课程安排：
（1）课程名称：Stock Investment Analysis & Trading Strategies
（2）课程时间：2016年3月19日至3月26日;2016年5月7日至5月14日（共50个学时）
（3）授课对象：博士生、硕士生
（4）授课内容：
This course will teach students a number of stock investment strategies that have been widely used by institutional investors and equity hedge funds. In addition, it will teach students stock valuation techniques using DDM and FCFF models based on the EXCEL modeling.
Session 1
This lecture will present the following investment strategies:
Set up teams and create simulated PF management account
Use different orders
Market orders
Limit orders
Stop orders
Follow Warren Buffett
Portfolio holdings and change of holdings
Investment philosophy
Where to get the information needed
Stock pitch
Earnings surprises and PEAD
Introduction of analysts’ earnings forecasts/target price
Firm earnings announcement and conference call
Rationale behind earnings surprises/PEAD
Stock pitch
Session 2
This lecture will discuss the following trading strategies:
Stock split/reverse split
Difference between stock split and reverse split
Rationale
Stock pitch
Stock repurchase and SEO
Differences between stock repo and SEO
Rationale
Stock pitch
Momentum
How to measure momentum?
Possible explanations?
Stock pitch
PE ratio
TTM PE ratio
Leading PE ratio
Stock pitch
Session 3
This lecture will introduce the following topics:
Black swan and how to protect yourself from the next Black Swan?
Options trading strategies (options + stocks)
Using futures contract to manage your portfolio
Introduction of the financial statement analysis and stock valuation
Financial statement analysis
Firm earnings management
Session 4
This lecture will introduce the DDM and FCFF models
Constant DDM and 2-stage DDM
Use Excel to create a DDM
How to write a professional stock recommendation report?
Use stock report samples
FCFF model – part I
How to estimate firm beta after considering capital structure?
Use CAPM to estimate cost of equity
Use credit rating sheet to estimate cost of debt
Estimate CapEx
Session 5
This lecture will continue on FCFF model – part II
Estimate historical FCFF
Estimate firm sales growth rate
Forecast firm income statement
Forecast firm balance sheet
Forecast firm cash flow statement
Project free cash flows
Estimate option values
Estimate firm value and total value
Project free cash flows
Estimate option values
Estimate firm value, total equity value, and per share stock intrinsic value
Sensitivity analysis
Use PE multiples to estimate stock value
Wrap up