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FINC 410 Advanced International Financial Management
COURSE OUTLINE
Semester One, 2016
Contents Paper Description and Aims .............................................................................................................. 1
Learning Outcomes .......................................................................................................................... 1
Teaching Staff .................................................................................................................................. 1
Course Delivery ................................................................................................................................. 2
Expectations and Workload .............................................................................................................. 4
Course Learning Resources ............................................................................................................... 4
Blackboard .................................................................................................................................... 4
Student Webmail .......................................................................................................................... 4
Assessment ....................................................................................................................................... 5
Course Requirements .................................................................................................................... 5
Quality Assurance ......................................................................................................................... 6
Learning Outcomes....................................................................................................................... 7
Grading System ............................................................................................................................ 7
Academic Integrity ........................................................................................................................ 7
Course Calendar ................................................................................................................................ 9
Student Learning Support and Information .................................................................................... 10
Student Charter .......................................................................................................................... 10
Guidelines for Learning at Otago ................................................................................................ 10
Student Learning Centre ............................................................................................................. 10
Library Support ........................................................................................................................... 10
Māori Student Support ................................................................................................................ 11
Pacific Islands’ Student Academic Advisor ................................................................................... 11
Disability Information and Support .............................................................................................. 11
International Students ................................................................................................................. 11
Student Feedback ........................................................................................................................... 12
Class Representatives ................................................................................................................. 12
Concerns about the Course ......................................................................................................... 12
Disclaimer ....................................................................................................................................... 12
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Paper Description and Aims
Businesses are operating in an increasingly competitive global environment. Managing businesses
either directly or indirectly exposed to international competition requires an understanding of
currency risks and international financial markets. This course aims at providing students with an in-
depth knowledge of these issues. Five main areas are covered: currency risk, currency derivatives
and hedging decisions, cross-border financing decisions, cross-border investment decisions,
international financial markets and currency trading.
Prerequisites: ACFI305 (suggested)
Learning Outcomes
The objectives of this course are:
• To provide an introduction to international finance theory.
• To review and synthesize the fundamental themes in international finance research.
• To explore the latest ideas for doing empirical research in international finance.
• To teach students on how to write quality research articles in international finance.
After completing this course, students should be able to:
• Demonstrate the understanding of financial theory pertaining to (1) international financial
management and (2) the use of financial instruments in the international context.
• Develop a frame of reference through which to identify, evaluate, and solve financial
problems pertaining to the broad area of international finance with or without complete
information.
• Demonstrate the ability to present a set of ideas in a clear, concise, and professional
manner.
• Develop critical and analytical skills and the ability to work independently.
• Demonstrate communication and written skills.
Teaching Staff
Paper Coordinator Name: Dr. Ahmad Raza Office: Room 5.28 Commerce Email: [email protected] Office Hours: Tuesday and Wednesday: 3:00 Pm–5:00 Pm (by appointment via email) Lecturer Name: Dr. Ahmad Raza
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Office: 5.28 Email: [email protected] Office Hours: Tuesday and Wednesday: 3:00 Pm–5:00 Pm (by appointment via email) Lecturer Name: Dr. Helen Roberts (Senior Lecturer) Office: 5.44 Email: [email protected] Office Hours: Tuesday 3 – 5 p.m. or by arrangement You should contact the (enter contact person) with any administrative enquiries about the paper,
e.g. tutorial changes, or requests for late submission of assignments.
Course Delivery
Lecture Day/Time: Thursday 10:00–11:50 AM, Friday 3:00 to 4:50PM Room: Co 5.37 Every week students must attend two 1-hours-and-50-minutes lectures.
The readings and supportive texts have to be read and prepared before class. I will stress the most
important issues addressed in the assigned readings, and may go beyond the scope of the readings
for certain topics where appropriate. Therefore, it is important for you to attend class. As
punctuality is very critical in business, you must attend the class on time. Being late and/or missing
classes will always have a negative effect on your class participation score. You are responsible for
keeping yourself informed of all announcements and changes made in class.
The textbook is not required, but international finance textbooks (e.g., International Financial Management by Jeff Madura. (Cengage Learning, 2015) ISBN 9781133947837 (12th edition)) are recommended as preliminary and/or supplementary
readings for students who did not take any international finance course at the undergraduate level
(e.g., ACFI305). Compulsory readings mainly consist of 26 selected journal articles/book chapters.
Lectures present the key conceptual material through discussion and interaction between teaching
staff and students. Lectures are supported by readings. Tutorials are interactive, collaborative
sessions in which students attempt to cement concepts presented at lectures with their peers in a
supportive environment. Tutorials begin in the second week of semester. You will be allocated to a
tutorial and this will be available in eVision. Tutorial times and locations will be posted on
Blackboard during the first week of lectures.
