Course handbook MSc in Finance - Cass Business School · This handbook provides all the information you need about the MSc in ... • Mergers & Acquisitions / Private Equity Terms

September 2012

Course handbookMSc in Finance

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Table of Contents

Section 1 Course Director’s Welcome 2

Section 2 Programme Information 3

Programme Aims 3

Programme Structure 4

Assessment Matrix 5

Term Dates and Assessment Periods 7

Section 3 Module Descriptions 8

SMM464 Advanced Corporate Finance 8

SMM201 Asset Management 10

SMM527 Business Research Project 14

SMM467 Corporate Finance & Valuation 16

SMM200 Derivatives & Risk Management 20

SMM249 Financial Reporting 22

SMM516 Fixed Income 24

SMM113 International Finance 26

SMM236 Mergers & Acquisitions / Private Equity 28

SMM522 Research Project Management Skills 32

SMM248 Statistics in Finance 34

SMM148 Theory of Finance 36

Elective Information 38

Section 4 Regulations 39

Degree Requirements 39

Assessment Calculations 39

Coursework 40

Peer Assessment 41

Failure and Re-sitting of Modules 41

Award of Merit and Distinction 42

Grade Related Criteria 43

Section 5 Additional Information 44

MSc Course Office 44

Virtual Learning Environment (Moodle) 44

Personal Tutors, Staff Contact Details 45

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Section 1 Course Director’s Welcome

It gives me a great pleasure to welcome you to Cass Business School.

This handbook provides all the information you need about the MSc in Finance. It covers

administrative procedures, assessment and regulations, course structure and subject outlines. You will need to refer to the handbook throughout the year. Please keep it in a safe

place.

We aim to provide you with an academically rigorous and professionally relevant education

that will serve your career needs for a long time in the future. The next 11 months involve lots of hard work, but plenty of fun as well. Please try to make the most of it.

My colleagues and I will be delighted to help in any way we can. Please come to see me

whenever you wish to discuss any aspect of your studies.

With best wishes for a good year,

Professor Richard Payne

Course Director of MSc in Finance

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Section 2 Programme information

Programme aims

The world of finance, with its varied career opportunities and continuous demand for sharper, brighter and more adaptable employees, is an attractive choice for many top-calibre

graduates with numerical skills. Companies are now looking for a combination of high-level

interpersonal skills, in-depth knowledge and analytical skills to enable them to succeed in

this rapidly changing and ever-more complex environment. It is with this in mind that the MSc in Finance has been developed.

The course fully integrates theory and practice. Top-rated academic teaching from the Cass

Business School provides a broad theoretical knowledge base, while a strong practical orientation is delivered by professionals from major firms in the City of London. It provides

students with:

• A thorough and comprehensive grasp of the principles and applications of finance,

together with enduring technical and conceptual skills;

• A broad-ranging experience of quantitative techniques relevant to finance;

• A focus on financial issues in many industry sectors;

• Excellent opportunities to make contacts within the City of London;

• A genuinely international, multicultural perspective with a global focus; and

• A highly flexible qualification suitable for a wide range of career openings in the financial

sector.

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Programme structure

Term 1

Core subjects for all students:

• Corporate Finance & Valuation

• Financial Reporting

• Statistics in Finance

• Theory of Finance

Term 2

Core subject for all students:

• Asset Management

• Derivatives & Risk Management

Elective subjects (two of the following):

• Advanced Corporate Finance

• Fixed Income

• International Finance

• Mergers & Acquisitions / Private Equity

Terms 1 &2

• Research Project Management Skills

Term 3

Option 1: Five specialist electives

Option 2: Business Research Project and one specialist elective

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Assessment Matrix

Module Title Module Code

Credits Assessment weightings used to calculate module mark

Coursework Examination

Term One – core modules

Corporate Finance & Valuation SMM467 15 25% 75%

Financial Reporting SMM249 15 25% 75%

Statistics in Finance SMM248 15 25% 75%

Theory of Finance SMM148 15 25% 75%

Term Two - core modules

Asset Management SMM201 15 25% 75%

Derivatives & Risk Management SMM200 15 25% 75%

Term Two – elective modules (two of the following)

Advanced Corporate Finance SMM464 15 25% 75%

Fixed Income SMM516 15 25% 75%

International Finance SMM113 15 25% 75%

Mergers & Acquisitions / Private Equity

SMM236 15 50% 50%

Terms One & Two - core module

Research Project Management

Skills

SMM522 10 100%

Term Three

Option One

Elective 1 SMMXX 10 100%





Option Two

Business Research Project SMM527 40 100%


Degree Total 180

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ECTS equivalencies

Each MSc course is worth between 180 - 210 CAPS credits. As a general rule two CAPS credits equal one ECTS credit. (For example, a course with 180 CAPS credits is worth 90

ECTS credits.)

*CAPS (Credit Accumulation of Programme Specification)

*ECTS (European Credit Transfer and Accumulation System)

Note:

Coursework may take the form of an individual assignment, group assignment or invigilated test.

Where a module is assessed using group coursework, 20% of the mark for the component may be determined by peer assessment.

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Term Dates and Assessment Periods

Induction

17 – 28 September 2012

Term One

1 October – 07 December 2012

Term One Examinations*

14 – 25 January 2013

Term Two

28 January – 09 April 2013

Term Two Examinations*

29 April – 10 May 2013

Term Three

13 May – 28 June 2013

Term Three Assessments*

1 – 12 July 2013

Re-sit Examinations and Assessments (terms one, two and three)

19 – 30 August 2013

Business Research Project Submission Date

2 September 2013

*Please note that all students must be available for all exam and test periods. Any absence which is not caused by extenuating circumstances will result in the student re-sitting the module at a later date as a second attempt (mark capped at 50%). Examinations cannot be taken abroad.

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Section 3 Module Descriptions

ADVANCED CORPORATE FINANCE SMM464

Module Leader Professor Meziane Lasfer

Sessions 30 hours – 10 x 3-hour sessions

Module Assessment Coursework 25%

Examination 75%

Module Outline and Aims

The aim of this module is to develop an understanding of modern corporate finance so that

the corporate manager, the investment banker and the financial analyst will have the

conceptual foundations for making informed corporate assessments of key financial

decisions. The module puts significant emphasis on the interactions between capital markets

and the value of the underlying real assets.

