WISE Course Brochure (2014-2015)

Course Brochure 2016-2017

Wang Yanan Institute for Studies in Economics

Xiamen University

May 2017

Table of Contents Overview of Degree Programs at WISE ....................................................................................................................................6 Part One ........................................................................................................................................................................................7 Curriculum .....................................................................................................................................................................................7

1. International Undergraduate Experimental Program ......................................................................................... 8 2. Undergraduate Double Degree Programs .......................................................................................................... 9 3. WISE-SOE International Master’s Programs .................................................................................................. 12 4. Master and PhD Programs ............................................................................................................................... 16

International Undergraduate Experimental Program (Fall Semester) ......................................................................................... 17 Part Two ...................................................................................................................................................................................... 17 Course Information ...................................................................................................................................................................... 17

1. Business Communication (I) ........................................................................................................................... 18 2. Business Communication (IV) ......................................................................................................................... 19 3. Chinese Economy ............................................................................................................................................ 20 4. Econometrics II ................................................................................................................................................ 20 5. Game Theory ................................................................................................................................................... 21 6. Industrial Organization .................................................................................................................................... 22 7. International Finance ....................................................................................................................................... 23 8. Introduction to Probability Theory .................................................................................................................. 23 9. Investments ...................................................................................................................................................... 24 10. Law Economics ............................................................................................................................................... 24 11. Literature Review and Thesis Writing ............................................................................................................. 25 12. Macroeconomics .............................................................................................................................................. 26 13. Mathematical Economics ................................................................................................................................. 26 14. Principles of Accounting .................................................................................................................................. 27 15. Principles of Economics .................................................................................................................................. 27 16. Urban Economics ............................................................................................................................................. 28 17. Economic History ............................................................................................................................................ 28

International Undergraduate Experimental Program (Spring Semester)............................................................................. 29 1. Business Communication (Ⅱ) ......................................................................................................................... 29 2. Business Communication (V) .......................................................................................................................... 30 3. Corporate Finance ............................................................................................................................................ 31 4. Economic Growth ............................................................................................................................................ 31 5. Linear Algebra I ............................................................................................................................................... 32 6. Environmental Economics ............................................................................................................................... 33 7. Experimental Economics ................................................................................................................................. 33 8. Financial Economics ........................................................................................................................................ 34 9. International Trade ........................................................................................................................................... 34 10. Mathematical Statistics .................................................................................................................................... 35 11. Microeconomics .............................................................................................................................................. 35 12. Microeconometrics and Applications .............................................................................................................. 36 13. Mathematical Economics ................................................................................................................................. 36 14. Development Economics ................................................................................................................................. 37 15. Financial Derivatives ....................................................................................................................................... 37 16. Socialist Political Economics（In Chinese) .................................................................................................... 38

International Undergraduate Experimental Program (Summer Term) ................................................................................. 39

1. Business Communication (III) ......................................................................................................................... 39 2. Business Communication (VI) ......................................................................................................................... 39

Undergraduate Double Degree Programs (Fall Semester) ........................................................................................................ 40 1. Application of Financial Econometrics ........................................................................................................... 40 2. Asset Pricing / Financial Economics ............................................................................................................... 41 3. Business Communication and Culture ............................................................................................................. 41 4. Chinese Economy ............................................................................................................................................ 42 5. Computational Data Analysis Using Software ................................................................................................ 43 6. Corporate Finance ............................................................................................................................................ 43 7. Econometrics I ................................................................................................................................................. 44 8. International Finance ....................................................................................................................................... 44 9. Mathematical Economics ................................................................................................................................. 45 10. Microeconometrics and Applications .............................................................................................................. 46 11. Principles of Economics .................................................................................................................................. 46 12. Probability Theory ........................................................................................................................................... 47 13. Regression Analysis ......................................................................................................................................... 47 14. Financial Time Series Analysis ........................................................................................................................ 48 15. Time Series / Financial Econometrics ............................................................................................................. 48 16. Urban Economics ............................................................................................................................................. 49 17. Financial Risk Managment .............................................................................................................................. 49 18. Portfolio Management ..................................................................................................................................... 50 19. Bayesian Statistics（In Chinese） .................................................................................................................. 51

Undergraduate Double Degree Programs (Spring Semester) .............................................................................................. 52 1. Business Communication and Culture ............................................................................................................. 52 2. Data Mining ..................................................................................................................................................... 53 3. Econometrics II ................................................................................................................................................ 54 4. Financial Mathematics ..................................................................................................................................... 54 5. Macroeconomics .............................................................................................................................................. 55 6. Mathematical Statistics .................................................................................................................................... 55 7. Microeconomics .............................................................................................................................................. 56 8. Multivariate Statistical Analysis ...................................................................................................................... 56 9. Financial Derivatives ....................................................................................................................................... 57 10. International Economics .................................................................................................................................. 57 11. Time Series Analysis ....................................................................................................................................... 58 12. Undergraduate Thesis Writing ......................................................................................................................... 58 13. International Trade ........................................................................................................................................... 59

WISE-SOE International Master’s Programs (Fall Semester) ............................................................................................... 60 1. Advanced Econometrics I ................................................................................................................................ 60 2. Advanced Macroeconomics I .......................................................................................................................... 60 3. Advanced Microeconomics I ........................................................................................................................... 61 4. Asset pricing I .................................................................................................................................................. 61 5. Business Statistics ............................................................................................................................................ 62 6. Chinese Economy ............................................................................................................................................ 63 7. Econometrics ................................................................................................................................................... 63 8. Financial Economics ........................................................................................................................................ 64 9. Financial System in China ............................................................................................................................... 65 10. Fixed Income Analysis .................................................................................................................................... 65

11. Game Theory ................................................................................................................................................... 66 12. Industrial Organization .................................................................................................................................... 67 13. International Finance ....................................................................................................................................... 68 14. International Trade ........................................................................................................................................... 68 15. Introductory Mathematical Economics ............................................................................................................ 69 16. Investment ....................................................................................................................................................... 69 17. Labor Economics ............................................................................................................................................. 70 18. Law Economics ............................................................................................................................................... 70 19. Literature Review and Thesis Writing ............................................................................................................. 71 20. Macroeconomics .............................................................................................................................................. 72 21. Microeconometrics and Application ................................................................................................................ 72 22. Microeconomics .............................................................................................................................................. 73 23. Selected Issues on China.................................................................................................................................. 73 24. Time Series Analysis I ..................................................................................................................................... 74 25. Urban Economics ............................................................................................................................................. 74

WISE-SOE International Master’s Programs (Spring Semester) .......................................................................................... 76 1. Advanced Corporate Finance........................................................................................................................... 76 2. Applied Micro-econometrics ........................................................................................................................... 76 3. Asset Pricing II: Continuous‐time Models and Risk Management ............................................................... 77 4. Chinese Economy:Transitions and Growth ..................................................................................................... 77 5. Chinese Taxation .............................................................................................................................................. 78 6. Corporate Finance ............................................................................................................................................ 78 7. Derivative Analysis .......................................................................................................................................... 79 8. Econometrics ................................................................................................................................................... 79 9. Economic Growth ............................................................................................................................................ 80 10. Environmental Economics ............................................................................................................................... 80 11. Experimental Economics ................................................................................................................................. 81 12. Fixed Income Analysis .................................................................................................................................... 81 13. Time Series Analysis ....................................................................................................................................... 82 14. Microeconometrics and Application ................................................................................................................ 82 15. Multivariate Statistics Analysis........................................................................................................................ 83 16. Stochastic Process ............................................................................................................................................ 84 17. Investment ....................................................................................................................................................... 84

Master and PhD Programs (Fall Semester) ............................................................................................................................ 85 19. Time Series Analysis I ..................................................................................................................................... 85 20. Law Economics ............................................................................................................................................... 86 21. Asset Pricing I: Discrete-time Models and Empirics ....................................................................................... 87 22. Fixed income analysis ...................................................................................................................................... 87 23. Financial Statement Analysis ........................................................................................................................... 89 24. Advanced Topics on Finance ........................................................................................................................... 90 25. Labor Economics ............................................................................................................................................. 90 26. Urban Economics（In Chinese） ................................................................................................................... 90 27. Advanced Topics on Macroeconomics I: Monetary Economics and International Finance ............................ 91 28. Microeconometrics and Panel data .................................................................................................................. 91 29. Applied Nonparametric Econometrics ............................................................................................................. 92

Master and PhD Programs (Spring Semester) ....................................................................................................................... 94 30. Asset pricing II: Continuous-time Models and Risk Management .................................................................. 94

31. Advanced Corporate Finance........................................................................................................................... 95 32. Applied Microeconometrics ............................................................................................................................ 96 33. The Chinese Economy: Transitions and Growth ............................................................................................. 96 34. Derivatives Analysis ........................................................................................................................................ 97 35. Security Investment: Value Investing Practice ................................................................................................. 97 36. Thesis Writing & Master Opening report ........................................................................................................ 98 37. Professional English Writing ........................................................................................................................... 99 38. Environmental Economics ............................................................................................................................... 99 39. Experimental Economics ............................................................................................................................... 101

Note:

1. Most of the courses listed in this brochure are taught in English. A few courses taught in Chinese are marked. 2. Normally, each course credit requires 16- 18 credit hours of teaching. 3. In the curriculum, the course type notation "C" stands for compulsory courses and “E” for elective courses. 4. Some programs share the same courses, and these courses are only listed in the program that has the

majority of students enrolled in the class. If a course appearing in one program curriculum but missing from its collection of syllabi, please locate it from other programs using the search function on the course title.

Overview of Degree Programs at WISE

WISE focuses on high-quality economics and finance education, frontier research, and intensive international academic exchanges and cooperation. With excellent faculty members recruited from top overseas universities, all academic programs are conducted in English at the international standard.

Bachelor’s Degree Programs

Four-year Undergraduate Program Two/Three-year Double Degree Program for undergraduate students from other schools at XMU

Economics Economics | Finance | Statistics

Master’s Degree Programs

Three-year Master’s Programs for Chinese Students Two-year Master’s Programs for International Students at WISE and the School of Economics (SOE)

Academic Master’s Programs Western Economics Quantitative Economics Finance Labor Economics Statistics Regional Economics

WISE: Finance Financial Engineering Western Economics (Economic Theory) Management Economics Quantitative Economics

Professional Master’s Programs Finance Applied Statistics

SOE International Trade (International Business)

PhD Programs Four-year

Western Economics Quantitative Economics Finance Labor Economics Statistics Regional Economics

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Part One Curriculum

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1. International Undergraduate Experimental Program

Economics

Course Name Course Type Credit

1st Year Fall Semester

Principles of Accounting C 3 Principles of Economics C 3 Business Communication I C 1

Spring Semester Microeconomics C 3 Linear Algebra C 3 Business Communication II C 1

Summer Term Business Communication III C 1

2nd Year Fall Semester

Business Communication IV C 1 Macroeconomics C 3 Introduction to Probability Theory C 3

Spring Semester Financial Economics C 3 Mathematical statistics C 3 Economic History C 3 Business Communication V C 1 History of Economic Doctrines E 3 Socialist Political Economics

E 3 Summer Term

Business Communication VI C 1 3rd Year

Fall Semester Econometrics C 3 Mathematical Economics C 3 Chinese Economy C 3 International Finance E 3 Urban Economics E 3 Corporate Finance E 3

Spring Semester Economic Growth E 3 Time Series Analysis E 3 Law and Economics E 3 Financial Statement Analysis E 3 Environmental Economics E 3 International Trade E 3 Categorical Data Analysis E 3

4th Year Fall Semester

Thesis Writing I C 3 Game Theory E 3 Other Elective Courses

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2. Undergraduate Double Degree Programs

Economics

Course Name Course Type Credit 1st Year

Fall Semester Microeconomics I C 4

Econometric I C 4

Macroeconomics I C 4

Mathematical Economics C 4

Spring Semester Econometric II C 4

Microeconomics II C 4

Macroeconomics II C 4

Financial Mathematics C 4

Summer Term Business Communication* C 3


Business Communication* C 4

Microeconometrics and Applications C 4

Time Series Econometrics and its Applications C 4

Asset Pricing E 4

International Finance E 4

Spring Semester Business Communication* C 4

Urban Economics E 4

Financial Derivatives Analysis E 4

Corporate Finance E 4

Application of Financial Econometrics E 4

Undergraduate Thesis Writing E 2

*For Business Communication, students only need to take it once during their study period.

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Finance




Microeconomics I C 4

Econometric I C 4

Macroeconomics I C 4

Mathematical Economics C 4

Spring Semester Econometric II C 4

Microeconomics II C 4

Macroeconomics II C 4

Financial Mathematics C 4



Asset Pricing C 4

Financial Econometrics C 4

International Finance E 4

Microeconometrics and Applications E 4

Spring Semester Financial Derivatives Analysis E 4

Actuarial Science and Insurance

E 4

Corporate Finance E 4

Urban Economics E 4

Application of Financial Econometrics

E 4

Stochastic Processes E 4


*For Business Communication, students only need to take it once during their study period.

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Statistics




Probability Theory C 4

Spring Semester Mathematical Statistics C 4

Principles of Economics E 4


Regression Analysis C 4

Computational Data Analysis Using Software

C 4

Time Series Analysis C 4

Financial econometrics E 4

Spring Semester Multivariate Statistical Analysis C 4

Data Mining C 4

Categorical Data Analysis E 4

3rd Year Fall Semester

Asset Pricing C 4

Actuarial Science and Insurance (Chinese) E 4

Microeconometrics and Applications E 4

Spring Semester Stochastic Processes E 4

Application of Financial Econometrics E 4


*Business Communication will be offered in each semester (including the Summer Term) from the first year to the third year. Students only need to take it once during their study period.

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3. WISE-SOE International Master’s Programs

Master of Economics in Finance


Fall Semester Macroeconomics C 3 Microeconomics C 3 Business Statistics C 3 Financial Economics C 3 Chinese Language Basic I C 2

Spring Semester Econometrics C 3 Corporate Finance* C 3 Fixed Income Analysis* C 3 Derivatives Analysis* C 3


Other elective courses

Courses marked with *: Provided by other programs at WISE

Master of Economics in Financial Engineering


Fall Semester Macroeconomics C 3 Microeconomics C 3 Business Statistics C 3 Financial Economics C 3 Chinese Language Basic I C 2

Spring Semester Econometrics C 3 Stochastic Processes* C 3 Time Series Analysis* C 3 Derivatives Analysis* C 3




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Master of Economics in Management Economics

.

Master of Economics in Western Economics (Economic Theory)


1st Year

Fall Semester

Advanced Macroeconomics I* C 3

Advanced Microeconomics I* C 3

Advanced Econometrics I* C 3

Mathematical Economics* C 3

Chinese Language Basic I C 2

Spring Semester

Advanced Macroeconomics II* C 3

Advanced Microeconomics II* C 3

Advanced Econometrics II* C 3

Foundations of Finance* C 3

2nd Year

Fall Semester




1st Year

Fall Semester

Macroeconomics C 3

Microeconomics C 3

Business Statistics C 3

Financial Economics C 3


Spring Semester

Econometrics C 3

Corporate Finance* C 3

2nd Year

Fall Semester

Advanced Macroeconomics* C 3

Advanced Microeconomics* C 3



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Master of Economics in Quantitative Economics


1st Year

Fall Semester

Macroeconomics C 3

Microeconomics C 3



Spring Semester

Econometrics C 3

Financial Econometrics * C 3

Categorical Data Analysis * C 3

Multivariate Statistics Analysis* C 3

Mathematical Statistics * C 3

Applied Non-parametric Econometrics* C 3

2nd Year

Fall Semester

Time Series Analysis I* C 3

Time Series Analysis II* C 3

Micro-econometrics* C 3

Micro-econometrics and Application* C 3

Spatial Econometrics* C 3


- Courses marked in italic: Major core courses; subject to availability.

- Students should choose four of the ten major core courses.

- Courses marked with *: Provided by other programs at WISE.

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Master of Economics in International Trade (International Business)


1st Year

Fall Semester

Macroeconomics C 3

Microeconomics C 3



Spring Semester

Econometrics C 3

Taxation in China C 3

2nd Year

Fall Semester

Chinese Economy* C 3

Financial System in China C 3

International Trade C 3



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4. Master and PhD Programs


Fall Semester Advanced Macroeconomics I C 3 Advanced Microeconomics I C 3 Advanced Econometrics I C 3 Mathematical Economics C 3 Financial Statement Analysis* C 3

Spring Semester Advanced Macroeconomics II C 3 Advanced Microeconomics II C 3 Advanced Econometrics II C 3 Advanced Financial Economics C 3 Advanced Corporate Finance C 3

2nd Year

Fall Semester Applied Nonparametric Econometrics E 3 Advanced Topics on Macroeconomics I E 3 Micro-Econometrics E 2 Professional Writing and Oral English (Master) C 3 Time Series Analysis I E 3 Labor Economics E 3 Asset Pricing I E 3 Advanced Topics on Finance E 3 Security Investment E 3 Urban Economics* E 3

Spring Semester Asset pricing II E 3 Law and Economics* E 3 Derivatives Analysis E 3 Environmental Economics* E 3 Thesis Writing and Master Opening Report E 3 Professional English Writing (PhD) E 3 The Chinese Economy: Transitions and Growth E 3 Fixed Income Analysis E 3 Applied Microeconometrics E 3 Advanced Topics on Macroeconomics II E 3 Topics in Financial Innovations E 3

Courses marked with * are offered by other programs at WISE.

