Programme des cours 2015-2016
ATTENTION : version 2014-2015 de l'engagement pédagogique
International Finance
Durée :
30h Th
Nombre de crédits :
Master en sciences économiques, orientation générale, à finalité5
Master en sciences économiques, orientation générale, à finalité5
Master en sciences de gestion, à finalité5
Master en sciences de gestion, à finalité5
Nom du professeur :
Aline Muller
Langue(s) du cours :
Langue anglaise
Organisation et évaluation :
Enseignement au deuxième quadrimestre
Unités d'enseignement prérequises et corequises :
Les unités prerequises ou corequis sont présentées au sein de chaque programme
Contenus du cours :
Financial operations performed in an environment of open and integrated markets entail a whole series of challenges linked to the macroeconomic and macrofinancial characteristics of the increasingly international environment. In today's globalized world managers, investors and policy-makers need a deep understanding of this environment and its underlying mechanisms to design sound financial and strategic decision-making.
Specifically, the course will examine the following issues: exchange rate basics and forecasting, identification, measurement, and management of exchange rates exposure; the corporate financial decision making of an internationally oriented firm; the evaluation of cross-border projects; financing and investing in global markets; and methods for evaluating the performance of foreign operations. While the course focuses on understanding the basic theory behind these issues, it also examines empirical evidence and examples of firms' real world activities with the goal of preparing a student for a career dealing with financial decision making in an international environment. The course is mostly lecture style with some discussion of topics through case studies as well as FT and The Economist readings.
Acquis d'apprentissage (objectifs d'apprentissage) du cours :
At the end of this course students will be able to
- identify and exploit arbitrage opportunities in international financial markets;
- understand spillover effects across markets;
- build a well-articulated analysis of countries' monetary policies;
- build exchange rate forecasts based on different modeling techniques;
- identify, estimate and hedge foreign exchange risk exposures;
- design sound investment strategies in an international environment;
- evaluate cross-border investment projects;
- design optimal corporate financial decisions for internationally oriented companies.

Specific skills and competences trained during this course. At the end of this course students will have:
- strengthened their knowledge and understanding of basic management disciplines in order to use them to perform a rigorous analysis of a management situation and provide pertinent solutions;
- gained knowledge and understanding of financial engineering and be able to mobilize them in order to solve concrete management problems or cases;
- developed their ability to speak in English; 
- strengthened their capacity to research autonomously and methodically the information needed to solve a complex, transversal management problem, to perform a rigorous analysis of it and to suggest pertinent solutions;
- Developed their understanding and ability of using modelization methods when seeking a solution for a concrete management problem
- developed their capacity to design concrete solutions to a management problem, integrating a dimension of technology, innovation or production;
- developed team work abilities;
- developed their critical sense (arguing);
- strengthened their professional capacity for oral communication;
- and strengthened their professional capacity for written communication.
Savoirs et compétences prérequis :
- basics in Corporate Finance
- basics in Macroeconomics
Activités d'apprentissage prévues et méthodes d'enseignement :
The course is lecture-style with discussions of IF topics through case-studies and selected readings. In addition to required textbook chapter readings and some additional required readings (via course webpage), I highly encourage all students to read the Finance and international Business sections of The Economist and the Financial Times over the semester. The course will also include a detailed analysis of several Central Bank policies throughout the world.
Mode d'enseignement (présentiel ; enseignement à distance) :
The course is face-to-face lecture and discussion style. Some topics will be prepared through distance learning
Lectures recommandées ou obligatoires et notes de cours :
Multinational Financial Management 10th Edition, by Alan Shapiro (Wiley ISBN-10: 1118572386 | ISBN-13: 978-1118572382)
Modalités d'évaluation et critères :
The final grade will be determined by

Written exam
Ability to describe international finance mechanisms, to identify and exploit arbitrage opportunities, to design sound financial decision-making in an international environment, to build a well-articulated comprehensive answer
Mini Case-studies, Problem sets and Topic presentations
Ability to design sound financial decision-making in an international environment and to present and justify proposed solutions to selected problem sets. Ability to present comprehensive discussions of IF topics.
Ability to build a well-articulated analysis of countries' monetary policies and to understand the functioning of CB policies
Attending class and actively discussing material in class

Remark : Students are invited to keep problem solutions, case write-ups and exam writing short and to the point. Concise writing is a crucial skill for their future career in finance.
Stage(s) :
Remarques organisationnelles :
Finance is definitively an analytic field. As a consequence, this course will require students to understand models, do calculations and numerical analysis. Problem sets are to be handed in at the time and date as announced in class. The purpose of problem-based assignments is to understand issues, not to replicate answers. There are no "right answers" to the cases, only good arguments and weak arguments supporting the decision to take specific actions.
Students are expected to do their own work (or work within their group). At no time is it tolerated to use materials from former academic years or other sources. No plagiarism of any kind will be tolerated.
The final written exam is a closed book exam. Students need only bring a calculator and writing utensils to class. Absences from exams are allowed only for validated medical reasons. Unexcused absences from exams will lead to a zero score in the calculation of the final grade.
Contacts :
Aline Muller, Ph.D. | Ethias Chair in Asset & Risk Management | Professor of Finance
HEC - Management School of the University of Liège (Belgium) & Maastricht University (The Netherlands)
Rue Saint Gilles 35, Bldg. N2, B-4000 Liège Belgium

tel : 0032 4 232 7435 / fax: 0032 4 232 7376 / email : / website:

Julien Poncelet HEC - Management School of the University of Liège (Belgium)
Rue Saint Gilles 35, Bldg. N2, B-4000 Liège Belgium

email : / website:
Notes en ligne :
The core materials for the course consist of the required textbook readings and additional readings posted on the course web page. Lecture notes will be available on the course web page. Other items such as problem sets and case questions will also be available on the course web page. Some additional readings on materials related to the course over the term may be provided throughout the course via the course web page.