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• Dr Lakshmy Subramanian

The aims of this module are to equip you with the skills, techniques and knowledge to:

• Be proficient in bank risk management in the digital era, considering the several risk categories that result from the nature of banking, the emerging risks, and the consequences of these for the future of bank risk management.
• Develop appropriate mitigating strategies and applying a suitable control framework to monitor key risk areas
• Examine the changing landscape of the banking industry and main drivers of change;
• Develop understanding of change management in banking context andexplore ways of delivering change.
• Gain an understanding of financial inclusion and how banks can play a critical role in advancing it.
• Evaluate strategic choices in order to inform strategy.

The core elements of the module are:

• Bank risk management and governance
• Change management in banking
• Banking operations and strategies
• Strategies supporting banks in innovations and transitions.
• Financial Inclusion

On successful completion of this module you should be able to:

• Evaluate the impact of current trends and factors on the types of risk to which banks are exposed
• Analyse how banks implement and deliver change
• Evaluate the role of financial inclusion in modern banking
• Analyse a variety of strategic possibilities for a bank in light of environmental and organisational evaluations and which support the bank's purpose, vision, values and objectives

• Dr Nemanja Radic

The course begins in Part I with an overview of the international financial markets, the major financial institution participants and product types. You will understand the roles, motivations and behaviours of market players including the importance of risk-taking. The role of regulation will be highlighted and examined in Part II. This will include the aims and structures of regulation. In Part III, you will examine, using a seminal textbook on business ethics the role and limitations of ethics in financial markets, ethical decision-making frameworks, and evaluate real world cases of lapses in culture and impact upon society and the markets. The challenge of identifying and promoting ethical behaviour will be acknowledged. 

• This module will identify key financial intermediaries including banks and non-banks (i.e., FinTech firms, finance companies, mutual banks, multilateral banks, insurers, pensions, hedge funds, retail investors, shadow banks).
• Financial products overview includes equity, subordinated debt (notably issued by financial institutions including their motivation), senior debt (including loans, bonds) as well as the role and consequences of deposit-taking/money market activities for financial institutions given the regulatory context of this module.
• The role, advantages and dis-advantages and recent market developments associated with cash versus derivative markets will be identified and discussed.  Lastly, simple securitisations of credit portfolios will be examined both as a funding tool but how it was misused before the crisis in sub-prime markets.
• Product types identified will include equity and debt (including loans and debt securities), investment banking/advisory, and asset/wealth management. Recent controversies will be looked at in market practice including the scope for market abuse, conflicts of interest, moral hazard, and financial institution misconduct.  Various stakeholders will be identified for the key market types.
• You will investigate criticisms of financial market policies and shortcomings of supervision and review the response by regulators, notably in the banking sector for greater capital, more conservative liquidity provisions, and improved risk governance. Key corporate governance theories will be identified. While regulation presents a legal means to mitigate misconduct by institutions and individuals operating in the financial markets, ethical decision-making and an effective risk culture can offer greater hope over time when conventional supervision and law fail to live up to their promise. Two ethical-decision making frameworks will be introduced in a case study format, one from Jennings (2013) and the other via Ferrell et al. (2011).

1. Evaluate different financial market structures, players including their roles and respective stakeholders.
2. Appraise the basic knowledge of key financial markets, major product types, and the scope for misconduct, agency failures and moral hazard.
3. Assess the aims, role and structures to provide financial markets supervision including their limitations and recent criticisms.
4. Analyse the key theories for corporate governance and risk governance practices for financial institutions, and how governance mechanism may interact to impact performance or risk-taking.
5. Examine the potential for ethical behaviour and improved conduct to fill the void where law and regulations fail to succeed.

• Dr Matthias Nnadi

The aim of the Accounting and Finance module is to introduce a number of traditional and contemporary accounting approaches that will increase the visibility of financial information and support management decision making. It aims to integrate basic financial knowledge in the management of a business organisation.

