Accountancy - Tilburg University, The Netherlands

Prof.Dr. Theo Nijman
F. Van Lanschot Professor of Investment Theory
Scientific Director of Netspar and of Tilburg Center
of Finance, Academic Coordinator of Inquire Europe
The adequate mix for senior professionals
in the financial sector
Empirical Finance and Investment Cases
How are products like reverse convertibles and click
funds structured and what are the risk return profiles?
Career Prospects
There is an increasing demand for well-educated investment
analysts, especially those with good quantitative
How to measure whether publically announced
skills. The Master’s programme in Investment Analysis
Prof. Nijman is a pioneer of Financial Econometrics in
“Many of my research projects are very closely related to
information influences stock prices? Questions such
offers you the opportunity to become an expert in the
The Netherlands and has published extensively in the
topics such as asset allocation and risk management,
as these are discussed in the investment cases in this
field of Investment Analysis. Students who have
leading international journals on a wide variety of topics
which form the core of the MSc programme in
course. In these cases you will apply empirical research
completed the programme are usually employed by
within empirical finance and econometrics. His recent
Investment Analysis. A paper of mine, published in
methods in finance. These methods include testing asset
financial institutions like banks, insurance companies,
work covers topics such as investing for the long run,
the Journal of Finance in 2002, deals with investing
pricing models, Fama-MacBeth regressions, the
investment funds, and pension funds.
measurement and management of inflation, interest
and longevity risk, and performance attribution and
in emerging markets. Another paper, published in
Econometrica, was an early contribution to the literature
Black-Litterman approach of portfolio formation, and
predictability of asset returns. Students have to write
Admission Requirements
measurement.
on modeling time-varying volatilities, for which Rob
a portfolio management case for which they are made
If you have a Bachelor’s degree from Tilburg University
Engle (who visited Tilburg in 2004) received the Nobel
familiar with the WRDS database.
in Business Administration (Bedrijfseconomie),
prize in 2003. Students should have the adequate mix
International Business or Business Studies, you have
of characteristics that is nowadays required for senior
Financial Analysis and Investor Behaviour
direct access to the Master’s programme in Investment
professionals in the financial sector: personal interest
This course focuses on the area of behavioural finance.
Analysis. For students with a Dutch Professional Bachelor’s
in financial markets, technical skills to evaluate
Why do investors trade too much? Why do people
in Business Administration (hbo) a pre-Master’s programme
quantitative techniques as well as adequate knowledge
save too little for retirement? By presenting recent
is offered. If you have a relevant university degree of
of economics to evaluate institutional choices and
developments in investment theory, we look at important
another university, the Admission Board will assess your
incentives for different agents.”
results for the policy of institutional investors, the long-
application. For more information see chapter ‘Application
term investment strategy, and the analysis of investment
and Admission’.
performance. We also review recent contributions in the
literature, for example measuring performance for hedge
funds and portfolios with derivatives. We provide the
tools of financial risk management, such as value-at-risk
and related concepts, and apply these to the specific
situation of institutional investors.
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