Graduate Course

International
Finance

Exchange rates, risk management, and cross-border valuation — from macro fundamentals to corporate decision-making.

Explore Lectures

by Christian Heyerdahl-Larsen

Lectures

The course is organized in three pillars, moving from macro foundations to financial markets to firm-level decisions.

The Macroeconomy

Exchange rates, price levels, interest rates, and the macro environment

01
Course Overview
02
The Spot Market for Foreign Exchange
03
Purchasing Power Parity and Real Exchange Rates
04
The Forward Market for Foreign Exchange
05
Exchange Rate Predictability and Currency Risk Premia

Risk Management

Hedging rationale, measuring exposure, and derivative instruments

06
The Risk Management Decision: Why Hedge?
07
Measuring and Managing Exchange Rate Exposure
08
Nonlinear Exposure and FX Options

Financing & Investment

Cost of capital, cross-border valuation, and international portfolio choice

09
Financing Decisions and Cost of Capital
Coming soon
10
Cross-Border Valuation
Coming soon
11
International CAPM
Coming soon
12
Country Risk and Cost of Capital
Coming soon
13
Trade Fragmentation and Policy
Coming soon
14
Course Synthesis
Coming soon

Workshops & Cases

Hands-on exercises that apply course concepts to real-world scenarios.

Case Study

NorFish Hedging

A Norwegian seafood exporter faces volatile exchange rates. Analyze the firm's exposure and design a hedging strategy using forwards and options.

Exercise

More workshops coming

Additional case studies and exercises covering cross-border valuation, country risk analysis, and portfolio construction will be added as the course develops.

Resources

Supplementary materials and tools to support your learning.

Lecture Slides

All slide decks available as interactive HTML presentations and downloadable PDFs.

Video Lectures

Recorded lectures and walkthroughs for self-paced study.

Coming soon

AI Tutor

An AI-powered assistant trained on course material to help with concepts and problem sets.

Coming soon

Data & Code

Datasets and Python scripts used to generate lecture figures and run in-class analyses.

Coming soon