学校第二天

今天的事情非常多。早上8:45学校在LTB为国际学生举行了一个简单的英语考试,以成绩分班,如果成绩是B或C的话就可以参加ELTC的免费in sessional语言课程。我被分到了54号,坐在我旁边的是一个德国女孩,她是数学系的。一个女孩子学数学,挺厉害的!考试分成三个部分,语法、词汇和写作。题目分量不少,我第一部分就因为时间没有安排好而没有写完。考完的时候我瞥了一下旁边的德国女孩,她还有不少都没有写完,显得有点沮丧,不过她的口语非常好,这可能是欧洲人的特点。

考试结束以后我跑到comptuer help desk去更改我的accommodation address。昨天晚上就是因为学校系统里还没有updata我的信息让我没有注册上,结果失去了今天开通网络的机会。

办完这些已经是中午了,我和杨凌虽然有点饿,但还是打算一鼓作气把所有的事情都办完,所以就跑到barclays去开户。开户需要学校admissions office开一个证明,不过正值吃饭时间,office里没人,我们只好作罢。下楼以后发现在student union那儿聚集很多人,跑过去一看才知道他们在卖二手货。在国内就知道西方社会买卖二手东西是一件非常平常的事情,但第一次在学校遇到我还是感到很新奇。我在里面挑了一会,最终花了50p买了一本原价15.95镑的参考书再花了50p买了一个茶杯用来当作牙缸。

因为时间还早,我们决定先回到LTB的一楼与派出所的工作人员进行注册。在填写一些表格并交了34镑以后,我被告知要到下个月的第一个星期去学校的student sopport office去领我的证明。

时间终于到了下午1:30,我在admissions office开好证明后就到楼下的bank of barclays去开户。因为英国的银行系统和国内有很大的区别,我也是在别人的建议下糊里糊涂的开了一个student accont和一个debit card,并把汇票交给他们解冻。debit card的最大好处就是可以刷卡。英国的服务系统非常发达,几乎任何的消费都可以刷卡解决,几乎不需要用到现金,非常方便。当然debit card也有缺点,那就是你的账户余额必须在2000镑以上,如果少于这个数字他每个月要扣到5镑作为手续费。其实学校宿舍费用debit card在网上支付的话每个学期可以有16镑的折扣,一年下来就是64镑,这样即使我每个月的余额都不足2000镑,也只会扣我60镑,我还有的赚呢。student account要到下个星期才可以开好,到时候要再去barclays去拿account number。debit card要到两个星期后才可以拿到。

终于一切都弄好了,回到宿舍后和几个女生在厨房里聊天,她们告诉我她们刚刚去图书馆借了一大堆的书,我才想起来以前在网上看到各门功课指定的参考书非常抢手,必须抓紧借阅才可以弄到。于是我马上把书单抄了下来约了吴涛一起去图书馆。学校的图书馆坐落在湖边,而经济系的书架在四楼,坐在里面自习可以看到湖还有远处的草地,风景非常好。图书馆的电梯非常有意思,它是没有门的,而且处在不断上下中并不停止,所以如果你要上或者下电梯必须跳上去,第一次坐这种电梯还觉得有点害怕,不过上下两次就会觉着非常特别,吴涛说这个也是我们学校的一个特色。

非常遗憾的是我现在还不知道怎么打电话回家,我想爸爸妈妈一定都非常着急,我要找个机会问别人借个电话回家报个平安才好。

学校第一天

我乘坐的飞机昨天于下午6:45到达伦敦heathrow国际机场。因为那天人不是很多,入境变得非常轻松,大约一个小时以后我就拿到了自己的行李踏上了英国的土地。在和接机的人一阵讨价还价后决定以两个人100镑的价格让他带我们到学校。其实从机场到学校并不是很远,也就开了大约一个多小时我们就来到colchester,不过学校这一块地行非常复杂,有很多的环形岔路,结果我们愣是在学校周边转了一个小时才找到宿舍。

到了学校并不是很顺利。我来到accommodation office去拿钥匙,结果被告知我的宿舍被别人住了,现在没有钥匙,只能安排我临时住一晚上等第二天再想办法。一来就遇到这种事我的心情一下子落到了低点,这可怎么办,明天还要注册呢。没办法,只好先凑合一晚再说了。我被领到了一个kenynes tower的一层,这层感觉是student union用来堆放他们活动用品的地方,非常混乱,我只好在放在地上的垫子上凑合一下了。

