Parcours International - 304 - 2ème année de master

Bloc optionnel 30 ECTS à choisir

• Economie de l'énergie et de l'environnement

  Economie de l'énergie et de l'environnement

  Ects : 6
  Coefficient : 6 ECTS
  Compétence à acquérir :
  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.
  Mode de contrôle des connaissances :
  Examen écrit à la fin du cours
  Pré-requis recommandés :
  Microéconomie 1 et 2
  Pré-requis obligatoires :
  Admission au Master EFC
  

  Description du contenu de l'enseignement :
  - 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)

  Enseignant responsable :

  • JAN-HORST KEPPLER

• Economie du changement climatique

  Economie du changement climatique

  Ects : 6
  Compétence à acquérir :
  Compétences en économie du changement climatique
  

  Description du contenu de l'enseignement :
  - Economie du changement climatique
  - Transmission de connaissances fondamentales en économie du changement climatique

  Enseignant responsable :

  • PATRICE GEOFFRON

• Modélisation empirique des marchés de l'électricité et du gaz

  Modélisation empirique des marchés de l'électricité et du gaz

  Ects : 6
  Coefficient : __
  Compétence à acquérir :
  Compétences en modélisation empirique des marchés de l'électricité et du gaz
  Mode de contrôle des connaissances :
  Examen écrit
  Pré-requis recommandés :
  Econométrie
  Pré-requis obligatoires :
  Economie Industrielle
  

  Description du contenu de l'enseignement :
  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

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

  Enseignant responsable :

  • ANNA CRETI

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

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

  Ects : 6
  Compétence à acquérir :
  Compétences en évaluation des risques et introduction au financement de projet dans les marchés énergétiques
  

  Description du contenu de l'enseignement :
  - 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

  Enseignant responsable :

  • FABIEN ROQUES

• Politiques de l'énergie

  Politiques de l'énergie

  Ects : 3
  Compétence à acquérir :
  Through a research paper project, the course intends to provide students with the necessary skills to understand and analyze energy policies from different perspectives, ranging from users and energy firms to policymakers.
  Upon successfully completing the course the student should be able to
  - Realize how energy politics is designed and what it is supposed to achieve
  - Define global and national energy policy factors which promote energy transition
  These issues will be explored in weekly lectures and discussion sessions, several class discussions, and an individual research paper. Through active engagement and interaction in these pursuits by students from a variety of disciplines, a broad perspective on key energy policies issues will be acquired.
  Mode de contrôle des connaissances :
  Final individual paper
  (100%) . Th research paper project will be handed out at the end of the semester. It must be must a 15-20 page typed document and must be done individually. All the course is built to help student to write their research paper.
  

  Description du contenu de l'enseignement :
  Syllabus (
  here)
  This course focuses on energy policies through a research paper in energy economics. It helps students develop a critical understanding of the role of policy for sustainable energy transitions in developed and developing countries. The focus of the research paper project format is an economic question or issue in energy policies in a specific country or geographic area.
  Energy plays a key role in most of the world’s environmental problems, from the global issue of climate change, through regional damage caused by acid rain, to poor local air quality. Energy markets throughout the world are evolving rapidly, with privatization, competition, market structure and regulation all prominent worldwide. Resource depletion of fossil fuels, the role of renewable energy and social inequities such as fuel poverty are central issues for sustainable development. The influence of energy issues on international politics and security has come into sharp focus with conflicts. The range of challenges for energy policy is diverse and exciting.
  The Energy Policy Course is designed to review the broad interconnection between global economic growth, energy resource supply, geopolitical energy security, climate change and the development of energy policy, and to review the technologies and economics of energy production, transmission, distribution and consumption/conservation.
  No topic-driven content is covered during the course; rather, the students investigated an issue and the course focused on the development of analytical thinking and research skills.
  The organization of the seminar is the following:
  
  Presentation of the fundamentals of energy policies, followed by a discussion of supply and demand policies. Throughout the discussion special emphasis will be put on energy policies and their interface with other policies …,
  Determining a research focus: The goal is to nurture students through the process of narrowing their topic, developing an effective economic research question and constructing a plan for their research.
  Beginning analysis: At this stage students have narrowed their issue to a specific economic question and searched relevant literature for areas of potential contribution.
  & .5 Evaluating evidence: The final stage of the course is dominated by a one-to-one meeting with the instructor. The students are deep into the development of their evidence their questions become project specific. It is more advantageous for students to individually with the instructor as issues arise.
  6. Bringing it all together: This final section of the course provides students with the opportunity to synthesize the components of their projects and receive a final set of reflective comments, from their peers.

  Bibliographie, lectures recommandées
  Bhattacharyya, S.C.(2011), “
  Energy Economics: Concepts, Issues, Markets and Governance”, 1st Edition., 2011, XXVI, 721 p. 267 illus., 83 in color.
  
  
  DAHL C. (2011),
  International Energy Markets: Understanding Pricing, Policies, and Profit
  , Pennwell Press.
  
