All available courses are listed in LSF and Moodle. Detailed information as well as materials can be found on the corresponding course pages.
Advanced Seminar - Exploring Highfrequency European Stockdata - Execution Quality and Interdependence
- Lecturer
- Prof. Dr. Ralf Elsas-Nicolle
- Assistant
- Konstantin Scheurer
- Language
- English
- Target Group
- B.Sc. Business Administration, B.Sc. Business Education I/II
- Link
- LSF
- Cycle
- Winter & summer term
- ECTS
- 6
- Teaching format
- Two mandatory in-person sessions (kick-off and final presentations) plus group meetings with the supervisor.
Planned Start- and Enddate: 22.04.26 10-12 (416, Ludwigstr. 28, rear building) / 18.06.26 (211, Ludwigstr. 28, front building)
Dates with attendance obligation: 22.04.26 10-12 (416, Ludwigstr. 28, rear building) / 18.06.26 (211, Ludwigstr. 28, front building) - Content
- We use our dataset of European Trade and Quote data to investigate the execution quality of various European stock exchanges. Further, we analyse how assets listed on multiple exchanges are traded across venues and how structural changes can impact known patterns.
- Prerequisites
- Prerequisites to successfully complete the course, the participation in the courses Investment and Financing, Matlab for Finance and Digital Finance is recommended.
Maximum number of participants: 20 - Examination
- Students have to write a 12-15 pages essay and present their results in front of other students in a 20 minutes presentation.
The course language is English. The final grade is determined by the grade of the essay and by the grade of the presentation and class participation.
Matlab for Finance
- Lecturer
- Leo Schwarze
- Language
- German
- Target Group
- B.Sc. Business Administration
- Link
- LSF
- Cycle
- Summer term
- ECTS
- 6 ECTS (PO 2015), 3 or 6 ECTS (PO 2008)
- Teaching format
- online
- Content
- The proseminar “Matlab for Finance” teaches the basics of MATLAB, explains econometric methods using examples and teaches basic techniques of empirical work. Specific problems from the areas of corporate finance, asset pricing and risk management are implemented in MATLAB.
- Prerequisites
- To register for the course please provide your name, student ID, campus mail and course of studies via mail ifb-hiwi@som.lmu.de from March 16 until April 6 at the latest (Deadline).
Derivatives/Quantitative Finance
- Lecturer
- Prof. Dr. Ralf Elsas-Nicolle
- Assistant
- Valentin Luz
- Language
- English
- Target Group
- M.Sc. Business Administration, M.Sc. Financial and Insurance Mathematics, M.Sc. Business Education I, M.Sc. MMT, MBR
- Link
- Lecture: LSF ; Tutorial: LSF
- Cycle
- Summer term
- ECTS
- 6
- Teaching format
- Lecture and tutorial
- Content
- The derivative market is bigger than the stock market when measured in terms of underlying assets. The value of the assets underlying outstanding derivatives transactions is several times the world gross domestic product. Finance departments around the world desperately need well-trained staff in risk management or trading. It is not uncommon for students who join derivatives groups to earn significant salaries. Thus, thoroughly understanding derivatives is a prerequisite for many successful careers in finance.
The course "Derivatives" provides students with an overview about forwards, futures, swaps, and options. By the end of the course, students will have good knowledge of how these products work, how they are used and how they are priced. Core questions are: How do forwards, futures, options and swaps work? Are there different valuation methodologies to price options besides the Black-Scholes-Merton model? How can we price interest rate derivatives? What are the underlying assumptions we have to make?
In particular the lecture will cover the following topics: Module one covers basic concepts and instruments such as forwards, futures, swaps. The module motivates their use and the importance to understand the different derivatives. Module 2 will cover options in detail, starting by reviewing the put-call parity, covering the underlying assumptions of the Black-Scholes-Merton model, covering the Greeks letters and the volatility smile. The following module discusses valuation methodologies such as the Monte Carlo Method and other numerical procedures to constitute our current understanding of how to price derivatives. Module four discusses interest rate derivatives.
During the lecture, if appropriate practical examples will be covered in order to motivate the relevant section. We will closely follow Hull, John C. (2018) and will expect students to read the relevant chapters and prepare the exercises.
