Title: Analysis of Financial Time SeriesLecture hours: Lecture 10h, Laboratories 20hStudy period: summerLevel: III, Bachelor,Location: WrocławExamination: Exam, project of modelling artificial data Language: EnglishPrerequisites: The basic  knowledge of: financial markets, financial instruments,

risk management, portfolio management, mathematics, statistics, probability calculus, econometrics.

Course content: The subject offers an introduction to the time series analysis and to stochastic processes, gives some knowledge of typical features of financial time series (shape of distribution, autocorrelation, volatility clustering, fat tails, etc. ), models of univariate time series, conditional mean - ARMA, conditional volatility - GARCH, conditional distribution models. The subject includes idea of applications univariate time series in finance - methods for assessing market risk, option valuation.

1) Features of financial time series, revision of some statistical and econometrics tools

2) ARMA models, autocorrelation and partial autocorrelation function, stationarity, conditional and unconditional expected values

3) GARCH models, volatility clustering, leptokurtosis, test of ARCH efect, news impact curve, leverage effect

4) Models of conditional error distribution, t-Student, GED, mixtures of distributions, skewed distributions, skewed-t-Student

5) Estimation and testing ARMA-GARCH models, goodness of model, information criteria

Learning outcomes:

1) Knowledge of basic definitions of time series and stochastic processes, understanding the concept of stochastic process and understanding the role modelling plays in modern finance, classifications of data sets and models

2) Knowledge of basic features of financial time series: autocorrelation, fat tails, volatility clustering, leverage effect, zeros, leptokurtosis, skewness

3) Knowledge of the idea of conditional mean (ARMA), variance (GARCH) and distribution (Gasussian, t-Student)- models, their theoretical properties, stationary conditions, finding the orders of the process using autocorrelograms

4) A student is able to name, measure, test and interpret typical features of financial time series

5) A student is able to generate process, estimate parameters and interpret properties of ARMA-GARCH models

6) A student is able to make an analysis of given data to find the best model

7) Understands the need of modelling and the role of simplifications and assumptions

Contact person: Krzysztof Piontek, PhDDepartment of Financial Investments and Risk Management

room 708 Zkrzysztof.piontek@ue.wroc.plPhone +48 71 36 80 401

Literature: 1) Mills T.C., Markellos R. N. (2008): The econometric modelling of financial time series. Cambridge University Press.

2) Tsay R. (2002): Analysis of Financial Time Series. Wiley and Sons. Chicago

3) Harris R., Sollis R. (2003): Applied Time Series Modelling and Forecasting. Wiley. Chichester.

Faculty: FiR

Title: BankingLecture hours: Lecture: 30, Class: 15Study period: SummerLevel: BacherolLocation: WrocławExamination: Final grade according to standard procedure (60% written exam, 40%

class activities) Language: EnglishPrerequisites: NoCourse content: What is special about banks?, Banking System, Central Bank, Financial

Supervision Authority, Deposit Guarantee Fund, Banking products and activities, Current issues in banking, Banks balance sheet and income structure, Banking risks – introduction, European banking, Banking in the US and in Japan, Banking crises.

Learning outcomes:

Student understands the role of financial intermediaries in the economy, is able to analyse banking products and services, examines the most important banking risks and their management, is able to explain the role and functions of central banks, understands the principles of central regulatory institutions in banking sector, understands the risks in banking and elementary risk management techniques.

Contact person: dr hab. Dariusz Wawrzyniak, dariusz.wawrzyniak@ue.wroc.plLiterature: Introduction to Banking, Casu B., Girardone C., Molyneux P., Prentice

Hall, 2006; National Bank of Poland Publications.Faculty: All students

Title: Basics of FinanceLecture hours: Lectures – 30 h, Tutorials – 15 hStudy period: Summer semesterLevel: BachelorLocation: WrocławExamination: Exam; Mid-termLanguage: EnglishPrerequisites: -Course content: During this subject students have an overview of different finance

categories, which give them the basic knowledge to learn finance on more advance level.

Main topics:1. Different areas of finance, history of science of finance2. Basic notions of finance3. Interest rates4. Exchange rates5. Value, return and valuation6. Risk7. Financial system and its components8. Different financial institutions9. Monetary policy10. Other elements of financial policy11. Financial systems in different countries12. International financial system

Learning outcomes:

Goals: Give an overview of different areas of finance Describe main financial categories Give an overview of financial institutions Describe financial system

Knowledge: Students name the main financial categories Students name over financial institution Students understand functioning of the financial system

Abilities: Students classify the main financial categories and understand

them Students understand the main role of financial institution Students analyze connections within the financial system

Competences: Students discuss at ease about the main financial categories Students can read financial articles with comprehension Students express an opinion about current financial situation

Contact person: Prof. Dr hab. Krzysztof Jajuga (krzysztof.jajuga@ue.wroc.pl) Literature: -Faculty: all students

Title: Basics of Management (lecture)Lecture hours: 30Study period: Winter Level: Bachelor Location: WrocławExamination: Midterms, final examinationLanguage: EnglishPrerequisites: noneCourse content: Managers and managing

Organizational Environment Planning Organizing Motivating,

Leading Controlling Communicating Management StylesEvolution of Management

Learning outcomes:

Knowledge: cognition, identification, and knowledge on basic aspects of organizations and managing organizations.Abilities: abilities both to recognize, identify basic problems concerning organizations and management and to discuss about important problems connected with managing. Competences: developing managerial skills.

Contact person: PhD, Eng. Katarzyna Piórkowska, e-mail: katarzyna.piorkowska@ue.wroc.pl

Literature: 1. Stańczyk-Hugiet E., Lichtarski J., Piórkowska K., Management. Functions. Strategies. Methods, UE we Wrocławiu, Wrocław 2011.

2. Jones G.R., George J.M., Contemporary Management, McGraw-Hill 2008.

3. Hitt M.A,. Black J.S., Management, Prentice Hall, USA 2005Faculty: all

Title: Behavioral FinanceLecture hours: 30 hours lecturesStudy period: SummerLevel: BachelorLocation: WrocławExamination: ExamLanguage: EnglishPrerequisites: Economics, Basics of FinanceCourse content: Classical and conventional finance theory, a review

Expected utility, prospect theory, mental accounting and examples of behavioralbiasesChallenges to market efficiencyFinancial decision-making stemming from heuristics and biases, overconfidence and emotionBehavioral corporate finance

Learning outcomes:

Have a good understanding of the major concepts and topics of behavioral financeKnow heuristics and biases in behavior of financial investorsKnow implications for financial decision-makingIs able to apply behavioral concepts in financial decision makingIs able to identify behavioral biases in financial decision ma king

Contact person: Prof. Krzysztof Jajuga krzysztof.jajuga@ue.wroc.pl

Literature: Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing, Shefrin H. Harvard Business School Boston 2000Behavioral Corporate Finance, Shefrin H. MC Graw Hill Boston 2007

Faculty: Bachelor Studies in Finance

Title: Business Strategy and Operations

Lecture hours: 30 hoursStudy period: Summer semesterLevel: specializedLocation: WrocławExamination: Written examLanguage: EnglishPrerequisites: Basics of management, Macroeconomics, microeconomicsCourse content: The module aims to provide participants with both a theoretical and

practical understanding of what type of corporate strategy can be formulated in the light of environmental and internal conditions and requirements. More specifically, the module equips participants with a framework for understanding:

Strategic thinking Grand Strategies Growth strategies International entry strategies Ansoff's and Porter's approach Strategies related to market position

teaching methods: lectures+workshopsLearning outcomes:

After the course student:Knowledge

defines strategy levels describes the main idea of different types of strategy identifies and explains pros and cons of different types of strategy

Skills analyses business strategies using professional knowledge, makes choices related to type of strategy gets information and knowledge related to strategies of contemporary business organization

Competences:1. To develop ability to integrate the important societal dimensions of diversity,

environmental concerns, ethics, and technological change into their thinking.2. To discover sources of information for researching and evaluating product markets.3. To communicate effectively about strategic issues in group discussions, oral

presentations and written reports.4. To work effectively as a team member in analyzing strategic issues5. To make decisions 6. To argue own opinion

Contact person: Ewa Stańczyk – Hugiet ewa.stanczyk@ue.wroc.pl Literature: Besanko D., Dranove D., Shanley M., Schaefer S., (2006) Economics

of Strategy, Wiley. Grant R., M., Contemporary Strategy Analysis. Concepts, Techniques, Applications, Blackwell Business Oxford 2008.Stańczyk – Hugiet E., Lichtarski J.M., Piórkowska K., Management. Functions. Strategies. Methods, Wroclaw 2010.Furrer O. Corporate Level Strategy Routledge London 2011Sanchez R., Heene A., Strategic Management. Organization,Competition, and Competence, Wiley Great Britain 2004.Fitzroy P., Hulbert J. Strategic Management. Creating Value in turbulent times, Wiley Scotland 2005

Faculty: All students

czy przedmiot jest kopią przedmiotu prowadzonego na UE?

tak - nazwa przedmiotu: Strategie i metody zarządzaniawydział: ZIFkierunek: Zarządzaniespecjalność:wszystkierok: I studia II stopnia

Title: Business Strategies&Operations (workshop)Lecture hours: 30Study period: summerLevel: bachelorLocation: WrocławExamination: Midterms, presentationLanguage: EnglishPrerequisites: Basics of ManagementCourse content: The course includes: a) tools of business operations i.e. Creative thinking,

Ishikava diagram, ABC method, Brainstorming, Benchmarking, b) Corporate level strategies, Business level strategies, Functional level strategies

Learning outcomes:

Knowledge: cognition, identification, and knowledge on different tools of business operations and strategies levels.Abilities: abilities to using different tools of business operations as well as to both to recognize, identify kinds of strategies at particular strategies levels used in enterprises and to discuss about important problems connected with it. Competences: developing hard and soft managerial skills.

Contact person: PhD, Eng. Katarzyna Piórkowska, e-mail: katarzyna.piorkowska@ue.wroc.pl

Literature: Lectures of prof. Ewa Stańczyk-Hugiet due to the subject Business Strategies&Operations

Faculty: all

Title: Corporate FinanceLecture hours: 60h lectures, 30h tutorialsStudy period: Spring semester, Autumn semesterLevel: BachelorLocation: WrocławExamination:

Multiple choice tests (midterm, final term): 2 for each semesterCase study of financial planning, capital budgeting, cost of capital, working capital management, valuation

Language: EnglishPrerequisites: Basic AccountingCourse content: 1. Financial Analysis and Planning

2. Capital Budgeting Decision Under Certainty3. Capital Budgeting Decision Under Uncertainty4. Sources of Financing and Cost of Capital5. Capital Structure Decisions

6. Dividend Policies7. Working Capital Management8. Value Based Management and Financial Engineering

Learning outcomes: Knowledge1. Introducing Basic Concepts in Finance2. Knowledge of Capital Budgeting Decisions3. Knowledge of Determining Capital Structure of Companies4. Knowledge of Transferring the Wealth to Shareholders5. Knowledge of Working Capital Management6. Knowledge of Value Based Management

Skills1. Analysis of financial statements2. DCF Analysis3. Real option analysis

Social competences1. Ability to gather and process financial data2. Ability to build the team and developing the co-operations with

other students while solving complex financial problemsContact person: https://sites.google.com/site/tslonski/kontaktcontactinformationLiterature: Financial Management: Theory and Practice, Brigham E.F.; Ehrhard,

M. Thomson South-Western 12th edition,Corporate Finance Verminnen, P. Wiley Chichester 2009,Principles of Corporate Finance Brealey R, Myers S., Allen F.McGraw Hill NY 2008

Faculty: All students

Title: EconometricsLecture hours: 20-20-20 (lectures-problem solving classes-computer classes)Study period: Summer semesterLevel: BachelorLocation: WrocławExamination: Written examination, 5-6 problem to solve, 60 minutesLanguage: EnglishPrerequisites: Completed courses: Mathematics, StatisticsCourse content: 1. Methods of analysis of relations of economic data: scatter plot,

correlation coefficient. Simple Regression Model (SRM): introduction, Ordinary Least Squares (OLS) estimation (with standard errors), interpretation of parameter estimates.

2. Methods of statistical inference: point estimation, interval estimation, hypothesis testing. Statistical hypothesis testing: test for the significance of correlation coefficient.

3. Multiple Regression Model: introduction, example of full model estimation using OLS in matrix notation.

4. Multiple Regression Model: properties of the OLS estimators, confidence interval for the regression line vs. interval forecast from regression line.

5. Goodness-of-Fit statistics. Hypothesis testing: Student’s t-test and

F-test in simple and generalized versions, drawing conclusions form combinations of F and Student’s t tests results.

6. Heteroskedasticity of error term: consequences, detection using Goldfeld-Quandt test for group-wise heteroskedasticity and White’s test for general form of heteroskedasticity.

7. Dealing with heteroskedasticity: estimation using Generalized Least Squares (GLS), deflators, transformation to different scale, White’s method, heteroskedasticity corrected standard errors.

8. Autocorrelation of error term: introduction, consequences, detection using Durbin-Watson test for autocorrelation of order 1 and Breusch-Godfrey test for autocorrelation of any order.

9. Dealing with autocorrelation of error term: using ACF and PACF, estimation using Generalized Least Squares (GLS), Prais-Winsten Iterative Procedure, spurious regression, specification of time structure of independent variables.

10. Specification studies, model selection, multicollinearity, general-to-specific vs. specific-to-general approach, omitted variables problem, irrelevant variables problem, REgression Specification Error Test (RESET). Non-linear models: exponential growth model, dummy variables as independent variables.

Learning outcomes:

KnowledgeStudent knows the techniques of specification of model equation, the methods of estimation of linear regression models and the statistical tests of model’s and OLS’ assumptions.Student knows the methods of drawing conclusions from estimated linear regression model.

SkillsStudent is able to construct a simple or multivariate linear regression model for a given economic problem.Student is able to use model estimation results (produced by himself/herself or someone else) to draw conclusions and make decisions regarding given economic problem.Student is able to discuss strengths and weaknesses of linear regression model and OLS estimation as well as how they affect decision making based on linear regression models.

CompetencesStudent understands that there is always some degree of randomness in economic relationships, which results in estimation error in econometric models and prediction error in economic forecasts. No model nor forecast is 100% accurate.

Contact person: Chair of EconometricsE-mail: ekonometria@ue.wroc.plOffice: +48 71 3680339Fax: +48 71 3680359

Literature: Maddala G.S.: Introduction to Econometrics, John Wiley & Sons 2001.Greene W.H.: Econometric Analysis, Prentice Hall 1999. Brooks Ch.: Introductory Econometrics for Finance, Cambridge

University Press 2002.