Course Calendar The course calendar (in this outline) details scheduling information. Note that this
calendar may change as the course proceeds. Any changes will be announced at lectures and be
detailed on Blackboard.
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Students are expected to prepare for and attend all classes to gain full benefit from the course
These activities should be prepared for by reviewing information detailed on Blackboard and
completing any assigned readings. Students unable to attend a lecture are expected to catch up on
missed material. Unless stated otherwise, all aspects of the course are examinable.
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Expectations and Workload
Preparation for classroom discussion: 80 hours Critical Reviews: 20 hours Case Analysis and Presentation: 10 hours Research Proposal writing and Presentation: 40 hours Final Exam preparation: 50 hours
Course Learning Resources
Compulsory readings mainly consist of 30 selected journal articles/book chapters. The reading list provided in this outline is tentative and new articles may be added as newer empirical evidence becomes available. These changes (if any) will always be announced and conveyed to the students in class.
Blackboard
Blackboard https://blackboard.otago.ac.nz/ provides you with access to course materials, class notices, and resources. Blackboard is used to email the whole class so it is important that you check your student email and Blackboard regularly.
Student Webmail
IMPORTANT - DO THIS NOW: Forward your University email address to an email address that you use regularly as follows:
1. Log into your StudentMail account using your student username and password 2. Click Cog button (top right corner) > Options 3. Under Account, select the Forward your email shortcut under the Short Cuts menu on the
right side of the screen. 4. Under the Forwarding heading, type in the email address you want your email to be forwarded
to. You can also choose to have a copy of these emails kept on your StudentMail account, so please check the box if you would like this.
5. Click the Start forwarding button.
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Assessment
All material presented is examinable (except where stated otherwise) by assignments and the final
examination. All important assessment information such as due dates and times, content,
guidelines and so on will be discussed at lectures and, where appropriate, detailed on Blackboard.
Students are responsible for ensuring that they are aware of this information, keeping track of their
own progress, and catching up on any missed classes.
Assessment Due date Weight (%) of final grade
Requirements to pass
this paper
Class Participation and Discussion See course requirements
below
5% NA
Case Analysis and Presentation See course requirements
below
5% NA
Two individual critical reviews See course requirements
below
20% NA
Research Proposal Writing and
Presentation
See course requirements
below
20% Submission and
Presentation is
Compulsory
Final exam Exam period 50% At least 50% marks
in the final exam
Total 100%
Course Requirements
Class participation/discussion (accounting for 5% of final grade) is assessed by your intellectual contribution for stimulating insightful dialogues in the classroom. The readings and supportive texts have to be read and prepared before class. Missing classes and/or minimal participation in the discussion will always have a negative effect on your classroom discussion grade. Students will be assigned to a group and they will analyze a case in International Finance which they will also present in groups. This assignment and presentation is due before the mid semester break. Further details regarding the case study will be announced in the class and on blackboard at the start of the semester. This assessment accounts for 5% of the final grade for each student. At the beginning of the semester, each student will be assigned to present two to four (dependent on size of class) research articles and will be assigned articles for critical review during the course (counting for 20% of final grade). All students must individually prepare a three-page critical review (roughly 900 words in length) on each of the assigned articles and submit a hard copy as well as an electronic version (i.e. via email) by 1:00 PM New Zealand standard time on the day preceding his/her article presentation. The critical review primarily focuses on (1) research questions, (2) Data, research methodology and empirical results, and (3) Conclusion and practical implications. Late submission of any critical review may be accepted with point deductions of 2.5 percent (i.e. 2.5% of
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final grade) per day with the maximum deduction of 10 percent for each review. The quality of the critical review is assessed on both the written quality and the verbal discussion in class. All Students are required to write and present a research proposal (20% of final grade) on an International Finance Topic that will contain the following sections: an introduction, literature review, hypothesis development, data and methodology and expected results and a template of expected result tables. Remember, you are not required to either collect any data or perform any analysis. However, the project should be doable i.e. the data source should be credible and the research question should be new, original and interesting. I suggest you visit www.ssrn.com, Google Scholar and other leading Journals and either look for a potential topic or ensure your research idea is not the subject of another study. This assignment is due on or before 19-May-2016 at 3 PM NZT. One three-hour open-book final examination (counting for 50% of the final grade), which covers all material discussed during the semester, will be held at the end of the semester. The date, timing and the location will be announced on Blackboard as soon as it becomes available. Students are allowed to bring in any university-approved model of calculators, books and notes into the exam room.