The module will make it possible for participants to:

• appreciate the implications of modern finance theory on practical corporate finance issues;

• develop analytical skills to evaluate complex corporate finance decisions;

• understand the perspectives of corporate managers, shareholders, financiers and

financial intermediaries of key financial decisions; and

• familiarise themselves with contemporary corporate finance practice and market trends

evolving in different countries.

Learning Outcomes

On completing the module the participants will:

• know the key considerations affecting corporate finance decisions;

• understand the context and structure of corporate finance transactions;

• compete for management positions in corporate and financial institutions; and

• develop and execute complex corporate finance deals.

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Syllabus

Session 1 Capital Structure Decision: Fundamental Principles

Session 2 Capital Structure Decision in Practice

Session 3 Dividend Policy: Theoretical Background

Session 4 Dividend Policy: Empirical Evidence

Session 5 Corporate Restructuring

Session 6 Financial Distress

Session 7 Issues in Valuation of Companies

Session 8 Corporate Governance and Firm’s Financial Decisions

Session 9 Leasing

Session 10 Revision

Reading List

Main reading:

• Beck, J. and P. DeMarzo, 2011, Corporate Finance, 2nd Edition, Pearson

International Edition.

• Research papers from academic journals and www.ssrn.com, and financial press

including Financial Times, and The Economist.

Alternative Textbooks

• Brealey, R., S. Myers and F. Allen, 2011, Corporate Finance, McGraw-Hill, (10th

edition).

• Damodaran, A., 2010, Applied Corporate Finance: A user’s manual, 3nd Edition, John

Wiley and Sons.

Up-to-date articles and research papers as well as case studies from Harvard Publications

and other sources will be used to illustrate theory in real world applications.

Discipline

You are all encouraged to participate in the classes, to stop me at any time if you require any

clarification and to bring in your own experience and practices in your own country. Please

obey the following rules as a sign of respect to others:

• If you are late by more than 5 minutes after the start of the class, wait for the break to come in

• Switch off your mobile • Do not talk in the class or read/work on other material not related to the class • Do not come to the class if you don’t have your module handbook

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ASSET MANAGEMENT SMM201

Module Leader Dr Aneel Keswani



Examination 75%

Educational Aims

The module is a follow-up to Theory of Finance. Its aim is to provide a thorough

understanding of the issues that are relevant to the asset management industry with special

emphasis on portfolio performance evaluation.

Learning Outcomes


• Understand key asset pricing anomalies that are inconsistent with market efficiency and

the CAPM;

• Understand the role of size and value factors in determining security returns and the Fama French 3 factor model (market, size and value factors);

• Understand the role of momentum in determining security returns and the Carhart four

factor model (market, size, value and momentum factors);

• Know how to calculate various measures of risk-adjusted performance including Sharpe ratio, M-squared, Treynor ratio, Jensen's 1 factor alpha, Fama-French 3 factor alpha and

Carhart 4 factor alpha;

• Know different ways to measure fund manager timing ability; and

• Understand key features of the different parts of the money management industry, in particular understand their structure, their performance, their fees and the advantages

and disadvantages to investors of investing in these different sectors.

Syllabus

TOPIC 1: Overview of the Fund Management Industry

Asset classes

• Types of fund management vehicle

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• Statistical overview of the asset management industry

TOPIC 2: Return Predictability and Market Efficiency

• Efficient Market Hypothesis

• Types of market efficiency

• Consequences of EMH

• Seasonal patterns in returns

• Predicting returns from past returns

• Predicting returns from firm characteristics

• Predictability of market returns

TOPIC 3: Behavioural Finance

• Biases in Information Processing

• Biases in Framing

• Limits to arbitrage

TOPIC 4: Empirical Evidence on Security Returns

• Testing the CAPM model

• Factors beyond the market factor

• The Fama French three factor model and the size and value factors

• The Carhart four factor model and the Momentum factor

TOPIC 5: The Theory of Active Portfolio Management

• The Treynor-Black model

TOPIC 6: Portfolio Performance Evaluation I

Measuring returns

• Time weighted returns

• Money weighted returns

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Adjusting returns for risk

• Sharpe ratio

• M-squared

• Treynor ratio

• Jensen's Alpha

TOPIC 7: Portfolio Performance Evaluation II

Performance measurement with changing portfolio composition

• Market timing measures

• Market timing measures that condition on public information

Style Analysis

Controlling for size and value in performance measurement

Controlling for size, value and momentum in performance measurement

TOPIC 8: Mutual Funds

• What are mutual funds?

• Organisation of the fund management industry

• Fees charged by mutual funds

• How are funds sold to the public?

• How do mutual funds perform?

TOPIC 9: Hedge Funds

What are hedge funds?

• Where do they fit in?

• How do they differ from mutual funds?

Industry Development

Hedge funds strategies

Why do hedge funds earn so much money?

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Fees and incentives

Hedge fund indices and fund of funds

TOPIC 10: Exchange Traded Funds (ETFs)

ETFS vs mutual funds

Advantages and disadvantages

Types of ETFS

• Index-based ETFs

• Sector based ETFs

• Country ETFs

• Commodity ETFs

Reading List

Main textbook: There is no formal textbook.

Supplementary reading: Reading materials provided during lectures, case studies and

academic journal articles.

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BUSINESS RESEARCH PROJECT SMM527

Module Leader A project supervisor will be allocated

Sessions This is an individual project which students will develop in their

own time with support from their project supervisor.


Delivery of the final project, indicative length: 10,000 words

Educational Aims

• To train students to undertake individual research and provide them with an opportunity to

specialise in a contemporary business or finance topic related to their future career

aspirations

• To integrate and apply concepts from different aspects of their MSc

Learning Outcomes

On completing the project students will be able to:

• Identify specific business or finance related issues which would be useful to research and shape an achievable research question around them;

• Develop a research question and plan and carry out a research programme to address

the question;

• Understand the theories and recent research relating the project topic;

• Understand how to apply research methodologies to practical business and commercial

issues;

• Show confidence in overcoming problems raised in the course of a practical research

project; and

• Accept the challenge of carrying out a piece of research with elements of originality.

Project Requirements

The choice of project is your responsibility. It is most important that you choose an area you

are happy to work in, and in which you are confident of your abilities.

Students are encouraged to start thinking about project ideas at the beginning of their

studies. By the end of the first term you will have gained sufficient knowledge to start to

develop ideas that can be discussed with faculty. We expect you to identify the basic idea or research question, though this is likely to be modified after discussion with academic staff.