16

Part Two Course Information

17

International Undergraduate Experimental Program (Fall Semester)

1. Business Communication (I)

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Nick Mofrad

Reference Book:

Essentials of Management: An International Perspective; H. Koontz, Heinz Weihrich

International Management: Culture, Strategy, and Behaviour; F. Luthans, J. P. Doh

International Business; Wild, Wild & Han

Principles or Marketing from an Asian Perspective; Kotler, Armstron, Ang, Leong

Principles of Management; Carpenter, Bauer & Erdogan

Other sources shall also be implemented.

Course Description:

Koontz & Weihrich, in their book Essentials of Management, state “the purpose of communication in an enterprise is

to effect change – to influence action toward the welfare of the enterprise.” And John Hooker of Tepper School of Business

at Carnegie Mellon University says, “Communication is fundamental in business, because business is a collaborative

activity.”

This course, Business Communication & Culture seeks, among other things, to explore and deepen your

understanding, not only the field of communication, but also in a broader sense, of how it relates to the international

business society and culture of the Eastern and Western world by your initiative to create an interactive communicative

process of sharing knowledge and information, and by the construction of meaningful exchanges across those cultures.

The goal shall be to develop and acquire business communicative skills through the:

Sharpening your English language skills – speaking, listening, reading & writing

Deepening of your understanding of the field of communication – how it works; how it is used to better understand

how organizations work, and how it is used to make organizations function the way they do

Understanding that communication styles vary enormously around the world – from culture to culture – and how

these contribute to a staggering number of business organization and management styles

Exploring international management techniques and their relationships to the external environment, our social

responsibility and ethics, involved in creating successful organizations.

Gaining knowledge of how an organizational culture creates specific communication expectations

Understanding the expectations of various cultures so as to become comfortable adjusting to the new language

and different ways of doing things

Understanding the important values and perspectives that come from different cultures

Focusing on communication methods and processes that can assist in understanding how you as an individual,

can influence any organizational culture

Adapting to a multi-perspective view of organizational cultures

Acquiring knowledge of quantitative and qualitative techniques for conducting analyses of organizational cultures

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Examining how any organizational culture is shaped by communication technology and globalization

Evaluating written articles and other material about social, political and ethical situations for doing business within

different cultures.

2. Business Communication (IV)

Targeted Programs:

Second year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Roslyn Bowers

Reference Book:






Course Description:


to effect change – to influence action toward the welfare of the enterprise.” And John Hooker of Tepper School of Business

at Carnegie Mellon University says, “Communication is fundamental in business, because business is a collaborative

activity.”

This course, Business Communication and Culture seeks, among other things, to explore and deepen students’

understanding of not only the field of communication, but also in a broader sense how it relates to the international

business society and culture of the East and Western world. These goals shall be achieved by initiating an interactive

communicative process of sharing knowledge and information and creating and making meaning.

The goal shall be to:

BC4:

Deepening one’s understanding of the field of communication – how it works

Understanding communication to acquire knowledge of the functionality of organizations

Cultivating time management skills – avoiding procrastination, effective organization of time

How is communication used to make organizations function to its maximum

Communication styles – how these styles vary around the world from culture to culture

Netiquette – effective internet communicating

How communication styles contribute to the variety of business styles existent worldwide

Gaining knowledge of how an organizational culture creates specific communication expectations

Effective and persuasive business writing – letters, memos, etc.

Evaluate articles and other material about social, political and ethical situations for doing business within varying

cultures.

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3. Chinese Economy

Targeted Programs:

Third year students

Course Type:

Compulsory

Prerequisite: Principle of Economics

Instructors:

Reference Book:

Barry Naughton, The Chinese Economy: Transition and Growth

Loren Brandt and Thomas Rawski. 2008. China's Great Economic Transformation, Cambridge University Press

Course Description:

The course provides a general introduction to the background and current structure of Chinese economy. It aims to help

students understanding sources of Chinese economic growth and analyzing economic problems in China using empirical

and theoretical approaches. After the training of the class, students should get a understanding of the Chinese economy

and be able to use empirical or theoretical skills to analyze questions related to Chinese Economy. We will first cover the

basic geographic and demographic backgrounds, and then a brief introduction on economic growth history in China.

Following it, we will mainly explore the behavior and decision-making of main players in the economy, including firms,

governments and households. Throughout the way, we will integrate industrialization, decentralization and urbanization

together. In the end, the course will cover specific fields including trade and financial system in China.

4. Econometrics II

Targeted Programs:

Third year students

Course Type:

Compulsory

Prerequisite: Probability Theory

Statistics

Instructors:

Xuexin WANG

Reference Book:

Required: Stock, J.H. and Watson, M. W. , Introduction to Econometrics, 3rd Edition, Pearson Education, 2010.

Optional: Wooldridge, J.M., Introductory Econometrics, 4th Edition, South-WesternCollege Publishing, 2009.

Course Description:

Econometrics introduces students to multiple regression methods for analyzing data in economics and related disciplines.

Extensions include regression with discrete random variables, instrumental variables regression, and regression with time

series data. The objective of the course is for the student to learn how to conduct and how to criticize empirical studies in

economics and related fields.

20

5. Game Theory

Targeted Programs:

Third and fourth year students

Course Type:

Elective

Prerequisite:

Instructors:

Yun Wang

Reference Book:

Textbook: An Introduction to Game Theory, by Martin J. Osborne, Publisher: Oxford University Press (August 7, 2003),

ISBN-10: 0195128958, ISBN-13: 978-0195128956

Reference: Game Theory for Applied Economists, by Robert Gibbons, Princeton University Press Reprint edition (July 13, 1992), ISBN-10: 0691003955, ISBN-13: 978-0691003955

Course Description:

This course introduces students to the basic concepts of game theory, which is the theory of strategic interactions. The

emphasis is on the unifying perspective that game theory offers to questions in economics, and many other disciplines

including business, biology, political science as well as everyday life. The basic concepts of game theory will be presented

using a wide range of substantive and intellectually stimulating applications. After completing this course students will be

able to view social interactions as strategic games, to use game theoretic concepts to predict behavior in these

interactions and to conceive of ways in which altering the rules of the game will affect outcomes.

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6. Industrial Organization

Targeted Programs:


Course Type:

Elective

Prerequisite: Microeconomics

Instructors:

Brett GRAHAM

Reference Book:

Church, Jeffrey and Ware, Roger, Industrial Organization: A Strategic Approach, Berkeley Electronic Press, 2000.

Course Description:

In general equilibrium models the standard neoclassical assumption is that agents take prices as given, and may

therefore ignore the decisions of others in the market. The assumption is reasonable when there are a large number of

firms (and consumers) but is unrealistic in most markets.

This course will first consider how firms act when they face no competition from other firms for the sale of their

product, i.e., when the firm is a monopolist. In such environments the firm is a price seeker, searching for the

price-quantity-quality combination that maximizes profit. We will study not only the implications for price and quantity of

monopoly markets but also the impact on social welfare. Furthermore we will consider how non-linear pricing and quality

choices can firm profit and social welfare.

When there are only a few firms operating in a market, firms must make strategic choices, i.e. the decisions of

competing firms must be considered when a firm makes its own decision. In this course we analyze market outcomes in

the presence of such strategic interaction.

One of the main concepts associated with this strategic interaction is market power. What are the determinants of

market power? How do firms create, utilize, and protect it? When are antitrust enforcement or regulation appropriate policy

responses to the creation, maintenance, or exercise of market power?

This course emphasizes the importance of strategic competition and how firms can shelter their market power and

economic profits from competitors. The focus on firm conduct to acquire and maintain market power also establishes the

intellectual foundation for determining appropriate government policy in such environments.

22

7. International Finance

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Dingming Liu

Reference Book:

International Economics: Theory and Policy, by Paul Krugman and Maurice Obstfeld (9th Edition, 2012) published by

Addison Wesley

International Macroeconomics lecture notes by Stephanie Schmitt-Grohe and Martin Uribe

International Macroeconomics, by Robert C. Feenstra and Alan M. Taylor, 2nd edition, Worth Publishers

Course Description:

This course introduces basic empirical facts and theoretical framework to study topics in international

macroeconomics. Specific topics include balance-of-payments accounting, international capital flows, exchange rate

determinations, and macroeconomic policy in open economies. Students will have the opportunity to develop insight

on how the global economy behaves and how this behavior affects their life.

8. Introduction to Probability Theory

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Seong Yeon CHANG

Reference Book:

Ross, S. (2009), A First Course in Probability, Prentice Hall, 8th edition. (required)

Casella, G. and R. Berger (2002), Statistical Inference, Duxbury Press, 2nd edition.

Course Description:

This course is an introductory level probability course with a focus on the theoretical foundations of probability theory. The

primary objective is to provide an introduction to probability theory necessary for the subsequent study of statistics and

econometrics. Topics covered include methods of counting, axioms of probability, random variables, discrete and

continuous probability distributions, expectation, moment generating functions, conditional probability and conditional

expectations, multivariate distribution, Markov’s and Chebyshev’s inequalities, laws of large numbers, and the central limit

theorem.

23

9. Investments

Targeted Programs:

Third and Fourth year students

Course Type:

Elective

Prerequisite:

Instructors:

Mengmeng Ao

Reference Book:

Investments (any recent version), Z. Bodie, A. Kane, A.J. Marcus, Mc-Graw Hill Education

Essentials of Investments (9th edition), Z. Bodie, A. Kane, and A.J. Marcus, 2013, Mc-Graw Hill Education. ISBN

978-007-714824-9.

Course Description:

This course provides you with an introduction to the most fundamental aspects of investments, and possesses both

theoretical and practical characteristics. The course aims at illustrating basic knowledge and skills about investments, and

guiding studentsto systematically understand basic concepts and functions of financial markets, portfolio theory and

financial assets allocation, investment analysis and management, pricing and using financial derivatives, investment

performance evaluation etc. Through the course, students will learn about the investment principles in financial markets,

and apply what they learn to analyze and explain investment phenomena in real economic world, get prepared for further

study and research, and enhance practical investment abilities.

10. Law Economics

Targeted Programs:

Third year students

Course Type:

Elective

Prerequisite:

Instructors:

Cheryl Long

Reference Book:

Richard Posner, Economic Analysis of Law (Apsen), or 蒋兆康译中文版，法律出版社。

Required Textbook:

Robert Cooter and Thomas Ulen, Law and Economics (Addison-Wesley, 6 ed.), or 史晋川译中文版，格致出版社/上海

三联书店/上海人民出版社;

Course Description:

24

This course provides an introduction to law and economics. Standard economic theory will be applied to analyze law and

legal institutions and to study the origin, nature, and consequences of the "rules of the game" as they pertain to individual

and group behaviors. Specifically, applications of economic theory in property law, contract law, tort law, crime and

prosecution, and other related topics will be discussed.

11. Literature Review and Thesis Writing

Targeted Programs:

Fourth year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Lei Meng

Reference Book:

傅十和、朱迪⋅M.佩雷拉合著. 2012. 如何撰写并发表英文经济学论文. 上海: 格致出版社.

Cochrane, John H. 2005. “Writing Tips for Ph.D. Students.” Working Papers.

Dudenhefer, Paul. 2009. “A Guide to Writing in Economics.” EcoTeach Center and Department of Economics, Duke

University.

Neugeboren, Robert and Mireille Jacobson. 2005. “Writing Economics.” The Harvard Writing Projects.

Course Description:

The primary goal of this course is to help undergraduate students complete their theses in a satisfactory manner. In order

to achieve this goal, this course is designed as follows. First, the course provides a structure for the students through a

series of take-home assignments and in-class practices, so that students can make progress on their theses through

frequent production of written material which is directly related to their theses. Second, the course provides students an

opportunity to orally present their work and receive feedback from instructor and peers. Third, the course introduces

students to the ethics, the elements, and the structure of thesis writing. It familiarizes students with academic research

process and professional standards. We will discuss the turning of a general topic to a specific research question suitable

for an undergraduate thesis, the search for suitable data, the academic standard of citation, literature search and the

writing of a literature review, the empirical research, and thesisformatting issues.

25

12. Macroeconomics

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Marcel Bluhm

Required Textbook:

G. Mankiw (2016): Macroeconomics, 9. Edition, New York: Worth Publishers

Course Description:

This is a course in macroeconomics for the WISE-SOE International Merit Class. The main objective of the course is to

provide participants with a thorough understanding of macroeconomic theory. The course covers classical economic

theory, economic growth theory, and business cycle theory. This framework provides the basis to analyze several current

macroeconomic policy questions during the course.

13. Mathematical Economics

Targeted Programs:

Third year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Yu REN

Required Textbook:

Mathematical for Economics, First Edition, by Carl P. Simon and Lawrence Blume ISBN 0-393-95733-0

Alpha C. Chiang “Fundamental Methods of Mathematical Economics”, 1ST edition

Course Description:

This course mainly introduces the mathematical methods in the study of economics. On the basis of calculus and linear

algebra, this course will focus on the optimization problem of high dimensional space and the solution of differential

equation. In addition, this course will introduce the concrete application of the mathematical method in economics. The

main task is to strengthen the students' mathematics foundation, to do preparation for further study

26

14. Principles of Accounting

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Zhigang Qin

Reference Book:

Principles of accounting, 21st Edition, by Wild, Shaw and Chiappetta, Mc Graw Hill Education.

Course Description:

This course covers principles of accounting, especially financial accounting. The main focus will be the concepts,

methods, and uses. The objectives of the course are:

To help students develop a sufficient understanding of the basic concepts underlying accounting process and financial

statements so that they can apply the concepts to new and different situations.

To train students in accounting terminology and methods so that they can prepare, interpret, analyze, and evaluate

financial statements currently published in corporate annual reports.

15. Principles of Economics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Jiaming MAO

Reference Book:

N. Gregory Mankiw, Principles of Economics, Edition TBA

Course Description:

This course provides an introduction to the principles and theories of Economics. The course is split between the

study of microeconomics, which focuses on the decision making of individuals and firms, and the study of

macroeconomics, which examines the behavior of aggregate economic variables such as output, consumption, inflation,

and unemployment. The goal of the course is to equip students with a fundamental understanding of how the economy

works and allow them to apply basic economic theories and intuition to analyze real life problems. The course serves as a

foundation for intermediate micro- and macroeconomics.

27

16. Urban Economics

Targeted Programs:


Course Type:

Elective

Prerequisite: The intent of this course is to expose you to a number of ideas in modern urban economics. We will emphasize the

use of modeling techniques that build directly upon the material covered in intermediate microeconomics. If you have not

yet taken microeconomics, or the equivalent, you should prepare to work very, very hard to keep up with your peers, and

should see me immediately to discuss your readiness to take the course. You should also be comfortable with basic

calculus and working with algebraic expressions.

Instructors:

Xiaofang DONG

Reference Book:

Arthur O’Sullivan, Urban Economics, 6th ed., McGraw-Hill Irwin

Handbook of Regional and Urban Economics Vol.4-Vol.5

Richard J. Arnott, A companion to Urban Economic, Blackwell Publishing

Required Textbook:

Jan K. Bruckner, Lectures on Urban Economics, MIT Press

Course Description:

The field of urban economics addresses a wide variety of questions and topics. At the most general level, it introduces

space into economic models and studies the location of economic activity. Urban economics typically cover a wide range

of theoretical approaches and policy options.

In this course, our primary focus will be on answering general and interesting questions such as, Why do cities exist?

How do firms decide where to locate? Why do people live in cities? What determines the growth and size of a city? Which

policies can modify the shape of a city? A simple monocentric model will be introduced to give a basic idea what is the

difference between the spatial model and traditional economic model. Then we will analyze specific economic problems

that arise because we are living in cities, such as crime and poverty, housing, segregation, congestion, pollution,

education, and public policy. I highly encourage and value students who can put those economic problems specifically in

Chinese background.

17. Economic History

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Qian Dai

28

Reference Book:

Chinese Political Success and Failure in Past Dynasties, History of Chinese economic system,History of Chinese land

system

Required Textbook:

Chinese economic history

Course Description:

The course is on economic history of China, designed for undergraduate students in the Economics Department. The

goal is not to give a comprehensive survey of China’s economic history, but to show how theoretical approaches and

quantitative methods can be applied to research on Economic History, as well as current a big picture to understand

economic history of China. We will focus on characteristics in China’s economic history, uncover driving forces behind

historic evolution, enrich our understanding on current China, as well as recent research findings.

International Undergraduate Experimental Program (Spring Semester)

1. Business Communication (Ⅱ)

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

H.A Holden

Reference Book:

The ESL/ELL Teacher's Book of Lists 2nd Edition, J. E. Kress, Publisher: Jossey-Bass, 2008. Language: English,

ISBN-10: 0470222670, ISBN-13: 978-0470222676

Course Description:

Built around activities that require students to speak in order to participate, this course intends to improve the

students’ spoken English by 5 well-established methods:

1 - Imitation: repeating what is heard and read.

2 - Role-play: using the English they know to improve fluency and speaking confidence.

3 – Skills improvement: review and targeted practice 4 – Whole Class & Group Discussion: including peer reviews 5 – Engagement with higher-level intellectual content in English, including concepts in Economics that they may already

be familiar with. Their understanding of these concepts, including the myriad of idioms that infuse all “business talk,”

should allow them to freely discuss said concepts and perform well in presentations and on tests of that understanding.

29

2. Business Communication (V)

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Roslyn Bowers

Reference Book:

Course Description:


to effect change – to influence action toward the welfare of the enterprise.” And John Hooker of Tepper School of

Business at Carnegie Mellon University says,“Communication is fundamental in business, because business is a

collaborative activity.”This course, Business Communication and Culture seeks, among other things, to explore and

deepen your understanding of not only the field of communication, but also in a broader sense how it relates to the

international business society and culture of the East and Western world by initiating an interactive communicative

process of sharing knowledge and information and creating and making meaning.