Johnston J., Dinardo J.: Econometrics Methods, McGraw-Hill/Irwin 1996.

Dougherty Ch.: Introduction to Econometrics, Oxford University Press 2002.

Davidson R., MacKinnon J.G.: Econometric Theory and Methods, Oxford University Press 2004.

Faculty: Finance, Economics

Title: Elements of Financial Institution ManagementLecture hours: Lecture: 15, Class: 15Study period: SummerLevel: BachelorLocation: WrocławExamination: Final grade according to standard procedure (60% written exam, 40%

class activities) Language: EnglishPrerequisites: BankingCourse content: Why Financial Institutions are special?, Financial Institutions in Poland,

Elements of Risk Management in Financial Institutions, Credit Risk - Individual Loan Risk, Credit Risk - Loan Portfolio, Market Risk, Interest Rate Risk, Operational Risk, Strategy development and Marketing in Financial Institutions

Learning outcomes:

Student has basic knowledge in risk management in the financial sector, is able to analyse the strategies and market activities of financial institutions, is able to transmit knowledge about issues relating to the risk management of financial institutions

Contact person: dr hab. Dariusz Wawrzyniak, dariusz.wawrzyniak@ue.wroc.plLiterature: Financial Institutions Management: A Risk Management Approach, A.

Saunders, Cornett M., McGraw-Hill 2006; National Bank of Poland Publications.

Faculty: All students

Title: Enterprise Risk ManagementLecture hours: 15h lectures, 15h tutorialsStudy period: Spring semesterLevel: BachelorLocation: WrocławExamination:

Multiple choice testCase study with decision tree analysisThe analysis of warning signals for publicly traded company

Language: EnglishPrerequisites: Corporate finance/Financial management – basic levelCourse content: 9. Introduction To Risk Management Process

10. Qualitative and Quantitative (sensitivity, scenario, Monte Carlo) Analysis of Risk

11. Real Option Analysis (simple and compound)12. Operational Hedging13. Warning Signals Against Financial Distress

Learning outcomes: Knowledge7. The knowledge of risk management process8. The knowledge of risk analysis tools9. The knowledge of a connection between the risk and firm’s value

Skills4. Measuring the risk exposure5. Valuing the real options6. Identifying the steps in risk management process

Social competences3. Ability to prioritizing tasks while solving complex financial

problems4. Ability to present the results in public appearance

Contact person: https://sites.google.com/site/tslonski/kontaktcontactinformationLiterature: Strategic Risk Management, Damodaran, A., Damodaran's home page

Real Option Analysis, Mun, J. Wiley Hoboken, NJ 2002Project Risk Management Guidelines, Cooper, D.; Grey, S.; Raymond, G., Walker Ph., Wiley Chichester, 2005

Faculty: All students

Title: ETHICSLecture hours: 30 hoursStudy period: WinterLevel: BachelorLocation: WrocławExamination: Final Test, Short Tests, Active ParticipationLanguage: EnglishPrerequisites: Basics of Finance; Good English language skillsCourse content: Introduction: Morality and Ethics in Business

The moral aspect of business; Morality and ethics; The nature of normative Ethics; Business Ethics: its scope and purpose; Ethical theory: utilitarianism, Kantian ethics, personalism, moral responsibility, fairness

CFA Institute Code of Ethics and Standards of Professional ConductIntroduction: Ethics in the investment profession, The CFA Institute Professional Conduct Program; The CFA Institute Code of Ethics and Standards of Professional Conduct: Preamble and the Code of Ethics; Standards of Professional Conduct:

I. ProfessionalismProfessions and professionalism; Social role of professionals and professional associations; Professional ethical standards and codes of conduct; Example: Professional ethics in accounting and auditing;II. Integrity of Capital Markets

Moral aspects of market competition; Principles of capital markets and their violations: deception and distortions of information, insider trading, manipulations of market mechanisms; Speculation and its consequences;III. Duties to Clients and IV. Duties to Employers

Fiduciary duties; Risk management under fiduciary obligations; Hierarchy of duties to clients and duties to employers; Moral dilemmas: fiduciary duties, corporate loyalty and information confidentiality; Moral dilemmas of whistle-blowing; Moral responsibility of supervisors;

V. Investment Analysis, Recommendations and ActionsInformation in business relations; Communication with clients; Advertising;VI. Conflicts of InterestConflicts of interest in finance; Conflicts of interest and other threats to fiduciary duties; Priority of transactions and front-running;

Ethical Judgment and Decision Making: Moral Psychology and Personal PracticeEthics and moral psychology, Psychological traps in moral reasoning; Ethics in groups and organizations; Principles of corporate institutionalization of Ethics; Ethics in personal practice, Personal motivation and attitude towards morality in professional practice

Learning outcomes:

Students acquire practical skills of using the tools of ethics for finding good solutions to moral problems in their practice in finance. They can identify the moral aspect of decisions and apply tools of ethics to make judgment and decisions in particular situations of everyday professional practice in finance; they are prepared to manage psychological biases, social pressures and conflicts of interest to strive to maintain objectivity in moral judgment and decisions; they are able to make well informed use of the CFA Code of Ethics and Standards of Professional Conduct in individual as well as corporate practice.

Contact person: Karol Fjałkowski, karol.fjalkowski@ue.wroc.plLiterature: “Standards of Practice Handbook”, Tenth Edition, CFA, 2010

Velasquez M.G., Business Ethics. Concepts and Cases. Seventh Edition, Prentice, 2011T.L. Beauchamp, N.E. Bowie and D.G. Arnold (Eds.), “Ethical Theory and Business”, Pearson/Prentice Hall, Eight Edition, 2009

Faculty: Bachelor Studies in Finance

Title: Financial AccountingLecture hours: Lectures 15 h, classes 15 hStudy period: WinterLevel: BachelorLocation: WrocławExamination: Lecture - written ( cases), class – written (cases - chosen problems)Language: EnglishPrerequisites: Has knowledge and ability to recognize assets, equities, revenues and

costs.Has knowledge and ability to record business transactions using accounts which are assigned to balance sheet or profit & loss statement.Has knowledge and ability to prepare balance sheet using Accounting Equation.Prerequisites: Basics of Accounting

Course content: 1. Classification and Valuation of Tangible and Intangible Fixed Assets, Liabilities and Receivables.

2. Classification and Valuation of Inventories3. Revenue Recognition4. Preparation of Balance Sheet and Profit & Loss Statement

according to IFRS5. Preparation of Cash Flow Statement according to IFRS

Learning outcomes:

Has knowledge and ability to record and measure value of fixed tangible assets, intangible fixed assets, inventories and liabilities with accordance to IFRS Has knowledge and ability to recognize revenues with accordance to IFRSHas knowledge and ability to prepare balance sheet, profit and loss statement and cash flow statement with accordance to IFRS

Contact person: Dr Adrian Ryba, fysch@interia.pl, pokój 517 Z, Tel. 713680423Literature: Elliott B, Elliott J, Financial Accounting and Reporting, Person, Harlow,

2013Kimmel P, Weygandt J, Kieso D., Financial Accounting: Tools for Business Decision Making, Wiley, 2012Weygandt J., Kimmel P., Kieso D., Financial Accounting, Wiley, 2011

Faculty: Bachelor Studies in Finance

Title: Financial MarketLecture hours: Lecture: 30 hours, Tutorials: 30 hoursStudy period: WinterLevel: BachelorLocation: WrocławExamination: ExamLanguage: EnglishPrerequisites: Basics of FinanceCourse content: 1. Introduction to financial market

2. Money market: definition, description of particular instruments,

comparison, participants of money market

3. Capital market – introduction

4. Bond market: characteristics, classification, description of

particular bonds, secondary market, credit rating, introduction to

valuation

5. Stock (equity) market: types, characteristics, main indicators,

secondary market, comparison with debt instruments, stock market

indices

6. Derivative instruments

7. Foreign exchange market

8. Commodity market

9. General overview of financial markets (legal and organizational

issues)

10. Institutions of financial market

11. Case studies of different countries

12. Simulation of trade on the exchanges

Learning outcomes:

Knowledge and skills related to instruments traded on the financial market

Contact person: Krzysztof Jajuga, Krzysztof.jajuga@ue.wroc.plLiterature: Materials provided by instruktorFaculty: Bachelor Studies in Finance

Title: Financial MathematicsLecture hours: Lecture: 15 hours, Tutorials: 30 hours, Computer classes: 15 hoursStudy period: Summer Level: BachelorLocation: WrocławExamination: ExamLanguage: EnglishPrerequisites: MathematicsCourse content: 1. Introduction to rates and cash flows.

2. Single cash flow problem: future and present value, compounding

and discounting, effective rate, days in a year.

3. Annuity problem: annuities, perpetuities, varying annuities.

4. Uneven cash flow problems: NPV, IRR, different rates.

5. Inflation, currency rate and tax problems.

6. Varying interest rates.

7. Typical real world problems: investment problem, financing

problem (loans, mortgage loans), retirement fund, investment

appraisal, valuation problem, actuarial problems.

8. Case studies.

9. Stochastic approach in finance – introduction.

10. Models of financial time series.

Learning outcomes:

Knowledge and skills related to use of financial mathematics tools – time value of money

Contact person: Krzysztof Jajuga, Krzysztof.jajuga@ue.wroc.plLiterature: Materials provided by instruktorFaculty: Bachelor Studies in Finance

Title: IT in FinanceLecture hours: Lectures: 15 hours; laboratories: 30 hoursStudy period: Winter semester, III yearLevel: Bachelor Studies in FinanceLocation: WrocławExamination: Two mini-projectsLanguage: EnglishPrerequisites: Basic notions in Informatics and Finance Course content: This lecture presents the concept of Information Systems (IS) taking into

consideration organizational, technological and management perspectives. The major business functions of IS such as sales and marketing, manufacturing, finance, accounting are illustrated. The processes in the transactional systems, Decision Support Systems (DSS) and Business Intelligence solutions are detailed. The database and warehouse technologies are presented using Oracle Database Management Systems. The knowledge discovery methods and techniques are introduced, in particular data mining algorithms and applications applied in finance. Definition of particular activities of knowledge discovery from databases is discussed, with more detailed picture of most important techniques, applications and IT terms. Topics will include the XML documents, the role of metadata, handling missing data, and data preprocessing. In the lectures and computer labs the financial databases and services such as Bloomberg, Datastreams, Yahoo Finance will be used. A special attention will be given to rule discovery from databases and frequent pattern recognition. The examples will be given using credit scoring, client transaction databases, analysis of financial time series, bancruptcy prediction, anti-money laundering discovery, e-commerce and Web data.The final grade is to be based on two assignments: the first on discovery of credit scoring rules; and the second on prediction of stock market time series.

Contact person: Prof. zw. dr hab. Jerzy Korczak, jerzy.korczak@ue.wroc.plLiterature: Laudon K.C., Laudon J.P., Management Information Systems, Pearson, 11th ed.,

2010Vercelis C., Business Intelligence: Data Mining and Optimization for Decision

Making, Wiley, 2009.Wang W., Yang J., Mining sequential patterns from large data sets, Springer

2005. Witten, J., Eibe, F. : Data Mining: Practical Machine Learning tools and

techniques with Java implementations, Morgan Kaufmann, 2005. Korczak J., Roger P., Stock Timing using Genetic Algorithms, [in] Journal of

Stochastic Models in Business and Industry, 18, pp.121-134, 2002. Faculty: Bachelor Studies in Finance

Title: Information TechnologyLecture hours: Lectures: 15 hours; laboratories: 30 hoursStudy period: Winter semesterLevel: Bachelor Studies in FinanceLocation: WrocławExamination: Written examLanguage: EnglishPrerequisites: Basic notions of Microsoft Windows operating system environment, MS

Word processing software and MS Excel spreadsheet.Course content: The course comprises three parts. The first provides an overview of the

current state of information technology, and more importantly, its use for and by business. The second examines the domains in which these technologies are being applied, and the potential directions in which they may be developed. In particular, the lectures will be focused on data management, computer networking, databases, software design, MIS. The third considers the strategic allocations of IT for future business practice. The selected IT applications in finance and trading will be presented covering financial applications, e-commerce, banking, electronic payment, security, algorithms and complexity. List of main topics:1. Introduction - basic information technology concepts. 2. Data management and data processing 3. World Wide Web technologies4. Databases : OLTP and OLAP systems 5. Data networking, e-governance and e-commerce6. Applications and future trends in IT

Contact person: Prof. zw. dr hab. Jerzy Korczak, jezry.korczak@ue.wroc.plLiterature: G. Beekman, B. Beekman: Tomorrow’s Technology and You, Pearson, 9th

ed., 2010.J.A. Senn, Information Technology: Principles, Practices, and Opportunities, Prentice Hall, 2003, ISBN-10: 0131436260. J. Hopcroft, R. Motwani, J. Ullman, Introduction to Automata Theory, Languages and Computation, Addison Wesley, 2006.D.Seese, C. Weinhardt (eds.) Handbook on Information Technology in Finance, IHIS, 2007, ISBN-10: 3540494863. J.Korczak i M. Dyczkowski (eds.): Informatyka ekonomiczna. Część I. Propedeutyka informatyki. Technologie informacyjne, Wydawnictwo UE Wrocław, 2009.

Faculty: Bachelor Studies in Finance

Title: InsuranceLecture hours: 30 lectures

30 classesStudy period: Summer semesterLevel: BachelorLocation: Wrocław

Examination: Exam - Written testClasses – Written test, case study, presentation of the chosen topic

Language: EnglishPrerequisites: basic knowledge of the financial market, the basics of lawCourse content: (I) INTRODUCTION TO INSURANCE

(II) NON-LIFE INSURANCE (III) LIFE INSURANCE(IV) SOCIAL INSURANCE AND PENSIONS

Risk and insurance, general nature of insurance; History of insurance, Insurance classification, Insurance product, Insurance contract and insurance transactions, Insurance activity, Commercial insurance market, National insurance market, Specific nature of property & liability insurance, Compulsory insurance, Types of non-life insurance products Types of life insurance products, Group life insurance, Health insurance - medical expense insurance and disability income insurance, Principles of life insurance underwriting, Social insurance systems and pensions

presentation of the subject by the teacher, examples from practice, analysis of the products from the market, data analysis

Learning outcomes:

Knowledge of basics concepts of the risk and insurance, on operation of the insurance services and products, the principles and characteristics of the various insurance products , legal frameworks, insurance market its development in Poland and other countriesSkills: the use of correct terminology, a preliminary analysis of insurance products, the analysis of market data and trends

Contact person: Ilona Kwiecień, PhD; e-mail: ilona.kwiecien@ae.wroc.pl Marta Borda, PhD, e-mail: marta.borda@ae.wroc.pl Maria Wąsewicz, MA, e-mail: maria.wasewicz@ue.wroc.pl

Literature: 1. Rejda G. „Principles of Risk Management and Insurance”, Addison Wesley,

2. Vaughan E.J., Vaughan T.M. „Fundamentals of Risk and Insurance”, John Wiley & Sons, New York 2003.

3. Black H., Skipper H.D. „Life and Health Insurance”, Prentice-Hall, Upper Saddle River, New Jersey, 2000.

4. Atkins D, Bates I., INSURANCE, Global Professional Publishing, 2008

5. Keown A.J., “Personal Finance. Turning money into wealth”, Pearson Education, Upper Saddle River, New Jersey 2013, chapter 9 “Life & Health Insurance”.