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Make effective use of the RPMS module. This module can be used to help to formulate your

ideas and design an appropriate methodology. It can also help you develop a specific project topic – the greater clarity you have about the topic of your project the more

successful it is likely to be.

The types of project allowed are:

What you can do What you can’t do

• Statistical test of a hypothesis drawn from

the academic finance literature

• Study the empirical feasibility of a

financial strategy

• Numerical project that describes and

implements one or more numerical

methods for pricing, hedging or reserving for derivatives or portfolios

• Thorough review and synthesis of the

literature on a particular academic topic

• Some evidence that the writer has learnt

a new subject, a sort of extra elective

• A piece of journalism

• A compendium of facts and statistics

• Projects totally unrelated to finance and

the academic literature in this field

Reading List

Student research and reading list will be defined by the subject matter of the project.

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CORPORATE FINANCE & VALUATION SMM 467

Module Leader Dr Andrey Golubov



Examination 75%

Educational Aims

The aim of this module is to introduce students to the field of corporate finance. This is

achieved by familiarising students with the core theoretical principles, and equipping them

with the basic and most commonly used practical finance tools. The material covered in this module is crucial for professional work in the area of corporate finance as well as for further

study of more advanced or specialised corporate-finance-related modules. It is relevant for

financial officers, economists, investment bankers, analysts, and other decision makers. The module is designed around several overarching principles such as the time value of money,

market efficiency, and the goal of value maximisation. The teaching material puts significant

emphasis on relevant theories and their practical applications, and is informed by the

pertinent academic research and examples from the corporate world from around the globe.

Specifically, the module will enable participants to:

• Appreciate the scope of corporate finance and its role in achieving the corporate

objective;

• Understand the perspectives of corporate managers, shareholders, and other

stakeholders, and realise potential conflicts of interest between them;

• Master the concept of the time value of money for making informed and carefully

evaluated financial decisions;

• Understand the risk-return trade-off and the key tools for assessing risk in capital

markets;

• Develop analytical tools for estimating the cost of equity, debt and total capital for private

and listed companies;

• Understand the role of capital structure, the process and the costs of raising capital and

its redistribution;

• Appreciate the complexities of corporate investment decisions and their sensitivity to risk

and uncertainty;

• Master tools used for assessment of investment projects and develop analytical skills to

assess the value of private and listed companies; and

• Appreciate the role of takeovers and other restructuring activities in the corporate world.

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Learning Outcomes

Upon completion of the module the participants should be able to:

• Know the key considerations affecting corporate finance decisions;

• Understand the context and structure of corporate finance transactions;

• Compete for management positions in corporate and financial institutions; and

• Develop, evaluate and execute complex corporate finance deals.

Teaching Format

The module consists of ten sessions of three hours contact time each. In addition to

classroom learning, the students are expected to devote a significant amount of time on

private and group study of the module material, and on preparation for class. Preparation for the mid-term test and the final exam will require additional study time.

Case studies are used throughout the module to illustrate theory and learn from real world

situations. Additionally, the module introduces students to the pertinent academic research

in the various areas of corporate finance.

Sessions consists of a formal lecture and a seminar-type discussion. The students are

expected to fully participate in the discussions and debates around the issues raised in the

lectures and described in the case studies. They are encouraged to bring in their own experience and practices in their countries and to ask relevant questions. Time permitting, a

guest speaker will be invited.

Syllabus

Session 1 Corporate Finance and the Corporate Objective Function

Session 2 Time Value of Money

Session 3 Valuing Securities and Firms

Session 4 Risk and Return in Capital Markets

Session 5 Evaluating Investment Projects

Session 6 Cost of Capital

Session 7 Raising Capital

Session 8 Capital Structure: An Introduction

Session 9 M&A

Session 10 Revision

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Reading List

Recommended texts:

The following two textbooks are perfectly interchangeable, and students can choose either

one. The first has more of a US focus, the second a more international perspective:

Megginson W., Smart S., Graham, J. (2010) Financial Management: Linking Theory to What Companies Do, 3rd edition, South-Western/Cengage Learning (ISBN: 978-0-538-74558-1)

Hillier D., Ross S., Westerfield R., Jaffe J., Jordan B. (2010) Corporate Finance, European

Edition, McGraw-Hill (ISBN: 978-0-077-12115-0)

Alternative texts:

Brealey R., Myers S., Allen F. (2010) Principles of Corporate Finance, Global (10th) edition,

McGraw-Hill (ISBN: 9780071314176)

The following two are more advanced texts:

Hillier D., Grinblatt M., Titman S. (2008) Financial Markets and Corporate Strategy,

European Edition, McGraw-Hill (ISBN: 9780077119027)

Vernimmen P., Quiry P., Dallocchio M., Le Fur Y., Salvi A. (2009) Corporate Finance: Theory and Practice, 2nd edition, Wiley (ISBN: 978-0-470-72192-6)

Students are also expected to read relevant research papers from the top academic finance,

economics, and accounting journals such as:

The Journal of Finance (JF)

Journal of Financial Economics (JFE)

The Review of Financial Studies (RFS)

Journal of Financial and Quantitative Analysis (JFQA)

Review of Finance (RoF)

Journal of Corporate Finance (JCF)

Financial Management (FM)

Journal of Banking and Finance (JBF)

Journal of Banking Finance and Accounting (JBFA)

European Financial Management (EFM)

American Economic Review (AER)

Econometrica (ECMA)

Journal of Political Economy (JPE)

Quarterly Journal of Economics (QJE)

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Review of Economic Studies (ReStud)

Journal of Accounting Research (JAR)

Journal of Accounting and Economics (JAE)

The Accounting Review (TAR)

Review of Accounting Studies (RAS)

In addition, students are also expected to read practitioner-oriented journals such as:

Financial Analyst Journal (FAJ)

Harvard Business Review (HBR)

Finally, students are expected to follow recent developments in the corporate world by reading the financial press, e.g. Financial Times, The Wall Street Journal, The Economist, and by visiting web-based resources such as Bloomberg and Reuters.

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DERIVATIVES & RISK MANAGEMENT SMM200

Module Leader Dr Max Bruche



Examination 75%

Module Outline and Aims

This module examines derivatives, which are a key part of modern finance. An

understanding of how they are structured, priced and used to hedge financial risks is vital for

those considering careers in equity, fixed income or currency portfolio management or trading.

This module will:

• Introduce the most heavily traded classes of derivatives securities;

• Develop models for pricing securities; and

• Help students develop an understanding of how to use derivative securities in hedging

and trading financial risks.

• The module will also introduce the basics of continuous time financial mathematics.

Content Outline

FORWARD AND FUTURE CONTRACTS

• Features of forwards and futures

• Mechanics of futures markets

• Pricing equity futures

• Pricing currency futures

• Using futures in hedging strategies

OPTIONS

• Basics of option contracts

• Introduction to continuous time finance

• Pricing options

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• Binomial pricing

• Black-Scholes pricing

• Structured products

• Exotic options

CREDIT RISK AND DERIVATIVES

• Credit risk

• Credit ratings

• Credit default swaps: description and valuation

• Collateralised debt obligations

Learning Outcomes

Upon completion of the module the participants should be able to:

• Demonstrate a sound understanding of the nature of the different classes of derivatives

and the application of derivative securities to both hedging and speculation;

• Understand the principles and application of derivatives pricing alongside the limitations

of finance theory for derivative securities pricing and hedging;

• Understand and appreciate the risks inherent in derivative securities; and

• Understand the basics of continuous time finance.

Students will learn how to:

• Price derivative securities;

• Develop and execute risk management trades using derivatives; and

• Value the potential contribution of derivative securities to sensible risk management.

Indicative Reading List

Hull (2011) Options, futures and other derivatives, 8th edition, Prentice Hall.

Baxter and Rennie (1996) Financial Calculus: an introduction to derivative pricing, Cambridge University Press.

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FINANCIAL REPORTING SMM249

Module Leader Dr Ivana Raonic

Sessions 30 hours – 10 x 3 hourly sessions


Examination 75%

Educational Aims

The aim of the module is to provide students with an understanding of the principles and

practices of accounting, the characteristics and limitations of accounting data. The module

will make it possible for participants:

• To prepare and interpret financial statements;

• To comment on accounting policies and to discuss their implication for the financial

performance of the business; and

• To use accounting information to assess the financial situation of a company.

Learning Outcomes

On completion of the module, the participants will:

• Understand the accounting principles and methods underlying financial reporting;

• Have the technical knowledge to read and understand financial information; and

• Be able to prepare a set of financial statements.

Sessions

Session 1 Introduction to financial reporting, recording business transactions and

preparing financial statements

Session 2 Accrual and cash accounting

Session 3 Inventory transactions

Session 4 Non-current assets

Session 5 Mid-term test

Session 6 Long-term liabilities

Session 7 Shareholders’ equity

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Session 8 Cash flow statement

Session 9 Inter-corporate investments, group accounting and foreign exchange translation

Session 10 Revision

Reading List

• Stolowy, H. and M.J. Lebas. Financial Accounting and Reporting. A Global Perspective. 3rd Edition, 2010, Cengage Learning (ISBN 978-1-4080-2113-2)

• Thomas, A. and Ward, A.M. Introduction to Financial Accounting. 7th Edition, 2012.

McGraw-Hill (ISBN 13 9780077132682)

• Collins, B. and J. McKeith. Financial Accounting and Reporting. 2010 Edition. McGraw-Hill (ISBN 978-0-07-711452-7)

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FIXED INCOME SMM516

Module Leader Professor Alessandro Beber

Sessions 30 hours – 10 x 3 hourly sessions


Examination 75%

Educational Aims

The aim of this module is to introduce students to all the tools necessary to enable them to

understand the problems involved in managing a fixed income portfolio. The focus will be on fixed income security markets, pricing and uses for portfolio management or for hedging

interest rate risk. It will also cover term structure analysis and the use of derivative

instruments in bond portfolio management.

Learning Outcomes

Students will be able to:

• Understand the fixed income investment process;

• Understand how to construct and then risk manage a bond portfolio;

• Recognise how management style might vary according to the fixed income asset class

that is being managed; and

• Use interest rate-related derivatives to hedge and get exposure to market and credit risk.

Syllabus

• Bond markets

• Bond valuation

• Term structure of interest rates

• Price sensitivity and hedging

• Euro currency markets

• Interest rate swaps

• Risk-neutral pricing and Interest rate models

• Bond Portfolio Management

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The sessions will comprise lectures, participative discussions, case studies, and problem

solving. Students are expected to undertake an equivalent amount of learning time in private and group study. The private study should involve reading the set texts and journal

papers.

Reading List

Module lecture notes.

Bruce Tuckman, Angel Serrat, 2012, Fixed Income Securities: Tools for Today's Markets

(3rd edition), Wiley Finance series.

Further reading: to be advised.

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INTERNATIONAL FINANCE SMM113

Module Leader Professor Ian W. Marsh



Examination 75%

Educational Aims

The aim of the module is to provide the foundations of international financial management,

exchange rate determination and an overview of recent issues and debates in the exchange

rate and international finance literature.


• Describe the fundamental international parity relationships among exchange rates,

interest rates and inflation rates and explain why deviations from this may occur;

• Gain in-depth knowledge of the spot and forward exchange market and its institutions and mechanisms;

• Outline the assumptions and implications of the basic models of exchange rate

determination and explain the differences between them; and

• Discuss critically the various types of international monetary systems under which the world economy can operate and has operated at various points in time.

Learning Outcomes

On completing the module the participants will be able to:

• Explain why and how expectations affect exchange rates;

• Evaluate critically the core empirical evidence related to fundamental debates on issues

such as the purchasing power parity puzzle and market efficiency;

• Discuss recent issues in international finance such as target zones and currency crises;

and

• Identify the basic factors affecting exchange rates under different international monetary

agreements such free floats, managed floats, and fixed-rate systems.

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Syllabus

FX market: determinants and functions

Exchange rate definitions, exchange rate equilibrium, interaction of arbitrageurs, hedgers

and speculators in FX markets, spot and forward rates, alternative exchange rate regimes.

International arbitrage relationships

Law of one price, purchasing power parity, uncovered and covered interest rate parity and

the carry trade.

Macroeconomic models of exchange rate determination

The flexible-price Monetary model, Dornbusch overshooting model, asset approach to exchange rates, news and exchange rates

Microeconomic models of exchange rate determination

Foreign exchange order flow and exchange rate determination, exchange rate forecasting.

Developing countries and international finance

Exchange rate regime choice, target zones, models of currency crises, early warning crisis

indicators.

