Economics with a Year in Industry BSc (Hons) Add to your prospectus

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Key information


  • Course length: 4 years
  • UCAS code: L101
  • Year of entry: 2018
  • Typical offer: A-level : AAA / IB : 36 with no score less than 4 / BTEC : Applications considered
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Module details

Programme Year One

The first year aims to introduce students to the subjects that provide the foundation for degree-level study of economics. All students will complete a careers-oriented modules in the second semester as part of their preparation for the year in industry. In addition, students following the Economics pathway will take six compulsory modules and one optional module. Students following the Finance pathway will take seven compulsory modules. 

Year One Compulsory Modules

  • Statistics for Economics and Business (ECON112)
    Level1
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting80:20
    Aims
  • The fundamental aim of this module is to give students an understanding of how statistics operates in Business and Economics;

  • ​To provide both a foundation for further study and a broadly based introduction to statistics;

  • To enable students to summarize, present and analyze data from a sample;
  • ​To enable students to understand and apply the practice of statistical inference to sample data to estimate full population variable parameters;

  • To enable students to ​work comfortably with variables as probability distributions, introducing some common and practicably useful probability distributions.

  • Learning OutcomesThebasis of data analysis

    ​Thefundamental notion of statistical inference

    ​Summarise,describe and present raw data

    ​Estimatethe mean of a population (and other statistics)

    ​Howto formulate and test hypotheses about values in the population based on randomsamples

    Howto carry out basic statistical computations and graphical analysis

    Howto identify and model relationships between two variables

    Understandthe use of probability in statistics

    Communicatingresults

  • Mathematical Economics (ECON113)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    ​The aims are:

    - to prepare students for the more advanced Year 2 Mathematical Economics II option, which is a prerequisite for certain Year 3 modules. 

    - to prepare students for the econometrics sequence starting in Year 2.

    - to develop mathematical maturity and problem solving skills.

    Learning Outcomes

    ​An understanding of key techniques of proof

    ​An understanding of comparative statics and calculus methods including integration, multivariate optimisation and constrained optimisation

    ​An ability to solve economic problems using the mathematical techniques introduced during lecture hours.

  • Principles of Microeconomics (ECON121)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    This module aims to provide students with a clear foundation of the purpose, scope and topics of microeconomic analysis. Students will develop their ability to think critically and analytically, and understand how to frame real world problems in an economic model. This module forms the starting point for all future courses in Microeconomics. 

    This module also emphasizes the role of mathematics in economics.

    Learning Outcomes

    ​Students will have the ability to understand, explain, analyse and solve core problems in microeconomics.

    ​Students will be able to practice and develop their mathematical techniques and understand the role of mathematical analysis in Microeconomics.

    ​Students will be able to familiarise themselves with the principles of using an ''economic model'' and how to model individual decision-making for both consumers and producers.

    ​Students will be able to apply their understanding of economic decision-making, optimisation and equilibrium to real world situations.

  • Principles of Macroeconomics (ECON123)
    Level1
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting40:60
    Aims

    The aims of this module are:

    • To complement and build on Principles of Microeconomics and to provide a foundation for further studies in macroeconomics
    • To introduce concepts and theories of economics which help understand changes in the macroeconomic environment
    • to explain and analyse the formulation of government macroeconomic policy
    Learning Outcomes

    ·        Explainthe relationship between expenditures and national income and demonstrate howmonetary and fiscal policies may be used to influence them

    ·        Explainthe behaviour of economic aggregates such as national income, inflation andunemployment over time

    ·        Explainand assess government policy in a range of policy situations

    ·        Explainthe framework of national income accounting

    ·        Usegraphical and algebraic modelling to analyse the economy and economic policy

    ·        Explainthe interconnections between the markets for goods, money and labour

    ·        Explainthe principal influences on long-term growth and the short-run fluctuation inoutput around the long-run growth trend

    ·        Locate,select and analyse information relevant to assessing the state of the economyand economic policy

  • Skills for the Professional Economist (ECON115)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting0:100
    Aims

    ​This module aims to provide students with an understanding of some of the skills required of the professional economist in the current business environment, and the opportunity to acquire and apply those skills.

    Learning Outcomes

    ​To develop an understanding of the importance of written and verbal communication from personal and business perspectives

    ​To gain experience in working with others and in developing effective relationships

    ​To build confidence in being able to present in front of others

    ​To gain an awareness of the commercial issues facing organisations

    ​To develop an awareness of digital capabilities relevant to economists

    ​To develop an understanding of scientific programming skills and/or data sources and databases relevant to economists e.g. SQL, MatLab, R, Excel, VBA, Maple

  • Placement Preparation Module (ULMS170)
    Level1
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting0:100
    Aims

    This module aims to prepare students for a year in industry by providing them with the skills required to secure a work placement and to gain the most from their placement experience.