Quality Assurance
At the Otago Business School we monitor the quality of student learning and your learning experience. Your assessed work may be used for assurance of learning processes, such as evaluating the level of achievement of learning outcomes, with the aim of improving the quality of our programmes. All material used for quality assurance purposes will be treated as confidential and the outcome will not affect your grades.
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Learning Outcomes
Learning Outcome
Classro
om
discu
ssion
Ca
se A
na
lysis a
nd
Pre
sen
tatio
n
Ind
ividu
al
critical review
Re
sea
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rop
osa
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Writin
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P
rese
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Final
examin
ation
To
tal
Demonstrate the understanding of financial theory pertaining to (1) international financial management and (2) the use of financial instruments in the international context.
Develop a frame of reference through which to identify, evaluate, and solve financial problems pertaining to the broad area of international finance with or without complete information.
Demonstrate the ability to present a set of ideas in a clear, concise, and professional manner.
Demonstrate critical and analytical skills and the ability to work independently.
Demonstrate communication and written skills.
Total 5% 5% 20% 20% 50% 100%
Grading System
The grading scheme used at Otago is:
A+ 90-100 C+ 60-64 A 85-89 C 55-59 A- 80-84 C- 50-54 B+ 75-79 D 40-49 B 70-74 E <40 B- 65-69
Academic Integrity
Academic integrity means being honest in your studying and assessments. It is the basis for ethical
decision-making and behaviour in an academic context. Academic integrity is informed by the
values of honesty, trust, responsibility, fairness, respect and courage. Students are expected to be
aware of, and act in accordance with, the University’s Academic Integrity Policy.
Academic Misconduct, such as plagiarism or cheating, is a breach of Academic Integrity and is taken
very seriously by the University. Types of misconduct include plagiarism, copying, unauthorised
collaboration, taking unauthorised material into a test or exam, impersonation, and assisting
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someone else’s misconduct. A more extensive list of the types of academic misconduct and
associated processes and penalties is available in the University’s Student Academic Misconduct
Procedures.
It is your responsibility to be aware of and use acceptable academic practices when completing your
assessments. To access the information in the Academic Integrity Policy and learn more, please visit
the University’s Academic Integrity website at www.otago.ac.nz/study/academicintegrity or ask at
the Student Learning Centre or Library. If you have any questions, ask your lecturer.
Further information about the Academic Integrity Policy, the Student Academic Misconduct
Procedures and the Academic Integrity can be found through the links below. The Academic
Integrity website in particular has a number of useful inks and suggestions as to where students can
get help with referencing issues.
http://www.otago.ac.nz/administration/policies/otago116838.html
http://www.otago.ac.nz/administration/policies/otago116850.html
www.otago.ac.nz/study/academicintegrity
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Course Calendar
Session Date Topics Reading
1 3-Mar-16 - Exchange rates and Currency Markets Lecture Notes
2 4-Mar-16 - Exchange rates and Currency Markets Lecture Notes
3 10-Mar-16 - Currency Regimes Paper #1
4 11-Mar-16 - The Forward Bias Puzzle Paper #2
5 17-Mar-16 - Carry Trade Paper #3
6 18-Mar-16 - Currency risks and hedging decisions Paper #4
7 24-Mar-16 - Currency risks and hedging decisions Paper #5
8 25-Mar-16 - Case Study Presentation
Mid-semester break: 28 March- 1 Apr 2016
9 7-Apr-16 - Capital flows Paper #6
10 8-Apr-16 - Capital flows Paper #7,8
11 14-Apr-16 - Capital flows Paper #9,10
12 15-Apr-16 - Capital flows Paper #11,12
13 21-Apr-16 - International Debt and Taxes Paper #13,14
14 22-Apr-16 - Country Risk Paper #15,16
15 28-Apr-16 - FX Trading (Retail FX) Paper #17,18
16 29-Apr-16 - FX Trading (Institutional) Paper #19,20
17 5-May-16 - FX Trading (Fund Managers) Paper #21,22
18 6-May-16 - Technical Analysis in FX Paper #23,24
19 12-May-16 - Currency Momentum Paper #25,26
20 13-May-16 International Currency & Equity Momentum Paper #27,28
21 19-May-16 International Currency & Equity Momentum Paper #29,30
22 20-May-16 - Research Proposal Presentation
23 26-May-16 - Research Proposal Presentation
24 27-May-16 - Research Proposal Presentation
25 02-Jun-16 - Research Proposal Presentation
26 03-Jun-16 - Research Proposal Presentation
Final exam: During the final exam period
A detailed reading list will be provided during first lecture and will be posted on blackboard.
This reading list will also accommodate new articles should newer empirical evidence becomes
available.
