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Module ASB-3215:
Adv Inv Theory & Practice

Module Facts

Run by Bangor Business School

10 Credits or 5 ECTS Credits

Semester 2

Organiser: Mr Francesco Lopes

Overall aims and purpose

To provide an advanced level of understanding of investment approaches and their theoretical and empirical underpinnings.

Course content

Market efficiency; Performance measurement and attribution; Measuring investment risk; Anomalies in returns and common investment philosophies; Benchmarking and models of expected returns; Testing for excess returns: methodologies; Testing for excess returns: key findings; Theoretical rationale for findings of excess returns; Real-world issues in the implementation of investment strategies.

Assessment Criteria

threshold

Satisfactory standard: 40-49 No major omissions or inaccuracies in the deployment of information/skills. Some grasp of theoretical/conceptual/practical elements. Integration of theory/practice/information present intermittently in pursuit of the assessed work's objectives.

good

Average Standard: 50-59 Much of the relevant information and skills mostly accurately deployed. Adequate grasp of theoretical/conceptual/practical elements. Fair integration of theory/practice/information in the pursuit of the assessed work's objectives. Some evidence of the use of creative and reflective skills.

High Standard: 60-69 Very good performance Most of the relevant information accurately deployed. Good grasp of theoretical/conceptual/practical elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Evidence of the use of creative and reflective skills.

excellent

Excellent standard: 70+ An outstanding performance, exceptionally able. The relevant information accurately deployed. Excellent grasp of theoretical/conceptual/practice elements. Good integration of theory/practice/information in pursuit of the assessed work's objectives. Strong evidence of the use of creative and reflective skills.

Learning outcomes

  1. Explain key concepts relating to market efficiency and critically evaluate approaches to testing market efficiency.

  2. Assess the empirical evidence relating to market efficiency.

  3. Apply appropriate techniques to measure and interpret the performance and the risk associated with investment strategies.

  4. Critically evaluate common investment philosophies including value investing, growth investing, and small-cap investing, and the related empirical evidence.

  5. Demonstrate a critical understanding of benchmarking and models of expected returns.

  6. Demonstrate a critical knowledge of methods used to test empirically for excess returns.

  7. Articulate the theoretical rationale proposed in the academic literature for the apparent excess profitability of some strategies

  8. Demonstrate a critical awareness of issues relating to the real-world implementation of trading strategies inspired by academic research, including the impact of liquidity, leverage, and trading costs on returns and risk.

Assessment Methods

Type Name Description Weight
Coursework 25
Exam S2 2hrs 75

Teaching and Learning Strategy

Hours
 

One 2-hour lecture per week.

  

Pre- and Co-requisite Modules

Courses including this module

Compulsory in courses:

Optional in courses: