?獲得指導(dǎo)教授的學(xué)術(shù)推薦信(教授用學(xué)校正式 edu 郵箱網(wǎng)推)
?系統(tǒng)科學(xué)的指導(dǎo)和訓(xùn)練學(xué)生進(jìn)行學(xué)術(shù)文章寫作和發(fā)表(國際 CPCI/EI 會議論文)
?全英文語境展開項(xiàng)目,突破自我,助力 GT 考試、申請面試和未來學(xué)習(xí)
?不出國門跟隨海外名校教授學(xué)習(xí),節(jié)省國際旅費(fèi)
?獲得高質(zhì)量英文個人科研報(bào)告,可在申請材料中提交
prof.leven
杜克大學(xué)經(jīng)濟(jì)學(xué)教授
聯(lián)邦儲備銀行經(jīng)濟(jì)學(xué)家曾發(fā)表多篇極具影響力的論文,并被多次引用.
任職大學(xué)
杜克大學(xué)( Duke University ),創(chuàng)建于 1838 年,坐落于美國北卡羅來納州(North Carolina)的達(dá)勒姆(Durham),是一所世界頂級的研究型大學(xué)。杜克大學(xué)是全美最優(yōu)秀的大學(xué)之一,也是美國南部最好的私立大學(xué),在各類排行榜上長期位居美國前十、世界前二十,其商學(xué)院、法學(xué)院和醫(yī)學(xué)院排名均位列美國前十。Schedule Topics
01/30 Orientation, Opening Ceremony, Welcome Dinner
報(bào)到、開營儀式、歡迎晚宴
01/31 Defining Emerging Market Universe and Picking the Winners
定義新興市場,并分析表現(xiàn)優(yōu)異的新興市場
02/01 The Government as an Agent of Change
政府作為變革的主導(dǎo)者
02/02 Institutional Quality and Growth
機(jī)構(gòu)素質(zhì)與成長
02/03 Overview of the Tiers of Risk and Managing Sovereign Debt Exposure
風(fēng)險分級與主權(quán)債券敞口管理概述
02/04 Local Currency Portfolio Investing
當(dāng)?shù)刎泿刨Y產(chǎn)組合投資
02/05 Proxying Emerging Market Exposure in the Global Market Place
在全球市場中新興市場敞口代理
02/06 Anticipating Emerging Market Crises and Knowing When to Step In
預(yù)見新興市場危機(jī),了解進(jìn)入時機(jī)
02/07 Evaluation&Final Presentation
測評及項(xiàng)目展示
不出國門,就可以跟隨海外名校教授進(jìn)行學(xué)術(shù)研究,既為學(xué)生及其家庭節(jié)省了國際旅費(fèi)又避免了時差等不適應(yīng)性。
海外名?,F(xiàn)職教授全程授課并指導(dǎo)科研
導(dǎo)師均為海外名?,F(xiàn)職教授/終身教授,具有豐富的學(xué)術(shù)和科研經(jīng)驗(yàn),教授將根據(jù)中國學(xué)生特點(diǎn)設(shè)計(jì)課題,學(xué)術(shù)性與趣味性兼?zhèn)?,讓學(xué)員在學(xué)術(shù)框架下,充分發(fā)揮想象力和創(chuàng)造力,從開題、文獻(xiàn)檢索、科研報(bào)告撰寫、修改等多個環(huán)節(jié)進(jìn)行學(xué)習(xí),實(shí)現(xiàn)理論與實(shí)踐的融會貫通。
專業(yè) TA/RA 助教全程輔助
助教將經(jīng)過嚴(yán)格篩選,擇優(yōu)錄取相關(guān)專業(yè) Master/PhD,并通過系統(tǒng)化培訓(xùn)及考核后參與進(jìn)入科研項(xiàng)目組。助教將協(xié)助學(xué)生進(jìn)行課題知識的預(yù)習(xí)和復(fù)習(xí),并為學(xué)員提供輔助性指導(dǎo)和技術(shù)支持。此外,助教將與學(xué)生分享自身升學(xué)、海外學(xué)習(xí)和科研等經(jīng)驗(yàn),更加貼近學(xué)生實(shí)際情況,提供輔助性建議。
全面提升多項(xiàng)能力,提高名校錄取幾率
為來自全球高中生及大學(xué)生提供經(jīng)濟(jì)便捷的世界頂級學(xué)術(shù)研討和實(shí)踐的參與機(jī)會,幫助學(xué)培養(yǎng)批判性思維、分析和創(chuàng)造性思維、復(fù)雜溝通-口頭和書面表達(dá)和全球視野,通過深度學(xué)習(xí),幫助學(xué)生大幅提高申請幾率,并向成為國際水平高精尖領(lǐng)域人才和高水平創(chuàng)新人才更近一步。
Syllabus
Course Title: The Market for Foreign Exchange: Theory and Practice
This course is designed to give students an understanding of the structure of the foreign exchange market – the world’s largest market by turnover – the theoretical basis for currency movements and the interaction of foreign exchange and macro policy. At the end of the course, students will be familiar with the trading conventions and uses of the major instruments, a basic understanding of methods of forecasting exchange rates, how currency can be used as an investment vehicle, methods and pitfalls of currency exposure and the nature of currency crises. Course projects will be designed to give students some perception of the challenges faced by foreign exchange market professionals.
Tentative Schedule - topics covered
Lecture One: Market Evolution, Structure and Instruments: An overview of the history of global monetary markets – especially the transition from the Gold Standard to Bretton Woods to where we are today – including the evolving role of international institutions and central banks and the regulatory environment. Following this will be a discussion on the structure of the market today including flow chains and the specific instruments that are traded – spot, forwards, futures, options and cross-currency swaps. Will also discuss quoting conventions in these markets and some examples of how rogue traders have been able to game the market – at least temporarily.