• Dr Lakshmy Subramanian

The aim of the module is to enable you to critically evaluate the rapidly changing field of digital technology including artificial intelligence as it applies to the worlds of banking and financial services more generally. This will be achieved through developing a critical understanding of:

• IT in historical perspective: from the 1970s to today
• Demand-side and supply-side drivers of digital banking
• Consumer Impact: where have we come from and how is the future of banking being shaped by new technology paradigms. Focus on customer experience, key trends that are driving this
• The new business models evolving in digital banking including Open Banking, BaaS, BaaP, Banking as a marketplace and ecosystem, etc.
• Organisation: what does the digital megatrend mean for how you organise internally? Skills sets are less delineated, agile ways of working etc.
• Future: what emerging trends promise the next wave of innovation (e.g. blockchain, AI)? What disruption is this likely to cause?

The module aims to equip you with the knowledge and understanding to better manage digital technology-related decision-making within a banking context.

The core elements of the module are:

• Digital disruption in banking and financial services: This part of the module will look at how new digital technologies are changing banks and financial services.
• Deeper dive on the dominant new technologies reshaping the industry: This part of the module looks in detail at the new technologies fast changing the banking industry so that students understand both what they are and also the strategic implications for the industry.
• Discussion on the role of regulations, central bank policies, and other related policies.
• Response strategies: This part of the module explores how banks can respond to the rise of digital technologies and the best strategies to compete with new Big Tech and FinTech.

On successful completion of this module you should be able to:

• Critically appraise the impact of new digital technologies including artificial intelligence on the operations of banking.
• Assess and reflect the impact of new market entrants on the business model and competitive position of traditional banks.
• Evaluate the key trends in alternative payment systems, and reflect on the key areas of growth by segments, geography, etc.
• Examine the key motivations for the development of cryptocurrencies and central bank digital currencies, and associated risks, regulatory implications, etc.
• Outline avenues of organizational development and change open to banks to respond to market changes brought about by digital technology.

• Professor Catarina Figueira

The module's primary goal is to increase your knowledge, comprehension, and aptitude for applying the fundamental ideas and practices of green and sustainable banking. The module will delve deeper into the development of green and sustainable products and services in the banking and allied sectors; raising awareness of the role of the stakeholders in the banking industry in supporting the transition to a low-carbon world; and increasing the student's awareness and understanding of climate change and its impacts.

The core elements of the module include:

• Introduction to sustainable and green banking
• Building a sustainable banking ecosystem including green finance, responsible lending, investments, etc.
• Risk management
• Implications of sustainable banking on digital banking, private banking, commercial banking, etc.
• Role of FinTech and AI in supporting sustainable and green banking.

On successful completion of this module you should be able to:

1. Critically analyse "green" and "sustainable" finance highlighting the fundamental theories underlying the climate change and examine how the banking sector could play a role in lessening the impact of climate change.
2. Assess the nature, significance, and management of the main environmental, sustainability, and climate risks.
3. Discuss how different banking products and services, activities, and strategies can support the development of sustainable and green finance.
4. Evaluate the role of digital financial technology in supporting sustainable banking.
5. Assess the challenges and gaps in the current reporting practices and propose pathways for sustainable financial reporting.

• Professor Yacine Belghitar

This core module aims to develop a critical understanding of key financial decisions in corporate settings. It explores the implications of the separation between ownership, management, and control; the evaluation of capital structure and dividend policy; and the analysis of short-term asset management practices within the business environment. The module also encourages engagement with complex and sometimes contradictory academic literature in financial management and its relevance to professional practice.

• The Objective Function for Corporations
• Valuing Bonds and Common Stock
• Financial Planning and cash budgeting
• Working capital management
• Portfolio Theory and the CAPM
• Capital Structure
• Payout Policy

1. Evaluate the impact of the separation of corporate ownership, management and control.
2. Critically evaluate theories and practices of short-term asset management in business environment
3. Estimate and evaluate the capital structure and dividend policy of the company.
4. Identify and appreciate the complexity and contradictions of the current academic literature in financial management and its implications for professional practice.

• Dr Nemanja Radic

Finance is a highly quantitative subject and this core programme provides the relevant mathematical and statistical training necessary to be able to conduct appropriate empirical studies and apply theoretical financial models in practice.

The module will cover probability theory, sampling and estimation, hypothesis testing, regression analysis, and panel analysis.

On successful completion of this module, you should be able to:

1. Critically evaluate probability distributions and their properties.
2. Assess various population parameters and their point and interval estimates.
3. Formulate null and alternate hypotheses, and to conduct a test of hypothesis about a population mean as well as a population proportion.
4. Critically assess and apply a variety of statistical techniques for data analysis (i.e., OLS, logistic regression and regression with panel data).
5. Examine and asses financial theory and related empirical work covered in other subjects within the programme.

• Dr Lakshmy Subramanian

To introduce the concepts and techniques of Microeconomics (e.g. market analysis, price theory, rationality) and Macroeconomics (e.g. inflation, exchange rates and interest rates) in a way which provides a core foundation for later applied financial analysis in a range of other core and elective courses on the MSc in Finance and Management and MSc in Investment Management.

In the Context of the Financial markets, it is imperative that you become aware of the fundamental principles and concepts pertaining to Economic Theory per se. Studying economics not only provides knowledge for making decisions but also offers a tool with which to approach questions such as the desirability of a particular financial investment opportunity, the benefits and costs of alternative careers, or the likely impacts of public policies.

The initial few sessions are spent on discussion of the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets. In the next four sessions, you will gain an understanding of choice theory and rational economic decision making as it applies to the levels and structure of prices of assets in a broad range of financial markets is developed. Finally, remaining sessions are devoted to discussion of the concepts and ideas in macroeconomics which have a direct relevance to financial markets. Particularly, discussion is centered on understanding of monetary economics and the institutional context to which it applies. Discussion of structure of money and capital markets rounds up this module.

On successful completion of this module, you should be able to:

1. Assess the concept of equilibrium as it applies to the micro and macro structures of a broad range of financial markets.
2. Discuss and justify the rationale of choice theory and rational economic decision making as it applies to the levels and structure of prices of assets in a broad range of financial markets.
3. Appraise the monetary institutional context as this is reflected by money and capital markets.
4. Examine the use of relevant geometric and quantitative models to explain and analyse monetary and financial phenomena.
5. Assess and effectively discuss real world problems that relate to global financial markets.

This module is one of key modules for the programme as it deals with foundations of investment and portfolio theory. The module aims to develop an understanding portfolio construction, portfolio management and portfolio evaluation. The module will focus on imparting knowledge of the investment process, portfolio theory, efficient market hypotheses, asset pricing models, analysis and management of common stock portfolio, portfolio evaluation and basic understanding of equity options and futures and their application in management of portfolios. The module鈥檚 aim is to help you acquire knowledge of investment and portfolio management. The module introduces some of the principal ideas and concepts underpinning the theory and practice of investment. By the end of the module you will be able to understand the main issues involved in investment management and develop skills to construct equity portfolios and manage their risk.

This module will also provide opportunities for you to develop and/or enhance the following skills:

• Introduction to investments and asset allocation decisions
• The Efficient capital markets
• Portfolio theory
• Portfolio optimisation through case study
• The Capital Asset Pricing Model and other Multi Factor Models
• Portfolio Formation using real data
• Management of Equity portfolio
• Equity Derivatives and Portfolio Management
• Evaluation of Portfolio Performance

On successful completion of this module you should be able to:

1. Discuss and question relevant ideas and theory of investment and portfolio management and practical considerations.
2. Assess and evaluate the Efficient Market Hypothesis (EMH) and main asset pricing models.
3. Evaluate various equity management styles and strategies.
4. Discuss and examine options and futures and evaluate how to use them in managing portfolios risk.
5. Compare, select and justify various portfolio performance evaluation tools.

