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• Professor Yacine Belghitar

This core module aims to develop a critical understanding of key financial decisions in corporate settings. It explores the implications of the separation between ownership, management, and control; the evaluation of capital structure and dividend policy; and the analysis of short-term asset management practices within the business environment. The module also encourages engagement with complex and sometimes contradictory academic literature in financial management and its relevance to professional practice.

• The Objective Function for Corporations
• Valuing Bonds and Common Stock
• Financial Planning and cash budgeting
• Working capital management
• Portfolio Theory and the CAPM
• Capital Structure
• Payout Policy

1. Evaluate the impact of the separation of corporate ownership, management and control.
2. Appreciate and incorporate risk in project appraisal and investment.
3. Estimate and evaluate the capital structure and dividend policy of the company.
4. Identify and appreciate the complexity and contradictions of the current academic literature in financial management and its implications for professional practice.

• Professor Andrew Angus

Business analysts are frequently asked to gather, review and analyse business and industry data to produce robust, meaningful recommendations to senior managers.  This requires the combination of a range of knowledge, skills and behaviours.  For instance, the selection of quality data, building reliable databases and models, applying statistical models, deriving and communicating meaning from the findings.

The principles of business analytics:

• Research design,
• Planning a management project and formulating management questions,
• Data analysis using quantitative techniques,
• Principles of artificial intelligence, applications and challenges.

On successful completion of this module, you will be able to:

1. 1 Critically evaluate the theoretical principles that underpin a range of analytical techniques.
2. 2 Appraise the usefulness of different data analytics methods for inferring meaning from business data.
3. 3 Create and communicate robust recommendations based on evidence and a critical assessment of options.
4. 4 Assess the main concepts and paradigms of Artificial Intelligence (AI) and critically examine AI-enabled applications in different sectors.

• Dr Lakshmy Subramanian

The aim of the module is to enable you to critically evaluate the rapidly changing field of digital technology including artificial intelligence as it applies to the worlds of banking and financial services more generally. This will be achieved through developing a critical understanding of:

• IT in historical perspective: from the 1970s to today
• Demand-side and supply-side drivers of digital banking
• Consumer Impact: where have we come from and how is the future of banking being shaped by new technology paradigms. Focus on customer experience, key trends that are driving this
• The new business models evolving in digital banking including Open Banking, BaaS, BaaP, Banking as a marketplace and ecosystem, etc.
• Organisation: what does the digital megatrend mean for how you organise internally? Skills sets are less delineated, agile ways of working etc.
• Future: what emerging trends promise the next wave of innovation (e.g. blockchain, AI)? What disruption is this likely to cause?

The module aims to equip you with the knowledge and understanding to better manage digital technology-related decision-making within a banking context.

The core elements of the module are:

• Digital disruption in banking and financial services: This part of the module will look at how new digital technologies are changing banks and financial services.
• Deeper dive on the dominant new technologies reshaping the industry: This part of the module looks in detail at the new technologies fast changing the banking industry so that students understand both what they are and also the strategic implications for the industry.
• Discussion on the role of regulations, central bank policies, and other related policies.
• Response strategies: This part of the module explores how banks can respond to the rise of digital technologies and the best strategies to compete with new Big Tech and FinTech.

On successful completion of this module you should be able to:

• Critically appraise the impact of new digital technologies including artificial intelligence on the operations of banking.
• Assess and reflect the impact of new market entrants on the business model and competitive position of traditional banks.
• Evaluate the key trends in alternative payment systems, and reflect on the key areas of growth by segments, geography, etc.
• Examine the key motivations for the development of cryptocurrencies and central bank digital currencies, and associated risks, regulatory implications, etc.
• Outline avenues of organizational development and change open to banks to respond to market changes brought about by digital technology.

• Dr Lakshmy Subramanian

To introduce the concepts and techniques associated with Managerial Economics, i.e., Microeconomics (e.g. market analysis, price theory, rationality) and Macroeconomics (e.g. inflation, exchange rates and interest rates).

The initial few sessions are spent on discussion of the main concepts that serve the basis for the understanding of Economics and the business environment.

There is extensive discussion about the properties associated with different market structures and levels of competition.

The students are then introduced to important elements regarding the interplay between management and the firm’s objectives and this is followed by a comprehensive discussion about business strategy that builds on what was previously delivered and, as a consequence, the investigation of economic implications for a firm.

