Bachelor of Science - Advanced Study Phase

7/28/2019 Bachelor of Science - Advanced Study Phase

1/11

Bachelor ProgrammesAdvanced Study Phase2011 Cohort

OverviewThe advanced study phase takes place afterthe semester(s) abroad during the 6th and7th semesters. Students of Intensive Track,a 6-semester intensive programme, take someadvanced modules already during the 3rd and4th semesters.The advanced studies have a total of 60 ECTScredit points, consisting of a Bachelor thesis(12 ECTS) and eight modules with 6 ECTSeach. Each module has 44 hours of in-classteaching. The default teaching language isEnglish.

The modules are structured in four themat-ic areas. In addition, there are three special-ized tracks for the programmes Wirtschafts-informatik, "Management, Philosophy &

Economics" and "Wirtschaftsprfung".

General selection requirements

The recommended course load is ve mod-ules in the 6th and three modules in the 7thsemester to allow enough time to write thethesis.

Students of Business Administration taketwo modules each in the 3rd and 4th semes-ters and four modules in the 6th semester.

Requirements by programme

BWL dual:8 modules. At least one mod-ule from each of the four thematic areas.

Intensive Track: 8 modules. At least

one module from each of the four the-matic areas.

Internationale BWL: 8 modules. Atleast one module from each of the fourthematic areas.

Wirtschaftsinformatik: Specializedtrack (2 modules per semester), 4 mod-ules chosen from at least two thematicareas.

Management, Philosophy & Eco-nomics:8 modules. 3 or 4 are chosenfrom the specialized track. The remainingmodules (that is, 4 or 5) are chosen fromat least two thematic areas.

Wirtschaftsprfung: Specialized track(2 modules per semester), 4 moduleschosen from at least two thematic areas.

Information about the modules

For each module there is a short description in-cluding a reference to the assessment criteria.In addition, some module coordinators have

recorded brief video statements explaining thecontent and the structure of their modules.These videos will be made available online.

This should help you identify the topics thatyou are particularly interested in. However,please note that all information is subject tochange and only the full module descriptiondistributed at the start of the semester is ac-tually binding.

The selection process

The selection process will include two steps.First, we will ask you to indicate your pre-ferred modules in a non-binding online survey(July). Participation is voluntary but it is in your

own interest to give us a proper indication ofyour preferences, as the results will determinewhich modules will be offered, how manytimes and in which time slots.

In September you will make your nalcourse selection through an online form.

Businessand Society(Soc)

Economics(Eco)Finance andBanking(Fin)

Management,Ph

ilosophy

&Economics

Wirtschaftsprfung

Wirtschaftsinfo

rmatik

ManagingOrganizations(Mgt)

THEMATIC AREAS SPECIALIZED TRACKS

ThesisStudents have two months to complete thethesis and can choose one of six starting datesafter their 6th semester: 1 July, 15 August, 15September, 15 October, 15 November, and 15December.

Students of the Intensive Track start theirthesis on 2 January, 15 May or 1 July of theirnal year.

2013-11-04

1


2/11

Summer term Accounting and Capital Markets

(Werner) Advanced Business Modeling

Using Spreadsheets (Robach) Econometrics (Vecer) Retail Banking (Georgi) Trading and Sales (Kassberger)

Managing Organizations Business and SocietyEconomicsFinance and Banking

Management, Philosophy& Economics

Wirtschaftsprfung

Wirtschaftsinformatik

Summer term Innovation Management (Mller) Live Long and Prosper: Organiza-

tional and Human Resource Devel-opment (Barthel/Bechtoldt)

Marketing Strategy and Analytics(Georgi/Schulze)

Operations Modeling (Sibbel/Strohhecker)

Services Marketing (Georgi)

Summer term Challenges of the World Economy

(Lchel) China and the World Economy

(Herrmann-Pillath/Lchel) Incentives (Feess) International Trade and Economic

Integration (P.G. Schmidt) Monetary Theory and Policy (P.G.

Schmidt) Public Economics and Political

Economy (Libman)

Summer term Business Diplomacy (Catn) Corporate Sustainability (Kneip) Economic Philosophy: An Interdis-

ciplinary Course (Kliemt) International and European Cor-

porate Law (Redenius-Hvermann) International Healthcare Business

(Gandjour/Sibbel)

Summer term Business Intelligence (Robach) Electronic Business and IT Security

(Robach)

Winter term Konzeptionelle Modellierung (NN) Praxisprojekt (Robach)

Summer term Freiheit und Demokratie (Lahno) Economic Philosophy: An Interdis-

ciplinary Course (Kliemt) [also partof Soc area]

Winter term Practical Ethics (Kliemt) [also part

of Soc area] Intentionalitt und Handlung

(Lahno)

Students of MPE choose at least 3 mod-ules from this list.

Summer term Accounting and Capital Markets

(Werner) [also part of Fin area] Prfungspraxis 1 (Werner)

Winter term Accounting (NN) [also part of Mgt

area] Prfungspraxis 2 (Werner)

2

* You can only choose this module if you have previously completed the Operations Modeling module in the summer term.

Winter term Asset Management (Stotz) Environmental Economics and

Energy Finance (Moslener) Risk Management (Hellmich)

Winter term International Organizations

(Herrmann-Pillath) Leadership and Ethics in Global

Business (Barthel) The Political Economy of the

European Economic and MonetaryUnion (Lchel)

Practical Ethics (Kliemt)

Winter term Applied Business and Economic

Forecasting (Rudolph) Government Borrowing and Sover-

eign Debt Crisis (P.G. Schmidt) International Monetary Relations

and Currency Crises (P.G. Schmidt) Seminal Articles in Economics and

Finance (Winkler)

Winter term Accounting (NN) Business Strategy (Stieglitz) Digital Marketing (Schulze) Entrepreneurship (Mller) Hire and Avoid Fire: Methods of

Personnel Selection and CareerDevelopment (Barthel/Bechtoldt)

Operations Project Field Study(Sibbel/Strohhecker) *


3/11

FINANCEAN

DBANKING

3

Accounting and Capital MarketsProf. Dr. Jrg R. Werner

Accounting is one of the rare sources ofcompany-specic nancial informationpublicly available to external stakeholderssuch as debt and equity investors. Inter-national standard setters such as the IASBtherefore increasingly focus on the deci-sion usefulness of accounting informationfor these groups of users. The rise of fairvalue accounting, increased disclosure re-quirements and strengthened enforcementmechanisms are notable outcomes of thisdevelopment. But there are also manyconcerns: Did current accounting rules andpractices contribute to the emergence ofmarket bubbles and the recent nancial cri-sis? Do we need more conservative nan-cial reporting? Does the current one sizets it all approach still make sense or dowe rather need industry-specic account-

ing standards?To allow students to answer these and

other questions, this module aims at in-troducing the theoretical foundations ofhow and why market participants reactto the disclosure of nancial accountinginformation, including brief discussions ofaccounting-based valuation and the issueof accounting quality. Moreover, therole of auditors and other enforcementmechanisms for nancial markets is illus-trated. The module also covers in-depth

discussions of current technical topics suchas accounting for nancial instruments,insurance contracts, employee benets,investment property and latent taxes. Themodule will provide students with relevanttheoretical and practical knowledge forcareers in accounting, auditing or nancialanalysis. Class sessions will combine tradi-tional and interactive lectures with exercis-es, case studies and group projects.

Assessment: Written exam, group project,active participation.

Advanced Business Modeling UsingSpreadsheetsProf. Dr. Peter Robach

In todays business many managerial deci-sions are based on decision models apply-ing highly sophisticated algorithms. For theimplementation of such models softwaretools are needed. One class of those toolsare spreadsheet programs, like MicrosoftExcel, which provide the necessary func-

tions and exibility for the developer anduser in one person.

The purpose of this module is to developprofessional skills for the design and im-plementation of ambitious business and

nance models using spreadsheets andprogramming techniques. The objective isto understand the models from conceptu-al and computational perspectives and totranslate them into Microsoft Excel/VBAapplications. For this, both the models andthe manifold techniques for developingspreadsheet applications are subject of thelectures.

The topics of this module will mainly cov-er the following areas:

Valuation; for example value-at-riskand valuation of securities and de-rivatives

Optimization; for example cash-owoptimization, portfolio optimization,and heuristic optimization

Simulation; e.g. Monte Carlo andwhat-if analysis

Forecasting and Prediction; e.g.GARCH modeling and turnover fore-

castingAccompanying the content-related mod-eling, specic spreadsheet techniques,like the usage of matrix functions, pivotfunctions, the solver, and building graphi-cal user interfaces, are also subject of thelectures.

Teaching and learning activities will in-clude lectures, in-class exercises, andhome exercises.

Assessment: Assignments in form ofspreadsheet applications developed during

the course.

Asset ManagementProf. Dr. Olaf Stotz

Asset management will be discussed fromthe perspective of capital markets and in-vestors. An asset manager has to combinethe goals of an investor and the risk and re-turn properties of capital markets. Studentswill learn how to optimally combine thosethree elements capital market conditions,

investors goals and resulting optimal port-folios. Theoretical models and empirical ob-servations help to understand how to tradeof capital market conditions and investorsgoals.

During the module students will managea portfolio on a real time basis and pres-ent their performance and investment ap-proach at the end of the module. The port-folio will be managed in cooperation withan investment company that might issue asecurity with a proper identication num-

ber (Wertpapierkennnummer) so thatthe students portfolios can be bought byoutside investors on the stock exchange).Main topics:

Introduction to theoretical modelsand empirical observations of capi-

tal markets Models to optimally trade based on

investor goals and capital marketconditions

Real time management of a portfo-lio in order to implement theoreticalissues

Presentation of portfolio results andinvestment approaches.

Assessment: Presentation, term paper.

Because of the cooperation with an invest-ment company parts of the module will beheld in German.

EconometricsProf. Dr. Jan Vecer

This module will cover intermediary andadvanced econometrics including:

Review of probability and statistics: Probability distributions (both dis-

crete and continuous) Expectation, variance and covari-

ance Law of large numbers Central limit theorem Statistical estimation, condence

intervalsClassical linear regression models (both

simple and multiple regression): Properties of the ordinary least

squares estimator

T-test, F-testDiagnostic tests for linear regression: Non-linearity tests Ramseys RESET Heteroscedasticity tests Stability of parameters Normality of residual Durbin-Watson: autocorrelation of

residuals Multicolinearity Principal components

Time series modeling and forecasting: Moving average processes Autoregressive processes Forecasting Vector autoregressive modelsVolatility and correlation: GARCH modelsLimited dependent variable models: Logit Probit

Assessment: Two assigned individual pro-jects.


