Download Module Code ECS2040(Published) Module Title Economic

Module Code
Module Title
Credit
ECS2040(Published)
Economic Environment and Practice
30
Aims
This module aims to develop students' awareness of the economic underpinning of practices
in businesses and economics through a series of topical studies on current economic
environment backed by current research work within the department and beyond. The
connection between economic theories and business policies and practices would be
emphasised. Through information gathering and data analyses using Bloomberg,
Datastream and Excel, online activities from the Chartered Management Institute, group
discussion, debate, presentation, role play and report writing, students are actively involved
in the process of evaluating and discovering the skills needed in applying economic theories
in the business world.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. assess the impacts of the current financial crisis and debt crisis on the macro-economic
environment;
2. evaluate the link between happiness at work and industrial relations, and examine
potential business policy responses;
3. evaluate the driving force behind labour productivity and its application to businesses;
4. critically assess the relationship between business capital structures and their
performance;
5. how alternative consumer preferences can influence business practice;
Skills
This module will call for the successful student to:
6. search for, interpret and make use of company-specific data to help make business
decisions;
7. conduct economic and financial analysis;
8. present and report suggestions or findings in a clear and logical manner;
9. identify the economic underpinnings of business practices;
10. actively participate in class discussion, debate, role play and presentation.
Syllabus
A. Economic Environment
1. Financial crisis and its impact on the current macro-economic environment
2. Impacts of financial crisis and debt crisis on the banking and financial sectors
3. The labour market, unions and strikes, and happiness at work
4. Labour Productivity
5. Small businesses and micro finance
6. Consumer and producer behaviour in different economic environments
7. Capital structure and businesses performance
B. Application of Theories and Practical Decisions
1. Production Decisions
- Starting up business: location, quantity & quality, financing
- Niche market
2. Pricing & Cost Decisions
- wages, sales price, discounts, credit terms
- pricing competitiveness
- consumer behaviour
3. Management Decisions
-staff selection and retention
- raising external investment funds
Learning, Teaching and Assessment Strategies
There is a two and a half hour session each week for lectures and/or workshops in the first
12 learning weeks to cover topics on the current economic environment. In the remaining 12
learning weeks, there will be a two and half hour session each week for lab work, class
discussion, presentation and role play on applying theories covered in the first half of the
course to simulated business activities and practice. Training on the use of Bloomberg and
Datastream to search for economic and financial data and information would be offered. Online activities from the Chartered Management Institute will also be used during the sessions
to help students participate in simulated business activities.
Assessment Scheme
Formative Assessment
Formative assessment and feedback will take place during each week's contact time, where
students will be expected to discuss the readings assigned the previous week and the
information they have researched on an assigned topic. Students will be required to make
individual presentations and in some instances as part of a group. Feedback will be provided
when appropriate. One-to one consultations are available during office hours.
Summative Assessment
1. In-class test, of 30% weighting to take place in week 10, on the first five theoretical parts
of economic environment under part A of the syllabus to assess learning outcomes 1 to 3.
2. A group presentation, of 30% weighting to take place in week 16, on consumers?
psychology or business capital structure to assess learning outcomes 4, 5, 8 & 9.
3. An individual report, of 30% weighting to be submitted in week 23, on examining the
economic environment a UK business of the student choice is operating in and what
responses it should have to survive. This will assess learning outcomes 1, 6, 7, 8 & 9.
4. Participation, of 10% weighting, is required throughout the entire academic year and will
be monitored by registering attendance at the beginning of each class to ensure participation
in in-class discussion and exercises. This is to address learning outcomes 8 &10.
An overall grade of 16, or better, is required to pass the module.
Assessment Weighting
In-class Test: 30% Group Presentation: 30% Report: 30% Participation: 10%
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2212(Published)
Macroeconomic Environment and
30
Aims
This module aims to provide students with an understanding of the macroeconomic
environment through a study of the models and techniques of macroeconomics at an
intermediate level and an appreciation of current controversies with respect to the
formulation, implementation and impact of macroeconomic policies.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. explain and evaluate macroeconomic models on the Goods and Services Markets;
2. assess the factors driving the economy in the long run and evaluate their importance
under the current economic climate;
3. evaluate the applicability of using Phillips curve to predict unemployment rate under the
current economic climate;
4. critique on the controversies facing governments worldwide in implementing fiscal,
monetary and exchange rate policies to tackle the current economic and financial crisis;
Skills
This module will call for the successful student to:
5. apply macroeconomic theories to explain current economic policies;
6. formulate policy recommendations;
7. use relevant macroeconomics formulae and functions to solve numerical problems.
Syllabus
A. The Measurement of Macroeconomic Variables
B. Goods and Services Markets
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Aggregate Demand (AD)-Aggregate Supply Model (AS)
IS/LM and aggregate demand/supply analysis
C. The Economy in the Long Run
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Introduction to Growth Models
Growth with and without Technological Progress
D. Labour Market
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The natural rate of unemployment and the Phillips Curve
E. The Open Economy
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IS-LM model in an Open Economy
Monetary and fiscal policies in an open economy
F. Money and Financial Markets
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Inflation, Activity and Nominal Money Growth
Exchange rate and the interest parity
Stabilisation policies
Learning, Teaching and Assessment Strategies
The main content of the module will be delivered via a weekly one and a half hour
(interactive) lecture.
Learning is reinforced by short cases, problems and topical issues analysed by students
working individually or in small groups in private study time. The outcomes are presented
and debated in weekly one-hour seminars where students can practise their communication
and analytical skills.
Assessment Scheme
Formative Assessment
The formative assessment consists of seminar presentations, short in-class exercises and
online tests at regular intervals. Immediate feedback will be given to help reinforce learning
materials and correct misunderstanding. One-to-one support and feedback is also available
during office feedback hours.
Summative Assessment
1. First in-class test, worth 25%, to take place in week 9, comprises of multiple choice
questions and short answer questions to assess learning outcomes 1, 2 and 7.
2. Second in-class test, worth 25%, to take place in week 19, will be of the same format as
the first test, to assess learning outcomes 3, 4, 5 & 6.
3. Unseen examination , worth 50%, to take place at the end of the course, assesses the
ability to identify, explain, and apply key concepts and theories to real world situations,
addressing learning outcomes 1 to 7.
Students have to formulate answers and solve problems under time constraint and are
required to answer three questions from a total of six.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Tests: 50% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of Unihub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2230(Published)
Intermediate Microeconomics
30
Aims
This module aims to provide students with an understanding of microeconomic theories that
can be used to explain and predict the behaviour of consumers and firms. The module also
aims to explore the nature of the firms and their markets; explain and evaluate theories of
consumer and investor behaviour; analyse and compare the firm's production and pricing
policies given profit maximisation and alternative business objectives. The module will also
introduce students to special topics in microeconomics such as asymmetric information and
externalities.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. evaluate the relevant microeconomic concepts, theories and techniques and understand
their applications to consumer's, investor's, and firm's behaviour in different market
structures;
2. assess and predict the impact of alternative business objectives and market structures on
a firm's output, pricing and input use decisions;
3. analyse the behaviour of economic agents in markets with asymmetric information;
Skills
This module will call for the successful student to demonstrate:
4. an ability to present information clearly and respond logically to questions and comments
using economic reasoning;
5. an ability to clearly formulate and communicate an understanding of appropriate
microeconomic theory and its applications to economic problems/issues;
6. extended skills in quantitative and qualitative analysis and problem solving.
Syllabus
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Consumer behaviour and demand under uncertainty
Production and cost
Monopoly and its social costs
Pricing and output policies of the monopolistic firm including multi-plant monopolists
Price discrimination and their economic significance for producers and consumers
Collusive and non-collusive oligopoly
Introduction to game theory: simultaneous and sequential games, pay-off matrices
and game trees, Nash equilibrium in simultaneous and sequential games.
