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COMM 324

Investments & Portfolio Management

Winter 2024

. Course Description

This course covers the theory and empirical evidence relevant for investing, particularly in the context of portfolio management. The course is geared towards the understanding and implementation of “modern portfolio theory,” which is a general approach for maximizing the expected return of a portfolio for a given level of risk. Major topics covered include diversification, asset allocation, portfolio optimization, asset pricing models, market efficiency, bond valuation, term structure of interest rates, managing bond portfolios, and portfolio performance evaluation. Derivative securities such as options and futures may be introduced.

While the course is designed to meet the needs of students who might want to pursue a career in the investments field, the course will prove useful for personal investing as well. Students are expected to be comfortable with present value calculations, basic statistics (mean, variance, covariance, correlation), optimization, random variables (expected value), regression analysis, and Excel (Solver).

. Course Materials

Textbook (Required): Investments by Bodie et al., 10th Canadian Edition.

Handouts (Required): Any handouts that are given in class are considered important and testable material.

Cases (Required): Students will be assigned to teams of 4-5 members randomly during the week of Jan. 22. Each group will prepare 3 written reports on the Partners Healthcare case, Coca-Cola Company stock (NYSE:KO), and key lessons learned in the course.

Virginia Investment Partners and Alex Sharpe’s Portfolio are for in-class discussion only.

Students should skim through the assigned material before coming to class. The lectures will be geared towards clarifying and expanding upon the concepts presented in the text. Preparation is important in creating a classroom environment of active discussion and interchange. Each student will be expected to participate actively in class discussion.

Copies of the PowerPoint slides that will be used during lectures and other course materials will be posted on the course website. You should work through the end-of-chapter problems posted on the course website to prepare for the exams.

. Case Analysis

Turn in one copy for the entire group, with all group members clearly indicated. Grading will be based on the written analysis.

Case write-up should be no longer than 4 pages of double-spaced text (not including figures and exhibits). The intent of the page limit is to enforce careful writing. The objective of the analysis will be to answer the guideline questions posted on the course website. All exhibits, such as spreadsheet analyses, figures, and tables, should be clearly labeled and referenced.

Late reports will not be accepted. It is the sole responsibility of any student missing a class to make arrangements to have assignments delivered on time.

. Stock Report

- How much would you pay for the Coca-Cola stock? (Comparables, dividend discount models, discounted cash flow models, etc.) Should I buy/sell/hold the Coca-Cola stock?

- 1,250-word limit (approximately 5 pages of double-spaced text)

. Lessons Learned

- What are the most important things you learned in this course and why are they important to you? How do you plan to use them in the future?

- Your list should have at least 3 different items.

- 750-word limit (approximately 3 pages of double-spaced text)

. Grading

The final grade for the course will be determined by the following weights:

Case analysis, Feb. 7 10%

Stock report, Mar. 24 15%

Lessons learned, Apr. 3 10%

Midterm, Feb. 13 @ 6-8:30pm 20%

Final exam 35%

Best score of the 2 exams 10%

You are expected to be a good citizen in class. Specifically,

- Contribute your fair share to group projects

- Use your smartphone/tablet/laptop for course purposes only

- Don’t talk to your neighbor during class

- Don’t be late to class

Your final grade will be negatively affected by disruptive behavior and positively affected by participation (based on the quality and quantity of your contributions to class discussion). Please note that attendance ≠ participation in my eyes, so do your best to speak up!

Please bring your name card to every class so that I can keep track of your participation.

The final exam will be comprehensive. Both exams are closed-book, closed-notes. They will be composed of short-answer questions and problems. A formula sheet will be provided by the instructor. No additional materials, other than your calculator, are allowed. There is no sharing of calculators during the exams.

There is no make-up exam for the midterm. If you have a valid excuse for missing the midterm, I will add the weight of the midterm to the final exam.

Students should not make travel arrangements until they know their final exam schedule. Accommodations will not be made for conflicting travel plans.

There are no verbal appeals for grade changes. You should submit a written statement explaining the problem within one week of the date the grades are announced, and I will be happy to re-grade any exam or report.

Tentative Course Outline

Week

Chapter

Topic