One important element of the corporate strategy relates to decisions about pricing, and this is discussed in great detail.

Finally, the remaining sessions are devoted to discussion of the concepts and ideas in macroeconomics which have a direct relevance to organisations.

On successful completion of this module, you should be able to:

1. Employ economic reasoning when making choices in the use of resources.
2. Evaluate the importance of marginal analysis and diminishing returns in the context of business and consumer decisions.
3. Assess the various objectives which different firms may pursue and the consequent impact on managerial decisions, including those relating to price and output levels.
4. Analyse both the external environment and the internal capabilities of a firm and understand the forces shaping the firm’s competitive environment.
5. Critically evaluate the importance of developments in the macro economy and explore their impact on management and business performance.

• Dr Nemanja Radic

The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. You will understand the roles, motivations and behaviours of market players including the importance of risk-taking. The role of regulation will be highlighted and examined in Part II. This will include the aims and structures of regulation. In Part III, you will examine, using a seminal textbook on business ethics the role and limitations of ethics in financial markets, ethical decision-making frameworks, and evaluate real world cases of lapses in culture and impact upon society and the markets. The challenge of identifying and promoting ethical behaviour will be acknowledged. 

This module will identify key financial intermediaries including banks and non-banks (i.e., FinTech firms, finance companies, mutual banks, multilateral banks, insurers, pensions, hedge funds, retail investors, shadow banks).

Financial products overview includes equity, subordinated debt (notably issued by financial institutions including their motivation), senior debt (including loans, bonds) as well as the role and consequences of deposit-taking/money market activities for financial institutions given the regulatory context of this module.

The role, advantages and dis-advantages and recent market developments associated with cash versus derivative markets will be identified and discussed.  Lastly, simple securitisations of credit portfolios will be examined both as a funding tool but how it was misused before the crisis in sub-prime markets.

Product types identified will include equity and debt (including loans and debt securities), investment banking/advisory, and asset/wealth management. Recent controversies will be looked at in market practice including the scope for market abuse, conflicts of interest, moral hazard, and financial institution misconduct.  Various stakeholders will be identified for the key market types.

You will investigate criticisms of financial market policies and shortcomings of supervision and review the response by regulators, notably in the banking sector for greater capital, more conservative liquidity provisions, and improved risk governance. Key corporate governance theories will be identified. While regulation presents a legal means to mitigate misconduct by institutions and individuals operating in the financial markets, ethical decision-making and an effective risk culture can offer greater hope over time when conventional supervision and law fail to live up to their promise. Two ethical-decision making frameworks will be introduced in a case study format, one from Jennings (2013) and the other via Ferrell et al. (2011).

1. Evaluate different financial market structures, players including their roles and respective stakeholders.
2. Appraise the basic knowledge of key financial markets, major product types, and the scope for misconduct, agency failures and moral hazard.
3. Assess the aims, role and structures to provide financial markets supervision including their limitations and recent criticisms.
4. Analyse the key theories for corporate governance and risk governance practices for financial institutions, and how governance mechanism may interact to impact performance or risk-taking.
5. Examine the potential for ethical behaviour and improved conduct to fill the void where law and regulations fail to succeed.
6. Examine the changing landscape of the banking industry, the main drivers of change, and develop an applied understanding of change management approaches within a banking context.

• Dr Matthias Nnadi

This module provides an integrated framework for analysing financial statements and valuing firms, equipping students with the skills required for roles in financial analysis and investment. The module emphasises how accounting information is transformed into economic insight and ultimately into valuation decision

• Financial reporting framework, accounting rules, and reporting quality.
• Structure and interpretation of income statement, balance sheet, statement of changes in equity, and cash flow statement.
• Ratio analysis (profitability, liquidity, solvency, efficiency, gearing and investment ratios).
• ESG disclosure and non-financial reporting considerations.
• Issues in International Financial Reporting Standards (IFRS).
• Valuation approaches: discounted cash flow, and relative valuation frameworks.
• Estimating the cost of capital.
• Forecasting cashflows, growth and reinvestment.
• Terminal value estimation and key assumptions.
• Building integrated financial models for valuation.

1. Construct and evaluate corporate financial statements to assess firm performance, financial position, and risk using advanced analytical techniques.
2. Evaluate the quality of reported earnings and identify potential accounting distortions, making appropriate adjustments for analytical and valuation purposes.
3. Apply and interpret financial ratio analysis to evaluate firm performance and its drivers.
4. Apply and critically evaluate different valuation approaches, including discounted cash flow and relative valuation methods, in the context of real-world firms.
5. Develop and justify integrated financial forecasts and valuation models, including assumptions on growth, cash flows, discount rates, and terminal value.

• Professor Catarina Figueira

This module recognises that professional effectiveness is not limited to individual performance. Working with others - leading teams, influencing stakeholders, navigating conflict and building collaborative relationships across diverse cultural and organisational contexts - is at the heart of what employers expect of managers, analysts, finance professionals, supply chain leaders, procurement specialists and marketers. The module accordingly gives substantial attention to leadership development, emotional intelligence, negotiation and the interpersonal dynamics of professional life. Storytelling - the ability to structure and deliver a compelling professional narrative - is treated as a distinct and teachable skill that connects self-awareness to effective communication in interviews, pitches and stakeholder interactions alike.

• Self-assessment, professional identity
• Sector landscape
• Professional application materials
• Navigating the selection process
• Interview excellence
• Leadership, commercial awareness and project management
• Digital professionalism, ethics and inclusion
• Professional communication, negotiation, networking and career planning.

1. Synthesise personal attributes, strengths, values and skill gaps into a coherent professional identity and personal value proposition aligned with their target sector, by constructing a Professional Portfolio with actionable short- and medium-term career goals.
2. Produce professionally targeted application materials and prepare for postgraduate role selection formats, applying structured frameworks to evidence personal strengths and experience.
3. Appraise a range of professional communication techniques and leadership behaviours, to convey information persuasively and enable effective collaboration in diverse team settings.
4. Analyse current trends shaping their target professional sector, using structured problem-solving, decision-making and demonstrating the ethical awareness and principled judgement expected of professionals in their field.
5. Critically reflect on personal professional development needs and commitments to professional conduct, resilience, commercial curiosity and inclusive practice.

• Dr Joshua Haist

The module is primarily designed to provide you with an understanding of what is required to undertake successful academic studies and to conduct research in business contexts considering that todays’ managers:

• are paid to make decisions
• are expected to make ‘informed’ decisions (i.e. based on evidence)
• are evaluated on the basis of the outcomes from their decisions

Therefore, understanding the process of producing evidence will ensure you have the core skills to inform management decisions.

Introduction to evidence-based management

• 果酱视频官网 skills
• The elements of evidence-based management
• Uses and misuses of generative AI

Conducting research in management

• Defining management problems
• Reviewing the literature

Understanding and evaluating qualitative research methods

• Interviews and focus groups in qualitative research
• Qualitative data analysis

Understanding and evaluating quantitative research methods

• Designing questionnaires and conducting surveys
• Quantitative data analysis
• Presenting research evidence & academic writing
• Translating data into information to support management decisions

On successful completion of this module, you should be able to:

1. Critically evaluate evidence to inform management decisions.
2. Assess and select appropriate methods of qualitative and quantitative data collection to gather a varied range of evidence to support decision.
3. Choose and apply appropriate methods of qualitative and quantitative data analysis to gain insights from data and explore the implications of decisions.
4. Access different sources of evidence to gain a comprehensive and critically reflective understanding of organisational issues.
5. Design and formulate high quality academic and business documents employing critical, evidence-based thinking.

• Dr Lakshmy Subramanian

The aims of this module are to equip you with the skills, techniques and knowledge to:

• Assess the role of Banking in the wider economy.
• Develop knowledge and skills of pricing financial products and services and evaluate how pricing decisions can be influenced by the changing competitive landscape.
• Examine the changing landscape of the payment ecosystem which are usually the gateway for innovations and appreciate the innovations relating and conditions for success.
• Grasp nuances of the dynamic lending environment, especially in a digital age, and evaluate how customers perception about lending is evolving.
• Examine the personal and private banking landscape in the digital age, the challenges that have been encountered, and the effects on banks and the ways customers interact with their banks.

