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This entry is from Summer semester 2018 and might be obsolete. No current equivalent could be found.

Asset Pricing Theory/Capital Market Theory
(dt. Asset Pricing Theory/Capital Market Theory)

Level, degree of commitment Specialization module, compulsory elective module
Forms of teaching and learning,
180 hours (attendance: 45 hours preparation and follow-up: 67 hours exam preparation: 68 hours)
Credit points,
formal requirements
6 CP
Course requirement(s): Written examination
Examination type: Protocol of a guest lecture on Accounting and Finance (1-2 pages)
Lehrsprache: English Prüfungssprache: German/English,
The grading is done with 0 to 15 points according to the examination regulations for the degree program M.Sc. Business Administration.
One semester,
each winter semester
Person in charge of the module's outline Prof. Dr. Bernhard Nietert


General valuation theory (arbitrage theory, law of one price and utility-oriented valuation), valuation of derivatives, interest rate structure theory, special aspects of valuation (CAPM as a special case of utility-oriented valuation and APT, company valuation, real options).

Risk and risk preferences, portfolio selection theory (basic form and extensions), CAPM (basic form and extensions)

Qualification Goals

Students will learn techniques for decision-making under risk and for valuing risky cash flows. In addition, students will be taught in-depth and specialized application skills as well as the ability to further develop solution approaches.




Module imported from M.Sc. Business Administration.

When studying M.Sc. Mathematics, this module can be attended in the study area Minor subject Business Administration.

Recommended Reading

  • Lecture notes, collection of exercises, control questions

Please note:

This page describes a module according to the latest valid module guide in Summer semester 2018. Most rules valid for a module are not covered by the examination regulations and can therefore be updated on a semesterly basis. The following versions are available in the online module guide:

  • Winter 2016/17
  • Summer 2018
  • Winter 2018/19 (no corresponding element)
  • Winter 2019/20 (no corresponding element)
  • Winter 2020/21 (no corresponding element)
  • Summer 2021 (no corresponding element)
  • Winter 2021/22 (no corresponding element)
  • Winter 2022/23 (no corresponding element)
  • Winter 2023/24 (no corresponding element)

The module guide contains all modules, independent of the current event offer. Please compare the current course catalogue in Marvin.

The information in this online module guide was created automatically. Legally binding is only the information in the examination regulations (Prüfungsordnung). If you notice any discrepancies or errors, we would be grateful for any advice.