Current Trends and a Minor in Finance D, 30 Credits

Contents

The course gives the opportunity to further develop within the major subject in a module on the latest development and in a module on research methodology. The course also gives a Minor subject in Finance.
The course is given an examined in English.

Generic learning outcomes.
The course has a number of goals for the development of generic skills. After completing the course, the student should be able to:

• analyze and frame problems in the financial area
• understand and evaluate financial management related issues from an ethical perspective
• work effectively in team environments
• plan, conduct, and present investigations, both orally and in writing, for an academic audience as well as an audience of business practitioners.

Common expected learning outcome:

• communicate central concepts for the course in English, both orally and in writing

The course consists of the following four modules:
Module 1. Research Methodology in Business Research, 7,5 credits
Module 2. Advanced Corporate Finance, 7.5 credits
Module 3. Investments, 7.5 credits
Module 4. Current Trends in Business Administration, 7,5 credits

Module 1. Research Methodology in Business Research, 7,5 credits
The overarching aim of this course is to develop advanced knowledge of perspectives, strategies and design in research. This will increase the student's ability to carry out and assess business research and investigations. Important building blocks are the problem formulation, frames of reference, scientific approaches, including the ontological and epistemological points of departure, and methods for data collection and analysis.
 
Expected learning outcomes:
After completing this module the student should be able to:

• identify and discuss how fundamental assumptions, scientific ideals, perspectives and frames of reference influence a process of scientific knowledge creation
• formulate and argue for relevant research questions, including the theoretical relevance and positioning
• discuss characteristics of research strategies and discuss and evaluate the suitability of qualitative, quantitative, and mixed methods respectively, to solve different research questions
• apply acquired knowledge in the planning, design, implementation and reporting of scientific studies
• demonstrate an ability to assess and discuss social, environmental and ethical aspects of the business research process

Lectures, seminars, practical assignment(s), individually or in groups, and the reading material complement each other to help students to develop deep knowledge of what scientific research in business and management fields is all about.
 
Examination modes
The assessment is based on an individual written hall exam and reporting of individual written assignment(s). Participation at all seminars and presentations is compulsory to pass the module. The final grade is awarded when the student has passed all assignments and compulsory module elements. The course is given and examined in English. Note as well examination modes for the course below.

Module 2.   Advanced Corporate Finance, 7.5 credits
The primary purpose of this module is to provide an integrated overview of the most important concepts in Corporate Finance, both in theory and in practise and in some cases even methodologically. The subject extends the student's knowledge about the context in which corporations operate.

Topics to be covered in this module include capital market imperfections and methods developed in finance to control risk and reduce uncertainty in the financial management of corporations. Issues in corporate policy and strategy, based on theoretical developments in finance are presented. Students will learn the processes involved in the valuation of debt and equity and the methods that have been used to manipulate external perceptions of business outcomes. During the module, students will also be introduced to methods of working in international teams.

Expected learning outcomes
After completing this module, the student should be able to:

• assess the impact of information asymmetry on corporate financial policy decisions from the selection of particular modes of financing to dealing with the problems associated with financial distress
• explain the theoretical basis and applicable strategies applied in regard to issues of corporate control
• compare and contrast leverage strategies in ideal versus real capital markets and be able to explain the expected impact of alternative taxation systems on the use of debt in a firm's capital structure
• argue for optimal levels of corporate debt and/or equity and be able to value an offering of either, under different financing strategies
• reflect upon Sustainable finance in relation to Corporate Finance

Focus of instruction
Learning is supported by lectures, as well as in smaller group workshops and seminars.

Examination modes
Examination is based on a written individual hall exam and group assignments. A passing grade is required for each part of the module. The course is given and examined in English. Note as well examination modes for the course below.

Module 3. Investments, 7.5 credits
Students undertaking the Investments module are provided with an opportunity to learn relevant theories and models to acquire a specialization at an advanced level in investment analysis. In the module fixed income securities are reviewed in terms of valuation and portfolio management. This includes coverage of concepts as duration analysis, convexity and immunization. Derivative securities (options, futures, swaps and convertibles securities), their pricing and relevant parity-relationships are emphasized and studied within the module. The creation of synthetic securities and the construction and maintenance of various hedging strategies for both portfolios and individual securities using different derivatives are also discussed. The concept of Value at risk, an essential tool for modern risk management, is further covered in the context of investment management. The module, finally, also include coverage of portfolio management strategies and measurement of portfolio performance.

