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София 1700, Студентски град “Христо Ботев”, Approved: Adopted by a decision of the Faculty „International Economics and Politics” Protocol № / Dean Professor Antoaneta Vasileva Ph.D. CURRICULUM Academic subject: Subject code: MARKETS, INVESTMENTS AND MARKETING - simulation game B63830 О0881 Educational and qualification degree: Status of the course Field of higher education: Professional: Specialty: Faculty: Department: Total student academic load (average classes per course): Non-contact student academic load Credits: Lecturer of the course: 3. 3.8. 3.8.30 Bachelor of Arts Optional Course Social Sciences, Economics and Law Bachelor of Economics International Economic Relations International Economics and Politics International Economic Relations and Business 30 / 0 70 4 Professor Rossitsa Rangelova Dr. Sc. Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен ANNOTATION 1. Background of the discipline The discipline "Markets, Investment, Marketing - simulation game” covers in a practical form the knowledge from special subjects that are taught in International Economic Relations. For the first time the business game is used in the training of regular students and post-graduates in 1986 in the sector “Market situation of international markets” of the then existing department “Organization and management of foreign trade”. It was practiced as special course for three academic years, causing great interest and enthusiasm among students. The most interesting and even emotional were sessions conducted as a competition between the leading teams of a company, composed only from full-time students and only with post-graduates. Despite the success and interest in this new for out higher education form of education, it was abandoned. This was due to several reasons: scarce computing, the cost for part-time teachers, changes in curriculum. Now, twenty years later, this form of training in “International Economic Relations” has been revived and modernized. There are prerequisites for this: the modern ICT and practically unlimited access to information give the possibilities to simulate to a full extent the real economic environment in business games. Incoming knowledge for the business game can be derived from the mandatory university courses: "Business Economics” and “Forecasting and Planning”, “Fundamentals of Management” and from the following compulsory and special courses: “International Market Studies”, “International Finance", “International Business Operations”, “International Marketing”, "International Pricing Practices”, "Pricing and pricing policy" and "International Financial Management”. 2. Description of the game content: In view of their efficient participation the students should be familiar with the structure and functioning of the financial markets, as well as to know basin principles of the investment analysis. The game is a simulation model, which covers the basis of the investment process: analysis, risk evaluation and design, and decision taking. Using simulation approach in the discipline "Markets, Investments, Marketing – simulation game” the complex relationships and dependencies in the process of investment, production and sale of products in a competitive market environment; it can be evaluated how the economic fundamentals of capital construction are considered and their impact on material flows in a particular company. Participants in the game play the management team of a company and each one is responsible for a portfolio of work and all together should develop a well thought out and balanced option for the strategic and operational management of the enterprise. Participants in the game use different information on finance and business environment of real functioning companies. On this basis they evaluate the potential for Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 2 development of the business units and the potential benefit from acquiring a share in their capital. A special attention is drawn to the applied aspects of the macroeconomic analysis. In paralell with the process of monitoring and designing of short-term forecasts for the countries’ economic development participants in the game have the opportunity to increase the value of their own virtual finance assets portfolio dealing on the FOREX market. During the game participants get familiar with the basic tools applied in the modern investment process. The programme foresee introdution in the technical and fundamental analysis of the currency markets, as well as the Dupont system analysis for corporate securities. The basic principals of the application of the portfolio approach have considered. The immitation takes into account the influence of a set of interconnection factors and their direct impact on the risk and investment profitability. 3. Language of instruction: English. CONTENT OF THE CURRICULUM LECTURES № THEMES Acade mic load First stage: CURRENCY TRADING AT FOREX MARKET 1. 2. 3. Introduction into fundamental analysis. Origin and development of the world currency system; factors influencing on a given currency behaviour; theory of the exchange rate; basic definitions in the fundamental analysis (purchasing power parity, interest rate differential, balance of payment approach). Теchnical analysis. Tendencies in the technical analysis (graphical analysis/chartism, wave analysis, derivative indicators analysis); basic concepts (trend, level of support and resistance, figures in the technical analysis, kinds of technical indicators); ways of using and reliability of the technical analysis means. Маcroeconomic analysis. Macroeconomic determinants; measurement and estimates; economic cycles; interconnection between the environment parameters and impact on the investment process. 4 3 3 Second stage: SECURITIES TRADING AT STOCK EXCHANGE Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 3 4. 5. 6. Analysis of public company economic results. Basic indicators of the firm status (profitability, capital structure, leverage); interrelation among the individual indicators – Dupont scheme, principles of company’s results using as a basis for argumentation of forecasts for its short or medium term development. Securities portfolio: Relationship among the individual economic branches and business cycle phases; principles of diversification, evaluation criteria and securities selection: kind of evaluations (market, accounting, investment), building of investment strategy. 4 Critical reassessment of the strategy chosen and followed: adequacy criteria of the chosen strategy; analysis of the assets portfolio profitability; explanation of the consequences as a result of the taken decisions from the point of view of portfolio evaluation; analysis of the argument for following or denial of the chosen strategy; analysis of the plane fulfillment and decision evaluation. 4 3 Third stage: DISCUSSING THE RESULTS OF COMPUTER PROGRAMS FOR ASSESSMENT OF THE PARTICIPANTS IN THE GAME 7. Comparative assessment of the management team developed strategies for development; analysis of implementation and evaluation of decisions taken in the process of operational management; ranking of management teams based on achieved business results. 