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UIC Investment Management (FIN 3043)

 

All relevant information on UIC Investment Management (FIN 3043) will be posted on this webpage.

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UPDATES Back to top || Updates || Assessment Information || Lecture Review || Course Outline and Lecture Notes || Course Details

Please check here for updates during the semester:

Course syllabus can be downloaded here.
   
September 28, 2017
Our make up class on Saturday October 14, 2017 will be hold at T29-303 from 9 am to 12 noon.
 
Our make up computer lab on Saturday October 21, 2017 will be hold at T29-202 from 9 am to 12 noon.
   
October 10, 2017
There is a proposal that the mid-term test for all the classes to be moved from Thursday November 9, 2017 from 6:30 pm to 8:30 pm to Wednesday November 15 from 6 pm to 8 pm. This is a proposal only but we want to know how many students cannot come if it is moved. Please let me know via email if you CANNOT attend on Wednesday November 15. Thanks.
   
October 17, 2017
The make up class this coming Saturday will be held at T29 Room 202. Before coming to class, please decide on two additional US stocks that you will also download and work on (see Chapter 5 Workshop Assignment).
   
October 21, 2017
These are the outstanding items:
 
- any formula sheet for mid-term and final (per TA, no formula sheet before in earlier semesters),
 
- exact date of mid-term test, proposed delaying for one week but not confirmed yet,
 
- Assignment 2 due date should be two weeks after the lab, but we have our lab early so I will check to submit our assignment 2 around the same time as the other IM sessions,
 
- Assignment 2 the histogram and solver function in the Excel in the lab not installed yet, pending items to do in class,
 

- Assignment 2, Chapter 6 Part I requires us to do scatter plot of excess return of individual stock with the excess return of S&P (assuming as the market). However, the assignment was not clear as to doing one scatter plot or all stocks one by one against the S&P. I will clarify and confirm, and

 
- Assignment 2, Chapter 6 Part II will have the Excel solver function to calculate the stock's weighting for us, but the assignment was not clear on if the same weights are to be used for all 120 months or if the weighting can change periodically, I will check and confirm.
   
October 24, 2017
The mid-term is now officially on Wednesday November 15th from 7 pm to 9 pm. This later time should resolve the conflict with another mid-term test on that day which was reported earlier. However, if there is still a direct conflict at this revised time, please let me know as soon as possible.
   
October 26, 2017
The mapped class notes from October 23 can be downloaded here.
   
October 30, 2017
Please submit your assignments in hard copy form to our TA, Ms Wang Ying Ying at T1-301-R5-H11.
   
October 31, 2017
I have taken a look again at your assignment 1 chapter 6 question 11 and 12 and suggest the follow simple approach. I have prepared an excel with the efficient frontier based on the stock and bond fund with 1% incremental weight change and the resulting portfolio risk and return and charted (which is the same as doing question 8 but with only 1% increment). see Excel here. The charted is the efficient frontier on two funds only and you can do the CAL with the risk free asset base on this by doing the follow:
 
- take the Exel and put in risk free asset of 5.5% return with no risk as one point
 
- draw your own tangent line from the risk free asset to the efficient frontier, creating your CAL and the optimal portfolio on the efficient frontier
 
- you can just read off the chart and the table to estimate the return and standard deviation of the tangent point which is your optimal portfolio / market portfolio, since I have done the weighting in 1% increment, you should be able to read these easily, this is doing question 9
 
- the Sharpe Ratio of this CAL is the slope of the line which you can get by change in y / change in x between the two points of risk free asset and your optimal portfolio
 
- the equation (like y = a + bx) of your CAL line would be return = risk free rate + slope (risk level), here slope is the slope of the CAL line or the Sharpe ratio
 
- now you are ready to answer question 11 (a) by looking at the 12% return on the CAL equation and see what risk level it is,
 
- for question 11 (b) you have the check different weight by the following: weight of portfolio x portfolio return + (1- weight of portfolio) x risk free rate to get weight of portfolio and 1 minus that being the weight on risk free asset
 
- for question 12, you have to go back to the stock and bond fund return table and check the 12% return and check risk level from using stock and bond funds only and you should have a higher risk level than question 11 (b) above. this is to show that the CAL is better than the stock and bond fund portfolio only by providing same return at a lower risk level.
   
