Professional Documents
Culture Documents
Programme
Elective handbook
MSc in Banking &
International Finance
www.cass.city.ac.uk/masters
This is your opportunity to expand the content of your degree and really make it work for you
in terms of your future career. You can expand the content by looking at subjects you have
not previously studied or focus your studies more tightly on a particular area perhaps by
doing a Business Research Project or choosing targeted electives.
Use all of the information available to you before the selection rounds, such as sample
lecture notes and module outlines. Please think carefully about your options in term three,
you should do some research and think about your potential career and what will be most
useful to you. You can look at information available from Cass Careers to give you some
guidance about what employers in your sector might prefer.
You should read the module outlines carefully and take special care when choosing
unfamiliar subject matter; refer closely to the sample lecture material (if available) and look
at books on the module reading lists. If you are uncertain you should talk to your personal
tutor or course director who will help you ensure you have the appropriate background
knowledge for a module.
Opportunities
Block Modules
This year we have decided to introduce block-taught modules. We hope that these will help
support your busy schedules and offer more flexibility to enable you to structure your studies
in a way that suits you.
Any block taught modules will be flagged on the relevant module spec and on the elective
grid.
International Modules
We are very excited that, as well as introducing some block taught modules this year, we are
also running several international electives in conjunction with international business
schools. These modules will again be highlighted in your handbook and on the elective grid.
Please note: Students that elect to take the block format must attend all sessions. For
international electives students who select these will be required to make, and pay for, travel
and accommodation arrangements.
Options
During term three students should complete one of the following two options.
Option One: Students write a Business Research Project (40 credits) and complete
One elective module (10 credits)
Option Two: Students complete five elective modules (5 x 10 credits)
Rules
When allocating places priority will be given to students who select modules offered by
their primary (host) degree
Selection is not made on a first-come first-served basis, so think carefully before making
your selection
An elective will only run if a minimum of 30 students register for the module, please think
carefully about your back-up options as well, in case your first choice is not available.
Modules may be oversubscribed and therefore it is very important that you think carefully
about your back up choices as it may be necessary to allocate some students to their
back up option
Important Dates:
Table of Electives
SMM No.
Elective/Host Course
Lecturer
BIF
Thorsten Beck
SMM128
Banking Strategy
SMM468
Alessandro Santoni
SMM121
Hedge Funds
Nick Motson
SMM121
Nick Motson
SMM126
SMM129
Alberto Pozzolo
SMM133
Amir Alizadeh
SMM596
Financial Derivatives
Vincenzo Maini
SMM235
Finance
An Introduction to Islamic Banking, Finance and
Insurance
M Iqbal Asaria
SMM226
Max Bruche
SMM921
Rich Payne
Finance &
Banking and International Finance
SMM500
Ethics, Society and the Finance Sector Block Elective John Hailey
SMM233
Scott Moeller
SMM233
Anna Faelten
Energy Markets
Michael Tamvakis
SMM545
Tony Key
SMM140
Andrew Clare
SMM969
Andrew Clare
SMM953
Juan Lafont
Evgueni Ivantson
Table of Electives
SMM No.
Elective/Host Course
Lecturer
BIF
SMM468
Alessandro Santoni
Patrick Osborn
MODULE SPECIFICATION
KEY FACTS
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
MODULE SUMMARY
Module outline and aims
Global banking and financial markets have experienced major developments over the
last two decades, in line with a transformation of the macroeconomic features of many
countries. Financial sector development has been found to spur economic growth.
At the same time, banks involvement in financial markets increased dramatically. This
has lead to the emergence of a complex web of interdependence between banks and
markets, which has brought about increased and more complex risks. The recent
crises episodes have highlighted these interconnections. The lesson is that finance
can be beneficial to economic growth but also has a dark side which needs to be
properly understood by policymakers and regulators as well as industry participant.
The aim of this module is to help students understand the mechanisms that make
financial institutions important for the economy. Specifically, we will investigate the
interactions between financial development, short-run business cycles and long-run
economic growth and development. The course will also explore the dynamics that
shape the institutions of a society' financial structure over the long-run, and study the
complexities of financial policy design in the context of integrated global markets. An
important final objective of the course will be to familiarise students with current
debates on financial markets. In this respect, the module's discussions will be
motivated by the Global Financial Crisis of 2007/8 and the eurozone crisis and the key
regulatory changes which stemmed from these events.
Content outline
The module covers key topics from both a theoretical and an applied perspective.
More specifically, it will cover (but it is not limited to) the following:
Topic 1: Financial openness and the real economy: theory and evidence.
measurement of financial integration
capital account liberalization
effects of Foreign Direct Investment (FDI)
Topic 2: Cross-border banking
the real and financial sector effects of cross-border banking
Skills:
Analyse concepts and apply skills through key activities, including working on
case studies,
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Students will be assessed on their class presentation (25%) and their reports on casestudies (75%).
Assessment pattern:
Assessment
component
Assessment
type
Course work
Oral
Assessment
and
Presentation
Report
Course work
Weighting Minimum
qualifying
mark
25%
0
75%
Pass/Fail?
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully and Grade Related
Criteria are descriptions of the skills, knowledge or attributes you need to demonstrate
to achieve a certain grade or mark in an assessment. Assessment criteria and Grade
Related Criteria for module assessment will be made available to you prior to an
assessment taking place. More information will be available from the module leader.
Feedback on assessment
Following an assessment, you will be given their marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
INDICATIVE READING LIST
Beck, T. (2012): The Role of Finance in Economic Development: Benefits,
Risks, and Politics.
Brunnermeier, Markus. 2009. Deciphering the Liquidity and Credit Crunch
2007-08 Journal of Economic Perspectives 23(1), 77-100
Claessens and van Horen: The Impact of the Global Financial Crisis on
Banking Globalization, mimeo.
Cull, Robert and Maria Soledad Martinez Peria. 2012. Foreign bank
participation in developing countries : what do we know about the drivers and
consequences of this phenomenon?in Caprio, Jerry (Ed.): Encyclopedia of
Financial Globalization, Elsevier.
Glick and Hutchison, 2012: Models of Currency Crises, in: The Evidence and
Impact of Financial Globalization.
Relevant and updated material for class discussion will be provided before each
lecture.
Version:V2
Version date:19/09/2014
For use from:
Appendix: see
http://www.hesa.ac.uk/component/option,com_studrec/task,show_file/Itemid,233/mnl,12
051/href,JACS3.html/ for the full list of JACS codes and descriptions
CODES
HESA Cost Centre
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N310
Description
Banking
Percentage (%)
100%
MODULE SUMMARY
Module outline and aims
Although the history of modern Islamic banking and finance dates back to the 1960s, it is
only over the last two decades that western financial institutions started to add Shariahcompliant finance to their portfolios and fully-fledged Islamic financial institutions started
to emerge in many countries. Currently, dedicated Islamic financial institutions and
Islamic subsidiaries of large multinational banking conglomerates are targeting a
potential worldwide market of over 1.6 billion Muslims holding trillions of dollars of
investible wealth and successfully competing with their conventional counterparts. The
current market size of this industry is often estimated at over US$1 trillion; however, the
total size could be substantially higher if one aggregates the retail and wholesale sector
in more than 75 countries with Muslim populations.