• Dr Lakshmy Subramanian

The aims of this module are to equip you with the skills, techniques and knowledge to:

• Assess the role of Banking in the wider economy.
• Develop knowledge and skills of pricing financial products and services and evaluate how pricing decisions can be influenced by the changing competitive landscape.
• Examine the changing landscape of the payment ecosystem which are usually the gateway for innovations and appreciate the innovations relating and conditions for success.
• Grasp nuances of the dynamic lending environment, especially in a digital age, and evaluate how customers perception about lending is evolving.
• Examine the personal and private banking landscape in the digital age, the challenges that have been encountered, and the effects on banks and the ways customers interact with their banks.

The core elements of the module are:

• Retail banking products and services
• Pricing of financial products and services
• Payment ecosystem
• Credit and Lending
• Private and Personal banking

On successful completion of this module, you should be able to:

1. Critique the evolving role of payments and the role of technology.
2. Compare and contrast the various pricing decisions embraced by banks and other financial service organisations.
3. Examine how retail banks can prepare in advance for the impact of external events and influences in offering high-quality, cost-effective and sustainable services.
4. Differentiate between a range of lending customer types, needs, etc and apply frameworks for an enhanced responsible relationship management strategy for a variety of bank customer segments.

• Dr Joshua Haist

The module is primarily designed to provide you with an understanding of what is required to undertake successful academic studies and to conduct research in business contexts considering that todays’ managers:

• are paid to make decisions
• are expected to make ‘informed’ decisions (i.e. based on evidence)
• are evaluated on the basis of the outcomes from their decisions

Therefore, understanding the process of producing evidence will ensure you have the core skills to inform management decisions.

Introduction to evidence-based management

• Study skills
• The elements of evidence-based management
• Uses and misuses of generative AI

Conducting research in management

• Defining management problems
• Reviewing the literature

Understanding and evaluating qualitative research methods

• Interviews and focus groups in qualitative research
• Qualitative data analysis

Understanding and evaluating quantitative research methods

• Designing questionnaires and conducting surveys
• Quantitative data analysis
• Presenting research evidence & academic writing
• Translating data into information to support management decisions

On successful completion of this module, you should be able to:

1. Critically evaluate evidence to inform management decisions.
2. Assess and select appropriate methods of qualitative and quantitative data collection to gather a varied range of evidence to support decision.
3. Choose and apply appropriate methods of qualitative and quantitative data analysis to gain insights from data and explore the implications of decisions.
4. Access different sources of evidence to gain a comprehensive and critically reflective understanding of organisational issues.
5. Design and formulate high quality academic and business documents employing critical, evidence-based thinking.

• Dr Vineet Agarwal

A good understanding of techniques of valuation of firms as well as the different securities issued by firms is vital for managers and financial analysts. This understanding has a bearing on both financing decisions (issue of equity or debt) and investment decisions (identifying securities for inclusion in a portfolio, acquisitions, buy-backs, divestitures etc.). In addition, building sound financial models is critical for understanding and communicating valuations. This course provides the framework for valuing equity and firms as well as financial modelling to aid decision making.

• Different valuation approaches: discounted cash flow, relative valuation, and residual income valuation framework.
• Estimating the cost of capital using models like CAPM.
• Estimating earnings, cash flows, growth and terminal value.
• Issues in forecasting cashflows.
• Building a robust financial model

On successful completion of this module, you should be able to:

1. Discuss the principles of corporate valuation.
2. Estimate discount rates.
3. Assess and compare a range of valuation methods.
4. Assess and test assumptions and limitations of valuation models.
5. Build valuation models and scenarios using Excel.

• Professor Yacine Belghitar

Private equity differs from public equity, which is generally the focus in corporate finance. Private equity has become a major source of capital for innovation, growth and corporate restructuring. To succeed as a PE professional, one needs to embrace and tackle various challenges relating to the financing of the company, its operations and the entrepreneurial and uncertain nature of business venturing. The module will cover the nature of and rationale for PE investing, the spectrum of PE activities and the potential conflicts among stakeholders. Another focus will be on value creation programmes to generate PE fund returns.