30

3. Corporate Finance

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Haiwei JING

Reference Book:

Financial Markets and Corporate Strategy, by Mark Grinblatt and Sheridan Titman (Irwin/McGraw-Hill, 2002)

Robert C. Higgins, Analysis for Financial Management (9th ed.) Irwin/McGraw-Hill, 2009.

Richard A. Brealey, Stewart C. Myers, and Franklin Allen, Principles of Corporate Finance (10th ed.),

Irwin/McGraw-Hill, 2011.

Stephen A. Ross, Randolph W. Westerfield, and Jeffrey F. Jaffe, Corporate Finance (9th ed.), Irwin/McGraw-Hill, 2009.

Joel M. Stern and Donald H. Chew, Jr. eds. The Revolution in Corporate Finance, (4th ed.), Blackwell Business, 2003.

Course Description:

The objective of this course is to develop an understanding of the decisions financial managers face. In this course we

will approach problems from the perspective of the Chief Financial Officer. We will focus on decisions concerning raising

money (equity, debt, convertible bonds, etc.), and spending money (project valuation, acquisitions).

4. Economic Growth

Targeted Programs:

third and fourth year students

Course Type:

Elective

Prerequisite: The prerequisite for this course is Macroeconomics II.

Instructors:

Mouhua LIAO

Reference Book:

David N. Weil, Economic Growth, third edition, Pearson Addison Wesley (ISBN: 0321795733)

Robert J. Barro and Xavier Sala-i-Martin, ECONOMIC GROWTH, Second Edition, The MIT Press, October 2003.

Course Description:

A theoretical and empirical examination of economic growth and income differences across countries. This

course focuses on both the experience of rich countries and the catch-up process of less-developed countries. Topics

may include population growth, accumulation of physical and human capital, technological change, openness, the role

of government and income distribution. This course use Solow model with exogenous savings rate as a main

31

theoretical framework. We also consider models with endogenous saving rate, such as OLG model and optimization

models with a finite period. This course also applies two sectors models to study the impact of differential

technological progress and the efficient allocations of labor and capital.

The purpose and mission of this course are: For teaching contents, we emphasize learning methods, testing data

and case study. Through the study, students are expected to master the analysis tool for economic growth and be

able to make a preliminary analysis on the issues related to growth.

5. Linear Algebra I

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Jaehong Kim

Reference Book:

Kolman & Hill, Elementary Linear Algebra with Applications, Pearson, 9th Edition, ISBN 0132296543

Course Description:

This is an undergraduate course in linear algebra. Linear algebra is the study of linear systems of equations, vector

spaces, and linear transformations. Solving systems of linear equations is a basic tool of many mathematical procedures.

In this class, we will concentrate on the mathematical theory and methods of linear algebra. The topics covered included,

systems of linear equations, matrix algebra, vector spaces, determinants, eigenvalues and eigenvectors, diagonalization

of matrices, and applications.

32

6. Environmental Economics

Targeted Programs:

Second, Third and fourth year students

Course Type:

Elective

Prerequisite:

Instructors:

Xiaojia Bao

Reference Book:

Kolstad, Charles D., 2010. Environmental Economics. Oxford University Press

Keohane, Nathaniel O. and Olmstead, Sheila M., 2007. Markets and the Environment. Island Press.

Course Description:

This course is intended for second-year, junior and senior students in the undergraduate program. The goal of this course

is to train students with topics in environmental economics and analytical skills for addressing basic empirical research

questions related to environmental economics. Students should be able to analyze basic environmental issues with

economic approaches and tools.

7. Experimental Economics

Targeted Programs:


Course Type:

Elective

Prerequisite: Principals of Economics or equivalent courses

Instructors:

Sen Geng

Reference Book:

Charles Plott and Vernon Smith, Handbook of Experimental Economics Results, North-Holland, 2008

Course Description:

This course consists of two parts. Seventy percent of time will be devoted to the methodology and application of

experimental methods in economics. Given the recent growth of interest in behavioral considerations, experiments are

increasingly used in economics to study human behavior. With their help we now have much better understanding of

individual and market behavior. Students will overview some of the most important existing experimental work and learn

how to design their own experiments and prepare to run them.

Thirty percent of time will be spent on exploring how individuals and firms make financial decisions in a way that

deviates from those predicted by traditional financial or economic theory. Specifically, we examine the existence of

psychological biases in financial decision-making, and how the insights of behavioral finance sheds light on the behavior of

asset prices, corporate finance, and various financial practices.

33

8. Financial Economics

Targeted Programs:


Course Type:

Compulsory

Prerequisite: Principle of Microeconomics, Principle of Macroeconomics

Instructors:

Chao Ma

Required Textbook:

Zvi Bodie, Robert C. Merton and David L. Cleeton, Financial Economics, English version, 2nd edition, 2011-1,

published by Renmin University Press, authorized by Pearson Education. ISBN 9787300131740.

Course Description:

This is an introductory course to financial economics, which lays foundations for more specialized course that have a

narrower focus on subfields of finance. The course is suitable for students with diverse backgrounds to seek a solid

understanding and overview of the entire field of finance.

9. International Trade

Targeted Programs:

Second, third and fourth year students

Course Type:

Elective

Prerequisite: Intermediate Microeconomics

Instructors:

Luhang Wang

Required Textbook:

International Economics Theory and Policy, by Paul R. Krugman, Maurice Obstfeld and Marc J. Melitz, Ninth Edition

Course Description:

This course introduces fundamental concepts in international trade and shows how general tools of economic

analysis can be applied in the trade context. More specifically, we will motivate and develop theoretical models to explain why trade happens and what differences it can make. We will cover Ricardo Model, Specific Factor Model, Heckscher-Olin Model, as well as more recent models with imperfect competition and firm heterogeneity. We will also explore the empirical literature to examine how well these models perform in matching the facts observed in reality. A third goal of this course is to help students obtain a better understanding of the role of government policy in international trade and learn how to evaluate the effectiveness of trade policies.

34

10. Mathematical Statistics

Targeted Programs:


Course Type:

Compulsory

Prerequisite: Advanced College Mathematics or Calculus, Probability Theory

Instructors:

Wei Zhong

Reference Book:

An Introduction to Mathematical Statistics and Its Applications, Richard Larsen and Morris Marx, 5th Edition, 2012,

Pearson. ISBN-13: 978-0-321-69394-5

Statistical Inference, 2nd Edition, George Casella and Roger Berger, 2001, Duxbury Press.

ISBN-13: 978-0534243128

Introduction to Mathematical Statistics, 7th Edition, Robert Hogg, Allen Craig and Joseph McKean, 2012，Pearson.

ISBN-13: 978-0321795434

Course Description:

This course is compulsory for students in economics and it is a fundamental course for other statistics and

econometrics courses. The aim of this course is to teach students the fundamental knowledge of mathematical statistics. In this course, you will learn: sampling from the normal distributions; order statistics; methods of finding estimators including method of moment estimation and maximum likelihood estimation; properties of point estimators; unbiased estimation; sufficiency and completeness; uniformly minimum-variance unbiased estimator (UMVUE); parametric interval estimation; hypothesis testing; most powerful test; goodness-of-fit test, etc.

11. Microeconomics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite: Principle of Economics

Instructors:

Shuheng Lin

Required Textbook:

Robert S. Pindyck & Daniel L. Rubinfeld: Microeconomics (7th edition), Tsinghua University Press, 2010.

Hal R. Varian: Intermediate Microeconomics: A Modern Approach, 8th edition, 2009.

Reference Book:

Walter Nicholson: Microeconomic Theory: Basic Principles and Extensions, 9th edition, Peking University Press,

2005.

35

Course Description:

Building upon Principles of Economics, this course aims to provide students with comprehensive understandings

about the economic decisions by individuals and how individual behavior affects the market. Students will learn the

methods of Microeconomic analysis and the important concepts related to Microeconomics, which helps to develop the

skills of understanding the real world with the tools taught in this course. The course will be taught in English. After

learning this course, students should be able to understand the key insights in the field of Microeconomics. They will also

learn how to use the Microeconomics tools in understanding the effects of government policies.

12. Microeconometrics and Applications

Targeted Programs:


Course Type:

Elective

Prerequisite: Econometrics

Instructors:

Jiaming Mao

Reference Book:

ames et al., An Introduction to Statistical Learning: with Applications in R, Springer, 2013.

Morgan and Winship, Counterfactuals and Causal Inference, Cambridge University Press, 2007.

Angrist and Pischke, Mostly Harmless Econometrics: An Empiricist's Companion, Princeton University Press, 2009.

Wasserman, All of Statistics: A Concise Course in Statistical Inference, Springer, 2004.

Cameron and Trivedi, Microeconometrics: Methods and Applications, Cambridge University Press, 2005.

Stock and Watson, Introduction to Econometrics, 3rd Edition, Pearson Education, 2010.

Course Description:

This course consists of three parts. The first part surveys a range of techniques used in econometrics, statistics and

machine learning that are useful in analyzing micro data. The second part focuses on the estimation of treatment effects

and introduces the theory of causal inference. The third part discusses structural estimation and its applications. The

goal of this course is to prepare students with the tools to conduct empirical research in microeconomics. The emphasis

will be on issues that arise in working with data and practical considerations in using various techniques rather than their

theoretical underpinning. It is assumed that students already have a sufficient knowledge of the basic econometric

theory.


Targeted Programs:


Course Type:

Elective

Prerequisite: The students who take this course are expected to be familiar with algebra, calculus and coordinate geometry from

high school Maths. There are no formal prerequisites courses.

36

http://www-bcf.usc.edu/%7Egareth/ISL/

http://www.cambridge.org/catalogue/catalogue.asp?isbn=9780521671934

http://www.mostlyharmlesseconometrics.com/

http://www.springer.com/de/book/9780387402727

http://cameron.econ.ucdavis.edu/mmabook/mma.html

http://wps.aw.com/aw_stock_ie_3/

Instructors:

Xiaoling Mei

Required Textbook:

Mathematical for Economists, First Edition, by Carl P. Simon and Lawrence

Course Description:

This course is designed to introduce a wide range of mathematical techniques used in undergraduate level

economics courses. Topics include the tools used to analyze equilibrium models, comparative-static models,

optimization, and to a limited extent, dynamic models. The course will extensively employ linear algebra and basic

calculus.

14. Development Economics

Targeted Programs:


Course Type:

Elective

Prerequisite: Principles of Microeconomics, Macroeconomics and Introduction to Econometrics

Instructors:

Yawen Liang

Required Textbook:

Perkins, Dwight H., Steven Radelet, David L. Lindauer, Economics of Development, 7th Edition. New York: W. W.

Reference Book:

Jeffrey M. Wooldridge, Introductory Econometrics: A Modern Approach, 6th Edition.

Mason, OH : South-Western, Cengage Learning.

Course Description:

The course studies economists' answers to the questions of why some places are developed, others are not and

what can be done about it. The lectures and readings are arranged around several themes: What is development

economics, Overview of theories and statistical tools, Growth, Inequality and Poverty, Structural Transformation,

Education, International Trade, as well as issues related to Gender, Environment and History. The course will be a

combination of development issues and empirical methods. The focus of the course will not be on any individual

countries, although we will certainly discuss the experiences of some countries to draw broad lessons.

15. Financial Derivatives

Targeted Programs:


Course Type:

Elective

Prerequisite:

37

Instructors:

Yubo Liu

Required Textbook:

John C. Hull, Fundamentals of Futures and Option Markets, 8th edition, 2010, Pearson Education Inc. Alternatively,

Reference Book:

Robert A. Jarrow and Arkadev Chatterjea, An Introduction to Derivative Securities, Financial Markets, and Risk

Management, 2013, WW Norton & Co.

Course Description:

Welcome to Financial Derivatives! This subject is an introduction to derivative securities. The first half of the subject

covers options, including option payoffs, arbitrage bounds, trading strategies, the binomial model, the

Black-Scholes-Merton model and its relationship to the binominal model, American options and dividends, limitations of

the binomial and Black-Scholes-Merton models. The second half covers futures/forwards, e.g. the mechanics and

trading, price determination, and hedging strategies, and swaps (definition and valuation). The overall aim of this subject

is to provide a general understanding of the pricing of derivative securities. In doing so, we will mostly focus on the basic

option types and futures (forwards). For the most part, we will not be spending time on the theoretical side of the

derivative pricing. Rather, the focus will be on understanding pricing formulae and their applications via examples.

16. Socialist Political Economics (In Chinese)

Targeted Programs:


Course Type:

Elective

Instructors:

Yongmiao Hong

Required Textbook:

社会主义政治经济学（自编）

Reference Book:

洪永淼、张兴祥等：《通往中国梦之路》（待出版书稿）

刘树成、吴树青、纪宝成、李兴山、张宇、胡家勇等，《马克思主义政治经济学概论》"，人民出版社、高等教育出版社，

2011；

[美]大卫•哈维：《资本社会的 17 个矛盾》，中信出版社，2016；

李秉浚：《马克思经济学》，中国财经出版社，2010；

蒋学模：《政治经济学教材》（第13版），上海人民出版社，2005

Course Description:

本课程是经济学科本科国际班学科专业方向性选修课。社会主义政治经济学是在马克思主义政治经济学的基础上，对

社会主义经济发展的理论认识与实践经验进行系统的梳理与析读。本课程主要基于演化经济学以及国际化的视角，结合详

实的历史数据资料和案例分析，理论联系实际，从实践中考察、分析社会主义主要模式的运行规律，使学生理解社会主义

从空想到科学、从理论到实践的历史变迁，认识社会主义经济本质及其发展规律，把握中国模式特征及其发展趋势。

38

http://search.dangdang.com/search_pub.php?key=&key2=%E8%92%8B%E5%AD%A6%E6%A8%A1&category=01

http://product.dangdang.com/product.aspx?product_id=9284080&ref=search-1-pub

http://search.dangdang.com/search_pub.php?key=&key3=%E4%B8%8A%E6%B5%B7%E4%BA%BA%E6%B0%91%E5%87%BA%E7%89%88%E7%A4%BE&category=01

International Undergraduate Experimental Program (Summer Term)

1. Business Communication (III)

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Roslyn Bowers

Reference Book:

Course Description:

In the Business Communication (III), students focus on the following:

Focus on developing effective writing skills

Writing – elements of style

Intercultural professionals – differences & similarities

Non verbal communication

The impact of culture

Effective group presentations

2. Business Communication (VI)

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Roslyn Bowers

Reference Book:

Course Description:

In the Business Communication (VI), students focus on the following:

Understand the important values and perspectives that come from different cultures

Focus on communication practices and processes to better understand how as an individual one can influence any

organizational culture

Gain a multi-perspective view of organizational culture

39

Acquire quantitative and qualitative techniques for conducting analyses of organizational cultures

Examine how organizational culture is shaped by communication, technology and globalization

Evaluate articles and other material about social, political and ethical situations for doing business within varying

cultures.

Time management – advanced strategies for job hunting, examinations etc.

Simulated job interviews

Advanced writing techniques and writing resumes and personal statements

Conducting workshops and getting involved in action oriented projects

Feel highly confident to work professionally with an international organization or to study abroad.

Undergraduate Double Degree Programs (Fall Semester)

1. Application of Financial Econometrics

Targeted Programs:


Course Type:

Elective (Economics, Finance)

Prerequisite: You should be familiar with

An introductory course in econometrics, textbook such as Gujarati (2003)

An introductory course in finance, a good textbook is Bodie and Merton (1999)

Instructors:

Dengta Chen

Reference Book:

Main textbook: Chen Deng-Ta, 2012, Applied Econometrics - Advanced Lecture Notes on EViews, Peking University

Press, Beijing, China. (available on Amazon, Dangdang, and JD)

Brooks, Chris, 2008. Introductory Econometrics for Finance, 2/e. Cambridge University Press, New York

Tsay, Ruey S., 2005. Analysis of Financial Time Series, 2/e. John Wiley & Sons, Inc., Hoboken, NJ

Course Description:

This course focuses on using and applying the software, not programming. Students will get familiar with real data of

financial market and economic reality, and analysis them through econometric software. By the end of the course,

students will have good knowledge of: the general understanding of statistical/econometric software, especially EViews,

the management of financial data and economic data, basic statistical analysis, and econometric analysis.

40

2. Asset Pricing / Financial Economics

Targeted Programs:

First and second year students

Course Type:

Compulsory (Finance)

Prerequisite: Obligatory for Finance Area, Elective for Economics and Statistics Area

Instructors:

Zhang Kuo, Jiaquan Yao

Reference Book:

Zvi Bodie, Robert C. Merton and David L. Cleeton, Financial Economics, English version, 2nd edition, 2011-1,

published by Renmin University Press, authorized by Pearson Education. ISBN 9787300131740.

Course Description:

This is an introductory course to financial economics, which lays foundations for more specialized course that have a

narrower focus on subfields of finance. The course is suitable for students with diverse backgrounds to seek a solid

understanding and overview of the entire field of finance. The course seeks to explain finance through its functions rather

than its institutions, concentrating on the three pillars of finance: optimization over time, asset valuation, and risk

management.

3. Business Communication and Culture

Targeted Programs:

Second and third year students

Course Type:

Compulsory (Economics, Finance, Statistics)

Prerequisite:

Instructors:

Liqing Lin, Roslyn Bowers, Hugh

Reference Book Essentials of Management: An International Perspective; H. Koontz, Heinz Weihrich





Course Description:

This course prepares students for skills necessary for communication in the business world and fosters their sense of

culture and empathy that can be applied everywhere. It aims to help students to understand fundamental communication

concepts and practices and to develop students’ daily as well as organizational communication skills.

