Economic Analysis of Business

SUBJECT DESCRIPTION
TBS905 aims to introduce students to economic logic and concepts that are relevant to business and managerial functioning. The course will enhance students’ understanding of the subject and enable them to appreciate its practical relevance in the context of economic events and circumstances which influence the operations of business.

After imparting an initial grounding in (microeconomic) theory dealing with the behavior of individual economic and production units, the subject will progress to a comprehensive treatment of macroeconomics and its application to the functioning of the economy overall. The treatment of the subject of macroeconomics is situated in an open economy context, which is most appropriate in a world of globalisation and disappearing national economic boundaries.

It is a course objective to equip students to be able to read and understand published articles on business and the broader economy, and interpret these as to their impact on business and government organisations and such material will be used in class. Students are strongly encouraged to regularly read at least one recognised financial newspaper and seek to relate their study of macroeconomics in the classroom to practical economic problems in the real world. Such constant practice of “being a macroeconomist” will enable them to imbibe the principles of economics better and allow them the facility of analyzing economic problems from the perspective of an economist.

Assessment will be designed to assess students’ understanding of the topic as shown by their ability to use, explain and demonstrate the concepts embodied in the subject and will include a group presentation, a mid-session and a final examination

LEARNING OUTCOMES
It is an objective of the subject to equip students with the knowledge and approach to be able to understand the impacts on business of the events of the economic environment in which businesses operate. At the completion of this subject, students should therefore achieve the following competencies:

1. The student would be able to identify and describe the important macroeconomic issues facing modern economies of the world including that of the UAE.
2. With the skills developed, students would be better able to describe and interpret the macroeconomic problems facing economies
3. With a basic grounding in economic and exposure to macroeconomics theory, students would be in a position to apply these to current economic issues.
4. The exposure to macroeconomic theory and its applications will enable students to explain economic problem from an analytical perspective. This should lead students to meaningfully analysing macroeconomic phenomena.
5. Students should be able to assess and evaluate macroeconomics policies that have been employed as well as likely policies that may be introduced.

REQUIRED TEXTS
Mankiw, N. Gregory 2007, Macroeconomics (6th Edition), Worth Publishers.

RECOMMENDED READINGS
Mankiw, N.G. (2004) Principles of Macroeconomics (3rd edition), Thomson, South-Western, United States.

Dornbusch, R., P. Bodman, M. Crosby, S. Fischer and R. Startz (2002) Macroeconomics, McGraw-Hill, Sydney.

Fernandes, C. and A. Karnik (2006) Macroeconometric Modelling For An Oil Dependent Economy: An Instruments-Targets Approach, Dubai: Research Unit, University of Wollongong in Dubai.

Hall, R.E. and H.D. Papeel (2005) Macroeconomics: Economic Growth, Fluctuations, And Policy (6th edition), New York: W.W. Norton.

Gans, J., S. King and N.G. Mankiw (1999) Principles of Microeconomics, Harcourt Brace, Marrickville.

McTaggart, D., C. Findlay and M. Parkin (2003) Economics (4th edition), Pearson Education, Australia, Sydney

Slavin, S. L. (2005) Economics (7th edition), McGraw-Hill Irwin, New York (extract on inflation)

Pindyck R.S. & D. L. Rubinfeld, (2005) Microeconomics (6th Edition), International Student Edition, Prentice Hall.

Periodicals should be consulted for latest developments in international economics, including:

Central Bank of UAE website
• Economist
• Financial Times
• Harvard Business Review (HBR)
• Fortune
• Far Eastern Economic Review

Financial Strategy

SUBJECT DESCRIPTION

This subject develops the knowledge necessary to evaluate the set of theories that constitute modern corporate finance and how these theories can be applied to corporate financial strategies.

A finance executive plays a key role in the development of a company’s strategic plan. In particular s/he has the responsibility of providing advice on financing, investment and payout policies to be pursued by a company in order to maximize shareholders’ wealth. In view of increased application of mergers and acquisitions as a growth strategy, S/he has to play a key role in valuation and pricing of deals and evaluating the impact of such policy on shareholders’ wealth. Finance executive has also an essential function of analyzing risk involved in financial transactions and to hedge such risks. It is the aim of this course to examine many of these issues.