Faculty: all

Title: Intermediate Accounting and Financial Reporting

Lecture hours: 30h –lectures;15h-classesStudy period: Spring semesterLevel: bachelorLocation: WrocławExamination: Final exam-testLanguage: EnglishPrerequisites: Basic of AccountingCourse content: Accounting in a complex business environment

Accounting standards (International Financial Accounting Standards – general rules, development)

Cost procedures (costs in accounting, cost classification, cost operations, costs in bookkeeping)

Traditional cost allocation methods (amortization, LIFO, FIFO, etc.) Cost calculation (operational costs, manufacturing costs, cost per unit) Absorption costing system (traditional cost calculation methods,

problems with overhead costs) Variable costing system (variable and fixed costs) Income statement under absorption and variable costing system Performance management Cost-Volume – Profit analysis (break-even point, contribution margin) Income calculation (EBIT, NOPAT) Financial reporting under IFRS (general requirements for financial

reporting) Financial statement (income statement, balance sheet, cash flow

statement and statement of changes in owners’ equity, financial statement notes and supplementary information)

Financial statement analysis (security analysis, relationships among different parts of financial statement, ratio analysis)

Financial reporting quality (audit methods, information sources, accounting warning signs)

Learning outcomes:

Student knows what is intermediate accounting. Student calculates costs and results. Student is creative in making decision accounts. Student analyses financial results.

Contact person: Magdalena Chmielowiec-Lewczuk, magdalena.chmielowiec- lewczuk@ue.wroc.pl

Literature: 1/Terry D. Warfield, Jerry J. Weygandt, Donald E. Kieso Intermediate accounting: principles and analysis Hoboken, NJ: John Wiley & Sons, Inc.20082/ S.l. Pearson Financial reporting and analysis CFA Institute 20123/ Eldon J. Gardner , Cases in financial accounting intermediate and advanced J.Wiley Toronto 1999

Faculty: All faculties

Title: International lawLecture hours: Lecture: 30hStudy period: Winter semester Level: bachelorLocation: WrocławExamination: Multiply choice testLanguage: English

Prerequisites: noneCourse content: -Introduction to the system of international law

-Relation between international and domestic law-Sources of international law-Subjects of international law-The recognition of States and governments-The creation and extinction of States-Individuals – nationality, human rights-Law of treaties-Peaceful settlement of disputes-United Nations-Diplomatic and consular law-Law of sea

Learning outcomes:

Knowledge:-knowledge on structure of international law-knowledge on subjects of international law-knowledge of law of treaties-knowledge of diplomatic and consular law-knowledge of human rights framework-knowledge on peace and security framework in international law

Skills:-ability to analyze and describe in legal terms relations between subjects of international law-ability of taking into account international law in process of application of domestic and EU law

Competence: critical view on legal argumentation in domestic and international context

Contact person: Michał Stępień, michal.stepien@ue.wroc.pl, 71 3680-233Literature: Handbook of International law, A.Aust, Cambridge 2010

International law, M.N. Shaw, Oxford 2008Documents & Materials – free ebook provided by lecturer

Faculty: wszyscy studenci

Title: Investment Analysis and ManagementLecture hours: Lecture: 30 hours, Tutorials: 30 hoursStudy period: WinterLevel: BachelorLocation: WrocławExamination: ExamLanguage: EnglishPrerequisites: Financial Market, Financial MathematicsCourse content: I. Analysis of debt instruments

11. Valuation – DCF techniques and properties

12. Yield to Maturity

13. Term structure of interest rates – basics

14. Credit risk of debt instruments

15. Interest rate risk: price risk, reinvestment risk, duration

II. Analysis of equity instruments

1. Introduction to methods of stock analysis

2. Fundamental analysis

3. Stock valuation – multiplier methods

4. Stock valuation – DCF methods

III. Analysis of derivative instruments

1. Review of derivative instruments

2. Option strategies

3. Option valuation – idea

4. Binomial model

5. Black-Scholes-Merton model

6. Futures and forward valuation and pricing

7. Swap valuation and pricing

IV. Alternative investments

1. Main groups of alternative investments

2. Basics of real estate investments

3. Basics of hedge funds

4. Basics of investing in commodities

V. Elements of portfolio management

1. Basics of portfolio theory (two-stock, multi-stock, Tobin, Sharpe,

CAPM)

2. Hedging portfolios with derivatives

3. Portfolio management – basic elements and strategies

4. Presentation of performance results – GIPS®

Learning outcomes:

Knowledge and skills related to valuation and risk analysis of financial instruments

Contact person: Krzysztof Jajuga, Krzysztof.jajuga@ue.wroc.plLiterature: 1. Chance D. – Analysis of Derivatives for CFA Program, CFA

Institute.

2. Fabozzi F.J. – Fixed Income Analysis for CFA Program, CFA

Institute.

3. Stowe J.D., Robinson T.R., Pinto J.E., McLeavey D. – Analysis of

Equity Investments, CFA Institute.

4. CFA Candidate Readings: Level 1,2,3.

Faculty: Bachelor Studies in Finance

Title: MACROECONOMICSLecture hours: Lecture – 45h

Classes – 30hStudy period: Summer SemesterLevel: Bachelor Studies in Finance Location: WrocławExamination: One written exam consisting of test questionsLanguage: EnglishPrerequisites: Mathematics, MicroeconomicsCourse content: Introduction to macroeconomics.

Determination of national income: sources and uses.Money and inflation in the long run.Concepts in the open economy macroeconomics.Unemployment.Economic fluctuations.Building the IS-LM model.Applying the IS-LM model.Mundell-Fleming model and the exchange rate regime.Short-run tradeoff between inflation and unemployment.Stabilization policy.Government debt.Growth theory: capital accumulation and population growth.Growth theory: technology, empirics and policy.

Learning outcomes:

Students who successfully complete this course should be able to:1) access existing knowledge about macroeconomics,2) find and interpret macroeconomic data,3) apply existing knowledge in a variety of situations,4) identify and explain current economic issues,5) effectively employ selected analytical and critical thinking tools.

