FIN 4335 101: Portfolio Management

Course Goals:

“Portfolio management is the art and science of selecting and overseeing a group of investments that meet the long-term financial objectives and risk tolerance of a client, a company, or an institution.” (Quoted from Investopedia) This course provides an advanced study of investment decision-making and management of portfolios in various financial markets. This course studies fundamental financial theories and models and applies the knowledge to real-world financial markets to help students analyze and forecast the markets and review portfolio performance.

After completing this course, students will be able to:

1. Calculate risk and returns for asset allocation.
2. Understand efficient diversification and the efficient frontier.
3. Understand fundamental financial models, such as the Capital Asset Pricing Model and Arbitrage Pricing Theory.
4. Manage bond and fixed-income portfolios and interpret the term structure of interest rates.
5. Evaluate portfolio performance.
6. Review financial markets and forecast market prospects by financial and economic theories.

• The Introduction Sheet:

Each student should submit the Introduction Sheet, including a form acknowledging the syllabus and policies on the Blackboard designated page and a post with your picture on "Digipad" (more information will be disclosed in Blackboard), at the beginning of this course before the deadline mentioned in the Course Calendar in this syllabus. No submission and later submission will result in no grades for the entire course.

• Composition:

After submitting your Introduction Sheet (including a form on Blackboard and a “Digipad” post with your picture), the grades are composed of the following items.

Grading Policies

Grade	Value
Midterm Exam	15%
Final Exam	25%
Quizzes	15%
Homework Sets	24%
Weekly Market Briefings	21%

• Exams:  

All of the exams and quizzes are individual work. You cannot discuss or communicate with anybody using any method. No laptops, tablets, smart devices (including smartwatches and glasses), cell phones, or other electronic devices are allowed except for calculators (traditional, financial, or scientific) in all exams. You can only use calculators, pens/pencils, and paper for exams and quizzes. Exams are closed books and closed notes, but you can bring one letter-sized or A4-sized “cheat sheet.” Midterm Exam(s) are held during regular class time in the same classroom unless the instructor announces otherwise. The Final Exam is comprehensive and follows the university’s official schedule, including all materials we have covered since the first class and the prerequisite requirements. The entire class schedule is stated in the Course Calendar of this syllabus.

Good Reason Policy: Complying with the “Good Reason Policy” is the only way to makeup or remedy and is only applicable for the Exams (not for Quizzes or take-home assignments). Suppose a student encounters an emergent, unavoidable, AND reasonable problem such that the student cannot take the exam. In that case, the student is responsible for doing both of the following two things. First, notify the instructor at least 15 minutes before the scheduled starting exam time. Second, provide evidence and a written excuse stating the “good” reason for missing within 15 calendar hours after the missed exam. Examples of “good” reasons for missing exams: Severe physical or mental sickness (you or your immediate family members), getting a contagious disease, having COVID symptoms, or being under quarantine regulated by the government or the university – you need to provide a doctor’s letter or records. Serious traffic accident – you need to provide the police report. Requiring emergent medical care – you need to provide medical records.

If the reason is not “good” (emergent, unavoidable, and reasonable) or no evidence is provided, this “Good Reason Policy” is not applicable. Here are some examples of bad reasons for missing exams (but not limited to): Did not have time to prepare. Do not know that there is an exam today. Feel not well, overwhelmed, or uncomfortable. Feel headache/stomachache/body ache. Want to go to see the doctor because of the ache. Not quite ready. Have to work/take care of somebody/take another exam/do something such that you cannot take the exam. Have family retreats, reunions, or events. Your sibling’s or cousin's wedding. Grandparent’s or parent’s birthday. Cannot catch flights or drive back due to such events.

If you have (1) a personal/family major event (such as a grandparent’s important birthday party and your close family member’s wedding ceremony) that was scheduled before the first day of this semester and conflicts with the exam time and you cannot change this schedule, or (2) over three Final Exams occurring in the same day of our Final Exam day and would like to reschedule the Final Exam of this course, inform the instructor on or before the first Friday of this semester with valid evidence to search for the re-accommodation of the exam. Once the first Friday of this semester is passed, any (1) personal/family major events and (2) final exam rescheduling due to more than two subjects holding final exams on the same day will not be an excuse for the exceptions of taking exams at the regular time.