 LEARNING OUTCOMES

On successful completion of this subject, the student should be able to:
1. Relate and examine the role of the financial manager.
2. Explain the key concepts of investment decision, finance decision and dividend decision.
3. Scrutinize the concepts of risk and diversification.
4. Examine the role of financial markets, the concepts of debt and equity and corporate structure.
5. Justify and analyze decisions on financial investment and company restructuring.
6. Appraise the role of derivatives and multinational finance.

REQUIRED TEXTS

Brealey, Myers, and Allen (2011), Principles Corporate Finance. McGraw Hill,

RECOMMENDED READINGS
1. Brigham E.F. and Ehrhardt M.C., (2005) Financial Management : Theory and Practice 11th
2. Edn, South Western.
3. Damodaran A., (2001) Corporate Finance: Theory and Practice, 2nd Edition , Wiley Higher
4. Education
5. Peirson G. et al , (2012) Business Finance , 11th Edn. McGraw Hill Australia
6. Ross S.A., Westerfield R.W., Jaffe J. and Jordan B.D., (2008) Modern Financial Management, 8thEdn. McGraw Hill.
7. Van Horne J.C.,(2002) Financial Management and Policy , 12th Edition, Prentice Hall

International Financial Management

SUBJECT DESCRIPTION

This subject introduces students to the financial management disciplines used within a multinational firm, and the interaction between firms and financial markets.
Topics covered include: overview of financial markets and instruments; global financial system architecture; foreign exchange and derivatives markets; operational and financial risk management employed within a multinational context; financing of trade and foreign direct investments; working capital management and investment decision making within multinational firms; reporting and performance analysis; techniques for appraising capital investments (incorporating idiosyncratic/country risks); corporate governance and valuation implications; taxation and regulatory impacts; corporate control transactions and restructuring.

LEARNING OUTCOMES

On successful completion of this subject, students will demonstrate an understanding of the financial challenges faced by organizations operating in an international environment, and the financial decision making processes which are employed to evaluate and manage investments in this challenging environment.
For students, the learning objectives enable them to:

1. Evaluate and apply fundamental accounting and financial management concepts;
2. Demonstrate a comprehensive knowledge of frameworks and disciplines used to formulate financial strategies and policies;
3. Apply these techniques and demonstrate a comprehensive knowledge of the interactions between financial management and the other functions in an organization;
4. Discuss the principal drivers of value-maximization and security valuation processes;
5. Identify and describe capital markets and financial innovations.

REQUIRED TEXTS
Hirt G.A, Block S. B. & Danielsen B. R., Corporate Finance Foundations, 15th Edition, Global Edition, 2014, ISBN-139780077161194, McGraw-Hill.

RECOMMENDED READINGS

1. Brigham, E.F. and Houston, J.F., 2004, Concise 4th Edition, Fundamentals of
Financial Management, Thomson South-Western.
2. Shapiro, A.C., 2002, Foundations of Multinational Financial Management, International 4th Edition, Wiley.
3. Shapiro, A.C., 2003, 7th Edition, Multinational Financial Management, Wiley.

Financial Statements Analysis

SUBJECT DESCRIPTION
FIN 324 develops knowledge and skills in the principles and techniques of analysis of accounting information contained in financial statements. The emphasis is on practical application of these skills. The subject introduces the language and concepts of financial information analysis, and examines the role of financial information analysis within a framework of overall business analysis. The course applies the techniques of financial information analysis to specific areas of business analysis that are commonly met in practice. The subject explores the varied sources of financial information used in developing financial analyses of firms. The financial information considered in this course is primarily publicly available accounting information, although other sources of information relied on in corporate financial analysis are also taken into account.

