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School of Economics and Business Administration International Relations Office Edificio de Bibliotecas [Entrada Este] Universidad de Navarra, 31080 Pamplona Tel. 948 425 625 Fax 948 425 626 intrel-eco@unav.es http://www.unav.es/econom
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Classes available in English
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introduction
The University of Navarra is one of the leading universities in Europe. Based in Pamplona, Spain, and with four campuses throughout the country, the University of Navarra prides itself on academic integrity, international focus and the professional development of students. Each semester, the student body is well complemented by a high percentage of international students who come to Northern Spain to take advantage of a rewarding university experience within a beautiful campus setting and to partake in the global setting that makes the University of Navarra so unique. The Faculty of Economics of the University of Navarra has been the first institution, wich has offered bilingual economic and business education in Spain. Eight hundred undergraduate students of diverse backgrounds are given instruction from professors from all over the world, and benefit from a large network of exchange and partner programs with leading international firms, business and institutions. Fostering an open dialogue through research and intellectual rigor, the Faculty of Economics aims to share the interest and enthusiasm that characterize the educational spirit of the School. Based on this philosophy, our faculty offers a complete range of subjects in English. These are offered to our students and also to other international students that come to the University of Navarra for Exchange Programmes.
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First [fall] semester offerings
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PRINCIPLES OF MICROECONOMICS 6 ECTS
FUNDAMENTALS OF FINANCE 6 ECTS
CALCULUS I 6 ECTS
BUSINESS COMMUNICATION* 4.5 Credits
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The aim of this module is to understand and discern the fundamental economic problems from a microeconomic point of view. The course is designed to provide a sound basis in the fundamentals of micro-economics and their application to both theoretical and real world situations. Specifically, the module will provide a brief introduction to the discipline of economics emphasizing the fundamental concepts of economic theory. It furtherly looks into how consumers value their choice over time and also market behavior from the producer’s point of view in the various types of market competitions. By the end of the module the students will be able to demonstrate a broad knowledge of core areas of economics, how to reason logically and work analytically to justify conclusions using economic arguments with appropriate rigor.
The aim of this course is to provide the students with a sound introduction to the uses of mathematics in business and personal finance applications. We will also analyze financial statements for the purpose of evaluating performance and understanding the levers of managment control.
Understanding the time evolution of economic variables requires a very good knowledge of infinitesimal calculus. In this course, we will study themes such as sequences of real numbers (real line, notion of limit, etc.), series of real numbers (convergence criteria), limits and continuity, anti-derivative functions (definition of the integral, areas, etc.). Like in any other course of quantitative nature, applications of theses concepts to solving and analyzing problems will be undertaken along with the theoretical classes.
A comprehensive introduction and practice of communications in the business environment is given.Topics covered include, audience analysis in communications; practical application of business writing; preparation and presentation using oral skills; introduction and preparation of business strategy cases.Business Communication subject aims to leverage FIRST [FALL] SEMESTER OFFERINGS
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student´s communication skills in the entrepeneurial and professional world and provide them with information and abilities to work in the corporate communication and business communication environment . *Note that this class is offered both semestres.
In the opinion of many economists and experts in political science, the world is moving towards a global market economy. Market deregulation, the increase of foreign trade and direct foreign investment, technological innovation and the collapse of the socialist economy have led to what some call global capitalism. The course analyzes aspects as important as international trade, the international monetary system and the financial markets.
Using the concepts learned in the introductory classes, this course concentrates on the models used in macroeconomics and how to use these tools to study economic problems in the real world. The relationship between aggregate demand, employment and inflation in the short, medium and long run are concepts to which we will devote extra attention, making special note of the effects of fiscal and monetary policies. Additional topics, such as the role of expectations in markets and the importance of institutional elements, will be presented for study and discussion.