4/11

FINANCEAN

DBANKING

4

Environmental Economics and Ener-gy FinanceProf. Dr. Ulf Moslener

Energy and Climate Change are high onthe agenda of most governments acrossthe world. The structural change of theglobal energy system is already under waywith annual investment in power gener-ation based on renewables at almost thesame level as investment in power basedon fossil fuels like coal and gas.

This course essentially provides two per-spectives towards this issue: First, we dis-cuss why markets alone are fundamentallynot able to trigger investment in a way thatenvironmental issues are appropriately tak-en into account. We then analyse policy in-struments that can correct these so-calledmarket failures and which are frequentlyapplied by governments.

The second part of the course will then

take the perspective of an investor whois confronted with policy and regulationand often additional investment subsidiesspecically directed towards promoting re-newable energy.

We discuss characteristics that funda-mentally distinguish the power and powerinfrastructure market from the market formany other assets and look at applied ex-amples of instruments of investment sup-port as well as investment cases. Topicsinclude:

Economic fundamentals such as so-cial optimum, public goods, marketfailure, market based instruments

Primers in (i) climate change & cli-mate policy; (ii) energy markets &energy policy

Financing instruments, role of publicnance institutions, project nanceexamples

Teaching will be mainly based on inter-active lectures and the discussion of cases.

Assessment: Presentation, written exam.

Retail BankingProf. Dr. Dominik Georgi

In Retail Banking markets, banks are en-countering specic challenges, for exam-ple due to the increasing competition, theneed for customer-employee interactionsand at the same time need for cost cuttingand efciency. The module presents strate-gic and operational management conceptsthat are employed by Retail Banking pro-

viders to be successful in the market, suchas Business Modelling, Sales and Advice,Managing Customer Processes, CustomerSegmentation, Product Innovations, OnlineBanking, Multi Channel Management, So-

cial Media Banking.The contents are presented in class ap-

plied in many exercises and case studies.Moreover, students are participating in agroup work regarding a business questionin Retail Banking.

Assessment: Written exam, group pres-entation.

Risk ManagementProf. Dr. Martin Hellmich

Financial markets are becoming ever morecomplex. The persistent crisis of the glob-al nancial system results in an increasedneed for experts and leaders to managenancial risks in a professional way. In thismodule students will develop deep under-standing of the most important dimensionsof risk and learn about advanced concepts

how to measure and manage different typeof risk. Topics covered will include:

Risk management objectives Bank capital, risk management and

regulation Risk factors and risk mapping Risk measures and Value-at-Risk Computing Value-at-Risk Credit Risk and Credit Value-at-Risk Risk capital calculation Liquidity denitions and dimensions Liquidity Risk in banking supervision Funding Leverage and Leverage Ratios Advanced risk measures Capital allocation Modelling dependence New Regulation Frameworks for

banks and nancial markets infra-structure: An overview (Basel III, MI-FID II, EMIR, MIFIR)

Risk Management : The micropru-dential approach

Risk Management: The macropru-

dential approach

Assessment: To be determined.

Trading and SalesProf. Dr. Stefan Kassberger

In this module students will develop abroad knowledge and understanding of -nancial products, nancial markets, tradingand investment strategies, risk manage-ment and regulatory aspects. Students will

be able to price, hedge and risk managenancial products, and to access marketdata via Bloomberg. Topics covered willinclude:

Fundamental and technical analysis

of stocks FX derivatives Interest rate derivatives Equity derivatives and certicates Credit derivatives (CDSs, CDOs, bas-

ket credit derivatives) Market and credit risk management Mutual funds and performance

measurement

Exchange traded products (ETFs,ETCs, ETNs)

Commodities and commodity deriv-atives

Hedge funds, hedge fund strategies Behavioral nance Basel III Value investing Islamic nance Algorithmic trading, high frequency

trading Private equity

Introduction to BloombergAssessment: Student presentation, seminarthesis, oral exam.


5/11

FINANCEAN

DB

ANKING

5

AccountingNN

Business StrategyProf. Dr. Nils Stieglitz

The module draws on the content of Cor-porate Design and Behavior. It deepens

and extends the analysis of companiesand markets. Business strategy is main-ly about how a rm competes in a givenindustry. In the module, students discusshow rms gain, sustain, and lose com-petitive advantages. Students learn howto diagnose strategic problems, developa guiding policy, and the fundamentalsof successful execution. Topics includeindustry dynamics and analysis, resourceanalysis, strategic innovations, and organ-izational evolution and adaptation. The

module heavily relies on the interactiveanalysis, presentation, and discussion ofbusiness cases.

Assessment: Presentation, class participa-tion, term paper.

Digital MarketingProf. Dr. Christian Schulze

Digital marketing expenditures are grow-ing at tremendous rates every year and

have far surpassed radio, print and mag-azine advertising in terms of marketingspending. New technological trends suchas digital newspapers and IP-based tele-vision will further increase the importanceof digital marketing in the future.

What distinguishes digital marketingfrom other, more traditional marketingapproaches are its measurability on theone hand and the ability to identify andtarget individual consumers on the other.As a result, success in digital marketingstrongly depends on managers analyt-ical ability and profound understandingof both, the business and the technologyaspects.

The goal of this module is to introducestudents to the major and emerging dig-ital marketing instruments. In particular,we will discuss topics such as

Digital marketing metrics and rev-enue models

Internet technology User tracking and Analytics (Re-)Targeting

Real-Time Bidding (RTB) Display advertising Search Engine Advertising (SEA) Search Engine Optimization (SEO) Afliate marketing

Social media marketing Viral marketing and Social Network

Analysis (SNA) Mobile marketingThis module will provide students with

relevant and practical knowledge for theirfuture career. For students who are eitherinterested in working in marketing orbuilding an internet-related startup, this

module will prepare them for a job in anexciting eld with many opportunities for agreat career after graduation.

Class sessions will include traditional lec-tures and exercises, as well as case studiesand group projects to give students a prac-tical, hands-on experience.

Assessment: Exam, class participation,group project.

EntrepreneurshipProf. Dr. Elisabeth Mller

The module is an introduction to entrepre-neurship. Our economy relies on entrepre-neurs for the introduction of new prod-ucts, the creation of jobs and for keepingcompetition up. However, entrepreneursalso face a high probability of failure. Thestudents learn to understand all phases inthe life of a rm: from start-up, over rapidgrowth to the exit of the founders. Specif-ically, the course covers characteristics ofentrepreneurs, evaluation of a business op-portunity, managing growth, raising of ex-ternal nancial resources, managing crises,and exit strategies for founders.

The module covers the following topics: Generating and evaluating business

ideas Writing a business plan The entrepreneurial team Financing entrepreneurial ventures

(business angels, venture capital,bank loans)

Business models and strategies

Management of rapid growth, crises,and recovery

Exit of the foundersStudents will development and present

their own business plan in this module. Itcan be either for a ctitious business, abusiness the students intent to start, or fora business someone else intents to start.

Assessment: Presentation, written businessplan.

Hire and Avoid Fire Methods of Per-sonnel Selection and Career Devel-opmentProf. Dr. Erich Barthel / Prof. Dr. MyriamBechtoldt

When asked what individual characteristicsthey consider most important when select-ing job candidates, more than 90% of HRpeople ranked personality number one,while only 30% considered grades mostcrucial (Wirtschaftswoche, April 2013).

But how to measure personality in per-sonnel selection given that job candidatescan easily fake their responses in person-ality questionnaires to make a good im-pression? How to select the best job candi-dates? And once hired, how to make surethat employees continuously learn and de-velop their skills throughout their career?What do we know about training, coachingand mentoring and how effective are they?

In the rst part of the module, studentswill acquire factual knowledge regardingvarious methods in personnel selection andhuman resource development. In the sec-ond part, they will develop their practicalexpertise: In cooperation with companies,they will design trainings to address re-al-world needs of organizations and pres-ent their concepts to these clients.

Teaching format consists of introductorylectures, eld excursions and student pres-entations.

Assessment: Team presentation and activeparticipation.

Innovation ManagementProf. Dr. Elisabeth Mller

In todays rapidly changing business envi-ronment, rms can only survive if they reg-ularly develop new products and introducethem successfully in the market. The mod-ule covers all aspects that are relevant for

rms in order to prot from innovation: de-velopment of the strategic direction for therm, formulation of an innovation strategy,managing the new product developmentprocess, and the use of intellectual proper-ty rights, such as patents and trademarks.

The goal of the module is to introducethe students to the basic concepts of in-novation management. Specically, we willcover the following topics: Types and patterns of innovation Timing of entry (rst-mover advantag-

es)

Formulating an innovation strategy Choosing innovation projects Collaboration strategies Innovations with patents and other

M

ANAGING

ORGANIZATIONS


6/11

FINANCEAN

DB

ANKING

6

rights Organizational structures conducive

to innovation Managing the new product develop-

ment processIn-class teaching will be mainly based on

interactive lectures and the discussion ofcase studies.

Assessment: Exam.

Live long and prosper: Organization-al and Human Resource DevelopmentProf. Dr. Erich Barthel / Prof. Dr. MyriamBechtoldt

Organizational and Human Resource De-velopment inuence each other. In therst part we will show how organizationalstructures and culture affect the abilities oforganizations to be efcient in delivering

expected outcomes and in exploring newopportunities for business. With a focuson culture we will discuss the role of sensemaking and creating purpose in high per-formance organizations and the ongoingdemands of change. In the second part wewill work deeper on specic consequencesfor individuals.

Since the early 1990s, sick leaves due towork-related strain have continuously beenon the rise. While the number of sick leavesdue to physical impairments (musculoskel-etal, respiratory, cardiovascular) remainedconstant, strain-related diseases (burn-out) have nearly doubled. How to combatthis development? What measures do or-ganizations need to take? What measurescan employees take? What are the charac-teristics of healthy jobs? Students willacquire expertise on work-related healthmanagement and reect their own stressmanagement techniques.

Teaching format consists of lectures, stu-dent presentations and interactive casestudy discussions in class.

Assessment: Presentation and active par-ticipation.

Marketing Strategy and AnalyticsProf. Dr. Dominik Georgi / Prof. Dr. ChristianSchulze

The purpose of business is to create andkeep a customer. Peter Drucker (1954)

The nancial success of a company de-pends on its ability to acquire and retain

protable customersto develop a suc-cessful marketing strategy, however, is nota simple task.

This module serves at least three goals:

First, students will learn about new toolsto help them understand and analyze themarketing strategies of successful (and un-successful) companies.

Second, students will apply the under-lying analytical concepts and learn, forexample, how to identify the needs of po-tential customers, and how to analyze thedrivers of customer behavior.

Third, students will discover how market-ing drives companies nancial success andultimately shareholder value.

This module is a cornerstone of businessadministration. Non-Marketing studentsshould take this module to learn aboutstrategy and customer orientation. Theywill gain important insights that will helpthem in their future career, even if they willnever work in a Marketing function.

For students with a focus on Marketing,this module provides them with a broad

range of important tools and introducesthem to marketing problems in a variety ofsettings.

Class sessions will rely heavily on casestudies to complement traditional lecturesand exercises. Group projects will give stu-dents a practical, hands-on experience.


Operations Modeling

Prof. Dr. Rainer Sibbel / Prof. Dr. JrgenStrohhecker

In this module students will learn a varie-ty of (mostly quantitative) modeling tech-niques and management methods to solveoperations management challenges. Thesechallenges are drawn from various Opera-tions Management areas including processdesign, supply chain management, sched-uling, supply and demand planning, andproject management.

Students will learn how to develop mod-

els, analyze and provide data, solve mod-els, conduct optimization and sensitivityanalyses and interpret and communicateresults. Both general software packages(for example Microsoft Excel) and specicsimulation software (for example Arena)are used.

By successfully passing this module par-ticipants will have the knowledge and toolsat hand to conduct Operations Manage-ment consulting projects, specically (dis-crete event) simulation studies.

Teaching format consists of interactivelectures, workshop-style lectures, self-studyelements, exercises, modeling challengesand small-scale projects.

Assessments: Modeling exercise, short

presentations, homework, written exam.

Operations Project Field StudyProf. Dr. Rainer Sibbel / Prof. Dr. JrgenStrohhecker

This module provides a eld- and class-room-based experience in simulation

based analysis and project management.At the conclusion of the module, studentswill have applied and demonstrated work-ing knowledge, techniques and practiceslearned in Operations Management spe-cically (but also in IT, stochastics, organ-izational behavior, leadership, and otherdisciplines).

The cornerstone for the coursework is theTeam Consulting Project, an approximate-ly three month project in which groups offour to six students work with a local com-pany to address process and/or capacitymanagement challenges.

The eld study is seen as a transitionpoint for the students from education toprofessional practice. This course createsthe space to develop, integrate, apply, anddeepen Operations Management model-ling, simulation, project management andconsulting skills.

Class sessions in this course will includeeld excursions, workshops, coaching ses-sions and student presentations.

Assessment: Milestone presentations,management presentation of project re-sults, technical documentation of modeland data, discrete event simulation model.

This module requires the successful priorcompletion of the module OperationsModellig. The language of this course isGerman, as students will work closely withcompanies in a German-speaking environ-ment.

Services MarketingProf. Dr. Dominik Georgi

Banks and other service companies facecertain challenges in their marketing andoperations which are caused by the spe-cic characteristics of service delivery andmarketing and thus service cooperations,such as the customer integration in serviceproduction, and the intangible nature ofservices.

Therefore, Services Marketing has de-veloped as an own eld in the marketing

discipline, and a lot of concepts and toolshave been developed throughout the last20 years and still are. Knowledge and ex-pertise regarding these concepts and toolsare the basis for a successful management

M

ANAGING

ORGANIZATIONS


7/11

FINANCEAN

DB

ANKING

7

and marketing in service organizations especially because there often is a lack ofawareness regarding basic service princi-ples in many service organizations.

The objective of this course is to intro-duce students to the concepts and tools ofservices marketing, which represent a mixof conceptual and quantitative approach-es, such as:

Understanding service characteris-tics (customer integration, intangi-bility, etc.)

Customer behavior in service envi-ronments

Developing service concepts Service delivery and distribution Service pricing Managing the customer interface Measuring and managing service

quality Service recovery: Preventing and re-

acting on service failures Customer relationship managementin services

Managing demand and capacity Analyzing service productivity The successful service organization


M

ANAGING

ORGANIZATIONS


8/11

FINANCEAN

DB

ANKING

8

cycle, (ii) the sovereign debt crisis in ad-vanced economies, (iii) the imbalances be-tween advanced and emerging economies,(iv) the issues of nancial stability and thechanging business model of banks, and (v)the future of the global currency system.

The second pillar of the module is thediscussion of respective macroeconomicpolicy actions, which can be basically divid-

ed in (i) scal and monetary policy, (ii) de -mand and supply side driven actions, and(iii) Monetarism vs. Keynesianism.

Assessment: Presentations, papers, essayat the end of the course.

China and the World EconomyProf. Dr. Carsten Herrmann-Pillath / Prof. Dr.Horst Lchel

China is the emerging economic super-

power of the 21st century. The country isalready the pivotal market for many indus-tries such as automotive and renewableenergies and exerts a strong impact onglobal macroeconomics. Slowly China alsostrives to obtain a stronger voice in theshaping of global economic institutions.At the same time, however, China is facingseveral serious challenges, such as in rec-onciling ecology and growth or preparingfor the rapid demographic changes in thecoming decades.

After three decades of continuous re-forms, China still keeps many legacies ofsocialism, for example in the nancial mar-kets. The nancial sector provides the lensethrough which the nature of the Chineseeconomic system is explored in more detail.

The module offers a comprehensive over-view of Chinas growth and developmentover the long run, with a focus on the re-form period, and analyzes current challeng-es and future outlooks with special focuson the nancial sector.

Today, analyzing China is a core com-

petence for decision makers in business,nance and politics. A thorough under-standing of the economics needs to bematched with basic knowledge of history,culture and society.

Assessment: Two team presentations oftopic, nal essay on debate, individual par-ticipation.

Government Borrowing and Sover-

eign Debt CrisesProf. Dr. Paul G. Schmidt

The main topics of this module include: Public Revenue, Expenditure, Net

Borrowing Requirement, and Public

Debt Public Finance and Monetary Policy Public Debt Management Causes of Sovereign Debt Problems,

Restructurings, and Defaults Assessing the Probability of Sover-

eign Defaults Assessing Fiscal Vulnerabilities The Dynamics of Public Debt Crises

Public Debt Crises in Peripheral EuroArea Countries

The in-class time is divided into approxi-mately 70% lectures with discussions and30% team presentations by students onselected case studies.

Assessment: Team presentations, class-room discussion, nal written exam.

IncentivesProf. Dr. Eberhard Feess

Setting the right incentives can be seenas one of the core objectives of both Eco-nomics and Management. Misalignmentsof incentives between the society and bankmanagers can trigger nancial crises andbail-outs, misalignments of the incentivesof managers reduce shareholder value, andmisalignments of customers interests andthe incentives of privatized rms inducelong waiting lines (e.g. in post ofces) orfrequent delays (e.g. of trains).

In recent years, the perspectives of Eco-nomics and Management on incentiveproblems have become more and moreinterlocked, thereby considerably bene-tting both disciplines. On the one hand,Economic theory provides useful tools suchas principal-agent theory, game theory,contract theory and auction theory whichallow to capture and to discuss incentivetopics in a radical way. On the other hand,Management theory sharpens our under-standing of the actual consequences ofincentives with its strong emphasis on ex-

perience and behavioral foundations, andexperimental economics completes the pic-ture by providing us with stable behavioralpatterns in controlled environments. Themodule combines these perspectives witha clear focus on real-world phenomena.

The module gives an overview on eco-nomic tools (game theory, principal-agenttheory, asymmetric information) and be-havioral and experimental insights (pros-pect theory, reciprocity, crowding-in orcrowding-out of intrinsic motivation) re-

quired for applying incentive theory inpractice. Topics discussed are both fromEconomics and Management and include(in Management) Hierarchies, Delegation,the Allocation of Decision rights and In-centives in teams as well as (in Economics)

Applied Business and EconomicForecastingDr. Dirk Rudolph

Forecasting is one of the most practicaland useful applications of quantitativemethods in business. Without well-in-formed forecasts, decision makers willoften time make choices that turn outto have undesired consequences. This iswhere young graduates, who enjoy de-signing applicable forecasting models canmake a real contribution to improve busi-ness decision making.

The objectives of this module are (a) togive students an introduction to forecast-ing applications in areas like productionplanning, optimal inventory control, salesforecasting for established products aswell as product innovations and statisticalarbitrage trading, and (b) to demonstratethe high economic value of improved

forecasts.The emphasis of the module is on ex-

plaining the meaning and interpretationof key concepts and methods, and theperspective taken is that of a real life de-cision maker. The module will make use ofopen source learning resources includingsoftware and publicly available data. Itexclusively relies on case studies that onlyuse real life data.

Furthermore, the module will also teachthe use of data bases like Datastream,

Bankscope and AMADEUS and the practi-cal use of research tools.For students who consider a career in in-

dustries like banking, business consulting,energy, fashion, food, logistics, personnelservices, private equity, real estate, ortourism this course can lay the founda-tion for a more advanced bachelor thesis,which will give them a competitive advan-tages in job markets for business analysts,business development managers, marketresearchers, and risk managers.

Assessment: Homeworks, class presenta-tion of literature and a nal paper.

Challenges of the World EconomyProf. Dr. Horst Lchel

The module analyses short and long-termchallenges of the world economy and dis-cusses possible solutions outlined in theWorld Economic Outlook and the GlobalFinancial Stability Report published by theInternational Monetary Fund (IMF). Both

reports analyse the current features of theworld economy and the global nancialmarkets respectively.

A special focus is given to the analysis ofthe following areas: (i) the world business

E

CONOMICS


9/11

FINANCEAN

DB

ANKING

9

Competition Policy and Privatization. Themodule strongly focuses on the content andthe conclusions rather than on the mathe-matical structure of the models.

The in-class time is divided in 60% lectures(including discussions, of course) and 40%group presentations by students. Self-studyincludes the preparation of the presenta-tions and the reading of articles provided by

the lecturer.

Assessment: Final written exam; presenta-tion of group work and classroom discus-sion.

International Monetary Relations andCurrency CrisesProf. Dr. Paul G. Schmidt

The main topics of this module include: The Balance of Payments in National

Accounting FX Markets, FX Instruments, and FX

Strategies Foreign Exchange Rate Regimes and

Monetary Arrangements Foreign Exchange Rate Regimes in

Historical Perspective Theories on the Determinants of For-

eign Exchange Rate Dynamics Causes of Currency and Balance of

Payments Crises Early Warning Systems of Currency

CrashesThe in-class time is divided into approxi-

mately 70% lectures with discussions and30% team presentations by students on se-lected case studies.

Assessment: Team presentations, classroomdiscussion, nal written exam.

International Trade and Economic In-tegrationProf. Dr. Paul G. Schmidt

The main topics of this module include: Theories on the Causes and Effects of

International Trade The Impact of Trade on Economic De-

velopment and Poverty Theory and History of Protectionism

and Trade Disputes History, Functions and Reform of the

World Trade Architecture Regional Economic Integration: Eu-

rope, The Americas, Asia, and Africa World Commodity Markets: Agricul-

ture, Minerals, Metals, Crude Oil andNatural Gas

Foreign Direct Investment: Causes,Trends, and Effects

The in-class time is divided into approxi-

mately 70% lectures with discussions and30% team presentations by students onselected case studies.


Monetary Theory and Policy

Prof. Dr. Paul G. SchmidtThe main topics of this module include:

Theories of Money Demand: Clas-sical, Keynesian, Monetarist andPost-Keynesian

Theories of Money and Credit Sup-ply: Monetarist, Keynesian andPost-Keynesian

Financial Markets and Financial In-stitutions

The Process of Monetary Transmis-sion

Targets, Strategies and Instrumentsof Monetary Policy

Monetary Policy in Practice: EuroArea, US, UK, Australia, Russia, Chi-na and Brazil

The in-class time is divided in approxi-mately 70% lectures with discussions and30% team presentations by students onselected case studies.


Public Economics and Political Econ-omyProf. Dr. Alexander Libman

Modern market economies, including theirnancial sector, are products of permanentand often not entirely justied interven-tions of the public budget. Therefore it be-comes crucial to understand the reasonsfor these interventions from both theoreti-cal and practical point of view, the mecha-nisms and the tools of these interventions,as well as whether the theoretical predic-tions are indeed able to explain what is re-ally going on in the area of scal relations.

The aim of the module is to cover theproblems of public nance and economics,that is, reasons for, organization of andboundaries of the public economic activity.

The module covers three main topics: thenormative analysis of scal policy (aims ofpublic economic activity, principles of or-ganization of public budget, discussion ofscience and art of economic policy); po-

litical economy of scal policy (looking atdecision-making mechanisms in the scalarea in democracies and non-democraciesand economic theory of politics); and scalpolicy in the global economy (for example,

tax competition).

Assessment: Term paper, presentation,short discussion.

Seminal Articles in Economics andFinanceProf. Dr. Adalbert Winkler

This module aims at introducing stu-dents to key papers (or books) and mod-els that have made a difference in thedevelopment of economics and nance.

The module will be taught in semi-nar form. The overarching theme of themodule may vary from the year to year,also reecting recent developments in(international) macroeconomics andnance. The theme will be presentedin the course description made availa-ble by the instructor at the end of the

preceding semester.Assessment: Active class participation,presentation, paper.

E

CONOMICS


10/11

FINANCEAN

DB

ANKING

10

tainability? What are the pillars of successful

stakeholder management? Doing well by doing good illusion

or business excellence?

Assessment: Homework assignments, pres-entation.

Economic Philosophy: An Interdisci-plinary CourseProf. Dr. Hartmut Kliemt

This modul deals with normative and factu-al conceptions on fundamental institutionsand the human decision-making appara-tus.

After completing the module studentswill know how to nd their own waysthrough the maze of complex normativeand factual arguments of economic philos-

ophy and understand their relation and usefor management.

The module is built around central textstypically concerning a topic of currentinterest. The emphasis is on detailed dis-cussion along with analytical understand-ing of problems rather than on textualknowledge. The texts will serve basically asspringboards for discussion.

The contents of the module can be un-derstood best by mentioning some of thetexts that will be read: Acemoglu/Robin-son: Why Nations Fail, Hayek: Consti-tution of Liberty, Lahno: Vertrauen, andOstrom: Governing the commons.

Assessment: Essay.

International and European Corpo-rate LawProf. Dr. Redenius-Hvermann

Comparative corporate law with a mainfocus on German, French, English, Span-ish and U.S. law. The basic organizationalforms used for business in Europe and theUnited States will be presented (partner-ships and corporations). Students will getan overview of the constitution, manage-ment and governance structures in thevarious forms of corporations. CorporateGovernance will be the central theme ofthe module. European requirements willalso be considered.

Assessment: Presentation, small case stud-ies, participation in an excursion to a Court

or a law rm.

International Healthcare BusinessProf. Dr. Afschin Gandjour / Prof. Dr. RainerSibbel

The evolution of the health sector intoone of the most intricate, dynamic, andfar-reaching industries in the world hasfuelled the demand for leaders with bothbusiness acumen and exceptional insightinto the complexities of the industry.Equally critical is the need for creative, newapproaches to improve patient outcomes,access to care, and cost management strat-egies.

The rst part of the module focuses onhealth systems management and econom-ics and will provide participants with anoverview on the different areas of healtheconomics, current trends and develop-ments and analyze and compare varioushealth systems from around the world. Stu-dents will explore some of the key drivers

for health reform that have shaped andreshaped international health systems overthe last two decades and continue to drivecurrent change.

The second part the module addressesthe ow of services within the healthcareindustry and the potentials and challengesof health care value chains. Students willanalyze trends in the international trade ofhealthcare services.

More specically, topics include: Overview to health economics

Basic operation of health systemsworldwide Types and institutions of health sys-

tems Health system regulation Economic evaluation of pharmaceu-

ticals and medical devices Healthcare Industry Segments and

Globalization Healthcare Value Chain International Healthcare Business

Models

Assessment: Executive summary, teampresentations.

International OrganizationsProf. Dr. Carsten Herrmann-Pillath

International organizations are an essen-tial determinant of global business andaffect all areas of economic activity, reach-ing from international trade policy or thestandardization of technology to the reg-ulation of consumer product safety. At the

same time, they have become the crucialchannel through which civil society caninuence the shaping of global economicinstitutions.

International organizations and civil so-

Business DiplomacyDr. Matthias Catn

In a world where the spheres of business,government and society converge, everycompany has to be a savvy player in thepublic arena. Most businessesbig andsmallact globally today for sourcingand sales.

Geopolitical events, new regulations inother markets, natural disasters, changingpublic perceptions, etc. can have a directimpact on a companys bottom line, evenif they happen far away.

Business leaders need to maintain re-lationships with key government of-cials and other stakeholders, thus actingas ambassadors of their companies verymuch like traditional diplomats do rep-resenting their countries. They also needto anticipate changing political and so-cietal circumstances, build and leverage

networks and generally take a proactivestake in societal and political matters thatinuence their business environment.

In this module we will analyze situationsthat affect companies and discuss strat-egies they can employ to minimize risksand maximize opportunities arising fromchange in the global public environment.

Assessment: Presentation, case study,short essay.

Corporate SustainabilityDr. Veronika Kneip

Sustainability is a buzzword that is usedboth to describe concepts dealing withthe long term success of the corporationand with normative ideas of sustainabledevelopment in the sense of the Brundt-land Commission Report of 1987, that is,meeting the needs of the present withoutcompromising the ability of future gener-ations to meet their own needs.

The module will analyse those divergingand not always consensual meanings ofsustainability. There is a variety of con-cepts connected to sustainability whichunderline the interconnectedness of cor-porations, society and the environmentsuch as the resource based view of therm, the triple bottom line, stakehold-er approaches or ideas of inter- and in-tra-generational justice.

We will discuss the conicting demandscorporations have to deal with basedupon the following core questions:

How do corporations balance eco-nomic, environmental and socialtasks?

What are the relevant guidelinesand indicators for measuring sus-

BUSINESSANDSOCIETY


11/11

FINANCEAN

DB

ANKING

11

ciety act together in the formation of aglobal public sphere, such as in the areaof human rights or environmental policy.Global leaders in international businessneed to have a thorough understandingof the peculiar dynamics in this eld thatshapes future political contexts of strategydevelopment.

The course combines an introduction

into the theoretical tools to analyse inter-national organization with an interactiveapproach to understanding the politicaleconomy of IO. Students play roles as rep-resentatives of international organizations,civil society initiatives and business lobbygroups; they discuss policy issues acrosseight policy domains. Based on inputs bythe lecturer, the simulations are reectedupon by making use of theories and con-cepts in economics, political economy andpolitical science.

Assessment: Two team presentations oftopic, essay on nal debate, individual par-ticipation.

Leadership and Ethics in Global Busi-nessProf. Dr. Erich Barthel

Leadership in global business is facinggreat challenges. Whereas free and dereg-ulated markets provide new opportunitiesfor doing business they also strengthenthe need for leaders to take responsibiltybeyond the prot goals of the corporation.

We will provide a theoretical frameworkand concepts to better understand culturaldifferences, through which we can developcompetences and adopt attitudes to helpus keep an open and comprehensive mindfor different cultures and, at the same time,overcome barriers and harness pitfalls.

The GLOBE Study provides data and dis-cussions on successful and less successfulmanagerial practices in different cultures.

In our module we will present the elemen-tary ndings and discuss some of the con-sequences for hiring, selecting and devel-oping leaders for a global economy. Oncein place leaders have to be aware of theirresponsibilties. There seems to be both acall for strong and efcient leaders as wellas for ethical and sustainable leadership.

In our presentations and discussions thefocus will be on how the individual cannd his or her way in the conict arisingfrom legal and corporate demands as well

as from traditional and upcoming culturalrequirements.

Assessment: Two group presentations (arti-cle and case study) with discussion, activeclass participation.

The Political Economy of the Europe-an Economic and Monetary UnionProf. Dr. Horst Lchel

The focus of the module is the ongoingcrisis of the European Monetary Union(EMU), its origin and possible solutions.The module starts with a discussion of theinstitutional architecture and the govern-ance model of EMU and EU. It turns thento the development of propositions aboutthe causes of the sovereign debt crisis inEurope based on the theory of optimumcurrency areas. Thereby, a special focus isgiven on the balance-of-payment diver-gences between EMU countries.

Next comes an evaluation of the politicalcrisis management and its results with afocus on (i) the debate between differentcamps of economists, basically integration-ists vs. minimalists, (ii) the implementedand intended instruments to overcome the

crisis like ESM, scal compact and a Euro-pean banking union, for instance, and (iii)the monetary policy of ECB in times of cri-sis like the OMT-program (Outright Mone-tary Transaction) that indeed manifests therole of the ECB as a lender of last resort.

Assessment: Presentations, papers, essayat the end of the course.

Practical EthicsProf. Dr. Hartmut Kliemt

This module deals with some ethical the-ories and the way in which a reective(wide) equilibrium on ethical problems canbe reached. After completing the modulestudents will understand the limits of eth-ical knowledge but also why it does notmatter much that substantive normativeknowledge is so limited.

The module is built around central textstypically concerning a topic of actual inter-est. The emphasis is on detailed discussion

along with analytical understanding ofproblems rather than on textual knowl-edge. The texts will serve basically asspringboard for discussion.

Topics will generally be related to eth-ics and economics under a scarcity con-straint. Organ allocation or triage wouldbe typical topics.

More generally speaking health ethicsand economics, inter-generational and in-ternational justice, equality in education,business ethics and responsibility, the nor-mative limits of markets and other topics

will also be covered.

Assessment: Essay and presentation.

BUSINESSANDSOCIETY

Documents

Bachelor of Science - Advanced Study Phase