November 2, 2017
For Assignment 1, the Chapter 6 Question 11 and 12 in the first copy that I have posted on here and iSpace back in September contained numbers from the previous edition of this book. As it was not updated until late last week, you can do the question using the actual numbers in the 10th Edition of the book (which was used in my Excel) or the numbers from the earlier edition. To conclude, you can do either version of the question. Please submit your assignments in hard copy form to our TA, Ms Wang Ying Ying at T1-301-R5-H11.
   
November 9, 2017
The check list for the midterm test can be downloaded here.
   
November 14, 2017
Midterm Test (25%) on Wednesday, November 15, 2017 from 7 pm to 9 pm at room T29-101.
   
November 20, 2017
I apologize for not being able to make it to today's class. We will continue next Monday and also finalize on the computer assignment.
   
November 27, 2017
For the group report for the computer workshop lab assignment, the use of solver to find the efficent frontier and CML was discussed and presented today. The group report would be due on December 18, 2017 in hard copies to me directly during class. Your final excel file should be email to me as well in case I need to check your support number. If you have any questions on how to complete the solver and the final steps to finalize, please let me know in the next class.
   
November 27, 2017
For the group report for the computer workshop lab assignment, the group report should be three page or less. The focus should be on the efficient frontier and CML produced and how investors can use the risk free asset and market portfolio to achieve any risk return profile. Other issues can be discussed if important, e.g. your portfolio's diversification level if high or low, the reduction of risk at portfolio versus single stock level, etc.
   
December 4, 2017
Assignment 2 (questions from end of Chapters) are due next Friday December 15, 2017 and they should be submitted to our TA Wang Ying Ying in hard copies like Assignment 1. The Group Project Report with the computer lab is due on Monday December 18, 2017 and hard copy of the report should be to me during class and your excel should be emailed to me as well.
   
December 12, 2017
The second assignment is due this coming Friday. Similar to assignment one, please submit hard copies of your assignment to our TA Wang Ying Ying directly.
   
December 12, 2017
The group project assignment is due next Monday in class. Please print and submit hard copy, but also email PDF VERSION OF GROUP REPORT and your excel to me.
   
December 19, 2017
I have added a few comments during class today of what should be in the group project report which I had found missing in reports that I have received. As discussed in class, you can submit a revised report BEFORE coming Saturday December 23 (i.e. Friday December 22 or before).
   
December 19, 2017
Our final exam is to be held on January 6, 2018 in the morning. If you have any questions, please email me and I will answer on this page. If your answer is long or difficult to formulate, email me and we can arrange for some direct questioning and I will also post answer here.
   
December 21, 2017
The topic list for final exam can be downloaded here.
   

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ASSESSMENT Back to top || Updates || Assessment Information || Lecture Review || Course Outline and Lecture Notes || Course Details

Course syllabus can be downloaded here.

Participation rubrics can be downloaded here.

Assignment rubrics can be downloaded here.

Mid-term test rubrics can be downloaded here.

Final examination rubrics can be downloaded here.

ALL in-class quizzes, assignments, mid-term test, and final and supplementary examinations are, unless specifically indicated, INDIVIDUAL effort, meaning that you should work on your own material and any unscholarly actions prohibited by the school must be avoided.

I will post ALL relevant course materials, updated information, correspondences, and relevant student questions in the UPDATES section on this page. Students are responsble to check the UPDATES section frequently on their own to ensure that they are up-to-date.

The final grade for this course is based on the following components:

Class participation 10%
Assignments (three at 5% each) 15%
Midterm test 25%
Final examination 50%
  100%

Below is a summary of the marking of each component.

Class participation and discussions (10% of total). Part of the evaluation is based on class attendance, class participation and discussions, and preparation for class. The other part is based on pop quiz, practice questions, or group work that is to be performed during class if applicable. Participation rubrics can be downloaded here.

Assignments (15% of total). Three homework assignments of 5% each consisting of two assignments and a group report. Assignment 1 is due on November 3, 2017, the Computer Lab Workshop Group Report is due on December 18, 2017, and Assignment 3 is due on December 15, 2017. Please see homework assignment rubrics for more details on the grading. Assignment rubrics can be downloaded here. Please submit your assignment 1 and 3 in hard copy form to our TA, Ms Wang Ying Ying at T1-301-R5-H11. For the Computer Lab Workshop Group Report, please submit hard copy to myself on December 18, 2017 in class.