Objectives:
Providing students on a graduate level with an advanced understanding of derivatives
Offering comprehensive understanding of valuation methodologies, including hands-on Excel based tutorials
Emphasizing extensive classroom discussions
Lecture Notes:
Please note that the course is completely organized via the elab Moodle In Moodle we will upload all lecture material and problem sets. In addition, you are able to ask questions in predesigned forms. You can log in via Moodle with your campus account, then search for “Derivatives ST XX”. The password to enrol in the course will be announced in the first lecture. In addition, we uploaded a slide with the password to the LSF. - Textbook
- Hull, John C. (2018): Options, Futures and Other Derivatives, 9th Global Edition, Pearson.
- Examination
- Students will take a 120-minutes computer-based examination
- Prerequisites
- The course is designed for master students in their advanced studies. Knowledge of finance, statistics and mathematics is a prerequisite. Application and registration starts on 2.03.2026 and ends on 5.04.2026.
You can apply until 5.04.2026, 23:59, indicating your matriculation number, field of study and number of semesters by mail
ifb-hiwi@som.lmu.de
Project Course Finance
- Lecturer
- Leo Schwarze
- Language
- German
- Target Group
- M.Sc. Business Administration
- Link
- LSF
- Cycle
- Winter term (summer term Chair Prof. Ryan Riordan)
- ECTS
- 12
- Teaching format
- In person, weekly workshops, blocked
- Content
- The Projektkurs Finance consists of two parts. The Institute for Finance & Banking organizes the first part. In Part 1, students are introduced to the fundamentals of Matlab as well as techniques for empirical work. These are applied to problems in the field of Financial Modeling and Algorithmic Trading. Students work on an assignment in small groups, in which, for example, a given trading strategy should be implemented, calibrated, and tested with historical data (backtesting). The second part of the course is led by the Institute for Capital Markets and Corporate Finance. Students can use their knowledge from Part 1 to understand the methods and analyses of assigned papers and replicate them with their own data. Finally, the results of this work are presented and discussed in front of all participants.
- Textbook
- -
Quantitative Methods
- Lecturer
- Prof. Dr. Ralf Elsas-Nicolle
- Language
- English
- Target Group
- MBR
- Link
- Cycle
- Summer and winter term
- ECTS
- 2 SWS
- Course format
- Seminar
- Course description
- The course serves to make students familiar with basic statistical methodologies and econometric methods that are nowadays applied throughout all research areas in business administration and economics. The course follows a “hands-on” principle throughout, i.e. all statistical methods will be illustrated and trained by practical applications using econometric packages, primarily MATLAB.
The core methods and issues covered by the course comprise:
1. Estimation Frameworks: least squares, maximum likelihood, and generalized method of moments
2. Statistical Inference
3. OLS: properties, assumptions, consequences of assumption violations, robust estimation
4. Endogeneity: consequences in the OLS framework, instrumental variables and two-stage estimation, quality of instruments
5. Limited Dependent Variables: probability models, Logit/Probit estimation
6. Panel Data: properties, fixed vs. random effects estimationLecture NotesLecture notes and data files will be sent to the students by mail before the beginning of the course. For your personal benefit, please familiarize yourself with the econometric packages before the first lecture (information on MATLAB licenses see below).
Lecture notes and data files will be sent to the students by mail before the beginning of the course. For your personal benefit, please familiarize yourself with the econometric packages before the first lecture (information on MATLAB licenses see below). - Literature
- Greene, W. (2007): Econometric Analysis, newest edition, Prentice-Hall.
Johnston, J, / diNardo, J. (1996): Econometric Methods, fourth edition, MacGraw-Hill.
Wooldridge, J. (2009): Introductory Econometrics: A Modern Approach. South Western College Publishing.
Hair, J. F., W. C. Black, B. J. Babin, and R. E. Anderson (2010). Multivariate Data Analysis. A Global Perspective, 7th edition, Upper Saddle River et al.: Pearson.
Mooi, E. A. and M. Sarstedt (2011). A Concise Guide to Market Research. Process, Data and Methods, Berlin et al.: Springer. - Examination
- Part of your assignment for the course is to analyze the statistical properties of an estimator chosen from your field of research by doing a Monte-Carlo simulation. The assignment should comprise about five pages. Processing time will be six weeks.
- Prerequisites
- This course can only be attended by doctoral students (MBR programme).
You will need to use MATLAB to do the Monte-Carlo Simulation. Therefore each student needs a PC and the statistical software Package MATLAB. MATLAB licenses are available from the “Educational Lizenzpool”. For further information concerning MATLAB licenses please contact Moritz Scherrmann scherrmann@lmu.de. A guide for MATLAB can be downloaded from: http://www.mathworks.com/help/pdf_doc/matlab/getstart.pdf.
Mathworks offers a 2h tutorial which shows the basics in Matlab:https://de.mathworks.com/learn/tutorials/matlab-onramp.html. If you do not have any experience with Matlab, please work your way through the guide and the tutorial. During the course there is no time to repeat the very basics of Matlab.
The MATLAB Econometrics Toolbox can be downloaded for free from http://www.spatial-econometrics.com/. This toolbox includes functions which are helpful for econometric analysis.
Presentations & Reports
- Lecturer
- Prof. Dr. Ralf Elsas-Nicolle
- Assistant
- Eva Reuthlinger
- Language
- English
- Target Group
- MBR
- Contact Mail
- mbr-reports@som.lmu.de
- Link
- LSF
- Cycle
- Summer and winter term
- ECTS
- MBR Course (A/II module), counts as 2 SWS (3 ECTS).
Requirements for passing the course consist of attending the course kick-off lecture,
writing a referee report AND attending five seminar presentations by non-
LMU speakers at eligible seminar series. All requirements have to be fulfilled
within two semesters.
These new grading and participation requirements hold for all LMU SOM doctoral students entering MBR as of winter term 2025/26. - Teaching format
- Seminar
- Content
- Presentations & Reports is a doctoral-level course designed to foster critical engagement with academic
research and to develop key skills in scholarly communication. The course aims to strengthen
students' ability to assess academic work from a reviewer’s perspective and to reflect on standards of
academic quality and argumentation.
Additionally, it provides an opportunity to engage with current research by attending high-level guest
presentations from scholars external to the university. Through this dual focus, the course helps participants refine their analytical thinking, deepen their understanding of academic publishing practices,
and broaden their exposure to diverse research approaches and topics. - Assignment
- Participants are required to complete three components to pass the course:
1 Kick-off session
a. Participation and registration at the kick-off session are mandatory.
2 Referee report
a. Each student must submit a referee report of a quality suitable for submission to a highranked
journal.
b. The report should review a full paper to be presented at a research talk at an eligible LMU
SOM seminar (details see below).
c. The referee report has to be sent to mbr-reports@som.lmu.de before the seminar presentation
takes place.
d. The report should include comments to the authors and a brief comment to the editor with the decision of the student (e.g., reject, major revision, minor revision, conditionalacceptance).
3 A completed form with 5 attended seminar presentations
a. Several seminar series at LMU SOM (see below) qualify for fulfilling the attendance requirement
of this course.
b. Students must attend five presentations. However, only seminars given by external speakers
(i.e., not LMU faculty) are eligible.
c. The five seminars must not all come from the same series (e.g., not exclusively from ORG).
d. Students are required to provide proof of attendance by the organizer’s signature.
e. Course requirements need to be met within two semesters after course registration. The referee report submission and the attended seminar sessions need to take place in this
time period. - Further information
- • The kick-off session is held in English.
• Attendance to the kick-off is mandatory. Students have to provide a confirmation of attendance
(signature of Prof. Elsas-Nicolle obtained during the event).
• Reports generated for conferences are not eligible for the course.
• The kick-off session will delineate how to write referee reports.
Note, however, that a report
o requires intense and careful analyses of the academic study it deals with.
o should be written in a scientific and constructive style.
• Trivial or AI-written referee reports are not eligible for the course. In doubtful cases, another referee report has to be submitted, or alternatively, an oral presentation is required.
List of eligible seminar series at LMU SOM
• Finance and Risk Seminar (Professorship for Behavioral Risk Management and Insurance)
• ORG Seminar (Institute for Strategy, Technology and Organization)
• Risk and Microeconomics Seminar (Munich Risk and Insurance Center)
• Accounting Research Workshop (Institute for Accounting and Controlling)
• CAMS (LMU Center for Advanced Management Studies)
• Munich Finance Day (Institute for Finance and Banking, only with LMU-external speakers)
Business Modelling: Creating and Capturing Value
- Lecturer
- Eva Reuthlinger
- Language
- English
- Target Group
- B.Sc. Business Administration, B.Sc. Business Education
- Further Information
- Business Modelling: Creating and Capturing Value