Next Steps



Module 1 Global Macro and Asian Markets Nov 12-18, 2017(Sun - Sat)
Hong Kong
Module 1 Foundations of Corporate Finance Nov 12-18, 2017(Sun - Sat)
Hong Kong
Module 2 Foundations of Investments Jan 19-23, 2018 (Fri - Tue)
Hong Kong
Module 2 Asset Allocation Jan 19-23, 2018 (Fri - Tue)
Hong Kong
Module 3 Derivatives Markets Mar 25-31, 2018(Sun - Sat)
New York
Module 3 Fixed Income Instruments and Markets Mar 25-31, 2018 (Sun - Sat)
New York
Module 4 Applied Corporate Finance and Valuation May 18-22, 2018 (Fri - Tue)
Hong Kong
Module 4 Behavioural Finance May 18-22, 2018 (Fri - Tue)
Hong Kong
Module 5 Financial Markets and Corporate Finance in China Jun 30 - Jul 3, 2018 (Sat- Tue)
Module 6 Risk Management in Financial Institutions Aug 21-30, 2018 (Tue - Thu)
New York
Module 6 FinTech Aug 21-30, 2018 (Tue - Thu)
New York
Module 6 Topics in Financial Markets and Innovation Aug 21-30, 2018 (Tue - Thu)
New York
Module 7 Group Integrative Project Presentations and Closing Ceremony Nov 8-9, 2018 (Thu - Fri)
Hong Kong

Module 1
Global Macro and Asian Markets
Nov 12-18, 2017 (Sun - Sat)
Hong Kong

This course introduces students to macroeconomic forces that affect global and Asian financial markets. Students will discuss various global macroeconimic concepts, the influences of global finance on long-run economic growth, and the structure/size of foreign exchange markets. This course will also cover recent developments in global/Asian financial markets, macroeconomics in a post-crises world, and exchange rates.


Module 1
Foundations of Corporate Finance
Nov 12-18, 2017 (Sun - Sat)
Hong Kong

The aim of the module is to provide students with a comprehensive overview of the financing and investment decisions made by firms. It covers capital budgeting, dividend policy, financing policy and managerial incentives. Topics include:

- Investing in risk free and risky projects
- Capital allocation and corporate strategy
- Taxes and financing choices
- Debt holder-equity holder conflicts
- Financial structure and corporate strategy
- Basics of valuation


Module 2
Foundations of Investments
Jan 19-23, 2018 (Fri - Tue)
Hong Kong

This module provides an introduction to modern asset pricing theory. We begin by briefly reviewing portfolio theory. We then move on to discussing current determinants of asset prices such as cash risk and liquidity. One of the module's goals is to apply asset pricing theories to investment decision-making. A second goal is to prepare students for upcoming modules. A third goal is to build a fundamental knowledge of fixed income and derivative products. 


Topics include:
- Frictionless markets vs. markets with frictions
- Portfolio diversification 
- Models of equilibrium asset prices
- Introduction to fixed income securities 
- Introduction to forwards and futures 
- Introduction to options 
- Static replication  
- Determinants of option prices


Module 2
Asset Allocation
Jan 19-23, 2018 (Fri- Tue)
Hong Kong

This course builds on Foundations of Investments to provide students with tools and knowledge in global asset allocation. Topics include major investable markets and players, asset allocation, performance evaluation, strategies and performance of hedge funds, and factor models.


- Design of investment strategies and products
- Hedging currency risk in global asset allocation
- Performance measure and attribution
- Measuring risk for institutional portfolios, mutual funds and hedge funds
- Managing hedge funds: present and future


Module 3
Derivatives Markets
Mar 25-31, 2018 (Sun - Sat)
New York

This is a module in derivatives markets: structure, valuation and strategies. It builds on the content of module Foundations of Investments and combines theory, empirical findings and practical applications. The main applications include the equities markets, foreign exchange and commodities. The key derivative instruments discussed include fowards, futures and options. Cases and examples include the 1987 crash, LTCM, Metallgesellschaft, Amaranth, etc.


