FIE400E Investments

Autumn 2023

Spring 2024
  • Topics

    Analysis in connection with the three main types of financial instruments:

    • Stocks
    • Interest rate instruments (bonds/bills)
    • Derivatives (options, futures and forwards)

    Further development of "standard portfolio theory":

    • Portfolio analysis
    • Capital Asset Pricing Model (CAPM) and new variants
    • The efficiency characteristics of financial markets
    • Investment analysis and portfolio management
    • New management principles

    Discussion of

    • Pricing and valuation
    • Management and strategies
    • Institutional conditions

  • Learning outcome


    • Students will be able to understand the principles of pricing and valuation of financial instruments such as stocks, derivatives and fixed income securities;
    • Students will be able to know portfolio theory and its relation to the capital asset pricing model (CAPM) and variants of the model;
    • Students will be able to understand the principles of asset allocation and strategies, as well as performance evaluation of portfolios.


    • Students will be able to apply the theory and models on practical problems of relevance for investors through in-depth knowledge of the financial markets and rigorous analytical thinking;
    • Students will be able to solve financial problems using Microsoft Excel.

    General competence

    • Students will be able to address investment decisions in a systematic manner focusing on financial theory and empirical evidence;
    • Students will be able to communicate the knowledge to investment professionals and carry out extensive independent work on investment analysis;
    • Students will be able to provide insights to a wider audience about the differences among the basic types of securities and how they fit in the total portfolio picture;
    • Students will be able to form an opinion about current issues and debates covered by media and finance journals.

  • Teaching

    Lectures, quizzes and problem sets.

  • Recommended prerequisites

    It is recommended that students have taken courses like BED3 / BED030 Investment.

  • Credit reduction due to overlap

    FIE400E course can not be combined with FIE400N, which is the Norwegian version of the same course.

  • Compulsory Activity

    Approved problem sets, groups of up to 5 students.

    Compulsory activities (work requirements) from FIE400N is valid for FIE400E.

  • Assessment

    4 hour school exam.

  • Grading Scale

    A - F

  • Literature

    • Bodie, Z., A. Kane & A.J. Marcus: Investments. International Student Edition, 12th Edition, McGraw-Hill, 2021.

  • Permitted Support Material


    One bilingual dictionary (Category I) 

    All in accordance with Supplementary provisions to the Regulations for Full-time Study Programmes at the Norwegian School of Economics Ch.4 Permitted support material


ECTS Credits
Teaching language

Spring and Autumn. Offered Autumn 2023.

Course responsible

Autumn 2023 the course will be taught by Associate Professor Nataliya Gerasimova

Spring: Assistant Professor Elizaveta Sizova, Department of Finance, NHH.