course handbook msc in finance - cass business school · this handbook provides all the information...
TRANSCRIPT
September 2012
Course handbookMSc in Finance
1
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
2
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
3
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.
4
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
5
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%
Elective 2 SMMXX 10 100%
Elective 3 SMMXX 10 100%
Elective 4 SMMXX 10 100%
Elective 5 SMMXX 10 100%
Option Two
Business Research Project SMM527 40 100%
Elective 1 SMMXX 10 100%
Degree Total 180
6
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.
7
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.
8
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.
9
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
10
ASSET MANAGEMENT SMM201
Module Leader Dr Aneel Keswani
Sessions 30 hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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
On completing the module the participants will:
• 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
11
• 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
12
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?
13
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.
14
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.
Module Assessment Coursework 100%
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.
15
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.
16
CORPORATE FINANCE & VALUATION SMM 467
Module Leader Dr Andrey Golubov
Sessions 30 hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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.
17
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
18
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)
19
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.
20
DERIVATIVES & RISK MANAGEMENT SMM200
Module Leader Dr Max Bruche
Sessions 30 hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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
21
• 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.
22
FINANCIAL REPORTING SMM249
Module Leader Dr Ivana Raonic
Sessions 30 hours – 10 x 3 hourly sessions
Module Assessment Coursework 25%
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
23
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)
24
FIXED INCOME SMM516
Module Leader Professor Alessandro Beber
Sessions 30 hours – 10 x 3 hourly sessions
Module Assessment Coursework 25%
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
25
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.
26
INTERNATIONAL FINANCE SMM113
Module Leader Professor Ian W. Marsh
Sessions 30 hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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.
The module will make it possible for participants to:
• 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.
27
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.
28
MERGERS & ACQUISITIONS / PRIVATE EQUITY SMM236
Module Leaders Scott Moeller and Edgar Miller
Sessions 30 hours – 10 x 3-hour sessions
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;
29
• 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
30
• 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
Mergers and Acquisitions Component
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).
Private Equity Component
There will be an invigilated exam in the April exam period. This will count as 50% of the final
mark.
Reading List
Mergers and Acquisitions Component
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)
31
Private Equity Component
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
32
RESEARCH PROJECT MANAGEMENT SKILLS SMM522
Module Leader Various
Sessions 21 hours – 7 x 3-hour sessions
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
The module will make it possible for participants to:
• 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.
33
• 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.
34
STATISTICS IN FINANCE SMM248
Module Leader Professor Ana-Maria Fuertes
Sessions 30 Hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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.
The module will make it possible for participants to:
• 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;
35
• 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.
36
THEORY OF FINANCE SMM148
Module Leader Dr Dirk Nitzsche
Sessions 30 hours – 10 x 3-hour sessions
Module Assessment Coursework 25%
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.
The module will make it possible for participants to:
• 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
On completing the module the participants will:
• 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.
37
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.
38
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.
42
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.
43
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
44
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.
46
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.
47
48