• The PEQ cycle, from fund raising to investing and exiting.
• Strategies to create firm value in private equity: due diligence, operational concept, exit strategies.
• Measures to align interests among stakeholders in PE.
• Consider the ethical implications of the PE model.

Upon successful completion of this module, you will be able to:

1. Discuss the idiosyncrasies of PE investments from the perspective of investors in this asset class.
2. Assess and contrast the various types of PE investment: venture capital, buyouts, restructuring, etc.
3. Propose and justify practical measures through which private equity firms can enhance the value of their portfolio companies.
4. Design a due diligence programme to critically assess the risks involved in a particular proposed PE transaction.

• Professor Yacine Belghitar

The module focuses on transactions significantly affecting the corporation鈥檚 assets, liabilities and/or equity claims and stresses the economic motives for undertaking them. Transactions are examined from the perspective of the corporation (e.g., firm managers), from the perspective of capital markets (e.g., investors, stockholders, creditors) as well as from the perspective of the society. The module integrates various technical skills learned earlier in the MSc programme such as accounting, corporate finance and strategy.

• Theoretical rationale of mergers, acquisitions, and restructuring.
• The range of restructuring choices.
• Strategies for takeover, merger, corporate turnaround, and corporate renewal.
• Corporate insolvency and reorganisation – insolvency and bankruptcy regimes in the UK, US, Continental Europe and other countries.
• The role of competition and shareholder protection regulation in the mergers, acquisition and restructuring.
• Financing strategies and tools.

On successful completion of this module, you should be able to:

1. Assess the financial, strategic and political causes and motivations driving mergers, acquisitions and restructuring transactions.
2. Evaluate the regulations on competition and shareholders’ protection and their impact on mergers and acquisitions.
3. Assess the financial consequences of restructuring for various stakeholders such as different types of lenders, shareholders, the board of directors and managers and how they generate conflicts of interests among them.
4. Justify and apply alternative valuation techniques to assess a deal.
5. Examine and assess the strategic and managerial implications of methods of payment and the criteria for successful restructuring and re-organisation of firms in bankruptcy/administration.

• Dr Vineet Agarwal

The global bond market exceeds $100 trillion which is more than the world’s stock markets. The market has become increasingly quantitative due to the proliferation of new products. Combined with increased volatility of financial prices and exposure to new sources of risk, there are now greater risks and opportunities for fixed income portfolio management.

This module will provide you with a solid grounding in the mechanics of fixed income markets and introduces them to bond portfolio management techniques.

The module will cover:

• Pricing of fixed and floating rate bonds.
• Measuring bond price volatility.
• Yield curves and bond pricing.
• Analysing callable and convertible bonds.
• Analysing mortgage-backed securities.
• Properties of interest rate derivatives and their use in altering portfolio characteristics.
• Credit risk analysis.
• Bond portfolio management

On successful completion of this module, you should be able to:

1. Assess the risks of investing in fixed interest securities.
2. Examine and assess the role of yield curves in bond pricing.
3. Assess the impact of embedded options on risk-return profile of bonds.
4. Evaluate credit risk models and their application in fixed interest investing.
5. Discuss and evaluate the bond portfolio management techniques using combination of bonds and interest rate derivatives.

• Dr Emmeline Cooper

This module focuses on environmental, social and governance (ESG) criteria into 铿乶ancial decisions. It provides students with insight into how impact investors seek to generate environmental and social impacts in addition to financial returns.

Module targets students seeking careers in financial services who want to better understand the interaction of capital markets and policy issues.

The class will draw upon principles of finance, public policy and investment management to evaluate specific cases and investment tools in areas such as environmental markets and climate change, public finance and sustainable development. Students will be exposed to both traditional and alternative risk management approaches and investment theory frameworks, as well as a range of case studies on the role and impact of institutional investors, banks, 铿乶ancial supervisory authorities and governments in aligning 铿乶ancial markets with ESG goals.