Assignment 1 due November 3, 2017 can be downloaded here.
Assignment 2 computer workshop guidelines can be downloaded here.
Chapter 5 workshop can be downloaded here.
Chapter 6 workshop can be downloaded here.
Assignment 3 due December 15, 2017 can be downloaded here.

Mid-term test (25% of total). The mid-term test will cover Chapters 1, 2, 5, 6 and 7 and it will be held on Thursday November 9, 2017 from 6:30 pm to 8:30 pm (location TBD). Please see mid-term test rubrics for more details on the grading. Mid-term test rubrics can be downloaded here. The check list for the midterm test can be downloaded here.

Final examination (50% of total). The final examination is to be held from January 2 to 9. Scope, location, and time will be announced once finalized. Final examination rubrics can be downloaded here.

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LECTURE REVIEW Back to top || Updates || Assessment Information || Lecture Review || Course Outline and Lecture Notes || Course Details

A summary of our discussion during the lecture is provided here for your reivew

September 25, 2017
We went through the following topics today:
 
  • introduction to investment management,
  • comparison between real and financial assets,
  • definition and examples of financial assets,
  • real assets on household and national basis,
  • five benefits of financial markets and assets,
  • agency problems and four mitigating factors,
  • asset allocation and security selection,
  • top down and bottom up investment strategies,
  • risk-return trade off,
  • risk reduction with diversification, and
  • belief in market efficiency to passive / active investment management.
 
   
October 9, 2017
We went through the following topics today:
 
  • belief in market efficiency to passive investment management,
  • belief in market inefficiency to active investment management,
  • players in the financial market,
  • money market financial assets,
  • Treasury bills, CDs, Commercial Paper, Repo and Reverse Repo,
  • Banker's Acceptance, Eurodollar,
  • fed funds rate, broker's call rate,
  • calculation of bank discount rate,
  • calculation of bond equivalent rate,
  • calculation of effective annual yield,
  • comparison of taxable and municipal bonds on after tax basis,
  • comparison of taxable and municipal bonds on before tax basis, and
  • calculation of break even tax rate for municipal bonds.
 
   
October 14, 2017
We went through the following topics today:
 
  • comparison of taxable and municipal bonds on after tax basis,
  • comparison of taxable and municipal bonds on before tax basis,
  • calculation of break even tax rate for municipal bonds,
  • basics of equity,
  • price, market value, and equal weighted indices calcuations,
  • basics of futures and options,
  • holding period return calculation,
  • arithmetic, geometric, and money weighted returns calculations and implications,
  • definition of risk, and
  • risk determination using standard deviations.
 
   
October 16, 2017
We went through the following topics today:
 
  • standard deviation as risk measurement,
  • standard deviation with probability based input,
  • standard deviation assuming time series input or equal probabilities,
  • normal distribution,
  • how to standardize to normal distribution,
  • value at risk (VaR),
  • skewness and kurtosis,
  • capital allocation line (CAL) with risky and risk free assets only,
  • risk premium and excess return,
  • covariance and correlation coefficient,
  • calculation of portfolio return and risk,
  • efficient frontier with risky assets only,
  • efficient frontier with risky assets and risk free assets,
  • extension of capital allocation line.
 
   
October 21, 2017
We went through the following topics today:
 
  • downloading of monthly price data for assignment 2,
  • fixing data format to be consistent,
  • calculate monthly return, average return, and standard deviation,
  • calculate annual average return and standard deviation,
  • calculate sharpe ratio,
  • plot excess return of a stock with S&P index,
  • do weighted average allocation of portfolio,
  • calculate portfolio monthly return, average return, and standard deviation, and
  • discussed on how to do the histogram and use of solver function pending installation of these functions in lab.
 
   
October 23, 2017
We went through the following topics today:
 
  • a review of the CAPM model,
  • risk and return of a risky asset,
  • covariance and correlation of two risky assets.
  • portfolio risk and return of two risky assets with different correlation levels,
  • theoretical portfolio risk and return of all possible portfolio combination with many assets,
  • derivation of efficient frontier,
  • addition of risk free asset and the market portolio to derive the capital allocation line (CAL),
  • using the CAL to allocation capital between risk free and market portfolio,
  • conversion from risk level to a standardized beta as relative measure of risk,
  • derivation of security market line (SML) with beta measurement,
  • determining under or over priced investments and consequences using SML,
  • level of diversification and systematic versus non-systematic risks,
  • index model,
  • multi-factor model,
  • arbitrage theory / pricing model,
  • other non-CAPM related questions:
  • differences between arithmetic and geometric return, and
  • the use of p in the covariance formula.
 
