Accounting and Finance for Managers

15 credits
Autumn teaching, year 1

This module is designed as an introduction for non-financial managers to comparative international accounting and financial reporting and analysis within the context of converging standards. No prior knowledge of accounting procedures is assumed or required. As part of the module, you will produce a business financial analysis report.

Accounting, Organisations and Society

15 credits
Spring teaching, year 1

The major aims of this module are several. The first is to increase your knowledge of controversies over what constitutes legitimate accounting knowledge and practice, research methods, its social role, and how practice and policy, research, and methodological assumptions are intertwined. The second is to raise awareness of how and why accounting impacts constituencies beyond organisations and their management, and to evaluate possibilities of its reform in the public interest. The module is research led, entails considerable self-reflection and guided self-study, and is interdisciplinary in nature.

The module commences with an intensive lecture series (weeks one to four) that will outline why and how accounting research has adopted a variety of conflicting social science theories and methods, detail their fundamental assumptions and findings, and illustrate how they raise or cast fresh light on important issues on the role and effects of accounting upon individuals, organisations and society.

The second half of the module (weeks five to eight) will be less structured as you will embark on research essays chosen from a variety of topics drawn up by the course convenor. These may change over time due to faculty interests and expertise, your choices and preferences, and emergence of new issues. An indicative list would include: does accounting merit the status of a profession? Have accounting practices contributed to the rise of an `audit society'? Can accounting address issues of ecology and sustainability? Are the structures and processes of standard setting in the public interest? Are the assumptions of modern finance theory and positive accounting theory justifiable and why have they become influential and to what effect? Have accounting reforms in poor countries enhanced their economic development? Can accounting provide `a true and fair view'? To what extent is culture, either nationally or locally, important for the design and operation of accounting systems? Why is accounting integral to `New Public Sector' management and has its effects met the aims of policy-makers?

For the workshops you will be grouped according to common interests in a topic. The workshops will be relatively unstructured and devoted to refining individual essay titles/topics, advice on literature and searches, and helping you construct a suitable essay that should: identify and review a selection of significant research articles on their topic, compare and contrast their assumptions about ontology, epistemology, and involvement in social change; which topics they investigate, and their empirical findings on these and common topics, clearly justify and identify the methodological criteria adopted by the writer to evaluate this work and make reasoned and considered choices and recommendations for changed practices and policies or justify why they are unnecessary.

Banking and Financial Institutions

15 credits
Spring teaching, year 1

The module aims to provide you with a combination of theoretical background and practical insight into some of the main strategic issues faced by the modern banking institutions. The module provides a good grasp of both the basics (the structure and environment of banking) and selected aspects of the applied economics of the modern banking firm. The topics covered include structure-conduct-performance, competition, bank efficiency, regulation, international banking and bank failures and crises.

Business Analysis Report

30 credits
Summer teaching, year 1

This module enables you to research and write up a study of your own design in the form of a business analysis report. The study will comprise of an appraisal of corporate financial performance, including interfirm comparison and trend analysis, with reference also to market forecasts and corporate valuation.

Analytical skills will be taught as part of this module to enable you to apply theoretical models to practice in the context of financial appraisal and corporate management strategy. In preparation, you will critically survey relevant theories and published findings, and employ them to draw conclusions regarding the performance and valuation of competitive firms. If you are a sponsored student, you will be able to examine the competitive performance and valuation of your own organisation as part of this course.

Corporate Governance and Social Responsibility

15 credits
Spring teaching, year 1

This module enables you to investigate the systems of controls within a company, the relationship between company management and stakeholder groups, and the social accountability and responsibilities that a corporation holds towards different stakeholders. You will examine these issues in the context of three major challenges to contemporary businesses: globalisation, sustainability and corporate citizenship.

