• Summer schools
  • Department of Accounting
  • Application code SS-AC317
  • Starting 2018
  • Short course: Open
  • Location: Houghton Street, London

Please note this information is for guidance only; confirmation of courses are to be announced in November

This quantitative equity research course focusses on understanding the main fundamental drivers of equity prices, the role of accounting information in capturing those fundamentals and the extent to which the equity market impounds this accounting information fully into stock prices.

We will adopt a rigorous, research-based, approach towards understanding the existing sources of predictability in equity markets, and use the same approach to refine existing and develop new fundamental-based trading strategies.

The course is highly applied and students will be using real data, from financial statements and stock prices, to back-test and asses the performance of trading strategies. We will cover all aspects from trading strategy design, data collection, trading strategy back-testing and implementation, using computers and state-of-the-art programming languages.

This course will be of particular interest to those students thinking of developing their careers in quantitative equity research teams in sell-side investment banks or buy-side quantitative asset management firms.  The course will also be useful for those students thinking of conducting academic research on fundamental analysis and stock return predictability.

Session: One
Dates: 17 June – 5 July 2019
Lecturer: Dr Jose Carabias Palmeiro


Programme details

Key facts

Level: 300 level. Read more information on levels in our FAQs

Fees:  Please see Fees and payments

Lectures: 36 hours 

Classes: 18 hours

Assessment*: Two written examinations

Typical credit**: 3-4 credits (US) 7.5 ECTS points (EU)

*Assessment is optional

**You will need to check with your home institution

For more information on exams and credit, read Teaching and assessment


Introductory accounting (including basic financial analysis), finance and econometrics. Previous exposure to Matlab or R programming languages would be a plus.

Programme structure

  • Financial Statements Analysis and Valuation
  • Econometrics for Testing Rational Expectations
  • Trading Strategies such as Earnings Momentum, Quality, Value, etc.
  • Introduction to Programming
  • Data Collection and Analysis


The Department of Accounting continues to enjoy a reputation as one of the leading groups in the world for teaching and research on the economic, institutional and organisational aspects of accounting and financial management. The department strives to combine 'global appeal' with a distinctive 'European orientation' in terms of institutional knowledge and affiliations, as well as intellectual traditions.

The Department, along with the Departments of Finance and Management, was ranked as the UK leader for Business and Management Studies in the most recent National Research Assessment Exercise.

On this three week intensive programme, you will engage with and learn from full-time lecturers from the LSE’s accounting faculty.

Reading materials

Penman, Stephen H, Financial statement Analysis and Security Valuation (2012).

The Handbook of Equity Market Anomalies: Translating Market Inefficiencies into Effective Investment Strategies (2011).

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice

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