The UK Government, together with the Financial Conduct Authority and other
participating organisations, have done all they can to provide a level playing field for
Islamic finance in this country. The UK Government has now launched its first sovereign
Sukuk issue. This will further enable the City of London to become a leading global
Islamic Finance hub. The City now has unrivalled expertise in Islamic banking, finance
and insurance. Four new Islamic Investment Banks have already been licensed by the
FCA (Previously the FSA). In addition, over the last five years, the newly licensed
Islamic Bank of Britain has launched retail Islamic Banking products.
The time is ripe for mainstream banking, finance and insurance expertise to be brought
to bear on the growing Islamic banking, finance and insurance industry. The Cass
Business School, with its unrivalled expertise in these fields, can provide an invaluable
service to the City of London.
This module aims to introduce you to the fundamentals of Islamic banking, finance and
insurance industry. It focuses on making a case for Islamic finance industry and its
development as a viable alternative financial system.
Content outline
1. Evolution of Muslim Commerce
The origin and guiding principles of Islamic banking and finance. A brief history of
the way Islamic finance emerged.
Skills:
principles
Communicate the unique vantage point of Islamic banking, finance and insurance to
a non specialist audience
Value the ethics underpinning the Islamic finance industry and appreciate the
inherent strengths of this method of finance
Show appreciation of Islamic banking, finance and insurance as a subset of the
growing field of ethical finance
Show awareness and openness to subjects, cultures and audiences with different
fundamental assumptions to their own but which seek to address issues similar to
those of conventional financial theory and institutions
Teaching pattern:
Teaching
component
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment type
Weighting
Coursework
Written assignment,
including essay
100
Minimum
qualifying
mark
50
Pass/Fail
?
N/A
Assessment Criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Iqbal, Zamir and Mirakhor, Abbas (2011). An Introduction to Islamic Finance Theory
and Practice. John Wiley & Sons (Asia) Pte Limited, Singapore.
Jaffer, Sohail (ed) (2007). Islamic Insurance: Trends, Opportunities and the Future of
Takaful. Euromoney Books, UK.
Several topic related resources to be posted on CASS Moodle by the course coordinator
Additional reading:
- Askari, Hossein, Iqbal Zamir, Krichene Noureddine & Mirakhor Abbas (2012). Risk
Sharing in Finance The Islamic Finace Alternative. John Wiley & Sons (asia) Pte
Limited, Singapore
- El-Gamal, M. A. (2000). A Basic Guide to Contemporary Islamic Banking and
Finance. Department of Economics, Rice University, Houston.
- Macmillan, New York.
- Obiyathulla Ismath Bacha and Abbas Mirkhor (2013). Islamic Capital Markets A
Comprehensive Approach. John Wiley & Sons (asia) Pte Limited, Singapore
Web Resource
Takaful Primer (www.takafulprimer.com)
Version: 4.0
Version date: October 2014
For use from: 2014-15
Description
Business and
Management Studies
Price Group
D
JACS Code
N310
Description
Banking
Percentage (%)
100
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
Banking Strategy
SMM128
Cass Business School
Specialist Masters Programme
10
5
7
MODULE SUMMARY
Module outline and aims
Banking markets are experiencing unprecedented changes following the recent banking
crisis. Banks are now faced with several competing issues: complying with regulatory
changes, increasing capital and liquidity as well as maintaining profitability and
generating shareholders wealth. It is therefore very important to develop a sound
understanding of these strategic challenges and the evolving strategic context faced by
retail banks around the world. To pursue a successful career in banking it is necessary
to understand the key business areas of banking, including commercial, investment,
corporate, private and wealth management and understand the interactions between
them.
This course aims to equip you with the necessary strategic tools to understand current
issues in banking markets. You will be analysing the implications on banking strategy
of the recent changes and the different strategic responses followed by banks. In
addition, on completion of this module, you will be able to understand the main tools
associated with the value-based management approach.
This course builds upon the knowledge from core courses such as Commercial and
Investment Banking and Risk Management.
Content outline
The course will cover the following key areas:
The strategic environment of retail banking
The past two decades have seen unprecedented deregulation and liberalisation of the
bank and financial sectors. This part of the module will review the main changes and
the transformation of the sector. Focus will be on market segmentation and the
development of customer-centric banks.
Customer-relationship management in banking
Customer relationship management (CRM) is a crucial area of bank strategy. This part
of the course will analyse the internal organisation of modern retail banks and
introduce CRM tools and approach in banking
strategies
Demonstrate an understanding of the benefits and costs of focused strategies
Demonstrate an understanding of conglomeration risks
Demonstrate an understanding of the business of commercial banking and
investment banking
Demonstrate an understanding of bank marginal cost of funds and pool rates
Demonstrate an understanding of value-based management and measurement in
banking
Demonstrate an understanding of measuring value created at bank division,
customer and product levels.
Demonstrate an understanding of pricing retail and corporate credit risk
Skills
The course aims to introduce you to Social, Environmental, Ethical and Trust
(SEET) issues in banking. A particular focus will be on the sustainability of bank
products and strategies.
Teaching Contact
Self-directed
Placement
study hours
hours
type
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
type
Coursework
Written
assignment,
including essay
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 2.1
Version date: January 2014
For use from: 2013-14
JACS Code
N310
Description
Business and
Management Studies
Price Group
D
Description
The study of the banking
industry.
Percentage (%)
100
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
Credit Risk
SMM226
Cass Business School
Specialist Masters Programme
10
5
7
MODULE SUMMARY
Module outline and aims
This elective course introduces the mathematical models used in the area of credit risk,
and shows how they are applied in practical situations.
Content outline
Topic 1: Basic instruments and structures
Topic 2: Hedge-based pricing
Topic 3: Spread-based pricing
Topic 4: Reduced form models
Topic 5: Structural models (Moody's KMV)
Topic 6: Default dependence and portfolios
Skills
Use market prices to estimate credit default and loss distributions, as e.g. done in
practice by Moodys-KMV.
Appreciate the role of the credit instruments in the global financial crisis
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Presentations Lecture
18
82
Total
student
learning
hours
100
Totals:
18
82
100
Assessment
type
Written assignment,
Written
assignment
including essay.
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 2.1
Version date: January 2014
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N341
Description
Percentage (%)
100
Energy Markets
SMM922
Cass Business School
Specialist Masters Programme
10
5
7
MODULE SUMMARY
Module outline and aims
The aim of the module is to provide you with an energy-specific toolkit, which will allow
you to understand the broader economic concepts and issues in this sector, as well as
the function of energy markets, pricing and the various trading instruments. The target
audience is one with little or no prior knowledge of the area.
Topics include:
Hydrocarbon supply and demand: geology, extraction, transformation, final
consumption
Microeconomic organisation of oil, natural gas, coal and electricity markets
Renewable energy: basic understanding of generation physics and economics of
the key types
Energy derivatives: futures, options, swaps and other relevant instruments
Content outline
1.