The module covers the development and theoretical aspects of corporate governance, stakeholder management approaches to corporate governance and social responsibility, business ethics management, national and international regulatory frameworks, socially responsible investment, and international corporate governance. You will engage with the practical assessment tools for corporate governance and responsibility and consider the importance of policy and practice through case studies, documentaries and guest speakers. The case studies used will include those developed specifically for the module, and those from the textbooks.

Corporate and International Finance

15 credits
Autumn teaching, year 1

This module covers the most important topics in corporate finance such as: capital investment decision-taking; financing andcapital structure; risk management; and portfolio theory. You will then analyse issues in international finance including: models of exchange rates; efficiency in foreign exchange markets; monetary unions; and international financial crises.

Entrepreneurial Finance

15 credits
Spring teaching, year 1

This module provides you with an understanding of the role finance plays in the survival and growth of small firms. It begins by discussing the challenges of characterising firm growth and how firms use capital to grow, drawing upon empirical evidence on the topic. It then covers the variety of sources firms may use for external capital, including (but not limited to) banks, business angels, venture capitalists and small cap stock markets, and how these investments are valued. It concludes by discussing differences in funding environments for small firms in different countries, and covers the challenges faced by policymakers in developing policy tools to provide support for small firms.

Financial Markets and Financial Instruments

15 credits
Autumn teaching, year 1

This module provides you with an introduction to finance theory and its practical applications for investors, analysts and portfolio managers.

The module starts with a detailed review of the concepts of risk and return, and a comprehensive assessment of portfolio theory, capital asset pricing and other pricing models for risky assets. The second part of the module assesses market efficiency, pricing anomalies and behavioural finance, and then considers the implications for hedging, speculation and arbitrage. The final part of the module looks at specific financial instruments including debt markets, foreign exchange markets and derivative markets, including options, forwards, futures and swaps.

Global Business

15 credits
Autumn teaching, year 1

The module will widen the perspective of aspiring managers regarding the strategic implications of global change and facilitate more informed strategic planning and implementation within companies. The module is introductory and wide ranging in scope. A balance is sought between theory and practice with seminars placing an emphasis on contemporary case studies.

Globalisation & Integration: A Long Run Perspective

15 credits
Spring teaching, year 1

This module explores the globalisation and the integration of the business environment from a long-run perspective. It charts the beginnings of the current wave of globalisation, in the mid to late 20th century and explores the various themes and forces that helped create a distinctive business environment by the early years of the 21st century. The themes explored include the divergence and integration within the global economy, globalisation of culture, the 'death of distance', development of global value chains, technology and technology transfer, 'deep' integration and strategic alliances, and the challenges and opportunities posed by shifts in demographic patterns. The module considers several questions of interest to you if you are a student of international management including: what is the significance of the 'Rest' catching-up with the 'West'? How does the global geography affect international firms? How significant is the emergence of multinationals from emerging markets? Do firms manage a 'global culture' or manage across cultures globally?

Institutions in the Global Financial Market

15 credits
Autumn teaching, year 1

This module examines the role played by financial institutions in the global market structure and in particular the ways in which these institutions manage risk in their investments, with particular focus on management of operational risk. You will address investment banking and the role banks and other actors such as rating agencies play in capital markets. The module will give a detailed exploration of the nature of operational risk and the way risk management is practiced in financial services firms. It will compare and contrast the prevailing regulatory approaches of New York and London, and will provide in-depth discussions of the prevailing international frameworks for regulating and managing operational risk. There will also be a focus on the process of compliance with these regulations, which will be discussed using both lectures and case study material. The module will also include discussions of corporate scandals, the role of the financial media, and prospects for future regulations.

International Accounting and Financial Reporting

15 credits
Spring teaching, year 1

The module is intended to develop your strategic understanding of international accounting and financial reporting suitable for supporting a career in either general management or, with further professional development, a specialist accounting/finance role.

The module brings into focus, amongst other things, the themes of sustainability, ethics, corporate social responsibility and the need for accurate reporting of company information. You will examine current debates concerning the need for the measurement of change, and place these within appropriate contexts, both national and international. You will take a case-study approach to facilitate the development of skills and understanding and it is anticipated that you will also have the opportunity of visit industrial visits to emphasise the essential links with international firms.