The course analyzes the determination of demand, supply, and equilibrium under the assumption of perfect competition. We first study how demand is constructed starting from the consumer's preferences, and given income and prices. Analogously, we study the derivation of the supply curve, given technology, and output and input prices. Equilibrium arises as the intersection of market demand and industry supply. We finally analyze the welfare properties of a number of policies that alter this competitive equilibrium.
INTERNATIONAL ECONOMICS 6 Credits
MACROECONOMICS I 6 Credits
MICROECONOMICS I 6 Credits
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MARKETING I 4.5 Credits
APPLIED ECONOMICS I 6 Credits
FINANCE I 4.5 Credits
STRATEGIC MANAGEMENT 4.5 Credits
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Markets are characterized by the complexity of their environment, as well as by increasing competition. This course focuses on the different elements of marketing, the relationship between different commercial actions, and their impact on firms. Emphasis will be made on the explanation of marketing, comprising both the strategic side and the marketing mix.
The course is focused on the study of international trade. First of all, we will pay attention to the evidence on countries’ behaviour regarding foreign trade that, joint with the study of several economic theories on this topic, will allow us to understand the pattern of trade between countries. The student will be able to understand the importance of international trade in current economies as well as to get a solid knowledge of some theoretical models of international trade. The student will also be able to know some of the most controversial issues around this topic, starting from the classical discussion of free trade versus protectionism. One of the objectives of this course is to help the student to reach a rigorous and well informed opinion about these issues.
The main goals of this course are to provide the student with the fundamentals of portfolio selection and management, to describe the most important financial assets valuation methods-with a special emphasis on CAPM-, to study the main features of fixed income products, and to provide an introduction to derivatives (options, futures, warrants, etc).
The course aims at familiarizing students with the concepts and tools of strategic management. This course uses a mix of lectures and detailed cases that cover the main strategic issues that modern corporations face nowadays. This course is about understanding and meeting the challenges faced by managers and firms competing nationally and internationally. It is about how firms can use the practice of strategy to build and sustain competitive advantage. FIRST [FALL] SEMESTER OFFERINGS
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The course is structured with a mix of lectures, case studies and students’ presentations. Continuous participation from the students is required in all phases of the course. Class participation evaluation will be done according to a careful and systematic assessment of students’ participation during the lectures as well as the class discussions. Cases and selected article readings must be prepared prior to class. Through the extensive use of business cases this course develops skills in Corporate Finance, specifically: cash-flow projections, market risks, cost of capital ,effects of leverage, valuations and decision making in finance. The participants are encouraged to thoroughly prepare the case at home and discuss it in every session.
FINANCE III 4.5 Credits
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Second [spring] semester offerings
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The overall purpose of this course is to introduce students to the basic concepts concerned with the firm, its functional areas and major decisions. Once completed this course, the student should have acquired knowledge about how a company is directed and managed. For this purpose, it is intended to make an introductory review of standard management functions while highlighting important issues such as the nature of the firm, its environment, and related tools for decision-making.
The objective of the course is to introduce the basic concepts and tools used in macroeconomic analysis. In this course the student will learn how to use and compare different economic models to analyse and understand current economic issues. The course studies the functioning of the aggregate economy both in the long run and in the short run, and covers many of the issues that dominate the theoretical and political debate: unemployment, inflation, growth, etc.
This second part of the econometrics course is designed to make students capable of analyzing the evolution of a time series and predicting its future behaviour. They will learn to identify which time process generates each series, to estimate the parameters and to judge the validity of the model. Emphasis will be placed on the practical application of time series techniques for the analysis and prediction of real economic variables. The issue of nonstationarity will also be analysed in the course.
The purpose of the course is to give the basic tools of data analysis that are useful in economics. The course will cover: non parametric tests, ANOVA, an introduction to Markov Chains, Metropolis algorithm and Bayesian Statistics.