The core elements of the module are:

• Retail banking products and services
• Pricing of financial products and services
• Payment ecosystem
• Credit and Lending
• Private and Personal banking

On successful completion of this module, you should be able to:

1. Critique the evolving role of payments and the role of technology.
2. Compare and contrast the various pricing decisions embraced by banks and other financial service organisations.
3. Examine how retail banks can prepare in advance for the impact of external events and influences in offering high-quality, cost-effective and sustainable services.
4. Differentiate between a range of lending customer types, needs, etc and apply frameworks for an enhanced responsible relationship management strategy for a variety of bank customer segments.

• Dr Lakshmy Subramanian

The module's primary goal is to increase your knowledge, comprehension, and aptitude for applying the fundamental ideas and practices of green and sustainable banking. The module will delve deeper into the development of green and sustainable products and services in the banking and allied sectors; raising awareness of the role of the stakeholders in the banking industry in supporting the transition to a low-carbon world; and increasing the student's awareness and understanding of climate change and its impacts.

The core elements of the module include:

• Introduction to sustainable and green banking
• Building a sustainable banking ecosystem including green finance, responsible lending, investments, etc.
• Risk management
• Implications of sustainable banking on digital banking, private banking, commercial banking, etc.
• Role of FinTech and AI in supporting sustainable and green banking.

On successful completion of this module you should be able to:

1. Critically analyse "green" and "sustainable" finance highlighting the fundamental theories underlying the climate change and examine how the banking sector could play a role in lessening the impact of climate change.
2. Assess the nature, significance, and management of the main environmental, sustainability, and climate risks.
3. Discuss how different banking products and services, activities, and strategies can support the development of sustainable and green finance.
4. Evaluate the role of digital financial technology in supporting sustainable banking.
5. Assess the challenges and gaps in the current reporting practices and propose pathways for sustainable financial reporting.

• Dr Vineet Agarwal

The global bond market exceeds $100 trillion which is more than the world’s stock markets. The market has become increasingly quantitative due to the proliferation of new products. Combined with increased volatility of financial prices and exposure to new sources of risk, there are now greater risks and opportunities for fixed income portfolio management.

This module will provide you with a solid grounding in the mechanics of fixed income markets and introduces them to bond portfolio management techniques.

The module will cover:

• Pricing of fixed and floating rate bonds.
• Measuring bond price volatility.
• Yield curves and bond pricing.
• Analysing callable and convertible bonds.
• Analysing mortgage-backed securities.
• Properties of interest rate derivatives and their use in altering portfolio characteristics.
• Credit risk analysis.
• Bond portfolio management

On successful completion of this module, you should be able to:

1. Assess the risks of investing in fixed interest securities.
2. Examine and assess the role of yield curves in bond pricing.
3. Assess the impact of embedded options on risk-return profile of bonds.
4. Evaluate credit risk models and their application in fixed interest investing.
5. Discuss and evaluate the bond portfolio management techniques using combination of bonds and interest rate derivatives.

This module aims to develop a solid understanding of foreign exchange and interest rate risks that multinational corporations encounter. The focus is on developing insights on how and why these risks arise and what can be done to manage these risks. The other aim is to provide you with commonly used applications of derivatives in managing exchange rate and interest rate risks.

• Introduce you to the world of foreign exchange markets, how exchange rates are quoted and interpreted and what role FOREX markets play in the international finance.
• Discuss why and how multinational corporations invest in foreign markets. The key determinants of Direct Foreign Investments (DFI) are explored in detail.
• Discussion of underlying theoretical models which explain the relationship between interest rates, inflation, and other macro-economic variables and the exchange rates. How forward rates are determined in the market and why covered interest rate arbitrage and carry trades occur and how they are used by investors to exploit disequilibrium in the foreign exchange rates.
• Discussion of basics of currency derivatives and how they work, and the different types of foreign exchange exposures and how they affect market value. How transaction and operating exposure are managed by both internal hedging techniques and derivatives are discussed in detail using case studies.
• How interest rate risks arise and how it affects multinational corporations is followed by how these risks are managed. Students learn about interest rate and currency swaps, how they are set up and how they are valued. The final sessions are used for discussion of international capital budgeting process, how it is done and how key risks need to be considered and managed.

