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Training Programs


       Our department offers a variety of BA and MSc programs. For students who would like to get

        a BA and are interested in finance we offer the Finance and Accounting (BA) program where

         they can major in both Finance and Accounting; and those who wish to get their MSc can

         choose our Finance (MSc) program where we offer two majors: Investment Analysis and

         Corporate Finance. For more mathematics-oriented students we offer our Insurance and

 Financial Mathematics (MSc) double-degree program (together with the Eötvös Lóránd University,

    Faculty of Natural Sciences) where they have the opportunity to major in Quantitative Finance.

                                                             Programs in English

M.Sc. in Finance

                                                           Programs in Hungarian

B.A. in Finance and Accounting

M.Sc. in Finance

M.Sc. in Actuarial and Financial Mathematics

Richard A. Brealey – Stewart C. Myers: Principles of Corporate Finance (Hungarian translation)
Panem, Budapest 2005.

This is the worldwide leading text on the theory and practice of corporate finance.
Throughout the book the authors show how managers use financial theory to solve
practical problems and as a way of learning how to respond to change by showing
not just how, but why, companies and management act as they do. The text is
comprehensive, authoritative and modern and yet the material is presented at a
common sense level. The discussions and illustrations are unique due to the depth
of detail blended with a distinct sense of humour for which the book is well known
and highly regarded. This text is a valued reference for thousands of practising financial managers.

Zvi Bodie – Alex Kane – Alan J. Marcus: Investments (Hungarian translation)
Aula, Budapest 2005.

Bodie, Kane, and Marcus’ INVESTMENTS is the leading textbook for the graduate/
MBA investments market. It is recognized as the best blend of practical and
theoretical coverage, while maintaining an appropriate rigor and clear writing style.
Its unifying theme is that security markets are nearly efficient, meaning that most
securities are usually priced appropriately given their risk and return attributes.
The text places greater emphasis on asset allocation, and offers a much broader
and deeper treatment of futures, options, and other derivative security markets than
most investment texts.

John C. Hull: Options, Futures and Other Derivatives (Hungarian translation)
Panem, Budapest 2000.

Designed to bridge the gap between theory and practice, this successful book is regarded
as “the bible” in trading rooms throughout the world. The books covers both derivatives
markets and risk management, including credit risk and credit derivatives; forward, futures,
and swaps; insurance, weather, and energy derivatives; and more. For options traders,
options analysts, risk managers, swaps traders, financial engineers, and corporate treasurers.

Philippe Jorion: Value at risk (Hungarian translation)
Panem, Budapest 1999.

Do you take the chance of creating and amplifying risk when you are simply attempting to
understand and control risk? In Phillippe Jorion’s Value at Risk, learn the specifics of the
value-at-risk system, the risk management program that today’s leading banks and financial
firms use to calculate and track financial risk. Value at Risk is the first book to thoroughly
explain this increasingly influential system, which allows you to gauge financial risks and
take proactive steps to control those risks.

Aswath Damodaran: Investment Valuation: Tools and Techniques
for Determining the Value of Any Asset (Hungarian translation)
Panem, Budapest 2006.

Valuation is at the heart of every investment decision, whether that decision is to buy,
sell, or hold. But the pricing of any financial asset has become a more complex task
in modern financial markets. Investment Valuation provides expert instruction on how
to value virtually any type of asset–stocks, bonds, options, futures, real assets, and much more.
Noted valuation authority and acclaimed NYU finance professor Aswath Damodaran uses
real-world examples and the most current valuation tools, as he guides you through the
theory and application of valuation models and highlights their strengths and weaknesses.

Martin Baxter – Andrew Rennie: Financial Calculus: An Introduction to Derivative Pricing
(Hungarian translation)
Typotex, Budapest 2002.

Here is the first rigorous and accessible account of the mathematics behind the pricing,
construction, and hedging of derivative securities. With mathematical precision and in a
style tailored for market practioners, the authors describe key concepts such as martingales,
change of measure, and the Heath-Jarrow-Morton model. Starting from discrete-time
hedging on binary trees, the authors develop continuous-time stock models (including
the Black-Scholes method). They stress practicalities including examples from stock,
currency and interest rate markets, all accompanied by graphical illustrations with realistic data.
The authors provide a full glossary of probabilistic and financial terms.

Tom Copeland – Tim Koller – Jack Murrin: Valuation: Measuring and Managing
the Value of Companies (Hungarian translation)
Panem, Budapest, 1999

Hailed by financial professionals worldwide as the single best guide of its kind,
“Valuation” reflects business conditions in today’s volatile global economy.
“Valuation” provides up-to-date insights and practical advice on how to create,
manage, and measure an organization’s value. Along with case studies that
illustrate how valuation techniques and principles are applied in real-world situations,
this comprehensive guide reflects the events of the Internet bubble and its effect
on stock markets, new developments in academic finance, and an enhanced global perspective.
This package contains a solid framework that managers at all levels, investors,
and students have come to trust.

Alexander J. McNeil – Rüdiger Frey – Paul Embrechts: Quantitative Risk Management –
Concepts, Techniques and Tools
Princeton University Press, 2005.

The implementation of sound quantitative risk models is a vital concern for
all financial institutions, and this trend has accelerated in recent years with
regulatory processes such as Basel II. This book provides a comprehensive
treatment of the theoretical concepts and modelling techniques of quantitative
risk management and equips readers–whether financial risk analysts, actuaries,
regulators, or students of quantitative finance–with practical tools to solve
real-world problems. The authors cover methods for market, credit, and operational
risk modelling; place standard industry approaches on a more formal footing; and
describe recent developments that go beyond, and address main deficiencies of, current practice.

Jean Tirole: The Theory of Corporate Finance
Princeton University Press, 2005.
The past twenty years have seen great theoretical and empirical advances in
the field of corporate finance. Whereas once the subject addressed mainly
the financing of corporations–equity, debt, and valuation–today it also embraces
crucial issues of governance, liquidity, risk management, relationships between
banks and corporations, and the macroeconomic impact of corporations.
However, this progress has left in its wake a jumbled array of concepts and
models that students are often hard put to make sense of. Here, one of the
world’s leading economists offers a lucid, unified, and comprehensive introduction
to modern corporate finance theory. Jean Tirole builds his landmark book around

Chris Brooks: Introductory Econometrics for Finance
Cass Business School, London, 2002.

This is the first textbook to teach introductory econometrics to finance majors.

The text is data- and problem-driven, giving students the skills to estimate and interpret models,

whilst having an intuitive grasp of the underlying theoretical concepts. The approach of Dr Brooks,

based on the successful course he teaches at the Cass Business School, one of Europe’s leading

business schools, ensures that the text focuses squarely on the needs of finance students,

including advice on planning and executing a project in empirical finance. The book assumes

no prior knowledge of econometrics, and covers important modern topics such as time-series

forecasting, volatility modelling, switching models and simulation methods. It includes detailed

examples and case studies from the finance literature. Sample instructions and output from

two popular and widely available computer packages (EViews and WinRATS) are presented

as an integral part of the text.

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