If you miss a Midterm Exam for a “good reason” (complying with the “Good Reason Policy” stated above), the weight on that exam will be reallocated to your future Final Exam—no makeup exams for Midterm Exams.

If you miss your Final Exam for a “good reason” (complying with the “Good Reason Policy” stated above), the makeup Final Exam will be held within two days after the regular final exam time. Makeup Final Exams are given at the discretion of the instructor.

Please note that only the student complying with the “Good Reason Policy” stated above can get the reallocation of the missed Midterm Exam or the makeup for the missed Final Exam mentioned in the previous two paragraphs. Missing exams without complying with the “Good Reason Policy” will result in zero points on that exam. Please note this “Good Reason Policy” is strictly enforced and applied to the exams.

• Quizzes:

Quizzes are held at the end of every chapter we covered in class to test whether you understand the concepts. Students should finish and submit (not “start” or “enter”) the Quiz before the assigned due time announced in class or in the Blackboard/e-mail announcements. Please enter the Quiz using Respondus LockDown Browser and Monitor (with webcam and microphone). Students should contact the Office of Information Technology (OIT) for detailed information on the installation and subscription. It is the student’s responsibility to set up, subscribe, and communicate with the OIT; these are not excuses for a late submission.

Please “finish and submit” (not “enter”) the quizzes and homework sets before the specified deadline times. No submission or late submission will result in zero points. No makeup quizzes or homework sets are available under any excuse.

Notice: Quizzes are held online, requiring connectivity and a stable, high-speed network connection. Please be sure to plan ahead before taking the Quiz to avoid any problems regarding system failure, network errors, or other problems during the Quiz. No makeup quizzes will be provided because of the abovementioned issues or under any excuse.

The quizzes are designed in multiple-choice or simply-answered formats, and each will take around 15 minutes. Every student only has ONE attempt to complete each Quiz. You can open your hard-copied textbook, lecture notes, and slides (written or printed on the actual paper) in the Quizzes. No laptops, tablets, smart devices (including smartwatches and glasses), cell phones, or other electronic devices are allowed in all quizzes except the calculators (traditional, financial, or scientific). The Internet and computer (Windows or Mac) are for your designated browser only to take the quizzes. No Internet use, messaging, chatting, discussing, emailing, soft-copied reference, or any methods of communication are allowed during the exams and quizzes. No submission or late submission will result in zero points on that Quiz. The “Good Reason Policy” is NOT applied to the missed quizzes.

Only your best 75% quiz scores will be considered for your total grade. (In other words, your worst 25% quiz scores will be dropped – This is the only thing to be dropped in this course.)

• Homework Sets:

All homework assignments are individual. Students can refer to the slides, textbook, or Internet materials, but each student should submit their own homework and not plagiarize. Students should “submit” (not “enter” or “start”) the homework assignments before the assigned due time. Only Blackboard submissions to the designated page before the deadline time are accepted unless the instructor indicates otherwise. The only way to submit this homework set is to upload it to the designated page on Blackboard. Submissions are not allowed in other forms, such as hard-copied, in-person, in-class, to my office, or by email. You may either type or write and scan your work. Make sure to write and scan your work in a legible and easy-to-read way. If the instructor cannot read, no points will be given. If the Homework Set involves Excel or computer software, related electronic files should also be submitted through Blackboard on time.

Only one file can be submitted to the designated submitting area. Do NOT submit multiple files. Also, only the LAST ATTEMPT before the deadline will be graded. Any previous attempts will be unseen when grading. Briefly, please include everything and submit ONLY ONE FILE in your LAST ATTEMPT, and the instructor will grade your work based on ONLY this ONE file. 

No late submissions are accepted under any excuse. Late submission will result in zero points on that assignment.

Please “finish and submit” (not “enter”) the homework sets before the specified deadline times. No submission or late submission will result in zero points. No makeup homework sets are available under any excuse.

