Modules for course N3AJ | MSC/FINANCE
MSc Finance

These were the modules for this course in the 2016–17 academic year.

You can also view the modules offered in the years: 2017–18; 2018–19.

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Year 1 Modules

Compulsory Modules

Semester 1

  • ASB-4416: Financial Modelling (15)
    Valuation of financial cash flows and rates of return; Expected return models and event studies in finance; The Law of One Price in finance and pricing financial claims via arbitrage; Portfolio theory and the modelling of investment portfolios; Value at Risk; Bootstrap methods; Brownian motion; Monte Carlo methods in finance; Pricing financial claims via replication and Black-Scholes option pricing.

Semester 2

  • ASB-4417: Financial Engineering (15)
    Introduction to financial engineering; Static replication -creation, decomposition and analysis of financial products; Dynamic replication; Hedging strategies; Convexity, volatility and credit risk in financial engineering; Case studies in financial engineering.
  • ASB-4425: Invstmt Strat & Portfolio Mgmt (15)
    The characteristics and roles of investment institutions; Investment objectives and the asset allocation decision; Principles of portfolio management; Bond valuation and bond portfolio management strategies; Equity portfolio management strategies; Performance measurement;

60 credits from:

  • ASB-4902: MSc Dissertation (60) (Semester 3)
    There is no set syllabus. The dissertation encourages students to develop a critical awareness of the professional skills relevant to the strategic management of a variety of business practices. Students choose their research topic, provided that there is suitable and sufficient reading material available, and a member of staff is available to supervise in the chosen area of study.
  • ASB-4903: Financial Seminar Series (60) (Semester 3)
    The content below is that delivered in 2015, but the content will vary from year to year. This will enable the seminar programme to include staff research specialisms, to reflect current and topical research issues and to adapt to any staffing changes. Topics:- Set A: Accounting Set I. A1. Corporate governance and executive compensation (Professor John Ashton). A2. Impression management (Dr Doris Merkl-Davies). Set B: Banking and Finance. B1. Competition in the banking sector (Professor John Ashton). B2. Valuation for mergers, acquisitions and leveraged buyouts (Dr Ru Xie). Set C: Corporate Finance. C1. Event studies and the measurement of abnormal returns (Dr Gwion Williams). C2. Dividend policy (Professor Lynn Hodgkinson). Set D: Financial Markets. D1. The role of rating agencies in financial markets (Professor Owain ap Gwilym). D2. Market microstructure and high frequency trading (Professor Owain ap Gwilym). Seminar E1: Monetary Policy. E1. The conduct of monetary policy (Dr Rhys ap Gwilym). Set G: Accounting Set II. G1. Earnings management (Dr Aziz Jaafar). G2. Accounting and sustainability (Professor Lynn Hodgkinson). Each student must attend six of the above research seminars, as follows: MSc Accounting, MSc Accounting and Banking, MSc Accounting and Finance: Seminars A1, A2, C1, C2, G1, G2. MSc/MA Finance, MSc International Finance, MSc Investment Management, MSc/MA Management and Finance: Seminars B2, C1, C2, D1, D2, E1. MSc/MA Banking and Finance, MSc International Banking, MSc/MA Islamic Banking and Finance: Seminars B1, B2, C1, C2, D1, E1.
  • ASB-4910: Finc'l Research & CFA Series (60) (Semester 3)
    In the Research Seminar component, the precise content will vary from year to year. This will enable the programme to include staff research specialisms, to reflect current and topical research issues and to adapt to any staffing changes. Indicative content for 2016 (labelling is consistent with the existing ASB4903/4896 module): A1. Corporate governance and executive compensation (Professor John Ashton). C1. Event studies and the measurement of abnormal returns (Dr Gwion Williams). D1. The role of rating agencies in financial markets (Professor Owain ap Gwilym). Each student must attend two of the above research seminars, as follows: MSc Accounting, MSc Accounting and Banking, MSc Accounting and Finance: Seminars A1, C1. MSc/MA Banking and Finance, MSc International Banking, MSc/MA Islamic Banking and Finance, MSc/MA Finance, MSc International Finance, MSc Investment Management, MSc/MA Management and Finance. Seminars C1, D1. MBA Banking and Finance, MBA Finance, MBA Islamic Banking and Finance. Seminars A1, D1. This is applicable to September and January intakes, in both Bangor and London. In the CFA component: Prepare students to undertake a professional exam. Training will cover topics on the CFA Level 1 syllabus. Indicative content for 2016: Ethical and Professional Standards; Quantitative Methods; Economics; Financial Reporting and Analysis; Corporate Finance; Portfolio Management; Equity Investments; Fixed Income Investments; Derivatives; and Alternative Investments.