* First week of Semester 1 is ACADEMIC WEEK
Lectures end Friday 3rd June 2016 University Exam Period First Semester Begins Saturday 4th June 2016
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Student Learning Support and Information
Student Charter
http://www.otago.ac.nz/about/otago005275.html
Guidelines for Learning at Otago
http://hedc.otago.ac.nz/hedc/wp-content/uploads/2012/12/Guidelines-for-Learning.pdf http://hedc.otago.ac.nz/hedc/learning/
Student Learning Centre
The Student Learning Centre, which is part of the Higher Education Development Centre, provides
learning support, free of charge, to ALL enrolled students. Their services include:
a workshop programme designed to help students to improve their learning strategies and their
generic skills;
individual assistance with learning issues;
on-line study skills advice;
a student leadership programme
a student-led peer support programme for students of all ages and backgrounds.
conversational English groups for students from a non-English speaking background
The Centre also provides two very helpful study guides, “Guidelines for Writing and Editing” and “Writing University Assignments” and these are available on the SLC website. http://slc.otago.ac.nz/
Library Support
The Library website http://www.otago.ac.nz/library provides access to resources and services, including group room bookings, library hours and locations, past exam papers, subject guides, article databases and more. If you need assistance either check out the self-help guides http://otago.libguides.com/selfhelp, or ask Library staff at the ground floor service desks, or email [email protected]
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Māori Student Support
Tënā koutou katoa, Ko Corey Bragg töku ingoa Ko Ngāi Tahu, Kāti Mamoe, Waitaha me Ngāti Kahungunu öku iwi Kia ora, my name is Corey Bragg and I am the Māori student support person in the Business School. My role is to help link Māori students with the various support networks throughout the university and the community. Kaua e whakamā, don't be shy - come in for a chat. Mauri ora mai. Tel 479 5342 Email [email protected] Room CO 3.21 Nicola Beatson is the Kaiāwhina Māori in the Department of Accountancy and Finance Tel 479 8321 Email [email protected] Room CO5.32
Pacific Islands’ Student Academic Advisor
Warm Pacific Greetings Talofa lava, my name is Esmay Eteuati and my role is to liaise with Academic Departments and Student Services relating to Pacific students’ and their course of study. I support both staff and students in the Business School and have a network of Pacific contacts in other Divisions around the University. Tel +64 3 479 4756 Email: [email protected]
Disability Information and Support
Students are encouraged to seek support if they are having difficulty with their studies due to disability, temporary or permanent impairment, injury or chronic illness. It is important to seek help early, through one of the contacts below: Disability Information and Support West Lane of the Information Services Building, corner of Cumberland and Albany Street Email [email protected] Web http://www.otago.ac.nz/diasbilities Dyna Seng - Accountancy and Finance Tel 479 9072 Email [email protected] Room CO5.47
International Students
The Otago Business School encourages international students to seek support if they are having difficulties with their studies or meeting other challenges while they are students at the University of Otago. In such instances, international students should feel free to contact International Student Support: Telephone: 479 8344
Email: [email protected]
Website: www.otago.ac.nz/international Location: Archway West Building
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Student Feedback
We encourage your feedback. This can be in the form of contacting staff, participating in course
evaluation surveys and communicating with class representatives. Continual improvements will be
made to this course based in part on student feedback. Recent changes to this course as a result of
constructive feedback include (insert summary of improvements)
Class Representatives
The class (or student) representative system is an avenue for encouraging communication and
consultation between staff and students. It provides you with a vehicle for communicating your
views on the teaching and delivery of the paper and provides staff with an opportunity to
communicate information and gain constructive feedback from students. It contributes to the
development of a sense of community within a department and it adds a further dimension to the
range of support services offered to students.
Volunteers for the role of class representatives will be called early in the semester. The OUSA
invites all class representatives to a training session, conducted by OUSA, about what it means to
be a class representative and some of the possible procedures for dealing with issues that arise.
They also provide information on the services that OUSA offers and the role OUSA can play in
solving problems that may occur. The OUSA provides support to class representatives during the
semester. Departmental staff will also meet with class representatives during the semester to
discuss general issues or matters they wish to have considered.
Your class representative’s name and contact details will be posted on Blackboard early in the
semester.
Concerns about the Course
We hope you will feel comfortable coming to talk to us if you have a concern about the course. The
Course Co-ordinator will be happy to discuss any concerns you may have. Alternatively, you can
report your concerns to the Class Representative who will follow up with departmental staff. If,
after making approaches via these channels, you do not feel that your concerns have been
addressed, there are University channels that may aid resolution. For further advice or more
information on these, contact the departmental administrator or head of department.
Disclaimer
While every effort is made to ensure that the information contained in this document is accurate, it
is subject to change. Changes will be notified in class and via Blackboard. Students are encouraged
to check Blackboard regularly. It is the student’s responsibility to be informed.