41

4. Chinese Economy

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Pei LI

Required Textbook:

Naughton, B. 2007. The Chinese Economy: Transitions and Growth. MIT Press.

Journal articles and working papers.

Course Description:

This course introduces students to the transformation of China’s economy into a market economy with its special

characteristics. In addition to the review of many important historical episodes, we intend to apply economic concepts and

models to analyze various aspects of China's economic transition and development. The proposed topics include

household responsibility system, township and village enterprises, SOE reform and privatization, international trade and

FDI, labour market development, urbanization, financial market development, poverty and income inequality, pollution and

institutions.

42

5. Computational Data Analysis Using Software

Targeted Programs:


Course Type:

Compulsory (Statistics)

Prerequisite: An introductory course in probability and statistics

An introductory course in econometrics

Instructors:

Haifeng XU

Reference Book:

Main textbook: Lecture notes

Secondary textbook: Stata

Suggested reading: statistics with stata updated for version 10, Introductory Econometrics - A Modern Approach

Course Description:

This course focuses on general understanding of econometric analysis and using the software - Stata. The aim of this

course is to make you familiar with using Stata. We will teach in a very applied way using real-world dataset. In the end,

you should be able to start doing analyses with Stata.


Targeted Programs:


Course Type:

Elective (Finance, Economics, Statistics)

Prerequisite:

Instructors:

Jiaquan Yao

Reference Book:

.Kim K A, Nofsinger J R. Corporate Governance [M]. Pearson Education, 2004.

Hillier D, Grinblatt M, Titman S. Financial markets and corporate strategy [M]. McGraw Hill, 2011

Course Description:

This course emphasizes the modern fundamentals of the theory of finance, while providing contemporary examples

to make the theory come to life. The course aims to present corporate finance as the working of a small number of

integrated and powerful intuitions, rather than a collection of unrelated topics. The course develops the central concepts

of modern finance: arbitrage, net present value, efficient markets, agency theory, options, and the trade-off between risk

and return, and use them to explain corporate finance with a balance of theory and application.

43

7. Econometrics I

Targeted Programs:

First year students

Course Type:

Compulsory (Economics, Finance )

Prerequisite: Calculus, Linear Algebra.

Instructors:

Zhenghui Feng

Reference Book:

Lecture Notes on Probability and Statistics Theory for Economists, Yongmiao Hong.

Statistical Inference, Casella, G. and Berger, R. L. Duxbury Press, 2002.

Introduction to Mathematical Statistics, Robert V. Hogg and Allen T. Craig. Pearson Education, 2004.

Course Description:

This is an undergraduate level course in econometrics. This course help student understand the theory of probability

and statistics. At the end of the course, students should understand the basic concepts and methods in probability and

statistics. They should get the basic knowledge of random variables, distributions, estimations, and hypothesis testing.

They should be able to construct linear regression models to analyze data in real problems.


Targeted Programs:


Course Type:

Elective

Prerequisite: Intermediate Macroeconomics and Intermediate Microeconomics.

Instructors:

Hao Jin

Reference Book:

(KOM) Paul R. Krugman, Maurice Obstfeld, Marc Melitz (2014): International Economics: Theory and Policy, 10th

Edition, Pearson. ISBN-13: 978-0133423648

(SGUW) Stephanie Schmitt-Grohe, Martin Uribe and Michael Woodford (2016): International Macroeconomics,

Manuscript, Columbia University.

Course Description:

This course introduces basic empirical facts and theoretical framework to study topics in international

macroeconomics. Specific topics include balance-of-payments accounting, international capital flows, exchange rate

determinations, and macroeconomic policy in open economies. Students will have the opportunity to develop insight on

how the global economy behaves and how this behavior affects their life.

44


Targeted Programs:

First year students

Course Type:

Compulsory (Economics), Elective (Finance)

Prerequisite: Calculus, Linear Algebra

Instructors:

Huihui Li

Reference Book:

Carl P. Simon and Lawrence Blume (1994), Mathematics for Economists. W. W. Norton & Company, ISBN

0-393-95733-0.

Alpha C. Chiang and Kevin Wainwright (2005), Fundamental Methods of Mathematical Economics, 4th Ed.

McGraw-Hill Irwin, ISBN 0-07-010910-9.

Angel de la Fuente (2000), Mathematical Methods and Models for Economists. Cambridge University Press, ISBN

0-521-58512-0.

Course Description:

This course introduces the mathematical techniques required for studying economics at the senior undergraduate

level and presents the applications of these techniques to problems from a wide range of fields in economics. Topics

include linear models and basic matrix algebra, univariate and multivariate calculus, unconstrained and constrained

optimization, equilibrium analysis, comparative statics, and if time remains, basic dynamic analysis. This course is

intended to assist the students to understand mathematical concepts and methods employed in modern economic theory

and models, and develop skills to apply mathematical tools to analyze economic problems.

45

10. Microeconometrics and Applications

Targeted Programs:


Course Type:

Elective

Prerequisite: Microeconomics, Econometrics

Instructors:

Maoliang Ye

Reference Book:

Esther Duflo, Handout on Empirical Methods, 2002.

E. Duflo, R. Glennerster, and M. Kremer. (2006), “Using Randomization in Development Economics Research: A

Toolkit,” NBER Technical WP No. 333, December.

J.D. Angrist and A.B. Krueger. (1999) Empirical strategies in labor economics, in the Handbook of Labor Economics,

Vol. 3A, O. Ashenfelter and D. Card, eds., Elsevier, 1278-1366.

Colin Cameron and Pravin K. Trivedi, Microeconometrics Using Stata.

Mostly harmless econometrics: an empiricist’s companion, Joshua D. Angrist and Jörn-

Steffen Pischke. Princeton and Oxford: Princeton University Press

Course Description:

This is an advanced undergraduate course in microeconometrics and its applications, appropriate for double-degree

students at WISE with preparation in intermediate microeconomics and econometrics. Based on all the econometrics tools

studied in the previous terms, this course prepares our students for applying the most appropriate econometric tools

(especially quasi-experimental and experimental) in empirical works using micro data. By explaining the advantages and

potential problems of common identification strategies, we expect students develop a sense of how to make choices

among different strategies based on data available and problem at hand.

This course will be application oriented. The application topics and examples come from applied microeconomics

especially labor and development economics. It also incorporates some insights from behavioral economics, and some

flavors for China studies.

11. Principles of Economics

Targeted Programs:

First year students

Course Type:

Compulsory (Economics, Finance), Elective (Statistics)

Prerequisite: Basic algebra and mathematic courses

Instructors:

Huanjun Zhu

Reference Book:

Principles of Economics, by N. Gregory Mankiw, 6th edition. South-Western Cengage learning (2012).

46

Economics, by Glenn Hubbard and Anthony O’Brien, 5th edition. The Pearsons Series in Economics (2014).

Course Description:

This course introduces students to the broad discipline of economics, including Microeconomics and

Macroeconomics. It encompasses diverse economic behaviours and complex economic interactions in nowadays

social-economic network. It provides students with the basic concepts and strategies employed by economists in facing

the challenges presented by the real-world situations. The aim of the unit is to equip students with the conceptual skills

necessary to identify and solve economic problems, especially for those students seeking to pursue further study in

economics.

The learning goals associated with this course are to: 1. describe the key concepts upon which the practice of economics

is based; 2. recognise these concepts in everyday life; 3. discuss the role and influence of economics in the real practice;

4.discuss how key economic concepts can be used in analysing a range of economic problems.

12. Probability Theory

Targeted Programs:

First year students

Course Type:


Prerequisite: No prior preparation in probability is required, but familiarity with algebra and multivariate calculus is assumed. There are

no formal prerequisites.

Instructors:

Guannan Liu, Seongyeon Chang

Reference Book:

Ross, S. (2009), A First Course in Probability, Prentice Hall, 8th edition. (required)

Casella, G. and R. Berger (2002), Statistical Inference, Duxbury Press, 2nd edition.

Course Description:

Course description and objectives Probability Theory has become a useful tool in economics, finance and many

other fields. This course is designed as an elementary introduction to the theory of probability, which is necessary for the

subsequent study of statistics and econometrics. Topics include basic principles of combinatorial analysis, axioms of

probability theory, conditional probability, random variables, expectation, law of large numbers, and central limit theorem.

13. Regression Analysis

Targeted Programs:


Course Type:


Prerequisite: Calculus, Linear Algebra,Probability

Instructors:

47

Penghui Guo

Reference Book:

Applied Linear Regression Models, Fourth Edition, M.H.Kutner; C.J.Nachtsheim, McGraw-Hill,2004

Course Description:

This course introduces students to multiple regression methods for analyzing data in economics, finance and related

disciplines. Extensions include regression with discrete random variables, instrumental variables regression, analysis of

random experiments and quasi-experiments, and regression with time series data. The objective of the course is for the

student to learn how to conduct-and how to critique-empirical studies in economics, finance and related fields.

Accordingly, the emphasis of the course is on empirical applications. The mathematics of econometrics will be

introduced only as needed and will not be a central focus.

14. Financial Time Series Analysis

Targeted Programs:


Course Type:

Compulsory

Prerequisite: Probability and Statistics, Linear regression

Instructors:

Juan Lin

Reference Book:

Analysis of Financial Time Series, Ruey S. Tsay, 3nd Edition, Wiley, 2010.

Time Series Analysis, J.D. Hamilton, Princeton University Press, 1994.

Time Series Analysis with applications in R, Jonathan D. Cryer and Kung-Sik Chan., 2nd Edition, Wiley, 2008.

Time Series: Theory and Methods, P.J. Brockwell and R.A. Davis, 2nd Edition, Springer, 2006.

Time Series Analysis: Forecasting and Control, Box, Jenkins, and Reinsel, 4th Edition, Wiley, 2008.

Course Description:

This course is an undergraduate level introductory course on the methods of time series analysis, building upon

students' background knowledge in statistical inference and regression analysis. We will introduce basic descriptive methods for viewing time series data, talk about a variety of statistical models for time series and cover the main methods for analyzing these models. After the course, students are expected to learn the skills needed to do empirical research with time series data.

15. Time Series / Financial Econometrics

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

48

Instructors:

Tingguo Zheng

Reference Book:

Analysis of Financial Time Series (3ed) by Ruey S. Tsay, 2010

Course Description:

This course aims to provide students with a firm understanding of the econometric methods used in empirical finance research. Both theoretical finance models and econometric methods are introduced, and the emphasis is on the interplay between the two. The course covers discrete time as well as continuous time models. Topics covered: Statistics Properties of Financial Market Data (Chapter 1) Basics of Time Series Analysis (Chapter 2) Univariate Time Series Models (Chapter 2) Univariate GARCH Models (Chapter 3) Continuous-Time Models (Chapter 6) Vector Autoregression (VAR) Models (Chapter 8) Cointegration Analysis (Chapter 8) State-Space Models and Kalman Filter (Chapter 11)

16. Urban Economics

Targeted Programs:


Course Type:

Elective

Prerequisite: Microeconomics

Instructors:

Xiaofang Dong

Reference Book:

Jan K. Bruckner, Lectures on Urban Economics, MIT Press Optional textbook:




Course Description:

The field of urban economics addresses a wide variety of questions and topics. At the most general level, it introduces

space into economic models and studies the location of economic activity. Urban economics typically cover a wide range of theoretical approaches and policy options. In this course, our primary focus will be on answering general and interesting questions such as, Why do cities exist? How do firms decide where to locate? Why do people live in cities? What determines the growth and size of a city? Which policies can modify the shape of a city? A simple monocentric model will be introduced to give a basic idea what is the difference between the spatial model and traditional economic model. Then we will analyze specific economic problems that arise because we are living in cities, such as crime and poverty, housing, segregation, congestion, pollution, education, and public policy. I highly encourage and value students who can put those economic problems specifically in Chinese background.

17. Financial Risk Managment

49

Targeted Programs:


Course Type:

Elective

Prerequisite: Intermediate Econometrics, Intermediate Finance, Intermediate Macroeconomics, Intermediate Microeconomics.

Instructors:

Tian Xie

Reference Book:

Kevin Dowd (2005), “Measuring Market Risk (Second Edition)”, John Wiley & Sons, Ltd., ISBN: 0-470-01303-6 Michel Crouhy, Dan Galai, Robert Mark (2014), “The Essentials of Risk Management (Second Edition)”, McGraw-Hill

Education. ISBN: 0-071-81851-0

Course Description:

This course provides an overview of Risk Management (RM) principals. The goal of the course is to teach you the

basics of the RM theory and practice of RM techniques. The course will build upon the knowledge and skills you gained in intermediate finance and econometrics courses. Students will learn how to interpret, design, and execute empirical financial risk management projects using MATLAB software and skill building in critical thinking and problem solving will also be emphasized. We will additionally explain important issues and topics that recently happened in the global financial markets.

18. Portfolio Management

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Ming Gu

Reference Book:

Bodie, Zvi, Alex Kane and Alan Marcus, Investments and Portfolio Management, 9th Edition (McGraw Hill,

2011)-recommended

A Financial Calculator is required. Your calculator must be able to calculate IRR, YTM and NPV.

Course Description:

In this course we will conduct a comprehensive study of theory, evidence, and practice related to Portfolio

Management. Topics include fundamental analysis, asset pricing models,portfolio theory and management, risk control, performance evaluation, and investment strategies. This course emphasizes applied quantitative investments. The course will be intellectually demanding, with an emphasis on applying finance theory to real world situations. You will be introduced to techniques that are commonly used in both industry and academia. The course will deal with complex analytic concepts and quantitative analysis, but will not focus on mathematical derivations or modeling

50

19. Bayesian Statistics（In Chinese）

Targeted Programs:


Course Type:

Elective

Prerequisite:

概率统计

Instructors:

Changquan Huang

Reference Book:

贝叶斯统计及其R实现（自编）茆诗松等,(2012) 贝叶斯统计(第二版), 中国统计出版社

Karl-Rudolf Koch (2007) Introduction to Bayesian Statistics, 2nd ed, Springer

Course Description:

贝叶斯统计学是现代统计学中非常有特色且重要的部分。它的要点是将参数看成服从某种分布的随机变量，先利用历史信息

确定先验分布，再由样本得到后验分布，然后依据后验分布做各种统计推断。本课程将介绍贝叶斯统计学的基本思想和基本

方法，包括先验分布和后验分布的概念以及寻求方法；贝叶斯统计推断以及MCMC方法等等, 为在各个领域使用贝叶斯统计

打好基础。

51

Undergraduate Double Degree Programs (Spring Semester)

1. Business Communication and Culture

Targeted Programs:

Second and Third year students

Course Type:

Compulsory (Economics, Finance, Statistics)

Prerequisite:

Instructors:

Katherine Brown、Anoosh

Reference Book:

Success with BEC: Vantage: Student’s Book by John Hughes.Cengage Learning. 2008.01. ISBN 1902741889






Course Description:

Business Culture and Communication examines a focus on the foundations of International Business and

methodologies to provide successful achievements and standards in the international business environment. Special

emphasis is placed on the role in the evolving development of international business conversation. This includes an

overview of multilingual curricula with a general focus on terminology for linguistically responsive business instruction and

assessment techniques. Participation is expected as well as being in proper attendance. Being a speaking business

course, everyone is highly advised to actively participate. Various coursework including homework, in class assignments,

attendance, effort and a final exam will also be calculated for a final note.

We are evaluating the entire global business experience, whether we interact with a product, a service, or a

combination. So the fundamental focus is providing value throughout the value chain, whether that value chain

encompasses a product, a service, employer or employee.

Increasingly, companies within China and abroad are interested in their impact on the global economy as well as on

the overall business environment. We will evaluate the “triple bottom line” of financial, social, and environment

performance.

We will view the importance of ethics and social responsibility in creating successful organizations. We will evaluate

materials encompassing social ethical situations for doing business while still maintaining a successful organization and or

business.

52

2. Data Mining

Targeted Programs:


Course Type:


Prerequisite:

Instructors:

Hongli GUO

Required Textbook:

Pang-Ning Tan, Michael Steinbach, Vipin Kumar. Introduction to Data Mining. China Machine Press, 2010.

Reference Book:

Jiawei Han, Micheline Kamber, Jian Pei. Data Mining: Concepts and techniques. China Machine Press, 2012.3.

Course Description:

Data mining is an academic fundamental course for the students majoring in computers and statistics. As a type of

methods for data analysis and processing with the development of information technology and storage technology, data

mining blends traditional data analysis methods with sophisticated algorithms for processing large volumes of data, and

opens up exciting opportunities for exploring and analyzing new types of data and for analyzing old types of data in new

ways. By learning this course, the students will be expected to understand and master the basic concepts, the

processing flow and classical algorithms of data mining, and meanwhile obtain the capability to make the application of

data mining to real problems flexibly.

53

3. Econometrics II

Targeted Programs:

First year students

Course Type:

Compulsory (Economics, Finance)

Prerequisite: The prerequisite for this course is Econometrics I. A good background in probability and statistics, calculus, and matrix

algebra.

Instructors:

Xuexin WANG, Haiqiang CHEN, Yin Fang

Required Textbook:

Required: Stock, J.H. and Watson, M. W. Introduction to Econometrics, 3rd Edition, Pearson Education, 2010.

Reference Book:

Optional: Wooldridge, J.M., Introductory Econometrics: A Modern Approach, 4th Edition, Soth-Western College

Publishing 2009.