- Overview of derivatives markets
- Futures Markets
  • Recent developments in the structure of futures markets
  • The Cost of Carry Model
  • Hedging with Futures
- Options Markets
  • Review of options strategies and markets
  • Options valuation
  • Options on FX, indices, futures
  • Risk management: VAR
  • Exotic options
  • Applications


Module 3
Fixed Income Instruments and Markets
Mar 25-31, 2018 (Sun - Sat)
New York


The module addresses fixed income financial instruments and their derivatives, covering types of debt instruments, interest rate structures and building the yield curve, the valuation of debt securities, debt default and related topics. There is also consideration of fixed income instruments in portfolio strategies, as well as the role of financial structures and options and derivatives such as credit default swaps. 


- Fixed income instruments and markets - cash and derivatives
- Term structure dynamics
- Fixed income valuation, default probability and portfolio optimization


Module 4
Applied Corporate Finance and Valuation
May 18-22, 2018 (Fri - Tue)
Hong Kong

This module focuses on the valuation of companies and the creation of shareholder value by looking at the interplay of corporate strategy and finance.  The module exposes participants to valuation frameworks that can readily be applied to improve business and strategic decision-making.


- Valuation of businesses and subsidiaries
- Value drivers
- Relative valuations
- Mergers and Acquisitions
- Payment methods and financing
- Takeover defences
- Cross-border transactions
- Corporate restructuring transactions - divestitures, spin-offs, and equity carveouts 
- Value creation in private equity transactions



Module 4
Bahavrioal Finance
May 18-22, 2018 (Fri - Tue)
Hong Kong



Module 5
Financial Markets and Corporate Finance in China
Jun 30 - Jul 3, 2018 (Sat - Tue)

This module provides an overview of China's financial markets, reform of financial institutions and corporate risk management. Students will gain an understanding of the recent development of financial services and corporate practices in China. In addition to regular lectures, there is also a speaker session delivered by industry practitioners.


- Financial Market in China
- Banking Reform
- Corporate Risk Management
- Speaker Sessions


Modules 6
Risk Management in Financial Institutions
Aug 21-30, 2018 (Tue - Thu)
New York

The module covers the state-of-the-art and new developments in major areas of risk management in financial institutions and business firms in general - credit risk, market risk, liquidity risk, operational risk, sovereign risk, strategic risk, and reputational risk. Emphasis is placed on risk integration.

- Market risk and liquidity risk, VAR and RAROC
- Credit risk and distressed debt
- Sovereign risk assessment
- Operational and reputational risk
- Risk integration


Module 6
Aug 21-30, 2018 (Tue - Thu)
New York

the course will introduce the current state of FinTech and discuss how financial institutions and their stakeholders are being affected by new technologies. Students will understand how traditional business models are being impacted by application of new technologies and how financial innovation impacts money and payment systems. The course offers a combination of case studies, lectures, and guest speakers, and will identify current trends and opportunities within the FinTech ecosystem.


Modules 6
Topics in Financial Markets and Innovation
Aug 21-30, 2018 (Tue- Thu) 
New York

Capstone module covering advanced topics in finance, the selection of which will depend on market developments and student interest. The module builds on material covered in other modules in the program, and is taught at the research-driven frontier.

- Financial market microstructure
- Behavioral finance
- Corporate restructuring
- Volatility
- Structured financial products 
- Credit and exotic derivative products
- Family-dominated and closely held firms
- Hedge funds


Group Integrative Project Presentations and Closing Ceremony
Nov 8-9, 2018 (Thu - Fri)
Hong Kong


- Integrative Project Presentations
- Speaker Session
- Social Activities
- Closing Ceremony


Throughout the year

A Group Project 

The aim of the project is to enable students to apply what they have learned in each module to the global banking and financial markets.  Students will work throughout the year on a team project, which will culminate with a presentation to a panel of faculty and executives from cooperating firms (if applicable).



is Professor of Finance at HKUST. He received his Master in Business Administration from the University of Delhi and a Doctor of Philosophy in Finance from the University of Pittsburgh where he was a Research Fellow at the ‘Center for the Study of Contracts and the Structure of Enterprise’.