Reading List

Richard Levich International Financial Markets 2nd Edition (McGraw-Hill)

Paul Hallwood and Ronnie MacDonald International Money and Finance 3rd Edition

(Blackwell)

Michael Rosenberg Exchange Rate Determination (McGraw-Hill)

Further readings are provided in the lecture notes for each topic.

Other readings:

Module participants are requested to read The Financial Times regularly, and weekly magazines such as The Economist. Frequently during lectures there will be a chance to comment on important facts and news related to issues

addressed in class. A number of other academic and professional articles will be referenced in lectures.

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MERGERS & ACQUISITIONS / PRIVATE EQUITY SMM236

Module Leaders Scott Moeller and Edgar Miller


Module Assessment

The module is assessed by coursework and a final examination in April. The coursework

counts for 50% and the exam for 50% of the overall module mark.

Educational Aims

The principal learning outcomes of this module are twofold. The objective of the first half of

the module is for students to become comfortable with, if not fluent in, the topic of Mergers &

Acquisitions. Students should complete this section of the module with not only an understanding of the financial concepts applied to M&A but, more importantly, a full

recognition of the impact on organisations and people of corporate restructurings. This first

half of the module will focus on strategic deals between corporate acquirers. The objective of

the second half of the module is to provide a broad appreciation of Private Equity as a special case in financial sponsor deals. Although it is not intended to prepare students for

becoming private equity practitioners (just as the first half of the module is not intended to

prepare students to be M&A advisors), it will provide a good introduction for those with future career interests in these sectors.

Intended Learning Outcomes

On completing the module, students should:

• Know the key phases and disciplines of the M&A and private equity investment life-

cycles, as well as the time-scale for post-merger integration in strategic deals and making

and realising private equity investments;

• Have the ability to assess the appropriate valuation methodologies in potential M&A transactions of various types (this will necessarily include the distinctions between

valuation and pricing, and will also cover the payment methods used);

• Develop an understanding of the full-costing of a deal;

• Understand the importance of regulations and the roles of various external advisors in the deal process;

• Understand how private equity and M&A have evolved over time, their global structure

and importance;

• Appreciate the distinctive characteristics of the two primary forms of private equity –Venture Capital and Buyouts – and the role they play in investments, their economics,

returns, risks, skill requirements and similarities/differences;

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• Understand how prospective deals are sourced, evaluated, modelled, valued, structured

and negotiated;

• Know how private equity fund managers do their job and interact with the entrepreneurs

who manage their portfolio companies;

• Appreciate how private equity funds work, their economics, investment returns and how

returns are measured and benchmarked; and

• Appreciate the distinctive characteristics of private equity as an important asset class, the

role private equity plays in diversified multiple-asset-class investing, and the key

considerations for institutional investment in private equity funds.

Syllabus

Mergers and Acquisitions Component

The five M&A sessions will cover the following topics and cases (note that the cases are subject to change). The structure of this part of the module will be discursive and the

learning will come from the readings, cases and classroom discussion; note that no

PowerPoint slides are used in these first five sessions:

• Session 1: Introduction to the module, including overview of the M&A process and the

history of M&A (Case: Kraft / Cadbury)

• Session 2: Merger arbitrage / regulation (Case: Malcolm Glazer purchase of Manchester United)

• Session 3: Defensive and offensive strategies (Case: Sir Philip Green / Marks & Spencer)

• Session 4: Valuation, pricing and financing (Case: Deutsche Bank / Bankers Trust plus an

in-class case exercise, Pfalz, AG)

• Session 5: Integration planning and post-merger integration / Advisors (Case: Bank of New York/Mellon Financial)

Private Equity Component

The five Private Equity sessions of the module are practically oriented and are aimed at providing a broad-gauged, real-world understanding of the private equity investment

process. Lectures are supplemented by analysis and class discussion of case studies,

understanding deal valuation/structuring approaches through the solution and discussion of assigned problem sets, and interaction with guest lecturers from the private equity sector.

Significant preparatory time will be required in advance of class for reviewing lecture notes,

reading background material, solving assigned problem sets and analysing case studies.

• Session 6: Overview of Private Equity

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• Session 7: Doing venture capital deals (Case: Centex Telemanagement)

• Session 8: Doing buyout deals (Case: Berkshire Partners: Bidding for Carters)

• Session 9: Structure, returns and characteristics of Private Equity funds

• Session 10: Investing in Private Equity funds – The LP’s perspective (Case: Yale

University Investments Office: August 2006)

Assessment


There will be a quiz at the start of each of the M&A sessions (excepting the first session).

These will combine some multiple choice questions with short answers. Combined, the quizzes will serve as the coursework component of the module and will count as 50% of the

final mark. The quizzes will be handed out at the beginning of class and will be collected

during the same class. The material covered in the quiz will also be used as learning during

the class. There will be one - and only one - make-up quiz (to be scheduled for after the module) for anyone who has missed one of the earlier quizzes with a valid excuse

authorised by the Course Office (which, except in the case of an emergency, needs to be

notified to the Course Office prior to class).


There will be an invigilated exam in the April exam period. This will count as 50% of the final

mark.

Reading List


This is a case-study-based module. Therefore, each session will focus on one case which will be provided in the module handbook. Students will prepare the initial analysis of the

case for each class. Students are encouraged to swap ideas about the cases with other

students and to begin to formulate individual and group ideas about the material prior to the class. Do note that ALL of the cases have been authored by students and faculty at Cass;

many are the product of research conducted as part of student Business Research Projects

(MBA or MSc students). There are also assigned readings from one textbook and from articles that are available on the Business School Library’s databases. Additional readings

may be distributed or referenced during the module, especially contemporary articles from

the financial press (usually the Financial Times).

The following textbook is required for the module, although we will not refer to all of the material in the book as selected chapters only will be referenced:

• Intelligent M&A: Navigating the Mergers and Acquisitions Minefield - Scott Moeller &

Chris Brady (Wiley, 2007)

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There is no text book for this part of the module and all required reading will be provided. However, the following books are relevant and may be of interest to the serious student:

• Inside Private Equity – James Kocis, James Bachman, Austin Long & Craig Nichols

• Valuation: Measuring and Managing The Value of Companies - Tim Koller, Marc

Goedhart & David Wessels

• Private Equity Exits – Stefan Povaly

• Private Equity as an Asset Class - Guy Fraser-Sampson

• Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment - David F Swensen

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RESEARCH PROJECT MANAGEMENT SKILLS SMM522

Module Leader Various


Module Assessment

This module is assessed by two pieces of coursework. At the end of Term 1, students will

take a test that examines their Excel modelling skills. In Term 2, students will be asked to submit a literature review on a topic chosen from a set provided by the teaching staff.

