Institut für Risikomanagement und Versicherung




Risk Management

Dr. Johannes Jaspersen; Miriam Thai-Tanh


This course presents and analyses financial options, such as American options and European options. Students will learn how to valuate options using the binomial option pricing technique as well as the Black-Scholes option pricing formula. Risk-neutral probabilities will be introduced. This course also discusses insurance, risks related to commodity prices, exchange rates as well as interest rates, and studies how to manage/hedge such risks. The efficient portfolio choice and the Capital Asset Pricing Model will be recapped at the beginning of the course.

The main textbook for the course is Berk/DeMarzo: “Corporate Finance”, 2nd ed., 2011.

Organizational Issues


  • There is no application needed.
  • Please find further information in the syllabus.
  • Course materials can be found in the LSF.


  • English


Oct 18 4pm - 6pm Introduction and Recap 1 HGB B 101
Oct 25 4pm - 6pm Introduction and Recap 2 HGB B 101
Nov 1 4pm - 6pm No lecture -
Nov 8 4pm - 6pm Financial Options 1 HGB B 101
Nov 15 4pm - 6pm Financial Options 2 HGB B 101
Nov 22 4pm - 6pm Tutorial 1 HGB B 101
Nov 29 4pm - 6pm Option Valuation 1 HGB B 101
Dec 6 4pm - 6pm Option Valuation 2 HGB B 101
Dec 13 4pm - 6pm Tutorial 2 HGB B 101
Dec 20 4pm - 6pm Insurance and Hedging 1 HGB B 101
Jan 10 4pm - 6pm Insurance and Hedging 2 HGB B 101
Jan 17 4pm - 6pm Tutorial 3 HGB B 101
Jan 31 4pm - 6pm Q&A HGB B 101


  • To take the exam, registration via the LSF is necessary. The exam will take place February 14th 2017 from 14:30 until 15:30. The examination room will be announced by the ISC.
  • Registration period for the exam: 12.12.2016-11.01.2017 (If you do not register for the exam you will face the following consequences .)
  • 3 ECTS in Modul BWL VIII (ABWL) according to BSc PO 2008 or 3 ECTS in Modul P14.2 according to BSc PO 2015