Notice
As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.
To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.
Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor
Keith Woodward
Contact via ilearn discussion board for subject related questions, email for personal matters
522-4EaR
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Credit points |
Credit points
10
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Prerequisites |
Prerequisites
AFIN6012 or ACST603 or ACST6003 or Admission to MFin
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
In the era of significant market turmoil, institutional, as well as individual investors look beyond traditional investment vehicles such as bonds and shares. Alternative investments are the fastest growing, and probably the least understood, sector of the investment industry. The purpose of this unit is to explore the world of alternative investments such as investments in hedge funds, private equity / venture capital funds, real estate, and commodities, either directly or through funds of funds. The unit gives students a solid understanding of the industry knowledge and techniques that should be part of the toolkit of any money manager who advises private and institutional clients on the inclusion of alternative investments in their portfolio. |
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Assessment criteria for all assessment tasks will be provided on the unit iLearn site.
It is the responsibility of students to view their marks for each within-session-assessment on iLearn within 20 days of posting. If there are any discrepancies, students must contact the unit convenor immediately. Failure to do so will mean that queries received after the release of final results regarding assessment tasks (not including the final exam mark) will not be addressed.
Late submissions and extensions
Tasks 10% or less – No extensions will be granted. Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
Tasks above 10% - No extensions will be granted. There will be a deduction of 10% of the total available marks made from the total awarded mark for each 24 hour period or part thereof that the submission is late (for example, 25 hours late in submission – 20% penalty). This penalty does not apply for cases in which an application for special consideration is made and approved. No submission will be accepted after solutions have been posted.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Mid Session Test | 20% | No | From 18:00 to 19:30 AEST Friday 30 April |
Assignment | 20% | No | Midnight Sunday 16 May |
Final Examination | 60% | No | See central exam timetable |
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 15 hours
Due: From 18:00 to 19:30 AEST Friday 30 April
Weighting: 20%
An online mid session test of 90 minutes will be held to give students practice on a summative task and to provide feedback on their progress midway through the session.
Assessment Type 1: Report
Indicative Time on Task 2: 20 hours
Due: Midnight Sunday 16 May
Weighting: 20%
Student will conduct quantitative and qualitative analysis and write a report of 1,500 - 2,500 words.
Assessment Type 1: Examination
Indicative Time on Task 2: 20 hours
Due: See central exam timetable
Weighting: 60%
An online open book two hour examination will be held during University Examination Period.
1 If you need help with your assignment, please contact:
2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation
Please refer to iLearn
Lecture |
Monday date |
Topic |
1 |
22 Feb |
Private equity, venture capital and hedge funds: Strategies and examples. |
2 |
1 Mar |
Leverage: amplification of equity returns and interest tax shields. |
3 |
8 Mar |
Leverage and the CAPM: how debt funding affects the systematic and diversifiable risk of equity. |
4 |
15 Mar |
Duration and Minsky's financial instability hypothesis. |
5 |
22 Mar |
Equity as a call option on the firm's assets: Merton model. |
6 |
29 Mar |
Distributions of prices and returns: normal versus log-normal distributions. |
Recess from Monday 5 April to Friday 16 April. |
||
7 | 19 Apr | General equilibrium models of asset pricing: Lucas' trees. |
8 |
26 Apr |
Online mid-session test (20%) covering lecture topics 1 to 7 inclusive. From 18:00 to 19:30 AEST Friday 30 April. |
9 |
3 May |
Assignment workshop. |
10 |
10 May |
The limits of arbitrage. Assignment (20%) due midnight Sunday 16 May. |
11 |
17 May |
Latane, Peters, the Kelly criterion and ergodicity. |
12 |
24 May |
Return forecasts based on historical data with sampling error. |
13 |
31 May | Revision. |
Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au
Supplementary exams
Information regarding supplementary exams, including dates, is available at: http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/disruption_to_studies
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to help you improve your marks and take control of your study.
The Library provides online and face to face support to help you find and use relevant information resources.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
If you are a Global MBA student contact globalmba.support@mq.edu.au
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Forage virtual internships will be used in the assignment.
Unit information based on version 2021.03 of the Handbook