Type of Credit: Elective
Credit(s)
Number of Students
This class welcomes senior-year students of the undergraduate level and all the graduate students from Taiwan and international society. The course will start from the introduction on basic finance, appraisal/valuation techniques and then the investment decision making on various assets. Investment objects include real estate, stock, bond, currencies, gold, real estate investment trust (REIT) and financial derivatives (e.g., futures and options). It is expected that every student will be able to conduct financial analysis and make independent decision after the training of this course, or become the expert/consultant in the investment firm. Professor Lin will also show his own experience in investment and demonstrate the real-time investment practice in class. His record in vestment was 100% rate of return--- in2-3 months. He provided correct investment suggestions in both 2008/11 and 2020/2 in public speech and publications, which were both the lowest points before the QE policies. He will share his experiences in predicting the right timeing in this class.
能力項目說明
Specific topics of this course are listed below.
1. Introduction of the Principles of Finance and the application on real estate investment analysis.
2. Introduction of various mortgage programs and the amortization analysis.
3. Introduction of real estate and mortgage securitization, e.g., Real Estate Investment Trust (REIT), Mortgage-backed security (MBS), the subprime mortgage crisis, and the inter-relationship between the housing market and financial market.
4.Introduction of the design of mortgage-related products and the factors affecting their prices, e.g., MBS, STRIP (IO and PO), collateralized-mortgage obligation (CMO)、CDO、CLO, as well as other financial derivatives (e.g., options) and the structured finance.
5. Introduction of the signals or indicators of financial crisis as well as the timing of investment, e.g., yield curve.
6. Introduction of the approaches and cases of real estate appraisal, in relation to investment analysis.
7. Comparative analysis and integration of investment tools, inc. real estate, stock, bond, currencies, …, and so on.
8. The financial feasibility of investment project, including the development of hotel, theme park and commercial complex.
9. Introduction of international housing policies and housing markets.
10. Introduction of international financial crises in relation to real estate bubbles, e.g., US subprime mortgage crisis versus Quantitative Easing (QE) policiies, from QE1, QE2, QE3 to the "Unlimited QE" after the COVID-19 pandemic.
11. Introduction of the most recent trend in real estate sector and financial markets, e.g., the application of "Big Data", or FinTech, and so on.
| 教學週次Course Week | 彈性補充教學週次Flexible Supplemental Instruction Week | 彈性補充教學類別Flexible Supplemental Instruction Type |
|---|---|---|
1. Introducation of real estate and other asset vs. the investment. / Chapter 1 in the textbook + "Are Stock and Real Estate Markets Integrated? An Empirical Study of Six Asian Economies”, Pacific-Basin Finance Journal, 19, pp. 571-585" / Class instruction and reading and review / 3hr + 3hr
2. Types of risks and risk management / Chapter 2 in the textbook / Class instruction and reading and review / 3hr + 3hr
3. Basic finance principle and financial calculator / Ch.3 in the textbook / /Class instruction and reading and review / 3hr + 3hr
4. Financial statement analysis and creation of cash flow statement (direct method) / Ch4 in the textbook / Class instruction and reading and review / 3hr + 5hr
5. Capital budgeting tools on real estate investment / Ch. 5 in the textbook / Class instruction and reading and review / 3hr + 5hr
6. Real estate development and market analysis / Ch. 6 in the textbook + "The Effect of Housing Prices on Consumption and Economic Growth --- The Case of Taiwan,” Journal of the Asia Pacific Economy / Class instruction and reading and review / 3hr + 4hr
7. Real estate appraisal / Ch. 7 in the texkbook + The Development of REIT Markets and Real Estate Appraisal in Taiwan, Journal of Real Estate Literature, 15(2), pp. 281-300 / Class instruction and reading and review / 3hr + 5hr
8. Real estate and financial markets / Ch.8 in the textbook + Global Commodity Prices, Economic Activity and Monetary Policy: The Relevance of China," Resources Policy, 42, pp. 1-9 / Class instruction and reading and review / 3hr + 5hr
9. Mortgage analysis / Ch. 9 in the textbook + The Valuation and Demand Analysis of the Reverse Mortgage,” Journal of Valuation, No. 5, pp. 1-34 + The Application of Reverse Mortgage on the Aging Society, Journal of Risk Management, 10(3), pp. 293-314 / / Class instruction and reading and review / 3hr + 5hr
10. Real estate and asset securitization / Ch. 10 in the textbook + “Dynamic Modeling of Real Estate Investment Trusts and Stock Markets,” Economic Modelling, 29, pp. 395-407 / Class instruction and reading and review / 3hr + 5hr
11. Pricing of mortgage-related securities / Ch. 11 in the textbook / Class instruction and reading and review / 3hr + 5hr
12. Financial crises versus real estate markets / Ch. 8 in the textbook + “Modeling Property Bubble Dynamics in Greece, Ireland, Portugal and Spain,” Journal of European Real Estate Research, 9(1), pp. 52-75./ Class instruction and reading and review / 3hr + 5hr
13-14. Financial feasibility on project development / Ch.14 in the textbook / computer lab using excel software/ Class instruction and reading and review / 3hr + 5hr for each week
15Group presentation / Class instruction and reading and review / 3hr + 5hr
16 Final exam
17-18 On-line learnng
Class attendance and participation (10%), investment feasibility analysis of the project development (25%, individual), group presentation on investment project (30%, team), final exam (35%). (Subject to change)
(To be reserved for reading in the NCCU library)