Course Description:

Econometrics introduces students to multiple regression methods for analyzing data in economics and related

disciplines. Extensions include regression with discrete random variables, instrumental variables regression, and

regression with time series data. The objective of the course is for the student to learn how to conduct and how

to criticize empirical studies in economics and related fields.

4. Financial Mathematics

Targeted Programs:

First year students

Course Type:

Compulsory (Finance), Elective (Economics, Statistics)

Prerequisite: Basic knowledge of calculus, probability and linear algebra

Instructors:

Dengta Chen, Menglin LI, Jian Chen

Required Textbook:

Essentials of Mathematical Finance: Lecture Notes

Reference Book:

Medina, Pablo Koch and Sandro Merino, 2003. Mathematical Finance and Probability: A Discrete Introduction.

Birkhäuser Verlag

Roman, Steven, 2012. Introduction to the Mathematics of Finance: Arbitrage and Option Pricing, 2/e.

Springer-Verlag, New York

Course Description:

54

On a mathematical perspective, this course presents the fundamentals of finance theory: principle of no-arbitrage,

interest rates, the pricing of financial instruments (forwards, futures, options and swaps), diversification and portfolio

optimization, and their risk management.

Students will get familiar with principle and methodology of modern quantitative finance.

By the end of the course, students will have good knowledge of: no-arbitrage method of option pricing, risk-neutral

pricing, American option and term structure. Besides, the comprehension of underlying mathematical basis.

5. Macroeconomics

Targeted Programs:

First year students

Course Type:


Prerequisite:

Instructors:

Macrcel Bluhm, Cheryl Long

Reference Book:

G. Mankiw (2016): Macroeconomics, 9. Edition, New York: Worth Publishers.

Course Description:

This is an introductory course to macroeconomics set up for the double degree program at WISE. The main objective

of the course is to provide participants with a basic understanding of macroeconomic theory. The course covers classical

economic theory, economic growth theory, and business cycle theory. This framework will provide the basis to analyze

several macroeconomic policy questions during the course.

6. Mathematical Statistics

Targeted Programs:

First year students

Course Type:


Prerequisite: Probability Theory

Instructors:

Qingliang Fan, Seong Yeon Chang

Reference Book:

An Introduction to Mathematical Statistics And Its Applications, Larsen and Marx, 5th Edition, Pearson; ISBN-13:

978-0321693945

(CB) Statistical Inference, Casella and Berger, 2nd Edition.

Probability and Statistics for Economists, Yongmiao Hong, manuscript, 2013

Course Description:

This course is required for economics major, the main contents of this course is sampling from Normal population,

55

parameter estimation (point estimation and interval estimation), properties of the estimation and inference such as

unbiasedness, efficiency, the power of test and the trinity of tests.

7. Microeconomics

Targeted Programs:

First year students

Course Type:


Prerequisite:

Instructors:

Nan Zhong, Xiqian CAI

Required Textbook:

Robert S. Pindyck & Daniel L. Rubinfeld:Microeconomics, 7th edition, Tsinghua University Press, 2010.

Reference Book:

Hal R. Varian: Intermediate Microeconomics: A Modern Approach, 8th edition, 2009.

Walter Nicholson: Microeconomic Theory: Basic Principles and Extensions, 9th edition, Peking University Press,

2005.

Course Description:

This course is designed to provide students with a key set of tools required for economic analysis. We will cover

topics including: (1) Markets and prices, (2) Producers, consumers, and competitive markets, (3) Market structure and

competitive strategy, and (4) Market and government policies. We will use some mathematical and graphical analysis

during the course. Students will also learn how to use microeconomic theories for analyzing economic and public policy

issues in the real world.

8. Multivariate Statistical Analysis

Targeted Programs:


Course Type:


Prerequisite: Linear Algebra, introductory probability and statistics.

Instructors:

Huanjun Zhu

Reference Book:

Applied Multivariate Statistical Analysis, sixth Edition, by Johnson, R.A. and Wichern, D.W., published by Pearson

Education or Tsinghua University Press.

Applied Multivariate Statistical Analysis, fouth Edition, by Hardle, W.K. and Simar, L., published by Springer.

56

Course Description:

This course introduces students to the broad discipline of multivariate statistical theories and methods. The aim of

the course is to introduce a variety of statistical methods for describing and analyzing multivariate data, especially

focusing on how to interpret and implement these methods. At the end of the course, students should be able to: 1.

develop the knowledge and understand the concepts on multivariate statistical methods; 2. choose appropriate statistical

techniques to analyze empirical problems; 3. understanding the value of multivariate statistical analysis.

9. Financial Derivatives

Targeted Programs:


Course Type:

Elective (Economics, Finance ,Statistics)

Prerequisite:

Instructors:

Yubo Liu

Reference Book:

John C. Hull, Fundamentals of Futures and Option Markets, 8th edition, 2010, Pearson Education Inc. Alternatively,

you may use 7th edition

Robert A. Jarrow and Arkadev Chatterjea, An Introduction to Derivative Securities, Financial Markets, and Risk

Management, 2013, WW Norton & Co.

Course Description:

This subject is an introduction to derivative securities. The first half of the subject covers options, including option

payoffs, arbitrage bounds, trading strategies, the binomial model, the Black-Scholes-Merton model and its relationship to

the binominal model, American options and dividends, limitations of the binomial and Black-Scholes-Merton models. The

second half covers futures/forwards, e.g. the mechanics and trading, price determination, and hedging strategies, and

swaps (definition and valuation). The overall aim of this subject is to provide a general understanding of the pricing of

derivative securities. In doing so, we will mostly focus on the basic option types and futures (forwards). For the most part,

we will not be spending time on the theoretical side of the derivative pricing. Rather, the focus will be on understanding

pricing formulae and their applications via examples.

10. International Economics

Targeted Programs:


Course Type:

Elective (Economics, Finance ,Statistics)

Prerequisite: Macro Economics, Micro Economics

Instructors:

Lina Meng

57

Reference Book:

International Economics: Theory and Policy, 9th edition, by Paul R. Krugman and Maurice Obstfeld,

photolithographic version, Tsinghua University Press, 2016.

Robert J. Carbaugh. Global Economics(13th Edition).

Course Description:

This course with cover issues related to both international trade theories and international finance. It aims to lecture

the basic models used to analyses the international economics issues, such as international trade and policies, the

balance of payment, exchange rate and the foreign exchange market, the relationships among the output, prices levels

and the exchange rates in the long run and the short run, and so on. The course style is mostly lectures with some class

discussions. Some basic background on microeconomics and macroeconomics is helpful but not necessary.

11. Time Series Analysis

Targeted Programs:


Course Type:

Compulsory(Statistics)

Prerequisite:

Instructors:

Yinxing Li

Reference Book:

Time Series Analysis with Applications in R

Course Description:

Time Series Analysis is an important branch in Inferential Statistics, and it also has wide applications in Economics,

Social Science, and Natural Science. In this course, we will introduce the important theory and methods that are used in

time series analysis, and discuss in details how to model stationary time series, nonstationary time series, seasonal time

series, including model identification, parameter estimation, model diagnostic checking, prediction and control and so on.

After taking this course, students are expected to learn the skills needed to do empirical research with time series data,

and they are able to evaluate their analysis and know how to improve their analysis, which might help them a lot in

further studying and practices.

12. Undergraduate Thesis Writing

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

58

Linlin Niu, Peilin Xie, Yanan He, Lei Meng, Shuheng Lin

Reference Book:

Prof. Shihe Fu wrote probably the first book in Chinese detailing the making of an academic paper.

Course Description:

This course is a sequel course of WISE Undergraduate Double Degree writing course. Its preliminary requirements

include: 1) the successful completion of the related field writing course; 2) the successful identification of a research

question, i.e., a thesis topic; and 3) the completion of a preliminary thesis draft in fall 2016.

The goal of this course is to teach students how to revise and polish their preliminary draft and complete their theses in a

satisfactory manner and according to academic standards. In order to achieve these goals, this course is designed as

follows.

First, the course introduces students to the ethics, the elements, and the structure of thesis writing. In terms of

ethics, we will stress on the harmfulness of plagiarism. In terms of element, we will focus on the academic standards of

citation. Formatting issues of the thesis will also be discussed. In terms of the writing structure, we will discuss the writing

of data section, empirical analysis, literature review, introduction, conclusion, and abstract. Second, the course provides

a revision structure for the students through a series of take-home assignments and deadlines, so that students can

make progress on their theses through frequent production of written materials. Third, the course provides students an

opportunity to orally present their work and receive feedback from instructor and peers.


Targeted Programs:


Course Type:

Compulsory

Prerequisite: Intermediate Microeconomics

Instructors:

Kai Li

Reference Book:

Feenstra & Taylor：International Trade, 2nd edition

Course Description:

This course introduces fundamental concepts in international trade and shows how general tools of economic analysis

can be applied in the trade context. More specifically, we will develop models to explain why trade may happen and what

differences it can make. We will also explore the empirical literature to test how well the models perform in terms of

matching the facts we observe. The third goal of this course is to understand the role of government in international trade

and the effectiveness of trade policies.

59

WISE-SOE International Master’s Programs (Fall Semester)

1. Advanced Econometrics I

Targeted Programs:


Course Type:

Elective

Prerequisite: Calculus, Linear Algebra.

Instructors:

Qingliang Fan, Huihui Li, Yaxing Yang, Guannan Liu

Reference Book:

Required: Probability and Statistical Theory for Economists, Yongmiao, Hong.

Optional: Statistical Inference, Casella, G. and Berger, R. L. Duxbury Press, 2002.

Course Description:

This course is the first course in a graduate econometrics sequence and provides necessary probability and

statistics background for the first-year graduate students for the following courses in econometrics, microeconomics, and

macroeconomics. At the end of the course, students should have a fundamental understanding of probability and

statistics that are relevant to modern econometrics and a solid intuition for statistical concepts from economic

perspective.

2. Advanced Macroeconomics I

Targeted Programs:

Second year students (Master , PhD)

Course Type:

Compulsory

Prerequisite: Macroeconomics, Microeconomics, Mathematical Economics

Instructors:

Yu Zhang

Reference Book:

Advanced Macroeconomics, 4th edition, by David Romer (ISBN: 0073511374)

Course Description:

We study both the major models and the dynamic optimization methods in modern macroeconomics. Its goal is to

make the students get prepared for the more advanced courses and research in macroeconomics and monetary

economics. And the course will be taught in English.

Since this is a one-semester course, we cannot cover all the models in modern Macroeconomics. Hence, we focus

on models in the most important fields: growth theory and economic fluctuation. To be more specific, we will analyze the

following models in detail: Solow Model, Ramsey-Koopmans-Cass (RCK) model, Overlapping-Generations Model,

Real-Business-Cycle Model and New-Keynesian Model.

60

Dynamic Optimization methods are the necessary tools for modern macroeconomics. We will give an introduction

on calculus of variation (for continuous-time optimization) and dynamic programming (for discrete-time optimization)

3. Advanced Microeconomics I

Targeted Programs:

First year students (Master , PhD)

Course Type:

Compulsory

Prerequisite: Intermediate microeconomics advanced mathematics (calculus, linear algebra, probability statistics)

Instructors:

Zhi LI, Luhang WANG, Menghan XU

Required Textbook:

Jehle, A. Geoffrey and Philip J. Reny, Advanced Microeconomic Theory (3rd edition, 2012) China edition published

by PEARSON EDUCATION ASIA LTD and CHINA RENMINUNIVERSITY PRESS

Mas-Colell, Andreu, Michael Whinstonand Jerry Green, Microeconomic Theory, Oxford University Press (1995)

Reference Book:

Course Description:

This is a first-year graduate-level course that covers the classical topics of individual choice by consumers and

firms, choice under uncertainty as well as general equilibrium theory. The goal of this course is for you to master a

thorough knowledge of these theory topics. The best (and probably the only) way to learn this material is through

practice.

4. Asset pricing I

Targeted Programs:

Second year students (Master, PhD)

Course Type:

Elective

Prerequisite: basic microeconomic theory, calculus and matrix algebra

Instructors:

Peilin HSIEH

Reference Book:

Cochrane, 2004 Asset Pricing, Revised Edition, Princeton University Press.

O'Hara, 1995 Market Microstructure Theory, Blackwell Publishers, Cambridge Mass.

Huang and Litzenberger, 1988 Foundations for Financial Economics, North-Holland (Elsevier Science Publishing,

New York).

Ingersoll, 1987 Theory of Financial Decision Making, Rowan and Littlefield(Totowa, NJ).

Robert Jarrow, 2002 Modeling Fixed Income Securities and Interest Rate Options (2nd Edition).

61

John Hull, 2014 Options, Futures, and Other Derivatives (9th Edition)

Course Description:

This course, which is the first in the sequence of doctoral seminars offered in finance, is designed to introduce students

to the major models of asset pricing and to Rational Expectations models. All of the material is developed from first

principles, so there are no formal prerequisites for taking this seminar. It is assumed, however, that students are familiar

with basic microeconomic theory and have a working knowledge of both calculus and matrix algebra. The general

approach will be:

to examine the economic intuition behind each model

provide a mathematically rigorous derivation of the model

discuss the model's important features, and

outline the testable implications of the model.

5. Business Statistics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Andrew PUA

Reference Book:

(For the absolute beginner, with some hand-holding) Moore, David S. The Basic Practice of Statistics, 5th ed. W.

H. Freeman and Company, 2010. [BPS]

(For the absolute beginner, without the hand-holding) Freedman, David A., Robert Pisani, and Roger Purves.

Statistics, 1st ed. W. W. Norton and Company, 1978.

(For students with some prior background but lost it) Moore, David S., George P. McCabe, and Bruce A. Craig.

Introduction to the Practice of Statistics, 6th ed. W. H. Freeman and Company, 2009. [IPS]

(For students with more mathematical training, but want something quick – not the same as easy!) Wasserman,

Larry. All of Statistics: A Concise Course in Statistical Inference. Springer, 2004. [AOS] (For students with some prior

background and still have some of it) Myerson, Roger B. Probability Models for

Economic Decisions. Brooks/Cole Thomson Learning, 2005. [PMED]

Course Description:

This course introduces students to the practice and theory of probability and statistics. It serves as

a foundation for concepts to be used in subsequent courses, one of which is econometrics. The course is made up of

three parts. The first part of the course covers data analysis and aspects of data gathering. The second part of the

course focuses on the basics of probability theory that would be most useful for statistical inference and decision making.

The third part puts into use what you learned in the first two parts to statistical problems one might encounter in different

areas of inquiry. At the end of the course, we hope that you are prepared for more advanced courses but we also hope

that you become a more informed consumer and user of statistics.

62

6. Chinese Economy

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Xiaojia BAO

Reference Book:

Naughton, Barry. 2007. The Chinese Economy: Transitions and Growth. Cambridge, Mass.: The MIT Press.

*Loren Brandt and Thomas Rawski. 2008. China's Great Economic Transformation. Cambridge University Press

(Optional)

Chow, Gregory C. 2007. China’s Economic Transformation, 2nd Edition, Blackwell Publishing, Oxford et al.

Spence, Jonathan D. 1999. The Search for Modern China, 2nd Revised edition, W. W. Norton & Co., New York.

J. Fan and R. Morck. 2012. Capitalizing China, University of Chicago Press, Chicago, IL

Lieberthal, Kenneth, 2004. Governing China: From Revolution to Reform. New York: W.W. Norton and Company.

WU Jinglian, 2005, Understanding and Interpreting Chinese Economic Growth

Course Description:

The course provides a general introduction to the background and current structure of Chinese economy. It aims to

help students understanding sources of Chinese economic growth and analyzing economic problems in China using

empirical and theoretical approaches. We will first cover the basic geographic and demographic backgrounds and a brief

introduction on economic growth history in China. Following it, we will mainly explore the behavior and decision--‐making

of main players in the economy, including firms, governments and households. Throughout the way, we will integrate

industrialization, decentralization and urbanization together. In the end, the course will cover specific fields including trade

and financial system in China.

7. Econometrics

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Xuexin WANG

Reference Book:

Required: Stock, J.H. and Watson, M. W. , Introduction to Econometrics, 3rd Edition, Pearson Education, 2010.

Optional: Wooldridge, J.M., Introductory Econometrics, 4th Edition, South-Western College Publishing, 2009.

63

Course Description:



regression with time series data. The objective of the course is for the student to learn how to conduct and how to criticize

empirical studies in economics and related fields. The free statistical software GRETL is recommended to use in the class.

8. Financial Economics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite: This is an introductory level course which does not require in-depth knowledge on economics or finance. Students are expected to be skillful in using high-school math to make relevant calculations.

Instructors:

Shuoxun Zhang Reference Book:

Bodie, Merton and Cleeton(BMC), Financial Ecomonics, 2nd edition. (required)

Bodie, Kane and Marcus (BKM), Investments, 8th edition.

Course Description:

This is an introductory course to financial economics, which lays foundations for more specialized course that have

a narrower focus on subfields of finance. The course is suitable for students with diverse backgrounds to seek a solid

understanding and overview of the entire field of finance. This course provides a rigorous introduction to the

fundamentals of modern financial analysis and their applications to business challenges in capital budgeting, project

evaluation, household and corporate financial decisions, and basic security analysis and investment management.

The course is lecture based. Lectures will consist of covering the theory, examples, and class discussion. Homework assignments will focus on applying the material from lectures. Particularly, the course is designed as an experimental teaching

64

9. Financial System in China

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Ming Gu

Reference Book:

Saunders, Anthony and Marcia Millon Cornett, “Financial Markets & Institutions”

McGraw Hill ---- Reference book, not required.