LEARNING OUTCOMES
Upon successful completion of this subject students should have sufficient theoretical understanding and analytical skills to:

1. Describe and discuss the main steps in business analysis and valuation using financial statements.
2. Enumerate and discuss the major applications of business financial analysis
3. Evaluate firms on the basis of available financial information.
4. Assess the relevance, reliability and general quality of financial information available in given contexts.
5. Model and allow for the incentives underlying the supply and demand for financial information.
6. Comprehend the reaction of equity and debt markets to the release of particular financial information.
7. Model the investment decisions of equity market participants and corporate lenders, and their consequent financial information requirements.
8. Have knowledge of properties of financial statement numbers.

REQUIRED TEXTS
Palepu, Krishna G., Paul M. Healy, Victor L. Bernard, and Eric Peek, Business Analysis & Valuation, IFRS 2nd Edition, Thomson, 2010.

RECOMMENDED READINGS
1. Fraser, Lyn M. and Aileen Ormiston, Understanding Financial Statements, 7th Edition, Pearson, 2004.
2. Gibson, Charles H., Financial Statement Analysis: Using Financial Accounting Information, South-Western, 1998.
3. Milton, Q., Accounting: Building Business Skills, John Wiley & Sons, 2003.
4. Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard, Business Analysis & Valuation: Using Financial Statements, 4rd Edition, Thomson, 2008.
5. Penman, Stephen H., Financial Statement Analysis and Security Valuation, 3rd Edition, McGraw-Hill Irwin, 2007.
6. Schilit, Howard, Financial Shenanigans: How to Detect Gimmicks & Fraud in Financial Reports, 2nd Edition, McGraw-Hill Irwin, 2002.
7. Subramanyam, K. R. and J. Wild, Financial Statement Analysis, 10th Edition, McGraw-Hill Irwin, 2009.
8. Wild, John J., Financial Statement Analysis, 8th Edition, McGraw-Hill Irwin, 2003.

Financial Statements Analysis

SUBJECT DESCRIPTION
FIN 324 develops knowledge and skills in the principles and techniques of analysis of accounting information contained in financial statements. The emphasis is on practical application of these skills. The subject introduces the language and concepts of financial information analysis, and examines the role of financial information analysis within a framework of overall business analysis. The course applies the techniques of financial information analysis to specific areas of business analysis that are commonly met in practice. The subject explores the varied sources of financial information used in developing financial analyses of firms. The financial information considered in this course is primarily publicly available accounting information, although other sources of information relied on in corporate financial analysis are also taken into account.

LEARNING OUTCOMES
Upon successful completion of this subject students should have sufficient theoretical understanding and analytical skills to:

1. Describe and discuss the main steps in business analysis and valuation using financial statements.
2. Enumerate and discuss the major applications of business financial analysis
3. Evaluate firms on the basis of available financial information.
4. Assess the relevance, reliability and general quality of financial information available in given contexts.
5. Model and allow for the incentives underlying the supply and demand for financial information.
6. Comprehend the reaction of equity and debt markets to the release of particular financial information.
7. Model the investment decisions of equity market participants and corporate lenders, and their consequent financial information requirements.
8. Have knowledge of properties of financial statement numbers.

REQUIRED TEXTS
Palepu, Krishna G., Paul M. Healy, Victor L. Bernard, and Eric Peek, Business Analysis & Valuation, IFRS 2nd Edition, Thomson, 2010.

RECOMMENDED READINGS
1. Fraser, Lyn M. and Aileen Ormiston, Understanding Financial Statements, 7th Edition, Pearson, 2004.
2. Gibson, Charles H., Financial Statement Analysis: Using Financial Accounting Information, South-Western, 1998.
3. Milton, Q., Accounting: Building Business Skills, John Wiley & Sons, 2003.
4. Palepu, Krishna G., Paul M. Healy, and Victor L. Bernard, Business Analysis & Valuation: Using Financial Statements, 4rd Edition, Thomson, 2008.
5. Penman, Stephen H., Financial Statement Analysis and Security Valuation, 3rd Edition, McGraw-Hill Irwin, 2007.
6. Schilit, Howard, Financial Shenanigans: How to Detect Gimmicks & Fraud in Financial Reports, 2nd Edition, McGraw-Hill Irwin, 2002.
7. Subramanyam, K. R. and J. Wild, Financial Statement Analysis, 10th Edition, McGraw-Hill Irwin, 2009.
8. Wild, John J., Financial Statement Analysis, 8th Edition, McGraw-Hill Irwin, 2003.

