To introduce students in a rigorous but intuitive way to the equity market environment and alternative investment techniques. This module intends to define fundamental principles of performance analysis and discuss the scope and characteristics of several alternative investment strategies. It also describes the role of hedge funds and their activities in financial markets.

Performance Analysis
Preliminary Instruments and Definitions; Summary Statistics and Risk Measures; Risk-adjusted Measures of Performance; Market Timing and Persistence Analysis; Performance Manipulation.
Reading: Lhabitant, Chapters 19 and 20; Lecture Notes: Performance Analysis.

Hedge Funds: Definition, Organization and Classification
Characteristics; Databases and Biases; Organization and Structure; Strategies and Classifications.
Reading: Lhabitant, Chapters 4, 5, 6 and 21.

Investment Strategies: Part I
Long/Short Equities; Short-Selling; The Mechanisms of Long/Short Equity Investing; Dedicated Short and Market Neutral; Equity Market Neutral; Pair Trading; Statistical Arbitrage.
Reading: Lhabitant, Chapters 7 and 8; Lecture Notes: Statistical Arbitrage.

Investment Strategies: Part II
Fixed Income Arbitrage (Stripping, On-Off the Run Treasuries, Yield Curve, Swap and TED Spread Arbitrage); Global Macro (Speculative Attacks, Carry Trade, Euro Convergence); Technical Analysis (Moving Averages, Trading Ranges); Hedge Funds Assessment (Indeces, Performance and Diversification).
Reading: Lhabitant, Chapters 13, 15, 16, 21 and 23; Lecture Notes: Carry Trade.

Investment Strategies: Part III
Value Investing Screens (P/B and P/E Ratios, Dividend Yield); Contrarians and Activist Value Investing; Growth Investing Screens; Small-Cap; IPOs; Activist Growth Investing; Insider Trading; Financial Analysts; Event Studies (Earnings, Acquisitions, Stock Splits).
Reading: Lecture Notes: Value and Growth Investing, Public and Private Information; Event Studies.


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