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Oligopolistic pricing using concepts of game theory
Learning, Teaching and Assessment Strategies
Concepts and theories related to microeconomics at intermediate level regarding consumer
and firm's behaviour, firm's production and pricing decisions as well as asymmetric
information and externalities are explained during the lectures. Seminars are used to
develop theoretical understanding and policy implications, related to business and economic
analysis. The seminars also serve the purpose of helping students develop their
communication and presentation skills. Students are expected to attempt the seminar
questions before attending the class.
Assessment Scheme
Formative Assessment
The formative assessment is an integral part of the teaching and learning process.
It addresses all the learning outcomes, 1 to 6 and consists of presentations and debates of
study outcomes and assignments in one-hour weekly seminars where students can practise
their communication, presentation and analytical skills.
Feedback on students' work and queries will be given during every seminar session or office
feedback hours.
Summative Assessment
1. First in-class test, worth 20%, to take place in week 12 to assess learning outcomes 1, 4 &
5.
2. Second in-class test, worth 20%, to take place in week 20 to assess learning outcomes 2,
3, 5 & 6.
3. A two-hour unseen exam, worth 60%, consists of a mixture of essay and problem based
questions and assesses the ability to identify, explain, and apply key concepts and theories
to assess learning outcomes 1 to 6.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Mid-term Tests: 40% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2290(Published)
Trade and International Busine
30
Aims
The aim of this module is to provide an understanding of the theories relating to trade and
international business and how they are being applied in an increasingly interdependent
world. The module commences with an introduction to the world trade system, the process
of trade liberalisation and multilateral trade negotiations, the pros and cons of free trade. In
the second part of the course we introduce the perspective of international business, in
particular a focus on the role of multinational enterprise in the world trade system. Taken
together these elements should equip students with a broader sense of running a business
beyond the domestic market.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. evaluate the factors leading to the rise of international trade;
2. explain trade theories and assess the pros and cons of free trade and protectionism;
3. explain and assess how the world trading system works;
4. evaluate the welfare effects of economic integration & regional trading blocs;
5. explain FDI theories and the effect of FDI on host and home countries;
6. critique on firm strategies, structure and business operations in response to the changing
world trade conditions;
Skills
This module will call for the successful student to:
7. conduct research on trade figures and interpret the findings
8. evaluate information from news articles or magazines to find examples of how individual
countries are adopting (or violating) their free-trade agreements.
9. present their research findings clearly in written form
10. formulate possible business strategies in response to a particular world trade
environment
Syllabus
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Introduction to neoclassical trade theory
New Theories of trade: product life-cycle hypothesis, intra-industry trade
Pattern & structure of world trade with oligopolistic market conditions
Gains from free trade, welfare effects of tariffs, quotas and subsidies
International business and the MNE
Economic geography and the location of industrial production
Strategic Trade Theory and Industrial Policy
Economic integration and regionalism
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International business and the growth & development of NICs
Globalisation: trade liberalisation, free movement of capital, technology, goods and
services
The World trading system: multilateral trade negotiations, bilateral agreements
FDI theories and impacts
Learning, Teaching and Assessment Strategies
The module will be delivered by a combination of various methods to ensure the attainment
of learning outcomes of the module. Lecture will be used to introduce new topic and offer
guidance for further self-directed study.
Seminar will provide opportunities for clarifying difficult points of subject, as well as group
discussion of questions and case studies. Case studies will be used as a means to stimulate
thinking, to exercise situation analysis and develop problem solving skills.
Assessment Scheme
Formative Assessment
Formative feedback on seminar exercises and case studies will be provided during office
feedback hours and given at an on-going basis in forms of face to face or online consultation,
scheduled coursework surgery, coursework feedback, seminar questions and answers.
Summative Assessment
1. An online test, worth 20%, to take place in week 11, to assess students'
understanding of the course content covered in the first 10 weeks via online quizzes.
This test addresses learning outcomes 1, 2, 3 & 4.
2. Individual report, worth 30%, to be handed in week 18, requires student to apply one
of the FDI theories to explain his/her home country's international trade pattern,
assessing learning outcomes 5 - 10.
3. A 2-hour unseen examination, worth 50%, assesses students' overall understanding
of the key theories in trade and international business. Learning outcomes 1 to 6 are
addressed in the exam.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
On-line Test: 20% Report: 30% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2295(Published)
International Business and Globalisation
30
Aims
This module aims to provide students with an understanding of the economic, political,
historical and technological context in which international business operates and to introduce
students to theories relevant to international business, multinational enterprises (MNEs),
foreign direct investment (FDI) and globalisation. Students will acquire the necessary
theoretical knowledge to evaluate and analyse policy issues relating to international
business and globalisation.
Learning Outcomes
Knowledge
On successful completion of this module, the successful student will be able to:
1. evaluate national policies, historical background and international business environment
affecting MNEs' behaviour;
2. explain the role of MNEs in the world business and in the globalisation process;
3. compare and contrast the main competing theories relating to international business,
MNEs, FDI and globalization;
4. evaluate the respective strengths and weaknesses of such theories and critically analyse
their application in practice;
Skills
This module will call for the successful student to:
5. address analytical problems in a structured manner;
6. coherently justify an argument;
7. conduct a mini research independently on topics presented in this module, synthesise
information, analyse and critically evaluate findings in an appropriate format;
8. make coherent and clear presentation on the basis of the research.
Syllabus
(A) The Global Environment of Business:
- Changing technological and production systems
- National Institutions and configurations
- Relationships between companies in the global supply chain
- Structure of the international trading system and international political economy
(B) International Business: MNEs and FDI:
- An introduction to MNEs. Basic concepts, the nature, size and scope of MNEs, flows of
foreign direct investment (FDI)
- Theories of MNEs and FDI. Trade and arbitrage theories; the contribution of Hymer; the
search for the unique advantage of MNEs (Vernon, Albar, Knickerbocker);
internationalisation theory
- The implications of MNEs. Implications for developed and developing countries;
conventional macroeconomic and dynamic aspects; technology transfer and spillovers from
FDI; sovereignty and related issues
- Policies on MNEs. Conflict and co-operation between governments and MNEs; national,
bilateral and multilateral policies; the welfare implications of policies on MNEs.
Learning, Teaching and Assessment Strategies
One lecture per week will introduce new material, explain theoretical concepts and guide
students through the literature. A one-hour seminar will allow students to discuss the lecture
topics and debate the key issues.
Assessment Scheme
Formative Assessment
Formative assessment and feedback will take place during each week's contact time, where
students will be expected to discuss the readings assigned the previous week and the
information they have researched on an assigned topic. Students will be required to make
individual presentations and in some instances as part of a group. Feedback will be
provided when appropriate. One-to-one consultations are available during office feedback
hours.
Summative Assessment
1. A 1,500 word essay, worth 30%, to be submitted in week 8, to assess students'
understanding of the course content covered in the first 6 weeks. This essay addresses
learning outcomes 1, 5, 6 & 8.
2. Individual report, worth 30%, to be handed in week 16, requires student to demonstrate
their understanding of the key issues relating to the environment in which global firm
operates. This report addresses learning outcomes 2, 3 ,6, 7 & 8.
3. A 2-hour unseen examination, worth 40%, assesses students? overall understanding of
the key theories in trade and international business. Learning outcomes 1 to 6 are
addressed in the exam.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Coursework: 60% Unseen Examination: 40%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2335(Published)
Economic Policy Evaluation
30
Aims
This module aims to develop students? ability and skills to analyse and critique on the
purpose and effectiveness of current economic policies and their implications on all walks of
lives. Research, analytical, communication, presentation and inter-personal skills will be
sharpened through student-centred activities such as group discussion, regression analysis,
debate, presentation and report writing. Awareness of current economic issues and policies
and their economic underpinnings would be raised and emphasised. Ideas on how existing
policies could be improved or modified would also be cultivated.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. demonstrate an understanding of micro and macro-economic theories regarding price
ceilings and price floors; supply and demand of labour; monopolistic competition; social
goods; tax system; fiscal and monetary policies as well as exchange rate and foreign trade
policies;
2. explain the theoretical underpinning of current economic policies;
3. assess the advantages and disadvantages of current economic policies and their impacts
on different people and the society as a whole;
Skills
This module will call for the successful student to:
4. find and interpret economic data from different sources such as ONS, Eurostat, World
Bank, Datastream and Bankscope;
5. perform simple regression analysis to establish the possible links between different
economic variables and the subject of investigation;
6. make prediction and projections on economic policies based on economic theories;
7. present and report findings in a clear and logical manner;
8. actively participate in class discussion and presentation.
Syllabus
A) Microeconomic Policies
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Pricing policies (wages, utilities, transport, leisure, education, childcare, alcohol, car
parking)
B ) Macroeconomic Policies
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Tax policies (income tax, corporate tax, council tax, inheritance tax, VAT)
Public Spending policies (health, education, infra-structure, defence, foreign aid,
policing)
Subsidies and benefits (back to work scheme, apprenticeship scheme, Universal
credit system, capping of housing benefit)
Financial policies (interest rate, exchange rate, foreign trade, bank levies)
Economic growth policies (developing infrastructure ? high speed rail link between
London and Birmingham; incentivise new home purchases; lowering employers? tax
burden)
Learning, Teaching and Assessment Strategies
There is a two and a half hour session each week in the form of workshops, lab, discussion,
debate and presentation to examine current economic policies. Background information on
each policy will be given and students are required to conduct further research in order to
facilitate discussion and activities in class.
Workshop on using Data-stream as well as lab work on using econometric software to
conduct economic analysis will also be embedded into the sessions as part of the
preparation for class discussion, debate and presentation.
Assessment Weighting
Two Individual Reports: 60% Group Presentation: 30% Participation: 10%
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2340(Published)
Regional Economics and Policy
30
Aims
This module provides an introduction to economic geography principles, including spatial
economic change and the workings of a spatial economy. Students will examine the causes
and effect of spatial distribution of wealth and why some cities and regions prosper whilst
others struggle, as well as analysing how businesses, investors, workers, and socioeconomic and political institutions interact with space. British and European Union regions
provide the main geographical context but case studies from other global regions will also be
discussed.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. analyse and evaluate the workings of a spatial economy;
2. critically assess economic theory to describe and explain spatial economic change;
3. apply and critically assess the effectiveness of different economic tools as a basis for
understanding economic geography;
Skills
This module will call for the successful student to:
4. apply the relevant tools of economic analysis in an economic geography environment;
5. conduct independent research, synthesise and analyse information and critically evaluate
and present findings.
Syllabus
- Location Theory
- Circuits of Capital and Global Investment Patterns
- Sector Analysis and Regional Growth
- Input-Output Analysis and Value Chain Analysis
- Regional Growth Disparities and Specialisation
- Industrial Policy, Regional Policy, and Economic Policy Instruments
- Untraded and Traded Interdependencies
- The New Economic Geography
- Core and Periphery
- Agglomeration Economies, Clusters, Milieux, and Industrial Districts
- Evolutionary Economic Geography
- Endogenous Growth
- Regional and National Competitiveness, and Productivity
- Relational Economic Geography
- SMEs, technology and Innovation
- Employment & Migration
Learning, Teaching and Assessment Strategies
Concepts and theory related to spatial economic change are explained and discussed during
the lectures. Seminars are used to develop theoretical understanding, policy implications,
and practical technical skills related to economic analysis. The seminars also serve the
purpose of helping students develop their communication and presentation skills.
Assessment Scheme
Formative Assessment
In-class exercises, e.g. case study comprehension, use of economic models, economic
exercises, will enable students to prepare for their summative assessment. Feedback will be
given while going through the exercises or after discussion of students' findings in
class. Additional feedback opportunity for students is also available through one-to-one
consultation during office feedback hours.
Summative Assessment
1. Coursework I - Economic Analysis Exercise, of 25% weighting to assess learning
outcomes 3, 4 and 5, to be handed in week 11. This coursework will assist students in
putting into practice economic analysis tools, to understand the economy in detail. It
comprises an economic analysis exercise.
2. Coursework II - Short Report, of 25% weighting, will be due in week 24 to assess learning
outcomes 1, 2 and 5. This coursework will assist students in developing knowledge and
ability to critically assess different theories used to explain issues in spatial economic
change. This coursework will also assist students in the development of their research and
writing skills. Coursework II will take the form of a 1,500 word essay on the theories and
policies of spatial economic change.
3. 2 hour unseen examination to assess learning outcomes 1, 2, 4 and 5. Via this form of
assessment students will be able to demonstrate their overall knowledge of the subject.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Coursework I: 25% Coursework II: 25% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading list can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2350(Published)
Business Finance
30
Aims
The aim of this module is to develop an understanding of the major issues in corporate
finance. In particular it develops the student`s ability to analyse corporate finance issues;
apply finance theories to deal with practical issues in corporate finance; and investigate
emerging issues and contemporary trends in the field.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. evaluate and apply various investment appraisal techniques in order to make investment
decisions;
2. undertake financial decision making based on the advantages and disadvantages of
different methods of raising investment funds;
3. critique on different capital structure theories;
4. assess the controversy facing firms' payout decisions;
Skills
This module will call for the successful student to:
5. apply different investment appraisal techniques to appraise investment opportunities in
different cases;
6. apply valuation models to value shares and bonds to help with making financing decisions;
7. estimate the weighted average cost of capital of a business;
8. clearly communicate in writing an understanding of theory and its application to practical
issues.
Syllabus
A. An Introduction to the Business Environment
- Functions of the financial markets
- Relationship between firms and the financial markets
- Business Objectives
- Agency problems
B. Making Investment Decisions
- Discounted and non-discounted investment appraisal techniques
- Advantages and disadvantages of these techniques
- Estimation of cost of capital
C. Making Financing Decisions
- Equity financing and equity valuation model
- Debt financing & debt valuation model
- Estimation of weighted average cost of capital
D. Making Payout Decisions
- The Traditional view versus the Modigliani and Miller's view of payout policies
- Implications of different payout practices
Learning, Teaching and Assessment Strategies
A two & a half hour lecture/workshop/seminar each week introduces new material and
reinforces learning. Extensive student reading is required to deepen understanding of the
material introduced in the lectures. Learning is reinforced through a series of seminars using
syndicate work on either problems or a mini case study or online games, together with
presentation and feedback on the outcome of the workshop. The technique students
acquired from their core Economic Environment and Practice module to search for and
interpret data from Bloomberg and Datastream could help them apply corporate financial
theories to analyse and critique on the current financial performance and problems of
businesses in the real world.
Assessment Scheme
Formative Assessment
Formative assessment on the contents of the course in the form of quizzes and short essay
questions will be used to check students' progress and consolidate theories
learnt. Workshop exercises will allow for application of theories to real world situations, selfevaluation and feedback.
Summative Assessment
1. A case study, worth 50%, to be submitted in week 18, on applying corporate finance
theory to assess the performance, potential or problems facing a given large business
currently traded in the UK or US based on the economic and financial data they found from
Bloomberg and/or Datastream. Students are also required to make suggestions as to how
the business could or should address its problems in order to bring its business forward. It
helps assessing learning outcomes 1, 2, 4 & 8.
2. A two-hour unseen examination, worth 50%, to test students overall understanding of the
learning material and their ability to apply business finance theories to solve simulated
problems. It helps assessing learning outcomes 1 to 7.
An overall aggregate grade of 16 or better is required to pass the module.
Assessment Weighting
Case Study: 50% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS2380(Published)
Banking Theory and Practice
30
Aims
This module aims to build students knowledge of banking as preparation for more advanced
study at level 3. It approaches banking from an economic perspective with an aim to: explore
the complexity and integrated nature of financial systems with emphasis on the UK; identify
and assess different systems of allocating funds for economic development; develop
students' ability to apply introductory risk management tools and techniques in banking, and
investigate emerging issues and contemporary trends in banking theory and practice.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. demonstrate a critical understanding of key economic/banking concepts, theories and
issues in practice;
2. analyse/evaluate emerging issues in contemporary banking theory;
Skills
This module will call for the successful student to:
3. make coherent written presentations under exam conditions on the basis of analysis,
evaluation and synthesis of information covered in this module;
4. learn independently by self study and use of suggested learning materials and preparation
for seminar exercises.
Syllabus
• Introduction to theories of financial intermediation and bank existence
• Principles and theory of retail and wholesale banking
• The US Banking System
• International and Euro-banking and international financial centres
• Offshore financial centres and OBS activity
• Banking risks, regulation and Asset & Liability management
• Financial crises in advanced economies
• Financial crises in emerging market economies
• Technology, financial innovation and future banking
• Conflicts of interest in financial services
Learning, Teaching and Assessment Strategies
The module will be taught by means of a one and a half hour lecture per week and
supported by a linked one hour seminar per week. Exercises, selected readings and seminar
discussions will be used to explore contemporary banking theory, issues and practice.
Assessment Scheme
Formative Assessment
Seminar exercises will allow for reflection, self-evaluation and feedback. In addition the two
in-class tests are timed so as to provide opportunities for formative assessment and
feedback with specified seminar sessions for this purpose. In addition generic feedback will
be provided via email to all students. (Learning Outcome 4)
Summative Assessment
1. An unseen examination of two hours duration, with students required to answer any three
questions from a choice of eight. Questions will normally require essay style answers and
will be based on the material covered in the lecture and seminar programme. (Learning
Outcomes 1, 2 and 3)
2. Two in-class tests are required for the coursework component of this module. They will be
of 50 minutes duration and involve answering 20 questions (multiple choice and short
answer). These will be held in weeks 10 and 22. (Learning Outcomes 1 and 2 and 3)
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Two In-class Tests: 40% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3060(Published)
Globalisation and Trade
30
Aims
The aims of the module are to provide an appreciation of the economic theory relevant to
both globalisation, world trade, international business, and multinational firms; to introduce
the student to all major strands of the debate about new trade theories and multinationals; to
acquire the necessary theoretical knowledge to evaluate and analyse policy issues relating
to international business, trade and globalisation.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. provide a critical outline of the development of trade theory;
2. introduce competing approaches from international political economy and international
relations;
3. evaluate the current world trade system (WTO) and its policies and its operational
mechanism;
4. critically appraise the prospects for the BRIC economies for conventional models of
economic development in a globalised world economy;
5. critically analyse differing approaches to national policies in the context of trade and
globalisation;
Skills
This module will call for the successful student to:
6. address analytical problems in a structured manner;
7. coherently justify a policy argument in response to international trade agreements;
8. evaluate cost and benefit of the instruments of trade policies at different levels.
Syllabus
A. Globalisation
- Background and Development
- Is nation-state dead - The different political/economic arguments on the issue
- Theories of globalisation and international political economy
- Growth and sustainable development.
- Growth and income distributions.
- North-South and South-South policy issue
- Can Globalisation be sustained?
B. International Trade
- An introduction to modern trade theory;
- Balance of payments, exchange rates, tariffs, subsidies, quotas etc.
- Arguments for protection, cheap foreign labour, infant-industries etc.
- Strategic trade and industrial policies.
- Advantages of free trade/open economies
- Growth rates, development &. Globalisation
- Multilateral vs. bilateral trade agreements.
- The rise of Regionalisation and Regional Trade
Learning, Teaching and Assessment Strategies
One 1.5 hour lecture per week will introduce new material, explain theoretical concepts and
guide students through the literature. A 0.5 -hour seminar will allow students to discuss the
lecture topics and debate the key issues that arise.
Assessment Scheme
Formative Assessment
Formative feedback will be provided in the seminar sessions and on-line, following students’
presentation, discussion and debate, and other learning activities such as the feedback on
students’ draft course-work.
Summative Assessment
1. First in-class tests, worth 25%, to take place in week 12, involve answering multiple
choice questions and short answer questions. This will be of 60 minute duration, and this
will address learning outcomes 1, 2 & 3.
2. Second in-class tests, worth 25%, to take place in week 22, involve answering multiple
choice questions and short answer questions. This will be of 60 minute duration, and this
will address learning outcomes 4 & 5.
3. 2 hour unseen examination, worth50%, contains questions from both semester 1 and
semester 2 to test students’ overall knowledge of the subject. Students are required to
answer three questions out of six. This will address learning outcomes 1 to 8.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Tests: 50% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3070(Published)
International Trade
30
Aims
The aim of this module is to provide an understanding of the issues relating to international
trade in an increasingly interdependent world. The specific aims are to develop a theoretical
understanding of the causes of world trade as well as some practical appreciation of the
business of trade. We shall consider the gains and benefits of free trade and the trade
liberalisation process as well as an understanding of the world trading system, multilateral
trade negotiations and the mechanism of international trade dispute settlement.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. critically evaluate the origins of world trade;
2. critically assess the contributions and development of various trade theories;
3. analyse and evaluate the costs/benefits of various trade policy instruments;
4. investigate national differences in policy and their impacts on international trade;
5. evaluate the welfare effects of economic integration and regional trading blocs;
6. critically assess the controversies in trade policy, such as sophisticated arguments for
activist trade policy, trade and the environment, trade and corruption, trade and low-wage
labour;
Skills
This module will call for the successful student to demonstrate:
7. an ability to learn independently and work under time constraints;
8. an ability to interpret economic argument and theory;
9. an ability to apply learning to real world trade-policy problems.
Syllabus
- Overview of International trade;
- Labour productivity and comparative advantage theory;
- Specific factors and Income distribution;
- Resources and Trade;
- The Standard Trade Model;
- New Theories of trade;
- Alternative trade theories;
- The instruments of trade policy;
- Trade and the balance of payment;
- Trade policy, strategic trade and industrial policy;
- The World trading system;
- Trade and growth theory;
- Economic integration, regionalism and trade.
Learning, Teaching and Assessment Strategies
A one hour lecture per week to introduce theoretical and empirical materials to the students.
One 1 hour seminar per week to monitor students' written answers and work on preassigned questions that are designed to reinforce the lecture content and also to encourage
independent learning.
Assessment Scheme
Formative Assessment
Formative feedback will be provided in the seminar sessions and on-line, following students'
presentation, discussion and debate, and other learning activities. One-to-one consultation
is also available during office feedback hours.
Summative Assessment
1. First in-class test, worth 20%, to take place in week 12, involves answering multiple
choice questions and short answer questions. This will be of 60 minute duration and will
address learning outcomes 1, 2 & 3.
2. Second in-class test, worth 20%, to take place in week 22, involves answering multiple
choice questions and short answer questions. This will be of 60 minute duration and will
address learning outcomes 4, 5 & 6.
3. 2 hour unseen examination, worth 50%, contains questions from both semester 1 and
semester 2 to test students' overall knowledge of the subject. Students are required to
answer three questions out of six. This will address learning outcomes 1 to 9.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Two In-class Tests: 50% Unseen Examination: 50% Participation 10%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading list can be accessed from the My Study area of Unihub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3110(Published)
Financial Risk Management in Banking
30
Aims
This module aims to allow students to develop an understanding of the process of financial
risk management in banking, including financial markets and instruments, derivatives,
various bank risks and their management, financial crisis and securitization, regulations, and
the effect of accounting standards. This module provides students the opportunity to develop
risk modelling skills, analytical and numerical skills in banking risk management practice.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. explain the role and importance of risks and risk management;
2. define and explain financial products and derivatives;
3. discuss various risks faced by banks, such as credit risk, interest rate risk;
4. measure and manage major risks faced by banks using appropriate modelling skills;
5. discuss the impacts of regulations and accounting standards on banking risk management;
Skills
This module will call for the successful student to:
6. make coherent written presentations on the basis of analysis, evaluation and synthesis of
information;
7. learn independently by reflection, self study and preparation for seminar exercises.
Syllabus
- Financial markets and instruments
- Financial derivatives
- Risks and returns in banking
- Credit risk and its management, loan portfolio and concentration risk
- Market risk and its management: VaR approach
- Interest rate risk and its management using advanced techniques
- Liquidity risk and its management, including securitization and contagion effect
- Solvency risk and its management
- Foreign exchange risk and its management
- Operational risk and its management
- Regulations and accounting standards
Learning, Teaching and Assessment Strategies
Teaching and learning strategy consists of lectures and seminars. There will be a full twohour lecture a one-hour seminar every week. Lectures are used to convey issues and build
up students' knowledge. Seminars will be used to reinforce the lecture contents and to
develop students' communication and analytical skills. In seminar, students will be asked to
bring completed work in the form of answered questions, undertaken problems or completed
short essays.
Assessment Scheme
Formative Assessment
Formative assessment addresses learning outcome 7 (carrying zero weight to the final grade,
with feedback available).
1. Students should complete questions set for each seminar.
2. Students should also complete some technical exercises during each reading week.
Summative Assessment
1. In-class test, worth 30%, to take place in week 14, assessing Learning Outcomes 1, 2, 3,
and 4 . This test is of 60 minutes duration and consists of a mix of MCQs and short answer
questions.
2. A two-hour unseen exam, worth 70%, will include essay style and calculation
questions. The will address learning outcomes 1 to 6.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Test: 30% Unseen Examination: 70%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3120(Published)
Monetary Policy
30
Aims
This module builds on the material covered in ECS2380 (Banking Theory & Practice) and
students are strongly advised to have taken and passed this module before attempting
ECS3120. A sound grasp of macroeconomics is also desirable. The module aims to provide
students with; - an understanding of "money", monetary standards and the monetary sector;
- an understanding of the evolution of monetary and banking (economic) theory and the
seminal controversies since Hume and Bagehot; - the ability to apply monetary theory to
public policy in a domestic and international context; and - investigate emerging and current
issues of monetary policy and banking; - analyse public policy and safety of the financial
system; - develop specialist knowledge suitable for further development via postgraduate
study or professional employment.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. demonstrate a critical understanding of key concepts, theories and issues in monetary
economics and banking safety both over time and with respect to current monetary and
banking policy;
2. analyse/evaluate emerging issues in current monetary and banking policy;
Skills
This module will call for the successful student to:
3. make coherent written presentations under exam conditions on the basis of analysis,
evaluation and synthesis of information covered in this module;
4. learn independently by self study and use of the suggested learning materials and
preparation for workshops.
Syllabus
• The functions and nature of money
• The historical development and analysis of monetary systems
• Monetary theory - Classical, Keynes, Monetarism and New Classical
• Competing views of the Transmission Mechanism
• Time inconsistency and optimal monetary policy
• Modern monetary policy in practice and central bank independence
• Social costs of inflation
• Evidence of effectiveness of monetary policy
• The targets and instruments of monetary policy
• The worldwide credit crunch and recession post-2007
• Recent innovations in monetary policy: a new era?
Learning, Teaching and Assessment Strategies
The module will be taught by means of a two hour slot each week. Most weeks this will
consist of a lecture, but at least two weeks are set aside for workshop sessions and
additionally one or two special guest speakers from institutions such as the Deutsche
Bundesbank will also be arranged. Students are expected to support the lectures by
additional studying around the selected readings given in the module handbook and by
participation in the occasional exercises issued during the lecture sessions and from online
resources.
Assessment Scheme
Formative Assessment
Workshop exercises will allow for reflection, self-evaluation and feedback. In addition the
essay in term 1 and the in-class test in term 2 provide opportunities for formative
assessment and feedback with specified workshop sessions for this purpose. (Learning
Outcome 4)
Summative Assessment
1. An unseen examination, worth 60%, of two hours duration, with students required to
answer any two questions from a choice of six. Questions will require essay style answers
and will be based on the material covered in the lecture and workshop
programme. (Learning Outcomes 1, 2 and 3)
2. Two in-class tests, worth 20% each, will take place in weeks 10 and 22. The in-class
tests will be of 50 minutes duration and involve answering 20 questions (multiple choice and
short answer). Feedback for the tests will be provided via email to all students. (Learning
Outcomes 1, 2 and 3)
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Two In-class Tests: 40% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code ECS3300(Published)
Module Title Business Economics and Industrial Organisation
Credit
30
Aims
This module aims to develop students' knowledge of business economics, building on Level
2 Intermediate Microeconomics. The aims of this module are: To develop students’
knowledge of business economics using a practical approach and utilising insights of other
disciplines, including management and finance; To explore the relevant microeconomic and
macroeconomic reasoning to evaluate the structure, conduct and performance of business
organisations; To evaluate key issues about market structure and their implications for
different business strategies; To apply economic theory to the decision making process of
firms in a domestic and international context.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. critically evaluate the relevant theories of economics and apply these to actual business
examples;
2. analyse and critically evaluate the business behaviour and the broader environment in
which that behaviour occur;
3. apply and critically evaluate an array of economic concepts, models and analytical
techniques to understand the day-to-day processes of production and consumption;
Skills
This module will call for the successful student to:
4. calculate firm equilibrium choices in various market environments;
5. research, analyse and interpret business related information from sources such
Bloomberg and Datastream;
6. communicate clearly and concisely in writing.
Syllabus
A. Primer in the economic concepts and analytical tools
• Basic microeconomic principles
• Economies of scale and scope
B. Firm boundaries
• Vertical boundaries of the firm
• Vertical integration and its alternatives
C. Market and competitive analysis
• Diversification
• Competitors and competition
D. Strategic position and dynamics
• Strategic commitment
• The dynamics of pricing rivalry
• Entry and exit
• Industry analysis
• Strategic positioning for competitive advantage
• Sustaining competitive advantage
• Innovation, evolution and the environment
Learning, Teaching and Assessment Strategies
The students will have a two-hour lecture (or seminar) per week. The lectures are designed
to introduce and develop concepts, theories, and their applications to business situations.
Students will be required to read relevant materials prior to the lecture. Learning will be
reinforced by work on review questions and technical problems provided on the web.
Students are advised to work on the assignments in small groups and in private study time.
Assessment Scheme
Formative Assessment
Exercise solutions and queries can be submitted for formative feedback in the form of
discssions and comparative examples.
Summative Assessment
1. An in-class test, worth 15%, to take place in week 13, in the form of multiple choice
questions to assess learning outcomes 1, 4 & 6.
2. A case study, worth 25%, to be submitted in week 21, on applying business economics
theory to business decision and strategy of an industrial organisation, to assess learning
outcomes 2, 3, 5 & 6.
3. A two-hour unseen examination, worth 60%, to ensure students have an overall
understanding of the subject matter and the applicability of theories to practice. It is used to
assess learning outcomes 1 to 6.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Test: 15% Case Study: 25% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3320(Published)
Contemporary Issues in Fin
30
Aims
This module primarily aims to give students practical exposure to how different parts of the
financial services industry work. Special attention is given to the new changes that are taking
place in financial markets and services. It also provides students with the technical and
theoretical knowledge necessary to understand the international monetary system and skills
of managing financial assets in a global environment. The first half of the module introduces
the different components of the financial services sector, and the specific roles they play.