Contact person: dr Jerzy StelmachLiterature: Mankiw N. G., Macroeconomics, 7th edition, Worth Publishers, 2009Faculty: Bachelor Studies in Finance

Title: MarketingLecture hours: 30h lectureStudy period: Winter semesterLevel: bachelor Location: WrocławExamination: Grading: weighted average of: case studies, analyses, research projectLanguage: English

Prerequisites: no prerequisities Course content: 1.Marketing in value creation process, value drivers, portfolio

management2. B2b marketing: controlling, motivation (KPIs), marketing value drivers and immaterial assets in sales department2.1. Time management2.2. Skills management3. Value creation process in Investor Relations (strategic disclosure)4. B2c marketing4.1. Brand equity, brand knowledge and brand value4.2.B2c value creation process: image analysis, target positioning, concept testing, tracking4.3.Theory of “fit” in brand extensions4.4. Usage of “fit” theory” in image leveraging (transfer) problems4.5. Testing of alternative product concepts

Learning outcomes: Knowledge: understanding (1) models of marketing effectiveness in b2b and b2c marketing and in Investor Relations, (2) theory of “fit”in marketing communication in consumer marketingSkills: ability to use standard procedures analyses in marketing decision making in b2b marketing, b2c marketing and Investor RelationsSocial competence: ability to present own analysis/research results and criticize other solutions

Contact person: Prof. Richard Kleczek, e-mail: ryszard.kleczek@ue.wroc.plLiterature: Customer value creation. Theory and Practice. Warsaw School of

Economic Press. Warsaw 2012, s. 57-76. D. Aaker, K. L. Keller: Consumer Evaluations of Brand Extensions. in: Journal of Marketing, January 1990, p. 27-41.K.L Keller: Conceptualizing, Measuring and Managing Customer Based Brand Equity. Journal of Marketing, January 1993, pp. 1-22. Aaker, David A: Measuring brand equity across products and markets. California Management Review; Spring 1996; 38, 3; pg. 102-120.G.S. Day: Diagnosing Product Portfolio. Journal of Marketing 1977/2, pp. 29 -38.

Faculty: All students

Title: Mathematical EconomicsLecture hours: 15 hours of lectures and 15 hours of practical classesStudy period: semestr zimowy / winter semesterLevel: Bachelor Studies in FinanceLocation: WrocławExamination: assignments during the semestr and the written test from exercises at the

and of the semesterLanguage: EnglishPrerequisites: Mathematics, MicroeconomicsCourse content: A. Demand analysis

1. Demand function.2. Elasticities.3. Optimal price.

B. The theory of the firm4. Production function.5. Optimal technology.6. Lagragian multipliers.7. Cost function.8. Profit maximization in the short run.9. Profit maximization in the long run

C. Game theory10. Games in normal and extensive forms.11. Nash equilibrium for the two-person zero-sum games.12. Games with imperfect knowledge.13. Repeated games.14. Continuous games.15. Cooperative games. Shapley’s value.

Learning outcomes:

knowledge: models used in theory of the firm, theory of the demand and in game theoryskills: application of the mathematical tools to find solutions of some economic problems (demand analysis, cost and optimal productions analysis, best strategies in games)competence: individual and group work on various economic problems (constraint maximization, optimal strategies in games)

Contact person: Dr Paweł Kuśmierczyk, pawel.kusmierczyk@ue.wroc.plLiterature: 1. Varian H. R. “Intermediate Microeconomics. A Modern

Approach”, W.W. Norton & Company2. Bauman Y. “Quantum Microeconomics with Calculus”

www.smallparty.org/yoram/quantum/quantumcalc.pdf3. Thomas Ferguson “Game Theory”,

http://www.math.ucla.edu/~tom/Game_Theory/Contents.html

Faculty: Bachelor Studies in Finance

Title: MathematicsLecture hours: Lecture – 45 hours, classes – 45 hoursStudy period: Winter semestr 1Level: Bachelor Studies in FinanceLocation: WrocławExamination: Oral and written examinationLanguage: EnglishPrerequisites: Mathematics of the secondary schoolCourse content: matrix calculus, determinant, rank of matrix, systems of linear equations,

linear space, linear independence of vectors, sequences of numbers, series of numbers, limit of one variable function, derivative of one variable function, local and global extremes of one variable function, indefinite integral, Riemann integral, applications of definite integrals, multivariable

functions, partial derivative, gradient, probability space, examples of probabilities, conditional probability, total probability formula, Bayes formula, random variable, cumulative distribution function, quantile, discrete random variables, binomial distribution, Poisson distribution, geometric distribution, expected value and variance of discrete random variables, continuous random variables, exponential distribution, uniform distribution, normal distribution, expected value and variance of continuous random variables, random vectors, independence of random variables, covariation, correlation

Learning outcomes:

Students know and can apply in economic models basic notions of linear algebra, mathematical analysis and probability theory.

Contact person: Zbigniew Michna, zbigniew.michna@ue.wroc.plLiterature: 1) ''Mathematics'' Zbigniew Michna, Wrcoław Publishing House,

2012;2) ''Mathematics Handbook for Science and Engineering'' Lennart

Rade and Bertil Westergren, Springer, 2004Faculty: All students

Title: MicroeconomicsLecture hours: 45 hours of lectures, 15 hours of practical classes, 15 hours of computer

classesStudy period: semestr zimowy / winter semesterLevel: Bachelor Studies in FinanceLocation: WrocławExamination: written (theory and exercises), at the end of the semesterLanguage: EnglishPrerequisites: Basic skills in MathematicsCourse content: A. Market Forces of Supply and Demand

1. Goods2. Demand, Elasticity of Demand3. Supply, Elasticity of Supply4. Market Equilibrium and its Changes

B. The Firm and Industry Organization5. Theory of the Firm. Production Function6. Optimal Technology7. Cost Function, Cost Curves8. Profit Maximization9. Forms of Markets10. Perfect Competition11. Monopoly. Price Discrimination.12. Monopolistic Competition13. Oligopoly14. Game Theory. Prisoner’s Dilemma.15. Asymmetric Information. Principal-Agent Model.16. Production Factor Markets, Labor Market

C. Theory of the Consumer17. Preferences, Utility18. Optimal Consumption Level.19. Risk

D. Social Welfare20. Public Goods, Externalities21. Pareto Optimality, Social Welfare

Learning outcomes:

knowledge: the most important definitions and economic phenomena concerning markets, firms and consumers;skills: prediction of changes in the markets due to various factors, analysis of the demand, cost analysis and calculation of the optimal production and price levelscompetence: understanding of the basic economic phenomena and ability to discuss it with other students

Contact person: Dr Paweł Kuśmierczyk, pawel.kusmierczyk@ue.wroc.plLiterature: 4. Varian H. R. “Intermediate Microeconomics. A Modern

Approach”, W.W. Norton & Company5. Kreps D. M. “A Course in Microeconomic Theory”, Princeton

University Press6. Samuelson P. A., Nordhaus W. D. “Economics”, McGraw-Hill7. Begg D., Fischer S., Dornbusch R. “Economics”, McGraw-Hill

Faculty: Bachelor Studies in Finance

Title: Personal FinanceLecture hours: 15 hours lectures, 15 hours classesStudy period: Summer semesterLevel: BachelorLocation: WrocławExamination: Exam, projectLanguage: (English)Prerequisites: Financial mathematics, basics of financeCourse content: 1.Planning with personal finance

2.Overview of financial plan3.Liquidity management4.Financing5.Risk management and insurance6.Investing in stocks7.Retirement planning

Learning outcomes:

1.The aim of the course is to introduc aspects of personal finance like spending, financing and investing to optimize individuals financial position

2.Knowledge2.1 Student has knowledge about different ways of optimizing individuals financial position2.2 Student has knowledge about relations between financial system, social area, risk management and personal finance2.3 Student has knowledge about rules, tools and ethics of personal financial planing

3. Skills3.1Student is able to use theoretical knowledge to describe and analyse

individuals financial position3.2 Student is able to achieve individuals financial goals3.3 Student is able to use personal finance knowledge in practice

4. Competences4.1 Student is able to identify and analyze personal finance problems4.2 Student understands consequenses of different decisions to personal finance