   
October 30, 2017
We went through the following topics today:
 
  • a review of the calculation of portfolio return and risk given a complete portfolio / market portfolio under CAPM's asset allication,
  • seperation theory between investments to buy and risk preference,
  • went through ch 5, 6, and 7 on CAPM topics, and
  • review of assignment 1 questions.
 
   
November 6, 2017
We went through the following topics today:
 
  • adding histogram to our assignment 2 with countif function for frequencies (see below Excel in blue fonts),
  • using matrix multiplication to get weighted monthly return of our investment portfolio in assignment 2 (see below Excel in blue fonts),
  • tutorial questions for ch 2, 5, 6, and 7,
  • introduction to equity valuation in ch 13,
  • book vs liquidation vs replacement value,
  • Tobin's q,
  • book vs intrinsic value of firms,
  • 4 common ways to value equity: multiples approach, free cash flow approach (last part of ch 13 but not covered for this course), dividends discount approach, and options approach (also not covered in this course), and
  • the 3 scenarios for dividends of dividends discount approach: constant dividends, constant growth, and multi-stage dividends scenario of didvidends.
 
 
   
November 13, 2017
We went through the following topics today:
 
  • review of topic list for midterm test,
  • answered various questions from ch 5 to 7 including total risk vs beta risk, alpha and portfolio alpha, CAPM calculated risk-adjust required rate of return vs expected return, dominant portfolio, single index model,
  • practice question on calculation of arithmetic, geometry, and dollar weighted returns,
  • practice question on alpha, under / over-prized assets,
  • calculation of no growth, constant growth, and multi-stage growth model under DDM,
  • PE ratio and components,
  • present value of growth opportunities (PVGO), and
  • price earnings growth (PEG).
 
   
November 27, 2017
We went through the following topics today:
 
  • review of the three versions of DDM,
  • share price valuation using PE ratio,
  • present value of growth opportunities (PVGO),
  • price earnings growth (PEG),
  • capitalization rate versus ROE,
  • Chapter 13 tutorial questions,
  • Group project workshop on user solver to construct efficient frontier and CML,
  • securities markets characteristics in Chapter 3,
  • limited buy / sell orders,
  • stop loss / buy orders, and
  • margins calculations for long stocks position of initial and ongoing margin and market price at which margin would be called.
 
 
   
December 4, 2017
We went through the following topics today:
 
  • securities markets characteristics in Chapter 3,
  • limited buy / sell orders,
  • stop loss / buy orders,
  • margins calculations for long stocks position,
  • margins calculations for short stocks position, and
  • operating expenses, front end loaded, back end loaded, and 12b-1 fees calculation for mutual funds.
 
   
December 11, 2017
We went through the following topics today:
 
  • review of questions on assignment 2 that is due this Friday,
  • discussion of investment intermediaries in Chapter 4,
  • review of fees that can be charged by open-ended funds,
  • calculation of NAV in open-ended funds,
  • calculation of market price and returns of closed-ended funds based on NAV,
  • tutorial questions on Chapter 4,
  • discussions weak, semi-strong, and strong form of EMH,
  • various implications of EMH,
  • anomalies observed, and
  • tutorial questions on Chapter 8.
 
   
December 18, 2017
We went through the following topics today:
 
  • Chapter 8 efficient market hypothesis
  • EMH implications,
  • market anomalies,
  • explanations for anomalies,
  • Chapter 9 technical analysis
  • trends and corrections with moving averages, points and figures, breadth, and relative strength
  • sentiment indicators with trin ratio, confidence index, short interest, and put / call ratio,
  • Chapter 12 macro economic and industry analysis
  • demand and supply side approaches,
  • monetary and fiscal policies,
  • economic cycle and suitable industry for investment,
  • business, operating, and financial risks,
  • industry / product life cycle,
  • Lynch's company classification,
  • Porter's Five Forces model,
  • Chapter 18 performance evaluation
  • Sharpe and Treynor ratio,
  • M square and information ratio,
  • Jensen's alpha, and
  • differentiating selection ability, and market timing ability with excess return graphs.
 
