Instructor:
Ali Nejadmalayeri

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Intermediaries
Finance 431
Financial Intermediaries is the study of the structure of the financial firms and theri surrounding environments. We attempt to understand the building blocks of Intermediation as well as Institutional Detials of . theinterest rates and intermediareis as major intuitive subjects of interestWe also study the Term Structure of Interest Rates, the determinants of Risk Management of financial intermediaries as major technical subjects of interest.

Major Announcements

Course Book

Course Outline
The main objective of this course is to introduce students to financial intermediation with quiet an emphasis on banking industry. Following an introduction to financial intermediaries, we examine the liquidity provision role of banks and the pertinence of deposit insurance. We then review the history of banking in US in conjuction with evolution of banking regulations. After studying the banking environment, we focus our attention first on in-balace sheet risks, such as interest rate risks, credit risk and so on. Lastly, we examine the off-balance sheet activities of banks and inherent risk in such activites. We gather our thoughts by studying some of current trends and challenges such securitizations in banking industry.
This course would cover following topics:
  • Introduction to Financial Intermediaries
  • Deposit Insurance
  • Bank Regulations
  • Interest Rates
  • Lending & Credit Rationing
  • Off-Balance Sheet Activities
  • Trends & Challenges Ahead

How to use a Financial Calculator
Though there are many calculator that you can use for this course, the basic logical structure of their (financial calculators) programs is same. We would provide an Introduction to Financial Calculators, so that everybody knows what should you do for classical finance problems. However, I strongly recommend you to become profecient in Computer programming, at least using packages such as Excel which will prove to be most worthy in future. For the purpose of homeworks, you may use the following calculators:

Scientific Calculator

Pricing Calculator

Basic Financial Formulae
Since many students have raised concern with respect to "memorizing too many equations", in order to assure that everyone has access to correct and relevant information, I have prepared a Formulae Sheet for your daily use and/or for test purpose. Please note that not all formulae in the sheet are discussed in class and some of the more fundamental concepts is not included either. (click here for Microsoft Word version).

Sample Tests
Since THE MOST WANTED topics among students is WHAT IS ON THE TEST, I have provided you with sample tests and quizzes so you could refer to these as a GUIDE for your test. This by no means implies that you should suffice to sample tests for your exam, but rather the sample tests should be viewed merely as a GUIDELINE! Your text book, my lectures and any other relevant source are pertinent part of your exams.
List of Tests
  

Lecture Notes & More:
To accomodate the learning experience, and save a lot of time and money, I have made the lecture notes available through following links.You can easily download all the required material, and customized at your descretion. Also you can retrieve solution to each chapter's problms from following drop-down menu.
Lecture Notes:

Donwlaod Excel files		 Solution Manual:
To read the notes you need Adobe Acrobat reader.
To read the notes you need Adobe Acrobat reader.

Homework Assignments
Since one of our most pertinent objectives is to familiarize ourselves with technical tools of business, in particular finance, I have selected number of Microsoft Excel based spreadsheet homeworks. Students may find the instructions for every homework from relative page and hand in a diskette containing their homeworks. To see an example of such homework, you can refer to sample homework to observe an spreadsheet solution to a typical finance problem. Students are strongly advised to set aside time to learn and practice Excel at privacy of their home. One good source for learning software is of course reference books! however, ZD University provides a free trial for its online tutorials.
List of Home Works:
  

Games
Thanks to pioneers of experimental economics, namely Professor Smith of our Economics department, in past couple decades or so, experiments have become a pertinent part of Economics. As students of financial economics, we also intend to exploit such opportunities to expand our knowledge of subject matter and, learn some of the practical details of financial markets and institution through exercise. For this, we play two different games: