HKUST MBA GlobalFinance Bro v14

7/29/2019 HKUST MBA GlobalFinance Bro v14

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15 ModuleDescriptions

17 Students Words

19 Profiles of Participantsin Previous Intakes

21 ApplicationRequirements

21 Financial Aid

21 Enquiry andEnrolment


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The Master of Science in Global Finance Program, a ground-breaking educational joint venture between The Hong KongUniversity of Science and Technology School of Business and Management (HKUST) and New York University Stern School ofBusiness (NYU Stern), is now inviting applications for our upcoming intake.

An alliance between NYU Stern School of Business and HKUST Business School, the Program brings together two world-renowned business schools and two of the worlds most important financial centers.

All modules are taught by global, top-ranked faculty who are handpicked for their expertise and thought leadership. And whilethe Program kicks off and ends at HKUSTs picturesque campus in Hong Kong, four intensive learning modules in New Yorkgive participants the opportunity to experience two world financial centers. The learning module in Beijing / Shanghai provides asuperb learning experience in the largest emerging market in the world.

Participants in the Program dramatically enrich their knowledge of finance and develop a deep understanding of the latest trendsin the global financial markets. These executives aim at improving their overall effectiveness, as well as their competitiveness, inthe finance industry.

You, too, can benefit from this career-enhancing learning experience. We invite you to join us and chart your own course ofsuccess in this exciting Program. We welcome your enquiries and participation.

Participants in the Program

dramatically enrich their knowledge

offinance and develop a deep

understanding of the latest trends inthe global financial markets.

PROF LEONARD CHENG

Dean of the HKUST Business SchoolPROF PETER HENRY

Dean of the NYU Stern School of Business


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Welcome to the HKUST-NYU Stern Master of Science in Global Finance (MSGF) Program! Over the past decades, the globalfinancial economy has undergone significant changes. These changes have heightened the growing importance of financialservices to economies in North America, Europe, Asia Pacific, South America, the Middle East, and other emerging markets.

The MSGF Program provides a truly rewarding and world class learning experience which enables participants to reap thebenefits of attending classes in 3 major international centers Hong Kong, Beijing / Shanghai and New York. HKUST and NYUStern aim to cultivate high-performance professionals in fields like corporate finance, venture capital, asset management, loansyndications, sales and trading, risk management and private banking. Non-financial sectors are also seeking financial expertisein areas such as risk management and corporate finance.

As joint academic directors, we have designed our program to balance the technical and global dimensions of finance in a waythat is not generally achieved in a common MBA program. Participants are taught by world-renowned faculty from twohighly-rated business schools, and they acquire the essential tools needed for todays financial world. Participants also learnabout the latest developments and trends in global financial markets in the aftermath of the financial crisis. Our goal is to enableparticipants to better understand the global implications of financial issues in todays markets and to further broaden theirknowledge and application of financial concepts and instruments.

Our innovative, world-class program can prepare you for the evolving opportunities in the robust and dynamic financial field.We invite you to contact us and learn more about what the MSGF Program has to offer.

PROF MENACHEM BRENNERDepartment of FinanceNYU Stern School of Business

PROF BRUNO SOLNIK

Department of FinanceHKUST Business School

Our innovative, world-class

program can prepare you for

the evolving opportunities in

the robust and dynamicfinancial field.

MSINGLOBALFINANCE

MESSAGE

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Established just two decades ago in 1991, HKUST is

the only science and technology research university in

Hong Kong, and the only one to offer an all-PhD faculty.

The highly reputable Quacquarelli Symonds (QS) Asian

University Rankings rated HKUST as the top university

in Asia in 2012. The HKUST Business School has

risen to international prominence in a remarkably short

period of time, achieving widespread global recognition

and a variety of prestigious academic rankings. Ourstrength lies in our full range of program offerings, our

high quality research conducted by our world class

faculty, and our diverse and high-caliber students.

The HKUST Business School was the first business

school in the region to have been awarded

accreditation by both the US-based Association to

Advance Collegiate Schools of Business (AASCB

International) and the European Quality Improvement

System (EQUIS). The Financial Times ranks our EMBA

(Kellogg-HKUST) No. 1 in the world and our MBA No. 8

in the world (1st in Asia).

With a steadfast commitment to research and thought

leadership, we maintain state-of-the-art centers of

learning and exploration devoted to a multitude of

areas ranging from China business and Asian financial

markets to Asian entrepreneurship and experimental

business research. Our unique Asian and global

perspectives are made possible by our 140-strong

international faculty.

The mission of our Department of Finance is to

produce world-class research, deliver first-rate

finance education, and contribute to the financial

developments in Hong Kong (HK), Mainland China

HKUST BUSINESS SCHOOL & DEPARTMENT OF FINANCE

and the Asia-Pacific region. The Department has a

remarkable research achievement since its inception.

It has been consistently ranked No. 1 in research in the

Asia-Pacific region and among the top 25 in the world,

according to the ASU Finance research rankings (based

on publications in top four finance journals: JF, JFE,

RFS, JFQA). Professors of our Department of Finance

have won many awards and are well connected to the

financial industry in Asia.

Our reputation in business research derives from

the world-class interdisciplinary work developed by

our leading research and professional development

centers. Among those are the Center for Asian

Financial Markets and the Value Partners Center for

Investing. The Center for Asian Financial Markets

promotes research on financial market activities by

establishing strong data and knowledge bases about

Asian financial markets, with a particular focus on

HK and China, provides an academic interface with

government and business that promotes research and

facilitates the dissemination of knowledge. The ValuePartners Center for Investing is the academic and

intellectual center for supporting research and training

on investing with emphasis on China / HK financial

markets, and to promote HKs role as the regional fund

management center. It has established and monitored

the Student Managed Investment Fund (SMIF) first

ever in HK to offer students real world experience to

practice fundamental investing, outreaches to industry

practitioners and enhances the industry-academia

interactions through seminars, conferences and

publication of newsletters; and supporting scientific

and policy research on investment management in HK

and Mainland China.

Financial Times

For more information,

please visit

http://www.bm.ust.hk

Asias youngest but most respected

business school.

Relevant Rankings for HKUST Business School

EMBA Ranking (Kellogg-HKUST)

Global MBA Ranking

Department of Finance

No. 1 in the World, by Financial Times 2012

No. 8 in the World, No. 1 in Asia, by Financial Times 2013

The Department has been consistently ranked No. 1 in researchin the Asia-Pacific region and among the top 25 in the world,according to the FMA-ASU Finance research rankings.


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Located in New York City, an epicenter of global

business, New York Universitys Stern School of

Business is a premiere research institution where

more than 200 faculty members conduct forward-

looking research and consulting with leading

corporations around the world.

A proud part of Sterns heritage is its world-renowned

finance program. With more than 40 full-time facultymembers conducting theoretical and practical research

in all key aspects of the field, Stern boasts the largest

faculty of any other finance program in the United

States. It has been ranked number one worldwide

in research productivity by a number of top finance

journals. Sterns finance faculty is highly rated in terms

of research output, and members sit on the editorial

boards of all of the major finance journals.

Among Sterns faculty luminaries are three Nobel

Laureates in economics: Robert Engle (2003), known

for his time-varying volatility model used by financial

markets to measure risk; Michael Spence (2001),whose scholarship focuses on economic policy in

emerging markets, the economics of information,

and the impact of leadership on economic growth;

and Thomas Sargent (2011), whose models on the

effect of policy on the economy guide central bankers

and policy makers; as well as Edward Altman, whose

famous z-score, a mathematical formula which

analyzes and predicts bankruptcy risk, is pervasive

on Wall Street; Roy Smith, former partner, Goldman

Sachs, and Ingo Walter, who together co-authored the

best-selling book, Governing the Modern Corporation

in 2006; and Martin Gruber and Edwin Elton, whose

NEW YORK UNIVERSITY STERN SCHOOL OF BUSINESS

textbook Modern Portfolio Theory and Investment

Analysisis in its seventh edition and has been used

as a resource for business students for nearly 30

years. Students in the MSGF Program will have the

opportunity to study with several of these Stern faculty

members.

NYU Sterns strength in finance is enhanced by its

Salomon Center for Research in Financial Institutionsand Markets. The Salomon Center conducts new

research across a wide array of financial topics and

partners with regulatory, government and business

communities to bring high profile business leaders and

conferences to Sterns campus. The Center specializes

in seven areas that correspond with the infrastructure

of the markets: Asset Management, Corporate

Governance, Credit and Debt Markets, Derivatives

Research, Financial Econometrics, Financial Institutions

and Macro Finance. Each specialty division is directed

by a Stern expert in the field.

Because of the size of the faculty and resourcesdevoted to the finance department, students have

access to the breadth of thought reflecting the

latest global research findings and market practices.

Students also benefit from the unparalleled access to

Wall Street and the worlds leading practitioners who

are adjunct faculty and guest speakers in their classes.

MSINGLOBALFINANCE

ABOUTUS

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For more information,

please visit

www.stern.nyu.edu

Relevant Rankings for NYU Stern

EMBA Ranking (Trium) No. 3 in the World, by Financial Times 2012

Global MBA Ranking No. 19 in the World by Financial Times 2013No. 11 in the World by The Economist 2012

Finance Department No. 1 in the World by Financial Times 2012


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PROFESSOR BRUNO SOLNIKis Professor of Finance at HKUST in Hong Kong. He is also Distinguished Emeritus Professor of Finance at HEC Paris, ranked No.1 business school in Europe by the Financial Times. He holds an Engineer degree from Polytechnique in Paris and a PhD from MIT.He was on the faculty of the Stanford Business School before joining HEC. He has been a visiting professor at the University ofCalifornia at Berkeley, UCLA , Universit de Genve, University of New South Wales and Todai (University of Tokyo).

He is a former President of the European Finance Association and Director of the American Finance Association. He has writtenseven books, five in France and two in the USA, including Global Investments, the leading textbook in the field formerly titledInternational Investments, and translated into Japanese and Chinese. The sixth edition of Global Investments, coauthored by DennisMcLeavey of the CFA Institute, has been used for all three levels of the CFA examination. He has published some fifty articles inleading finance and economics journals. He also serves on the board of editors of several major finance journals in America, Europeand Asia.

Professor Solnik has served on the Council for Education and Research of the CFA Institute and on its Research Foundation. He hasreceived many prizes, including two Graham & Dodd Awards for Excellence by the Financial Analysts Journal, the Finance Awardof the Year at the 1998 Interlaken Finance Symposium, and the Nicholas Molodovsky Award, presented by the CFA Institute Boardof Governors on May 22, 1999. This award is given periodically only to those individuals who have made outstanding contributionsof such significance as to change the direction of the profession and to raise it to higher standards of accomplishment. He is aKnight in the Order of the Legion of Honor.

Professor Solnik is a frequent keynote speaker to professional conferences organized by institutional investors, asset managers andconsultants. His expertise has been called upon by many pension funds, foundations and central banks, in Europe, the USA andAsia, to assist them in structuring their asset management efforts. Among others, he advised the pension plans of Royal Dutch/Shell and Calsters, and the Nobel Foundation. He has also advised numerous asset management companies worldwide. He saton the investment committee of UBS Global Asset Management. Since 2004, he is one of the four members of the InvestmentManagement Advisory Council of Zurich Insurance Group, a major global insurer managing a portfolio over US$200 billion. He isinvestment advisor to EDF, a large European utility firm. He serves, or has served, on the board of directors of listed companies(bank, asset manager and security firm), mutual funds, exchange traded funds and hedge funds.


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PROFESSORSUDIPTO DASGUPTAis Chair Professor of Finance and Director of the Centre for Asian Financial Markets at HKUST. Professor Dasgupta received hisMaster of Arts in Economic Theory from the University of Calcutta and his Doctor of Philosophy in Finance from University of

Southern California. He taught at the University of Southern California and visited at Gothenburg University in Sweden before joiningHKUST in 1993.

Professor Dasgupta has published in leading journals on economics and finance such as the Journal of Finance, Journal of FinancialIntermediation, Journal of Corporate Finance, Journal of Economic Theory, Journal of Economicsand Management Strategy, etc. Hisresearch areas are in game theory and industrial organization, bidding for procurement contracts, the economics of joint ventures,firms investment and financial policies, takeovers and the market for corporate control.

MSINGLOBALFINANCE

FACULTYBIOS

PROFESSORVIDHAN GOYALis Professor of Finance at HKUST. He received his Master in Business Administration from the University of Delhi and a Doctor ofPhilosophy in Finance from the University of Pittsburgh where he was a Research Fellow at the Center for the Study of Contractsand the Structure of Enterprise.

Professor Goyals research interests are in empirical corporate finance, with an emphasis on capital structure and corporategovernance. His research papers have been published in the Journal of Finance, Journal of Financial Economics, Journal ofBusiness, Journal of Financial Intermediation, Finance Research Letters, Journal of Corporate Financeand the Pacific Basin FinanceJournal. He has extensive teaching experience and won numerous teaching awards including the Michael G. Gale Gold Medal forDistinguished teaching, the Franklin Prize for teaching excellence and the best MBA core teacher award.

PROFESSOR XI LIis a professor teaching at HKUST and the managing partner of XL Partners. He has predicted the 2008 financial crisis, the 2009market turnaround, and the major macro events afterwards. He has also predicted the quant debacle in 2008, momentum reversalin 2009, and recommended effective remedies. He has worked for Acadian Asset Management and State Street Global Advisors asportfolio manager and senior researcher, spoken at various industry events, taught at various top ranked MBA programs, andbeen invited to consult with CIC, Value Partners, and other organizations and individuals. He has published in top academic andpractitioner journals and won various research awards from academic and practitioner associations. Professor Li has a M.A. inEconomics from Tulane and a Ph.D. in finance from Vanderbilt.

PROFESSORMARK SEASHOLESis Professor of Finance at HKUST. He received his Bachelor of Arts from Wesleyan University where he graduated with highhonors in physics, Phi Beta Kappa, and University Honors (the universitys highest award.) University Honors was awarded to5 of 650 graduates in his year. Professor Seasholes received his Master of Arts and Doctor of Philosophy degrees in BusinessEconomics from Harvard University. He taught at the University of California, Berkeley Haas School from 2000 to 2007 wherehe won teaching awards in three programs: Daytime MBA, Undergrad Program, and Berkeley-Columbia Executive MBA, and hasvisited at Northwestern-Kellogg, INSEAD, and worked at Santa Clara University.

Professor Seasholes conducts research in the field of financial economics. His research focuses on trading behavior and assetprices around the world. He has written on cross-border equity investments, herding behavior of individual investors, and lossaversion. Current work focuses on liquidity and asset pricing. One project looks at the systematic liquidity demands of individualinvestors. A second project studies NYSE specialist inventories (a measure of liquidity provided to the market). ProfessorSeasholes worked for a number of years on Wall Street and in the emerging markets of East / Central Europe. He was one ofthe first equity analysts in post-communist Poland, completed a valuation project in Honduras and helped with the Lloyds ofLondon restructuring, in addition to having given a series of lectures in the Peoples Republic of China. Professor Seasholes workincludes work with State Street Bank and Trust and their portfolio flow indices.

PROFESSOR DANYANG XIEis Professor of Economics at HKUST. Professor Xie received his Ph.D. in Economics from the University of Chicago in 1992.He started an academic career in 1991 at the University of Montreal. He joined HKUST in July 1993. He has been teachingMacroeconomics at all levels and China in the Global Economy for the MBAs and EMBAs. His research interest includesendogenous growth, fiscal policy, and money and banking. While serving at the International Monetary Fund as Economist andSenior Economist during 2000-2004, he taught finance-related courses to government officials worldwide. He returned to HKUSTin July 2004 and served as Department Head between April 2007 and June 2010.Professor Xie has publications in top Journals in Economics, including Journal of Political Economy, Review of Economic Studies,Journal of Economic Theory, Journal of Monetary Economics, and International Economic Review. He is the co-editor of Annals ofEconomics and Finance and is a member of the Editorial Advisory Council of Pacific Economic Review.


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PROFESSOR EDWARD I. ALTMAN

is the Max L. Heine Professor of Finance at NYU Stern and the Director of Research in Credit and Debt Markets at the NYUSalomon Center for the Study of Financial Institutions. He has been a visiting professor at the Hautes Etudes Commerciales andUniversite de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the Australian Graduate Schoolof Management in Sydney, Luigi Bocconi University in Milan and CEMFI in Madrid. Professor Altman was named to the Max L.Heine endowed professorship at Stern in 1988.

Professor Altman was named Laureate 1984 by the Hautes Etudes Commerciales Foundation in Paris and awarded the Graham &Dodd Scroll for 1985 by the Financial Analysts Federation and was named Profesor Honorario by the University of Buenos Airesin 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and is also the Chairman of the Academic Advisory Council ofthe Turnaround Management Association. He received his MBA and Ph.D. in Finance from the University of California, Los Angeles.He was inducted into the Fixed Income Analysts Society Hall of Fame in 2001, President of the Financial Management Association(2003) and a FMA Fellow in 2004. In 2005, Professor Altman was named one of the 100 Most Influential People in Finance by theTreasury & Risk Managementmagazine.

Professor Altman is one of the founders and an Executive Editor of the Journal of Banking and Financeand Advisory Editor of theJohn Wiley Frontiers in Finance Series. He has published or edited almost two-dozen books and more than 130 articles in scholarlyfinance, accounting and economic journals. He was the editor of the Handbook of Corporate Financeand the Handbook of FinancialMarkets and Institutionsand the author of Distressed Securities, Managing Credit Risk and Bankruptcy, Credit Risk and High YieldJunk Bonds(2002), Recovery Risk(2005), Corporate Financial Distress & Bankruptcy(3rd ed., 2005) and Recovery Risk(2005).

Professor Altmans primary areas of research include bankruptcy analysis and prediction, credit and lending policies, riskmanagement and regulation in banking, corporate finance and capital markets. He has testified before the U.S. Congress, the NewYork State Senate and several other government and regulatory organizations and is a Director and a member of the Advisory Boardof the New York State Common Retirement Funds Investment Committee.

PROFESSOR JENNIFER N. CARPENTERis Associate Professor of Finance at NYU Stern. Professor Carpenter teaches an MBA course on Debt Instruments and Markets,and a PhD course on continuous time finance. Professor Carpenter received her Bachelor of Science in Economics, Master of Artsin Finance, Master of Arts in Mathematics, and Doctor of Philosophy in Finance from the University of Pennsylvania.

Professor Carpenter has been with Stern since 1995. Her primary research areas include executive stock options, fund managercompensation, survivorship bias, corporate bonds, and option pricing. She has published in numerous journals including the Journalof Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Business.

Before coming to Stern, Professor Carpenter worked at Goldman Sachs & Company in the fixed income division. She was alsolecturer at the University of Pennsylvania.

PROFESSORALEXANDER LJUNGQVISTis the Ira Rennert Chair in Finance and Entrepreneurship at NYU Stern, where he teaches an MBA course in financing newventures and a PhD seminar in corporate finance. Professor Ljungqvist received his Master of Science in Economics and Businessfrom Lund University in Sweden, and his Master of Philosophy and Doctor of Philosophy in Economics from Nuffield College atOxford University.

Professor Ljungqvist has been with NYU Stern since 2000 and was tenured in 2005. His primary research areas include financialintermediation, investment banking, initial public offerings, entrepreneurial finance and venture capital, corporate governance, andbehavioral corporate finance. He has published articles in these areas in all the leading scholarly journals, including the Journal ofFinance, the Review of Financial Studies, and the Journal of Financial Economics. He is the author of Going Public, a survey ofwork on IPOs published by Oxford University Press (second ed., 2001). He currently serves as editor on the board of the Review ofFinancial Studies.

At NYUs Salomon Center, Professor Ljungqvist directs the Schools research activities in the field of alternative investments. Hehas been Director of Research of NYUs Berkley Center for Entrepreneurial Studies since 2005.

Prior to joining NYU, Professor Ljungqvist taught at London Business School and Oxford Universitys Sad Business School. He has

worked for Deutsche Bank, Berenberg Bank, Schroder, Munchmeyer, Hengst & Co., the Swedish Trade Council, and the SwedishForeign Ministry. Between 1995 and 2000, he was a senior consultant with OXERA Ltd.

PROFESSOR MENACHEM BRENNERis Research Professor of Finance at NYU Stern. He has been with NYU Stern since 1990. Before joining NYU, Professor Brennerwas an Associate Professor of Finance at the Hebrew University in Jerusalem. He was also a visiting professor at the Universityof California at Berkeley, the University of Bergamo, University of Melbourne and Tel-Aviv University. He also served as an Advisorto the Bank of Israel, and was a member of the board of directors of the Tel Aviv Stock Exchange and of the advisory panel onEmerging Markets Investable Indices at the International Finance Corporation. Professor Brenner received his Bachelor of Sciencein Economics from Hebrew University, Jerusalem and his Master of Arts and Doctor of Philosophy in Business Administration fromCornell University.

Professor Brenners primary areas of research include derivative markets structure, option pricing, inflation expectations, auctions,market efficiency and liquidity. His articles have been published in numerous publications including the Journal of Finance, Journalof Financial Economics, Journal of Businessand Journal of Financial and Quantitative Analysis.


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MSINGLOBALFINANCE

FACULTYBIOS

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PROFESSORTHOMAS A. PUGELhas been on the faculty of New York University since 1978. He received his B.A. in Economics from Michigan State University in1974 and his Ph.D. in Economics from Harvard University in 1978. At NYU Stern, he served as Faculty Director of Executive MBA

Programs during 2007-2009, as Academic Director of the Langone MBA Program during 2004-2008, as Vice Dean for Faculty during1994-1998, and as chairperson of the International Business Area during 1990-1994 and 1998-2003. He was Visiting Professor atthe School of International Politics, Economics and Business at Aoyama Gakuin University, Japan, during 1985-1986, and a memberof the U.S. Faculty of the National Center for Industrial Science and Technology Management Development at Dalian, PeoplesRepublic of China, in 1983. He was a Visiting Scholar at the Board of Governors of the Federal Reserve System in 1980.

Professor Pugels research focuses on international industrial competition, with emphasis on market structure, strategy, andperformance, and on government policies toward international trade and industry. He is co-author of Microelectronics: An Industryin Transition and the co-editor of Fragile Interdependence: Economic Issues in U.S.-Japanese Trade and Investment. He haspublished numerous articles in professional journals and chapters in books. He is the author of the textbook International Economics(fourteenth edition). His teaching interests include global macroeconomics, the economics of firms and markets, and the economicsof international trade and investment.

He has served as a research consultant to a number of U.S. government agencies, international organizations, and businessorganizations. Included among these are J.P. Morgan, Citicorp, Chrysler Corporation, the Federal Trade Commission, the JointEconomic Committee of the U.S. Congress, and the United Nations.

PROFESSORANTHONY SAUNDERSis the John M. Schiff Professor of Finance at NYU Stern. Professor Saunders received his Ph.D. from the London School of

Economics and has taught both undergraduate and graduate level courses at NYU since 1978. Throughout his academic career, histeaching and research have specialized in financial institutions and international banking. He has served as a visiting professor allover the world, including INSEAD, the Stockholm School of Economics, and the University of Melbourne.

Professor Saunders holds positions on the Board of Academic Consultants of the Federal Reserve Board of Governors as well asthe Council of Research Advisors for the Federal National Mortgage Association. In addition, Professor Saunders has acted as avisiting scholar at the comptroller of the Currency and at the Federal Monetary Fund. He is an editor of the Journal of Banking andFinanceand the Journal of Financial Markets, Instruments and Institutions, as well as an associate editor of eight other journals,including Financial Managementand the Journal of Money, Credit and Banking. His research has been published in all of themajor finance and banking journals and in several books. He has just published a new edition of his textbook, Financial InstitutionsManagement: Risk Management Perspectivefor McGraw-Hill (4th edition) as well as a 2nd edition of his book on Credit RiskMeasurementfor John Wiley & Sons (with Linda Allen).

PROFESSORMARTI SUBRAHMANYAMis the Charles E. Merrill Professor of Finance and Economics at NYU Stern. He holds a degree in Mechanical Engineering from theIndian Institute of Technology, Madras, a post-graduate diploma in Business Administration from the Indian Institute of Management,Ahmedabad and a doctorate in Finance and Economics from the Massachusetts Institute of Technology.

Professor Subrahmanyam has published numerous articles and books in the area of corporate finance, capital markets andinternational finance. He has been a visiting professor at leading academic institutions in Australia, England, France, Universita GuidoCarli LUISS, Rome, Italy, Singapore Management University and Churchill College, Cambridge University.

He has served as a consultant for several corporations, industrial groups and financial institutions in the U.S., Europe, Asia andLatin America. He also sits on the boards of several companies including the ICICI Bank Ltd. (NYSE: IBN), Infosys Technologies Ltd.(NASDAQ: INFY), Metahelix Life Sciences (P) Ltd, Nomura Asset Management Inc, and the board of advisers of Apollo ManagementL.P. He serves as an advisor to international and government organizations including the Securities and Exchange Board of India. Hehas taught extensively on executive programs in more than twenty countries around the world.

Professor Subrahmanyam currently serves or has served as an Associate Editor of the European Financial Management, Journal ofBanking and Finance, Journal of Business and Accounting, Journal of Finance, Management Science, Journal of Derivatives, Journalof International Finance and Accounting, and Japan and the World Economy. He is the Editor of an academic journal specializingin derivative securities and markets entitled Review of Derivatives Research. His research interests include valuation of corporatesecurities, options and futures markets, equilibrium models of asset pricing, market microstructure and the term structure of interestrates. He has published several papers in these areas in many of the leading international journals in economics and finance, includingEconometrica, The Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics and The Review of FinancialStudies. His recent books include Recent Advances in Corporate Finance(Irwin, 1985) and Financial Options: From Theory to Practice(Dow Jones-Irwin, 1992). He is currently working on a new book, Interest Rate Derivative Products.

Professor Subrahmanyam has won several teaching awards including, most recently, New York Universitys Distinguished TeachingMedal in 2003.

PROFESSOR INGO WALTERis the Seymour Milstein Professor of Finance, Corporate Governance and Ethics at NYU Stern, and also serves as Director ofthe Stern Global Business Institute, an independent academic research center focusing on global economic and managementissues.

Professor Walter received his B.A. and M.S. degrees from Lehigh University and his Ph.D. degree in 1966 from New YorkUniversity. He taught at the University of Missouri - St. Louis from 1965 to 1970 and has been on the faculty at New YorkUniversity since 1970. From 1971 to 1979 he was Associate Dean for Academic Affairs and subsequently served a numberof terms as Chairman of International Business and Chairman of Finance as well as Director of the New York UniversitySalomon Center for the Study of Financial Institutions from 1990 to 2003. He has had visiting professorial appointments at theFree University of Berlin, University of Mannheim, University of Zurich, University of Basel, the Institute for Southeast AsianStudies in Singapore, and various other academic and research institutions including a collateral appointment as Professor ofInternational Management at INSEAD since 1986.

Professor Walters principal areas of academic and consulting activity include international trade policy, international banking,environmental economics, and economics of multinational corporate operations. He has published papers in various

professional journals in these fields and is the author, co-author or editor of 26 books, including S treet Smarts: LinkingProfessional Conduct and Shareholder Value in the Securities Industry (Boston: Harvard Business School Press, 1997), ThePolitical Economy of European Financial Integration (Manchester, Manchester University Press and Cambridge: MIT Press,1997), High Finance in the Euro-Zone(London: Financial Times - Prentice Hall, 2000), and Mergers and Acquisitions in Bankingand Finance What Works, What Fails and Why? (New York: Oxford University Press, 2004). His new book, co-authored withRoy C. Smith, is Governing the Modern Corporation (New York: Oxford University Press, 2006).

Professor Walter has served as a consultant to various corporations, banks, government agencies and international institutions,and has held a number of board memberships.


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A ONE-YEAR,

MODULAR,

EXECUTIVE-FORMAT

MASTERS DEGREE

PROGRAM FOR

PROFESSIONALS

The Master of Science in Global Finance program the first executive-format masters degreein finance in Asia Pacific offers interestedprofessionals the opportunity to advance theirknowledge and practices under the guidance ofinternationally recognized academics.

Jointly developed by the HKUST Business Schooland NYU Stern School of Business, this ground-breaking program takes the latest insights fromWall Street and the emerging Asian market andputs them in a global context. Participants willemerge with the skills required to contribute tothe robust development of the global financialmarkets, and to cope with the rapid changesunderway there.


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Specifically, participantscan expect:

to gain knowledge from senior academics oftwo world-renowned academic institutionsthrough interactive lectures, real-life case

studies and integrative projects

to deepen and widen their understandingof finance from corporate finance, portfoliomanagement, FX and derivative markets tofixed income, risk management andbanking reform

to study alongside other global executiveswho will have at least 5 years of workingexperience in banking, finance or otherprofessional service industries. Theclassroom will become a natural platform for

networking and exchanging of ideas

to learn best practices from othercompanies, including those from Wall Streetand China, through case studies, speaker

sessions and company visits

to become alumni of both HKUST & NYUand be exposed to superb networkingopportunities

that lecture hours count towards thecontinuous professional training (CPT)requirement stipulated by the Securities andFutures Commission in Hong Kong

The program isdesigned with busyschedules in mind,with classes heldusually once a monthat weekends.

MSINGLOBALFINANCE

PROGRAMOVERVIEW

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A. Program Structure

Duration 1 year

Mode Modular

- 5 Modules + 1 closing session inHong Kong

- 1 Module in Beijing / Shanghai (5 days)- 4 Modules in New York

(8 days + 11 days)- 1 Integrative Project (Group)

B. Module Structure

2 WEEKS BEFORE THE MODULE

Pre-module

Participants will receive- textbook- pre-readings- Pre-module Assignment- contact information of Teaching Assistant

Require approximately 30 hours for both pre-readings anda Pre-module Assignment.

* Shown above is a typical Program Schedule and Structure.Please refer to our website/inserts for up-to-date information.

Module 3

Foundations ofInvestments

OpeningCeremony &

Group IntegrativeProject InitialSessions

Module 1

Global Macro &Asian Markets

Module 2

Foundationsof Corporate

Finance

Module 4

PortfolioManagement &

Asset Allocation

Module 5

DerivativesMarkets

HKUST Campus (In-residency Period)Hong Kong

(Central, Hong Kong)

NOV JAN FEB M

New

Integrative Project (a group proje

Faculty in the respective area will


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MODULE, ONCE A MONTH

During the Module

Tutorial:Led by a Teaching Assistant, the tutorial provides basicconcepts you will need for the lecture.

Lecture:Comes with case studies, group exercises, discussions, etc.

Tutorial: 2-3 hours (optional)Lecture: 24 hours

Fri (half day), Sat & Sun (whole day)

& Mon (half day)

2 WEEKS AFTER THE MODULE

Post-module

Participants are required to complete a Post-moduleAssignment or Final Take-home Exam.

Requires approximately 30 hours

MAY JUN AUG NOV

Module 6

ixed Incomenstruments &

Markets

Module 7

AppliedCorporate

Finance &

Valuation

Module 8

Banking Reform& Corporate Risk

Management in

China

Module 9

Risk Managementin Financial

Institutions

Module 10

Topics in FinancialMarkets &

Innovation

Group IntegrativeProject

Presentation &Closing Ceremony

Hong Kong(Central, HK)

Beijing / Shanghai New YorkHKUST Campus

(In-residency Period)

r the duration of the program)

assigned as the project advisor

MSINGLOBALFINANCE

PROGRAMSCHEDULEANDSTRUCTURE

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GLOBAL MACRO &

ASIAN MARKETS 2 CREDITS

This module introduces students to macroeconomicforces that affect global and Asian financial markets.Students will discuss various global macroeconomicconcepts, the influences of global finance on long-runeconomic growth, and the structure / size of foreign

exchange markets. This module will also cover recentdevelopments in global / Asian financial markets,macroeconomics in a post-crises world, and exchangerates.

FOUNDATIONS OF

CORPORATE FINANCE 2 CREDITS

The aim of the module is to provide students witha comprehensive overview of the financing andinvestment decisions made by firms. It covers capitalbudgeting, dividend policy, financing policy andmanagerial incentives. Topics include:

Investing in risk free and risky projects Capital allocation and corporate strategy Taxes and financing choices Debt holder-equity holder conflicts Financial structure and corporate strategy Basics of valuation

FOUNDATIONS OF

INVESTMENTS 2 CREDITS

This module provides an introduction to modernasset pricing theory. We begin by briefly reviewingportfolio theory. We then move on to discussingcurrent determinants of asset prices such as cash riskand liquidity. One of the modules goals is to apply

asset pricing theories to investment decision-making.A second goal is to prepare students for upcomingmodules. A third goal is to build a fundamentalknowledge of fixed income and derivative products.Topics include:

Frictionless markets vs. markets with frictions Portfolio diversification Models of equilibrium asset prices Introduction to fixed income securities Introduction to forwards and futures Introduction to options Static replication Determinants of option prices

PORTFOLIO MANAGEMENT &

ASSET ALLOCATION 2 CREDITS

The aim of the module is to provide students with toolsand knowledge in global asset allocation and equityportfolio management, with particular emphasis onthe management of risk. Topics include constructionof global benchmarks, portfolio construction, factor

models, currency risk management, investmentstrategies, performance evaluation and attribution.The module also introduces participants to behavioralfinance and the implication for asset allocation.Topics include:

Design of investment strategies and products Hedging currency risk in global asset allocation Performance measure and attribution Measuring risk for institutional portfolios,

mutual funds and hedge funds Managing hedge funds: present and future

DERIVATIVESMARKETS 2 CREDITS

This is a module in derivatives markets: structure,valuation and strategies. It builds on the content of themodule, Foundations ofInvestments and combinestheory, empirical findings and practical applications. Themain applications include the equities, foreign exchangeand commodities markets. The key derivativesinstruments discussed include forwards, futures andoptions. Cases and examples include the 1987 crash,LTCM, Metallgesellschaft, Amaranth, etc. Topicsinclude:

Overview of derivatives markets Futures markets

- Recent developments in the structure of futuresmarkets

- The cost of Carry Model- Hedging with futures

Options markets- Review of options strategies and markets- Options valuation- Options on FX, indices, futures- Risk management: VAR- Exotic options- Applications

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5

1

2

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FIXED INCOME INSTRUMENTS &

MARKETS 2 CREDITS

The module addresses fixed income financialinstruments and their derivatives, covering the types ofdebt instruments, interest rate structures and buildingthe yield curve, the valuation of debt securities, debtdefault and related topics. There is also consideration

of fixed income instruments in portfolio strategies,as well as the role of financial structures, options andderivatives such as credit default swaps. Topics include:

Fixed income instruments and markets cash andderivatives

Term structure dynamics Fixed income valuation, default probability and

portfolio optimization

APPLIED CORPORATE FINANCE &

VALUATION 2 CREDITS

This module focuses on the valuation of companiesand the creation of shareholder value by looking at theinterplay of corporate strategy and finance. The moduleexposes participants to valuation frameworks that canreadily be applied to improve business and strategicdecision-making. Topics include:

Valuation of businesses and subsidiaries Value drivers Relative valuations Mergers and acquisitions Payment methods and financing Takeover defenses Cross-border transactions Corporate restructuring transactions divestitures,

spin-offs and equity carve-outs

Value creation in private equity transactions

BANKING REFORM & CORPORATE RISK

MANAGEMENT IN CHINA 2 CREDITS

This module provides an overview of Chinas financialmarkets, the reform of financial institutions andcorporate risk management. Students will gain anunderstanding of the recent developments in financialservices and corporate practices in China. In additionto regular lectures, sessions by industry speakerswill be organized. As the module is held in Beijing /Shanghai, company visits will be arranged, allowingparticipants to have a better understanding of doingbusiness in China. Networking opportunities withexecutives in China also exist.

RISK MANAGEMENT IN

FINANCIAL INSTITUTIONS 2 CREDITS

The module covers the state-of-the-art and newdevelopments in major areas of risk management infinancial institutions and business firms in general credit risk, market risk, liquidity risk, operational risk,sovereign risk, strategic risk, and reputational risk.

Emphasis is placed on risk integration. Topics include:

Market risk and liquidity risk, VaR and RAROC Credit risk and distressed debt Sovereign risk assessment Operational and reputational risk Risk integration

TOPICS IN FINANCIAL MARKETS &

INNOVATION 2 CREDITS

A capstone module covering advanced topics infinance, the selection of which will depend on marketdevelopments and students interest. The module

builds on material covered in other modules in theprogram, and is taught at the research-driven frontier.Examples of topics:

Financial market microstructure Behavioral finance Corporate restructuring Volatility Structured financial products Credit and exotic derivative products Family-dominated and closely held firms Hedge funds

INTEGRATIVE PROJECT IN

GLOBAL FINANCE 4 CREDITS

The aim of the project is to enable students to applywhat they have learned in each module and to drawon their practical experience to the global banking andfinancial markets. Students are assigned to work ingroups on a team project throughout the year and willculminate with a presentation to a panel of faculty.

* Topics are subject to change

MSINGLOBALFINANCE

MODULEDESCRIPTIONS

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15

6

7

8

9

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I am from the high-tech industry, so this program will help me with

corporate issues and understanding and ultimately help make betterfinance decisions for my company (also not to get snowed by the CFO).

Gregory Baker (Class of 2008)

General Manager, RFSS

NXP Semiconductors

The Netherlands

It provided the most updated developments in the global / US

financial industries and a valuable opportunity to learn in details about

its theories, dynamics, benefits / threats to the society.

Winson Fong (Class of 2008)

Managing Director/Head of Greater China Equities

Societe Generale Asset Management (HK) Ltd

Hong Kong

Interaction with professors from HKUST and NYU, high quality ofclassmates from various professions, well-organised learning schedule

and effective administration are the best aspects of this program.

Alan Luk (Class of 2008)

Head of Investment Advisory

Investment Services Division, Hang Seng Bank

Hong Kong

The class consisted of highly intelligent and experienced

professionals. My classmates motivated me to be up to date with

developments in the market and also made me study very hard.Adedayo Idowu (Class of 2011)

Advisor

Arican Advisory Services Limited

Nigeria

The professors that deliver the courses are all of excellent standing

both in terms of teaching and research experience. It has been my

privilege to participate in the lectures. The course coordinators are very

responsive to student needs and this is the one aspect to keep up.

Andrew Koh (Class of 2008)

Deputy Manager, Internal Audit, Singapore Branch

Agricultural Bank of China

Singapore

I felt that the Integrative Project was a valuable part of the overall program

experience. It allowed us to draw together many of the key concepts / ideas

learned through the Program and to apply these to a real life situation. The

problem solving dimension is important, as it highlights the relevance of

what we learned in the classroom. The Project also allowed us to work with

team members from different backgrounds with different personalities.

Terence Liang (Class of 2010)

Managing Director, Corporate Finance Solutions

HSBC Private Bank (Suisse) SA

Hong Kong

The strongest aspects of this Program are the shorter time compared

to other programs and the great faculty.

Rodrigo Daleffe Aires (Class of 2010)

Executive Director Trade Finance & Correspondent Banking

Santander Group

Mexico

Students

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Very good pedigree of professionals from various industries. It was

enriching and enlightening to see such a diverse group of people,

with different backgrounds, from all sorts of ages (though none too

young) that had so much to contribute and share with one another.

I find that this was one of the best aspects of the MSGF Program.

David Sefri (Class of 2011)

Vice President

Nomura International

Hong Kong

The MSGF program presented an intensive and thought-provoking

curriculum taught by world-class professors. The HKUST and NYU

Stern alignment together with students from diverse industries

and cultures gave me the opportunity to put a global perspective

on the knowledge that we were gaining. This learning experience

was both unique and challenging. A further invaluable element of

the programme is the ability to take our classroom on the road to

Beijing and New York which greatly enhanced the global experience.Shannon Thornton (Class of 2010)

Vice President

Deutsche Bank AG, Hong Kong Branch

As a VC investment manager, I have to find out the best project for

our firm. With the program, I am confident to evaluate which project

is better for our investment, especially the valuation part. It is really

useful.Pierce Tsai (Class of 2008)

Assistant Vice President

First Premium Investment Co., Ltd

PRC

Excellent program structure and perfectly fits with executivelearning needs. The best professors with truly global experience.

Shiddhaarth Velamuri (Class of 2009)

Solution Architect

Standard Chartered Bank

Singapore

The strongest aspects of the MSGF Program are the students and

faculties. We have 40 or so students coming from 18 countries with

all kinds of background and experiences. It is a big asset. So are the

professors, while all are very reputable, they brought us with variety

of views from many areas they have experienced with.Rocky Wu (Class of 2011)

President, Greater China Region & EVP, Business DevelopmentPublications International

USA

I am working in Corporate Finance field, but mainly focus on due

diligence before. After receiving more finance knowledge from this

program, I can handle more comprehensive jobs including the M&A

advisory, valuation, etc.

Yvonne Yip (Class of 2009)

Chief Consultant

Yvonne Yip & Associates Limited

Hong Kong

Aspiring and make me wish to read more on my own; more

quantitative than MBA; nice locations and support by admin.

Gan-Ochir Zunduisuren (Class of 2009)

Executive Director

Blue Sky Minerals LLC

Mongolia

MSINGLOBALFINANCE

STUDENTSWORDS

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AGE

Average 33

WORKING

EXPERIENCE

Average 9.5 years

EDUCATIONAL

BACKGROUND

Students are bachelor degree holders and

one third of them also hold masters degrees.

CLASS

MIX

Approximately half of the participants resides in Hong Kong, while the other half flies in frommajor cities in Asia, such as Taipei, Singapore, Tokyo, and from the US, Europe and Australia.

It is truly an internationally and culturally diversified class with people from Asia, the US,Europe, the Middle East, South America, Africa, Australia and New Zealand.

NATIONALITY

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COMPANIES

PARTICIPANTS

WORK FOR

ACCOUNTING / AUDIT FIRMS- Baker Tilly Sungto- Cosmos Certified Public Accountants

Limited- DePaula & Clark- Deloitte- Ernst & Young- Grant Thornton- KPMG- McGladrey & Pullen, Limited- PriceWaterhouseCoopers- Samil PriceWaterhouseCoopers, LLP- Trason Clearwater

BANKS /FINANCIAL INSTITUTIONS- ABN Amro- Arican Advisory Services Limited- Australia and New Zealand Banking

Group- Agricultural Bank of China- Ajia Partners Inc.- American Express- AIG Consumer Finance Group Asia- Angelo Gordon Asia Limited- Avancera Investments- BNP Paribas- BNP Paribas Capital- BNY Mellon- Banco Santander- Bank of America Merrill Lynch- Bank of China- Banorte-IXE Grupo Financiero Banorte- Barclays Bank- Barclays Capital Asia Ltd.- Barclays Capital Inc.- Box Holdings Limited- CCG Investor Relations- CICC- CME Group- CWN Capital Inc.- Capital International, Inc.- Censere Group- Charles Schwab- China Development Industrial Bank- China Universal Asset Management Co- Chinatrust Commercial Bank- Citibank- Citibank N.A. (Thailand)- Citicorp Investment Bank- Citigroup- CLSA Research Ltd.

- Chardan Capital Markets- Comerica Securities, Inc.- Commerzbank AG- Credit Suisse- Credit Suisse Mexico- Deutsche Bank- Douglas Finance B.V.- Fidelity Bank Plc- Franklin Templeton Korea- Freddie Mac- General Motors Asset Management- Ginga Petroleum Pte Ltd- Goldman Sachs- Goldride Securities

- Griffin Securities- Hang Seng Bank- Hang Seng Bank (China) Limited- HSBC- HSBC Private Bank (Suisse) SA- Harvest Global Investments Limited- Hong Kong Asset Management Limited- Hyundai Asset Management- ING Real Estate- ITA BBA Hong Kong- Islamic Development Bank- JPMorgan- JPMorgan Chase Bank N.A.- Jane Street Holding- KBC Bank N.V.- Kookmin Bank- MBC Capital Limited- Macquarie Group- Madison Williams & Company- Manulife Asset Management-Asia- Marfin Popular Bank Co Ltd- Merrill Lynch- Mirae Asset Global Investments HK- Mizuho Corporate Bank, Ltd- Mount Surplus Holdings Ltd- Natixis- New Asia Partners- Newedge USA- Nomura International- Nomura International plc- OneWest Bank- Pacific Investment Management Co.- Peak Futures- Permata Bank- Ping An of China Asset

Management (HK)- Polaris Capital (Asia)- Professional Advisory Services Pte Ltd

- R.J. OBrien- RAK Investment Management, Ltd.- The Royal Bank of Scotland- SBI Holdings, Inc.- SinoPac Securities- Societe Generale- Standard Bank- Standard Chartered Bank- Sungard- TT International (HK) Limited- Tullett Prebon- UBS AG- Value Partners- Wachovia Bank

INSURANCE- Allianz- China Overseas Insurance Ltd.- MetLife International- Metropolitan Life Insurance Company

(MetLife)- New York Life- Prudential Corporation Asia- Tai Ping Group- Zurich- Zurich Insurance Group (HK)

MNCS- Accenture Co Ltd- BTS USA- Benetton Russia LLC- CCNI Hong Kong- Cisco Systems- Dechert- The Economist Group- EnvAerospace, Inc.- Ericsson- Getrol Trading- Hewlett-Packard Asia-Pacific & Japan- Inventive Consult- JCDecaux China- Jones Lang LaSalle- Linfox- Lufthansa German Airlines- McCann Worldgroup- Nestle Taiwan Ltd.- Orient Marine- Runge Ltd- Saudi Aramco- Shell Hong Kong Ltd- Siemens Ltd., China- Sino Resources Group Ltd

Our participants are VPs, CEOs, CIOs, MDs, GMs, Directors, Regional Heads, DepartmentHeads, Managers, Analysts, business owners or other professionals.

Students typically come from 5 sectors: Accounting / Audit Firms, Banks / Financial Institutions,Insurance and MNCs. Besides, we also have students who are business owners or working in

family businesses.

- Thai Summit Autoparts IndustryCo., Ltd.

- WesleyQuest Co., Ltd.- Wongs International Holdings Ltd.

OTHERS- A Nguyen-ing Strategy- Atos Origin (S) Pte Ltd.- Audiovox Corp- BlackRock Solutions- Blizzard Entertainment- Bloomberg Finance, LP- Bloomberg LP- CCM Airlines

- Citic Metal Co., Ltd- Dow Chemical Company- EB Real Estate Asia Ltd.- Formosa Petrochemical Corp- Gruppo, Levey & Co.- Himal Power Ltd.- Hong Kong General Chamber of

Commerce- Innerc Associates Pte Ltd.- LM Glasfiber- Mandatory Provident Fund Schemes

Authority- Macrostrategy Research- Moodys Investors Service- Openlot Ventures (Asia) VC, Pte Ltd- Optimum Pace International Limited- Otto International- Pacific Pearl Group- PartnerRe Europe Ltd.- People Impact International Inc.- Publications International, Ltd.- Quetron Enterprise Co. Ltd.- San Fong Seng Group Limited- Sanlin Wind Forging- Shouguang Dili Agri-products Group

Company Limited- Standard & Poors- T.D.S. (Hong Kong) Limited- TC Treasury Advisor- TE Hong Kong- Tambun Indah Land Berhad- U.S. Navy- Vantage Point Capital, Inc.- Witbe Limited- YHK Technology Corp Ltd.- Yangtze Associate

POSITION IN

COMPANY

The followings are companies that some of our students work for:

COMPANY

LOCATION

MSINGLOBALFINANCE

PROFILESOFPARTICIPANTSINPREVIOUSINTAKES

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* Please refer to our website / inserts for up-to-date information.

- Bachelor degree and good GPA results- 5 years of full-time working experience; applicants with less working experience will be considered on

a case-by-case basis- Two recommendation letters, preferably one from current employer- A good TOEFL / IELTS-Academic result if English was not your language of instruction at the undergraduate or

postgraduate level

GMAT is required for applicants with insufficient quantitative background.

Federal Student Aid for US citizens and Non-means-tested Loan Scheme (NLS Loan) for HK residents are available.

HONG KONG OFFICE

(Campus)

Room 6417, 6/F (Lifts 25-26)The Hong Kong University of Science and TechnologyClear Water Bay, Kowloon, Hong Kong

Office Hours: Monday to Friday, 9am to 5:30pm

Tel: +(852) 2358-5028Fax: +(852) 3104-0329

HONG KONG OFFICE

(Central, by appointment only)

Room 1501-2, 15/F Hong Kong Club Building3 Chater Road, Central, Hong Kong

Office Hours: Monday to Friday, 10am to 6pm

NEW YORK OFFICE

NYU Stern, 44 West Fourth Street, Suite 4-100New York, NY 10012, USA

Office Hours: Monday to Friday, 9am to 5pm

Tel: +(1) 212-998-0442Fax: +(1) 212-995-4222

[email protected]://www.globalfinancemaster.com

[email protected]://www.globalfinancemaster.com


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Documents

HKUST MBA GlobalFinance Bro v14