Professor Goyal’s research interests are in empirical corporate finance, with an emphasis on capital structure and corporate governance. His research papers have been published in the Journal of Finance, Journal of Financial Economics, Journal of Business, Journal of Financial Intermediation, Finance Research Letters, Journal of Corporate Finance and the Pacific Basin Finance Journal. He has extensive teaching experience and won numerous teaching awards including the Michael G. Gale Gold Medal for Distinguished teaching, the Franklin Prize for teaching excellence and the best MBA core teacher award.


is Research Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brenner was an Associate Professor of Finance at the Hebrew University in Jerusalem. He was also a visiting professor at the University of California at Berkeley, the University of Bergamo, University of Melbourne and Tel-Aviv University. He also served as an Advisor to the Bank of Israel, and was a member of the board of directors of the Tel Aviv Stock Exchange and of the advisory panel on Emerging Markets Investable Indices at the International Finance Corporation. Professor Brenner received his Bachelor of Science in Economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in Business Administration from Cornell University.

Professor Brenner’s primary areas of research include derivative markets structure, option pricing, infl ation expectations, auctions, market effi ciency and liquidity. His articles have been published in numerous publications including the Journal of Finance, Journal of Financial Economics, Journal of Business and Journal of Financial and Quantitative Analysis.


is the Max L. Heine Professor of Finance at NYU Stern and the Director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions. He has been a visiting professor at the Hautes Etudes Commerciales and Universite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate School of Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Professor Altman was named to the Max L. Heine endowed professorship at Stern in 1988.

Professor Altman was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris and awarded the Graham & Dodd Scroll for 1985 by the Financial Analysts Federation and was named “Profesor Honorario” by the University of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and is also the Chairman of the Academic Advisory Council of the Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles. He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association (2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the “100 Most Influential People in Finance” by the Treasury & Risk Management magazine.

Professor Altman is one of the founders and an Executive Editor of the Journal of Banking and Finance and Advisory Editor of the John Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarly finance, accounting and economic journals. He was the editor of the Handbook of Corporate Finance and the Handbook of Financial Markets and Institutions and the author of Distressed Securities, Managing Credit Risk and Bankruptcy, Credit Risk and High Yield Junk Bonds (2002), Recovery Risk (2005), Corporate Financial Distress & Bankruptcy (3rd ed., 2005) and Recovery Risk (2005).

Professor Altman’s primary areas of research include bankruptcy analysis and prediction, credit and lending policies, risk management and regulation in banking, corporate finance and capital markets. He has testified before the U.S. Congress, the New York State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Board of the New York State Common Retirement Fund’s Investment Committee.


is Associate Professor of Finance at NYU Stern. Professor Carpenter teaches an MBA course on Debt Instruments and Markets, and a PhD course on continuous time finance. Professor Carpenter received her Bachelor of Science in Economics, Master of Arts in Finance, Master of Arts in Mathematics, and Doctor of Philosophy in Finance from the University of Pennsylvania.

Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund manager compensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business.

Before coming to Stern, Professor Carpenter worked at Goldman Sachs & Company in the fixed income division. She was also lecturer at the University of Pennsylvania.


has been on the faculty of New York University since 1978. He received his B.A. in Economics from Michigan State University in 1974 and his Ph.D. in Economics from Harvard University in 1978. At NYU Stern, he served as Faculty Director of Executive MBA Programs during 2007-2009, as Academic Director of the Langone MBA Program during 2004-2008, as Vice Dean for Faculty during 1994-1998, and as chairperson of the International Business Area during 1990-1994 and 1998-2003. He was Visiting Professor at the School of International Politics, Economics and Business at Aoyama Gakuin University, Japan, during 1985-1986, and a member of the U.S. Faculty of the National Center for Industrial Science and Technology Management Development at Dalian, Peoples Republic of China, in 1983. He was a Visiting Scholar at the Board of Governors of the Federal Reserve System in 1980.