The second half of the module takes us into the operation of financial markets and the
application of financial instruments and techniques used in managing the financial assets
and risks. Students have the opportunity to study the operations of world capital markets and
participate in the discussions of various contemporary international financial issues and
challenges for Governments and policy makers.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. discuss the economic importance of and background to money, banking and financial
intermediation;
2. demonstrate a systematic understanding of the workings of the financial services industry
and its role in channelling assets and credit in a modern economy;
3. explain and assess the specific roles that differing financial services play;
4. evaluate and explain the part played by monetary and fiscal policy;
5. analyse of the use of international financial instruments, including derivatives, for asset
and risk management;
6. critically evaluate contemporary financial policies in an open economy;
Skills
This module will call for the successful student to:
7. discuss current financial issues concepts informed by study of the financial press;
8. demonstrate an understanding of the financial instruments used to manage assets and
control risks;
9. identify appropriate quantitative financial skills for a given financial setting, demonstrate
judgement in selecting and applying methods appropriately, and justify these decisions.
Syllabus
• The evolving international monetary system
• Financial Intermediation
• The structure of financial institutions
• Banking, credit markets and derivatives
• Asset management and risk control
• Competition and Regulation
• Insurance and Pensions Industries
• EU, global and emerging financial markets
• Contemporary issues in Financial Services
Learning, Teaching and Assessment Strategies
Students will have a one-hour lecture per week to introduce and develop subject matter plus
a one-hour weekly seminar to focus on key concepts, theories, and applications to short
problems or case studies.
Assessment Scheme
Formative lecturer and peer feedback will be provided in seminars, where students are
expected to discuss the theory presented during the lecture and answer a set of questions
prepared and distributed in advance by the lecturer. One-to-one consultations with staff are
available during office hours.
Summative assessment will consist of two test assignments and one unseen exam:
• Two in-class tests (15% each), one per term in weeks 9 and 21. These will be closed book,
and will consist of short-answer questions, multiple choice questions, and numerical
problems. (Learning Outcomes 1-4, 7-9).
• A group case study (30%), submitted in week 24. This should demonstrate a mastery of
theoretical insights on a topic of contemporary relevance. (Learning outcomes 6-9).
• An unseen examination (40%) of two hours duration at the end of the year. The exam
paper will have five to six questions of which students must select two. The examination will
be closed book. (Learning Outcomes 1-9).
Assessment Weighting
Tests: 30% Case Study: 30% Unseen Examination: 40%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading list can be accessed from the My Study area of Unihub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3340(Published)
Economic Decisions and Strategy
30
Aims
This module provides a modern approach to individual and professional decision-making, by
making use of a variety of psychological, economic and operational research approaches.
The first part of the module is devoted to study Games of Strategy, which serve to provide a
formal framework for the analysis of how individuals and firms behave in context of strategic
interaction. The second part of the module focuses on managerial decision-making and is
aimed to encourage critical thinking. Most of us today are continually assaulted by
information, not all of which is reliable. We must regularly rapidly choose courses of action in
the face of multiple uncertainties. The goal of the second part is to study how we gather and
interpret information and make decisions, and how to spot, correct or avoid common
decision errors especially those that occur due to faulty, ingrained mental constructs.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. formulate equilibrium predictions in strategic situations;
2.distinguish the different disciplines that contribute to decision science;
3. evaluate and distinguish between poor and informed decisions;
4. draw on lessons from one Management case study of difficulties in making 'ideal'
decisions;
Skills
This module will call for the successful student to be able:
5. to apply strategic thinking in reaching decisions;
6. critique on the role of accurate data and statistical inference in arriving at decisions;
7. apply the knowledge of how we act, often erroneously, in personal and managerial
situations to the business environment;
8. distinguish individual, group decisions from organizational decisions and influencing
others.
Syllabus
A. Games of Strategy
- Introduction: how to think about strategic games
- Simultaneous-move games
- Games with sequential moves
- Strategic moves: commitments, threats and promises
B. Judgement in Managerial Decision Making
- Introduction & micro foundations
- The economic nature of decisions
- Expected utility & alternatives
- Thinking strategically
- Bounded rationality
- Decision making heuristics
- Biases, motivation & judgement
- Common pool resources
Learning, Teaching and Assessment Strategies
A two-hour session each week for lecture and workshop to be used flexibly to introduce,
explain and consolidate new material and theoretical concepts, discuss and debate on how
decisions and judgements are being or should be made in real life and the business world.
Assessment Scheme
Formative Assessment
Formative assessment and feedback will take place during sessions, where students will be
expected to discuss the readings assigned the previous week and the information they have
researched on an assigned topic. Feedback will also be given after each group or individual
activities done in class or on-line. One-to one consultations are available during office
feedback hours.
Summative Assessment
1. An in-class test in Week 12, on the first part of the module (Games of Strategy), worth 40%
to assess learning outcomes 1, 3, 5 and 8.
2. A 2,500 word individual report, worth 60%, to be submitted in week 23, based on decision
making on a business management of business plan showing how theories on decisions and
judgements can be incorporated into real life cases. This individual report assesses
learning outcomes 2, 4, 6, 7 and 8.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Test: 40% Individual Report: 60%
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3345(Published)
Behavioural Economics
30
Aims
This module provides a comprehensive exposure to the insights and methods of behavioural
and experimental economics, and as such is designed to complement to advanced courses
in microeconomics. Working from a core understanding of intermediate microeconomics, this
course introduces the latest insights from behavioural economics with a special emphasis on
experimental method.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. distinguish the different microeconomic approaches that contribute to understanding
individual and group decisions;
2. critically assess the importance of context and framing effects;
3. identify and evaluate areas in which information and context inform decision making;
4. draw insights from a laboratory game or case study that illustrates the approach of
behavioural economics;
5. critique on how incentives affect cooperative effort, in personal and group settings;
Skills
This module will call for the successful student to:
6. put in practice the use of strategic thinking in reaching decisions;
7. apply insights from behavioural economics in contemporary economic thinking and policy
settings;
8. device and apply proper methodology, experimentation and statistical inference in
studying economic behaviour;
9. distinguish individual and group decisions from organizational decisions and influencing
others.
Syllabus
(A) Behavioural Economics
1. Introduction to Behavioural Economics
- Rationality and Probability
- Values, objectives and choice
2. Expected Utility Theory
- Alternatives, Prospect Theory
- Biases, motivation & judgement
- Overconfidence and hindsight bias
3. Decision making under uncertainty
- Mental accounting
- Thinking strategically
(B) Possible Experiments
- Travellers Dilemma/Beauty Contest Game
- Centipede/Public Goods Game
- Payment Cards/Statistical Discrimination
- Asset Markets/Market Institutions
- Common Resources/Rent Seeking
Learning, Teaching and Assessment Strategies
The entire module will be held in a laboratory setting, of two hours each week. Lecture and
theory sessions will alternate with relevant experiments every second week. Thus in week 1
topic 1 from the Key topics list will set the scene for the first experiment in the following
week. In this way we first introduce, explain and consolidate new material, explain
theoretical concepts and then provide students with real laboratory exposure to the relevant
literature in the following week.
Assessment Scheme
Formative Assessment
Formative assessment and feedback will take place during sessions, where students will be
expected to discuss the readings assigned the previous week and the information they have
researched on an assigned topic. One-to one consultations are available during office
feedback hours.
Summative Assessment
1. First in-class test, worth 25%, to take place in week 11, on the first topic of Behavioural
Economics theory to assess learning outcomes 2, 4 & 5.
2. Second in-class test, worth 25%, to take place in week 18, on the second and last topics
of Behavioural Economics theory to assess learning outcomes 1, 3, 6 & 9.
3. A lab report, worth 50%, to be submitted in week 23, on applying experimentation to
evaluate a contemporary economic issue. This will address learning outcomes 7 & 8.
An overall grade of 16, or better, is required to pass this module.