45 credits from:

  • ASB-4101: Research Methods (15) (Semester 2)
    Describing and summarising data; Probability and probability distributions; Principles of statistical inference; Correlation and regression analysis; Regression models for panel data.
  • ASB-4103: Int'l Financial Markets (15) (Semester 2)
    An overview of financial markets and instruments; Review of the concepts of risk and return; Portfolio theory and diversification; The capital asset pricing model; Other asset pricing models; Efficient markets, behavioural finance and anomalies; Hedging, speculation and arbitrage; Foreign exchange and derivative markets; Option characteristics and option pricing; Forwards, futures and swaps.
  • ASB-4108: Financial Econometrics (15) (Semester 1)
    • Review of the linear regression model: estimation and hypothesis testing; • Dynamic regression models: distributed lag and autoregressive models; • Non-stationarity and testing for unit roots; • Modelling long-run relationships: cointegration; • Modelling volatility: univariate ARCH and GARCH models; • Regression analysis using panel data.
  • ASB-4403: Int'l Financial Markets (15) (Semester 1)
    An overview of financial markets and instruments; Review of the concepts of risk and return; Portfolio theory and diversification; The capital asset pricing model; Other asset pricing models; Efficient markets, behavioural finance and anomalies; Hedging, speculation and arbitrage; Foreign exchange and derivative markets; Option characteristics and option pricing; Forwards, futures and swaps.
  • ASB-4408: Financial Econometrics (15) (Semester 2)
    • Review of the linear regression model: estimation and hypothesis testing; • Dynamic regression models: distributed lag and autoregressive models; • Non-stationarity and testing for unit roots; • Modelling long-run relationships: cointegration; • Modelling volatility: univariate ARCH and GARCH models; • Regression analysis using panel data.
  • ASB-4601: Research Methods (15) (Semester 1)
    Describing and summarising data; Probability and probability distributions; Principles of statistical inference; Correlation and regression analysis; Regression models for panel data.
  • January intake students must take ASB-4101, ASB-4103 and ASB-4108. September intake students must take ASB-4601, ASB-4403 and ASB-4408

Optional Modules

30 credits from:

  • ASB-4010: New Venture Creation (15) (Semester 2)
    Entrepreneurship theory and evolution of the concept; Starting your own business; Creativity and Innovation; Franchising; Buying a business; Succeeding in family business.
  • ASB-4405: Int'l Financial Management (15) (Semester 1)
    The financial management of multinational companies (MNCs). The macroeconomic, fiscal, currency and political environments. Determinants of exchange rates, and purchasing power and interest rate parity. Management of exchange rate exposure through forwards, options. Corporate financing decisions and the role of the global financial markets. Cost of capital and performance evaluation; capital investment appraisal. Working capital management and the positioning of funds in the MNC.
  • ASB-4406: Financial Analysis (15) (Semester 2)
    Balance sheet and income statement analysis; Financial ratio analysis and inter-firm comparison; Trend analysis and financial forecasting; Analysis of profitability and growth; The quality of financial statements, and using financial statements in valuation; Cash accounting, accrual accounting and discounted cash flow valuation; Pricing book values and earnings; Assessment of credit and equity risk.
  • ASB-4414: Corporate Risk Management (15) (Semester 1)
    The nature of risk management; Risk identification; Business loss exposures; Risk measurement; Probability distributions (uses and limitations); Risk control tools; Risk financing tools; Influence of the market on risk management decisions; The interdependence of insurance and loss prevention decision; Insurance versus alternatives.
  • ASB-4437: Merger and Acquisition (15) (Semester 2)
    Theory of the firm: "Build vs Buy"; Current issues in the M&A landscape; Motives for M&A; How do mergers work? When do mergers work? Winners and losers; Valuation in the context of an acquisition; Criteria for value-adding acquisitions; Cross-border vs domestic acquisitions.