Web Site of the Department

Head of Program: Mehmet Kaytaz

Professors: : Fikret Adaman, Emre Alper, Yilmaz Arguden*, Cem Behar, Hasan Ersel*, Refik Erzan, Bulent Gultekin*, Mehmet Kaytaz, Burak Saltoglu, Unal Zenginobuz

Associate Professors: Oya Pinar Ardic, Ayse Mumcu

Assistant Professors: : Burcay Erus, Ozan Hatipoglu, Gokhan Ozertan, Levent Yildiran

*Adjunct

In an increasingly integrated and competitive world, the need for professionals who have the capability to understand and evaluate complex economic events is greater than ever, both in the financial and the industrial sectors. In addition, Turkey is in the process of joining the EU and integrating with the world economy. At a period of deep restructuring in financial markets all around the world, there is ever more need in Turkey for professionals who are skilled and proficient in both economics and finance.

This program intends to prepare students for this challenging new financial and industrial environment, as well as for further studies leading to a Ph.D degree in economics and in finance-related areas.

Throughout the program students will acquire a solid theoretical basis in economics (micro and macro economics) and finance theory (financial economics, financial markets and institutions, corporate finance, and risk management), and they will be exposed to state-of-the-art analytical tools and techniques of quantitative analysis (statistics and econometrics). The required courses in economic analysis, finance, and quantitative techniques are geared towards this objective. The elective courses are designed to allow students to further specialize in the economic and financial topics (such as banking, derivatives, strategic decision-making, port-folio management). These elective courses are application-oriented and are prepared in close collaboration with the leading practitioners in the Turkish and international markets. Additionally, students are required to write a project paper during the summer term. Intensive refresher courses will be offered in mathematics, law and accounting.

This is a one-year tuition-based program, consisting of three terms (Fall, Spring and Summer; the Fall and the Spring terms are of 12 teaching weeks, whereas the Summer term is of 6 with doubled teaching load). The core of the teaching faculty is from Department of Economics at Bogazici University while leading experts and visiting international scholars teach as adjunct faculty. The curriculum is taught in English.

** This program is subject to additional tuition and fees.

M.A. PROGRAM IN ECONOMICS AND FINANCE

COURSES DESCRIPTIONS

Core Courses

EF 501 Microeconomics ( Mikroekonomi) (3+2+0) 3
Consumer and firm behavior under certainty and uncertainty; general equilibrium analysis in complete and incomplete markets; fundamentals of game theory; economics of asymmetric information.

EF 502 Financial Markets (Finansal Piyasalar) (3+2+0) 3
Domestic and international financial markets; the structure, the organization, and the regulation of the banking sector, money markets, stock markets, bond markets, futures and options markets, insurance markets, foreign exchange markets, and international asset markets.

EF 503 Open Economy Macroeconomics (Acik Ekonomi Makroiktisadi) (3+2+0) 3
Basic theories of international trade; instruments of trade policy; fixed and floating exchange rate models; the international monetary system; international capital markets; emerging financial markets; capital flows and financial crises.

EF 505 Theory of Finance (Finans Teorisi ) (3+2+0) 3
Static and dynamic finance theory; risk and arbitrage, portfolio analysis, asset pricing models, intertemporal models of finance, and derivative pricing.

EF 506 Corporate Finance (Sirket Finansmani) (3+2+0) 3
Principles of corporate finance; analysis of investment decisions; capital budgeting and risk; instruments of capital financing; dividend policy, debt policy, and capital structure; analysis of financial performance; financial planning; mergers and acquisitions; international financial management.

EF 507 Quantitative Methods for Economics and Finance (Ekonomi ve Finans Icin Kantitatif Metotlar ) (3+2+0) 3
Fundamental quantitative techniques for economic and financial analysis; difference and differential equations; static and dynamic optimization; basic tools of linear algebra; elements of statistical analysis; statistical inference.

EF 508 Macro and Financial Econometrics ( Makro ve Finans Ekonometrisi ) (3+2+0) 3
Basic econometric techniques; time series econometrics for macroeconomics and finance; analysis of expectations in macro and financial models; conditional variance models; econometrics for real business cycle models.

Elective Courses

EF 550 Decision Models for Economics and Finance ( Ekonomi ve Finans Icin Karar Alma Modelleri ) (3+0+0) 3
Principles of strategic decision-making and its applications; analysis of static and dynamic games under complete and incomplete information; applications from economics and finance; market games and strategic trading, negotiating, contracting, bidding and auctions, network models.