The module will provide you with the essential skills and knowledge for a successful career in management or finance, and will develop the managerial and technical analytical skills required by employers in the private and public sectors. A distinctive feature of the module is the global perspective on the interactions between business, management and finance, critical to the sustainability of the advanced economies and growth and development of emerging economies.

Management Accounting & Control

15 credits
Spring teaching, year 1

The main aim of this module is for you to critically reflect on how and why management accounting techniques changed during the 20th century and beyond, the theoretical controversies explaining this, and the practical ramifications for designing and using management accounting systems. By the end of the module you will understand how and why:

• traditional management accounting techniques such as product costing, budgeting, standard costing and economic theories of decision-making emerged during the twentieth century and their theoretical underpinnings in bureaucracy, Taylorism, mechanistic organisation, and economic rationality; and assess their applicability, strengths and weaknesses

• new techniques of management accounting, including accounting for customers and flexible manufacturing, strategic management accounting, activity-based costing/management and balanced scorecards emerged, define their essential features, and assess their applicability, strengths and weaknesses 

• new rational theories of management accounting have been developed, especially contingency and agency theory, to address limitations of traditional theories, and be able to assess their worth with respect to control system design and behavioural problems in specific circumstances

• the theoretical assumptions of the above techniques and approaches have been criticised for their neglect of subjective, institutional, and political considerations, and the latters implications for identifying other roles and consequences of management accounting within organisations and society.

On completion you will have gained a basic understanding of most practical techniques of management accounting, including contemporary practices; how and why their multiple aims and the changing socio-economic environments in which they operate give rise to difficult design and operational decisions; and be able to analyse these practical issues using the major theories employed in contemporary management accounting research.

Multinational Financial Management

15 credits
Spring teaching, year 1

The main aim of this module is to evaluate the financial decision-making of companies operating internationally, providing an understanding of global capital markets, in the context of international trade patterns, international monetary systems, exchange rate regimes and foreign exchange markets, as well as tax rules and legal and institutional complexities. You will also develop competences in the appraisal of international capital expenditure choices and in the effective implementation of multinational management control systems. In addition, the module considers the political risks faced by multinational enterprises, including firm-specific risk, country risk, and global risk, together with an assessment of the origins and repercussions of the current credit crisis, including the international scale of securitization, and the impact of market failure in international interbank markets on multinational financial management.

Summary outline: currency regimes and markets and the management of foreign exchange risk; measuring and managing exchange exposure; international financing and capital market integration; the cost of capital for foreign investments; capital budgeting for the multinational corporation; working capital management; taxation and transfer pricing; country risk analysis and the implications of the financial crisis of 2007-09 and module resumé.

Research Methods

15 credits
Spring teaching, year 1

The main aims of this module are to introduce a range of research methods for the collection and analysis of both quantitative and qualitative data, to advance your analytic research skills through practical experience, and to develop your skills in reading and evaluating journal articles and research papers.

The main topics to be covered are: literature reviews, searches and referencing; social science research; case study research - comparative and longitudinal methods; survey research; basic concepts in statistical analysis; goodness-of-fit tests & contingency tables - correlation analysis; simple comparative tests; ANOVA: one-way and RCB designs; two-variable regression and multiple regression.

The Business Context in East Asia

15 credits
Spring teaching, year 1

The main aims of this module are to explore the international business environment in East Asia, to provide an overview of the various East Asian economies, their interrelationship, and their importance in the world economy, and to examine the lessons which may be drawn both from the economic success of the East Asian economies, and from the Asian financial crisis.

The Business Context in Europe

15 credits
Spring teaching, year 1

The main aims of this module are to explore the international business environment in Europe, and to provide an overview of the various European economies, their inter-relationships, and their importance in the world economy.

Attention will be paid not just to the major member-states of the EU, but also to newer member-states and other European economies.