 
   

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COURSE OUTLINE AND LECTURE NOTES Back to top || Updates || Assessment Information || Lecture Review || Course Outline and Lecture Notes || Course Details

This course outline is tentative and subject to change based on our progress. Please check the UPDATES section and table below for latest information.

Course syllabus can be downloaded here.

   
Lecture 1

Investment Background and Issues, Reading: Ch 1 (1.1 - 1.6)

 
Asset Classes and Financial Instruments, Reading: Ch 2
September 25, 2017
   
Lecture 2
Asset Classes and Financial Instruments, Reading: Ch 2
October 9, 2017
[Download: chapter 2 slides]
   
Lecture 3
Risk and Return: Past and Prologue, Reading: Ch 5
October 14, 2017 (Sat)
[Download: chapter 5 slides]
 
This is a make up class on Saturday October 14 from 9 am to 12 noon at T29-303.
 
Lecture 4
Efficient Diversification, Reading: Ch 6 (6.1 - 6.5)
October 16, 2017
[Download: chapter 6 slides]
   
Lecture 5
Efficient Diversification, Reading: Ch 6 (6.1 - 6.5) (Computer lab workshop Ch 5 - 6)
October 21, 2017 (Sat)
[Download: chapter 6 slides]
 
This is a make up computer lab on Saturday October 21 from 9 am to 12 noon at T29-202.
 
Lecture 6
Capital Asset Pricing and Arbitrage Pricing Theory, Reading: Ch 7
October 23, 2017
[Download: chapter 7 slides]
   
Lecture 7
Equity Valuation, Reading: Ch 13 (13.1 - 13.4)
October 30, 2017
[Download: chapter 13 slides]
   
November 3, 2017
Assignment One due on November 3, 2017 (5%)
 
Assignment 1 due November 3, 2017 can be downloaded here. Please submit your assignments in hard copy form to our TA, Ms Wang Ying Ying at T1-301-R5-H11.
   
Lecture 8
Equity Valuation, Reading: Ch 13 (13.1 - 13.4)
November 6, 2017
[Download: chapter 13 slides]
   
Lecture 9
Equity Valuation, Reading: Ch 13 (13.1 - 13.4)
November 13, 2017
[Download: chapter 13 slides]
 
Securities Markets, Reading: Ch 3 (3.1 - 3.9)
 
[Download: chapter 3 slides]
   
November 15, 2017
Midterm Test (25%) on Wednesday, November 15, 2017 from 7 pm to 9 pm at room T29-101.
 
The check list for the midterm test can be downloaded here.
   
Lecture 10
Securities Markets, Reading: Ch 3 (3.1 - 3.9)
November 20, 2017
[Download: chapter 3 slides]
   
Lecture 11
Securities Markets, Reading: Ch 3 (3.1 - 3.9)
November 27, 2017
[Download: chapter 3 slides]
 
Mutual Funds and Other Investment Companies, Reading: Ch 4 (4.1 - 4.6)
 
[Download: chapter 4 slides]
 
Lecture 12
Mutual Funds and Other Investment Companies, Reading: Ch 4 (4.1 - 4.6)
December 4, 2017
[Download: chapter 4 slides]
 

The Effiicient Market Hypothesis, Reading: Ch 8 (8.1 - 8.3)

 
Behavioral Finance and Technical Analysis, Reading: Ch 9 (9.2)
 
   
Lecture 13
Macroeconomic and Industry Analysis, Reading: Ch 12
December 11, 2017
[Download: chapter 12 slides]
   
December 15, 2017
Assignment Three due on December 15 (5%)
 
Assignment 3 due December 15, 2017 can be downloaded here.
 
Please submit your assignments in hard copy form to our TA, Ms Wang Ying Ying at T1-301-R5-H11.
   
Lecture 14
Portfolio Performance Evaluation, Reading: Chapter 18 (18.1 and 18.6)
December 18, 2017
[Download: chapter 18 slides]
 
Computer Lab Group Project (5%) due
  Assignment 2 computer workshop guidelines can be downloaded here.
  Chapter 5 workshop can be downloaded here.
  Chapter 6 workshop can be downloaded here.
 
Please submit your assignments in hard copies to me at the beginning of class.
   
