Project Notes The Project requires you to undertake an investigation into a topic in International Finance

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Devise a question >>> Get the data >>> Carry out the tests >>> Report the results

Administrative issues You must read ALL the following notes about the project IT IS NOT THE SAME AS OTHER PROJECTS The project has a maximum length of 1,500 words. You need to complete a form (pro forma) and get it signed by the lecturer by the end of the Christmas term ie before the holidays. SUBMISSION WILL BE VIA BLACKBOARD YOUR PROJECT MUST THEREFORE BE IN A SINGLE WORD FILE Remember that this is a project, AN INVESTIGATION, not an essay. Do not leave things to the last minute and then be caught out because there is a difficulty, the system is down or some data is unavailable. Your ability to produce a piece of work in a less structured environment is an integral part of undertaking a project. The project has run for many years. It is intended to be a pleasant change from an exam and a chance to improve on your exam score; but you must read the following notes carefully.

assessment The project will count for 25% of your overall marks. Marks for the project are made up as follows: Overall presentation of project Communication Use and presentation of resources Quality of analysis

20% 10% 20% 50% 100%

good presentation: clear title, index, appropriate use of diagrams, clear layout, minimal cross referencing (i.e. diagrams, analysis, findings in the text and not listed at the back), keys to all equations, good referencing (no bibliographies see below for references), central key / glossary, good transcription from other sources.

Good communication: deadlines met, consultation hours used, a pro forma with notes etc written on, project completed before the Christmas vacation references should be as follows: (note that books must have page references) Example in text: Arya et al (1988) found that 20% of all seats in lectures had an ejector button, a finding moderated by the late Dr Gerbil (1988, p.201) who discovered that few worked. Arya A., J.C. Fellingham and J.C. Glover (1998), Capital budgeting: Some Exceptions to the Net Present Value Rule, Issues in Accounting Education, Vol. 13, No. 3 (August) pp.499 508.
book

journal

Gerbil, A. (1988), Decision Theory: an introduction to the mathematics of rationality, Ellis Horwood.

good management of resources: good use of University/other information sources, relevant up to date material, clearly presented, good basic description of the data (mean, outliers etc), reasons why the time period and data was chosen. Poor management of resources: inappropriate data, better sources easily available, old data, poorly described data Good quality of analysis: clear explanations, clear development of line of investigation, honest appraisal of your methods Poor quality of analysis: vague explanations, poor development of your theme, issues left outstanding, getting lost in the detail, claiming too much, careless, erroneous statements and/or inferences, failure to reflect on the shortcomings of your analysis, no analysis, vague descriptive approach showing no ability to analyse the sources but merely replicate them badly

The project is intended to fit within a degree module. Excellent projects can be less than the word limit. Much more important is that you fulfil a carefully and narrowly designed scheme of investigation. You must consult with the lecturer. Do not leave the project until the Christmas vacation you will have 10%, marks are deducted in accordance with University regulations for late submission! Complete the project before the vacation.

As ever, projects are marked on a 100% scale very high marks are obtainable, but. It is perfectly possible to fail the project. The project will be given a
fail mark if for example: there is no pro forma there is no element of investigation as defined here, for example if you hand in a referenced essay it will fail.

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timetable: Semester 1 (not necessarily in this order): 1. Complete pro forma and submit it via blackboard. 2. Discuss pro forma with lecturer; ensure that you have a version emailed back to you with comments. 3. Familiarize yourself with the information sources. Note that manuals etc for these sources are the responsibility of the library, notes from me are by way of extra help. If you are unable to obtain the data let me know I may post some data on Blackboard anyway. Semester 2: 1. Carry out project. 2. Consult with lecturer if any difficulties are experienced / or for guidance.

Last week before Easter

1. Submit the project via TURNITIN on Blackboard remember to include your pro forma with my comments as part of your single project file.

OK so how do I undertake the project? The first point is that the project has run for many years. Language students have in the past produced very successful (first class) projects you are not being asked to attempt the impossible! This project differs from many others in that you are not given a subject area or details on how to carry out the project. Instead you are given guidance as to how you might go about these tasks and offered consultation services. How you construct the project is an important part of the project itself. Avoid the following strategies: I dont know what to do for my project would you tell me? i.e. learned helplessness. This is not consultation. Also, Can I do what hes doing only in Spain? This approach is heading for a low mark, no two countries are the same you must develop your own project for its own reasons.