The objective of the course is to analyse the macroeconomics of an open economy and the fundamental microeconomic aspects of the macro-economy. Some of the concepts
PRINCIPLES OF BUSINESS ADMINISTRATION 6 ECTS
PRINCIPLES OF MACROECONOMICS 6 ECTS
ECONOMETRICS II 6 Credits
DATA ANALYSIS 6 Credits
MACROECONOMICS II 6 Credits [9]
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covered are the open economy, unemployment, consumption, investment, the supply and demand of money and public debt. MACROECONOMICS II 6 Credits
MICROECONOMICS II 6 Credits
FINANCIAL MARKETS PRACTICAL QUESTIONS II 4.5 Credits
APPLIED ECONOMICS II 4.5 Credits
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The objective of the course is to analyse the macroeconomics of an open economy and the fundamental microeconomic aspects of the macro-economy. Some of the concepts covered are the open economy, unemployment, consumption, investment, the supply and demand of money and public debt.
This course completes our overview of Microeconomics with an extension of the competitive model in several dimensions. Firstly, we develop models of imperfect competition with a particular focus on the analysis of Monopolies and Oligopolies. We will later introduce issues related to asymmetry of information, public goods and externalities.
Practical study of the most important financial markets, equities, fixed income and forex: their operation, participants, products and most important variables that affect their value. There will be discussion of related articles of business newspapers The content will be oriented towards practical issues.
What are the factors behind the Dollar/Euro exchange rate determination? What is the relation between European, American and Japanese Interest Rates? What is the reasoning behind monetary unions? What is a balance of payments crisis? What are the advantages of adopting a fixed exchange rate? Do speculative bubbles exist in the exchange markets? Applied Economics II- International Monetary Economics, addresses these types of questions and more. The class is intended to familiarize the student with the structure and functions of the foreign exchange market. Additionally students will analyze the dynamic behavior of exchange rates and both their real and nominal macroeconomic effects. SECOND [SPRING] SEMESTER OFFERINGS
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The students have to be able to analyze the behaviour of time series, following Box-Jenkins methodology. They must examine the statistical properties of different time series model. Estimation and hypothesis testing become the core of the course, along with the study of nonstationarity and several forecasting techniques.
The main objective of the subject is to understand the recent development of contemporary economies. To do so, we will analyse the evolution of the world’s main economies and Spain’s one from the eighteenth century and the Industrial Revolution. Special attention will be paid, in each case, to the reasons for economic growth and the restraints. Throughout the course we will address mainly the problem of uneven growth and the globalisation of the economy. A particular analysis of national cases will be made illustrating successful or unsuccessful economic strategies. This general approach will be complemented with a study of the evolution of the forms of business organisation and the development of managerial capitalism.
This course aims to further students´ understanding of corporate finance learnt in previous finance courses. It also provides the opportunity to develop analytical skills working with real world business situations. Topics covered include the analysis of sources and cost of internal and external funding, capital structure, including the studying of the Modigliani-Millar propositions, dividend policy, financial analysis, operational finance and capital budgeting.
The course objectives of this subject are the study of main sources of public income, the analysis of the effects of taxes on economic behaviour and the study of the economic impact of main taxes. Some of the theoretical abilities you will deliver with this subject are the assimilation of Microeconomics relevant concepts, an ability to relate concepts, develop tools of critical analysis, acquire a precision and rigor in reasoning, and an ability to relate between theoretical concepts and practice as well as a synthesis ability. You will also be able to assimilate technical concepts, develop
QUANTITATIVE TECHNIQUES OF MANAGEMENT II 4.5 Credits
CONTEMPORARY ECONOMIC HISTORY 6 Credits
FINANCE II 4.5 Credits
PUBLIC ECONOMICS II 4.5 Credits
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public speaking.abilities, elaborate supports for presentations (power point), improve your team working abilities, identify information sources and develop self-assesment ability and peer assessment. ORGANIZATION THEORY 4.5 Credits
HUMAN RESOURCES 4.5 Credits
DEVELOPMENT ECONOMICS 4.5 Credits
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The main goal of this course is to analyze how Economic Theory can be used to understand crucial aspects of organizations. In order to analyze the main features of organizations we will use, at the theoretical level, techniques developed in Game Theory and at the empirical level we will use experimental methods. We will first present the existing theories of the firm before analyzing in a second part the boundaries of organizations. In the third part of this course we will use principal-agent models in order to derive a theory of incentives setting in firms. We will then draw on the previous models to analyze issues of cooperation in organizations. The approach is both empirical and theoretical. This course will make extensive use of microeconomic theory as well as experimental economics. Thus, prior knowledge of Microeconomics is required.