Professor Pugel’s research focuses on international industrial competition, with emphasis on market structure, strategy, and performance, and on government policies toward international trade and industry. He is co-author of Microelectronics: An Industry in Transition and the co-editor of Fragile Interdependence: Economic Issues in U.S.-Japanese Trade and Investment. He has published numerous articles in professional journals and chapters in books. He is the author of the textbook International Economics (fourteenth edition). His teaching interests include global macroeconomics, the economics of firms and markets, and the economics of international trade and investment.

He has served as a research consultant to a number of U.S. government agencies, international organizations, and business organizations. Included among these are J.P. Morgan, Citicorp, Chrysler Corporation, the Federal Trade Commission, the Joint Economic Committee of the U.S. Congress, and the United Nations.


is the Charles E. Merrill Professor of Finance and Economics at NYU Stern. He holds a degree in Mechanical Engineering from the Indian Institute of Technology, Madras, a post-graduate diploma in Business Administration from the Indian Institute of Management, Ahmedabad and a doctorate in Finance and Economics from the Massachusetts Institute of Technology.

Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets and international finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Universita Guido Carli LUISS, Rome, Italy, Singapore Management University and Churchill College, Cambridge University.

He has served as a consultant for several corporations, industrial groups and financial institutions in the U.S., Europe, Asia and Latin America. He also sits on the boards of several companies including the ICICI Bank Ltd. (NYSE: IBN), Infosys Technologies Ltd. (NASDAQ: INFY), Metahelix Life Sciences (P) Ltd, Nomura Asset Management Inc, and the board of advisers of Apollo Management L.P. He serves as an advisor to international and government organizations including the Securities and Exchange Board of India. He has taught extensively on executive programs in more than twenty countries around the world.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal of Banking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journal of International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializing in derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporate securities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interest rates. He has published several papers in these areas in many of the leading international journals in economics and finance, including Econometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of Financial Studies. His recent books include Recent Advances in Corporate Finance (Irwin, 1985) and Financial Options: From Theory to Practice (Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products.

Professor Subrahmanyam has won several teaching awards including, most recently, New York University’s Distinguished Teaching Medal in 2003.


is the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern, and also serves as Director of the Stern Global Business Institute, an independent academic research center focusing on global economic and management issues.

Professor Walter received his B.A. and M.S. degrees from Lehigh University and his Ph.D. degree in 1966 from New York University. He taught at the University of Missouri - St. Louis from 1965 to 1970 and has been on the faculty at New York University since 1970. From 1971 to 1979 he was Associate Dean for Academic Affairs and subsequently served a number of terms as Chairman of International Business and Chairman of Finance as well as Director of the New York University Salomon Center for the Study of Financial Institutions from 1990 to 2003. He has had visiting professorial appointments at the Free University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute for Southeast Asian Studies in Singapore, and various other academic and research institutions including a collateral appointment as Professor of International Management at INSEAD since 1986.

Professor Walter’s principal areas of academic and consulting activity include international trade policy, international banking, environmental economics, and economics of multinational corporate operations. He has published papers in various professional journals in these fields and is the author, co-author or editor of 26 books, including Street Smarts: Linking Professional Conduct and Shareholder Value in the Securities Industry (Boston: Harvard Business School Press, 1997), The Political Economy of European Financial Integration (Manchester, Manchester University Press and Cambridge: MIT Press, 1997), High Finance in the Euro-Zone (London: Financial Times - Prentice Hall, 2000), and Mergers and Acquisitions in Banking and Finance – What Works, What Fails and Why? (New York: Oxford University Press, 2004). His new book, co-authored with Roy C. Smith, is Governing the Modern Corporation (New York: Oxford University Press, 2006).

Professor Walter has served as a consultant to various corporations, banks, government agencies and international institutions, and has held a number of board memberships.


is Associate Professor of Business Education at HKUST and the Project Director for the HKUST-NYU Stern MSc in Global Finance.  She received her MSc in Business Management from HEC and Masters in International Law from La Sorbonne.