2. Lin, Tsoyu Calvin (2022)。 Real Estate Managements不動產投資管理（the 7th edition）, 智勝書局Bestwise Publishing Co.
3.
3. Lin, Tsoyu Calvin (2020) “The Relation between Housing Prices and Business Innovation,” International Journal of Economics, Finance and Business Management Studies, 5(1)
4. Lin, Tsoyu Calvin (2019) “The Effect of Housing Prices on Consumption and Economic Growth --- The Case of Taiwan,”Journal of the Asia Pacific Economy, 24(2): pp. 292-312 (SSCI, , co-authored with S.Hsu and Y. Lin,).
5. Lin, Tsoyu Calvin (2016) “Modeling Property Bubble Dynamics in Greece, Ireland, Portugal and Spain,”Journal of European Real Estate Research, 9(1), pp. 52-75. (EconLit, Scopus, ESCI等co-authored with P. Klotz and S. Hsu).
6. Lin, Tsoyu Calvin (2015) "The Relationship between Real Estate Investment Trusts and Real Estate Markets," Journal of Contemporary Management, 4(2), pp. 29-46 (,coauthored with Yi-Fen Chiu).
7. Lin, Tsoyu Calvin (2014) "Global Commodity Prices, Economic Activity and Monetary Policy: The Relevance of China," Resources Policy, 42, pp. 1-9 (SCI, coauthored with P. Klotz and S. Hsu).
8. Lin, Tsoyu Calvin (2012) “Dynamic Modeling of Real Estate Investment Trusts and Stock Markets,” Economic Modelling, 29, pp. 395-407 (SSCI, coauthored with C. Lee and M. Chien).
9. Lin, Tsoyu Calvin (2011) "Are Stock and Real Estate Markets Integrated? An Empirical Study of Six Asian Economies”, Pacific-Basin Finance Journal, 19, pp. 571-585(SSCI, co-authored with T. Lin).
10. Lin, Tsoyu Calvin (2009) The Application of Reverse Mortgage on the Aging Society, Journal of Risk Management, 10(3), pp. 293-314（co-authored with Huang, Wu and Cheng）。
11. Lin, Tsoyu Calvin (2007) The Development of REIT Markets and Real Estate Appraisal in Taiwan, Journal of Real Estate Literature, 15(2), pp. 281-300 (FLI, Publication of American Real Estate Society, 11.
12. Lin, Tsoyu Calvin（林左裕）(2004) A Study on the Termination Behavior of Residential Mortgages in Taiwan, Journal of Agricultural Economics, 76, pp. 209-235
13. Clauretie, T. and G. S. Sirmans. (2011) Real Estate Finance, Prentice Hall.
14. 林左裕Tsoyu Calvin LIN (2009)。 Financial Derivatives衍生性金融商品。 智勝書局Bestwise Publishing Co.
J. of Real Estate Finance and Economics, J. of Real Estate Research, J. of Real Estate Literature, Real Estate Economics, J. of Money, Credit and Banking, J. of Housing Research, J. of Housing Economics J. of Finance, J. of Fixed Income, The Review of Financial Studies, J. of Futures Markets, J. of Housing Research Urban Studies, Housing Study, Habitat International, Regional Science and Urban Economics “Economics Review” by the Fed. Reserve Bank in the US, J. of Real Estate Portfolio Management Review of Financial Economics, Housing Finance International, International Real Estate Review, Pacific-Basin Finance Journal, Journal of Asian-Pacific Economy, Wall Street Journal, The Economists, Business Week, "House Fun" web article.