- MSc. in Management
- MSc. in Real Estate
- MSc. in Finance
- Corporate Finance
This module lays the foundation for a thorough understanding of the theory and practice of corporate finance. Students acquire and apply tools which will enable them to assess the vast set of different financing options available to firms today. Students will learn to critically assess different theories and apply them to real world problems. They also learn to apply sophisticated empirical methods to develop tests of different theories and interpret empirical evidence and statistics. Further, the objective is to help students to sharpen their discussion and presentation skills both in an academic and business environment.
Empirical Corporate Finance
Seminar Corporate Finance
Derivatives markets have grown both in volume and in sophistication over the past four decades. They grew in part because it enabled participants to reallocate risk to those most fit to bear it. As a result of important theoretical contributions, such as the Black-Scholes formula recognized by the 1997 Nobel Prize in Economics, and greatly improved computational capacities, the derivatives markets became more sophisticated.
In order to participate in this fast growing finance environment, the course provides a description and an analysis of the basic types of derivative securities including forwards, futures, swaps, and options. The module is focused on pricing of derivatives and their use to hedge unwanted risks associated with movements in interest rates, exchange rates, stock prices, commodity prices, etc. At the conclusion of the module, the student should be able to price most types of derivatives and use them to construct hedging strategies.
Using and Valuing Derivatives
- Financial Economics
This module provides students with the economic foundations of banking and finance. Based on a through understanding of the principal-agent conflicts in corporate finance and their implications on capital structure and corporate governance, the course highlights the role of banks in corporate finance. The course also covers the general role of banks and other financial intermediaries in the financial system and how the structure of the banking sector and of the financial system as a whole affects its efficiency and stability. Finally, the module also provides students with an in-depth understanding of the economic foundation of financial regulation and banking supervision.
This module is supposed to acquaint students with a thorough understanding of recent economics concepts used in the current academic debate in this area.
Microeconomics of Banking
The Economics of Corporate Finance
- Financial Modeling
The module builds on typical finance courses from Bachelor programmes. Financial topics like asset pricing, portfolio management, derivatives and Value-at-Risk analysis are introduced and directly applied to Excel modelling. The idea is "Learning it by doing it". The module relies on an extensive range of Excel sheets. The lectures are hold in the computerlab. Students learn how to apply financial concepts. Underlying theories are covered in an applied context. Students will apply the tools to cases in financial research in the seminar.
The module directly prepares for typical entry or intermediate positions in the financial industry.
Financial Modeling -Introduction and Application
Seminar - Doing your own research
This module introduces the main techniques and concepts in empirical finance and modern financial engineering. The courses familiarize students with quantitative methods of financial mathematics and time series analysis. The lectures cover, e.g. probability theory, distributional properties of returns, univariate time series models, multi-factor models and financial derivatives. Furthermore, students learn how to manage asset allocation strategies using, e.g. cointegration analysis and to apply conditional volatility models in the context of risk measurement. To put financial engineering and time series models into practice, the use of computers and econometric software such as Eviews and R is central in finance business, consequently, in this lecture.
- Specialization in Accounting
This module covers advanced topics in financial reporting such as auditing and financial statement analysis. It is designed to provide participants with an understanding of the complexity of the auditing process and the regulatory environment an auditor is confronted with. Further, it teaches students to analyze financial statements. Both classes of this module apply case studies to provide students with a real world experience.
Principles of Auditing
Financial Statement Analysis
- Specialization in Taxation
The participants will have the opportunity to study tax implications of cross-border investments with special emphasis on European taxation as the influence of the European Court of Justice on national legislation on cross-border taxation is immense. The course pivate wealth taxation will highlight the tax strategies of investment management and financial planning services delivered to private investors, especially within Europe.
Private Wealth Taxation
The controlling module consists of two courses - one focused on value based management and the other one focused on risk management. Hereby the learning objective of this module is to enable participants to figure out relevant trade-offs in managing the risk/return conundrum.
Upon completion of the module, a successful candidate will know how to:
- structure a financial return-focused value based management strategy
- perform a financial values-oriented valuation of the firm
- assess a firms risk-management strategy and systems
- distinguish between right and wrong in order to manage risks
apply appropriate heuristics for risk-return asssements.
Valuation and Value Based Management
International Risk Management & Internal Control
- Private Wealth Management
The module provides a comprehensive overview of the Private Wealth Management industry. After introducing the conceptual framework and the structure of market participants, the financial planning process and tools of financial planning are discussed. Tax planning, insurance planning, retirement planning and estate planning are key areas for servicing high net worth and high income clients.
The module will include project work, with focus on financial analysis and implementation of sound financial planning practices to meet the needs of a fictive high net worth client. Both in theory and practice, students deal with complex client relationships and the fast-changing financial services environment. Guest lecturers focus on trends and strategic business concepts in the Private Wealth Management industry.
Private Wealth Management
Best Practice in Private Wealth Management and Family Office
- Real Estate Investment
The module imparts to the students profound knowledge on international real estate investments with a particular focus on indirect investment vehicles. The students will be introduced to both listed and non-listed investment structures in various jurisdictions, such as Germany, the UK, Luxembourg and the US.
Furthermore, in the course "Seminar Real Estate Investment" students will learn to academically analyze a current real estate issue in the field of real estate investment and management. Students will gain experience in literature research, academic writing, and scientific analysis.
The courses enable the students to work in national and international real estate companies.
International Real Estate Investment Vehicles
Seminar Real Estate Investment
- Advanced Real Estate Financing
The goal of the module is to transfer profound understanding of advanced concepts of real estate financing as well as extensive insight in the theoretical fundamentals and practical applications of real estate cash flow modelling using MS Excel.