Assessment Weighting
Two In-class Tests: 50% A Lab Report: 50%
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3350(Published)
International Finance
30
Aims
This module aims to provide level 6 students with knowledge of theories of exchange rate
and balance of payments, and skills of managing international financial assets and exchange
rate risks in a global environment. Students have the opportunity to study the operations of
the world capital markets, grasp the principles essential to understanding of global financial
issues and policies, and apply tools to effectively evaluate international risk in order to
succeed in international financial environment.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. evaluate international monetary systems and the factors associated with the balance of
payments;
2. critique on the theories about the determination of exchange rate;
3. assess the characteristics and operations of international financial markets and use
international;
financial instruments, including derivatives, for asset and risk management;
4. critically evaluate the contemporary economic policies in an open economy;
Skills
This module will call for the successful student to:
5. apply international financial instruments to manage assets and control risks (mostly
quantitative skills);
6. articulate the theories and models in relation to international finance clearly in writing.
Syllabus
Syllabus
· The post-war international monetary system
· The balance of payments and economic policies in an open economy
· Theory, evidence and policy of exchange rate determination
· The world financial markets
· Financial instruments for international asset management and risk control
· Contemporary issues in international finance
Learning, Teaching and Assessment Strategies
A weekly one-hour lecture to introduce key learning materials and one-hour weekly studentled seminar to reinforce key concepts and theories. Applications of theories to current
international financial issues,
simulated problems and case studies based on economic and financial data related to
specific topics covered in the lecture would also be discussed during seminars. UniHub
and/or Moodle will be used to share powerpoint lecture slides and seminar questions,
facilitate discussions on the module, and provide links to Turnitin for e-submission of the
written coursework for assessment.
Assessment Scheme
Formative Assessment
A formative assessment using peer marking before the in-class test (a summative
assessment component) to help student get feedback and get involved in the assessment
process. Feedback will be provided following completion of each assessment component.
Summative Assessment
Summative assessment consists of three components selected in order to ensure students
demonstrate an overall understanding of relevant concepts and techniques as well as the
ability to apply and critique them in appropriate contexts.
1. A written coursework, worth 20%, to be handed in week 10, consists of short-answer,
numerical and short-essay questions. This will address learning outcomes 1, 2, 4 and 6.
2. An in-class test, worth 20%, to take place in week 18, consists of short-answer questions
and numerical problems. This will address learning outcomes 3 and 5.
3. A two-hour unseen examination, worth 60%, to ensure students demonstrate and overall
understanding of key concepts, theories and techniques utilised in international finance. This
will address learning outcomes 1 to 6.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Coursework: 20% In-class Test: 20% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3355(Published)
Financial Economics
30
Aims
This module aims to provide students with an understanding of key economic/financial
concepts, theories and techniques; and the ability to apply these to financial issues, using
both actual and simulated cases. The module provides a basis for further study in the field of
finance, as well as basic skills useful in the financial and business world in the face of an
ever-changing economic environment.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. critically evaluate the role played by securitisation and sub-prime mortgages to the onset
of the current financial crisis;
2. appraise the applicability of the Capital Asset Pricing Model and the Arbitrage pricing
model to valuate asset prices in the real world based on empirical findings;
3. distinguish the characteristics of different types of bonds, evaluate the factors affecting
bond pricing and effective ways of managing bond portfolios in the current economic climate;
4. critique on the business cycle approach to investment of securities;
5. assess the validity of the Efficient Market Hypothesis and its applicability in the real world;
6. differentiate the use of options for speculation and/or hedging purposes;
Skills
This module will call for the successful student to:
7. undertake economic and financial data analysis and interpretation using Datastream and
Bloomberg;
8. assess the most efficient ways of estimating margin percentage, spot and forward rates,
share and bond prices, shares? and bond?s rate of returns, intrinsic and time values of
options and option prices;
9. clearly communicate in writing an understanding of theory and its application to practical
issues.
Syllabus
A. Financial Markets: Functions, Participants and Recent developments

Securitisation, Globalisation and Financial Engineering
B. The Term Structure Theories of Interest rates


Yield curve & Forward rates
Pure expectation Hypothesis, Liquidity Premium Theory & Market Segmentation
theory
C. The Capital Asset Pricing Model and the Arbitrage Pricing Model


Classification of investment risks and risk-return trade-off
Single factor and multi-factor models of asset pricing
D. The Efficient Market Hypothesis


Meaning and forms of EMH; empirical evidence of EMH
Applicability of EMH in the real world, especially during the financial crisis
E. Securities Analysis and Management


Macroeconomic, financial and industrial life cycle analysis of securities
Business cycle approach to securities investment and its applicability to the current
economic and financial climate
F. Bond Analysis and Management


Valuation of different bonds and factors affecting bond price movements
Active and passive bond portfolio management and their applicability in the current
economic and financial climate
G. Options Pricing and Uses



Options characteristics and valuation
Factors affecting options pricing & the Black-Scholes Pricing model
Options for speculative or hedging purposes in the current economic climate
Learning, Teaching and Assessment Strategies
One two-hour lecture and/or workshop per week to explain and apply concepts, theories,
techniques and practical applications to short problems/case studies on current affairs,
including material derived from the financial press/media.
Students will work in small groups on short problems and cases and in their own private
study time.
Groups will be expected to contribute to workshop discussions, problem solving and
presentations.
Assessment Scheme
Formative Assessment
Formative assessment on the contents of the course in the form of quizzes and short essay
questions will be used to check students? progress and consolidate theories learnt.
Workshop exercises will allow for application of theories to real world situations, selfevaluation and feedback.
Summative Assessment
1. An individual project, worth 50%, to be handed in week 20, on designing investment
strategy and choosing of securities based on macroeconomic and industry analysis utilising
data and information obtained from Bloomberg and/or Datastream to assess learning
outcomes 4,7 & 9.
2. A two-hour unseen examination, worth 50%, requiring students to answer any two
questions from a choice of six.
Questions will require essay style answers and will be based on the material covered in the
lecture and workshop programme.
This is used to assess learning outcomes 1 to 6 as well as 8.
An overall grade of 16, or better, is required to pass the module.
Assessment Weighting
An individual Project: 50% Unseen Examination: 50% Exam Duration: 2 hours
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3535(Published)
International Macroeconomics
30
Aims
This module aims to introduce students to more advanced topics in macroeconomics. The
focus of this module is to analyse macroeconomic concepts in a more rigorous and technical
manner enriching students? competence in quantitative techniques. Focus will also be given
on policy issues and implications derived from the latest developments in macroeconomics.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. assess IS-LM and AD-AS models in a more dynamic framework;
2. evaluate long-run equilibrium models focusing on neoclassical growth theory:
Schumpeterian, Solow and Endogenous growth models;
3. critically assess the real business cycle model and its dynamic stochastic general
equilibrium extensions;
4. evaluate micro-foundations under uncertainty and empirical evidence for the
determination of consumption, employment, and investment;
5. assess Taylor rules for monetary policy and their relation to optimal policy; open economy
and fiscal policy issues;
6. appraise the theory and implications of currency crises and international policy
coordination;
Skills
This module will call for the successful student to:
7. formulate policy recommendations associated with the models taught;
8. apply advanced quantitative techniques in economic analysis;
9. link macroeconomic theory to real world practice.
Syllabus
Syllabus
1. Demand and Supply Side in an Open Economy
2. Growth Theory
3. Expectations and their Applications in Macroeconomics
4. Real Business Cycle Models
5. Financial Markets and the Macroeconomy
6. Credit Crunch, Global Financial Crisis and the Great Recession
7. Supply Shocks and Global Imbalances
8. Determination of Consumption, Employment and Investment
9. Monetary Policy and Fiscal policy issues
10. Common Currency Areas
Learning, Teaching and Assessment Strategies
The main content of the module will be delivered via weekly two-hour
lecture/seminar/workshop session. Learning is reinforced by simulated problems, exercises
and topical issues analysed by students working individually or in small groups in private
study time. Presentations will also be given by students during seminar sessions. Students
can also meet with the lecturer during office feedback hours to discuss matters related to the
module and their learning progression.
Assessment Scheme
Formative Assessment
The formative assessment consists of seminar presentations, short in-class exercises and
online tests at regular intervals. Immediate feedback will be given to help reinforce materials
learnt during lectures or to correct misconceptions.
