International Track - 304 - 2nd year of master's degree

Bloc optionnel 30 ECTS à choisir

• Energy and environmental economics
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  Energy and environmental economics

  Ects : 6

  Lecturer :

  • JAN-HORST KEPPLER

  Total hours : 27

  Overview :

  - Economie de l'énergie et de l'environnement - Transmission de connaissances fondamentales en économie de l'énergie et de l'environnement The class will provide students with an overview of key concepts in both environmental economics and energy economics. It should enable students to apply these concepts to basic policy analysis. 1. Externalities, Fixed Costs and Information (Private, public goods, club goods and externalities, informational complexity, transaction costs and the Coase theorem) 2. The Optimal Internalisation of Externalities (The Pigouvian approach, instruments for internalisation (taxes, standards, emission trading etc.), efficiency considerations of different internalisation measures, the distributional impacts of different measures) 3. Dimensions of Social Cost (Categories of social costs, risk, uncertainty and real option value) 4. The Measurement of Externalities (Measuring abatement cost, methods to measure social costs I + II) 5. Special Topics: Distribution and Energy Efficiency (Compensating vs. equivalent variation: the impact of distribution on social costs; Energy efficiency and the rebound effect) 6. Electricity Markets I + II (Sustainable development in the energy sector, the functioning of electricity markets and price formation, working with screening curves, the investment challenge according to Joskow, capacity remuneration mechanisms (CRMs), storage and demand response) 7. The Full Costs of Low Carbon Electricity Systems (Projected costs of generating low carbon electricity, full costs and system costs of different generation technologies 8. The Interaction of Carbon and Electricity Markets (Carbon prices and electricity prices: theories of price formation in the carbon market, causality between CO2 prices and different energy variables, rents of electricity producers due to carbon pricing: grandfathering vs. auctioning)

  Coefficient : 2

  Recommended prerequisites :

  Microéconomie

  Require prerequisites :

  Admission au Master EFC

  Learning outcomes :

  Compétencess en économie de l'énergie et de l'environnement

  The class will provide students with an overview of key concepts in both environmental economics and energy economics with a special focus on the performance of European electricity markets. The class will develop those notions in a framework alternating between private and social utility maximisation.

  Assessment :

  Mémoire sur un de dix sujets proposés en intégrant les acquis du cours

  Bibliography-recommended reading

  Bibliographie

   

  Arrow, Kenneth J. (1970). “The Organization of Economic Activity: Issues Pertinent to the Choice of Market versus Non-Market Allocation”, in Robert H. Haveman and J. Margolis ( eds.), Public Expenditure and Policy Analysis. Chicago.

  Barde, Jean-Philippe (1991), Économie de l’environnement, Presses universitaires de France, Paris.

  Baumol William and W. Oates (1988). The Theory of Environmental Policy. New York: Cambridge University Press.

  Coase, Ronald (1997), The Firm, the Market and the Law, Chicago: University of Chicago Press.

  Coase, Ronald H. (1960). “The Problem of Social Cost”, Journal of Law and Economics 1(1): 1-21.

  www.ecosystemvaluation.org/dollar_based.htm

  Freeman, Myrick (1979). The Benefits of Environmental Improvements: Theory and Practice. Baltimore: Johns Hopkins University Press.

  Hicks, John R. (1932, 1963, The Theory of Wages, London: Macmillan.

  Joskow, Paul L. (2006), “Capacity payments in imperfect electricity markets: Need and design”, Utilities Policy (16)3: 159-170.

  Joskow, Paul L. (2007), “Competitive Electricity Markets and Investment in New Generating Capacity”, in Dieter Helm (ed.), The New Energy Paradigm, Oxford University Press, pp. 76-121 also at http://economics.mit.edu/files/1190.

  Keppler, Jan Horst (2019), The Costs of Decarbonisation: System Costs with High Shares of Nuclear and Renewables, with Marco Cometto, OECD, Paris.

  Keppler, Jan Horst (2018), The Full Costs of Electricity Provision, OECD, Paris.

  Keppler, Jan Horst (2017), « Rationales for Capacity Remuneration Mechanisms: Security of Supply Externalities and Asymmetric Investment Incentives », Energy Policy 105, 2017, p. 562-570.

  Keppler, Jan Horst (2011), Carbon Pricing, Power Markets and the Competitiveness of Nuclear Power, with Claudio Marcantonini, OCDE, Paris.

