Managing Partner, Schwarzthal Kapital
Head of the Risk Modelling Unit, Banque de France, Adjunct Professor, Université Paris - Dauphine
Autres cours :
Les objectifs du cours
The aim of this course is to propose an out-of the box perspective upon the financial markets and to explore the financial universe beyond the traditional investments like equity, bonds, currency… . We will focus the course on the products and technics used at the fringe of finance including crowfunding, peer-2-peer finance, shadow banking, Bitcoin, social and environmental impact products….
Throughout this course students will learn about alternative investment supports and alternative financing solutions. The objectives of this lecture are:
To understand the mechanism of alternative risks: global warming, catastrophic events including on the economy, …
To explore new area including Environmental, Social, and Governance (ESG) Investment, cryptocurrency etc..
To get familiar with modelling methods specific to alternative finance.
Plan du cours
1. Alternative finance 101
Two faces of the same coin: as investors or as issuers.
2. Modelling methods for alternative finance
Introduction to the non-Gaussian universe
Real Option Theory
Extreme value theory
3. Environmental, Social, and Governance (ESG) Investment
Why ESG? Focus on negative externalities
Cap and trade vs taxation
ESG investment: strengths and limits
4. Environmental investment support
5. Crypto-currency : an alternative financial universe.
6. Alternative capital markets and Fintechs: Focus on Crowdfunding and P2P finance
7. Alternative Risk Transfer
Insurance and re-insurance. Focus on CAT Bonds
Alexandridis, A. K. and A. D. Zapranis, 2013: Weather Derivatives, Springer, 300 pages.
Barrieu P., and L. Albertini, 2009: The Handbook of Insurance-Linked Securities, Wiley, 398 pages.
Frunza, M., 2010: Carbon allowances: A new financial asset, Editions universitaires europeennes, 164 pages.
Guthrie G., Real Options in Theory and Practice, 2009, OUP, 432 pages.