Finances I (NEW)
Finance affects almost every major decision we make, whether it's investing in a new project, choosing between opportunities, or navigating uncertainty in global markets. This course will show you how financial thinking helps individuals, companies, and institutions create value. You’ll understand why finance is a powerful lens for interpreting the business world and making informed choices in your own life and career.
The course is designed to give you a strong foundation in the analytical tools and reasoning that underpin modern finance. You will learn how to assess financial decisions, understand the drivers of risk and return, and interpret the behavior of financial markets. By developing intuition about how value is created and how financial systems function, you’ll be equipped with skills that are valuable across business, economics, and policy-related fields.
Throughout the course, you will work with practical examples, real-world data, and problem-solving exercises that mirror the types of decisions faced by investors and firms. You’ll be encouraged to think critically, analyze financial trade-offs, and evaluate different courses of action. This hands-on approach will strengthen your ability to interpret financial information, assess investment opportunities, and understand the mechanisms that shape financial outcomes in today’s global economy.
Important Notice on Course Suitability and Activities:
Some Summer School courses are designed for students with prior academic background in a specific discipline and may be unsuitable for participants without that preparation.
In addition, certain courses include discipline-standard practical activities (for example, laboratory work with biological specimens, dissections, use of clinical or forensic material, field sampling, or other hands-on procedures) that may be unfamiliar or unsettling for some participants.
Students are responsible for reading the course descriptor carefully and ensuring (i) that they meet any stated academic expectations or prerequisites, and (ii) that they are comfortable participating in the methods and activities described.
If you are unsure about suitability, please contact the course lecturer(s) before enrolling.
| Week | Contents | Teaching / learning activities |
|---|---|---|
| 1 |
Week 1: Financial Foundations and Markets Financial assets: primitive and derivative Basic financial operations: investment, speculation, hedging, arbitrage Time value of money: capitalization and discounting Time and risk as core dimensions of finance Structure and functions of financial markets |
Theory classes Problems and exercises |
| 2 |
Week 2: Risk, Return, and Portfolio Analysis Measuring risk and return for individual assets and portfolios Diversification and risk reduction The Markowitz portfolio selection model The Capital Asset Pricing Model (CAPM) Systematic vs. specific risk |
Midterm Financial Foundations and Markets Theory classes Problems and exercises |
| 3 |
Week 3: Market Efficiency and Asset Valuation Efficient Market Hypothesis (EMH) and market behavior Anomalies, bubbles, and crises Financial markets regulation Valuation of bonds and stocks Introduction to derivatives: options and futures |
Midterm Risk, Return, Portfolio Analysis Theory classes Problems and exercises Final exam |
Excel assignment 30% (last Friday of the course, based on the content of week 2)
Midterm exam 30% (multiple choice questions and an essay question) (on Monday of the second week, based on the content of Week 1, on Monday of the third week based on the content of Week 2)
Final exam 40% (multiple choice questions, last day of classes, on Friday of Week 3)
- BODIE, Z.; A. KANE; A. J. MARCUS. Investments. 13th edition. New York: McGraw-Hill, 2024.
- BREALEY, R.; S.C. MYERS; F. ALLEN. Principles of Corporate Finance, 13th edition. New York: McGraw-Hill, 2020.
- MALKIEL, B.G. A Random Walk Down Wall Street. 12th edition. New York: W.W. Norton, 2020.
- ROSS, S.A.; R.W. WESTERFIELD; J. JAFFE; B. JORDAN. Corporate Finance. 12th edition. New York: McGraw-Hill, 2019.
- ZUTTER, C. J., and S. B. SMART. Principles of Managerial Finance. 15thedition. Harlow: Pearson, 2023.
Dr. Florina Silaghi is an Associate Professor of Finance at the Autonomous University of Barcelona. She holds a PhD in Management Science from the University of Rennes 1 in France (financed with a French government scholarship) and a Master in Economics and Finance from the prestigious research center created by the Bank of Spain, CEMFI, Madrid. Her main area of research is corporate finance. She has worked on various types of business financing: corporate debt, trade credit, and crowdfunding.
Dr. Silaghi’s work has been presented at numerous international conferences and invited seminars at reputable international centers, including the University of Osaka, Paris Dauphine University, the University of Luxembourg, the University of Quebec in Montreal, and NEOMA Business School. She has published her work in prestigious international journals, such as Research Policy, Journal of Corporate Finance, Journal of Banking and Finance, European Journal of Operational Research, and Journal of Business Finance and Accounting.
Dr. Silaghi has served as a member of the Local Scientific Committee for the European Finance Association Meeting 2022 and the Scientific Committee for the International Finance and Banking Society Meeting 2016. She is currently Associate Editor of the Spanish Journal of Finance and Accounting. Dr. Silaghi is the coordinator of the interuniversity Doctorate in Economics, Management, and Organization at the Autonomous University of Barcelona, where she teaches finance courses at the undergraduate and graduate levels.
Dr. Sefa Takmaz is an Assistant Professor of Finance at the Autonomous University of Barcelona (UAB). He holds a PhD in Business Administration from Dokuz Eylul University, Türkiye, as well as an MA and BA from Izmir University of Economics. Before joining UAB, he served as an Assistant Professor at Bakırçay University and as a Part-Time Lecturer at Izmir University of Economics. His research interests span corporate finance and financial markets, with a focus on publications in international journals, book chapters, and edited volumes. His academic development has been recognized through a competitive graduate scholarship from the Scientific and Technological Research Council of Türkiye (TÜBİTAK).
Dr. Takmaz has presented his work at international conferences and seminars and has contributed to academic and professional activities as a reviewer, lecturer, and advisor. At UAB, he teaches finance courses at the undergraduate and graduate levels. He has also held advisory roles in public institutions and participated in scientific committees throughout his career.