  Keppler, Jan Horst (2010), « Causa lities between CO2, Electricity, and other Energy Variables during Phase I and Phase II of the EU ETS » with M. Mansanet-Batailler, Energy Policy 38(7): 3329-41.

  Keppler, Jan Horst (2010), « The Impact of the EU ETS on Prices and Profits in the Electricity Sector » with M. Cruciani, Energy Policy 38(8): 3280-90.

  Keppler, Jan Horst (2010), « Going with Coase against Coase: The Dynamic Approach to the Internalization of External Effects », in The Economics and Finance of Sustainable Development, Economica, Paris, p. 118-139.

  Keppler, Jan Horst (2000), « Prices, Technology Policy and the Rebound Effect » with F. Birol, Energy Policy 28 (6-7), p. 457-469.

  Keppler, Jan Horst (1998), « Externalities, Fixed Costs and Information », Kyklos 52 (4), p. 547-563.

  Keppler, Jan Horst (1992), « Abgabentariffierung vor dem Hintergrund konkreter Gesetzesvorhaben » with A. Eberhardt, Zeitschrift für Angewandte Umweltforschung 5(3), 1992, p. 360-373.

  Léautier, Thomas-Olivier (2013), “The Visible Hand: Ensuring Optimal Investment in Electric Power Generation”, IDEI Working Paper 605, http://idei.fr/display.php?a=22628.

  Lind, R. C., Ed. (1982), Discounting for Time and Risk in Energy Policy, Washington, DC: Resources for the Future.

  Pearce, D. W. and R. K. Turner (1990), Economics of Natural Resources and the Environment, Baltimore, The Johns Hopkins University Press.

  Pigou, Arthur Cecil. 1920. The Economics of Welfare. 2nd Edition. London: Macmillan.

  Stoft, Steven (2002), Power System Economics, Piscataway (NJ), IEEE Press.

  Viscusi, Kip (2005), “The Value of Life”, Harvard Law School, Discussion Paper No. 517, 06/2005, available at http://law.harvard.edu/programs/olin_center/.

  Weitzman, Martin (1974), “Prices vs. Quantities”, Review of Economic Studies 41(4), p. 477-491.

• Economics of climate change
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  Economics of climate change

  Ects : 6

  Lecturer :

  • PATRICE GEOFFRON

  Total hours : 36

  Overview :

  Présentation générale Le changement climatique est principalement lié à un modèle énergétique historiquement basé sur les énergies fossiles (charbon, pétrole et gaz naturel) depuis la première révolution industrielle. Limiter les principaux effets du changement climatique (événements climatiques extrêmes, pollution atmosphérique, élévation du niveau de la mer, ...) et leurs coûts économiques implique de déployer des moyens énergétiques bas carbone (éolien, solaire, ...), d'améliorer l'efficacité énergétique et, plus largement, de transformer l'organisation de nos sociétés. Dans ce contexte, le cours examine : - La théorie économique, les perspectives empiriques et l'économie politique de l'offre et de la demande d'énergie, tant pour les combustibles fossiles que pour les sources d'énergie renouvelables. - Les politiques publiques affectant les marchés de l'énergie, y compris la taxation, la régulation et la dérégulation des prix, l'efficacité énergétique et le contrôle des émissions. - Une attention particulière sera accordée aux politiques économiques telles que les taxes sur le carbone et les permis d'émission négociables, ainsi qu'aux problèmes liés au remplacement des combustibles fossiles par de nouvelles technologies énergétiques.

  Coefficient : 2

  Learning outcomes :

  Compétences en économie du changement climatique

  Assessment :

  Projet final en groupe (70%) et fiche d'analyse d'un texte théorique (30%)

  Bibliography-recommended reading

  Tous les matériaux sont fournis dans le cadre du courts

• Empirical Modeling of Electricity and Gas Markets
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  Empirical Modeling of Electricity and Gas Markets

  Ects : 6

  Lecturer :

  • ANNA CRETI

  Total hours : 36

  Overview :

  Fondamentaux des marchés électricité et gaz Modélisation empirique des marchés de l'électricité et du gaz Analyse des principales source d'information pour la modélisation empirique des marchés de l'électricité et du gaz

  Coefficient : 2

  Recommended prerequisites :

  Econométrie

  Require prerequisites :

  Economie Industrielle

  Learning outcomes :

  Compétences en modélisation empirique des marchés de l'électricité et du gaz

  Assessment :

  Examen écrit

  Bibliography-recommended reading

  Creti-Fontini, 2019, Economics of Electricity: markets, competiton and rules

• Evaluation des risques et analyse d'investissement dans les marchés de l'énergie
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  Evaluation des risques et analyse d'investissement dans les marchés de l'énergie

  Ects : 3

  Lecturer :

  • FABIEN ROQUES

  Total hours : 18

  Overview :

  - Evaluation des risques et introduction au financement de projet dans les marchés énergétiques - Transmission de connaissances fondamentales en évaluation des risques et introduction au financement de projet dans les marchés énergétiques

  Coefficient : 1

  Learning outcomes :

  Compétences en évaluation des risques et introduction au financement de projet dans les marchés énergétiques

• Green Finance : Market Finance and Project Financing
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  Green Finance : Market Finance and Project Financing

  Ects : 6

  Lecturer :

  • ANTOINE BLAYAU
  • CYRIL KATCHOURINE
  • AMAURY TESTU DE BALINCOURT
  • STEPHANE VOISIN

  Total hours : 36

  Overview :

  Project Finance 1. Introduction to Project Finance (1/2) a. Comparison with corporate finance b. Risks analysis c. Impact on contractual framework d. Overview of the various lenders Debt raising process and syndication 2. Introduction to Project Finance (2/2) a. Introduction to financing documentation b. The investors' perspective c. Job industry Case study: offshore wind financing & refinancing 3. Cashflow modeling a. Introduction to financial model b. Key ratios Modeling exercise on excel 4. Speakers from a developer/bank and/or advisors to present various points of view and perspectives on PF and Q&A sessions Market Finance Chapter I. Introduction and Reminders The aim of this chapter is to (i) review the fundamentals as regards the functioning of financial markets and (ii) take stock of the impact of human activities on the environment, focusing in particular on climate change. Chapter II. The material effect of environmental risks on financial markets The chapter reviews recent studies on the physical and environmental transition risks, socially responsible investment and its motivations (Riedl and Smeets (2017)) and the major challenges of environmental finance, especially regarding regulatory projects and the design of guidelines to good practices (TCFD (2017), HLEG (2018)). The academic literature on companies' cost of capital in relation to their environmental impact is reviewed (Derwall et al. (2005), Renneboog et al. (2008), Sharfman and Fernando (2008), Capelle-Blancard and Laguna (2010), ElGhoul et al. (2011), Chava (2014), Kruger (2015), In et al. (2018), Capelle-Blancard et al. (2019), Zerbib (2020)). Chapter III. Investors' environmental and sustainable practices This chapter deals with the practices of institutional investors of several kinds (Kruger et al. (2018)): insurance companies, pension funds, banks and asset managers (Andersson et al. (2016)). It focuses on various methods of sustainable investment, such as exclusion (Hong and Kacperczyk (2009)), ESG screening , corporate engagement (Dimson et al. (2015) and Hoepner et al. (2018)), and impact investing. It includes an analysis of telecoupling and investors' responsibility in activities with a high environmental impact (Scholtens (2017) and Galaz et al. (2018)) as well as investors' ability to make corporate practices greener (Heinkel et al. (2001)). Chapter IV. Financing green assets Here the focus is on the various securities available for financing green projects: green bonds (Flammer (2018), Paranque and Revelli (2019), Zerbib (2019)), project bonds, sustainable infrastructure, real estate, green funds, and labels. Chapter V. Measuring the environmental impact of investments Presentation of the metrics available, their strengths and limitations: the carbon footprint, carbon intensity, green share, brown share and stranded asset issues (Trinks et al. (2018)), avoided emissions, 2-degree alignment, and the Net Environmental Contribution (NEC). Chapter VI. Central Banking and Green Finance This chapter deals with the reasons why central banks are concerned about the environmental impact of investments and financial markets, their ability to integrate the management of this additional systemic risk into their mandate (see Benoît Coeure's speech at the ECB in November 2018, Campiglio (2016)) and the limitations of this exercise.

  Coefficient : 2

  Learning outcomes :

  This course is designed to provide students with the tools to understand and support the greening of the financial system by articulating concrete examples, academic papers, and latest regulations.