Course Description:

This course gives a basic introduction to the main features of financial institutions and markets in the United States and

China. The objective of this course is to prepare students for successful interaction with financial markets and

institutions. This course examines the form and function of various financial markets and the manner in which financial

managers use these markets to accomplish corporate objectives. Focus will be placed on the behavior of major financial

institutions and their role in the intermediation process as suppliers of funds as well as the form and function of specific

financial markets.

10. Fixed Income Analysis

Targeted Programs:


Course Type:

Compulsory (MAF)

Prerequisite: Probability theory

igma field/probability measure…

Stochastic process

Brownian motion

Martingale…

Basic understanding of the fixed income markets

Yield to maturity/forward rate

Duration/convexity

Treasury/munis/corporate bond/MBS/ABS…

Derivatives

Options/futures/forwards/swaps

Binomial option pricing model

Instructors:

Qian Han

Required Textbook:

65

Modeling Fixed-Income Securities and Interest Rate Options, second edition, Robert A. Jarrow

Interest rate models: theory and practice, Damiano Brigo and Fabio Mercurio

Reference Book:

Vasicek, O., 1977. An equilibrium characterization of the term structure, Journal of Financial Economics 5, 177-188;

Ho, T.S., and S. Lee, 1986. Term structure movements and pricing interest rate contingent claims. Journal of Finance

41, 1011-1028;

Heath, D., R. Jarrow, and A. Morton, 1990. Contingent claim valuation with a random evolution of interest rates.

Review of Futures Markets 54-76;

Heath, D., R. Jarrow, and A. Morton, 1990. Bond pricing and the term structure of interest rates: a discrete time

approximation. Journal of Financial and Quantitative Analysis 25(4), 419-440;

Heath, D., R. Jarrow, and A. Morton, 1992(a). Bond pricing and the term structure of interest rates: a new

methodology for contingent claims valuation. Econometrica 60(1), 77-105;

Black, F., E. Derman, and W. Toy, 1990. A one-factor model of interest rates and its application to treasury bond

options. Financial Analyst Journal 46, 33-39;

Cox, J., S. Ross and J. Ingersoll, 1985. A theory of the term structure of interest rates. Econometrica 53, 385-407;

Hull, J., and A. White, 1990. Pricing interest rate derivative securities. Review of Financial Studies 3(4), 573-592.

Hull, J., and A. White, 1994a

Hull, J., and A. White, 1994b

Brace, A., Gatarek, D. et Musiela, M. (1997): “The Market Model of Interest Rate Dynamics”, Mathematical Finance,

7(2), 127-154.

Course Description:

In This Course

You expect to learn:

Spot rate models

Vasicek (general equilibrium model)

CIR(general equilibrium model)

HW I, II (general equilibrium model)

BDT(no arbitrage model, use the entire yield curve to model the spot rate movement)

Instantaneous forward rate models(modeling the entire yield curve, not just the spot rate)

HJM(no arbitrage model)

LIBOR market models (modeling a set of forward rates)

BGM(no arbitrage model)

You also get a chance to know lots of interest rate derivatives products

Swaps/futures/options/swaptions

Callable/convertible/caps/floors/quantos/exotics

11. Game Theory

Targeted Programs:


Course Type:

Elective

Prerequisite:

66

Instructors:

Yun Wang

Reference Book:

Game Theory for Applied Economists, by Robert Gibbons, Princeton University Press Reprint edition (July 13, 1992),

ISBN-10: 0691003955, ISBN-13: 978-0691003955

An Introduction to Game Theory, by Martin J. Osborne, Publisher: Oxford University Press (August 7, 2003),

ISBN-10: 0195128958, ISBN-13: 978-0195128956

Course Description:

This course introduces students to the basic concepts of game theory, which is the theory of strategic interactions.

The emphasis is on the unifying perspective that game theory offers to questions in economics, and many other disciplines

including business, biology, political science as well as everyday life. The basic concepts of game theory will be presented

using a wide range of substantive and intellectually stimulating applications. After completing this course students will be

able to view social interactions as strategic games, to use game theoretic concepts to predict behavior in these

interactions and to conceive of ways in which altering the rules of the game will affect outcomes.

12. Industrial Organization

Targeted Programs:


Course Type:

Elective

Prerequisite: The prerequisite for this course is Microeconomics.

Instructors:

Brett Graham

Reference Book:

Required : Church, Je rey and Ware, Roger, Industrial Organization: A Strategic Approach, Berkeley Electronic

Press, 2000.

Optional : Shy, Oz, Industrial Organization: Theory and Applications, The MIT Press, 1996

Course Description:

In general equilibrium models the standard neoclassical assumption is that agents take prices as given, and may

therefore ignore the decisions of others in the market. The assumption is reasonable when there are a large number of

firms (and consumers) but is unrealistic in most markets.

This course will first consider how firms act when they face no competition from other firms for the sale of their

product, i.e., when the firm is a monopolist. In such environments the firm is a price seeker, searching for the

price-quantity-quality combination that maximizes profit. We will study not only the implications for price and quantity of

monopoly markets but also the impact on social welfare. Furthermore we will consider how non-linear pricing and

quality choices can firm profit and social welfare.

When there are only a few firms operating in a market, firms must make strategic choices, i.e. the decisions of

competing firms must be considered when a firm makes its own decision. In this course we analyze market outcomes in

the presence of such strategic interaction.

One of the main concepts associated with this strategic interaction is market power. What are the determinants of

market power? How do firms create, utilize, and protect it? When are antitrust enforcement or regulation appropriate

67

https://econ.ucalgary.ca/profiles/jeffrey-robert-church/

http://works.bepress.com/jeffrey_church/23

http://works.bepress.com/jeffrey_church/23

http://www.bepress.com/

http://www.bepress.com/

http://www.ozshy.com/

https://mitpress.mit.edu/books/industrial-organization

https://mitpress.mit.edu/

https://mitpress.mit.edu/

policy responses to the creation, maintenance,or exercise of market power?

This course emphasizes the importance of strategic competition and how firms can shelter their market power and

economic profits from competitors. The focus on firm conduct to acquire and maintain market power also establishes the

intellectual foundation for determining appropriate government policy in such environments.


Targeted Programs:


Course Type:

Elective

Prerequisite: N. Gregory Mankiw, Macroeconomics 7th Edition

Instructors:

Yufei Yuan

Reference Book:

N. Gregory Mankiw, Macroeconomics 7th Edition

Paul R. Krugman, Maurice Obstfeld and Marc J. Melitz, International Economics: Theory and Policy 9th Edition

Jeffrey D. Sachs, Felipe B. Larrain, Macroeconomics in the Global Economy Prentice-Hall

Course Description:

Perhaps more than ever before, an international perspective is required to address the fundamental questions of

macroeconomics. What determines the level of economic activity in an economy? What determines the pace of economic

growth? What are the effects of monetary and fiscal policy? An international perspective not only improves understanding

of these familiar questions, but it also allows one to consider important new questions. For instance, why do some

countries run trade deficits or surpluses? Should such imbalances concern policy makers? Why do some countries

encounter financial crises? What is the proper response to these crises?

In this course, we will build a framework that allows us to address the many interesting questions of international

macroeconomics. In this context, several important topics will be discussed, including the following.

What role does monetary and fiscal policy have in open economies?

Is there a need for new international financial institutions?

What are the merits of European Monetary Union?

What are the tradeoffs between fixed and flexible exchange rates?

What can account for financial crises?


Targeted Programs:

First and Second year students

Course Type:

Compulsory

Prerequisite: Intermediate Microeconomics and Fundamental Econometrics

Instructors:

68

Kai Li

Reference Book:

Krugman, Melitz, and Obstfeld, International Economics: Theory and Policy

Feestra and Taylor: International Trade

Reading materials will be assigned in class.

Course Description:

This course will focus on both theoretical and quantitative aspects in the _eld of international trade. The aim is to

help us understand the causes and consequences of trade, with particular focus on _rm behaviors. We will study

Ricardian and H-O trade theory before moving on to monopolistic competition of trade. The bulk of the course will be

spent discussing modern developments in international trade, focusing on models featuring heterogeneous _rms in

monopolistically competitive frameworks. We will briey touch on the other modern topics if time permits.

15. Introductory Mathematical Economics

Targeted Programs:

First and Second year students

Course Type:

Compulsory

Prerequisite: Microeconomics (intermediate)

Instructors:

Yu Ren

Reference Book:

Mathematical for Economists, First Edition, by Carl P. Simon and Lawrence Blume ISBN 0-393-95733-0

Course Description:

This course is designed to introduce a wide range of mathematical techniques used in senior undergraduate level

economics courses. Topics include the tools used to analyze equilibrium models, comparative-static models,

optimization, and, to a limited extent,dynamic models. The course will extensively employ linear algebra and basic

calculus.

16. Investment

Targeted Programs:


Course Type:

Elective

Prerequisite: None

Instructors:

Mengmeng Ao

Reference Book:

69

投资学， Z. Bodie, A. Kane, A.J. Marcus，原书第九版，机械工业出版社， ISBN: 7111390288

Essentials of Investments (9th edition), Z. Bodie, A. Kane, and A.J. Marcus, 2013, Mc-Graw Hill Education. ISBN

978-007-714824-9.

Investments (any recent version), Z. Bodie, A. Kane, A.J. Marcus, Mc-Graw Hill Education

Course Description:

This course provides you with an introduction to the most fundamental aspects of investments, and possesses both

theoretical and practical characteristics. The course aims at illustrating basic knowledge and skills about investments,

and guiding students to systematically understand basic

concepts and functions of financial markets, portfolio theory and financial assets allocation, investment analysis and

management, pricing and using financial derivatives, investment performance evaluation etc. Through the course,

students will learn about the investment principles in financial markets, and apply what they learn to analyze and explain

investment phenomena in real economic world, get prepared for further study and research, and enhance practical

investment abilities.

17. Labor Economics

Targeted Programs:

Second year students (Master , PhD)

Course Type:

Elective

Prerequisite:

Instructors:

Xiqian Cai

Reference Book:

Benjamin, Gunderson and Riddell, Labour Market Economics Borjas, Labor Economics Handbook of Labor Economics, Vol 3A, Orley C. Ashenfelter and David Card, Chapter 23, Empirical Strategies in

Labor Economics, by Joshua D. Angrist and Alan B. Krueger (http://www.irs.princeton.edu/pubs/pdfs/401.pdf ) Microeconometrics: Methods and Applications, by Cameron and Trivedi Mostly harmless econometrics: an empiricist’s companion, Joshua D. Angrist and Jörn-Steffen, Pischke Princeton

and Oxford: Princeton University Press

Course Description:

This is a graduate course in labor economics and covers core topics in the …eld of labor economics and empirical

methods for applied microeconomic analysis. There is no compulsory textbook for the course. Readings designated by an asterisk (*) will be emphasized in the lectures. Readings designated by a (P) can be selected for the in-class presentation. Readings with no asterisk may be discussed in the lectures brie‡y, but are primarily o¤ered as a guide to the literature.

18. Law Economics

Targeted Programs:


Course Type:

70

Elective

Prerequisite:

Instructors:

Cheryl Long

Reference Book:


Required Textbook:

Robert Cooter and Thomas Ulen, Law and Economics (Addison-Wesley, 6 ed.), or 史晋川译中文版，格致出版社/上

海三联书店/上海人民出版社;

Course Description:

This course provides an introduction to law and economics. Standard economic theory will be applied to analyze law

and legal institutions and to study the origin, nature, and consequences of the "rules of the game" as they pertain to

individual and group behaviors. Specifically, applications of economic theory in property law, contract law, tort law, crime

and prosecution, and other related topics will be discussed.

19. Literature Review and Thesis Writing

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Lei MENG

Reference Book:

傅十和、朱迪⋅M.佩雷拉合著. 2012. 如何撰写并发表英文经济学论文. 上海: 格致出版社.

Cochrane, John H. 2005. “Writing Tips for Ph.D. Students.” Working Papers.

Dudenhefer, Paul. 2009. “A Guide to Writing in Economics.” EcoTeach Center and Department of Economics, Duke

University.

Neugeboren, Robert and Mireille Jacobson. 2005. “Writing Economics.” The Harvard Writing Projects.

Course Description:

This course introduces students to the ethics, the elements, and the structure of undergraduate thesis writing in the

economics discipline. It covers topics such as how to find a topic, where to find data, how to do citation, how to do literature

review, how to do empirical research, how to write a thesis, and how to do thesis presentation. The course serves as a

helping tool to accompany thesis supervision of WISE faculty members.

71

20. Macroeconomics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Marcel BLUHM

Reference Book:

G. Mankiw (2012): Macroeconomics, 8. Edition, New York: Worth Publishers.

Course Description:

This is a course in macroeconomics designed for the International Master Program. The main objective of the

course is to provide participants with a thorough understanding of macroeconomic theory. The course covers classical economic theory, economic growth theory, and business cycle theory. This framework will provide the basis to analyze several macroeconomic policy questions during the course.

21. Microeconometrics and Application

Targeted Programs:


Course Type:

Compulsory

Prerequisite:

Instructors:

Maoliang YE

Reference Book:

Esther Duflo, Handout on Empirical Methods, 2002.

E. Duflo, R. Glennerster, and M. Kremer. (2006), “Using Randomization in Development Economics Research: A

Toolkit,” NBER Technical WP No. 333, December.

J.D. Angrist and A.B. Krueger. (1999) Empirical strategies in labor economics, in the Handbook of Labor

Economics, Vol. 3A, O. Ashenfelter and D. Card, eds., Elsevier, 1278-1366.

Colin Cameron and Pravin K. Trivedi, Microeconometrics Using Stata.

Mostly harmless econometrics: an empiricist’s companion, Joshua D. Angrist and Jörn-Steffen Pischke. Princeton

and Oxford: Princeton University Press

Course Description:

This is an advanced undergraduate course in microeconometrics and its applications, appropriate for

double-degree students at WISE with preparation in intermediate microeconomics and econometrics. Based on all the econometrics tools studied in the previous terms, this course prepares our students for applying the most appropriate econometric tools (especially quasi-experimental and experimental) in empirical works using micro data. By explaining

72

the advantages and potential problems of common identification strategies, we expect students develop a sense of how to make choices among different strategies based on data available and problem at hand. This course will be application oriented. The application topics and examples come from applied microeconomics especially labor and development economics. It also incorporates some insights from behavioral economics, and some flavors for China studies.

22. Microeconomics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite: This class is intended for 1st year international master students. Basic algebra, calculus and probability analysis are

required. If necessary, special math training sections will be organized to prepare students for the class.

Instructors:

Xiaojia Bao

Reference Book:

Robert Pindyck and Daniel Rubinfeld, Microeconomics (7th Edition)1, Qinghua University Press 2007

Course Description:

The main objective of this class is to train students with basic microeconomic theory and enable students to apply

microeconomic theories to analyze economic phenomena and related policies. The course mainly covers demand,

supply, market equilibrium, competitive market, non-competitive markets and game theory.

23. Selected Issues on China

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Shaolian LIAO etc

Reference Book:

Keay, John. (2009) China: a History. New York: Harperm Press.

Wright, David Curtis. (2001) The history of China，Westport, Conn. : Greenwood Press.

Chinese International Publishing Group. (2009) Five Thousand Years of Chinese Characters. Beijing: Foreign

Languages Press.

Chow, Gregory. (2014) China's Economic and Social Problems. New Jersey: World Scientific.

Zhu, Zhiqun. China's New Diplomacy: Rationale, Strategies and Significance. Farnham, England.

Chen, Jian, (2013). Diplomacy Leads to World Harmony. Current Affairs Press.

Ministry of Science and Technology of the People's Republic of China. (2013), China Science and Technology

73

Indicators 2010. Scientific and Technical Documentation Press.

Course Description:

This part of the lecture series provides an introduction to China with focus on history and politics. It will first give a

brief introduction to ancient history of China with focus on features of social formation in different historical periods, and

then touch upon development of science & technology. The section on politics of China will cover political power and

administrative system, as well as the new security concept and its impacts on foreign relations.

24. Time Series Analysis I

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Haiqiang Chen

Reference Book:

Time Series Analysis, James D. Hamilton, 1994.

Course Description:

This is an introductory course to time series analysis. Methods are hierarchically introduced .starting with basic

concepts and terminologies, progressing to different data analysis, and ending with different modeling and inference

procedures. The course material will cover stationary/nonstationary, linear/nonlinear time series analysis. After this

course, students are expected to learn the knowledge and skills needed to do both theoretical and empirical research in

fields operating with time series data sets.

25. Urban Economics

Targeted Programs:


Course Type:

Elective

Prerequisite: The intent of this course is to expose you to a number of ideas in modern urban economics. We will emphasize the use of

modeling techniques that build directly upon the material covered in intermediate microeconomics. If you have not yet

taken microeconomics, or the equivalent, you should prepare to work very, very hard to keep up with your peers, and

should see me immediately to discuss your readiness to take the course. You should also be comfortable with some basic

calculus and working with algebraic expressions.

Instructors:

Xiaofang Dong

Reference Book:

74

Required textbook:

Jan K. Bruckner, Lectures on Urban Economics, MIT Press Optional textbook:



Optional textbook:


Reading Materials:

Several journal articles will be distributed during the course, to provide more detail background of the model used in

class or to encourage students apply those basic microeconomic concepts to real world scenario.

Course Description:

Urban economics introduces space into economic models and studies the location of economic activity. It addresses

a wide variety of theoretical approaches and policy options. In this course,our primary focus will be on answering general and interesting questions such as, Why do cities exist? How do firms decide where to locate? Why do people live in cities? What determines the growth and size of a city? Which policies can modify the shape of a city? A simple monocentric model will be introduced to give a basic idea what is the difference between the spatial model and traditional economic model.Then we will analyze specific economic problems that arise because we are living in cities, such as crime and poverty, housing, segregation, congestion, pollution, education, and public policy. I highly ecourage and value students who can put those economic problems specificly in Chinese background.

