Introduction
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This
module examines the investment characteristics of the asset classes
available to UK investors, in the context of investor's liability
profiles. The different types of investment instrument are examined,
together with the way in which they are valued and traded. The module
includes an introductory study of indirect property investment and its
comparability with direct property investment. It also introduces the
participant to the regulatory environment under which UK property
investors operate. |
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Learning Aims and Objectives
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To develop participants’ ability to: |
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Prepare investor liability profiles and to contrast with those of other
investors. Apply those considerations to the performance requirements
of selected investments; |
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Contrast differences In the performance characteristics of equities;
bonds; real estate assets (direct and indirect); |
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Contrast the techniques of analysis and trading practices associated
with different types of investment instruments; |
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Identify and assess the impact of the main forms of taxation on
investment transactions and income. |
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Module requirements
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Pass
the diagnostic test that precedes ‘Property as an Asset Class’ and
possession of a cognate or semi-cognate degree (or degree-equivalent
cognate professional qualification) with evidence of relevant
professional experience. |
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Indicative Content |
· Liability profiles and investment preferences of financial institutions and other investors.
· Market characteristics of: cash; bonds; fixed-income securities;
equities;
· Securitization
· Advantages and disadvantages of direct investment in real estate
· Derivatives: forwards; futures; options; swaps;
· Property derivatives and their application to the direct property
market
· Tax efficiency for development and investment.
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By the end of this module, you should be able to:
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·
Evaluate the investment characteristics of main asset classes, linking
these to investor profiles and preferences;
· Evaluate the economic drivers of major asset markets
· Demonstrate a critical understanding of property securitization for
investment purposes
· Construct liability profiles for typical investors in the markets;
· Investigate and critically evaluate the attributes of various types
of investment vehicles in their respective market context;
· Identify the principal features of UK corporate and personal taxation
and apply to issues of tax efficiency for investment transactions and
income.
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Indicative Study Commitment
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3
days classroom study plus 24 hours preliminary self-managed study and
4hrs for final take-home assignment. |
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Module Leader: Philip Booth BA FIA FSS, Institute of Economic Affairs |
Professor
of Insurance and Risk Management at the Sir John Cass Business School,
City University and Editorial and Programme Director of the Institute
of Economic Affairs, Philip Booth has a wide experience teaching and
researching investment and asset markets. He has also worked on
secondment and then as a consultant adviser on financial stability
issues at the Bank of England. He has previously worked for AXA Equity
& Law. His teaching and research interests include institutional
investment, asset allocation, real estate investment analysis and
social insurance reform. Philip is Associate Editor of the British
Actuarial Journal and co-authored the IPF report, Risk Measurement and
Management for Real Estate Investment Portfolios. He has also
co-authored the books, Investment Mathematics and Modern Actuarial
Theory and Practice. |
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For Further Information contact:
Institute of Continuing Education
http://www.cont-ed.cam.ac.uk/
Telephone:
01223 760 860
E-mail: profstudies@cont-ed.cam.ac.uk |
