2023-2024 / FINA0091-1

Market Finance in EU


40h Th, 15h Pr

Number of credits

 Master in business engineering (120 ECTS) (Industrial Business Engineering)5 crédits 
 Extra courses intended for exchange students (Erasmus, ...)5 crédits 


Caterina Santi

Language(s) of instruction

English language

Organisation and examination

Teaching in the second semester


Schedule online

Units courses prerequisite and corequisite

Prerequisite or corequisite units are presented within each program

Learning unit contents

The goal of this course is to provide an introduction to the mechanics and economic characteristics of financial markets. This course serves as a basis for almost all subsequent advanced finance courses in corporate finance, portfolio management, banking and derivatives. The course will cover the following subtopics

  • Introduction to financial markets
  • Asset pricing models: CAPM, factor models, APT
  • Efficient Market Hypothesis and Behavioural Finance
  • Equity markets
  • Debt markets
  • Derivative markets 

Learning outcomes of the learning unit

At the end of this course, students will be able to:

  • Explain the benefits of combining assets in a portfolio
  • Understand, explain, and synthetise simple asset pricing models (CAPM, factor models, APT).
  • Assess the validity of the efficient markets hypothesis
  • Discuss how behavioural biases influence financial decisions
  • Understand the functioning of the equity, debt and derivative markets

Prerequisite knowledge and skills

Students are expected to have a basic knowledge of Statistics. In particular, students should be able to compute the arithmetic and geometric mean, weighted average, expected value, variance, covariance, and correlation. Students should also have a basic knowledge of financial mathematics (i.e., simple and compound interest rates, present value). 

Planned learning activities and teaching methods

Exercise sessions

Mode of delivery (face to face, distance learning, hybrid learning)

Face-to-face course

Additional information:

Face-to-face Lectures (40h) Exercise Sessions (15h)

Recommended or required readings

Slides available on the internet
Gitman & Joehnk, Fundamentals of Investing

Exam(s) in session

Any session

- In-person

written exam ( multiple-choice questionnaire, open-ended questions )

Continuous assessment

Additional information:

The final grade will be determined by the following two parts:

Online MCQs (20%)

During the semester 4 x MCQs online on the topics presented in class.

Final Written Exam (80%)

Open questions on the theoretical part and exercises.

Work placement(s)

Organisational remarks and main changes to the course

Examination regulations:

- no mobile phones or other electronic devices are allowed in the exam room.

- only the use of non-programmable caculators is allowed during the exam.  

In case of breaching of these regulations, the lecturer reserves the right to dismiss students from the exam room and give them a score of 0/20.  



Dr Caterina Santi

Office: 104 (Bat N1) - Rue Louvrex 14

E-Mail : Caterina.Santi@uliege.be

Teaching Assistant:

Lorren Mernier

E-mail: lorren.mernier@uliege.be 


Association of one or more MOOCs

There is no MOOC associated with this course.