  Skills acquired during the course:

  • Understanding the mechanisms at play in project finance applied to green assets

  • Understanding of main climate risks underlying financial assets

  • Identification of the environmental impact of financial assets

  • Knowledge of various methods and practices of environmental investing

  • Knowledge of the latest environmental finance regulations

  Assessment :

  Project Finance To be described Market Finance Essay and Oral presentation Quizz

• Saving and the financing of the real economy
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  Saving and the financing of the real economy

  Ects : 3

  Lecturer :

  • CYRIL BLESSON

  Total hours : 15

  Overview :

  Analyse des mécanismes de l'accumulation patrimoniale des ménages et ses interactions avec l'économie

  Etude en profondeur du marché de l'épargne hexagonal et du rôle de chaque produit existant pour le financement de l'économie

  Coefficient : 1

  Recommended prerequisites :

  Théorie de l'épargne (Keynes, Brown, Modigliani, Friedman etc..)

  Learning outcomes :

  Théorie de l'épargne

  Assessment :

  exposés et examens écrit

• Macro-economy for market participants
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  Macro-economy for market participants

  Ects : 3

  Lecturer :

  • FLORENCE PISANI

  Total hours : 24

  Overview :

  I.Comment les marchés suivent la conjoncture : un cadre d’analyse II. Les marchés de taux d’intérêt III. Les marchés boursiers IV. Les marchés des changes Ce cours vise à permettre aux étudiants de faire le lien entre les évolutions macroéconomiques et celles des marchés financiers.

  Learning outcomes :

  À la fin du cours les étudiants devront avoir une meilleure compréhension des interactions entre les marchés financiers et les évolutions macro-économiques dans les économies avancées.

  Assessment :

  Un exposé et éventuellement un devoir sur table permettent aux étudiants de travailler sur leur capacité de synthèse et leur capacité à analyser la conjoncture en lien avec l'actualité des marchés.

  Bibliography-recommended reading

  - Brender A. et F. Pisani (2001), Les marchés et la croissance, Economica, Paris. - Brender A. et F. Pisani (2010), Global imbalances and the collapse of globalised finance, CEPS, Brussels. - Gurkaynak R., B. Sack et E. Swanson (2004), « Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements », Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System. - Kozicki S. et G. H. Sellon Jr. (2005): “Longer-Term Perspective on the Yield Curve and Monetary Policy”, Economic Review, Federal Reserve Bank of Kansas city, Fourth Quarter - Wright J. H. (2007): “The yield curve and predicting recessions”, Staff working papers in the Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System.

• Leadership en finance et Entreprenariat
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  Leadership en finance et Entreprenariat

  Ects : 6

  Lecturer :

  • MATHIAS GARCIA REINOSO

  Total hours : 24

  Overview :

  The course is structured around four interconnected pillars: stress management, presentation skills, active listening, and decision-making with its inherent unconscious biases. These themes are not treated in isolation; they are explored in an integrated, iterative manner, reflecting the way they interrelate in real-life professional settings.

  We begin with stress, examining its origins through a neuroscientific and evolutionary lens, and move towards concrete strategies for managing it in high-stakes or emotionally charged situations. Presentation techniques build on this foundation, focusing on the impact of voice, body language, and emotional regulation in communicating ideas with clarity and presence. Active listening, feedback, and negotiation are approached through practical exercises that emphasise empathy, clarity, and adaptability. Decision-making and cognitive biases are addressed throughout the course as a thread that runs through all interactions, shaping both what we perceive and how we respond.

  A continuous blend of theory and practice shapes the learning experience: scientific insights are immediately tested through discussion, reflection, and real-world application. Depending on the group’s needs and interests, additional topics such as time management, strategic thinking, or intercultural communication may also be explored.

  Learning outcomes :

  This course aims to equip students with essential skills in leadership and interpersonal communication, with an emphasis on the practical application of theoretical concepts. Drawing on insights from neuroscience, behavioural science, and the science of learning, the course helps students better understand how people think, decide, and interact (starting with themselves). They will learn to recognise and manage stress, develop more effective communication strategies, and improve their ability to listen, give feedback, and navigate negotiation scenarios. The course also emphasises the importance of adapting and growing, encouraging students to develop habits of self-awareness and continuous learning. Throughout, particular attention is given to decision-making and unconscious biases, which are consistently integrated into the learning process to deepen their understanding of human behaviour in leadership contexts.

• Python pour l'analyse de données financières en temps réel
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  Python pour l'analyse de données financières en temps réel

  Ects : 6

  Lecturer :

  • ADRIEN HUSSON

  Total hours : 24

  Coefficient : 2
• Investing on financial markets
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  Investing on financial markets

  Ects : 3

  Lecturer :

  • DENIS BEAUDOIN

  Total hours : 24

  Overview :

  The course aims at grasping key financial asset management principles and concepts, their goals, major means, common tools & constraints, in a search of a "reasonably optimal" portfolio.

  I-A review of investment processes, techniques and models over time

  II-Investment Process: investment philosophy, investment universe, asset selection, portfolio construction, risk monitoring, reporting

  III-Diversification, factors & risk premia

  IV-Risks & return assessment (VaR, CVaR, EVT, major ratios)

  V-Directional & non-directional strategies for relative or absolute expected returns

  VI-SRI, ESG and other non-financial inputs

  VII- Case studies (investment themes & asset managers)

  Coefficient : 1

  Recommended prerequisites :

  Open mindedness

  Require prerequisites :

  Prior knowledge of major financial markets instruments (equities, bonds, forex, commodities, derivatives

  Learning outcomes :

  Understanding asset management's purpose and optimization.

  Understanding uncertainty reduction techniques to improve investment decisions over time.

  Portfolio construction & risk-return analyses.

  Assessment :

  Two team-based class presentations: a first one about a pre-approved theoritical subject, and a second one being a feedback following a meeting with a CIO or a CEO of a Paris-based asset management company (meetings arranged by the lecturer)

  Bibliography-recommended reading

  Not easy: Expected Returns - An Investor's Guide to Harvesting Market Rewards, by Antti Ilmanen, Wiley Finance (2011) Bedside reading: The Intelligent Investor, subtitled "The definitive book on value investing", by Benjamin Graham, Harper Business Essentials (2006) Easier and entertaining: Fooled by randomness, subtitled "The hidden role of chance in life and in the markets" by Nassim Taleb, Penguin Books (2007)

• Corporate strategy
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  Corporate strategy

  Ects : 3

  Lecturer :

  • CHRISTELLE GANNAGE

  Total hours : 12

  Overview :

  - Diagnostic stratégique de l’environnement d’une business unit

  - Choix stratégiques pour gagner un avantage compétitif au niveau d’une business unit

  - Diversification stratégique et rôle de la holding parentale

  - Méthodes pour combler l’écart strategique (croissance organique, alliances, acquisitions)

  Coefficient : 1

  Learning outcomes :

  Comprendre à l’aide de frameworks et cas pratiques simples les choix stratégiques des entreprises au sein d’un environnement macroéconomique et concurrentiel donné

  Assessment :

  - Présentations en groupe (70%)

  - Participation aux cas pratiques étudiés en cours (30%)

• SAS/R/SQL - Data analysis-Data Modeling
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  SAS/R/SQL - Data analysis-Data Modeling

  Ects : 3

  Lecturer :

  • JEROME LEPAGNOL

  Total hours : 21

  Coefficient : 1
• Behavioral finance
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  Behavioral finance

  Ects : 3

  Lecturer :

  • JEAN-PHILIPPE LEFORT

  Total hours : 15

  Coefficient : 1
• Advanced methods for risk management
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  Advanced methods for risk management

  Ects : 6

  Lecturer :

  • JONATHAN LEVY
  • KARIM JACQUELIN

  Total hours : 33

  Overview :

  Session

  1. Market risk and the definitions of "price", "risk factor" and "sensitivity"
  2. Risk factors and risk mapping for linear, non linear and structured products
  3. Spread risk single name (CSR risk): bond and CDS spread
  4. Credit risk models: structural and intensity based models
  5. Correlation risk and copula functions
  6. Modern Portfolio Theory and Risk Model Review: from CAPM to advanced Statistical Multi Factor risk model
  7. Top Level and Position based risk indicators for Risk Analysis and Risk Management
  8. Advanced Risk measures: Tail Risk and Asymmetrical Risk - VaR and ES with Monte Carlo Approach
  9. Risk & Performance Attribution: Position Based vs Risk Based - Factor Based performance Attribution
  10. Portfolio Construction and Optimization
  11. Final Exam

  Learning outcomes :

  At the end of the course the student is familiar with the main principles and tools of market risk analysis and the hedging techniques. She/He is able to design a process of market risk measurement and reporting, and to make market risk management decisions. Risk management will be examined from both a sell-side and buy-side perspective.