Bank Management

SUBJECT DESCRIPTION

Bank management is a comprehensive subject in banking that integrates with both the finance and accounting specializations within the School of Business. It combines information on the management practices and operation of banks. The subject involves in depth discussions and analysis of banking issues such as lending, banking interest rate models, technology, foreign exchange, sovereign, liability & liquidity risks management and capital adequacy, within the international banking framework.

LEARNING OUTCOMES

Upon successful completion of this subject, a student should be able to:
1. Evaluate the role of modern banks within the Australian and International context.
2. Explain key functions of banks with a particular emphasis on the management of lending practices, credit risk, specific markets for bank loans and inter-bank relationships.
3. Design and plan an appropriate bank lending submission.
4. Describe regulatory frameworks and their impact upon the banking environment.
5. Critically evaluate the banking environment: explain the implications of social, economic and political factors within the banking framework.
6. Evaluate interest risk models: maturity, duration and re-pricing models.
7. Demonstrate skills in the management of lending and credit risk.
8. Demonstrate an understanding of new developments in banking technology.

REQUIRED TEXT

Saunders, Anthony and Cornett, Marcia Millon, Financial Markets and Institutions, international 5th Edition, McGraw Hill, 2012.

RECOMMENDED READINGS

1. Bessis, Joel, Risk Management in Banking, 3rd edition, John Wiley & Sons, 2009.
2. Brown, A.J.F., et al., (1989), International Banking and Finance, Serendip Publications.
3. Choudhry, M., Bank Asset and Liability Management: Strategy, Trading and Analysis, 1st Edition, John Wiley & Sons, 2007.
4. De Lucia, R.D. & J. Peters (1998), Commercial Bank Management Functions and Objectives, LBC Information Services.
5. Gup, B.E. et al., (2007), Commercial Banking: The Management of Risk, Wiley.
6. Hempel, George H. and Donald Simonson, Bank Management: Text and Cases, 4th Edition, John Wiley & Sons.
7. Hogan Warren, et al., Management of Financial Institutions, 2nd Edition, John Wiley & Sons Australia, 2004.
8. Hull, John C., Risk Management and Financial Institutions, 3rd edition. Wiley & Sons, 2012.
9. Lang, H. , Saunders, A., and Cornett, Financial Institutions Management, 3rd Edition,McGraw Hill, Australia, 2013
10. Matten, C., Managing Bank Capital: Capital Allocation and Performance Measurement, 2nd Edition, John Wiley & Sons.
11. Rose, Peter. S., Commercial Bank Management, 5th Edition, McGraw-Hill, 2002.
12. Rose, Peter S. and Sylvia C. Hudgins, Bank Management and Financial Services, International 9th Edition, McGraw-Hill, 2013.
13. Saunders, Anthony, Financial Institutions Management: A Modern Perspective, 3rd Edition, McGraw Hill.
14. Saunders, Anthony and Cornett, Marcia Millon, Financial Institutions Management: A Risk Management Approach, international 7th Edition, McGraw Hill, 2011.
15. Weaver, P. M. & C. D. Kingsley, Banking and Lending Practice, 4th Edition, Law Book Company, A Thomson Company, 2001.

INTERNATIONAL FINANCE

SUBJECT DESCRIPTION

This subject builds upon previous knowledge of domestic and corporate finance and extends into the international sphere. The subject explores the concepts and relationships linking international financial markets and the operations of Multinational corporations (MNC). The coverage introduces international financial market theory and covers issues including foreign exchange pricing, international financing decision, and foreign exchange and interest-rate risk management. It also covers methods of international trade and finance, as well as recognition of the place of the international financier in a changing world economy.

