FINS 5517 2022 - 程序代写
时间:2022-08-21
FINS 5517 2022 Term 2
Final Exam Announcement

[1] Exam time
3-5:30pm, August 22, Monday.
All times referred in this announcement are based on Australian Eastern Standard Time
(AEST, i.e., Sydney Time).
You will be able to access the exam link during 3-5:30pm, August 22.
Once you start to attempt the exam, you will have 2 hours only or until 5:30pm, whichever is
earlier, to complete it. At the end of the exam, all open (unsubmitted) answers will be
automatically submitted.

[2] Exam link
The exam link, named as “Final Exam” will be available in the “Final Exam – 2022 Term 2”
section on the course website.
In that section, you will also see various instructions about what you need to do before and
during the exam. I would like to especially emphasize the following items:
[a] Please make sure that you’ve installed Multi-Factor Authentication (MFA) app on
your mobile phone. It is required for accessing UNSW website – including Moodle
where you can complete your exam.
[b] Please read the file “Student guide for managing exam-day technical issues” posted
there
[c] Please access and read “Student Exam Declaration” file before you take the exam.
To save your time on the exam date, I strongly encourage you to do this before the exam
date or early in the exam date.

[3] Exam format
This is an online open-book exam. During the exam you can refer to any course material
including those on the course website.
However, you must complete the exam independently by yourself. Upon request, you will be
required to attend an online video interview with the LIC to explain your answers and test
your understanding of relevant knowledge points.

[4] Exam question format and coverage
[a] Total marks
The full mark for the final exam is 40 and counts 40% of the overall course mark.

[b] Exam questions
Section A: 20 questions, a mix of multiple choice questions and calculation questions where
you will need to fill in your calculated answer (1 mark per question, 20 marks in total)
Section B: 10 questions, a mix of multiple choice questions and calculation questions where
you will need to fill in your calculated answer (2 marks per question, 20 marks in total)
You can attempt questions within or across sections in any sequence that your prefer.

[c] Coverage
Lectures in weeks 1-9 (i.e., lectures 1-8) inclusively. The exam will cover all topics in lecture
notes. Please note that the lecture in week 10 (lecture 9) will not be assessed.
The marks are generally evenly distributed across covered lectures.
Please refer to the list of key topics for individual lectures at the end of this file.

[5] Special considerations
If you want to apply for a special consideration, please refer to the relevant procedure here:
https://www.student.unsw.edu.au/special-consideration
Note:
Applications can only be made through Online Services in myUNSW. Applications will not
be accepted by teaching staff.
The applications for special consideration for the final exam will be reviewed and decided by
a Business School special consideration panel (not by the LIC).

[6] Support for Students during the exam
Firstly, I will available online throughout the whole final exam period. If you need to talk to
me during the exam, you can find me in the Collaborate meeting room "Exam Emergency
Room" by clicking the link "Exam Emergency Room" that shows immediately below the
exam link on the course website.
You can also call me at +612 9385 4581.
If you think there is an error in an exam question, I won’t confirm whether it is the case, as I
cannot make any general announcement to all students even if there is an error (and it will be
unfair if I only inform individual students about the error). In this case, please simply try your
best to answer the question.

Technical support:
Wherever possible, take screenshots of your technical problem such as an error message in
loading a webpage. Screenshots should include the date and time the issue occurred. If you
are experiencing slow or unstable internet speed, run an internet speed test
(https://www.speedtest.net/) and take a screenshot of the speed test result.
Save your screenshots on your computer/laptop and send to your LIC with an explanation of
your technical problem. Having screenshots may assist your LIC to resolve your technical
issue more efficiently. If you apply for Special Consideration, having screenshots of your
technical issue may support your case.

For IT issues such as Moodle log in, hardware/software, wi-fi access, etc., students
should contact the UNSW IT Service Centre.
Email: itservicecentre@unsw.edu.au
Phone: +612 9385 1333
Support hours: Monday–Friday, 8.00am–8.00pm; Saturdays 11am to 3pm

For Moodle issues, students should contact External TELT Support:
Email: externalteltsupport@unsw.edu.au
Phone: +612 9385 3331
Support hours: Monday-Friday 8:00am-10:00pm; Saturdays-Sundays 9:00am-5:00pm


Appendix: List of key topics

Disclaimers:
I provide a list of key topics for individual lectures below for your reference. The point of this
list is to reflect the emphases of my lectures and thus the exam. However, the list is not
intended to be either exhaustive or precise – i.e., you may find topics not listed here showing
up in the exam, and topics listed here not showing up in the exam. All topics covered in the
lecture notes are examinable, unless indicated otherwise.
Further, the list is a bonus provided by me to facilitate your preparation of the exam. As such,
please do not expect me to further clarify individual topics listed here – it is up to you to
interpret this list and decide how to use this list. On a related note, unless necessary, I won’t
respond to enquiries on the exam coverage, as I indicated above and emphasized again -- All
topics covered in the lecture notes are examinable, unless indicated otherwise.

Details
Lectures 1&2 Portfolio theory:
Utility and preference, and utility indifference curves
Expected return and volatility/variance/covariance of portfolios (of risky assets)
Diversification benefit
Efficient frontier of risky assets
The process of identifying the optimal risky portfolio when there is no risk-free asset
Expected return and volatility of a complete portfolio comprising of a risk-free asset and
risky assets
The process of identifying the optimal risky portfolio when there is a risk-free asset
The properties of the optimal risky portfolio with the presence of risk-free assets (with or
without borrowing constraints)
The Capital Allocation Line
The optimal portfolio allocation to the optimal risky portfolio and the risk-free asset
Two-fund separation theorem

Lecture 3 Capital asset pricing model:
Risk-return tradeoff for individual securities under optimal portfolio theory
CAPM and expected return calculation
Beta calculation and interpretation
Security Market Line
Portfolio beta calculation
Systematic risk versus idiosyncratic risk
The uses of CAPM

Lecture 4 APT and factor models:
The expression of risk-premium (i.e., expected return minus risk-free rate) of a risky asset as
factor loadings multiplied by factor risk premia
No-arbitrage conclusion: well-diversified portfolios with same beta should earn same
expected return
Construct mimicking portfolios for factors and the risk-free asset
Calculate factor risk premia and risk-free rate from well-diversified portfolios
Infer arbitrage opportunity and design arbitrage strategies from multiple well-diversified
portfolios
Fama-French-Carhart four-factor model
CAPM versus APT
Lecture 5 Active management:
Calculate CAPM alpha and assess mispricing accordingly
Treynor-Black Model:
Form the active portfolio of mispriced assets optimally
Calculate information ratio for both individual mispriced assets and the optimally
formed active portfolio
Form the final optimal risky portfolio with the passive portfolio and the optimal active
portfolio
The Sharpe ratio of the final optimal risky portfolio when there are mispriced assets
Black-Litterman Model
The intuition and basic ideas
Comparison with Treynor-Black Model

Lecture 6 Performance evaluation:
The general principles of performance evaluation
Performance measures (calculation and the context to use for each measure)
Performance attribution (asset allocation versus security selection)

Lectures 7 Efficient market hypothesis:
EMH concept
Random walk and efficient prices
Different forms of EMH
Assessing market efficiency and its violation

Lecture 8 Behavioral finance:
Behavioral biases potentially contributing to information processing errors:
Limited attention
Anchoring
Overconfidence
Conservatism
Extrapolation and pattern recognition
Behavioral biases potentially contributing to irrational investment decisions:
Framing and mental accounting
Regret avoidance
Affect and feelings
Loss aversion
Limits to arbitrage factors:
Implementation costs
Model risk
Fundamental risk
Noise trader risk


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