Session Report — mingze-gao.com
2026-07-17 — AFIN8003 2026S2 full teaching set created from 2026S1
Operations: - Copied teaching/AFIN8003/2026S1 → teaching/AFIN8003/2026S2 (25 qmd files, 13 lectures + 11 workshops + Week 7 questions, plus figures) - Updated all frontmatter dates to the S2 calendar: lectures on Thursdays from 2026-07-30; session break Sep 24 & Oct 1; Week 9 lecture on 2026-10-08; Week 13 on 2026-11-05; each workshop dated one week after its lecture (Week 8 workshop lands on Oct 8) - Updated categories 2026S1 → 2026S2 and all in-text cross-week URLs - Reviewed every lecture and workshop line-by-line; verified all worked examples numerically
Decisions: - Standardised SVB failure window to “48 hours” across Weeks 3/4/7/8 (was inconsistently 36/48) - Added consistent “Roadmap” and “Key takeaways” slides to Weeks 1–6 lectures (Weeks 7–12 already had them) plus discussion-prompt callouts — for structure and engagement - Kept textbook-based simplified examples (Week 3 RWA risk weights, Week 8 LCR example) but added a clarifying footnote where HQLA strictly excludes loans
Results (key error fixes): - Week 1: Diamond (1984) delegated monitoring cost corrected from \(mK\) to \(nK\); “Authorised deposit-taking institutions” terminology fixed - Week 2: SVB “largest failure since GFC” qualified (First Republic surpassed it); Basel 3.1 status updated to implementation phase - Week 3: LCR/NSFR cross-reference fixed (Week 8/9, not “Week 10”); APRA leverage ratio callout fixed (3.5% applies to IRB ADIs, not D-SIBs incl. Macquarie); Basel Endgame text updated; G-SIB list link updated to Nov 2025 - Week 5: “ES is additive” corrected to subadditive; ES formula integrand fixed (VaR(u)); FRTB timelines updated (UK 1 Jan 2027, IMA 2028; APRA market-risk workstream deferred to late 2027) - Week 6: credit-bureau count fixed (two after Experian–illion); dubious Equifax average removed - Week 7: MPT variance formula fixed (σ_p², j≠i, σ_ij); Basel F-IRB LGD footnote updated to CRE32 values - Week 9: repo arithmetic fixed ($100.05 overnight ≠ 5% p.a.) - Week 13 (revision): leverage ratio minimum fixed 4% → 3%; ES subadditivity aligned; PPP notation aligned to π; RWA table updated to 2024 - Workshops: Week 1 FVOCI “5%” text/code mismatch fixed; Week 2 Bravo Bank scenario shifted to Aug/Sep 2026; Week 3 AdriaBank memo dated Thu 20 Aug 2026; Week 5 ES prose figure corrected ($1,001.2m); Week 9 cash rate updated to 4.35% (current as of Jul 2026) with dependent repo rate 4.40% - Verification: no 2026S1 remnants; all dates on correct Thursdays; test-rendered Week 3 and Week 4 lectures successfully; teaching listing picks up 2026S2 automatically via glob
Commits: - None (per instruction — files left uncommitted, teaching/AFIN8003/2026S2/ untracked)
Status: - Done: full 2026S2 lecture + workshop set, reviewed and corrected - Pending: user review; full quarto render of all 2026S2 files (incl. PDF outputs); commit when ready