LEARNING OUTCOMES
Upon completion of this subject students will be able to:
1. Explain the international financial environment.
2. Describe how foreign exchange markets operate.
3. Discuss the management of different types of foreign exchange exposure.
4. Identify various risks faced by multinational corporations (MNC’s).
5. Examine financial, ethical and social decisions facing firms in a global context.
6. Identify the role of international banking in multinational investment decisions.
7. Describe the strategic issues related to foreign investment decisions.
8. Discuss working capital management issues of multinational business.

REQUIRED TEXTS
Shapiro, Alan & Moles, Peter, International Financial Management, 10th Edition, John Wiley & Sons, 2014.

RECOMMENDED READINGS

1. Carbaugh, R., International Economics, Thomson, 2004.
2. Click, R. and Coval, J., The Theory and Practice of International Financial
Management, Prentice Hall, 2002.
3. Eun, Cheol S. and Resnick, Bruce G., International Financial Management, 4th
Edition, McGraw Hill, 2007.
4. Melvin, M., International Money and Finance, Addison-Wesley, 2000.
5. Moffett, Stonehill, and Eiteman, Fundamentals of Multinational Finance, 2nd
Edition, Addison-Wesley, 2006.
6. Moosa, I., International Finance: An Analytical Approach, McGraw-Hill, 2004.
7. Shapiro, Alan, Foundations of Multinational Financial Management, 5th Edition, John Wiley & Sons, 2005.
8. Stiglitz, Joseph, Globalization and its Discontents, Penguin Books, 2002.
9. Yarbrough, B. and Yarbrough, R., The World Economy: Trade and Finance, Thomson, 2003.

Introductory Business Finance

SUBJECT DESCRIPTION

This subject provides an introduction to business finance. It includes a critical examination of the theory and practice of corporate financial management, including the capital structure decision, the capital acquisition/disbursement decision, and the investment decision for both current and long term assets. The main focus is on financial decision making, with consideration of risk and returns a fundamental consideration.

LEARNING OUTCOMES
Upon successful completion of this subject, a student should be able to:

• value projected cash flow streams such as loans, debentures, equity investments, and other contracts.
• model and solve short-term and long-term capital investment decision problems.
• identify and make allowance for the relationship exhibited by financial markets between risk and return.
• identify and measure the costs to the firm of different forms of debt and equity capital.
• evaluate the dividend and financial leverage policies of individual firms.
• explain lucidly and succinctly selected concepts and tools of corporate finance.

REQUIRED TEXTS

Ross, S., Westerfield, R., & Jordan, B. (2008), Corporate Finance: Fundamentals: 8th Edition, McGraw-Hill
ISBN: 978-0-07-128563-6

RECOMMENDED READINGS

Brigham, Eugene F. (1999), Financial Management: Theory & Practice 11th Edition.
Thomson South-Western (ISBN: 9780324224993)

Gitman, L, R. Juchau, J. Flanagan (2008), Principles of Managerial Finance 4th Edition. Pearson/Addison Wesley.

Keown, Arthur, J. (2005), Financial Management: Principles and Applications 10th Edition. Pearson Prentice-Hall (ISBN: 0131450654)

Petty, Williams, J. (2003), Financial Management 3rd Edition. Prentice-Hall.
(ISBN: 1740097874)

Banking Risk Management

Program Overview
This program is designed for:
This professional program is designed for students whose ambition is to grasp the fundamental concepts of financial risk management. The program is aimed at providing those currently employed by banks or desire to attend banks to develop key competencies and skills in detecting and managing a wide range of risks involved in financial institutions. This program is also suitable for supervisory and governmental bodies.

Program Structure

Topics covered in Autumn semester 2010
Foundations of Risk Management 20%
Quantitative Analysis 20%
Financial Markets and Products 30%
Valuation and Risk Models 30%

Topics covered in Spring semester 2011
Market Risk Measurement and Management 25%
Credit Risk Measurement and Management 25%
Operational and Integrated Risk Management 25%
Risk Management and Investment Management 15%
Current Issues in Financial Markets 10%

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