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MARIUS-CRISTIAN FRUNZA - Managing Partner, Schwarzthal Kapital

OLIVIER TOUTAIN - Executive Director, Scope Ratings, Adjunct Professor, Université Paris - Dauphine

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.


Les étudiants doivent être inscrits au cours de Séries Temporelles Appliquées et doivent avoir validé Introduction à l'économétrie de la Finance et Produits dérivés

Plan du course

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. Crypto-currencies: an alternative financial universe

4. Environmental, Social and Governance (ESG) Investment

5. Alternative capital markets and Fintechs; Focus on Crowdfunding and P2P Finance

6. Alternative Risk Transfer

7. Fintech workshop (industry view)


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.