Summative Assessment
1. First in-class test, worth 25%, to take place in week 9, comprises of a number of multiple
choice questions and a range of essay style questions, to assess learning outcomes 1, 2,
3 & 8.
2. A 2,500 word essay, worth 25%, to be submitted in week 21, on applying one of the
macroeconomic models learnt during the second half of the course to explain the current
economic and financial conditions of a selected country. This will address learning outcomes
4, 5, 6, 7 & 9.
3. Unseen examination, worth 50%, to take place at the end of the course, is designed to
assess students' thorough understanding of the entire syllabus. This will address learning
outcomes 1 to 9.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Test: 25% Essay: 25% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3870(Published)
Econometrics
30
Aims
This module aims to provide students with a deep knowledge of the techniques involved in
modern applied econometrics and of how to use these techniques to analyse the empirical
performance of economic models. The module is problem and data driven, giving students
the skills to estimate and interpret econometric models, while having a strong grasp of the
underlying theoretical concepts. The module will introduce the students to a range of
econometric techniques which will enable them to undertake applied econometric work
successfully via hands-on training using econometrics computer software including Excel,
Stata and Gretl.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. critically assess the assumptions of the classical linear regression model, the
consequences of their violations and remedial measures;
2. use specialised econometric software and data sets to examine economic relationships;
3. apply basic and advanced econometric techniques to model economic relationships and
carry out postestimation diagnostic tests;
4. critically evaluate empirical work in economics;
Skills
This module will call for the successful student to:
5. search, prepare and manipulate economic and statistical data from Datastream,
Bloomberg, ONS and Bankscope for regression analysis;
6. critically assess data, information & empirical findings, verbally & in written form, in a clear
and meaningful fashion;
7. use accurate and efficient spreadsheet design to help with presenting data, information
and empirical results;
8. apply economic theories to explain the outcomes resulting from economic models in a
clear and concise fashion;
Syllabus
· Introduction to Economics Data and Econometrics
· The classical linear regression model assumptions, consequences of their violations and
remedial measures
· Simple and Multiple Regression Analysis
· Hypotheses testing
· Dummy variables, test of structural change
· Violation of the assumptions of the classical regression model (CLRM)
· Time Series analysis and Cointegration
· Panel data analysis
· Instrumental variable estimation and simultaneous equation models
Learning, Teaching and Assessment Strategies
Each week students are required to attend:
1. One hour lecture. The lecture will provide a rigorous examination of econometric theory
and a critical evaluation of the empirical literature employing econometric methods. The
lectures will provide a framework to facilitate students? individual study by using a large
selection of examples and case studies, next to formal theoretical issues. During lectures
students will also be asked to solve some theoretical exercises to develop their
understanding of econometric methods.
2. One and 1/2 hour computer laboratory for application of econometric techniques using
data and econometric software. Computer labs will place strong emphasis on the application
of econometric techniques and therefore develop computational skills and diagnostic testing.
Real datasets will be used for all lab exercises.
Assessment Scheme
Formative Assessment
Formative assessment and feedback will take place during lectures and computer labs.
Students are expected to solve theoretical and practical exercises and to give short
presentations during lecture and lab sessions. Lab sessions will give students the
opportunity to apply the econometric models and techniques introduced during lectures to
real world data and interpret the results. One-to-one consultation with lecturers is available
during office feedback hours.
Summative Assessment
1. One in-class test, worth 20%, to take place in week 12, assesses learning outcomes 1 & 6.
2. A coursework, worth 20%, to be submitted in week 19, on application of time series/panel
data. This will address learning outcomes 2, 3, 4, 5, 7 & 8.
3. A two-hour unseen examination, worth 50%, to assess students? overall understanding of
the subject matter and their applications. The examination will assess the entire syllabus,
addressing learning outcomes 1, 3, 6 & 8.
4. Participation, worth 10%, is required throughout the entire academic year and will be
monitored by registering attendance at the beginning of each class to ensure participation in
in-class discussion and exercises. This is to address learning outcomes 6 & 8.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
In-class Test: 20% Coursework: 20% Participation: 10% Unseen Examination: 50%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300
Module Code
Module Title
Credit
ECS3960(Published)
Labour and Personnel Economics
30
Aims
The module aims to provide a comprehension of labour and personnel economics as a basis
for the understanding of the management of human resources in the enterprise and in the
economy as a whole; and to show students how economic theory can be applied at both
levels. In the case of macroeconomics the focus will be on the problem of unemployment; at
enterprise level it will be on the problem of making more efficient use of human resources.
Learning Outcomes
Knowledge
On completion of this module the successful student will be able to:
1. demonstrate understanding of the main models of labour markets, their strengths and
weaknesses;
2. discuss competing positions in current policy debate around labour market questions and,
in particular, the problem of unemployment;
3. apply economic principles to human resources management issues such as recruitment,
compensation, selection, training, and non-monetary rewards and the analysis of human
resources policies under varying institutional and competitive environments;
Skills
This module will call for the successful student to:
4. Demonstrate analytical and numerical skills;
5. Demonstrate written and oral communication skills;
6. Conduct critical assessments of and provide a presentation on contemporary research
endeavours in the Personnel Economics arena.
Syllabus
· Work in human societies: economic and other aspects
· Individual labour supply and labour demand
· The business enterprise and the employment relation; work and jobs
· Human capital theory and its alternatives
· Wage determination and wage differentials
· Theories of unemployment
· Labour market matching and recruitment strategies
· Reward systems and productivity
· Employee qualifications and training strategies
Learning, Teaching and Assessment Strategies
A one hour lecture per week will introduce new material, explain theoretical concepts and
guide students through the literature. A one-hour seminar will allow students to discuss the
lecture topics and debate the key issues that arise. The work of the first semester will be
relatively closely related to economy-wide issues. In the second semester personnel
economics will come to the fore. Students will prepare one piece of coursework in each area,
the second of which will draw on students' in-class presentations. Throughout use will be
made of policy documents and academic articles.
Assessment Scheme
Formative Assessment
Formative assessment will take place in the seminars as students are supported in the
preparation of their coursework and take part in the discussion of lecture topics and related
issues of public policy and business strategy. Feedback will be given on students' seminar
work and their views on public policy during class discussion.
Summative Assessment
1. Two 2,500 word coursework essays allow students to demonstrate the ability to develop a
coherent argument relevant to a specific labour market or personnel economics topic. The
second of these essays will draw on students' in-class presentations.
a. Coursework 1, worth 20% and submitted in week 10, will relate to labour economics and
the problem of unemployment (learning outcomes 1-3, 5-6). For example students might be
asked to report on the present government's Work Programme. The outcome will be to
reinforce students' understanding of labour market functioning.
b. Coursework 2, worth 20% and submitted in week 20, will be based on ongoing
assessment, will relate to personnel economics and the efficient use of human resources
within the enterprise (learning outcomes 1-3, 5-6). In support of the development of research
and presentation skills, students will be asked to critically assess a published article in the
Personnel Economics arena and provide a presentation on their understanding and
outcomes. The outcome will be a deeper understanding of personnel questions and
contemporary scholarly endeavours. Both, analytical (50% weighting) and presentation skills
(50% weighting) will be assessed.
2. A two-hour unseen examination, worth 60%, at the end of the course comprising unseen
questions to allow students to demonstrate the necessary skills to produce written work and
evaluate different view points within a time constraint to assess learning outcomes 1 to 5. An
aim of the exam is to ensure that students cover the range of issues covered in the module
and not only those relating to assessed coursework.
An overall grade of 16 or better is required to pass the module.
Assessment Weighting
Coursework: 40% Unseen Examination: 60%
Exam Duration
Examination, 2 hours
Learning Materials
Your online reading lists can be accessed from the My Study area of UniHub. They highlight
essential and recommended reading for all modules you are registered on.
Total Notional Learning Hours
300