Lecture Two: Modeling and Forecasting Exchange Rates: An overview of the process and indicators that I utilized to achieve a twenty plus year career of success at advising clients on foreign exchange outlook. Start with an overview of the traditional drivers of exchange rates – especially real valuation and portfolio flows and, also provide some less traditional indicators I have found useful – relative yield curve flatness, risk sentiment, relative asset valuation. implied volatility skewing.
Lecture Three: Exchange Rate Regimes and Monetary Crises: An overview of the common forms of exchange rate regimes, including, pegged rates, exchange rate bands, currency boards, dual rates adopting another country’s currency and China’s unique currency arrangment. In each case we will look at what the regime implies for the central bank’s ability to pursue monetary policy and serve as lender of last resort and how regimes can either help or hinder control of inflation. We will also look what these factors portend for the long-term viability of the Euro and how exchange rate regimes can determine the nature of offshore markets – especially deliverable vs non-deliverable forwards – and why roughly 80% of the world’s currencies do not actively trade at all.
Lecture Four: Exchange rates as an asset class: Start with a general discussion of whether foreign exchange meets the definition of an asset class. We will then consider ways that currency exposure can be effectively brought into a broader portfolio. In this context, we will examine the fact that historically uncovered interest rate parity does not generally hold creating a risk-adjusted “excess” return. But this return has diminished substantially in recent years and we will investigate whether this is due to cyclical or secular factors – i.e., is the carry trade dead. We will also look at methods that compare outright carry vs the carry implied by the option skew.
Lecture Five: Trends in exchange rate volatility and methods of trading volatility: We will investigate why there has been a secular downtrend in volatility in foreign exchange markets for much of the past decade. In doing this we will determine the primary drivers of foreign exchange volatility and how they explain the volatility squeeze. We will also see that foreign exchange volatility is prone to spikes when currencies encounter crises. We will look at the general issue of currency crises and the inter-relationship with sovereign debt. Finally, a brief overview of how and why the volatility market in exchange rates is more sophisticated than any other markets with some examples of exotic option structures and the unique ability to trade correlation.
Lecture Six: Accounting Conventions and the Implications for Hedging: Start with a discussion of economic vs accounting exposure; why are they different and what this implies for hedging. Compare the benefits of hedging on a transactional basis vs a portfolio basis. Examining ways to hedge currencies that do not trade and more broadly looking at when proxy hedging makes sense and how to do it. Finally looking at ways to determine when it makes more sense to hedge via options rather than using forwards
Lecture Seven: Case Studies and the Future of Currencies: Using the tools we have
developed over the course we will dig more deeply into some select currency events – e.g., The Asian currency crisis, the Mexican tequila crisis, the ERM crisis, etc. – focusing on ways that these events could have been anticipated and benchmarks signaling an end of the crisis. The prospects for future crises – both when and where (Brexit?) – will be addressed. We will finish with a discussion on the future of currency trading including the role of cryptocurrencies and the US dollar’s continued role as the global currency assessing what could end its reign and what other currencies could rise in its stead Lecture Eight: Evaluation& Final Presentation
宇宙大爆炸和宇宙進(jìn)化論
量子物理、相對論和現(xiàn)代物理研究
人類大腦與心理及精神類疾病研究
大腦與行為科學(xué)基礎(chǔ)研究
信號傳導(dǎo):細(xì)胞之間如何進(jìn)行交流和傳導(dǎo)
分子、細(xì)胞及發(fā)育神經(jīng)科學(xué)研究
人工智能與機(jī)器學(xué)習(xí)
面向初學(xué)者的人工智能和機(jī)器學(xué)習(xí)
探究物理世界的奧秘:經(jīng)典力學(xué)
電磁學(xué)與電路在工程學(xué)中的應(yīng)用
利用數(shù)學(xué)和計(jì)算機(jī)建模促進(jìn)工程學(xué)可持續(xù)發(fā)展決策
低碳模式下的新興工程技術(shù)和可持續(xù)循環(huán)系統(tǒng)調(diào)研
新媒體浪潮及其對故事性和媒體美學(xué)的影響
媒體創(chuàng)作工坊:基于美國新舊媒體對比進(jìn)行視頻創(chuàng)作
外匯市場對金融市場和經(jīng)濟(jì)發(fā)展的作用及影響
社會人口學(xué):從人口統(tǒng)計(jì)看世界發(fā)展
基于聯(lián)合國報(bào)告的全球可持續(xù)發(fā)展研究
公益創(chuàng)業(yè):如何通過社會企業(yè)改變世界
從 0 到 1: 如何把握商業(yè)機(jī)會建立初創(chuàng)企業(yè)
資產(chǎn)投資實(shí)訓(xùn)
弦理論先導(dǎo)代數(shù)幾何學(xué)
天體物理模擬星系形成
數(shù)據(jù)科學(xué)與AI深度學(xué)習(xí)- 應(yīng)用計(jì)算機(jī)視覺
數(shù)據(jù)處理與數(shù)據(jù)科學(xué)
市場營銷打造品牌戰(zhàn)略優(yōu)勢
社會學(xué)研究儀式的隱藏力量
人類社會發(fā)展中的經(jīng)典學(xué)說研究
企業(yè)會計(jì)實(shí)訓(xùn)和財(cái)務(wù)報(bào)告分析
金融市場分析與企業(yè)戰(zhàn)略決策
金融建模實(shí)訓(xùn)
金融工程與數(shù)據(jù)分析
計(jì)算機(jī)圖形圖像處理
機(jī)器學(xué)習(xí)在計(jì)算機(jī)網(wǎng)絡(luò)中的應(yīng)用
機(jī)器學(xué)習(xí)與數(shù)據(jù)科學(xué)