Professor Lafon-Vinais is a seasoned market professional with over 20 years of banking and capital markets experience. Her extensive experience included loan syndications and assets sales (par and distressed debt), money markets, debt capital markets (including derivatives structured products distribution) and structured, trade and project in all the major financial markets in Europe, North America and Asia

A loans and syndications specialist, Professor Lafon-Vinais developed the secondary market for loans at First Chicago in London and was involved in the development of the EMTN market at its inception. She arranged and syndicated plain vanilla and structured transactions in Europe, the US and Asia for sovereign, public and corporate entities including the Kingdom of Spain, Republic of Ireland, ICO, ARCO Chemicals, Sinopec, COSCO, Cathay Pacific, FECSA, Endesa, Motorola and numerous financial institutions.


Xi Li is a professor at HKUST and the Managing Partner of XL Partners.  His research interest includes corporate governance, earnings management and disclosure policy, venture capital, and corporate events including initial public offerings, mergers and acquisitions, and leveraged buyouts.  His research has been published in top academic and practitioner journals.  He has also won various research awards from academic and practitioner associations.

Before joining HKUST, Professor Li worked for Acadian Asset Management and State Street Global Advisors as portfolio manager and senior researcher.  He is a frequent speaker at various industry events and has been working as an external consultant for private and government organization such as CIC and Value Partners. Professor Li has a M.A. in Economics from Tulane and a Ph.D. in finance from Vanderbilt.


is Associate Professor at HKUST. He received his Bachelor of Science, Master of Science, and Ph.D. degrees in Economics from the University of Copenhagen.  Professor Nielsen previously taught at The Chinese University of Hong Kong and Copenhagen Business School, and has been a visiting scholar at Stern School of Business at New York University.

Professor Nielsen’s research interests are corporate governance, entrepreneurial finance, family business, and household finance.  His research has featured in international newspapers and magazines including Business Week, Financial Times, Harvard Business Review, International Herald Tribune, The Economist, The Times of India, and Wall Street Journal.

On his area of expertise Professor Nielsen has served as an external advisor, consultant, and lecturer to government agencies and companies in China, Denmark, and Hong Kong.


Professor Jialin Yu is Associate Professor of Finance at the Hong Kong University of Science and Technology. Before joining HKUST, he was an associate professor at the Graduate School of Business at Columbia University. He has been a visiting associate professor at Princeton University. He holds Ph.D. degree in Economics from Princeton University, and bachelor degree in Economics from Fudan University.


Professor Yus research focuses on investments, behavioral finance, and Asian financial markets. His research articles have been published in the American Economic Review, Journal of Finance, Journal of Financial Economics, among others. His research was cited in the scientific background of the 2013 Nobel Prize in Economic Sciences. His research has received grants and awards from Morgan Stanley, KPMG, Hong Kong government, among others. He has received recognition of excellent teaching and honor in MBA teaching from HKUST.



David L. Yermack is the Albert Fingerhut Professor of Finance and Business Transformation at New York University Stern School of Business. He serves as Chairman of the Finance Department and Director of the NYU Pollack Center for Law and Business. Professor Yermack teaches joint MBA - Law School courses in Restructuring Firms & Industries and Bitcoin & Cryptocurrencies, as well as PhD research courses in corporate governance, executive compensation, and distress and restructuring.

Professor Yermack has been with NYU Stern since 1994. His primary research areas include boards of directors, executive compensation, and corporate finance. Professor Yermack has published more than 25 articles in leading academic journals in Finance, Accounting, Economics, and Law. He is a Faculty Research Associate of the National Bureau of Economic Research and has been a Visiting Scholar at the U.S. Federal Reserve Bank.

Professor Yermack received his Bachelor of Arts in Economics (1985), Master of Business Administration (1991), Juris Doctor (1991), Master of Arts in Business Economics (1993), and Doctor of Philosophy in Business Economics (1994) from Harvard University.