On successful completion of this module, you should be able to:

1. Discuss relationship between interest rates, inflation and purchasing power parity and exchange rate.
2. Identify and contrast different types of foreign exchange exposures.
3. Analyse and predict interest rate and exchange risks.
4. Select and apply different types of derivatives for managing interest rate and exchange risks.
5. Evaluate the issues for multinational firms in their international capital budgeting decisions.

This module is one of the key modules for the programme as it deals with foundations of investment and portfolio theory. The module aims to develop an understanding portfolio construction, portfolio management and portfolio evaluation. The module will focus on imparting knowledge of the investment process, portfolio theory, efficient market hypotheses, asset pricing models, analysis and management of common stock portfolio, portfolio evaluation and basic understanding of equity options and futures and their application in management of portfolios. The module’s aim is to help you acquire knowledge of investment and portfolio management. The module introduces some of the principal ideas and concepts underpinning the theory and practice of investment. By the end of the module you will be able to understand the main issues involved in investment management and develop skills to construct equity portfolios and manage their risk.

This module will also provide opportunities for you to develop and/or enhance the following skills:

• Introduction to investments and asset allocation decisions
• The Efficient capital markets
• Portfolio theory
• Portfolio optimisation through case study
• The Capital Asset Pricing Model and other Multi Factor Models
• Portfolio Formation using real data
• Management of Equity portfolio
• Equity Derivatives and Portfolio Management
• Evaluation of Portfolio Performance

On successful completion of this module you should be able to:

1. Discuss and question relevant ideas and theory of investment and portfolio management and practical considerations.
2. Assess and evaluate the Efficient Market Hypothesis (EMH) and main asset pricing models.
3. Evaluate various equity management styles and strategies.
4. Discuss and examine options and futures and evaluate how to use them in managing portfolios risk.
5. Compare, select and justify various portfolio performance evaluation tools.

• Professor Yacine Belghitar

The module focuses on transactions significantly affecting the corporation鈥檚 assets, liabilities and/or equity claims and stresses the economic motives for undertaking them. Transactions are examined from the perspective of the corporation (e.g., firm managers), from the perspective of capital markets (e.g., investors, stockholders, creditors) as well as from the perspective of the society. The module integrates various technical skills learned earlier in the MSc programme such as accounting, corporate finance and strategy.

• Theoretical rationale of mergers, acquisitions, and restructuring.
• The range of restructuring choices.
• Strategies for takeover, merger, corporate turnaround, and corporate renewal.
• Corporate insolvency and reorganisation – insolvency and bankruptcy regimes in the UK, US, Continental Europe and other countries.
• The role of competition and shareholder protection regulation in the mergers, acquisition and restructuring.
• Financing strategies and tools.

On successful completion of this module, you should be able to:

1. Assess the financial, strategic and political causes and motivations driving mergers, acquisitions and restructuring transactions.
2. Evaluate the regulations on competition and shareholders’ protection and their impact on mergers and acquisitions.
3. Assess the financial consequences of restructuring for various stakeholders such as different types of lenders, shareholders, the board of directors and managers and how they generate conflicts of interests among them.
4. Justify and apply alternative valuation techniques to assess a deal.
5. Examine and assess the strategic and managerial implications of methods of payment and the criteria for successful restructuring and re-organisation of firms in bankruptcy/administration.

• Professor Yacine Belghitar

Private equity differs from public equity, which is generally the focus in corporate finance. Private equity has become a major source of capital for innovation, growth and corporate restructuring. To succeed as a PE professional, one needs to embrace and tackle various challenges relating to the financing of the company, its operations and the entrepreneurial and uncertain nature of business venturing. The module will cover the nature of and rationale for PE investing, the spectrum of PE activities and the potential conflicts among stakeholders. Another focus will be on value creation programmes to generate PE fund returns.

• The PEQ cycle, from fund raising to investing and exiting.
• Strategies to create firm value in private equity: due diligence, operational concept, exit strategies.
• Measures to align interests among stakeholders in PE.
• Consider the ethical implications of the PE model.

Upon successful completion of this module, you will be able to:

1. Discuss the idiosyncrasies of PE investments from the perspective of investors in this asset class.
2. Assess and contrast the various types of PE investment: venture capital, buyouts, restructuring, etc.
3. Propose and justify practical measures through which private equity firms can enhance the value of their portfolio companies.
4. Design a due diligence programme to critically assess the risks involved in a particular proposed PE transaction.