  GILLILAND M. (2019), Energy Analysis: A New Public Policy Tool, Routledge
  
  GOLDTHAU A. (2016) The Handbook of Global Energy Policy, Wiley-Blackwell
  
  
  HANSEN JP. & PERCEBOIS J. (2016),
  Energie, économie et politiques
  , DeBoeck
  
  MERITET S. & VAUJOUR JB (2015), Economie de l’énergie, Topos, Dunod
  
  OZAWA M. , CHAPLIN J. , POLLITT M. , REINER D. , WARDE P. (2019) In Search of Good Energy Policy
  

  Enseignant responsable :

  • SOPHIE MERITET

• Finance verte : Finance de marché et financement de projet

  Finance verte : Finance de marché et financement de projet

  Ects : 6
  Compétence à acquérir :
  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
  Mode de contrôle des connaissances :
  Project Finance
  To be described
  
  Market Finance
  Essay and Oral presentation
  Quizz
  

  Description du contenu de l'enseignement :
  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.

  Enseignant responsable :

  • OLIVIER ZERBIB

• Dérivés énergétiques

  Dérivés énergétiques

  Ects : 3
  Compétence à acquérir :
  Compétences en finance de marchés de l'énergie
  

  Description du contenu de l'enseignement :
  Finance
  Transmission de connaissances spécifiques en finance des marchés de l'énergie

• Leadership en finance et Entreprenariat

  Leadership en finance et Entreprenariat

  Ects : 3
  Compétence à acquérir :
  Développer les différentes stratégies du « leadership » dans le monde de l’entreprise. Comprendre les différents mode de communication, en particulier la communication émotionnelle qui est souvent un concept méconnu des étudiants.
  

  Description du contenu de l'enseignement :
  Analyser articles, interviews, études de cas et autobiographies. Les étudiants devront comprendre les différents types et outils du « leadership » Ils apprendront à communiquer et approfondir leurs capacité d’acquisition de nouveaux outils et nouvelles stratégies.
  L'objectif du cours est de se construire des qualités de « leadership » en
  comprenant types et cadres du « leadership » et en approfondissant les principes généraux des mécanismes stratégiques du « leadership ». De déveloper des stratégies adaptables et innovantes, de renforcer et de développer les compétences du « leadership » dans des environnements culturellement variés

• Macro-economy for market participants

  Macro-economy for market participants

  Ects : 3
  Compétence à acquérir :
  Un exposé et un devoir sur table permettent aux étudiants de travailler sur leur capacité de synthèse et leur capacité à rédiger une analyse conjoncturelle en lien avec l'actualité des marchés.
  

  Description du contenu de l'enseignement :
  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.

• L'impact du Big Data et de l'intelligence artificielle sur la finance

  L'impact du Big Data et de l'intelligence artificielle sur la finance

  Ects : 3
  Compétence à acquérir :
  Connaisance des principaux concepts en IA, machine learning Vision sythétique et critique des innovations en cours
  

  Description du contenu de l'enseignement :
  Histoire de l'IA Le Big Data en chiffres Principales applications aux services financiers Etudes de cas de startup innovantes Forces et faiblesses de l'IA contemporaine Impacts économiques, sociaux et éthiques
  Evaluer et comprendre comment et pourquoi Big Data et Intelligence artificielle impacteront les métiers du secteur des services financiers

• Financement de projet

  Financement de projet

  Ects : 3
  Compétence à acquérir :
  Comprendre et analyser les concepts de base du financement de projet : structures de financement, dettes sans recours, structure juridique support de projet, garanties et risques du projet, critères d’acceptation des projets.
  

  Description du contenu de l'enseignement :
  I. Le Financement sur Cash-flow attendu (prévisions de
  Cash-flow, Business plan) II. Montage Financier (les critères d’évaluation et ressources financières) III Risques et organisation des projets IV. Réalisation d’une étude de cas pratique
  Ce cours montre l’utilisation des techniques de financement de projets, par les intermédiaires financiers. en particulier pour des infrastructures importantes.

• Modèles de taux d'intérêt avancés

  Modèles de taux d'intérêt avancés

  Ects : 3
  Compétence à acquérir :
  Ouvre sur les métiers de la gestion, du trading et de la vente de produits obligataires
  

  Description du contenu de l'enseignement :
  Structure par terme des taux (modélisation, théories) gestion obligataire active, gestion obligataire passive, mesure et couverture du risque de taux
  Fournir des techniques à la fois théoriques et pratiques de valorisation, d'analyse de risque et de gestion des produits obligataires

• Options exotiques et produits structurés

  Options exotiques et produits structurés

  Ects : 3
  

  Description du contenu de l'enseignement :
  Class is divided into 6 sessions of three hours each. Class alternates the teaching of the theory used and practical applications, including calibration of models to market data, as well as Monte Carlo simulations Learned Monte Carlo simulations, Local Volatility and Stochastic Volatility Calibration, Techniques Hedging techniques for options.
  
  Key words : Exotics, structured, equity derivatives, local volatility, stochastic volatility, Monte-Carlo simulation, hedging.
  
  This class considers Exotic Options and Financial instruments and the valuation theory used to price them. Class focuses on Equity Derivatives. Local and stochastic volatility frameworks are defined and used to price those instruments by using Monte-Carlo simulations. Practical examples are used to build from scratch valuation tools generally using Excel®.

  Enseignant responsable :

  • JEAN FRAICHOT

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