• Weekly Market Briefings:

Each student (or group, depending on the enrollment and instructor’s decision) will be assigned to one market and rotated weekly. On Mondays (see the calendar in this syllabus), each student (or group) should turn in a short paragraph (around 200 words) before 11:45 AM on that Monday and present the assigned market in class in about 3 minutes. The content includes a review of the market in the last week, the preview and prospects of the market in the coming week, and the student’s forecast. The grades will be given every week and relate to the performance of the presentation and the short paragraph. An absence will result in zero points or an “F” for that week. If this is group work, a self-evaluation form within a group may be filled out by each student at the end of the semester and used for grading.

Students may refer to news articles, websites, library resources, and any available resources to understand the market conditions. For example, the TAMIU library subscribes to the New York Times. Alternatively, at the website, you may subscribe to the Wall Street Journal: Student Digital Pack at a reasonable rate at https://store.wsj.com/shop/us/us/wsjstudentdecns/.

The markets may include the stock market, interest rates/fixed-income market, foreign exchange market, commodity market, macroeconomic analysis, etc. The instructor will assign each student to a market and rotate every week; the information will be disclosed in class or in Blackboard announcements/emails.

• Late Work Policy:

Because of the advance notice provided via the work schedule in this syllabus, there will be no alternate times offered for all of the tasks, including quizzes, homework sets, and exams. Furthermore, no makeup will be given. You must take all tasks when they are scheduled. If you miss it, you will receive a grade of “0.” (The only exception is the “Good Reason Policy” for the Exams stated above.)

• Re-grading Policy:

You have the right during the three calendar days that your grade was released to ask for additional feedback or if you have any discrepancy regarding your grade. After three calendar days, the instructor will consider the grade as accepted if there is no complaint about your grade. No further changes will be allowed. Any re-grading requests must be submitted in a written or typed form with a signature to the instructor within three calendar days after the quiz day or the graded assignment or exam results are announced. In your re-grading request, you must clearly specify where and why you think you were graded incorrectly. Then, the entire work will be considered to be re-graded; the new grade may be lower than the original grade.

• Other Grading Policy:

The instructor reserves the right to add or subtract as much as 10 points from the total semester grade based on your attendance, participation, and communications (in-person or online) throughout the course (a neutral performance will lead to no adjustment at all). Your letter grade for the course will be based on your ranking in the class and on performances/scores that I consider reasonable. Please be aware that getting failed (F) is definite if the total grade is below 60. The university regulates that faculty members cannot give any specific student extra opportunity, such as additional exams or assignments, to earn extra credits or to improve the student’s grade.

Negative factors to your attendance, participation, and communications include, but are not limited to the examples as follows: asking for re-grading your tasks but not following the re-grading policy stated in the syllabus (such as longer than the regulated three calendar days or do not provide written document); an ungrounded complaint to the instructor/course/program/university; asking for exceptions or extensions of the tasks or exams; asking questions by wishing to violate the policies on the syllabus or regulated by the university; making unreasonable excuses to search for the privilege, an exception, or extra credits; making a request by ignoring/neglecting the policies on the syllabus; making an excuse or providing a “bad reason” (or not following the “Good Reason Policy”) to search for a possible makeup exam; being ill-disciplined in class or email communications; etc. Please note that such negative factors may affect as much as a reduction of 10 points in your total semester grade, depending solely on the instructor’s discretion. If the negative factor is as severe as a violation of the Student’s Handbook or involves academic dishonesty, a formal report to the university will be made, and the instructor will follow the university’s regulations, not only deducting ten points from the total grade.         

Students who are struggling with course materials are strongly recommended to contact the instructor as soon as possible. Please do not start to contact the instructor around or after the Final Exam or just before the end of the semester because the instructor can do nothing with the grades then. 

• Letter Semester Grades Mapping Rules:

Grading Policies

Grade	Value
GRADE	PERCENTAGE
A	90-100
B	80-89.99
C	70-79.99
D	60-69.99
F	Below 60

THE INSTRUCTOR RESERVES THE RIGHT TO MAKE CHANGES TO THIS SYLLABUS AS NEEDED AND WITH NOTIFICATION TO STUDENTS.