一晚睡得并不踏实,因为没有闹钟害怕一头栽下去就不知道什么时候才能醒了,所以不敢睡得太死。其实这种担心完全没有必要,因为到了伦敦时间早上5点多钟我就被饿醒了。飞机上提供的餐点分量太少,我完全没有吃饱,所以只好爬起来啃压缩饼干,可是口渴怎么办?我想到以前在电视上看到外国人都是直接喝生水的,于是就摸到厨房,幸亏那儿放了几个杯子还有洗涤净。解决了吃饭和喝水的问题后我躺在床上想睡又不敢睡,就这么熬到8:30爬起来见到洗漱了一下再去accommoadtion office看看他们要怎么解决我的问题。

其实我起得太早了,accommodation office还没有开门呢,于是我就站在门口等。可能是因为这儿位于几栋tower的中间风特别的大,我浑身上下打哆嗦感觉耳朵都要被冻掉了,第一次体会了英国的寒冷。9:00office准时开门,我是第一个,我把情况说了一下后,工作人员说只能给我换个宿舍问我愿不愿意。都这时候了我还能说什么,当然是愿意了。他找了一会拿了一个信封给我,里面是一张门卡和一串宿舍钥匙。我一看是flat 12, room 2和我原来的room 12也差不多,心里也还是挺高兴的,没给我分到其他什么乱七八糟的地方就不错了。

从电梯坐到flat12,实际上是13楼,进一个小门然后向右拐直走在拐角处就可以看到我的房间了。打开房门,房间不小,大约有9平方,里面有一张床,一个书架,一张书桌,一个衣柜,一个床头柜,一张凳子,一张沙发,两扇窗户。房间里有暖气和电话。

对于一直都住集体宿舍的我来说,这样的房间简直是太棒了!我的房间在东南角,从窗外看过去是绿油油的草地,红砖的小房子像积木点缀在上面,真如同童话世界,简直太美了!

向左看是Wolfson Court宿舍
向中看是Albert Sloman图书馆
向右看是主教学区和Lecture Theatre Building,远处两个高楼是South Tower宿舍

The Coming MSc Courses

EC907-G-AU: ECONOMICS OF FINANCIAL MARKETS

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Dr. Sheri Markose
Teaching staff: Dr. Sheri Markose
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ◎ Spring: ○ Summer: ◎

Course Description
This course studies the notions of risk and return in equity markets in the context of asset pricing and in the management of equity portfolios. Special attention is paid to aspects of portfolio insurance. Topics covered include the foundations of modern finance based on expected utility theory; the capital asset pricing model; arbitrage pricing theory; options pricing; and dynamic hedging strategies. The implication for risk neutral pricing of options is also reviewed in the case when asset prices are not martingale or martingale-equivalent processes.

The main objective of the course is to emphasise how the principles of modern finance and the development of derivative instruments have revolutionised portfolio hedging techniques. Caveats are, however, noted in the case when asset prices are not martingale or martingale-equivalent processes. Upon successful completion of the course students will have enhanced their capabilities to conceptualise and critically evaluate technically demanding concepts.

Learning and Teaching Methods:
One 2 hour lecture and 1 hour class per week .

Assessment:
Whichever is the Greater: EITHER 50 percent CourseWork Mark, 50 percent Exam Mark OR 100 percent Exam Mark

Other information:

Compulsory for:
MSc in Financial Economics and Econometrics, MSc in Financial and Business Economics, MSc in Accounting and Financial Economics

Bibliography:
Copeland, T E and J F Weston, Financial Theory and Corporate Policy, 3rd edition, Addison Wesley 1988. Baxter, M. and Rennie, A. Financial Calculus, Cambridge University Press, 1999. Campbell, J Y, A W Lo and C MacKinley, 1997. The Econometrics of Financial Markets, Princeton University Press, Selected Chapters on CAPM, APT and Derivative Pricing Models..