EF 551 Financial Intermediaries ( Finansal Aracilar ) (3+0+0) 3
The analysis of financial intermediaries (banks, brokers, mutual funds, and pension funds); regulation of financial intermediaries; debt renegotiation and bankruptcy resolution procedures under asymmetric information.

EF 552 International Financial Markets ( Uluslararasi Finansal Piyasalar) (3+0+0) 3
The globalization of financial markets; banking in Europe and the US in a historical perspective; structure of global debt and equity markets; European Monetary Union and its impacts on financial markets; emerging financial markets; regulatory issues in the global financial system.

EF 553 Industrial Organization for Financial Markets ( Finansal Piyasalar Ic Endustriyel Organizasyon) (3+0+0) 3
Models of industrial organization for analyzing financial market structures; perfect competition, contestable monopoly, monopolistic competition, and oligopolistic competition; location models; measures of market concentration; analysis of mergers and acquisitions; the impact of information technology and financial product innovation on financial market structure; empirical and topical case studies related to structure of financial markets.

EF 554 Competition Policy and Regulation of Financial Markets( Finans Piyasalarinda Rekabet ve Regulasyon ) (3+0+0) 3
The economic impacts of competition and regulation policies on financial markets; policies against collusion, vertical restraints, and anti-competitive mergers in financial markets; economic and institutional issues related to regulatory policy in financial markets; empirical assessment of competition and regulatory policies.

EF 555 Valuation and Securities Analysis ( Degerleme ve Menkul Kiymet Analizi ) (3+0+0) 3
Theory and application of security analysis and valuation; financial analysis for security valuation; determination of security prices; fundamental and technical analysis; empirical assessment of returns to trading strategies based on financial analysis.

EF 556 Portfolio Management ( Portfoy Yonetimi ) (3+0+0) 3
Management of portfolio risk; diversification strategies; transaction costs and trading strategies; measurement of portfolio performance; currency management for international investors.

EF 557 Financial Risk Analysis and Management (Finansal Risk Analizi ve Yonetimi ) (3+2+0) 3
Techniques of financial risk assessment; risk measurement for fixed income and derivative securities; credit risk modeling; risk adjusted capital allocation models, modeling of systematic and liquidity risk.

EF 558 Derivatives ( Turev Enstrumanlar ) (3+0+0) 3
Analysis of strategies employing derivative securities; forwards, futures, options, swaps, hedging with derivatives; techniques for pricing and measuring the risks of derivatives; design of new financial securities.

EF 559 Asset and Liability Management ( Bilanco Yonetimi ) (3+0+0) 3
Measuring and managing interest rate risk; techniques to measure financial risk; value-at-risk, regression measures; the use of derivatives in asset and liability management; options, interest rate futures, swaps, hedging.

EF 560 Bank Management ( Banka Yonetimi) (3+0+0) 3
Management of depository financial intermediaries with emphasis on commercial banks; bank regulation, liquidity and reserve position management, loan pricing and analysis, and investment portfolio problems.

EF 561 Monetary Policy and Central Banking ( Para Politikasi ve Merkez Bankaciligi) (3+0+0) 3
Objectives and instruments of the monetary policy employed by central banks; price stability and optimal rate of inflation; open market operations; public debt management; the implications of capital account convertibility.

EF 562 Advanced Corporate Finance ( Ileri Duzeyde Sirket Finansmani) (3+0+0) 3
Advanced topics and applications in corporate finance; leasing, mergers and acquisitions, corporate reorganizations, financial planning and working capital management, pricing of selected financial instruments and corporate liabilities.

EF 563 Strategic Management (Stratejik Yonetim) (3+0+0) 3
Overall management of firms in competitive environments; interaction of financial and other decision making in a firm; development and implementation of business strategy in a long-term perspective.

EF 564 Corporate Control and Governance( Kurumsal Kontrol ve Yonetim) (3+0+0) 3
Interaction between investor protection and firm-specific choices, including capital structure, internal controls, and executive compensation systems; features of corporate structure and control that minimizes the scope for expropriation by owners and minority shares.

Directed Reading

EF 581-583 Directed Readings on the Structure of Financial Markets ( Finansal Piyasalarin Yapisi Uzerine Yonlendirilmis Okumalar)
(0+4+0) NC
Guided readings on different financial market structures in different countries; supervised research on topics of special interest to the individual student.

Term Project

EF 591 Term Project (Donem Projesi )(0+2+0) NC
Directed research leading to a term paper on a topic of interest to the student, chosen with the approval of the advisor.

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Contact Information Bogazici University 34342 Bebek, Istanbul Tel: 0212 359 54 00