Contact person: Dr Agnieszka Kaczmarska, akaczmarska.ue@gmail.com , Łukasz Feldman lukasz.feldman@ue.wroc.pl

Literature: 1.Madura J., Personal Finance, Pearson Addison Wesley, Boston, 20072.Winger B.,J., Personal finance an integrating planning approach, Prince Hall, Upper Sadle River, NJ, 20003.Kappor J., R., Personal finance, McGrawHill, New York, 2009

Faculty: All the students

Title: PhilosophyLecture hours: Lectures – 30, Classes – 30Study period: Winter, Summer semesterLevel: BachelorLocation: WrocławExamination: Attendance – 10%, Homework/Section participation – 20% Group

project - 30%, Final – 40%Language: EnglishPrerequisites: No special requirementsCourse content: 1. Subject of philosophy and its relation to mythology and science;

questions of pre-Socratic philosophy and its origins.2. The concept of knowledge. Theory of knowledge’s issues, methods, basic concepts and problems. Plato, Aristotle.3. Rationalism vs. empiricism. Dispute over the sources of cognition andknowledge.4. Controversy over the concept of ‘truth’.5. Ways of argumentation. Training in argumentation. Argumentation in everyday life6. What should we do and how should we behave? Ethics’ basic issues and concepts.7. Anthropological and axiological frames of ethical theory.8. Adaptation or Auto-creation? Anthropology’s basic concepts andissues. Human nature in Hobbes, Locke and Rousseau.9. Freedom vs. Responsibility. Theory of freedom in Hume, Kant and Marx.10. Harmony or Conflict? Political philosophy and social philosophy’s basic issues, concepts and methods.11. Main concepts of political and social philosophy. Liberalism, conservatism, socialism, environmetalism.12. Controversy over the concept of ‘justice’.13. Science vs. culture – some contemporary debates. Bio-culturalapproach in social sciences.

14. Civil society and civil rights. Theories of goverment and social contract.15. Polis or cosmopolis? Toward process of globalization and homogenization of knowledge and cultural messages.

Learning outcomes:

Knowledge 1. The student should have a basic understanding of the position and importance of philosophy in relation to other sciences, as well as the subject and methodological specificity of philosophy.2. The student should know the basic English philosophical terminology. 3. The student should know the basic research methods and reasoning strategies that are appropriate for the following philosophical subdisciplines: ethics, political philosophy and social philosophy.

Skills 1. The student should be able to use the known philosophical terminology. 2. The student should be able to analyze philosophical arguments and to identify key theses and presuppositions of argumentation.3. The student should be able to reconstruct and construct various types of arguments in reference to the basic normative premises of a given standpoint or to its ideological assumptions or cultural perceptions.

Social competence 1. The student should be open to new ideas and willing to change opinion in the light of available data and arguments.2. The student should know the range of his/her knowledge and skills. 3. The student should understand the need for continuing his/her education, professional development and undertaking further stages of education.

Contact person: dr Jerzy Luty, email: jerzyluty@gmail.com, lutyj@uoregon.edu Literature: Dave Robinson, Judy Groves, Introducing Philosophy: A Graphic Guide,

Icon Books, London 2007;Neil Turnbull, Get A Grip on Philosophy, Weidenfeld & Nicolson London 1999Bertrand Russell, History of Western Philosophy, London 1946 Routledge 2005 (excerpts)Nicholas Wade, Before the Dawn. Recovering the Lost History of our Ancestors, Penguin Press London 2007 (excerpts)Steven Pinker, The Blank Slate: The Modern Denial of Human Nature,Penguin Books London 2003 (excerpts)Paul Bloom, How Pleasure Works: The New Science of Why We Like What We Like, New York 2010 (excerpts)Edward Osborne Wilson, Consilience: The Unity of Knowledge, Vintage New York 1999 (excerpts)

Faculty: all

Title: Principles of Fund AccountingLecture hours: 30Study period: Winter semester

Level: Bachelor studiesLocation: WrocławExamination: Mid-term + Final ExamLanguage: EnglishPrerequisites: Financial Market, Corporate AccountingCourse content: The process flow

Fund Industry and Financial CrimeFund AccountingAccounting for Capital StockAccounting for Fund ExpensesAccounting for Equity SecuritiesAccounting for Money Market SecuritiesAccounting for Fixed Income SecuritiesA Day in the Life of the Mutual Fund Accountant

Learning outcomes:

GOALS:Let students to understand how mutual fund industry works.Getting students familiar with theory and practice behind mutual fund operations.OUTCOME:Knows and understands mechanisms driving mutual fund industry.Has strong knowledge about mutual fund accounting rules and principles.Understands the logic behind accounting for capital stock transactions and fund expenses.Understands the logic behind accounting for equity securities.Understands the logic behind accounting for money market securities.Understands the logic behind accounting for fixed income securities.Knows how Net Asset Value per share is going to change due to any mutual fund operation.SKILLS:Applies rules of fund accounting to any mutual fund operation.Process capital stock and fund expenses accounting entries.Process equity securities accounting entries.

Contact person: Marek Czuba, marek.czuba@gmail.comLiterature: Fundamentals of Mutual Fund Accounting, Gorman J.F., Hargadon J.M.,

Wynne S.M., McGraw Hill Custom Publishing, Boston, 2004.The Fund Industry: How Your Money is Managed, Pozen R., Hamacher T., Phillips D.T., Wiley Finance, Hoboken, New Jersey, 2011.

Faculty: Bachelor Studies in Finance

Title: Public financeLecture hours: 30 lecture Study period: Fall and Spring Level: BasicLocation: WrocławExamination: Written examination and students projectLanguage: EnglishPrerequisites: Foundations in economics Course content: 1. Philosophical and Analytical Frameworks for Public Finance

What is ‘public finance’? Philosophical underpinnings of public finance

Public finance under Libertarianism. Public finance under Neo-Liberalism. Public finance under Collectivism 2. Why to study public finance?Four questions of public finance . When should the government intervene in the economy? How might the government intervene? What is the effect of those interventions on economic outcomes? Why do governments choose to intervene in the way that they do?3. Spending Public Finance Spending public finance in accordance with the 4Es: Efficiency Equity Economy Effectiveness. Public Expenditure Policy. Public Goods and Private Goods4. Raising Public Finance. Government revenueFrom what sources can public finance be raised? How is public finance raised in practice? What is the optimum combination of the different sources of public finance? .5. Taxation trends in the European UnionTax harmonization versus tax competition in the EU. Economics of Taxation. Taxation of Income and Wealth. Taxation of Consumption and TradeTaxation and the Environment6.Public finance and budget in EU.Budgetary procedure. EU `s budget revenues. Obligatory and non-obligatory expenditures. Evolution of public finance in EU. Policies for reducing regional disparities (Structural funds and the cohesion funds in the EU) 7.Final exam.

Learning outcomes:

Knowledge about the public finance`s philosophical and analytical frameworks, bigger awareness of the role of government in modern economy.

Contact person: Dr Bożena Ryszawska bozena.ryszawska@ue.wroc.pl Literature: Required course text:

1. Strategic Public Finance by Stephen J. Bailey Publisher: Palgrave Macmillan 2003.

Reference texts:1. Joseph E.Stiglitz , Economics of the Public Sector, W Norton & Co Ltd; 19882. Gruber, J. Public Finance and Public Policy. New York: Worth Publishers.3. Arye L. Hillman’s ‘‘Public Finance and Public Policy, Responsibilities and

Limitations of Government" 4. Harvey S. Rosen, Public Finance, Irwin 1995.5. J.R. Aronson, Public Finance, McGraw–Hill Book Company 1985.