2.
3.
4.
5.
6.
The module will be taught using the block delivery format, preferably over two
weekends in the third term, spaced apart so that students can catch up with the study
material.
Skills:
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lectures
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
component
Assessment
type
Invigilated test
Set exercise
Weighting Minimum
qualifying
mark
100%
50
Pass/Fail?
No
Please note:
Students are expected to attend all elements of the module, including all
lectures and any scheduled company visits. Failure to attend any scheduled
element of the module could result in the deduction of five percentage points
from the module mark, per missed element.
If you are in any doubt about the compulsory elements of this module, please
contact your course officer. In addition, students are expected to be at all
elements of the module on time. Persistent poor time keeping could lead to a
deduction of up to 10 percentage points from the module mark.
Assessment Criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria
are descriptions of the skills, knowledge or attributes you need to demonstrate to
achieve a certain grade or mark in an assessment. Assessment criteria and grade
related criteria for module assessments will be made available to you prior to an
assessment taking place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Boyle, G. (2004), Renewable Energy: Power for a Sustainable Future, 2nd ed.,
Oxford University Press, ISBN 9780199261789
Everett, B., Boyle, G., Peake, S. and Ramage, J. (2012), Energy Systems and
Sustainability: Power for a Sustainable Future, 2nd ed.,Oxford University Press,
ISBN 9780199593743
Fiorenzani, S., Ravelli, S. & Edoli, E. (2012), The Handbook of Energy Trading,
Wiley
Geman, H. (2005) Commodities and Commodity Derivatives: Modeling and Pricing
for Agriculturals, Metals, and Energy. John Wiley & Sons
Eydeland, A. & Wolyniec, K. (2003) Energy and Power Risk Management: New
Developments in Modeling, Pricing and Hedging. John Wiley & Sons
Tamvakis, M. (2015), Commodity Economics & Finance, 2nd ed., Taylor & Francis
Version: 2.0
Version date: July 2013
For use from : 2013-14
Appendix: see http://www.hesa.ac.uk/content/view/1805/296/ for the full list of JACS
codes and descriptions
CODES
HESA Code
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N300
Description
The study of financial
systems, regulations and
reporting
Percentage (%)
100
MODULE SUMMARY
Module outline and aims
This extended elective module provides the opportunity for students to focus on issues
of particular importance to the specialist field of valuation of energy projects, investment
analysis, and financing oil and gas, refining, power generation, transportation and other
segment of the energy industry.
The aim of the module is to equip students with tools necessary to think skilfully and
maturely, but also independently on matters relating to the oil and energy investment
and finance. Also, the module aims to familiarise students with the valuation techniques
as well as risk analysis in different segment of the energy industry including upstream,
midstream and downstream as well as generation asset valuation and portfolio
management.
Content outline
Unit 1
Unit 2
Unit 3
Unit 4
Unit 5
Unit 6
understand the key stages in the supply chain in the oil & gas industry and how each
one contributes value
comprehend the major factors involved in energy project investments
understand different types of investment contracts and structures in international
energy project financing
understand the risk involved in energy investment projects
comprehend the regulatory and environmental issues related to the energy industries
Skills:
appreciate the impact of oil and gas project structures on the risk and return of host
countries and international oil companies, including environmental and political risk
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lectures
classes
Totals:
18
82
0
0
18
82
Total
student
learning
hours
100
100
Assessment
type
Coursework
Individual
assignment
including essay
Weighting Minimum
qualifying
mark
100%
50%
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully and Grade Related
Criteria are descriptions of the skills, knowledge or attributes you need to demonstrate to
achieve a certain grade or mark in an assessment. Assessment criteria and Grade
Related Criteria for module assessment will be made available to you prior to an
assessment taking place. More information will be available from the module leader.
Feedback on assessment
Students will receive oral feedback on their in-class presentation. Feedback on reports
will be posted on Moodle. Feedback on the assessment will be provided within three
weeks of submission.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 1
Version date: October 2013
For use from: May 2014
Appendix: see http://www.hesa.ac.uk/content/view/1805/296/ for the full list of JACS
codes and descriptions
CODES
HESA Code
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N321
N213
Description
Investment
Project Management
Percentage (%)
50%
50%
MODULE SUMMARY
Module Outline & Aims
This module has been designed for those Cass students expecting to develop careers in
the financial services sector. It introduces them to the key ethical issues they may face,
the potential impact of geo-political and environmental trends, and the consequence of
recent events on the sector as a whole. This module is designed to help prepare a new
generation of managers and professionals in the sector to make responsible and ethical
decisions. It is also intended to help prepare them for the ethics, integrity and corporate
responsibility components of the CFA examinations or Chartered Institute of Securities
and Investment qualifications.
Those working in financial services do not make decisions in a vacuum. Taking this
module will help students develop an understanding of the implications of changing
international social and political trends, issues of sustainability and the potential impact
of environmental changes, and the consequences of changing attitudes to personal and
institutional ethics.
There are numerous examples, in both business and public life, where failure to observe
the basic principle of acting with integrity, or make responsible decisions have caused
considerable damage. These range from temporary short term difficulties or
embarrassment to major structural problems, resulting in the destruction of businesses
or having major social or environmental consequences.
Following the recent economic crisis the financial services sector faces increasing public
scrutiny, media comment and a new regulatory environment. There is greater
transparency and the quality of decision making is being critically examined. Integrity is
central to the creation and maintenance of trust and trust underpins the work of the
financial services industry. The loss of trust through an actual, or perceived, absence of
integrity undermines these foundations and can create an environment in which
business becomes paralysed, or the cost of doing business becomes exorbitant. It is in
light of these concerns that this module has been designed. There will be greater
pressure on those working in financial services to factor-in the cost of the societal and
environmental consequences of their decisions, as well demonstrate evidence that they
meet ethical norms and act with integrity.
This module offers students an applied introduction to these issues. It will provide them
with the opportunity to explore issues around societal concerns, sustainability and ethical
behaviour in more depth. This module is intended to help Cass students to become
more effective and responsible decision-makers able to play a leadership role in the
financial services sector. The course objectives are:
To develop students understanding of the implications of wider global trends,
ethics and personal integrity on responsible decision making.
To raise awareness of the value and role of incorporating societal issues and
ethical considerations in the behaviour and decision making of those
intending to work in the Financial Services Sector.
To enable students become a more effective and responsible decisionmakers, able to play a leadership role in the financial services sector.
To introduce you to some of the ethical, societal and sustainability issues of
concern to professional bodies, such as the CFA, CISI and ICAEW, and
which are an increasingly important element of their professional exams and
codes of conduct.
Course Outline
The course is run as three half-day masterclasses each exploring different issues
including: the implications for those working in the financial sector of changing
international social, environmental and political trends; the ethical issues of around the
banking and Eurozone crisis; and the practical application of personal and institutional
ethics in the financial sector.
1) The first masterclass looks at the consequences of changing geopolitical and
social trends, the impact of climate change and other environmental
considerations on investment decisions, the financial markets and
sustainability.
