Capital Markets and Financial Institutions
This course is devoted to the nature, role, and functioning of financial institutions. It focuses on ways to alleviate problems caused by private information. Developed and emerging capital markets are compared. Major attention is paid to the interaction between a regular individual and financial institutions in the age of big data, the internet, and social media.

Konstantin Kontor
Konstantin Kontor is Director and professor of finance and strategy at AIBEc.
In 2000 – 2009 Mr. Kontor also served as visiting professor of financial strategy at the Stockholm School of Economics in Riga, where he taught courses in finance, strategy, and M&A for BA and EMBA students.

Purpose of this Course
This course is devoted to the nature, role, and functioning of financial institutions. It focuses on ways to alleviate problems caused by private information.

The main goal is to introduce the theoretical background on which the practices of operation of financial markets and institutions are based as well as to discuss practical operations of financial institutions (banks, investment companies, brokers etc.)

A major part of the Course deals with the Russian capital markets and financial institutions.
The principal goal here is to screen the local experience against worldwide theory and practices in order to identify both common and specific features of developed and emerging markets.

Another goal of the course as a whole is to expose the students to the Western standards, approaches, and terminology used in capital markets and financial institutions worldwide.

Course Materials
    Notes, handouts, articles, and cases from the course package.

      Grading
      Grading of this course will be based on assignments, examinations and class participation.

      Because the course is heavily discussion-based attendance is mandatory. Failure to attend 40% of classes leads to immediate failure in the course and loss of credit.

      During the course the students will have to submit 4 homeworks, 1 final case write-up, and take the midterm examination. Failure to pass the midterm exam or to hand in the final case report leads to failure in the course.

      The course will be graded in accordance with the following schedule:

      Class participation _________ 10%
      Homeworks ________________ 20%
      Midterm ___________________ 50%
      Final essay _________________ 20%
      Total _____________________ 100%

      Course Topics
      1. Introduction: Financial intermediation in capital markets
      2. Problems caused by private information
      3. The role of financial intermediaries (I) — Monitoring and covenant enforcement: asset services
      4. The role of financial intermediaries (II) — Illiquid assets and the creation of liquidity: transformation services
      5. Deposit insurance and regulation — The need in and the views on deposit insurance
      6. Deposit insurance and regulation — Bank regulation and reform
      7. Investment banking
      8. Market microstructure — Market making and market crashes
      9. Foundations and history of the Russian capital markets
      10. The Russian fixed income market
      11. The Russian stock market (I) — Fundamental issues
      12. The Russian stock market (II) — Risk and return

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