EC908-G-SP: TOPICS IN FINANCIAL ECONOMICS

Year: 2003/4.
Department: Economics.
Essex credit: ECTS
credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Dr J. Ejarque
Teaching staff: Dr J. Ejarque
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ○ Spring: ◎ Summer: ◎

Course Description
This course covers various topics in capital budgeting, corporate finance and banking. The course uses the original results of Modigliani and Miller on the irrelevance of the gearing (leverage) of firms as a benchmark to study the recent work emphasising the role of asymmetric information and the effects of separation between ownership and control on financial decisions made by firms. Other topics covered in the course include capital budgeting, the design of financial securities, bankruptcy and financial distress, mergers and acquisitions, and the role of bank lending.

Upon successful completion of this course students should have acquired an understanding of the economics of uncertainty and information as applied to corporate finance. They should be able to apply analytical reasoning to problems in financial economics and to evaluate the models, and be able to conceptualise and understand phenomena in actual financial markets in terms of these models. Students who opt to submit term papers will also have the opportunity to demonstrate their ability to develop an economic argument based on independent inquiry by surveying the relevant literature on financial markets.

Learning and Teaching Methods:
One 2 hour lecture per week.

Assessment:
Whichever is the Greater: EITHER 50 percent CourseWork Mark, 50 percent Exam Mark OR 100 percent Exam Mark

Other information:

Compulsory for:
MSc in Financial Economics and Econometrics, MSc in Financial and Business Economics, MSc in Accounting and Financial Economics

Bibliography:
JoÒo Amaro de Matos, Theoretical Foundations of Corporate Finance (Princeton University Press)

EC933-G-SP: INTERNATIONAL FINANCE

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Mr G. Chouliarakis
Teaching staff: Mr G. Chouliarakis
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ○ Spring: ◎ Summer: ◎
Course Description
Topics covered include balance of payments and exchange rate theories; efficiency of foreign exchange markets; the economics of pegged exchange rates, monetary unions, and currency boards; speculative attacks on pegged exchange rates; proposals for international monetary reform; sovereign debt crises.

The aim of the course is to familiarize students with the analytical tools used in the field of international macroeconomics and finance and show how these tools can be applied in examining key policy issues. Also, the course will use appropriate historical evidence to illustrate the validity of alternative theories. By so doing, it will further develop the capacity of students to conceptualize economic events in terms of economic analysis.

Learning and Teaching Methods:
2 lecture hours per week

Assessment:
Whichever is the Greater: EITHER 50 percent CourseWork Mark, 50 percent Exam Mark OR 100 percent Exam Mark

Other information:
Compulsory for:
MSc in Financial and Business Economics

Bibliography:
Obstfeld, M. and Rogoff, K. (1996) Foundations of International Macroeconomics, MIT Press; Gandolfo, G. (2001) International Finance and Open Economy Macroeconomics, Springer.

EC511-G-AU: MATHEMATICAL METHODS

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Dr R. Baldry
Teaching staff: Dr R. Baldry, Dr E. Maenner and G. Selvaretnam
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ◎ Spring: ○ Summer: ◎

Course Description
The material is designed to explain a number of mathematical concepts and techniques which are fundamental to an understanding of modern economic theory. The topics covered include
differential calculus, optimisation theory, convex analysis and sufficiency Theorems for optimality, differential equations and phase diagrams, optimal control theory and an introduction to dynamic programming.

The course provides students with the basic mathematical skills appropriate for Master’s level courses in Economics. The focus is mainly on improving a student’s problem solving skills – many applied economic examples are considered, both within lectures and in problem sets. By the end of the course, students should not only have a good understanding of optimisation theory, but also understand formally how economic arguments `work’ and the role of `equilibrium’. Students are encouraged to consult with each other when attempting the problem set questions.

Learning and Teaching Methods
One 2 hour lecture and one 1 hour class per week.

Assessment:
30 percent CourseWork Mark, 70 percent Exam Mark

Other information:
Compulsory for:
MSc in Economics, MSc in Financial and Business Economics, MSc in International Economics, MSc in Accounting and Financial Economics, and MSc in Applied Economics and Data Analysis.

Bibliography:
C. P. Simon and L. E. Blume (1994) Mathematics for Economists, W. W. Norton.