December 22, 2017
Revised Computer Lab Group Project (5%) due
   
   
January 6, 2018
Final Examination

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COURSE DETAILS Back to top || Updates || Assessment Information || Lecture Review || Course Outline and Lecture Notes || Course Details

Course
Investment Management (FIN 3043), Semester I (2017-2018)
 
Course syllabus can be downloaded here.
 
Prerequisites
Financial Management (FIN 2003)
 
Time and Location
Session 6: 10 am to 1 pm at T8 304
 
Session 7 : 3 pm to 6 pm at T8 406
 
Instructor
Dr. Thomas Wu
Office
T1-302-R3
Office hours
By appointments only
Email
thomaswu@uic.edu.hk
Website
http://www.drthomaswu.com (all information for this course can be found here)
 
Teaching Assistant
Ms. Yingying WANG
Office
T1-301-R5-H11
Email
yingyingwang@uic.edu.hk
Telephone
 
Course Objectives
This subject examines the investment environment, the basic principles of valuation of financial assets, and the development of portfolio and capital market theories. The purpose is to offer students guidance in the management of financial investments.
 
Learning Outcomes
ĦE Apply broad-based knowledge and concepts about the functions and roles of business and society, and develop the skills which are fundamental to successfully managing a business. (PILO 1)

ĦE Explain thoroughly and coherently the theories and principles of finance and apply these theories and practice techniques towards the task of banking and financial management and tackling real-world finance problems and issues. (PILO 2)

ĦE Integrate knowledge and skills in a multiple set of business-related disciplines, with the aim of solving diverse real-life problems, based on the analytical and problem-solving skills they have developed. (PILO 3)

ĦE Communicate effectively in business, professional and interpersonal contexts, supported by proficient application of Information and Communication Technologies (ICTs). (PILO 4)

ĦE Apply the knowledge and skills required to be socially responsible citizens, who can recognise and comprehend the importance of integrity and ethical values in solving a multitude of ethical issues and problems in the global business environment. (PILO 5)

ĦE Develop effective approaches designed towards enabling them to become self-motivated learners with a commitment to independent lifelong learning. (PILO 6)

   
Course Contents
This course examines the investment environment in general, the basic principles of valuation of financial assets, and the development of portfolio and capital market theories. The purpose is to offer students guidance in the management of financial investments.
 
Suggested Textbook
Zvi Bodie, Alex Kane, Alan J. Marcus. Essentials of Investment (Global Student Edition) (10th edition 2017). McGraw Hill Education, 9781259255045
   
Suggested Reference
These are suggested readings only for those who would like more indepth information of investments and the investment industry.
 
Bodie, Kane & Marcus (2009). Investments (8th ed.). Irwin McGraw-Hill.

Fischer, D.E. & Jordan, R.J. (2007). Security Analysis and Portfolio Management. Prentice Hall International Editions, Englewood Cliffs, New Jersey.

McGuinness, P. B. (1999). A Guide to the Equity Markets of Hong Kong, Oxford University Press.

Francis, J.C. (2012). Investments: Analysis and Management. McGraw-Hill, Inc., Princeton, New Jersey.

Radcliffe, R.C., (1998). Investment: Concepts, Analysis, Strategy. Harper Collins College Publishers, New York.

Sharp, W.F., Alexander, G.J. & Bailey, J.V. (2010). Investments. Prentice Hall International Editions, Princeton, New Jersey.

   
Teaching Method

 

   
Grading Policy
All university policies concerning acceptable student behavior apply for this course. In particular, unscholarly actions prohibited by the university should be avoided to prevent regretable results from these actions.
 
Calculator Policy

For this course, a general purpose non-financial calcuator can be used. Students who do not have ready access to a financial calculator should be able to perform all the required analysis and calculations using a general purpose non-financial calculator for the tutorials, assignments, mid-term test, and final examination.

You can also use a non-programmable financial calculator for the tutorials, assignment, mid-term test, and final examination. Common financial calculators are HP12c and TI BAII PLUS. User manual in simplified chinese and a tutorial for the HP12c can be found here and a simple tutorial for the HP12c can be found here. User manual for the TI BAII can be found here.

Regardless of the types of calculators used for this course, students are responsible for their own equipment and they cannot be shared in a quiz, test, or examination situation. As a result, students MUST bring their own calculators to each class. In addition, each student must be proficient in the use of their own equipment.

Electronic translators CANNOT be used for quiz, test, or examination situations, but they can be used during class (only with volume off) and your own study time.

 

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