2) The second masterclass explores the ethical aspects of the banking crisis
and the roles of the stakeholders involved. It explores the genesis of the
banking crisis, its consequences (including the Eurozone crisis and the
collapse of major banks), the lessons learnt and the implications for
responsible decision making in the sector.
3) The third masterclass analyses the practical consequences of unethical
behaviour in the financial sector, the behavioural and cross-cultural
dimensions of applied ethics, and the impact of new industry standards and
codes of practice such as the CFA.
Skills:
Developing your ability to analyse the current trends and assess their
implications for decision makers in the financial services industry
Enhancing your capacity to engage in ethical behaviour and decision making
capabilities
Developing your ability to review and evaluate complex issues in a critical
manner, assessing alternative approaches
Enhancing your ability to utilise data from a range of sources; synthesise
information effectively and in a way that relates to, and adds insight into, the
issues being considered; as well as communicate findings and conclusions in a
clear and appropriate manner
Values and attitudes:
Reflecting on ethical and societal responsibilities of key decision makers and
showing a willingness to exercise personal judgements and behaviours
accordingly
Demonstrating a sensitivity to, and ability to work with, divergent groups and
different institutions with different ethical and societal perspectives
Gaining awareness of the wider ethical and societal responsibilities of decision
makers in the financial services sector.
Teaching
type
Group Work
and/or Labs
Practical
6
classes
and
Workshops
12
Lecture
Lectures
Totals:
Contact
Self-directed
Placement
hours
study hours
hours
(scheduled) (independent)
18
Total
student
learning
hours
6
82
94
82
100
Assessment
type
Coursework
Written
assignment,
including essay
Weighting Minimum
qualifying
mark
100
0
Pass/Fail?
N/A
Description
Business and
Management Studies
Price Group
D
JACS Code
N100
Description
The study of organisations
and the environment in
which they operate.
Percentage (%)
100
Financial Derivatives
SMM596
Cass Business School
MSc Programme (Cass Business School)
10
5
7
MODULE SUMMARY
Module outline and aims
Those of you seeking employment in the derivatives sector need to understand the
complex nature of the main derivatives contracts, to master the dynamic interplay
between the cash market instruments and their contingent claims and to be able to
create profitable trading strategies using financial futures and options.
This module covers the derivatives market from a sophisticated traders perspective.
The different types of cash and derivative instruments are presented and different
valuation methods are analysed. The main emphasis is placed upon the detailed of
pricing techniques and arbitrage trading strategies. Market risk and Credit risk
management is also examined.
Content outline
Session 1 - Introduction to Derivatives Markets
Nature and Types of Derivative Contracts
Trading of Futures Contracts
Characteristics of Futures Prices
Basis and Spreads
Futures Prices and Expectations
Future Prices and Risk Aversion
Risk Management using Futures
Derivation and Estimation of Optimum Hedge Ratios
Hedging Effectiveness and Hedge Ratios
Session 2 Stock Index Futures
Description of the market - Major stock indices
Derivative contracts on the indices (e.g. FTSE-100, S&P 500 etc.)
Pricing futures on stock indices
Index arbitrage and program trading
Hedging with stock index derivatives
Session 3 Swaps
Interest Rate and Currency Swaps - Examples
Pricing Interest & Currency Swaps, as combinations of
Forward contracts
Bonds
Pricing Equity Swaps
Pricing non-standard Swaps
Skills:
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
type
Coursework
Written
assignment,
including essay
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria
are descriptions of the skills, knowledge or attributes you need to demonstrate to
achieve a certain grade or mark in an assessment. Assessment criteria and grade
related criteria for module assessments will be made available to you prior to an
assessment taking place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 3.0
Version date: October 2014
For use from: 2014/15
Description
Business and
Management Studies
Price Group
D
JACS Code
N300
Description
The study of financial
systems, regulations and
reporting.
Percentage (%)
100
MODULE SUMMARY
Module outline and aims
Covers areas of financial analysis and valuation of banks and similar entities, which are
currently not taught.
The course will enable you to analyse annual reports of financial institutions as it
will provide them with the necessary terminology, regulatory framework, and
bank-specific framework to carry out such an analysis.
Content outline
Sessions:
1.
Bank financial statement analysis. Bank balance sheet structure and key
performance ratios. Interest income and expense. Fee and trading income.
Revenue recognition. Key ratios used to compare bank performance and balance
sheet structure. Asset and liability spreads. Transfer pricing.
2.
3.
4 . Banking Analyst Job. A study of the relation among analyst forecast bias, firm
characteristics, and equity return anomalies. Analyst earnings forecasts are an
important collection of expectations regarding future earnings as their revisions
induce significant price impacts and market movements. However, psychology,
overconfidence, conflicts of interest, career concerns are capable of biasing their
earnings forecasts. Whether the market properly interprets analyst forecasts is
fundamental to the debate on market efficiency
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
type
Coursework
Written
assignment,
including essay
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment Criteria are descriptions of the skills, knowledge or attributes students
need to demonstrate in order to complete an assessment successfully and GradeRelated Criteria are descriptions of the skills, knowledge or attributes students need
to demonstrate to achieve a certain grade or mark in an assessment. Assessment
Criteria and Grade-Related Criteria for module assessments will be made available to
students prior to an assessment taking place. More information will be available from
the module leader.
Feedback on assessment
Following an assessment, students will be given their marks and feedback in line with
the Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
INDICATIVE READING LIST
Key readings will be released as part of the course materials and during lectures.
Version: 2.0
Version date: October 2014
For use from: 2014-15
Description
Business and
Management Studies
Price Group
D
JACS Code
N422
Description
Financial Reporting
Percentage (%)
100%
MODULE SPECIFICATION
KEY FACTS
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
MODULE SUMMARY
Module outline and aims
Real estate (land and structures upon it) is the biggest global store of wealth, worth
more than equity and bond markets combined. It is typically the largest asset owned
by a household, and on the balance sheet of a company, and the most common form
of collateral for loans.
It is therefore very difficult to pursue a career in business or finance without having to
deal with real estate, whether that is through the true value of real estate on the
balance sheet value of a target company in a merger, the credit risk of a bank with a
large exposure to property loans, or the impact of property cycles on an emerging
economy.
The elective will equip you with a basic working knowledge of the most important
aspects of real estate as an investment asset. For those who intend to work in general
business and finance, it provides the basis to understand the real estate issues they
are likely to encounter. For those who intend to specialise in real estate as investors,
fund managers or lenders, the elective will serve as the foundation for further
development.
The course will be taught in the Cass Dubai Centre.
In the context of Dubai and the UAE, real estate has special significance. For the
cash-rich sovereign wealth funds of oil-rich Gulf states, real estate in developed
markets is a major target for outward investment. For the states themselves, and for
Dubai especially, real estate has been a lead sector in the diversification and branding
of their economies, and property development has been the main driver of the
massive cyclical swings in activity in Dubai over the past decade.
Content outline
This elective builds on knowledge from core courses in Finance, Corporate Finance,
Business Economics and Strategy.
The course covers four key topics in real estate:
1. Cash flows, asset pricing and appraisal
As for all investments, the fundamental value of real estate estates depends on
the cash flows they generate, and the pricing of the risks, liquidity and costs
associated with ownership of assets. Topics covered include:
- Rents, Market rental values
- Rental value growth, depreciation and property yields
- Leases and international differences in lease terms
- Risk and Liquidity
- Costs and required rates of return.
- Appraisal methodologies: discounted cash flow and income capitalisation.
- Model appraisals for investments and development projects.
- Fair value analysis and investment decisions.
2. Investment performance and role in the multi-asset portfolio
Real estate is typically the third leg in multi-asset investment portfolios, and a
favoured investment for high-net worth individuals and sovereign wealth funds.
This block will set out the theoretical basis for the comparison of investment
returns on real estate with other asset classes, document the delivered returns
from real estate over time and across countries, and demonstrate the effects of
including real estate in portfolios constructed on optimised risk-return or assetliability matching criteria.
3. Real estate market analysis, the real estate cycle.
Real estate markets show strong boom-bust cycles, large variations in returns
across locations and property types, and a tendency toward protracted mis-pricing
of assets. This block will explain the data sources and methods used to evaluate
real estate markets, the drivers of short-run and long-run performance, and the
variation in returns across markets and countries
4. Real estate portfolios and investment vehicles.
The standard portfolio models indicate investors should allocate at least 10% of
portfolios, and often much more, to real estate, primarily for its diversification
benefits. Accessing real estate performance is however difficult due to its large lot
sizes, heterogeneity, high holding and transactions costs, and low liquidity. This
block deals with the variety of forms in which investors can obtain exposure to real
estate performance, and their implications for the returns and risks the asset will
deliver.
The course is preceded by a short introduction to the history and culture of Dubai and
the Gulf states. During the course you will visit a major developer in a landmark
development, and meet expert(s) on the local market.
Understand how cash flows are generated by market movements and lease
contracts, how risk premia for real estate are set, and how appraisals determine
estimated market values for investments and development projects.
Understand in the Dubai/ UAE context the significance of the real estate sector in
supporting long term growth and driving short term cyclical booms and busts
Argue the standard case for real estate investment, and critically assess the
methods used to set target allocations.
Assess the information produced by market analysts, and to take informed
judgements on the investment prospects of different markets.
Make an informed choice between direct and indirect, unlisted and listed real
estate vehicles.
Skills:
Apply mainstream finance concepts of to the valuation of real estate assets, and
the evaluation of risk and expected return in real estate portfolios
Help students be more objective and less emotional in their investment advice and
decisions, and perhaps help them understand through the experience of Dubai the causes of excessive exuberance and pessimism in developers and investors.
Help London-educated students understand the economic and cultural
perspectives of investors and business leaders in the Gulf states
Lecture
Lecture
Company
Visit
External
Presentation/ visit
Q&A
Totals:
Contact
Self-directed
Placement Total
hours
study hours
hours
student
(scheduled) (independent)
learning
hours
16
80
0
96
2
18
82
100
Assessment type
Weighting
Individual
Coursework
Written assignment,
including essay
100
Minimum
qualifying
mark
50
Pass/Fail
?
N/A
Please note:
Students are expected to attend all elements of the module, including all lectures
and any scheduled company visits. Failure to attend any scheduled element of
the module could result in the deduction of five percentage points from the
module mark, per missed element.
If you are in any doubt about the compulsory elements of this module, please
contact your course officer. In addition, students are expected to be at all
elements of the module on time. Persistent poor time keeping could lead to a
deduction of up to 10 percentage points from the module mark
Assessment criteria
Standard grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following an assessment, students will be given their marks and feedback in line with
the Assessment Regulations and Policy.More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version 1.0
Version date: October 2014
For use from: 2014-15
CODES
HESA Code
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N120
Description
The study of organisations
and their operations
throughout the world.
Percentage (%)
100
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
Hedge Funds
SMM121
Cass Business School
Specialist Masters Programme
10
5
7
MODULE SUMMARY
Module outline and aims
The purpose of this module is to provide an in-depth study of the hedge fund industry
structure and strategies. You will be provided with an overview of the hedge fund
industry organisation and structure as well as the reasons for this structure. You will
undertake an exhaustive study of the 10 major strategies paying particular attention to
the risks underlying these strategies. You will be introduced to the key issues involved in
constructing portfolios of hedge funds as well as incorporating hedge funds into a
traditional portfolio. For all topics, you will be provided with both the academic and
practitioner perspective.
Content outline
An overview of the hedge fund industry, history, organisation, issues & current
trends
A Review of the 10 major hedge fund strategies
Analysis of hedge fund performance, performance metrics & factor models
Hedge fund data, availability, biases & statistical properties
Case studies of 5 major hedge fund failures
Skills
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lectures
Lecture
Totals:
18
72
Total
student
learning
hours
100
18
72
100
Assessment
type
Invigilated test
Set exercise
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Issue 2, p26-44
Jorion, P. (2000), Risk Management Lessons from Long-Term Capital Management
European Financial Management, Vol 6:3 September 2000.p277-300
Till, H. (2006), EDHEC Comments on the Amaranth Case: Early Lessons from the
Debacle
Version: 2.1
Version date: January 2014
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N321
Description
The study of the
investment industry and
the techniques used
therein.
Percentage (%)
100
MODULE SUMMARY
Module outline and aims
This course is devoted to students who aim to pursue a career in the corporate finance,
mergers and acquisitions and coverage areas of investment banks or private equity
firms or simply want to gain a deeper understanding of corporate restructuring
transactions from the banks perspective. Within the MSc in Banking and International
Finance, it provides an addition to the electives focused on other types of financial
transactions and other financial institutions.
This course aims to equip you with the necessary tools to understand the most typical
corporate restructuring transactions from an investment bank perspective. These
include mergers and acquisitions, spin-offs, carve-outs, going public, going private,
buyouts and bankruptcy reorganisations. You will learn to perform an analysis of
value creation, as well as the mechanisms necessary to align the incentives all the
parties involved. You will gain a deeper understanding of the actual financial
instruments used in some of these transactions. Additionally, you will learn how
investment banks are organised and the role played by the different areas of the bank
on a clients transaction.
The content builds on your knowledge of banking and corporate finance and
follows an applied approach focusing on specific corporate restructuring
transactions, while providing a real-life emphasis based upon the extensive use
of case-studies.
Content outline
An investment bank is split into the so-called front office, middle office, and back
office. This course will deal predominantly with the so-called front office (corporate
finance, coverage and mergers and acquisitions) division of investment banking.
Specifically, it will focus on the role of investment banks in corporate finance
transactions. These include:
- Corporate Valuations
The valuation of companies forms the basis of share trading and corporate finance
activities. The ability of market participants to identify under or overvalued
companies drives portfolio outperformance and the creation of shareholder value.
- Mergers and Acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance
and management dealing with the buying, selling and combining of different
companies. This part of the course will focus on the role investment banks play in the
M&As markets.
- Corporate Distress and Leveraged Restructurings
Corporate distress, including the process of corporate bankruptcy and liquidation are
an important area of investment banking activity. Leveraged restructuring of
organisations can create greater corporate value by concentrating more control among
fewer stockholders, initiating enhanced corporate efficiency and performance.
Following the frenzy of mergers and acquisition activity over the past decade, the
current trend is towards more spin- offs and divestments as companies rethink the
strategic benefits of consolidation. This part of the course will analyse the valuation
Spin-offs and other divestments as well as the effect of such transactions on
shareholder wealth.
- Going public, IPOs and going private
This part of the course covers the strategic rationale behind companies'' decision to
go public or to go private as well as the tools and techniques used by investment banks
to advise their corporate clients.
- Spin-offs and other divestments
Skills:
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment pattern:
Assessment
component
Assessment
type
Coursework
Written
assignment,
including essay
Weighting Minimum
qualifying
mark
100
0
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 2.1
Version date: January 2014
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N321
Description
The study of the
investment industry and
the techniques used
therein
Percentage (%)
100
MODULE SPECIFICATION
KEY FACTS
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
Investment Strategy
SMM140
Cass Business School
Specialist Masters Programme
10
5
7
MODULE SUMMARY
Module outline and aims
The aim of this course is to introduce you to some of the latest developments in
investment strategy. The majority of these new developments are rooted in academic
research, as such, you will also become familiar with the theoretical underpinnings of
these new strategies.
Content outline
The course will comprise six, key elements:
1. Asset Allocation 1.0
A detailed examination of the traditional approach to asset allocation and risk
profiling.
2. The Tactical Asset Allocation Game
A chance for you to pit your wits against a computer-based investment game;
a game that demonstrates the difficulties involved in applying traditional
investment strategies.
3. Asset Allocation 2.0
An analysis of alternative approaches to asset allocation and the academic
evidence for the effectiveness of these approaches.
4. New challenges to active fund management
An analysis of active fund management in the light of the well-known
scepticism in the academic literature about whether active fund managers can
produce alpha. At the same time, the academic literature has shown that
there are ways in which alpha can be generated without the need for the
traditional, active fund manager.
5. New developments in passive fund management
An examination of the options available in passive fund management. For
those investors that do not believe in active fund management, passive fund
management techniques have been an important alternative. But, driven
Skills:
-
iv.
industry speakers.
Teaching pattern:
Teaching
component
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lectures
Lecture
Totals:
18
82
0
0
18
82
Total
student
learning
hours
100
100
Assessment
type
Group coursework
Written
assignment
including essay
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria
are descriptions of the skills, knowledge or attributes you need to demonstrate to
achieve a certain grade or mark in an assessment. Assessment criteria and grade
related criteria for module assessments will be made available to you prior to an
assessment taking place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version:1.0
Version date: October 2014
For use from:
Appendix: see
http://www.hesa.ac.uk/component/option,com_studrec/task,show_file/Itemid,233/mnl,12
051/href,JACS3.html/ for the full list of JACS codes and descriptions
CODES
HESA Cost Centre
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N321
Description
Investment
Percentage (%)
100%
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
MODULE SUMMARY
Module outline and aims
M&A is a major form of corporate activity and has significant financial implications. You
should complete the module with not only an understanding of the blend of strategic and
financial concepts applied to M&A, but more importantly a full recognition of the impact
on organisations and people of corporate restructurings.
Content outline
To provide you with a detailed understanding of the financial issues within a strategic
context regarding mergers & acquisitions from an international perspective. At the end
of the module you should have the ability to form your own views about M&A, and
should be prepared to make your own creatively strategic and analytically supportable
recommendations regarding potential M&A transactions.
Skills
Weekly delivery
Weekend block delivery
The module will be taught primarily through lectures and will make use of class
discussions, case studies and discussion on the wider business context of M&A activity.
Guest lecturers may be used when available. Students should also work in groups to
practise the course topics, such as valuations.
Teaching pattern:
Teaching
component
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lectures
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
type
Coursework
Set exercise
Weighting Minimum
qualifying
mark
100
50
Pass/Fail?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 2.1
Version date: January 2014
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N300
Description
Percentage (%)
100
MODULE SUMMARY
Module outline and aims
The course will be given in partnership with Singapore Management University and the
students will come from both Cass and SMU.
You will come away with a deeper understanding of the practice and impact of monetary
policy across the world, including:
The functions of money and the money creation process
The operation of monetary policy
Monetary policy tools
Types of monetary policy (e.g. contractionary and expansionary policies)
Limitations of monetary policy
The variety of teaching and learning methods engaged in for this particular module,
including lectures, group work, will support you in applying your learning in a real world
context.
You will have 15 hours of lectures complimented by 3 hours from an industry speaker.
Monetary policy is a key theme for financial professionals wishing to become analysts.
Many of our students go on to be or are currently analysts. It is also linked to the CFA
exam.
Content outline
Lecture 1: Money: The Function of Money, Paper Money and the Money Creation
Process
- Definitions of money, the supply and demand for money
- The quantity theory of money
- The roles of central banks focusing on US, Europe and Asia
Lecture 2: The Operation of Monetary Policy: The Cost of Inflation
- Monetary policy tools: open market operations
- The central banks policy rate: reserve requirements, the transmission mechanism
- Inflation targeting, exchange rate targeting
Lecture 3: Contractionary and Expansionary Monetary Policies and the Neutral Rate
- Limitations of monetary policy: problems in the monetary transmission mechanism,
interest rate adjustment in a deflationary environment and quantitative easing as a
response.
Lecture 4: Limitations of Monetary Policy - Summary
Understand the function of money, paper money and the money creation process
Skills:
Teaching pattern:
Teaching
component
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
24
76
Total
student
learning
hours
100
24
76
100
Assessment pattern:
Assessment
component
Assessment type
Weighting
Group Coursework
Set Exercise
100
Minimum
qualifying
mark
50
Pass/Fail
?
N/A
Please note:
Students are expected to attend all elements of the module, including all lectures
and any scheduled company visits. Failure to attend any scheduled element of
the module could result in the deduction of five percentage points from the
module mark, per missed element.
If you are in any doubt about the compulsory elements of this module, please
contact your course officer. In addition, students are expected to be at all
elements of the module on time. Persistent poor time keeping could lead to a
deduction of up to 10 percentage points from the module mark.
Assessment Criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
Monetary Policy CFA chapter: Prof. Andrew Clare, Cass Business School
Plus:
- A reading assignment about Asian markets will be assigned by the associated
Singapore Management University professor.
Version: 2.0
Version date: July 2013
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N340
Description
The study of the
management of money,
capital and credit.
Percentage (%)
100
MODULE SUMMARY
Module outline and aims
This course aims to foster the understanding of the functions of money in the
economy and of the role of central banks. After a brief introduction on the nature
and characteristics of money in modern economies, we will analyse how central
banks, commercial banks and other financial intermediaries determine the
quantity of money available in the system. We will then turn more in detail to the
operations of central banks, their strategy and the specific policy tools used to
influence inflation and output. Finally, we will discuss the changes in monetary
policy tools and strategies triggered by the recent financial crisis. The course is
designed for those of you with strong interests in understanding the impact of the
decisions of central banks on financial markets and the real economy.
Content outline
Topic #1 Introduction
The functions of money in a modern economy
The money creation process: the money multiplier
The role of the central bank and of commercial banks in money supply
Topic #2 Monetary policy and the real economy
Money demand
The equilibrium between money demand and supply
Nominal and real interest rates
The transmission of monetary policy and the yield curve
The credit channel of monetary policy
Topic #3 The objectives of monetary policy
The output-inflation trade-off
Price stability and the costs of inflation
Traditional monetary policy tools
Skills:
understand the statements of monetary authorities and their implications
for the functioning of the financial system and the economy at large;
critically evaluate publications and debates on the effect of monetary
policy, with particular attention to the official reports of central banks;
report, verbally or writing a memo, on the implications of monetary policy
decisions and on the overall adequateness of the stance of monetary
policy.
Values and attitudes:
The course does not specifically address ethical issues, but will encourage you to
consider the broader implications of monetary policies including the trade-off
between price and output stabilisation, and the implications for financial stability
on the different classes of agents in the economy.
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Group work
18
70
12
0
0
Total
student
learning
hours
88
12
Totals:
18
82
100
Assessment pattern:
Assessment
component
Assessment
type
In class presentation
Practical
Exercises
Written
assignment
including essay
Report on the
assigned case study
Weighting Minimum
qualifying
mark
20%
0
80%
Pass/Fail?
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you
need to demonstrate in order to complete an assessment successfully and Grade
Related Criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate to achieve a certain grade or mark in an assessment. Assessment
criteria and Grade Related Criteria for module assessment will be made
available to you prior to an assessment taking place. More information will be
available from the module leader.
Feedback on assessment
Students will receive oral feedback on their in-class presentation. Feedback on
reports will be posted on Moodle. Feedback on the assessment will be provided
within three weeks of submission.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different
components can also be found above. The Programme Specification contains
information on what happens if you fail an assessment component or the module.
the monetary policy frameworks of the Bank of Japan, the Federal Reserve and
the Eurosystem. BIS papers, 9, p. 23-56.
BORIO, C. E. V., BLENCK, D., HASKO, H., HILTON, S., & MASAKI, K. (2001)
Comparing monetary policy operating procedures across the United States,
Japan and the Euro area. BIS paper, 9, p. 1-22.
De GRAUWE, P. (2012). Economics of monetary union. Oxford University Press.
EUROPEAN CENTRAL BANK. (2011) The monetary policy of the ECB.
EUROPEAN CENTRAL BANK. Monthly Bulletin.
EUROPEAN CENTRAL BANK. Introductory statements to the press
conferences.
FEDERAL RESERVE BOARD. Monetary policy report.
FEDERAL RESERVE BOARD. FOMC minutes.
JOYCE, M., TONG, M., & WOODS, R. (2011) The United Kingdom's quantitative
easing policy: design, operation and impact. Bank of England Quarterly Bulletin,
51(3).
MISHKIN, F. S. (2007) Monetary Policy Strategy. MIT Press.
MISHKIN, F. S. (2007) Will monetary policy become more of a science?. NBER
Working Paper Series (13566).
MISHKIN, F. S. (2007) The economics of money, banking, and financial markets,
10th ed.
MISHKIN, F. S. (2011). Monetary policy strategy: lessons from the crisis, NBER
Working Paper Series (16755).
Additional and updated material for class discussion will be provided before each
lecture.
Version: v.2
Version date: 14/10/2014
For use from: 2014/15
Appendix: see http://www.hesa.ac.uk/content/view/1805/296/ for the full list of
JACS codes and descriptions
CODES
HESA Code
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N310
Description
Banking
Percentage (%)
100%
MODULE SUMMARY
This module will provide you with a new approach to understanding the fast changing
dynamics around project and infrastructure finance. For many years, project finance has
been the core technique for financing infrastructure and other large scale projects
worldwide. The module will enable you with the tools to enter in the project financing
arena:
This first part of the module aims at providing the necessary theoretical and conceptual
tools for financial analysis and decision-making in relation to project and infrastructure
finance. The module is designed to introduce you to project feasibility evaluation,
financial analysis and structuring, use of various sources of funds and markets, and
contractual documentation.
The second part will focus on the global need for infrastructure investments (accelerated
by the recent stimulus policies) and the increased role played by private capital in the
form of private equity, insurance companies, pension funds and sovereign wealth funds.
you will appreciate how international investors now consider infrastructure as an asset
class per se.
The module includes both technical issues
HOWWILLILEARN?
The module will be taught as a block over the weekend, divided into six, three hour
sessions. Sessions will include a review of the relevant theory and the discussion of
case studies. The case studies provide an opportunity to apply the project finance
principles and valuation methods to real-life projects. You will also be asked work in
groups to prepare a case presentation in class.
Teachingpattern:
Contact
Selfdirected
Totalstudent
Teaching
Teaching
Placement
hours
studyhours
learning
component
type
hours
(scheduled) (independent)
hours
Lectures
Lectures
18
82
0
100
Totals:
18
82
0
100
Assessment
type
Coursework
Written
assignment
including essay
Weighting Minimum
qualifying
mark
100%
50%
Pass/Fail?
Please note:
Students are expected to attend all elements of the module, including all lectures
and any scheduled company visits. Failure to attend any scheduled element of
the module could result in the deduction of five percentage points from the
module mark, per missed element.
If you are in any doubt about the compulsory elements of this module, please
contact your course officer. In addition, students are expected to be at all
elements of the module on time. Persistent poor time keeping could lead to a
deduction of up to 10 percentage points from the module mark.
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following an assessment, students will be given their marks and feedback in line with
the Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
INDICATIVE READING LIST
John D Finnerty, Project Financing: Asset Based Financial Engineering, (Wiley Finance,
2007)
Additional readings and assigned cases will be provided on Moodle during the module
including rating agency methodologies, fundamentals of project finance and cases.
Version: 1.1
Version date: January 2014
For use from: 2013-14
Description
Business and
Management Studies
Price Group
D
JACS Code
N213
Description
Project Management
Percentage (%)
100%
MODULE SPECIFICATION
KEY FACTS
Module name
Module code
School
Department or equivalent
UK credits
ECTS
Level
MODULE SUMMARY
Module outline and aims
The recent financial crisis revealed that the financial sector needed to urgently enhance
the efficiency of its approach to risk strategy and decision making in critical situations.
Most of the failures that occurred during the crisis stemmed not from isolated human
errors or technical / analytical mistakes, but strategic mistakes in risk taking, flawed
models or inability to provide a holistic risk management response to systemic or
idiosyncratic shocks. The lesson that the financial industry ought to learn from the
recent experience is that every organisation urgently needs to strengthen its strategic
risk management.
This module addresses this call and aims to provide a comprehensive coverage of key
elements that are vital for every organisation to develop and maintain a robust risk
strategy. The module explains to you how strategic risk management decisions are
made overall and gives a top down view on risk management frameworks. It is not
focussed on a particular type of risk isolation. Instead it creates a Big picture. Unlike
many in-focus risk management courses, this course will help you to see the forest for
the trees in the risk management world.
Content outline
This module covers areas which predetermine the overall robustness of a firms risk
management and effectiveness of strategic decisions from a risk perspective that a firm
makes. Risk strategy is a key driver that sets a firms overall attitude towards risk taking
and its ability to make correct risk decisions. Ultimately, it determines future success or
failure of the organisation.
The module covers (but is not limited to) the following:
Skills
Develop skills and methods for identifying risk signals and communicate these to
stakeholders, including the risk scorecard, scenario analysis, and handling
governance and compliance issues
Analyse concepts and apply skills through key activities including working case
studies, where you will have the opportunity to contextualise and apply your
knowledge;
Apply research skills in Risk Management;
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
0
0
18
82
Total
student
learning
hours
100
100
weighted at 30% where each group of students will manage a portfolio of assets.
Assessment pattern:
Assessment
component
Assessment
type
Invigilated test
Group coursework
Set exercise
Set exercise
Weighting Minimum
qualifying
mark
70
0
30
0
Pass/Fail?
No
No
Assessment criteria
Standard MSc Grade Related assessment criteria will apply.
Assessment Criteria are descriptions of the skills, knowledge or attributes students need
to demonstrate in order to complete an assessment successfully and Grade-Related
Criteria are descriptions of the skills, knowledge or attributes students need to
demonstrate to achieve a certain grade or mark in an assessment. Assessment Criteria
and Grade-Related Criteria for module assessments will be made available to students
prior to an assessment taking place.
Feedback on assessment
Following an assessment, you will be given their marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
England. Available:
http://www.bankofengland.co.uk/publications/Documents/speeches/2012/speech596.pdf
World Economic Forum. Global Risks 2014 Ninth Edition. Insight Report. WEF.
Available: http://www3.weforum.org/docs/WEF_GlobalRisks_Report_2014.pdf
Version:1.0
Version date: June 2014
For use from: May 2015
Appendix: see
http://www.hesa.ac.uk/component/option,com_studrec/task,show_file/Itemid,233/mnl,12
051/href,JACS3.html/ for the full list of JACS codes and descriptions
CODES
HESA Cost Centre
133
Description
Business and
Management Studies
Price Group
D
JACS Code
N341
Description
Financial Risk
Percentage (%)
100%
MODULE SUMMARY
Module outline and aims
The aim of this course is to provide you with a comprehensive understanding of how
foreign exchange (FX) is traded in both the professional and retail markets and what
causes currencies to rise and fall. The course will examine the major players within
the FX market place banks, brokers, fund managers, hedge funds and high net
worth individual and explores the dynamics between participants and the techniques
used to evaluate and trade FX for risk mitigation or speculation.
You will be taught how investor behaviour affects FX prices and will learn how to
analyse FX markets using technical and fundamental indicators. Hedging techniques
to mitigate risk will be explained, with the emphasis on the practical side of FX trading
to prepare students for a career in the banking/finance industry.
Content outline
Skills:
Teaching pattern:
Teaching
component
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
Lecture
Lecture
Totals:
18
82
Total
student
learning
hours
100
18
82
100
This module will be assessed through 100% coursework comprising an invigilated test.
Assessment pattern:
Assessment
component
Assessment type
Weighting
Coursework
Set Exercise
100
Minimum
qualifying
mark
50
Pass/Fail
?
N/A
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment criteria are descriptions of the skills, knowledge or attributes you need to
demonstrate in order to complete an assessment successfully. Grade related criteria are
descriptions of the skills, knowledge or attributes you need to demonstrate to achieve a
certain grade or mark in an assessment. Assessment criteria and grade related criteria
for module assessments will be made available to you prior to an assessment taking
place. More information will be available from the module leader.
Feedback on assessment
Following assessment, you will be given your marks and feedback in line with the
Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components can
also be found above. The Programme Specification contains information on what happens
if you fail an assessment component or the module.
Version: 2.0
Version date: Oct 2014
For use from: 2014-15
MODULE SUMMARY
Module outline and aims
This module focuses on the mechanisms by which securities are traded in modern
financial markets and the implications of trading mechanisms for the efficiency and
liquidity of markets. It covers all major asset classes (equities, FX, bonds and
derivatives) and treats theoretical work on trading mechanisms and market outcomes,
related empirical work and the application of microstructure analysis to practical trading
scenarios. It aims to prepare you for work which would involve trading or trade quality
evaluation or for graduate work in this area.
Content outline
Topic 1: the basics of trading (different trader types, trading mechanisms, order types,
definitions of liquidity and efficiency)
Topic 2: asymmetric information and inventory control in markets (models including
private information and risk aversion, implications for the relationship between trades
and prices, dealer markets and batch markets)
Topic 3: Price discovery and liquidity measurement (econometric evidence on the
implications of trading methods for information efficiency and determination of liquidity)
Topic 4: limit order markets (order choice models and empirical evaluation of those
models, practical examples of order placement strategies in equity markets and
transaction cost analysis).
Topic 5: FX and bond market microstructure (order flow models and models to explain
the relationship between order flow and exchange rates, bond trading and implications
for pricing.)
Topic 6: issues and controversies in modern market structures (for example highfrequency trading, algorithmic trading, dark versus lit execution methods, market
manipulation)
Describe clearly the manner in which trading takes place in modern markets for
equities, FX and bonds
Describe theoretical work that involves trading on the basis of private information and
dealer behaviour which results from risk aversion. Also to describe the implications of
this work for properties of trade and price data and empirical evaluation of these
implications
Debate the effects of modern developments in trading on market quality and
outcomes.
Skills
Teaching Contact
Self-directed
Placement
type
hours
study hours
hours
(scheduled) (independent)
lectures
Lectures
Totals:
18
82
Total
student
learning
hours
100
18
82
100
Assessment
type
Group coursework
Practical Skills
assessment
Weighting Minimum
qualifying
mark
100%
50%
Pass/Fail?
No
Assessment criteria
Standard MSc grade related assessment criteria will apply.
Assessment Criteria are descriptions of the skills, knowledge or attributes students need
to demonstrate in order to complete an assessment successfully and Grade-Related
Criteria are descriptions of the skills, knowledge or attributes students need to
demonstrate to achieve a certain grade or mark in an assessment. Assessment Criteria
and Grade-Related Criteria for module assessments will be made available to students
prior to an assessment taking place. More information will be available from the module
leader.
Feedback on assessment
Following an assessment, students will be given their marks and feedback in line with
the Assessment Regulations and Policy. More information on the timing and type of
feedback that will be provided for each assessment will be available from the module
leader.
Assessment Regulations
The Pass mark for the module is 50%. Any minimum qualifying marks for specific
assessments are listed in the table above. The weighting of the different components
can also be found above. The Programme Specification contains information on what
happens if you fail an assessment component or the module.
Version: 2.1
Version date: June 2013
Version date: June 2013
Description
Business and
Management Studies
Price Group
D
JACS Code
N300
Description
The study of financial
systems, regulations and
reporting
Percentage (%)
100