of the exam will be anounced during the semester by the Office for Student Affairs (“Studienbüro”). Please note that all material that is covered in the lecture or exercise is relevant for the exam. Details about the exam will be announced during the course.
There is no formal prerequisite for the course. However, we strongly recommend you to have completed the course FIN 500 – Investments I.
There is no specific textbook that the whole course is based upon. One useful introductory text is:
We will also provide a list with relevant papers for the various chapters in the lecture.
Slides and practice sheets will be posted on the Illias system. Please register for the course to get access to the relevant material.
To take the course students should register for the exam during the exam registration period using student portal.
The early registration period “Mannheim Master in Management” (For fields: “Methods/