EC501-G-SP: ECONOMETRIC METHODS AND APPLICATIONS

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Professor J. Richmond
Teaching staff: Professor J. Richmond, Dr E. Maenner Dr J. Ejarque, Dr J. Ruiz and Mr E. Lopez
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ○ Spring: ◎ Summer: ◎

Course Description
This course covers the basic methods of linear regression and hypothesis testing, including extensions to models with autocorrelated and heteroskedastic disturbances and to models with lagged dependent variables. The time series concepts of unit roots and co-integration are also introduced as are the fundamental ideas of simultaneous equation models.

Upon successful completion of this course students will have acquired a grasp of econometric methods applicable to a wide variety of situations, ranging from the classical model through to nonstationary dynamic models and simultaneous equations models. They should understand the methods of estimation and inference as applied in these models, be able to derive the properties of some econometric methods in simple cases and be prepared for the use of these methods in their own empirical work.

Learning and Teaching Methods
One 2 hour lecture per week plus one class per week; in addition one computing lecture for weeks 16 and 17 plus computing class for weeks 18 – 20.

Assessment:
30 percent CourseWork Mark, 70 percent Exam Mark

Other information:
Compulsory for:
MSc in Economics, MSc in Financial and Business Economics, MSc in International Economics, MSc in Accounting and Financial Economics, and MSc in Applied Economics and Data Analysis.

Bibliography:
W. H. Greene, Econometric Analysis, 5th edition, Prentice-Hall, 2003.J. Stewart and L. Gill, Econometrics, 2nd edition, Prentice Hall 1998. J. Johnston and J. DiNardo, Econometric Methods, 4th edition, McGraw-Hill 1996.

EC967-G-SP: EMPIRICAL METHODS OF ECONOMICS AND FINANCE

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Professor R. Miller
Teaching staff: Professor R. Miller
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ○ Spring: ◎ Summer: ◎

Course Description
This course investigates the application of empirical techniques to problems in economics and finance. The course integrates economic theory with econometric methods and experimental design: the premise of this course is almost tautological: the equilibrium solution of the correctly specified model provides the data generating process. Focusing on a range of topics split between economics and finance, the course shows how to formulate theories by building and solving models, how to estimate and test them by applying econometric methods to field data and experimental data, and how to interpret and evaluate the empirical results.

Learning and Teaching Methods
2 hour lecture each week

Assessment:
Whichever is the Greater: EITHER 50 percent CourseWork Mark, 50 percent Exam Mark OR 100 percent Exam Mark

Bibliography:
Campbell, J. Y., A. W. Lo and A. C. MacKinlay (1997), The Econometrics of Financial Markets, Princeton University Press.

Optional: EC903-G-AU: MICROECONOMICS

Year: 2003/4.
Department: Economics.
Essex credit: ECTS credit: 0
Pre-requisites: Scheme entry requirements
Co-requisites: None
Course supervisor: Professor S. Goyal
Teaching staff: Professor S. Goyal
Contact details: For further information, send a message to pgecon[at]essex.ac.uk
Course is taught during the following terms:
Autumn: ◎ Spring: ○ Summer: ◎

Course Description
This course covers the concepts and methods of modern microeconomics. We begin with an overview of the competitive economy and develop the two fundamental theorems of welfare economics. We then study various types of imperfections in markets such as differential information and strategic interaction with a view to understanding the potential role for government policy. Topics covered include contract theory (with moral hazard and adverse selection problems), equilibrium concepts in game theory, and market signalling.

Upon successful completion of this course, students will have acquired a grasp of the main principles and theories of modern microeconomics. In particular, students should have strong insights into the power and logic of economic reasoning and be able to apply those arguments to general issues.

Learning and Teaching Methods
One two hour lecture and 1 hour class per week

Assessment:
Whichever is the Greater: EITHER 50 percent CourseWork Mark, 50 percent Exam Mark OR 100 percent Exam Mark

Other information:
Compulsory for:
MSc in Economics, MSc in Economics and Econometrics, MSc in Applied Economics and Data Analysis

Bibliography:
Gravelle, H and R Rees, Microeconomics [Longman]
Gibbons, R, A Primer in Game Theory, Harvester-Wheatsheaf, 1992.