It is widely accepted that the strategic management of human resources is the best source of competitive advantage for firms in order to survive and prosper in their respective environments. The purpose of this course is to study human behaviour in organizations and the meaning of the strategic management of human resources. Special attention is given to topics such as leadership, motivation, negotiation and conflict, compensation, selection, placement and development, and performance management.
This course has been designed to provide students with an understanding of the most relevant issues of social and economic development as well as of international development cooperation. Students are expected to become familiar with the main national and multilateral agencies financing development projects, such as the European Commission and the World Bank. They will also be acquainted with the decision-making and project-management procedures commonly utilized in these agencies. The overall aim of SECOND [SPRING] SEMESTER OFFERINGS
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Ihis course is to enable students to perform the practical analysis and the critical reasoning required for working and reaserching in the development field. In Sport and Economics we will provide an economic analysis of professional sports, as well as the economic lessons we can obtain from analyzing the organization and behaviour of sport competitions. Even if the focus of this subject is mainly economic, we will also consider some business related issues, like sponsorship and branding. We will concentrate our analysis in leading sports competitions and sport events mainly from an European prespective.
Business ethics almost always hits the headlines in the wake of scandals, but hardly ever when entrepreneurs and managers do good deeds. These are often met with a skepticism difficult to erradicate for, given the profit motive, such stories are just “too good to be true”. Why so? After a short introduction to the origins and development of business ethics, this course will present a more constructive approach based on the notion of “moral capital” or virtue. We shall also explain how the firm, through the proper ethical perspective, could actually be a potent force toward attaining the common good of society.
Through the study of theory and cases, students understand the central significance of policy and strategy to top managers and their organization. They also learn the limits of specialized knowledge for strategic problems. Students will understand better the uniqueness in settings and operations of different industries and individual companies, and they will also learn how corporate governance can help all these matters and how it determines the shape of a company. Finally they will see different kinds of leadership in companies.
Based on a global view of marketing, students will be required to study in further depth those marketing elements that are most important at the present time. The subjects on which the course is based include consumer behaviour, service marketing and marketing research
SPORT AND ECONOMICS 3 ECTS
BUSINESS ETHICS 3.5 Credits
BUSINESS POLICY 4.5 Credits
MARKETING II 4.5 Credits
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Offerings from the Master in Economics and Finance
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This course is an introduction to modern financial theory. It focuses on discrete time model analysis, and explicitly examines the decision making process under uncertainty in an intertemporal setting, the mean and covariance theory, the arbitrage theory and the incorporation of differential information into the decision making process. It ends with an introduction to continuous time models.
This class has basically two goals. First, it examines the concept of market or price risk, using models for its assessment. Specifically, the course concentrates both on the methods used for the calculation of the Value at Risk [VAR], and on its extensions and alternatives. Additionally, the class deals with the concept of credit risk and develops measurement models such as CreditMetrics and CreditRisk.
This class covers several topics in the field of industrial organization. Although reference is made to empirical studies, the module mainly focuses on the models that make up the theory of industrial organization. It also includes static and dynamic oligopoly theory, entry and exit, asymmetric information, research and development, and operational networks.
MASTER IN ECONOMICS AND FINANCE
INVESTMENT THEORY UNDER UNCERTAINTY 3.5 ECTS Credits [First semester]
FINANCIAL RISK MANAGEMENT 3.5 ECTS Credits [Second semester]
INDUSTRIAL ECONOMICS 3.5 ECTS Credits [Second semester]
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