In sum, you have to: choose the subject construct a question relevant to the subject devise a plan of research complete a pro forma and get it signed. carry out the plan as in the pro forma.

The end result need not be especially long by consulting effectively with me you will avoid the main pitfalls

Method: Devise question >>> Get the data >>> Carry out the tests >>> Report the results

This is NOT a test of your numerical ability. Projects with regressions can get low marks for badly explained models, poorly analysed results etc; projects with no more than histograms and averages can get high marks for well explained and relevant analysis. The tools you use do not determine your marks. The project is executed at the terminal, that is why you can complete it in the given timetable. DO NOT write off for information. If you get in a mess with the numbers, consult with me so do not worry. Consultation is part of the exercise. NO MARKS ARE DEDUCTED BECAUSE OF ASSISTANCE. Consultation is a strength not a weakness. Choice of subject subject areas: (this will make more sense when you have studied the subject areas!) Generally, find an area and think small. Areas chosen by previous projects in rough order of popularity, but not merit, are: 1) 2) 3) 4) 5) 6) PPP theory, variations are choosing different: countries, time periods, indices, lags, periodicity (i.e. monthly quarterly etc), expectations. IFE theory, variations are choosing different: countries, time periods, indices, lags, periodicity (i.e. monthly quarterly etc), expectations. Market efficiency, runs tests. Forward rates (you will have to ask me for the data). Exchange rate variation and correlation tests with each other and with Stock Market returns. Balance of payments and the exchange rate.

The pro forma

Pro Forma This form with my comments must be included as

part of your project - keep it to 1 page how good or bad it is does not affect your mark but it will affect how well you can complete the project. (submit via Turnitin on Blackboard )
It is not possible to plan as you go along - you need a clear idea as to what you want to achieve before you begin your project. This idea must be as clearly specified as possible. The Pro Forma is intended to help in this process and to enable me to offer guidance. Complete the form as fully as possible even for those sections you feel are less relevant to your particular choice of topic.

Name : Roll number: Date: 1. Central Question An example: Is ABC caused by X + Y Z? (do not be vague here, be as precise as possible)

2. Significance for International Finance Knowledge of the causes of ABC will help multinational firms/countries plan their DEFand a tiny bit more

3. How will you test your question? For the UK , Germany, and the USA I will obtain ABC, X,Y,and Z for the years VVVV to WWWW (brief reason for choosing those years and brief reason for choosing the countries)

4. What will your test establish? Whether or not X,Y and Z are related to ABC for these countries over these years + something on the limitations of the test.

5. Data required for the Test ABC,X,Y and Z for the years VVVV to WWWW

6. Source of Data Should be from ESDS or Datastream or Commercial sources give preference to our own data sources any problems see me!

the write up

The following format is offered as a guide, why not use it? It shows that you have read this far! Section 1. Introduction - What is being tested/reviewed? Why is test/review important? the

Section

2.

Test design: How are you going to carry out your tests - be absolutely crystal clear in this section. Review design: How are you going to conduct your review?

Section3.

Test: Results and further tests. Review: Carry out review. Reflections on results and suggestions for further tests.

Section4

style I have said enough about clarity. In addition, try to integrate your computer output (e.g. MINITAB) with your write up as closely as possible (minimize the need to refer to appendices, diagrams, equations etc., output should be part of the text) but place your source data (e.g. daily exchange rate changes for 3 years etc.) in an appendix. You are not required to write up your notes nor to produce a lengthy tome. You should execute the project within the time allocated for International Finance - see me if this is not proving to be the case. In conclusion to the project notes As you may now have gathered an international finance project has been running for many years. Everything recommended here has been thoroughly tried and tested, so follow these instructions, in particular, do not pursue your own idea of a project and hand in something that you call a project at submission time, it will not pass. If you follow the instructions, you will gain much higher marks and enjoy the exercise. End of project notes