MONEY, BANKING, AND FINANCE A

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Lecturer(s)	HORI, SHUNSUKE
Credit(s)	2
Academic Year/Semester	2026 Spring
Day/Period	Tue.2
Campus	Mita
Class Format	Face-to-face classes (conducted mainly in-person)
Registration Number	51179
Faculty/Graduate School	ECONOMICS
Department/Major	ECONOMICS Type A, B
Year Level	3, 4
Field	MAJOR SUBJECTS
Grade Type	This item will appear when you log in (Keio ID required).
Course Description	This course is a core subject within the specialized areas of economics. Building on the Basic Education Courses and Basic Courses for Specialized Education in the first and second years, students cultivate a deep analytical ability in a specific area of economics.
K-Number	FEC-EC-34152-212-07

Course Administrator	Faculty/Graduate School	FEC	ECONOMICS
Course Administrator	Department/Major	EC	ECONOMICS
Main Course Number	Level	3	Third-year level coursework
	Major Classification	4	Major Subjects Course- Core Course
	Minor Classification	15	Lecture - Institution and Policy
	Subject Type	2	Elective required subject
Supplemental Course Information	Class Classification	2	Lecture
	Class Format	1	Face-to-face classes (conducted mainly in-person)
	Language of Instruction	2	English
Academic Discipline		07	Economics, business administration, and related fields

Course Contents/Objectives/Teaching Method/Intended Learning Outcome

This course introduces modern financial economics. After reviewing essential mathematics and learning Python basics, we study foundational topics such as portfolio choice, mean-variance analysis, and asset pricing. We also examine how intertemporal decisions shape asset prices and explore classic puzzles, including the equity premium puzzle and excess volatility puzzle. Students will use Python to implement applications that incorporate real-world examples and illustrate key concepts. Students are expected to be familiar with basic Microeconomics, Macroeconomics, and Econometrics, but no prior knowledge of Python is required.

Course Taught by Faculty Member with Professional Experience

Not applicable

Active Learning MethodsDescription

Not applicable

Preparatory Study

Problem set

Course Plan

Lesson 1

Course Introduction

Lesson 2

Mathematical Review

Lesson 3

Python Basics

Lesson 4

Portfolio problem

Lesson 5

Portfolio problem - application

Lesson 6

Mean-variance analysis

Lesson 7

Mean-variance analysis - application

Lesson 8

Capital asset pricing model (CAPM)

Lesson 9

Capital asset pricing model (CAPM) - application

Lesson 10

Efficient market hypothesis

Lesson 11

Excess volatility puzzle

Lesson 12

Efficient market hypothesis / excess volatility puzzle - application

Lesson 13

Equity premium puzzle

Lesson 14

Equity premium puzzle - application

Other

Summary and Wrap-Up, Exam

Method of Evaluation

Exam, class participation

Generative AI Policy for Classes

The use of generative AI is permitted for assistance with idea generation, conceptual planning, and deepening understanding of the subject matter. However, when producing the final version of reports or assignments, students are expected to rely on their own independent thinking. Unauthorized copying of AI-generated text or the use of information without clear sources may be regarded as academic misconduct.

Textbooks

Bodie, Z., A. Kane, and A. Marcus (2023). Investments (Thirteenth ed.). McGraw Hill.

Reference Books

Hilpisch, Y. J. (2018). Python for finance. O’Reilly Media, Inc.

Lab / Skill-development / On-site training	An educational approach in which students deepen their understanding of educational content through first-hand experience and trial-and-error by initiating their own activities at facilities and accommodations both on and off campus.
Fieldwork	An educational approach in which students conduct surveys and observations on their own to collect information both on and off campus.
Presentations	An educational approach in which students deepen their understanding of educational content by preparing materials and delivering presentations in class.
Discussions, Debates	An educational approach in which students deepen their understanding of educational content through sharing and discussing their opinions on designated topics.
Group work	An educational approach in which students are divided into small groups and assigned tasks on issues related to educational content.
Role-playing	An educational approach in which students deepen their understanding of educational content by being assigned specific roles to play, thus allowing them to experience different viewpoints.
Flipped classroom	An educational approach in which students study the course lecture in advance, and questions and discussions relating to that content are then held in class.
Problem-based learning	An educational approach in which students acquire knowledge and skills related to educational content by attempting to tackle specific projects or problems posed to them.