Expected learning outcomes
After completing the module, the student should be able to:

• value fixed income securities and measure their associated risk.
• analyze active and passive portfolio management techniques to fixed income securities
• explain and analyze the development of regulation for financial institutions
• calculate and apply value at risk (VaR), as well as, perform backtesting for individual securities and
• portfolios
• value derivatives and explain the use of these in hedging investments and their impact on potential return and risk
• evaluate portfolio performance using, for example, risk-adjusted metrics

Focus of instruction
Learning is supported by lectures, although seminars, cases and computer exercises utilizing Excel may also be used.

Examination modes
Examination is based on a written individual hall exam and a written group assignment. A passing grade is required for each part of the module. The course is given and examined in English. Note as well examination modes for the course below.

Module 4. Current Trends in Business Administration 7,5 credits
The ambition of this module is to identify and uncover current trends.  These trends have a strong long-term impact on society at large and thus form future premises and give rise to challenges for businesses. The aim of the module is to explore how business and society interact to tackle such present and future challenges. The expectation is that students participating in this module are well equipped with knowledge and skills related to their own major, one of the five sub-disciplines accounting, entrepreneurship, finance, management, and marketing in Business Administration.

Expected learning outcomes
After completing this module the student should be able to:

• analyse fundamental societal issues and what impact businesses have on these issues 
• identify and evaluate emerging trends in society
• critically discuss business decisions relating to current trendsevaluate information, knowledge and policy in relation to current trends in terms of validity and reliability
• relate current trends to research in business administration within the field of the student's major
• be able to share multidisciplinary knowledge

Focus of instruction
Learning is supported by lectures, guest lectures and guided exercises. Students are provided with relevant sources of information and scientific literature for supporting individual and  group works related to the themes of lectures and exercises.
 
Examination modes
The main mode of examination is an individual written essay with a subsequent oral examination. The essay requires convincing discussion of the importance and urgency of solving a specific problem related to any of the current trends from the disciplinary perspective of the student's major. Further, the examination consists of individual and group reflection papers related to the various course activities.
Attendance at all work in progress and final presentation seminars, group work and guest lectures related presentation events are mandatory and thus a requirement to pass the course. A passing grade for each graded part of the course is required to pass. The course is given and examined in English. Note as well examination modes for the course below.

Expected learning outcomes

See each separate module.

Required Knowledge

90 credits with a minimum of 75 credits in Business Administration and 30 credits advanced level within the core course in Business Administration at one of the following master programs in Business Administration (Management, Accounting, Marketing or Business Development and internationalization) at Umeå School of Business and Economics. 30 credits within the core course in Business Administration at the master program.

Proficiency in English equivalent to Swedish upper secondary course English B/6 or the equivalent

Form of instruction

See each separate module.

Examination modes

See each separate module and below.
 
The following grading system is used:
Pass with distinction (Väl godkänd, VG, 75% or more),
Pass (Godkänd, G, 50% or more)
and Fail (Underkänd U, less than 50%).
 
Grades on the course are awarded when the student has passed all examinations and compulsory course elements. The course is given and examined in English.
To receive the grade Pass with distinction (VG) in the 30 credits course consisting of four modules of the same size, the student must have achieved Pass with distinction (VG) in at least three out of four modules. In shorter courses for example 7,5 credit courses, 15 credit courses or 22,5 credits courses Pass with distinction (VG) is given when the student has achieved at least 75% of the total weighted points.

A student who does not pass the first examination will be offered an opportunity to sit a re- examination within two months. An additional examination opportunity is normally offered every academic year, one week prior to the start of the autumn term. If required by specific circumstances, other form of examination can be used. 

A student that has failed an examination on two occasions has a right to have another examiner or grading teacher appointed, unless there are special reasons against it. A written request addressed to the Director of Studies should be made no later than 14 days before the next examination opportunity. 

Adaptations 
Examiners may decide to deviate from the modes of assessment in the course syllabus. Individual adaptation of modes of assessment must give due consideration to the student's needs. The adaptation of modes of assessment must remain within the framework of the intended learning outcomes in the course syllabus. Students who require an adapted examination - and have received a decision on the right to support from the coordinator at the Student Services Office for students with disabilities - must submit a request to the department holding the course no later than 10 days before the examination. The examiner decides on the adaptation of the examination, after which the student will be notified. 

Academic integrity and cheating 
As a student, you are expected to act with academic integrity. This means writing and presenting within the limits of the academic rules and expectations communicated in the university's regulations and what is otherwise specified by the responsible department. Disciplinary action may be taken against students who use unauthorized help aids or in some other way try to mislead on a test or on another type of task for examination. Rules and regulations concerning the production of academic texts and correct referencing will be applicable to written assignments. Submitted material may be subject to plagiarism control. In addition, Umeå University rules and regulations for education and research apply.

Other regulations

Academic credit transfers is done in accordance with the University credit transfer regulations.

This course can not be included in the degree together with 2fe193,2fe194,2fe195,2fe197