Educational Aims & Objectives

The aim of this module is to develop student skills in conducting financial research (whether

in industry or academia). In Term 1, there will be sessions showing students how to extract data from common financial databases and a set of lectures on modelling financial data in

Excel will be provided. The module will continue in Term 2 with two sessions that introduce

students to the skills involved in researching and constructing reviews of the academic literature relevant to a particular research question.

Learning Outcomes


• Develop skills in searching the academic literature for work relevant to a particular research question;

• Gain experience in constructing and writing literature reviews;

• Develop an understanding of commonly used sources of financial data and develop skills

in extracting and handling data; and

• Develop skills in organising and manipulating research data in Excel.

Syllabus

This module will run over the course of Term 1 and Term 2, with sessions from Cass’s

Database Manager, external consultants and academics.

Sessions will include:

• Use of Databases: Empirical research involves collecting and analysing financial data. Such data can be extracted from Financial Extel, DataStream, London Share Price

Database (LSPD), Reuters etc. The session will review key databases available at Cass.

• Research Methodologies: These sessions will provide information on how to model and

manipulate data extracted from financial databases in Excel. Students will be taken step by step through processes necessary to performing analysis and creating reports.

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• Literature review skills: the Course Director will give two sessions in Term 2 on how to

search databases to find existing research related to a particular question and then how to structure a review of existing research.

• Application of Research: This session will develop the practical relevance and application

of research methodologies within the MSc study routes, providing advice and guidance

on the choice between the Business Research Project and elective route and developing the skills necessary to getting the most out of these options.

Reading List

Students will be provided with links to resources and practical material throughout the

sessions.

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STATISTICS IN FINANCE SMM248

Module Leader Professor Ana-Maria Fuertes

Sessions 30 Hours – 10 x 3-hour sessions


Examination 75%

Educational Aims and Objectives

This module is designed to give students an understanding of the basic tools for the statistical and econometric analysis of financial data. Finance theory often makes convenient

assumptions that facilitate the derivation of theoretical results but which may be questionable

in practice.

A good grounding in statistics will enable students to develop empirical tests for such assumptions and estimate econometric models that can be used, for instance, in asset

pricing and forecasting. The development of empirical models that are coherent with

observed financial data in turn indicates directions in which financial theory may be improved.

The module has an applied or ‘hands-on’ emphasis and students will therefore be given a

good grounding on how to use a software package (EViews) to conduct formal statistical

analysis of real world problems.


• Acquire an in-depth and practical understanding of the basic tools for empirical modelling

and statistical inference in financial markets;

• Assess critically the current state-of-the-art of empirical research in a range of topics in

finance;

• Develop the practical skills required to carry out research in financial markets using

standard econometric software; and

• Be able to apply for positions, for instance, in the research, portfolio management and

foreign exchange units of companies, financial institutions and organisations.

Learning Outcomes

On completing the module the participants will be able to:

• Understand the basic principles for the statistical analysis of financial data;

• Understand the mechanics of hypothesis testing in the context of financial markets;

• Develop empirical models that capture the stylised behaviour of financial data;

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• Use standard econometric software such as EViews to undertake empirical research; and

• Assess critically other empirical work given the framework developed in the module.

Syllabus

• Introduction to hypothesis testing: null/alternative hypotheses, joint hypotheses, critical

values, rejection region, p-values, economic versus statistical significance.

• Estimation methods and alternative test statistics: ordinary least squares, maximum

likelihood, t statistic, F statistic, LR statistic, measures of model adequacy.

• What can go wrong in an empirical model? Mispecification issues: autocorrelation,

heteroskedasticity, multicollinearity, non-normality. Causes, symptoms and remedies.

• Discrete variables: models with dummy variables, binary response models.

• Panel data models and inference: pooling, fixed effects, random effects, SURE model. Hausman test.

• Introduction to time-series analysis: univariate ARMA models, autocorrelation and partial

autocorrelation function, Granger causalilty tests, VAR models.

Reading List

[1] Gujarati, D. (2008) Basic Econometrics, 5th edition, McGraw Hill (includes student version of EViews software package)

[2] Wooldridge, J. M. (2009) Introductory Econometrics, International Student Edition, 4rd edition, South-Western

[3] Brooks, C. (2008) Introductory Econometrics for Finance, 2nd edition, Cambridge

[4] Enders, T. (2004) Applied Econometric Time Series, 2nd edition, John Wiley

[5] Hill, R., Griffiths, W. and Judge, G. (2001) Undergraduate Econometrics, John Wiley &

Sons

[6] Franses, P.H., (2002) A Concise Introduction to Econometrics: An Intuitive Guide,

Cambridge University Press

Note: [5] or [6] are recommended as preliminary reading for students with limited quantitative background

Other readings:

Detailed lecturer’s notes which will be made available at the start of the module.

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THEORY OF FINANCE SMM148

Module Leader Dr Dirk Nitzsche



Examination 75%

Educational Aims & Objectives

The aim of this module is to provide a fundamental understanding of the structure and functioning of capital markets. This includes an introduction of different financial instruments

traded on those markets as well as an introduction of the key theories which connect risk

and return, the two concepts driving financial markets. Valuation and use of those

instruments will be at the centre of this important core module.


• Understand the importance of risk and return in the decision-making process;

• Acquire an understanding of the key concepts used in the financial markets and

functioning of the key financial instruments available in those markets; and

• Be able to apply for junior positions as analysts or traders in financial institutions, asset

management companies or other organisations.

Learning Outcomes


• Understand the big issues of financial markets: the asset allocation decision, the link

between risk and expected return, measuring portfolio performance and risk;

• Understand the characteristics of different financial assets and how they can be priced;

• Know and apply important concepts and theories used in financial markets: capital

allocation, capital asset pricing model, market efficiency, active and passive portfolio

management; and

• Know how to enhance traditional asset allocations with derivatives.

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Syllabus

Session 1 Introduction to Financial Markets

Session 2 Risk and Return

Session 3 Equity Valuation

Session 4 Portfolio Theory

Session 5 The Capital Asset Pricing Model

Session 6 Fixed Income Securities 1

Session 7 Fixed Income Securities 2

Session 8 Derivatives: Options and Futures 1

Session 9 Derivatives: Options and Futures 2

Session 10 Revision

Reading List

Main textbook:

Cuthbertson, K. and Nitzsche, D. (2008) Investments, John Wiley

Supplementary reading:

Bodie, Z., Kane, A. and Markus, A. (2008) Investments, 7th edition, Irwin-McGraw Hill

Elton, E., Gruber, M., Brown, S. and Goetzmann, W. (2003) Modern portfolio theory and investment analysis, 6th edition, John Wiley (EGBG)

Elton, E. and Gruber, M. Modern portfolio theory and investment analysis, latest edition,

John Wiley (EG)

Other readings:

Module participants are requested to read The Financial Times regularly, and weekly magazines such as The Economist. Frequently during lectures there will be a chance to

comment on important facts and news related to issues addressed in class. A number of

other academic and professional articles will be referenced in lectures.

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Elective Information

Cass Business School provides an extensive range of elective modules for the different MSc

programmes. A special elective handbook, regarding your Term 3 selection of modules, will

be distributed in the second term and will provide further information.

Electives which have previously been provided by MSc Finance include:

Corporate Restructuring

Credit Risk

Global Macro Strategy

Islamic Finance

Private Equity in Emerging Markets

Project Finance

Raising Equity Capital

Ethics, Society and the Finance Sector

Fixed Income Securities and Derivatives*

Mergers & Acquisitions*

Apart from these electives, students will also be able to choose from preselected modules offered by other MSc programmes. In the past these have included, among others:

Advanced Company Valuation*

Behavioural Finance

Corporate Governance

Financial Statement Analysis and Valuation in Banks

Hedge Funds

Private Equity Investment*

Real Estate Portfolio Fund Management

Technical Analysis and Trading Systems

Trading and Hedging in the Forex Market

Please note the School reserves the right to withdraw an elective if demand is insufficient and to add new electives if they are available. Space restrictions and timetable availability may also apply.

* Note: these electives may only be taken by students who have not covered the material involved during Term 2 of their study.

39

Section 4 Regulations

Described below are the rules governing the award of a Masters degree in MSc Finance. For

further information, the City University’s complete set of “Ordinances and Regulations”,

including the Assessment Regulations (Regulation 19), is published on the University’s

website http://www.city.ac.uk/about/education/academic-services/senate-regulations

Periods of Registration

The periods allowed for completion of the qualifications are:

• Four years for a Masters degree, full or part time

• Two years for a Postgraduate diploma, full or part time

Degree Requirements

To qualify for a Masters degree a candidate must achieve at least 50% as an aggregate mark for each module and an overall degree average mark of 50%. This will result in the

acquisition of 180 credits, which is the number required to achieve a Masters degree in MSc

Finance.

Assessment Calculations

The rules governing calculation of module and overall degree marks are as follows:

• To receive credits for a MSc all modules must be passed.

• There are no minimum mark requirements for separate assessment components (unless

specifically stated). However, it is compulsory to complete all components and no module

mark can be awarded until these are completed.

• A module mark is calculated by aggregating marks for all assessment components as

stated in the module outline (Section 3).

• Where modules are assessed by both exam and coursework, these are weighted to

calculate the module mark. Please see the assessment matrix in Section 2 for the relative weightings.

• Where there are several pieces of coursework, the coursework results are calculated

according to the relevant weightings.

• To calculate the overall degree mark, module marks are combined using weightings in

line with the relative credit value of each module.

40

Coursework

All coursework and invigilated tests are compulsory and count towards the final degree. In

some modules presentations or invigilated tests may replace written coursework

assignments.

Some subjects may be assessed by coursework only. Precise details concerning examined

and non-examined modules are provided in the module outlines.

Please note coursework is required to be submitted for assessment by the specified deadline date. Late coursework will receive imposed penalties. Late coursework will

immediately receive a deduction of five marks on the first day of lateness, with one further

mark deducted for each day of lateness, for a maximum of five days. After this point coursework will not be accepted and a mark of zero will be awarded.

All coursework should be submitted electronically via the virtual learning environment,

Moodle. It is essential that you keep a copy of all coursework submitted.

All sources used should be cited using the Harvard referencing system. Further information about this can be found on the Cass website:

http://www.cass.city.ac.uk/intranet/student/learning-resource-centre/citing-references

Coursework will be returned to students as quickly as possible with the aim of students receiving feedback within three to four weeks of their submission.

41

Please note: Where peer assessment is used you must complete it in order to access the full range of marks for the module. If you do not complete the peer review element of

your assessment by the given deadline you will receive a zero grade for it which will

impact on the final result you receive for the module.

Peer Assessment

In many careers working as part of a team is an integral part of the role. Learning the skills

to support successful team working and build successful interpersonal relationships is an

important element of your MSc course. To help you do this Cass has developed a peer review strategy which is part of the assessment for some of the modules on your degree.

The process works as follows:

• At the end of each of the applicable modules you will receive a link to the peer review database, which will allow you to complete the assessment.

• You can access the database from anywhere there is Internet access, but you will only

be able to access it for a defined period of time (usually around one-to-two weeks)

following submission of your coursework, after which the database will be closed and you will not be able to access it.

• You should think carefully about the grades you give and the comments you make –

ensure they are truthful and constructive as they will be reviewed by lecturers.

Please refer to the individual module outlines for clarification of which modules this applies to. Further information about how to do peer assessment, and how it might affect your

grades, is available via Moodle.

Failure and the Re-sitting of Modules

• Any module with an aggregate mark of less than 50% is deemed to have been failed and

will have to be re-sat.

• To re-sit a failed module, a candidate must re-do all assessment components which

gained marks of less than 50%.

• Candidates may re-sit a module only once.

• A candidate who successfully completes a re-sit will be awarded the credits for the module. The mark awarded for the components will be capped at 50%. The mark

awarded for other components will be the original mark. This mark will also be used in

calculating the overall degree mark.

• A candidate who does not pass his or her re-sit by the date specified by the Assessment

Board will not progress on the programme and the Assessment Board will normally make

a recommendation that they withdraw.

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Award of Distinction

To calculate the overall degree mark all module marks are combined using the weighting in

the assessment matrix table. The award of distinction for the Masters is based on:

• An overall degree mark of at least 70% with no modules failed at first attempt.

Award of Merit

To calculate the overall degree mark all module marks are combined using the weighting in

the assessment matrix table. The award of merit for the Masters is based on:

• An overall degree mark between 65% - 69.9% inclusive and no modules failed at first

attempt; OR

• An overall degree mark of 70% or more and one module failed at first attempt.

Postgraduate Diploma

A student who has not accumulated enough credits to be awarded a Masters degree may be

awarded a Postgraduate diploma provided they have satisfied the following conditions:

• The total number of credits gained is equal to or greater than the minimum credits stipulated in the programme specification for the award of a diploma.

For the award of a diploma a student may compensate a maximum of twenty core or core

elective credits provided the following conditions are met:

• The mark achieved for the module(s) to be compensated is at least 40%; AND

• The average mark of all modules to be counted towards the diploma, including those

modules to be compensated, is at least 50%.

Note that:

• The diploma average will be calculated in the same way as the Masters average as specified in the programme specification.

• The award of distinction and merit will also be calculated in the same way for the Masters

degree, as specified in the programme specification.

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Grade Related Criteria

Class % Literary Knowledge Independent thought, uses of sources and research materials

Presentation Professional

Dis

tinct

ion

85-100 A Outstanding Comprehensive and informative

knowledge of subject area, may

include - new knowledge

derived from which the marker

and wider community may learn;

addresses the learning

outcomes/ assessment criteria

in full

Where relevant,

evidence of

independent

reading, thinking

and analysis and

strong critical ability

Well-constructed

Dis

tinct

ion

80-84 Excellent

75-79 Very good Sophisticated or strong - shows

knowledge of complex issues or

a broad range of issues and

addresses the learning

outcomes/assessment criteria

well

Where relevant,

show evidence of

wide and

comprehensive

reading and critical

ability

Clearly written

70-74

Mer

it

65-69 B Good Sound knowledge of a broad

range of issues or detailed

knowledge of a smaller number

of issues; makes a good attempt

to address the learning

outcomes/assessment criteria,

realising all to some extent and

some well

Evidence of

thorough research

of the topic(s) but

some answers may

not be complete or

arguments

sufficiently

explored. Some

critical ability will be

evident.

Well-structured and

logically written

Mer

it

Pass

50-64 C Satisfactory Adequate knowledge of

important issues – some level of

response to all learning

outcomes/assessment criteria

but may not include important

elements or information that is

fully accurate

Where relevant,

development of

ideas is limited but

attempts will be

made to analyse

materials critically

Expression and

structure may lack

clarity Pa

ss

Fail

(0%

-49%

)

41-49 D Poor Unsatisfactory work -

inadequate knowledge of the

important issues and doesn’t

succeed in grasping key issues,

therefore learning outcomes/

assessment criteria will not be

realised

No real

development of

ideas and critical

analysis will be very

limited.

Presentation is

confused or

incoherent

Fail

(0%

-49%

)

20-40 E Very poor Knowledge is lacking either

through omission, the inclusion

of large amounts of irrelevant

information or evidence of

significant misunderstanding -

totally inadequate attempt to

address the learning outcomes/

assessment criteria

No critical ability will

be displayed

Confused, incoherent

or unstructured

presentation

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Section 5 Additional Information

MSc Course Office

The MSc Course Office is here to support both staff and students and each MSc course has its own dedicated Course Officer whom you will get to know over the course of your time

here at Cass. The Course Office team will provide you with course related information,

material and your grades, advice relating to other areas of City University and support

throughout the duration of your studies.

Location

The Course Office is located on the 3rd floor of Cass Business School, 106 Bunhill Row,

London EC1Y 8TZ

You can contact the Course Office team either in person at the office, by email, telephone or

via Moodle, our virtual learning environment. Contact details for the Course Officer

responsible for each MSc course and module can be found on Moodle.

Office Opening Hours

During term time the Course Office is open to students:

Monday 1300 – 1830

Tuesday 1300 – 2000

Wednesday 1300 – 1830

Thursday 1300 – 2000

Friday 1030 – 1530

Outside of term time the Course Office is open to students:

Monday to Thursday 1300 – 1700

Friday 1030 – 1530

Moodle: Your Virtual Learning Environment

Moodle is the virtual learning environment used at City University and it provides a wide variety of information and interactive environments to students, including the following:

• Module material and supplementary learning documents, including areas for the

submission of coursework and the release of coursework results

• Timetables, including teaching and examination

• Specialist Masters, MSc specific and module pages providing information relating to each

area with supporting documents and forums

45

• Links to the Learning Resource Centre, Careers, Student Advice and Clubs and Societies

Students are responsible for checking their Moodle pages and their City email account regularly. This is how all information, including changes to teaching, is communicated.

Course Officers manage the communications sent to students via Moodle and all

administrative enquiries should be directed to them for assistance.

Personal Tutors

Postgraduate Taught students are assigned a personal tutor at the beginning of the year. This personal tutor will be available to provide general academic, professional and pastoral

support and will also ensure students are aware of the additional and more specialised

support mechanisms available within the University.

Students should have the opportunity to see their personal tutor at least once a term; however it is the student’s responsibility to contact their personal tutor to make an

appointment.

The Course Office team is also here to assist should you need any support during the course of your studies.

Academic Staff Contact Details

In addition to their main teaching responsibilities academics also engage in research,

administration and external work. As a result staff members may not be able to see you

without an appointment.

If the matter is non-urgent please make an appointment or make use of the office hours

many academics hold. If the matter is urgent please make this clear when contacting the

member of staff to request an appointment.

Lecturers’ contact details and office hours can be found on Moodle.

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Programme Disclaimer

The information in this Specialist Masters Programme Handbook is correct at the time of going to press in August 2012. The University reserves the right to make amendments to:

a) the contents of the Programme Handbook and in particular to the timetable, location

and methods of delivery or the content, syllabus and assessment of any of its

programmes as set out in the programme and module specifications in this Handbook and/or on the University's website; and

b) its statutes, ordinances, regulations, policies, procedures and fee structures,

provided that such amendments are (i) as a result of student demand (or lack thereof), (ii) as a result of unforeseen events or circumstances beyond the University's control or (iii) are

deemed reasonably necessary by the University.

In the event that amendments are made, the University shall take reasonable steps to notify you as soon as is reasonably possible.

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Documents

Course handbook MSc in Finance - Cass Business School · This handbook provides all the information you need about the MSc in ... • Mergers & Acquisitions / Private Equity Terms