Students acquire an advanced understanding of the field of real estate financing products, real estate private equity, non performing (real estate) loans and project financing. Furthermore, the concept of real estate securitization is presented in-depth as well as real estate in the context of global capital markets. Besides the theoretical background, the students learn the basics and practical applications of modelling real estate cash flows using MS Excel and will be given the opportunity to make use of this knowledge during an applied case study.
Advanced Methods of Real Estate Financing
Real Estate Cash Flow Modeling
- Advanced Real Estate Valuation
The module shows that real estate is an integral part of the capital market and a unique asset class which requires special valuation knowledge. In essence, the module will focus on two major areas: the time value of money and the valuation of cash flows as well as risk and return in real estate. In doing so, the courses bridge the gap between financial theory and property investment and imparts to the students profound knowledge in real estate valuation. In addition, the module raises the level of understanding of financial and economic principles within the real estate education and enables the students to work in national and international real estate companies. Students will be able to assess the value of property using national and international income, cost and comparison valuation approaches.
Advanced Real Estate Valuation
- Advanced Real Estate Management
The module "Advanced Real Estate Management" imparts to the students profound knowledge on international real estate portfolio management, law and taxation. The module consists of two courses, each accounting for 3 ECTS: "Legal & Fiscal Aspects" and "Real Estate Portfolio Management".
Students will get deeper insights into the influences and reciprocal relationships between landlord and tenant law, the legal and fiscal aspects of real estate acquisitions, dispositions and ownership, quantitative and strategic real estate portfolio management, performance measurement, facility management and corporate real estate management.
The thorough focus on the various management aspects of real estate is reflected in presentations of well-regarded practitioners and case studies. The courses enable the students to work in national and international real estate companies as they learn how to deal with national and international real estate portfolios in a quantitative and qualitative way and also get to know the legal and fiscal background of real estate. Thus, the module also relates to the MSc module "real estate investment" and its international real estate vehicles course.
Legal and Fiscal Aspects
Real Estate Portfolio Management
- Real Estate Risk Management
The goal of the module is to transfer a profound understanding of the main concepts of risk management and investment/financial analysis in the context of real estate. Given the importance of real estate cycles for strategic management as well as for real estate investment and financing, a focus will be placed as well on this key topic.
The course "Real Estate Risk Management & Investment Analysis" conveys an advanced understanding of decisions under risk, insecurity and uncertainty as well as risk strategy and risk identification. A focus is placed on risk analysis and risk valuation. A basic model of risk management is presented and more sophisticated methods are introduced like scoring, the correction method, sensitivity analysis, scenario analysis and simulation analysis. Further topics are risk control and reporting. Additionally, the basic concept of real estate cycles is discussed. Students acquire knowledge in dealing with real estate cycles as well as key trends in the context of real estate cycles (especially focussing on real estate cycles and demography). Applied case studies in the context of international real estate investing (guest lecturer: Prof. John Glascock, Ph.D.) complete the course.
In addition to the course on real estate risk management, a "Seminar in Real Estate Risk Management" is provided in which students academically analyze current real estate issues in the arena of real estate risk management. Students gain experience in literature research, academic writing and scientific analysis by writing a review on a scientific paper. In this seminar, students go into detail in the area of real estate risk management and will deal with issues such as decisions under risk, risk identification and risk strategies. The review has to be orally defended at the end of the course.
Real Estate Risk Management became a major concept in the field of real estate and is therefore connected to other modules like "Real Estate Investments", "Advanced Real Estate Financing" or "Sustainable Real Estate Development". The concepts of Real Estate Risk Management can also be seen in the context of other asset classes.
The fact that students have to prepare a project paper enables them to further improve their analytical and research skills.
Real Estate Risk Management & Investment Analysis
Seminar on Real Estate Risk Management
- Sustainable Real Estate Development
The module "Sustainable Real Estate Development" familiarizes the student with the most complex field within the discipline of real estate: project development. ‘Real Estate Development' is often called the ‘supreme discipline' within the study field of real estate as students have to combine all their knowledge from various real estate, finance and economics classes in order to make sound decisions. Thus, within the course, students learn how to conduct a feasibility study in order to see if a project is really feasible and ahead of its competition. Students also apply their financing knowledge when integrating financing and risk management into their development calculation. Basic legal concepts such as public and private planning and building law as well as contract and tenant law are also analyzed in an interdisciplinary way and demonstrate how management, economics and law work hand in hand.
Into the development process, students integrate the thinking of "sustainability" and "sustainable development": by taking a look at technical aspects of real estate, students learn how to judge the real estate life cycle and its critical parameters.
Overall, students acquire an advanced understanding of the real estate life cycle, the development process and its components in the light of a sustainable development. By working in a team to accomplish a complex real life project situation with several situations where local authorities and institutions have to be contacted and results have to be presented in front of corporation decision makers, they also learn how to handle team dynamics, stressful circumstances and complex situations.
Sustainable Real Estate Development
- Real Estate Economics
The Elective Real Estate module provides students with the basic understanding of the microeconomic and macroeconomic forces that drive real estate markets. In addition students will learn basic and advanced tools which are used in modelling and forecasting real estate data. Thus, students will not only understand the economic theories that explain the relationship among relevant variables such as house prices, rents, construction costs, location, and the vacancy rate, they will also be able to test and verify these theories by applying the appropriate techique on real world data. In this context students will learn the userfriendly and powerful econometric software EViews (or its opens source equivalent Gretl).
Theoretical Foundation of Real Estate Economics
Real Estate Economics: Tools and Topics