Faculty: Course for all faculties

Title: Real Estate MarketLecture hours: Lectures – 15 h, Tutorials – 15 hStudy period: Summer semesterLevel: BachelorLocation: WrocławExamination: Exam; home-assignmentLanguage: EnglishPrerequisites: Microeconomics, MacroeconomicsCourse content: The subject covers primary issues concerning real estate market. It

includes legal and economic basis the definition of real estate, types of value etc. The issues discussed basic models of real estate market and the basis of determining the real estate value.

Main topics:13. Real estate market - elements of microeconomics14. Real estate market - elements of macroeconomics15. Definition of real estate, types of real estate16. Models of real estate market17. Real estate as a subject of investing and financing18. Types of real estate value19. Sales comparison approach in the real estate valuation20. Income approach in the real estate valuation21. Cost approach in the real estate valuation22. Elements of analysis of profitability of investing in real estate

Learning outcomes:

Goals: Providing the knowledge in the scope of the basis of real estate

market Introducing and discussing types of real estate Introducing and discussing types of real estate value Discussing the rules of describing and analyzing real estate

market Discussing the basic methods and techniques of real estate

valuationKnowledge:

Student has basic knowledge in the scope of real estate economics Student knows and understands the basic models describing real

estate market Student knows the definition of real estate and real estate value Student knows the basic methods and techniques of real estate

valuationAbilities:

Student is able to describe factors influencing demand and supply on real estate market

Student is able to identify real estate and its component parts Student is able to characterize and analyze a chosen segment of

real estate Student is able to apply the appropriate method of valuation

depending on the type of real estateCompetences:

Student understands the meaning of real estate market from the point of view of national economy

Student understands the key issues connected to the market analysis and real estate valuation

Student understands the importance of real estate investment from the point of view of financial market

Contact person: Piotr Cegielski (cegielski@iccs.pl), Anita Makowska (anita.makowska@ue.wroc.pl)

Literature: Jowsey E., Real Estate Economics, Palgrave Macmillan, London, England, 2011

Ling D. C., Archer W. R., Real Estate Principles: A Value Approach, McGraw-Hill, New York, USA, 2005

Faculty: all students

Title: Risk Management in Financial MarketsLecture hours: lecture: 15, classes: 15Study period: winterLevel: bachelorLocation: WrocławExamination: examination, midterms, points for in-class active participationLanguage: EnglishPrerequisites: material from bachelor level of the study courseCourse content: The subject offers an introduction to risk theory, gives some basic

knowledge and skills in financial risk management, with particular focus on market risk measurement, includes some elements of market risk steering (mitigating) and introduces elements of basic knowledge on other types of financial risk (credit, operational).Goals:

1. Transfer of general knowledge on risk, its role and role of risk management in business activity, types of risk, risk management process and its basic elements.

2. Knowledge and skills in the area of market risk management and verification of risk measurement model performance.

3. Knowledge and skills in the area of basic risk steering approaches with respect to market risk.

4. Creating a basis for further self-study in the area of risk analysis.Learning outcomes:

KnowledgeW1. Knowledge of basic definitions of risk, understanding the concept of risk and understanding the role risk analysis plays in decision making process.W2. Knowledge of elements/stages in risk management process.W3. Knowledge of basic types of financial risk.W4. Knowledge of basic sub-types within market risk.W5. Knowledge of basic market risk measures, basic estimation techniques for particularly important ones, and also simple techniques of verification for some chosen measures.W6. Knowledge of main risk steering methods and some chosen basic techniques representing the methods.W7. Elementary insight into analysis of some other financial risk types (credit, operational).

SkillsU1. A student is able to name and explain the most important concepts of risk.U2. Is able to list and generally describe elements/phases of risk management process.U3. Is able to name basic types of financial risk, identify them as part of simplified case studies, as well as give some own examples of these risk types.U4. Is able to present possible aims of risk management and assess

whether there are sufficient grounds for a given risk-management-aim choice.U5. Is able to name sub-types of market risk, identify them in model case studies, identify risk factors, as well as give one’s own examples.U6. Is able to name, interpret and – in simplified model cases – estimate basic market risk measures, and – with respect to some chosen measures – use simple techniques of assessment of risk measure estimation model performance.U7. Is able to describe and – in some simplified model cases – apply some basic techniques of market risk mitigating.

CompetenceK1. Understands the need of considering risk when making decisions and is able to substantiate it.K2. Understands the need of risk management and is able to substantiate it.K3. Shows the skill to further develop her/his knowledge on her/his own, building on the background acquired during the course.K4. Is able to present her/his knowledge and skills in a comprehensive and clear way.

Contact person: Pawel Rokita, PhD,Department of Financial Investments and Risk Management (Katedra Inwestycji Finansowych i Ubezpieczeń)zi_ifzr@ue.wroc.plhttp://www.fire.ue.wroc.pl/

Literature: Basic literature1. Saunders A., Cornett M.M. (2002): Financial Institutions

Management: A Risk Management Approach. McGraw-Hill.2. Hull J. (2012): Risk Management and Financial Institutions.

Wiley.3. Hull J. (2005): Options, Futures and Other Derivatives. Prentice

Hall.4. Elton E.J., Gruber M.J., Brown S.J., Goetzmann W.N. (2006):

Modern Portfolio Theory and Investment Analysis. Wiley.Further reading

1. Jorion P. (2007): Value at Risk: The New Benchmark for Managing Financial Risk. McGraw-Hill.

5. Jorion P. (2009): Financial Risk Manager Handbook. Wiley.Faculty: MSF, Financial Market

Title: StatisticsLecture hours: Lecture -30 hours, classes - 30 hoursStudy period: Summer semestr 2Level: Bachelor Studies in FinanceLocation: WrocławExamination: Oral and written examinationLanguage: EnglishPrerequisites: Mathematics (Winter semestr 1)Course content: What is statistics, data and statistical thinking, methods for describing sets

of data, sampling distributions ,inference based on a single sample: estimation with confidence intervals, inference based on a single sample: tests of hypothesis, inference based on a two sample: confidence intervals and tests of hypothesis, design of experiments and analysis of variance, categorical data analysis, simple linear regression, multiple regression and model building, time series: descriptive analysis, models and forecasting, nonparametric statistics.The topics are the following:

1) Random vectors;2) Correlation coefficient;3) Basic notions of statistics;4) Chebyshev’s inequality;5) Normal distribution;6) Chi-square distribution;7) Student distributions;8) Distribution of the sum of independent variables;9) Central limit theorem;10) Point estimation;11) Constructions of estimators12) Interval estimation;13) Hypothesis testing;14) Testing mean;15) Testing variance16) Testing non-parametric hypotheses;17) Testing independence;18) Testing two means;19) Testing two variances.

Learning outcomes:

Students can plan statistical experiment. They can estimate parameters of a distribution. They can test hypotheses on economic features.

Contact person: Zbigniew Michna, zbigniew.michna@ue.wroc.plLiterature: 1) Z. Michna (2014), Statistics, Wrocław University Publishing House

2014.2) J. T. McClave, P. G. Benson, T. Sincich, Statistics for Business and Economics, 9 ed., Pearson Education 2005.3) Quantitative Methods for Investment Analysis, 2nd edition, by DeFusco R.A., McLeaveyD.W., Pinto R.E., Runkle D.E., Wiley 2007

Faculty: All students