4 METHOD / TEACHING STRATEGY: Teaching is in the game shape in which students are trying to increase the amount of the virtual investment portfolio. In the beginning of the game each one team get an account with a fixed sum, which could be directed to purchasing different financial assets. In the process of the game the students get to know the principles and the functioning of the financial markets in conditions which are as close as possible to the real ones. Access to the training accounts is permanent, which means participants have the possibility to do permanent monitoring of their own assets and respectively can react immediately in the moment when they take an investment decision and to judge if they could undertake a corresponding action. Starting every class it is envisaged a time for a short briefing on the transactions completed. Necessary resources for training are several PCs in local computer network with high speed connection, board and marker, compact time to conduct classes (e.g. 5 classes within six sessions). INDEPENDENT WORK During the course students are assigned with different task. Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 4 EVALUATION METHOD Excellent /6/ Very good /5/ Good /4/ A B C 80% 75% 70% Credits are awarded as provided for in the plan Fair /3/ D 60% Poor /2/ E FX F No credits awarded 50% The method of evaluation is based on a comprehensive final evaluation of the two stages of the game for each of the management teams involved in it. A computer program is used to evaluate the strategies developed by participants, and also a program for evaluation of the decisions taken in the process of operational management. RESULTS TO BE EXPECTED FROM THE COURSE Management game “Markets, Investments, Marketing - simulation game” gives participants practical knowledge on the following: effectiveness of interdisciplinary approach in teaching economics; the importance of systematic understanding of economic relations, processes and phenomena arising at a company, national and international level; existing relationships between economic indicators for international economic relations and their actual functioning as a system in the company economy; direct causal link between management decisions taken in different sectors of the economy and the company received final economic results (presented by the formation and distribution of profits); "anatomy" of a market-oriented company. This knowledge is formed by analyzing the links in the main sectors of corporate activity and examination of their movement and interaction as aspects of the same whole, developed the same idea; formation of investment policy of the company and the actual conduct of the investment process, which inevitably are designed to final financial results; development of different versions in the choice of strategy for development of the company and how actually is realized the chosen strategy. In the course of active personal and collective participation of every student in the management game are learned many useful and practical skills such as: conversion of the results of market analysis and forecasting in strategic and operational decisions for the development and market participation of a given company; making, comparing and evaluating the multivariate estimates of the parameters for the development of corporate strategy for product innovations, investment and marketing; Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 5 simulation and analysis of variants of corporate strategy and selecting the best among them; critical reassessment of the strategy chosen in the course of its operational implementation and justification of the reasons for ongoing change, if necessary; conducting economic and trade negotiations with other market counterparties; understanding of interactions in the production and economic activity and the consequences of taking management decisions, especially when it comes to selling their produce in foreign markets; understanding of the practice of the relationship between the pursuit of solutions that are optimal in one area, and their consequences in other areas; taking management decisions, justified on the internal and market analysis and forecasting. Knowledge and skills acquired by the management game “Markets, Investment, Marketing” provide a great opportunity to feel how in practice work and display the economic relations in the reality. THE COURSE IS ALSO TAUGHT Business games are teaching method, which for decades and currently enjoy a great interest and application in universities around the world. Moreover, skills those students acquire from various management games have served as an idea for the creation of another form of education. These are the practiced for decades interuniversities annual competitions to solve problems of living practice. These racing events are the "glory" of many graduate programs in Western universities. The introduction of the business game “Markets, Investments, Marketing simulation game” again after twenty years in the specialized training of the bachelors in “International Economic Relations” is an attempt for taking a course to accelerating upgrading of knowledge and ways of teaching. TOTAL STUDENT ACADEMIC LOAD Type of classes/academic load Lectures Seminars Laboratory training Practical training Term paper Final thesis Individual assignment Interim exam/test On-going assessment Overall student academic load 30 Student academic load, average classes per week 2 Student non-contact academic load Total 70 100 Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 6 Exam Total 30 2 70 100 RECOMMENDED BIBLIOGRAPHY 1. Мinev, S., Applied Forex. Publishing House SIELA, 2010 (in Bulgarian). 2. Тimchev, М., Financial and Economic Analysis. Publishing House Nova Zvezda, 2011 (in Bulgarian). 3. Baumohl B. "The Secrets of Economic Indicators ", FT Press, 3rd ed., 2012. 4. Brealey, Myers, Marcus "Fundamentals of Corporate Finance", McGrawHill/Irwin, 6 ed., 2008 5. Bulkowski T. "Encyclopedia of Candlestick Charts", Wiley Trading, 2008 6. Bulkowski T. "Encyclopedia of Chart Patterns", Wiley Trading, 2005 7. Colby R., "The Encyclopedia Of Technical Market Indicators", 2nd ed. 2002. 8. Lien K., "Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves", 2nd ed. Wiley Trading, 2008 9. Picker A. "International Economic Indicators and Central Banks" Wiley Finance, 2007. 10. Ross, Westerfield, Jordan "Fundamentals of Corporate Finance", McGrawHill/Irwin, 10 ed., 2012. Internet addresses: http://www.forexticket.co.uk http://quote.rbc.ru/macro/ http://www.marketwatch.com http://atnabtu.com/ http://www.reuters.com/ http://www.forexfactory.com PREPARED BY: Professor Rossitsa Rangelova, Dr. Sc. Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 7 HEAD OF DEPARTMENT: Associate Professor Ivan Stoychev, PhD DEAN: Professor Antoaneta Vassileva, PhD Идентификация на статуса: ОДНК_7.1.3-3/ Версия 01/Изменение ____/____________; стр. __/__ Ниво на достъп: □ общодостъпен □ за служебно ползване □поверителен □секретен 8