  Assessment :

  The numerical grade distribution will dictate the final grade. The passing grade for a course is 10/20. Class participation: Active class participation - this is what makes classes lively and instructive. Come on time and prepared. Class participation is based on quality of comments,not quantity. Exam policy: In the exam, students will not be allowed to bring any document (except if allowed by the lecturer). Unexcused absences from exams or failure to submit cases will result in zero grades in the calculation of numerical averages. Exams are collected at the end of examination periods.

  Bibliography-recommended reading

  1. F. Chauvet, Allocation d'Actifs - Théorie et Pratiques, ch. 5: La Gestion du risque, 2024 2. S. Ross, Return, Risk and Arbitrage, 1976 Additional reading will be provided during the course

Semestre 3 à l'étranger pour les dauphinois (30 ECTS)

Bloc optionnel 6 ECTS à choisir

• Advanced Econometrics
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  Advanced Econometrics

  Ects : 3

  Lecturer :

  • Sylvain BENOIT

  Total hours : 12

  Overview :

  Sujet 1 : Mesures de risque de marché (Volatilité, Value-at-Risk et Expected Shortfall) – modèles ARCH/GARCH univariés Sujet 2 : Tests de validation des mesures de risque (couverture non-conditionnelle, conditionnelle, test d’indépendance, super exception) Sujet 3 : Risque systémique et régulation macroprudentielle (Absorption ratio, MES, SRISK, Delta CoVaR et établissements bancaires d’importance systémique) – modèles ARCH/GARCH multivariés (CCC, DCC, BEKK)

  Coefficient : 1

  Recommended prerequisites :

  Programmation en Python. Cours de séries temporelles (modèles SARIMA).

  Learning outcomes :

  Ce cours a pour objectif de développer les compétences techniques des étudiants (applications sous Python) afin qu'ils soient capables de manipuler facilement des séries de rendements financiers. A la fin du cours, l'étudiant est donc capables d'identifier un processus sous-jacent sur les rendements financiers lui permettant de construire une mesure de risque de marché comme le demande le comité de Bâle dans ses accords éponymes qui règlementent le secteur bancaire. Au-delà, des aspects pratiques, ce cours développent les différents aspects de la réglementation prudentielle.

  Assessment :

  Examen final en salle machine.

  Bibliography-recommended reading

  Hull, J. C., 2015, Risk Management and Financial Institutions, 4th Edition, Wiley Finance. Jorion, P., 2011, Financial Risk Management Handbook, Wiley Finance Roncalli, T., 2009, La gestion des risques financiers (2e edition).

• APT model and methodology
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  APT model and methodology

  Ects : 3

  Lecturer :

  • KARIM JACQUELIN

  Total hours : 18

  Overview :

  Rétrospective historique des Modèles de Risque et Théories sous-jacentes

  Concepts et Mathématiques des indicateurs de risque généraux avec APT (Volatilité - Tracking Error - Beta - Corrélation...)

  Concepts et Mathématiques des indicateurs de risque avancés avec APT (VaR Monte Carlo - Attribution de risque - Stress Testing...)

  Cas pratiques d'utilisation des indicateurs de risque pour analyser et gérer les risques de portefeuilles en société de gestion

  Evaluation des risques et des performances des fonds

  Cas pratiques d'utilisation du risque pour gérer, optimiser et construire des portefeuilles : gestion quantitative avec des préférences explicites, intégration de critères ESG...

  Coefficient : 1

  Recommended prerequisites :

  Théorie Moderne de Gestion de Portefeuille (MEDAF, Volatilité, Frontière efficiente...)

  Learning outcomes :

  Suite à la formation l'étudiant aura acquis une compréhension du modèle de risque et de la méthodologie APT.

  Le cours vise aussi à montrer l'intérêt de l'approche multifactorielle statistique APT pour:

  - comprendre, analyser et gérer les risques de portefeuilles d'actifs financiers.

  - utiliser les concepts de risque pour gérer des portefeuilles en société de gestion avec une approche quantitative.

  Assessment :

  Participation

  Travail en groupe

  Examen sur table

  Bibliography-recommended reading

  Allocation d'Actifs - Théorie et pratiques (Chapitre 6 - Gestion du risque)

• Structured products
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  Structured products

  Ects : 3

  Lecturer :

  • PHILIPPE DUMONT

  Total hours : 18

  Coefficient : 1
• Corporate rating
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  Corporate rating

  Ects : 3

  Lecturer :

  • AURELIE SALMON

  Total hours : 21

  Coefficient : 1
• ESG Investment
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  ESG Investment

  Ects : 3

  Lecturer :

  • ELIE EL KADI
  • VINCENT COMPIEGNE

  Total hours : 12

  Coefficient : 1
• Commodity markets
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  Commodity markets

  Ects : 3

  Lecturer :

  • SYLVAIN BERTHELET

  Total hours : 24

  Overview :

  Raison d'être of commodity futures markets : three different approaches. Relationships with cash commodity markets and other asset classes. Examples, hedging and trading strategies.