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Course Structure and Attendance Policy:

• Course Format: Face-To-Face

This course is delivered in a purely face-to-face format. Only attending in person in the classroom is allowed. Please follow the Student Handbook about attendance. If you have tested positive for a contagious disease, have symptoms, or are under quarantine regulated by the government or the university, please do not go to the class or the office and email the instructor at least 10 minutes before each class meeting. (Please note this only applies to class attendance, not applied to exams, quizzes, or homework sets.) If the instructor provides class videos, they are for students to review only, not a substitute for attendance. If you physically feel uncomfortable or have any related symptoms, contact the instructor and consider stopping attending class in person and seeking medical advice. In such conditions, wearing a face mask is not mandatory but is strongly encouraged.

• Office Hours

Though I am physically in my office during office hours, office meetings can (and are encouraged to) be conducted virtually. If you need to, please make an appointment in advance for meetings, and I will provide you with a private link to access the online meeting room. If you send a virtual meeting request through email during my office hours, I will try to reply to you within 15 minutes if I am not helping other students or having a discussion with my colleagues, and the virtual meeting may be set immediately after my response if possible.

If you need an emergent in-person meeting during my office hours, please send me an email and make an appointment before coming to my office; a walk-in policy is not encouraged.

• General Expectations and Responsibility for This Course

Students must have honesty, self-motivation, care, duty, and the ability to use technology to enhance the learning experience. This course requires you to read and perform several activities. Reading and understanding the chapters is crucial.

The major responsibilities for the student during this course are reading the textbooks and attending the courses, completing the quizzes, market briefings with in-class presentations, and homework sets on time, as well as taking exams.

• Student and Instructor Communication Policy and Response Time

Please communicate with your professor via email. To give you the feedback you need, please include all your information, course section, assignment, and email to reach you. I will respond to students’ emails within 24 hours on weekdays and 72 hours on weekends and holidays. Making phone calls to the instructor is only for extreme emergencies and is otherwise strongly discouraged. Instead, please send an email to make an appointment for the virtual meeting with a webcam on during the virtual meeting.

Please do NOT communicate with the instructor through Course Messages or Discussion Board on the Blackboard. The instructor will NOT read the Course Messages or Discussion Board on the Blackboard. Always communicate with the instructor using email after class and outside office hours.

Besides in class, the instructor will use Blackboard announcements and email to communicate everything, such as the deadline times and new policies. Thus, please check our Blackboard page and your Dusty email account routinely and frequently (say, at least once every other day) for the entire semester.

Assignments and Assessments: The deadline times are stated either in the Course Calendar of this syllabus, in class, or in Blackboard/e-mail announcements. Please always get informed of the latest information and due times and turn in your assignments on time.

• Participation and Roll Calls:

We will use “Top Hat” on the browser of your smartphone/tablet/laptop for participation and roll calls. (See below for detailed instructions.) Top Hat roll calls are held in most classes. No late submissions for the in-class roll calls. No submission of the Top Hat roll call will count for an absence from that class meeting. The “Good Reason Policy” is NOT applied to the absence. No makeup roll calls are available for any reason.

If you encounter any issues or problems with the Top Hat roll calls (such as problems with Internet, Wi-Fi, Top Hat, device, technical, etc.), raise your hand and notify the instructor immediately during the class when the code is available (NOT after the class), and the instructor will deal with the issue immediately. If you do not do so, your attendance on that day will not be counted.

Typically, if you do not submit the Top Hat roll call on time in class, you will be counted absent for that day. The only exception for attendance is that you email the instructor about your absence at least 10 minutes before each class meeting, as stated above in this syllabus. If, in that email, your reason for absence is emergent, unavoidable, and reasonable, your absence from that class will not be counted. Please note that the instructor has full discretion regarding the definition of the “emergent, unavoidable, and reasonable absence;” some possible examples are COVID-19 infection and isolation, the TAMIU athletes' games, representing TAMIU officially to participating in an event, and emergent medical care and surgery. To meet the requirements, you should provide such printed or written evidence by another email within 24 hours (to be counted from the time of your email notification).