• Environmental, social and governance (ESG) and 铿乶ance in practice.
• Climate 铿乶ance and Impact investing.
• Traditional vs. Alternative Investments in Environmental Finance (Stocks and Impact Funds; Green Bonds).
• Investment Stewardship (Board of directors and its committees; Shareholder stewardship and engagement; Shareholder protection and agency issues).
• Sustainable and responsible investments (SRI).
• Responsible business and 铿乺m value.

On successful completion of this module, you should be able to:

1. Define and describe environmental trends and judge the potential risks and opportunities they present to financial markets, with a particular emphasis on climate risks.
2. Discuss the challenges arising from climate change for sustainable investing.
3. Assess how green initiatives could be financed, introduce green finance instruments and their evolving regulatory framework.
4. Evaluate how sustainability issues affect investment decisions made by institutional investors, corporate lenders, insurance companies, asset management funds, hedge funds, venture capitalists and retail investors, as well as business decisions made by corporate managers.
5. Assess corporate sustainability risks and opportunities from a financial perspective and plan how to manage/mitigate those risks.

• Professor Sunil Poshakwale

This module aims to develop a solid understanding of foreign exchange and interest rate risks that multinational corporations encounter. The focus is on developing insights on how and why these risks arise and what can be done to manage these risks. The other aim is to provide you with commonly used applications of derivatives in managing exchange rate and interest rate risks.

• Introduce you to the world of foreign exchange markets, how exchange rates are quoted and interpreted and what role FOREX markets play in the international finance.
• Discuss why and how multinational corporations invest in foreign markets. The key determinants of Direct Foreign Investments (DFI) are explored in detail.
• Discussion of underlying theoretical models which explain the relationship between interest rates, inflation, and other macro-economic variables and the exchange rates. How forward rates are determined in the market and why covered interest rate arbitrage and carry trades occur and how they are used by investors to exploit disequilibrium in the foreign exchange rates.
• Discussion of basics of currency derivatives and how they work, and the different types of foreign exchange exposures and how they affect market value. How transaction and operating exposure are managed by both internal hedging techniques and derivatives are discussed in detail using case studies.
• How interest rate risks arise and how it affects multinational corporations is followed by how these risks are managed. Students learn about interest rate and currency swaps, how they are set up and how they are valued. The final sessions are used for discussion of international capital budgeting process, how it is done and how key risks need to be considered and managed.

On successful completion of this module, you should be able to:

1. Discuss relationship between interest rates, inflation and purchasing power parity and exchange rate.
2. Identify and contrast different types of foreign exchange exposures.
3. Analyse and predict interest rate and exchange risks.
4. Select and apply different types of derivatives for managing interest rate and exchange risks.
5. Evaluate the issues for multinational firms in their international capital budgeting decisions.

• Dr Irfan Ansari

This module aims to train you in both theory and applications in the field of public finance and taxation. The purpose of the module is to understand the role of the government through expenditure and taxation, as well as develop an idea on topics such as externalities and the political economy. It will expose you to frontier research on the theory behind the design of various public policies relating to the spending, taxing, and financing activities of Government. The module addresses the fundamental questions of how decisions should be made; whether tasks should be financed through the public sector or the private sector budgets? It therefore deals with public goods, and policies with respect to external effects.

• The public sector context.
• What is public sector finance and how does it differ from that in the private sector?
• Sources and control of finance in the Public Sector.
• Choice of government financing systems.
• Purposes and principles of taxation.
• Public budgeting at state and local levels of government.
• Financial Management Techniques Budget preparation and analysis.
• Budgets, managing budgets, estimating, budgetary control.

On successful completion of this module, you should be able to:

1. Critically discuss the principles of taxation and its application in public sector.
2. Apply the range of methods available for financing the public sector.
3. Identify sources of finance, develop, and manage budgets in public and/or private sector contexts.
4. Critically examine budgeting in a public service environment.
5. Evaluate the relationships between costs and performance; and the rationale for charging for public services.