75

WISE-SOE International Master’s Programs (Spring Semester)

1. Advanced Corporate Finance

Targeted Programs:

MA-PhD

Course Type:

Compulsory

Prerequisite:

Instructors:

Haiwei Jin

Reference Book:


The Theory of Corporate Finance, by Jean Tirole (Princeton University Press, 2006)

Econometric Analysis of Cross Section and Panel Data, by Wooldridge (MIT Press, 2001).

Course Description:

This course surveys the common methodologies used in empirical corporate finance research, with an emphasis on

practical issues. It also examines many of the important topics in corporate finance, including both seminal papers and

working papers on the cutting edge of the field.

2. Applied Micro-econometrics

Targeted Programs:

First year students (Master, PhD)

Course Type:

elective

Prerequisite:

Instructors:

Ying FANG

Reference Book:

Angrist and Pischke, 2009, Mostly Harmless Econometrics: An Empirical Companion, Princeton University Press,

Princeton, New Jersey, USA.

Arellano, 2003, Panel Data Econometrics, Oxford University Press, New York, USA.

Cameron and Trivedi, 2005, Microeconometrics, Cambridge University Press, New York, USA. (4) Hsiao, 2003,

Analysis of Panel Data, Cambridge University Press, Cambridge, UK.

Lee, 2005, Micro-econometrics for Policy, Program, and Treatment Effects, Oxford University Press, New York,

USA.

Wooldridge, 2002, Econometric Analysis of Cross Section and Panel Data, MIT press, Cambridge, USA.

Cerulli, 2015, Econometric Evaluation of Socio-Economic Programs: Theory and Applications, Springer, German.

Course Description:

76

This course covers several popular econometric methods which have recently been widely used in empirical studies.

These topics include (1) instrumental variables estimation and inference under weak instruments and near exogeneity;

(2) static and dynamic panel data models; (3) policy evaluation; and (4) quantile estimation.

3. Asset Pricing II: Continuous‐time Models and Risk Management

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Hongbiao Zhao

Reference Book:

Recommended key textbooks:

Risk Management and Financial Institutions, Third Edition (John Hull, 2012) website:

http://www-2.rotman.utoronto.ca/~hull/riskman/

Stochastic Calculus for Finance: Volume II: Continuous-time Models (Steven Shreve, 2004)

Recommended references:

Options, Futures, and Other Derivatives, 6th Edition (John Hull, 2006)

Quantitative Risk Management: Concepts, Techniques and Tools (Alexander McNeil, Rüdiger Frey, Paul

Embrechts, 2005)

Monte Carlo Methods in Financial Engineering (Paul Glasserman, 2003)

Interest Rate Models – Theory and Practice: with Smile, Inflation and Credit, 2nd Edition (Damiano Brigo, Fabio

Mercurio, 2007)

Credit Derivatives Pricing Models: Models, Pricing and Implementation (Philipp Schonbucher, 2003)

Course Description:

This course is designed to introduce modern quantitative methodologies for asset pricing in finance (and insurance)

with emphasis on continuous-time models and associated risk management in practice. The main asset classes covered

are option, rate and credit. The associated numerical implementations are demonstrated via MatLab.

4. Chinese Economy:Transitions and Growth

Targeted Programs:

Course Type:

Compulsory (MIT)

Prerequisite: WISE MA & PHD students: First year core courses

WISE International MA students: First year core courses

Instructors:

Lei Meng

77

Reference Book:

Main textbook: Naughton, Barry. 2007. The Chinese Economy: Transitions and Growth. Cambridge, Mass.: The MIT Press.

Naughton, Barry. 1995. Growing Out of the Plan. Cambridge University Press.

Main reference materials: Lin, Justin Yifu, Fang Cai, and Zhou Li. 2003. The China Miracle: Development Strategy and Economic Reform.

Hong Kong: Chinese University Press.

Chow, Gregory C. 2007. China’s Economic Transformation. 2nd Edition.Malden, MA: Wiley-Blackwell.

Lu, FMing. 2016. Great State Needs Bigger City. Shanghai: Shanghai People’s Publishing House.

Course Description:

The goal of this course is to investigate the fundamental causes of sustained economic prosperity and widespread

wealth using the contemporary Chinese economy as the backdrop. Specifically, it aims at providing students with tools

and frameworks to explain China’s economic transitions and growth, to be able to discuss the contemporary Chinese

economy topics in an informed way, and to probe into China’s future.

5. Chinese Taxation

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite:

Instructors:

Xixi Lin

Reference Book:

LIU Zou and DU Li, Tax system of the people’s republic of China

Course Description:

To introduce the fundamental concepts of tax system in China.


Targeted Programs:


Course Type:

Compulsory (MAF MME)

Prerequisite: Financial Markets and Corporate Strategy, by Mark Grinblatt and Sheridan Titman (Irwin/McGraw-Hill, 2002)

Instructors:

Haiwei JING

Reference Book:

78

Robert C. Higgins, Analysis for Financial Management (9th ed.) Irwin/McGraw-Hill, 2009.

Richard A. Brealey, Stewart C. Myers, and Franklin Allen, Principles of Corporate Finance (10th ed.),

Irwin/McGraw-Hill, 2011.

Stephen A. Ross, Randolph W. Westerfield, and Jeffrey F. Jaffe, Corporate Finance (9th ed.), Irwin/McGraw-Hill,

2009. Joel M. Stern and Donald H. Chew, Jr. eds. The Revolution in Corporate Finance, (4th ed.), Blackwell

Business, 2003.

Course Description:

The objective of this course is to develop an understanding of the decisions financial managers face. In this course,

we will approach problems from the perspective of the Chief Financial Officer. We will focus on decisions concerning

raising money (equity, debt, convertible bonds, etc.), and spending money (project valuation, acquisitions).

7. Derivative Analysis

Targeted Programs:

MA-PHD & Intl MA

Course Type:

Compulsory

Prerequisite: Calculus , Probability

Instructors:

Pei-Lin Hsieh, Assistant Professor

Reference Book:

Options, Futures, and Other Derivatives, John Hull

An In troduction to Derivatives Securities, Financial Market, and Risk Management, Jarrow and Chatterjea

Course Description:

This course is designed to provide students with a solid understanding of pricing and trading in derivatives markets.

The underlying includes futures and options. Algorithmic trading models and practices will be covered based on your

understanding of the aforementioned instruments. Students will also better understand investors’ trading behavior and

how the market functions via micro-structure analysis.

8. Econometrics

Targeted Programs:

First year students

Course Type:

Compulsory

Prerequisite: Students are presumed to be familiar with linear algebra and multivariate calculus.

Instructors:

Brett Graham

Reference Book:

Required : Stock, J.H. and Watson, M. W. , Introduction to Econometrics, 2nd Edition,Pearson Education, 2007.

79

Optional : Wooldridge, J.M., Introductory Econometrics, 4th Edition, South-Western College Publishing, 2009.

Course Description:



regression with time series data. The objective of the course is for the student to learn how to conduct - and how to

critique - empirical studies in economics and related fields.

9. Economic Growth

Targeted Programs:

Second, third and fourth year students

Course Type:

Elective

Prerequisite: Intermediate Macroeconomics Intermediate Macroeconomics

Instructors:

Mouhua Liao

Reference Book:

Robert J. Barro and Xavier Sala-i-Martin, ECONOMIC GROWTH, Second Edition, The MIT Press, October 2003.

Course Description:

A theoretical and empirical examination of economic growth and income differences across countries. This

course focuses on both the experience of rich countries and the catch-up process of less-developed countries. Topics may include population growth, accumulation of physical and human capital, technological change, openness, the role of government and income distribution. This course use Solow model with exogenous savings rate as a main theoretical framework. We also consider models with endogenous saving rate, such as OLG model and optimization models with a finite period.


Targeted Programs:

From IUEC

Course Type:

Elective

Prerequisite: Introductory Economics

Instructors:

Xiaojia Bao

Reference Book:

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Kolstad, Charles D., 2010. Environmental Economics. Oxford University Press.

Course Description:

This course is intended for second-year, junior and senior students in the undergraduate program. The goal of this

course is to train students with topics in environmental economics and analytical skills for addressing basic empirical

research questions related to environmental economics. Students should be able to analyze basic environmental issues

with economic approaches and tools.


Targeted Programs:


Course Type:

Elective


Instructors:

Sen Geng

Reference Book:


Course Description:










12. Fixed Income Analysis

Targeted Programs:

Course Type:

Compulsory (MAF)

Prerequisite:

81

Instructors:

Jian Chen

Required Textbook:

Bond Markets Analysis and Strategies, Sixth Edition, by Frank Fabozzi, Pearson, Prentice Hall, 2007.

Reference Book:

Modeling Fixed Income Securities and Interest Rate Options by Robert Jarrow (Stanford Economics and Finance)

2nd Edition, 2002.

Fixed Income Securities by Bruce Tuckman (Wiley), 2nd Edition, 2002.

Fixed Income Markets and Their Derivatives by Suresh Sundaresan (South Western), 2nd Edition 2001.

Course Description:

The purpose of the course is to familiarize the students with the world of fixed income and the characteristics of the

various securities traded in fixed income markets. This is not a very technical course, and precise pricing models will not

be discussed-they are covered extensively in other courses offered at WISE. We will also focus on public policy issues

related to the fixed income markets.

13. Time Series Analysis

Targeted Programs:

Course Type:

Compulsory (MAF)

Prerequisite: Probability and Statistics

Instructors:

Yingxing LI

Required Textbook:

Time Series Analysis with Applications in R

Reference Book:

Analysis of Financial Time Series

Course Description:

Time Series Analysis is an important branch in Inferential Statistics, and it also has wide applications in Economics,

Social Science, and Natural Science. In this course, we will introduce the important theory and methods that are used in

time series analysis, and discuss in details how to model stationary time series, nonstationary time series, seasonal time

series, including model identification, parameter estimation, model diagnostic checking, prediction and control and so on.

After taking this course, students are expected to learn the skills needed to do empirical research with time series data,

and they are able to evaluate their analysis and know how to improve their analysis, which might help them a lot in

further studying and practices.

14. Microeconometrics and Application

Targeted Programs:

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First year students

Course Type:

Compulsory

Prerequisite: Econometrics

Instructors:

Jiaming Mao

Reference Book:

James et al., An Introduction to Statistical Learning: with Applications in R, Springer, 2013.

Morgan and Winship, Counterfactuals and Causal Inference, Cambridge University Press, 2007.

Angrist and Pischke, Mostly Harmless Econometrics: An Empiricist's Companion, Princeton University Press, 2009.

Wasserman, All of Statistics: A Concise Course in Statistical Inference, Springer, 2004.

Cameron and Trivedi, Microeconometrics: Methods and Applications, Cambridge University Press, 2005.

Stock and Watson, Introduction to Econometrics, 3rd Edition, Pearson Education, 2010.

Course Description:

This course consists of three parts. The first part surveys a range of techniques used in econometrics, statistics and

machine learning that are useful in analyzing micro data. The second part focuses on the estimation of treatment effects

and introduces the theory of causal inference. The third part discusses structural estimation and its applications. The

goal of this course is to prepare students with the tools to conduct empirical research in microeconomics. The emphasis

will be on issues that arise in working with data and practical considerations in using various techniques rather than their

theoretical underpinning. It is assumed that students already have a sufficient knowledge of the basic econometric

theory.

15. Multivariate Statistics Analysis

Targeted Programs:


Course Type:


Prerequisite: Linear Algebra, introductory probability and statistics.

Instructors:

Yanan He

Reference Book:

Applied Multivariate Statistical Analysis, sixth Edition, by Johnson, R.A. and Wichern, D.W., published by Pearson

Education or Tsinghua University Press.

Course Description:

This is an introductory multivariate statistical analysis course. The aim of the course is to introduce a variety of

statistical methods for describing and analyzing multivariate data, emphasizing the implementation and interpretations of

these methods. At the end of the course, students should develop the knowledge for making proper interpretations,

selecting appropriate techniques, and understanding their value.

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http://www-bcf.usc.edu/%7Egareth/ISL/

http://www.cambridge.org/catalogue/catalogue.asp?isbn=9780521671934

http://www.mostlyharmlesseconometrics.com/

http://www.springer.com/de/book/9780387402727

http://cameron.econ.ucdavis.edu/mmabook/mma.html

http://wps.aw.com/aw_stock_ie_3/

16. Stochastic Process

Targeted Programs:

Course Type:

Compulsory (MFE)

Prerequisite: Students will need to have basic knowledge of finance, calculus, and

probability. The knowledge of financial engineering will be also expected.

Instructors:

Yu Ren

Required Textbook:

Neftci, Salih, 1999, An Introduction to the Mathematics of Financial Derivatives, Academic Press.

Shreve , Steven E., 2003, Stochastic Calculus for Finance I & II, Springer.

Hull, John C., Options, Futures, and Other Derivatives, 8th edition, Pearson Press.

Course Description:

Stochastic analysis is a rapidly expanding interdisciplinary field that involves mathematics (stochastic calculus) and

models for financial markets.Finance has become an increasingly quantitative discipline, and financial institutions are

hiring graduates in finance, economics, mathematics, physics,and engineering. A solid mathematical and financial

foundation is necessary to understand new paradigms in finance, and employers are also looking for graduates trained

in both disciplines, with particular emphasis on modeling ability. This course will comprise an immersion into the

mathematics and models of modern finance, with an emphasis on conceptual and mathematical understanding, as well

as building and implementing models.

17. Investment

Targeted Programs:

Ma-PhD

Course Type:

elective

Prerequisite: Students should know the fundamentals of financial market, understand basic principles of financial economics, and be

able to apply basic mathematical and statistical tools

Instructors:

Mengmeng Ao

Required Textbook:

Investment Analysis and Portfolio Management, 10th edition, by Reilly and Brown, Southwestern.

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition), by

Benjamin Graham and Jason Zweig, HarperBusiness, ISBN-10: 0060555661.

The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and

Strategies, 2nd Edition. Frank J. Fabozzi (Editor) and Harry M. Markowitz (Editor). 2011. ISBN 978-1-118-06756-7

Investments and Portfolio Management (Global Edition, 9E) 2011 ，by Zvi Bodie, Alex Kane, and Alan J. Marcus.

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McGraw-Hill.

Modern Portfolio Theory and Investment Analysis (8th edition), Edwin J. Elton, Martin J. Gruber, Stephen J. Brown,

and William N. Goetzmann, 2011, Wiley International Student Version. ISBN 978-0470-50584-7.

John C. Cochrane, 2005, Asset Pricing (Revised Edition), Princeton University Press. ISBN 0-691-12137-0.

Course Description:

The course content mainly include classic investment theory and its development, value investing principles and

strategies, security investment analysis and management, and portfolio valuation methods.

Students will learn and understand the basic principles of security investment;

Students will develop deeper understanding of classic asset pricing theories, market efficiency and the connection with

value investing;

Students will understand more about portfolio theory and learn how to apply it in investment practice;

Students will learn about equity and debt investment strategies, and portfolio valuation methods as well;

Students will obtain more empirical knowledge and enhance the capability of using mathematical/statistical tools.

Master and PhD Programs (Fall Semester)

18. Time Series Analysis I

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Haiqiang Chen

Required Textbook: Time Series Analysis, James D. Hamilton, 1994.

Reference Book:

Analysis of Financial Time Series (3rd ed.), Ruey S. Tsay, 2010.

Time Series for Macroeconomics and Finance, John Cochrane, lecture notes, Available from Cochrane.s web site;

Statistics and Data Analysis for Financial Engineering, David Ruppert, 2011.

Course Description:

This is an introductory course to time series analysis. Methods are hierarchically introduced .starting with basic

concepts and terminologies, progressing to di¤erent data analysis skills, and ending with different modelling and

inference procedures in time series. The course material will cover not only stationary and linear time series, but also

nonstationary and nonlinear time series. After this course, students are expected to master the knowledge and skills

needed to do both theoretical and empirical research in .elds operating with time series data sets.

85

19. Law Economics

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Cheryl Long

Reference Book:


Required Textbook:

Robert Cooter and Thomas Ulen, Law and Economics (Addison-Wesley, 6 ed.), or 史晋川译中文版，格致出版社/上

海三联书店/上海人民出版社;

Course Description:

This course provides an introduction to law and economics. Standard economic theory will be applied to analyze law

and legal institutions and to study the origin, nature, and consequences of the "rules of the game" as they pertain to

individual and group behaviors. Specifically, applications of economic theory in property law, contract law, tort law, crime

and prosecution, and other related topics will be discussed.

86

20. Asset Pricing I: Discrete-time Models and Empirics

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Pei-Lin Hsieh

Reference Book:

Cochrane, 2004 Asset Pricing, Revised Edition, Princeton University Press.

O'Hara, 1995 Market Microstructure Theory, Blackwell Publishers, Cambridge Mass.

Huang and Litzenberger, 1988 Foundations for Financial Economics, North-Holland (Elsevier Science Publishing,

New York).

Ingersoll, 1987 Theory of Financial Decision Making, Rowan and Littlefield (Totowa, NJ).

Robert Jarrow, 2002 Modeling Fixed Income Securities and Interest Rate Options (2nd Edition).

John Hull, 2014 Options, Futures, and Other Derivatives (9th Edition)

Course Description:

This course, which is the first in the sequence of doctoral seminars offered in finance, is designed to introduce

students to the major models of asset pricing and to Rational Expectations models. All of the material is developed from

first principles, so there are no formal prerequisites for taking this seminar. It is assumed, however, that students are

familiar with basic microeconomic theory and have a working knowledge of both calculus and matrix algebra. The outline

that follows provides a brief description of the material that is covered in the course. The general approach will be:

to examine the economic intuition behind each model

provide a mathematically rigorous derivation of the model

discuss the model's important features, and outline the testable implications of the model.

21. Fixed income analysis

Targeted Programs:


Course Type:

Elective

Prerequisite: Probability theory

Sigma field/probability measure…

Stochastic process

Brownian motion

Martingale…

Basic understanding of the fixed income markets

Yield to maturity/forward rate

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Duration/convexity

Treasury/munis/corporate bond/MBS/ABS…

Derivatives

Options/futures/forwards/swaps

Binomial option pricing model

Instructors:

Qian Han

Required Textbook:

Modeling Fixed-Income Securities and Interest Rate Options, second edition, Robert A. Jarrow

Interest rate models: theory and practice, Damiano Brigo and Fabio Mercurio

Reference Book:

Vasicek, O., 1977. An equilibrium characterization of the term structure, Journal of Financial Economics 5, 177-188;

Ho, T.S., and S. Lee, 1986. Term structure movements and pricing interest rate contingent claims. Journal of

Finance 41, 1011-1028;

Heath, D., R. Jarrow, and A. Morton, 1990. Contingent claim valuation with a random evolution of interest rates.

Review of Futures Markets 54-76;

Heath, D., R. Jarrow, and A. Morton, 1990. Bond pricing and the term structure of interest rates: a discrete time

approximation. Journal of Financial and Quantitative Analysis 25(4), 419-440;

Heath, D., R. Jarrow, and A. Morton, 1992(a). Bond pricing and the term structure of interest rates: a new

methodology for contingent claims valuation. Econometrica 60(1), 77-105;

Black, F., E. Derman, and W. Toy, 1990. A one-factor model of interest rates and its application to treasury bond

options. Financial Analyst Journal 46, 33-39;

Cox, J., S. Ross and J. Ingersoll, 1985. A theory of the term structure of interest rates. Econometrica 53, 385-407;

Hull, J., and A. White, 1990. Pricing interest rate derivative securities. Review of Financial Studies 3(4), 573-592.

Hull, J., and A. White, 1994a

Hull, J., and A. White, 1994b

Brace, A., Gatarek, D. et Musiela, M. (1997): “The Market Model of Interest Rate Dynamics”, Mathematical

Finance, 7(2), 127-154.

Course Description:

You expect to learn:

Spot rate models

Vasicek (general equilibrium model)

CIR(general equilibrium model)

HW I, II (general equilibrium model)

BDT(no arbitrage model, use the entire yield curve to model the spot rate movement)

Instantaneous forward rate models(modeling the entire yield curve, not just the spot rate)

HJM(no arbitrage model)

LIBOR market models (modeling a set of forward rates)

BGM(no arbitrage model)

You also get a chance to know lots of interest rate derivatives products

Swaps/futures/options/swaptions

Callable/convertible/caps/floors/quantos/exotics

88

22. Financial Statement Analysis

Targeted Programs:

First year students (Master , PhD)

Course Type:

Compulsory

Prerequisite:

Instructors:

Xiaoran Huang Required Textbook

Financial Statement Analysis and Security Valuation, 5th edition, by Stephen Penman

Reference Book:

Financial Reporting and Analysis,by Revsine, Collins, Johnson, Mittelstaedt and Soffer (6th Edition, McGraw‐Hill,

2015).

Course Description:

This course is designed to help you develop skill of financial information analysis - particularly firms’ financial reports -

for making decisions, strategy and investment. The course will be taught from the perspective of a security analyst; with

the course material closely will be relevant from the aspect of corporate financial analyst for evaluating acquisitions and

other investments, and for calculating the value generated by strategy scenarios. By the end of the course, the student

should feel competent in writing a thorough, convincing equity research report.

89

23. Advanced Topics on Finance

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Guojin Chen

Reference Book:

John Cochrane, Asset Pricing, Princeton University Press, revised ed.,2005

John Campbell , Andrew Lo and Craig MacKinlay, The Econometrics of Financial Markets, Princeton University

Press,1997.

Course Description:

In this course I will review the classical asset pricing theory in discrete time, cover the empirical puzzles, then I will

discuss the recent theories that have been developed to try to solve the puzzles. The purposes of this course are to

introduce some advanced topics in finance to students as well as to give students some basic training in reading and

writing.

24. Labor Economics

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Xiqian Cai

Reference Book:

Course Description:

This is a graduate course in labor economics and covers core topics in the .eld of labor economics and empirical

methods for applied microeconomic analysis. There is no compulsory textbook for the course.Readings designated by

an asterisk (*) will be emphasized in the lectures. Readings with no asterisk may be discussed in the lectures brie.y, but

are primarily o¤ered as a guide to the literature.

25. Urban Economics（In Chinese）

Targeted Programs:


90

Course Type:

Elective

Prerequisite: 微观经济学

Instructors:

Yanqing Zhao

Reference Book:

Course Description:

让学生了解1）房地产在城市经济中的角色；2）土地及不动产价值的来源；3）政府公共投资和不动产价值的关系；4）不

动产金融；5）中国房地产市场的问题及出路。

通过学习，学生应该：1）理解城市的起源及其公共产品本质；2）理解城市政府在市场经济中的作用和角色；3）能够解

释中国经济增长的动力；4）为政府、企业提供专业的政策咨询和发展建议。

26. Advanced Topics on Macroeconomics I: Monetary Economics and International Finance

Targeted Programs:


Course Type:

Elective

Prerequisite: Advanced Macroeconomics I and Advanced Microeconomics I.

Instructors:

Hao Jin

Reference Book:

Maurice Obstfeld and Kenneth S. Rogoff (1996): Foundations of International Macroeconomics, MIT Press. Martin Uribe and Stephanie Schmitt-Grohe (2016): Open Economy Macroeconomics, Forthcoming Princeton

University Press. Jordi Galí (2015): Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian

Framework and Its Applications, Princeton University Press. Michael Woodford (2003): Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University

Press.

Course Description:

This course uses intertemporal optimization approach to study topics in open economy macroeconomics. Specific

topics include international business cycles, international capital flows, exchange rate determinations, and

macroeconomic policy in open economies. Students will have the opportunity to learn a set of models and tools to

analyze open economy macroeconomic questions and contact a number of active research areas in this field.

27. Microeconometrics and Panel data

Targeted Programs:


91

Course Type:

Elective

Prerequisite:

Instructors:

Cheng Hsiao

Required Textbook:: C. Hsiao (2014), Analysis of Panel Data, 3rd edition. Cambridge, University Press.

A.C. Cameron and P.K. Trivedi (2005), Microeconometrics, Cambridge University Press.

Reference Book:

T. Amemiya (1985), Advanced Econometrics, Harvard University Press.

Q. Li and J.S. Racine (2007), Nonparametric Econometrics, Princeton: Princeton University Press.

28. Applied Nonparametric Econometrics

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Zongwu Cai

Reference Book:

Conover, W.J. (1971). Practical Nonparametric Statistics, 2nd Edition. John Wiley & Sons, New York.

Fan, J. and I. Gijbels (1996). Local Polynomial Modeling and Its Applications.Chapman and Hall, London.

Fan, J. and Q. Yao (2003). Nonlinear Time Series: Nonparametric and Parametric Methods. Springer-Verlag, New

York.

Li, Q. and J. Racine (2007). Nonparametric Econometrics: Theory and Practice. Princeton University Press,

Princeton.

Serfling, R.J. (1980). Approximation Theorems in Mathematical Statistics.John Wiley & Sons, New York.

Course Description: This is an advanced level of econometrics course designed with ideas, methodologies, theory and applications. Here,

our focuses are on both the rigorous THEORY and SKILLS of analyzing real data using nonparametric methods, in

particular on implementation using the statistical software R. The socalled nonparametric statistics is referred to use

statistical techniques that do not require a researcher to specify a functional form for an object being estimated.Rather

than assuming that the functional form of an object is known up to a few unknown parameters, we shall substitute less

restrictive assumptions such as existence and smoothness for the assumption that the parametric form of, say, a

density function is known and equal to, say, the univariate normal distribution. Of course, if there is some prior

knowledge about the functional form of the object of interest up to a few unknown parameters (say, mean and variance),

then it would be better to use parametric techniques. However, in practice these forms are rarely if ever known, and the

92

unforgiving consequences of parametric misspecification are well known and are not repeated here.

Lectures will provide details on ideas, methodologies, theory and applications. In particular, the theoretical results

will be derived in a rigorous way and the computer code for applications will be provided as well as all results will derived

under both iid setting and time series contexts. Applications include using nonparametric methods to recover the drift

and diffusion functions in Black- Scholes model, to forecast the inflation rate, interest rate and exchange rates, to

estimate the frontier production function, and to test if a jump diffusion model is appropriate for a specific financial asset,

and so on so forth. There is no a single book serviced as a textbook for this course so that materials will be provided. The

topics covered are as follows:

A. Review of Classical Nonparametric Methods such as rank tests and Rstatistic

B. Review of other Existing Nonparametric Methods such as spline and

wavelets

C. Nonparametric Density Estimation D. Nonparametric Regression Methods

E. Conditional Density and Related Topics

F. Conditional Quantile and Related Topics

G. Empirical Applications

H. Computational Issues

I. Nonparametric and Non-stationary Time Series Models with Applications

93

Master and PhD Programs (Spring Semester)

29. Asset pricing II: Continuous-time Models and Risk Management

Targeted Programs:


Course Type:

Elective

Prerequisite: basic knowledge on calculus, linear algebra, probability, statistics, ordinary & partial differential equations, stochastic

processes, stochastic calculus and MatLab

Instructors:

Hongbiao Zhao

Reference Book:

Risk Management and Financial Institutions, Third Edition (John Hull, 2012)

Stochastic Calculus for Finance: Volume II: Continuous-time Models (Steven Shreve, 2004)

Course Description:

This course is designed to introduce modern quantitative methodologies for asset pricing in finance (and insurance)

with emphasis on continuous-time models and associated risk management in practice. The main asset classes covered

are option, rate and credit. The associated numerical implementations are demonstrated via MatLab.

94

30. Advanced Corporate Finance

Targeted Programs:

First year students (Master, PhD)

Course Type:

Compulsory

Prerequisite:

Instructors:

Haiwei Jing

Reference Book:


The Theory of Corporate Finance, by Jean Tirole (Princeton University Press, 2006)

Econometric Analysis of Cross Section and Panel Data, by Wooldridge (MIT Press, 2001).

Course Description:

This course surveys the common methodologies used in empirical corporate finance research, with an emphasis on

practical issues. It also examines many of the important topics in corporate finance, including both seminal papers and

working papers on the cutting edge of the field.

95

31. Applied Microeconometrics

Targeted Programs:


Course Type:

Elective

Prerequisite: Advanced Econometrics I and II

Instructors:

Ying Fang

Reference Book:

Angrist and Pischke, 2009, Mostly Harmless Econometrics: An Empirical Companion, Princeton University Press,

Princeton, New Jersey, USA.

Arellano, 2003, Panel Data Econometrics, Oxford University Press, New York, USA.

Cameron and Trivedi, 2005, Microeconometrics, Cambridge University Press, New York, USA. (4) Hsiao, 2003,

Analysis of Panel Data, Cambridge University Press, Cambridge, UK.

Lee, 2005, Micro-econometrics for Policy, Program, and Treatment Effects, Oxford University Press, New York,

USA.

Wooldridge, 2002, Econometric Analysis of Cross Section and Panel Data, MIT press, Cambridge, USA.

Cerulli, 2015, Econometric Evaluation of Socio-Economic Programs: Theory and Applications, Springer, German.

Course Description:

This course covers several popular econometric methods which have recently been widely used in empirical studies.

These topics include (1) instrumental variables estimation and inference under weak instruments and near exogeneity;

(2) static and dynamic panel data models; (3) policy evaluation; and (4) quantile estimation.

32. The Chinese Economy: Transitions and Growth

Targeted Programs:


Course Type:

Elective

Prerequisite: WISE MA & PHD students: First year core courses

WISE International MA students: First year core courses

Instructors:

Lei Meng

Reference Book:

Naughton, Barry. 2007. The Chinese Economy: Transitions and Growth. Cambridge, Mass.: The MIT Press.

Naughton, Barry. 1995. Growing Out of the Plan. Cambridge University Press.

Lin, Justin Yifu, Fang Cai, and Zhou Li. 2003. The China Miracle: Development Strategy and Economic Reform.

Hong Kong: Chinese University Press.

Chow, Gregory C. 2007. China’s Economic Transformation. 2nd Edition. Malden, MA: Wiley-Blackwell.

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Lu, Ming. 2016. Great State Needs Bigger City. Shanghai: Shanghai People’s Publishing House.

Course Description:

The goal of this course is to investigate the fundamental causes of sustained economic prosperity and widespread

wealth using the contemporary Chinese economy as the backdrop. Specifically, it aims at providing students with tools

and frameworks to explain China’s economic transitions and growth, to be able to discuss the contemporary Chinese

economy topics in an informed way, and to probe into China’s future.

33. Derivatives Analysis

Targeted Programs:


Course Type:

Elective

Prerequisite: Calculus , Probability

Instructors:

Peilin Hsieh

Reference Book:

Options, Futures, and Other Derivatives, John Hull

An In troduction to Derivatives Securities, Financial Market, and Risk Management, Jarrow and Chatterjea

Course Description:

This course is designed to provide students with a solid understanding of pricing and trading in derivatives markets.

The underlying includes futures and options. Algorithmic trading models and practices will be covered based on your

understanding of the aforementioned instruments. Students will also better understand investors’ trading behavior and

how the market functions via micro-structure analysis.

34. Security Investment: Value Investing Practice

Targeted Programs:


Course Type:

Elective

Prerequisite: Students should know the fundamentals of financial market, understand basic principles of financial economics, and be

able to apply basic mathematical and statistical tools

Instructors:

Mengmeng Ao

Reference Book:

Investment Analysis and Portfolio Management, 10th edition, by Reilly and Brown, Southwestern.

The Intelligent Investor: The Definitive Book on Value Investing. A Book of Practical Counsel (Revised Edition), by

Benjamin Graham and Jason Zweig, HarperBusiness,

The Theory and Practice of Investment Management: Asset Allocation, Valuation, Portfolio Construction, and

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Strategies, 2nd Edition. Frank J. Fabozzi (Editor) and Harry M. Markowitz (Editor). 2011.

Investments and Portfolio Management (Global Edition, 9E) 2011 ，by Zvi Bodie, Alex Kane, and Alan J. Marcus.

McGraw-Hill.

Modern Portfolio Theory and Investment Analysis (8th edition), Edwin J. Elton, Martin J. Gruber, Stephen J. Brown,

and William N. Goetzmann, 2011, Wiley International Student Version.

John C. Cochrane, 2005, Asset Pricing (Revised Edition), Princeton University Press.

Course Description:

The course content mainly include classic investment theory and its development, value investing principles and

strategies, security investment analysis and management, and portfolio valuation methods.

35. Thesis Writing & Master Opening report

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Wenchao Xu

Reference Book:

Joyner, Randy L.; Rouse, William A. (Arthur), Jr.; Glatthorn, Allan A. Writing the Winning Thesis or Dissertation: A

Step-by-Step Guide. 3rd ed. Sage Publications, 2012. (Course textbook, recommended)

Meloy, Judith M. Writing the Qualitative Dissertation. 2nd ed. Lawrence Erlbaum Associates, Publishers, 2002

Israel, Mark; Hay, Iain. Research Ethics for Social Scientists. Sage Publications, 2006

Course Description:

The course is designed to get students familiarize with the process of thesis writing, committee organization, thesis

and dissertation defense, and other related issues; to ensure timely and successful completion of the thesis or

dissertation; to plan ahead at the early stage for their career, particularly for those with academic career advancement

plans; and to provide knowledge and suggestions for organizing, writing, and publishing.

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36. Professional English Writing

Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Roslyn Bowers

Reference Book:

Course Description:

This course seeks to help the student develop the command of the English language by helping to effectively develop

both academic writing skills and improve upon oral communication.

Contrary to some assumptions, writing does not come naturally. Therefore, this course seeks to provide some

understandable and practical strategies to help increase one’s writing productivity. The student will develop the ability to

write effectively in a range of contexts and for a variety of different audiences and purposes by using appropriate styles

and approaches.

In the oral communication segment, the student shall develop the ability to explain and present his/her ideas in clear

English to a range of audiences. They should be capable of developing the ability to tailor a delivery to any given

audience, by using the appropriate styles and approaches and developing an understanding of the importance of

non-verbal cues in oral communication.


Targeted Programs:


Course Type:

Elective

Prerequisite:

Instructors:

Xiaojia Bao

Reference Book:

Kolstad, Charles D., 2010. Environmental Economics. Oxford University Press

Keohane, Nathaniel O. and Olmstead, Sheila M., 2007. Markets and the Environment. Island Press.

Course Description:

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This course is intended for second-year, junior and senior students in the undergraduate program. The goal of this course

is to train students with topics in environmental economics and analytical skills for addressing basic empirical research

questions related to environmental economics. Students should be able to analyze basic environmental issues with

economic approaches and tools.

100


Targeted Programs:


Course Type:

Elective


Instructors:

Sen Geng

Reference Book:


Course Description:










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WISE Course Brochure (2014-2015)

Documents

Transcript of WISE Course Brochure (2014-2015)