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Technical Policies and Subscription Requirements:

• Minimum Technical Skills Expected

It is vital to consider the technology involved to have a successful course. For this course, the required computer skills and digital information literacy are described below:

1. Required Basic Skills.

a.        Getting online and using an Internet browser

b.        Downloading, saving, opening, and printing material found online

c.        Conducting Internet searches

d.        Composing emails and attaching documents

2. Use of Office. To learn the basics of Microsoft Office Products, go to your Blackboard main menu, click the Student Resources menu link, and then visit the Course Technologies option. At the bottom, click the option Office 365.

3. This course requires the use of LockDown Browser and Monitor, microphone, and webcam for online quizzes on only computers with Windows or Macintosh operating systems. No tablets, Chromebooks, or smartphones are allowed. Watch this video to get a basic understanding of Respondus LockDown Browser and Monitor: https://www.respondus.com/products/lockdown-browser/student-movie.shtml

• Technology and Subscription Requirements

Hardware: You have to own a computer laptop or desktop (not older than five years) with high-speed Internet access, speakers, microphone, and webcam.

Required Software and Services Subscriptions: You need to install the Respondus LockDown Browser and Monitor to take quizzes. Students also have to subscribe to Respondus LockDown Browser (Free) and Monitor ($15 fee) for the quizzes. Students should contact the Office of Information Technology (OIT) for detailed information on the installation and subscriptions. It is the student’s responsibility to set up, subscribe, and communicate with the OIT, and these are not excuses for late submission. More information is provided below.

Additional Software: You will need the following additional software: Microsoft PowerPoint for viewing lesson presentations and Microsoft Word for viewing course files and submitting assignments. You also need Adobe Acrobat Reader. TAMIU Students may access online versions of this software through their Dusty Office 365 account at https://dusty.tamiu.edu/. This site also provides students with access to the Microsoft suite for educational use. Microsoft Office Excel, PowerPoint, and Word programs. You also need a Browser (Chrome, Firefox, Safari, or Edge) to have access to these programs. We will use “Top Hat” for class participation. You also need to create an account, join our class group, and post a capsule with your picture on "Digipad" (free of charge)

If you do not own the required hardware and software or do not have access to high-speed and stable Internet, it will be highly challenging for you to progress in this class. It is the student’s responsibility to make these requirements available, and this is not an excuse for missed or late work. Most of the required materials can be found free of charge at TAMIU’s library, computer labs, and classrooms.

• Learning Management System (Blackboard)

Because some of the communication will be online, you must know how to use the Blackboard System. Students are provided with guides on how to use the Blackboard. Guides may be available at http://www.tamiu.edu/distance/students/elearning-orientation.shtml or by contacting the e-learning team at elearning@tamiu.edu.

Be sure you can log in to Blackboard and access this class. Please let me know as soon as possible if you cannot do so. Please frequently receive your Dusty email and log in to Blackboard to get the latest notifications and class materials.

• Respondus LockDown Browser (Free) and Monitor ($15 fee) Requirement for Quizzes

This course requires the use of LockDown Browser and Respondus Monitor (webcam) for online quizzes. The webcam can be built into your computer or can be the type that plugs in with a USB cable. Watch this short video to get a basic understanding of LockDown Browser and Respondus Monitor (the webcam feature). A student Quick Start Guide (PDF) is also available.

Download Instructions

Click the Student Support top-middle tab located in Blackboard. Scroll down to the Instructional Technologies section and click on the Respondus LockDown Browser icon. The download is free.

Once Installed

•       Open LockDown Browser

•       Log into Blackboard Learn

•       Navigate to the test and begin

Note: You won’t be able to access tests with a standard web browser. If this is tried, an error message will indicate that the test requires the use of the LockDown Browser. Simply start LockDown Browser and navigate back to the exam to continue.

Cost for Respondus Monitor

There is a $15 fee for the webcam feature that’s used with LockDown Browser (sometimes referred to as Respondus Monitor). This is a one-time fee, valid for 12 months (365 days) for all courses or exams that use Respondus Monitor. You will be prompted to make the purchase the first time an exam requires the use of LockDown Browser’s webcam feature. Payment can be made with PayPal, Visa, or Mastercard.