  Coefficient : 1

  Recommended prerequisites :

  Economics basics.

  Learning outcomes :

  Market mechanisms, instruments (futures and options) and the basis (difference between the cash price and the future price).

  Assessment :

  Written exam following the lecture.

• Internship Report
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  Internship Report

  Ects : 6

  Coefficient : 2
• The impact of Big Data and Artificial Intelligence on Finance
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  The impact of Big Data and Artificial Intelligence on Finance

  Ects : 3

  Lecturer :

  • GUILHEM BENTOGLIO

  Total hours : 16

  Coefficient : 1
• Dérivés énergétiques
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  Dérivés énergétiques

  Ects : 3

  Lecturer :

  • LISE RAYNAUD

  Total hours : 18

  Coefficient : 1
• Global Climate Finance
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  Global Climate Finance

  Ects : 3

  Lecturer :

  • ANNA CRETI

  Total hours : 18

  Overview :

  Students will be able to critically evaluate the complex drivers and consequences of global environmental problems for different societal groups, applying academic concepts and theories. They will develop in-depth knowledge in specialist areas of environment and sustainability and gain critical thinking skills. Finally, attendees will be able to assess the effectiveness, equity and trade-offs of different sustainability goals and policies.

  Coefficient : 1

  Learning outcomes :

  Global warming and the related environmental and social issues raise serious concerns for the welfare of our current and future generations. Such changes require to develop new approaches and solutions to address these key issues so that they can become and remain sustainable. The course Environment and Sustainability will introduce students to key theories and models related to the environment, sustainability, biodiversity, natural resource preservation and the just transition.

  Assessment :

  Individual homework

  Bibliography-recommended reading

  Dasgupta, Sir Partha. "The Economics of Biodiversity The Dasgupta Review Abridged Version." (2021).

  Richard S. J. Tol, Climate Economics: Economic Analysis of Climate, Climate Change and Climate Policy Edward Elgar Publishing, 2019 - 234 pages

  Selected Videos from rtol.github.io/ClimateEconomics/video/

• Financial modeling in renewable energy
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  Financial modeling in renewable energy

  Ects : 3

  Lecturer :

  • CHRISTOPHE LAHON

  Total hours : 18

  Overview :

  Pratiquer la modélisation financière en matière de financement de projet appliqué aux énergies renouvelables.

  - Bref rappel des concepts de financement de projet

  - Principes généraux de modélisation financière

  - Etude détaillée d'un modèle de ferme solaire photo-voltaïoque

  - Pratique des étudiants sur un modèle financier d'une ferme éolienne

  - Etude de cas et jury

  Practice project finance modelling applied to renewable energy projects.

  - Overview of project finance concepts

  - General principles of financial modelling

  - Detailed study of a PV solar farm financial model

  - Student practice on a wind farm financial model

  - Case study and jury

  Coefficient : 1

  Recommended prerequisites :

  Cours de financement de projet de BFA3- 1er semestre

  Project Finance Course proposed in BFA3 - Semester 1

  Require prerequisites :

  Aucun

  None

  Learning outcomes :

  Proposer une introduction à la modélisation financière en matière de financement de projet.

  Provide a general overview on financial modelling in a project finance context.

  Assessment :

  Etude de cas présentée devant jury.

  Case study with presentation to jury.

  Bibliography-recommended reading

  Pour une introduction à la modélisation financière: Pierre Vernimmen, Finance d'Entreprise

  For a general introduction on financial modelling: Pierre Vernimmen, Corporate Finance (English version available)

• Summer School in green finance
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  Summer School in green finance

  Ects : 6

  Lecturer :

  • RENE AID
  • Yannick LE PEN

  Coefficient : 2

Obligatoire 24 ECTS à choisir

• Research Master Thesis
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  Research Master Thesis

  Ects : 24

  Coefficient : 4
• Profesional Master Thesis
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  Profesional Master Thesis

  Ects : 24

  Coefficient : 4

Semestre 4 à l'étranger pour les dauphinois (30 ECTS)