Postgraduate Course: Financial Markets (CMSE11127)
Course Outline
| School | Business School |
College | College of Humanities and Social Science |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Available to all students |
| SCQF Credits | 15 |
ECTS Credits | 7.5 |
| Summary | The aim of the course is to help you develop an understanding of the financial system and the roles and functions of financial markets and institutions. Additionally, you should learn how academic theory and evidence interacts with markets in practice. |
| Course description |
The course is mostly structured from the point of view of market participants: investors, companies and intermediaries. However, regulatory and academic perspectives on markets will also be considered. Examples are drawn from around the world.
Syllabus
Introduction. Bank and Non-Bank Intermediaries
Bonds and Bond Markets
Equities and Equity Markets
Equity investing: long and short positions
Efficient Markets, Adaptive Markets and Market Ecology
Analysts and the Market for Investment Research
Derivatives
Agency
Financial Markets in the Era of Big Data
Student Learning Experience
You will have to read the core textbook for the class and the additional references that will be provided. The weekly lectures will explore particular aspects of the reading and attempt to help you put material in context, but are not a substitute for the reading. During lectures you may be asked questions and invited to offer opinions on subjects of interest. Questions will be assigned prior to the weekly tutorials. These will be announced in the previous lecture and posted on Learn. You will be expected to do your own research and thinking prior to the tutorial and to come prepared to discuss the issues in class. The nature of the material means that in most cases there is not a single acceptable answer. The important thing is being able to argue a case and present evidence to back your argument.
The group-work assignment provides a different type of learning experience; it is a project which requires teamwork. The assignment simulates the approach in investment companies where teamwork and individual skill sets need to be directed and managed to achieve deadlines. Teams are rewarded and judged based on coordinated team outputs, as is typical in investment firms.
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Entry Requirements (not applicable to Visiting Students)
| Pre-requisites |
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Co-requisites | |
| Prohibited Combinations | |
Other requirements | For Business School PG students only, or by special permission of the School. Please contact the course secretary. |
Information for Visiting Students
| Pre-requisites | Business School Postgraduate Students Only |
| High Demand Course? |
Yes |
Course Delivery Information
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| Academic year 2015/16, Available to all students (SV1)
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Quota: None |
| Course Start |
Semester 1 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
150
(
Lecture Hours 16,
Seminar/Tutorial Hours 10,
Formative Assessment Hours 4,
Summative Assessment Hours 2,
Programme Level Learning and Teaching Hours 3,
Directed Learning and Independent Learning Hours
115 )
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| Assessment (Further Info) |
Written Exam
50 %,
Coursework
50 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Diary/Blog - 20%
Multiple choice mid-term test - 20%
Written assignment - 30%
Final exam - 30%
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| Feedback |
Students will get verbal feedback on tutorial presentations, and written feedback on the assignment.
The lecturer encourages students to email questions and will post the replies on Learn. |
| Exam Information |
| Exam Diet |
Paper Name |
Hours & Minutes |
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| Main Exam Diet S1 (December) | Financial Markets | 2:00 | |
Learning Outcomes
On completion of this course, the student will be able to:
- Discuss critically the CFA code of ethics and standards of practice.
- Understand and discuss critically the reasons for the existence of financial markets and institutions and the main functions of financial markets and institutions, including the roles of various forms of bank and non-bank financial institutions.
- Understand and discuss the workings of equity capital markets and the workings of money and debt markets.
- Understand and critically evaluate the concept of market efficiency and challenges to it.
- Understand and discuss critically the nature of financial regulation and the reasons for it.
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Reading List
Core text:
Bodie, Zvi, Kane, Alex, and Marcus, Alan J., 2011. Investments and Portfolio Management, McGraw Hill International Edition (7th edition, older editions are acceptable too)
Other useful books for this course:
Taleb, Nassim Nicholas, 2004. Fooled by Randomness. Texere, New York, USA.
Fabozzi, Frank J. and Modigliani, Franco, 2009. Capital Markets ¿ Institutions and Instruments. Pearson International Edition (4th edition). (Now out of print but library copies are available)
Journals
The Library subscribes to a variety of journals in print and electronic form. Highly regarded journals in Finance include: The Journal of Finance; The Journal of Financial Economics; and the Review of Financial Studies. Finance articles can also appear in economics journals such as: The American Economic Review; Quarterly Journal of Economics; Journal of Political Economy.
The Financial Analysts Journal (FAJ) ¿ published by the CFA Institute ¿ is also highly regarded and typically publishes articles of practical relevance. The FAJ is available on the CFA website which also features conference proceedings, webcasts and other useful items.
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Additional Information
| Graduate Attributes and Skills |
Cognitive Skills:
On completion of the course students should have demonstrated that they are able to:
Understand financial market theory
Use evidence to assess the validity of theory
Evaluate competing theoretical explanations
Key Skills:
On completion of the assessed course work students should be able to:
Identify relevant research material and other evidence
Integrate research material into a coherent argument
Communicate research findings clearly
Subject Specific Skills:
After completing this course, students should be able to:
Understand, speak and write the language of finance and investment.
Students will also become familiar with recent developments in financial markets. |
| Additional Class Delivery Information |
Weekly lectures, plus weekly tutorials. Additionally, four hours of investment ethics |
| Keywords | finFinancialMarkets |
Contacts
| Course organiser | Mr Alistair Haig
Tel: (0131 6)51 5317
Email: |
Course secretary | Miss Rachel Allan
Tel: (0131 6)51 3757
Email: |
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