To pay for Respondus Monitor:

1.        Start Respondus LockDown Browser.

2.        Navigate to your test.

3.        Complete the setup process, which includes a payment screen for entering credit card information.

4.        Payment and entering credit card information is only necessary one-time per course.

Guidelines

When taking an online quiz that requires LockDown Browser and a webcam, remember to:

•       Select a location where you won’t be interrupted

•  Before starting the test, know how much time is available for it, and also that you’ve allotted sufficient time to complete it

•       Turn off all other devices (e.g., tablets, phones, second computers)

•       Clear your area of all external materials — books, papers, other devices

•       Remain at your computer for the duration of the test

•       To produce a good webcam video, do the following:

• Avoid wearing baseball caps or hats with brims
• Ensure your computer or tablet is on a firm surface (a desk or table) — not on your lap, a bed, or other surfaces that might move
• If using a built-in webcam, avoid tilting the screen after the webcam setup is complete
• Take the exam in a well-lit room and avoid backlighting, such as sitting with your back to a window

•    LockDown Browser will prevent you from accessing other websites or applications; you will be unable to exit the test until all questions are completed and submitted.

Getting Help

Several resources are available if you encounter problems with LockDown Browser:

•    The Windows and Mac versions of LockDown Browser have a “Help Center” button located on the toolbar. Use the “System & Network Check” to troubleshoot issues.

•    If you have problems downloading, installing, or taking a test with Respondus LockDown Browser, email the TAMIU eLearning Team at elearning@tamiu.edu.

• Digipad

Students need to create an account, join our class group, and post a capsule with a selfie picture on "Digipad." (https://digipad.app/) We will use this “Digipad” in our Introduction Sheet, and more instructions will be available in the “Introduction Sheet.” If you do not feel uncomfortable registering or using this service or do not want to publish your picture to the class, please email the instructor before the first Friday of the semester. If the instructor does not receive a student’s objection by or on the first Friday of the semester, the instructor will consider that the student accepts and is willing to use Digipad and post your picture on this platform. No further changes will be allowed. If you cannot log in to this class on Digipad, please let me know by email as soon as po possible.

• Top Hat

We will be using Top Hat (www.tophat.com) for class participation. You will be able to submit in-class roll calls using iOS or Android smartphones, tablets, and laptops or through text message.

For instructions on how to create a Top Hat account and enroll in our Top Hat Pro course, please refer to the invitation sent to your school email address or consult Top Hat's Getting Started Guide (https://bit.ly/31TGMlw).

If you already have a Top Hat account, go to https://app.tophat.com/e/592181 to be taken directly to our course. If you are new to Top Hat, follow the link in the email invitation you received or follow the steps below:

* Go to https://app.tophat.com/register/student

* Click "Search by the school" and input the name of our school

* Search for our course with the following join code: 592181

Top Hat is currently free of charge to all TAMIU enrolled students. Please note that this course will NOT use the “Top Hat Textbooks” function, and please do NOT spend any money there. For more details about Top Hat, please refer to our OIT weblink at https://www.tamiu.edu/distance/technology/tophat.shtml or contact the e-learning team in the OIT via elearning@tamiu.edu.

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Other Course Policies:

• Course Evaluations

The instructor openly encourages students to provide feedback in class, through emails, or through course evaluation. This feedback is valuable to the instructor in improving his performance.

• Cell Phones and Smart Devices

Please turn your cell phones and smart devices off or put them in vibrate mode.

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Important Remarks for Course Calendar

* The Final Exam follows the university’s official schedule in the regular classroom.

^#  The due time for each online requirement (such as Quizzes and Homework Sets) is 2:00 PM (CT) (NOT midnight).

For example, the deadline time for posting an “Introduction Sheet” and a video is 2:00 PM (Central Time) on August 30, NOT 11:59 PM (or midnight or the end of) on August 30. All of the time zone we use in this course is Central Time (CT) in the United States.

The due time for the paragraph for each Weekly Market Briefing is 11:45 AM on each presentation day.

^@ The exact due time will be announced in class or in the Blackboard/e-mail announcements. Typically, the deadlines for Quizzes will be at the second class meeting day after the chapter ends, and those for Homework Sets will be 14 days after the last relevant chapter ends. Please always get the latest information on due times and follow the instructions on the updated announcements.