    Learning OutcomesCritically reflect on and evaluate their skills in relation to prospective employers’ requirements and identify their development needs;

      ​Research career opportunities relevant to their degree specialism in relation to their own career aspirations using a range of media and approaches;

      ​ Analyse a given work environment (organisation/sector in an economics context) using a range of theoretical perspectives;

      ​Demonstrate effective oral and written communication skills appropriate to a role within an economics and business context;

      ​Produce timely and effective applications

Year One Optional Modules

  • The European Economic Environment (ECON159)
    Level1
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting75:25
    Aims

    The aim of this module is to introduce students to:

    1. the theoretical basis of economic integration
    2. the main economic features of the European Union
    3. the workings of the main institutions
    4. the major current policy issues.

    Learning Outcomesdescribe the main economic aspects and working of the EU in recent years
    identify major economic problems experienced by the EU

    use appropriate economic analysis to examine such problems

    followdebates on current developments within the EU

    cognitive skills of analysis and synthesis

    ability to identify major issues relating to the EU

    ability to conduct individual study by drawing onprimary sources especially access to the Europawebsite of the European Commission

    abilityto discuss current policy issues, particularly as they affect the UK.

  • Fundamentals of Marketing (MKIB153)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting50:50
    Aims

    The aim of this module is to provide a grounded appreciation of the utility and universality of a marketing orientation as the process by which organisations align themselves to their operating environment, customers/stakeholders and markets

    Learning Outcomes

    understand the nature of the marketing environment and its relevance for the organisation and marketing practice


  • ​specifically, to be able to undertake an analysis of customer and competitive environments

    ​understand the fundamental philosophy of marketing and its application in both business and not-for-profit organisations

    ​identify and be able to apply key marketing concepts to aid marketing and business decisions

    ​be able to demonstrate an understanding of the pratical aspects and processes of marketing

  • Organisations and Management (ULMS151)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting60:40
    Aims

    The module aims to provide a comprehensive foundation to the study of management theory and its application in practice. It seeks to consider the conceptual frameworks relevant to the behaviour of individuals and groups in organisations, and the issues which are raised in their management.

    Learning Outcomes Students will be able to identify relevant characteristics of organisations in terms of structure.

    ​Students will be able to considerthe nature of differences between individuals andthe implications this has in organisation

    Students will be able to outline and evaluate theoretical approaches to motivation, job satisfaction and work design

      Students will be able todistinguish between management and leadership functionsin organisations

    ​Students will be able toexamine the role and functions of groups and teams inorganisations

  • Introduction to Financial Accounting (ACFI101)
    Level1
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims

    To develop knowledge and understanding of the underlying principles and concepts relating to financial accounting and technical proficiency in the use of double entry accounting techniques in recording transactions, adjusting financial records and preparing basic financial statements. 

    Learning Outcomes

       Prepare basic financial statements

    ​Explain the context and purpose of financial reporting

    Demonstrate the use of double entry and accounting systems​

    ​Record transactions and events

    ​Prepare a trial balance

  • Introduction to Finance (ACFI103)
    Level1
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims
  • to introduce the students to finance.

  • to provide a firm foundation for the students to build on later on in the second and third years of their programmes, by covering basic logical and rational analytical tools that underpin financial decisions

     

  • Learning Outcomes

    Understand the goals and governance of the firm, how financial markets work and appreciate the importance of finance.


    ​ Understand the time value of money

    ​Understandthe determinants of bond yields

    ​Recognizehow stock prices depend on future dividends and value stock prices

    ​Understandnet present value rule and other criteria used to make investment decisions

    ​Understand risk, return and the opportunity cost of capital

    ​Understandthe risk-return tradeoff, and know the various ways in which capital can beraised and determine a firm''s overall cost of capital

    ​Knowdifferent types of options, and understand how options are priced

Programme Year Two

All students in Year Two are required to take a core of six compulsory economics modules which build upon the foundation of knowledge developed in the first year. This includes two introductory modules in Econometrics, an essential area for any student wishing to pursue a career or undertake postgraduate study in the field of economics. Students following the Economics pathway take one further compulsory module and one optional module, students following the Finance pathway take a further two compulsory modules.

The optional modules available to students on the Economics pathway cover a range of areas of economics, including Mathematical Economics and Management Economics.

Year Two Compulsory Modules

  • Basic Econometrics 1 (ECON212)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims
  • Econometrics is concerned with the testing of economic theory using real world data. This module introduces the subject by focusing on the principles of Ordinary Least Squares regression analysis. The module will provide practical experience via regular laboratory session.

     

  • ​This module also aims to equip students with the necessary foundations in econometrics to successfully study more advanced modules such as ECON213 Basic Econometrics II, ECON311  Methods of Economic Investigation: Time Series Econometrics and ECON312 Methods of Economic Investigation 2: Microeconometrics.

  • Learning OutcomesReinforce the  understanding of fundamental principles of statistics, probability and mathematics to be used in the context of econometric analysis

      ​Estimate simple regression models with pen and paper using formulae and with the econometric software EViews7

      ​Understand the assumptions underpinning valid estimation and inference in regression models

      ​Formulate and conduct intervals of confidence and tests of hypotheses

      ​Evaluate the impact that changes in the unit of accounts of variables and changes in the functional form of equations may have upon the results of OLS and their interpretation

      ​Assess the goodness of results by means of appropriate tests and indicators

      ​Assess predictions

      ​Extend analysis to the context of multiple linear regression

      ​Use EViews7 to estimate simple linear regression models  and multiple linear regression models

  • Basic Econometrics 2 (ECON213)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting50:50
    Aims

    The aims of this module are to build on ECON212 by extending the treatement of regression to the multiple regression model and to develop practical research skills which would be expected from a graduate in Economics either as a foundation for postgraduate study or for work as a professional economist recruited at graduate level.

    Learning Outcomes
    Explain the assumptions required for OLS multiple regression to be Best Linear Unbiased

    ​Explain the problem of multicollinearity, how it is detected and how it can be resolved

    ​Conduct single and joint hypothesis tests

    ​Test restrictions on coefficients

    Construct and interpret confidence intervals around estimates and forecasts

    Propose and implement model building strategies and criteria for evaluating model adequacy

    Explain, use and interpret dummy variables

    Explain and implement the generalised method of moments using instrumental variables

    ​Conduct independent econometric research and present the results in a professional manner

    To be familiar with the appropriate quantitative tools used inaddressing real world economic issues.

  • Microeconomics 1 (ECON221)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims

    This module, in accordance with Microeconomics 2, aims to provide a solid foundation of intermediate level microeconomic theory. It develops and extends three of the topics introduced in Principles of Microeconomics, namely, Consumer Theory, Producer Theory and General Equilibrium. It prepares the students for the more advanced modules in the second and third year like Microeconomics 2 and Game Theory.

    Learning OutcomesStudents will be able to demonstrate a thorough understanding of the core concepts and models used in consumer theory, producer theory and general equilibrium and an ability to apply these to arange of markets and settings.

    ​Students will be able to think and apply themselves analytically to problems in the above-mentioned topics.

    ​Students will be able to gain problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.  

    ​Students will be able to have a critical perspective regarding the assumptions underlying microeconomics models.

  • Microeconomics 2 (ECON222)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting70:30
    Aims
  • This module, following on from with Microeconomics 1, aims to provide a solid foundation of intermediate level microeconomic theory. 

  • ​The module uses the theoretical foundations developed in the first semester and aims to extend the application of the skills acquired to more advanced topics such as welfare economics.

  • This module also aims to prepare students for the more advanced modules in the third year by introducing topics such as asymmetric information and game theory.

  • Learning OutcomesHave a thorough understanding of the core concepts and models used in Welfare Economics, Asymmetric Information, and Game Theory. 

    ​To prepare students to think and apply themselves to analyse a range of problems in the three areas mentioned above.

    ​To develop problem solving skills using verbal, diagrammatic and mathematical methods to problems in the above topics.  

    ​To deepen a critical perspective regarding the assumptions underlying microeconomics models.

  • Macroeconomics I (ECON223)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting60:40
    Aims

    To extend the study of macroeconomic theory to the intermediate level. To analyse the classical and Keynesian macroeconomic models, and their policy implications, in order to provide a context for subsequent developments in modern macroeconomics associated with monetarism, new classical and new Keynesian economics.

    Learning OutcomesUnderstand how employment, output, interest rate and the price level are determined in the classical model

    ​Understand the origin of economic growth in the short runand in the long run

    ​Understand the effects of fiscal and monetary policies in the IS-LM model

    ​Understand the effects of fiscal and monetary policiesunder different exchange-rate regimes

  • Macroeconomics II (ECON224)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    To further extend the study of macroeconomic theory at the intermediatelevel by analysing business-cycle fluctuations in closed and open economiesusing the real business cycle model and also the new Keynesian model that arebased on solid microfoundation

    Learning Outcomes

    Understand the microfoundation of modern macroeconomic models

    ​Explain the implications of macroeconomic disturbances and fiscalpolicies using the real business cycle model

    Contrast the different implications of monetary policies in thereal business cycle model and in the new Keynesian model.

    Analyse business cycles in the open economy.

Year Two Optional Modules

  • Mathematical Economics 2 (ECON211)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting80:20
    Aims
  • The aim of this module is to introduce students to the use of mathematical models in the study of Economics

  • ​To build on the material of Year 1 Mathemetics and Economics and deepen students'' knowledge of mathematical techniques involved in Microeconomics and game theory

  • ​To develop more advanced mathematical skills

  • To develop an ability to use models to solve economic problems​

  • Learning OutcomesRevise univariate calculus

    ​Introduce matrix algebra

    ​Acquire skills with multivariate calculus

    Study optimisation​

    ​Apply these skills to microeconomic problems

    ​Apply these skills to macroeconomic problems

  • Securities Markets (ECON241)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims
  • This module seeks to provide an understanding of

    the role of securities markets in the economy

  • ​their basic mechanics and technical features

  • ​the valuation of financial assets

  • ​the operational and allocative efficiency of the market.

  • Learning Outcomes appreciate the central role of securities markets in the economy.

    ​understand and apply appropriate economic theory to market organisation

    display an understanding of the usefulness of portfolio theory and the approaches to the valuation of financial assets.​

    ​read the financial press and appreciate issues relating to the study of the securities markets.

  • Alternative Perspectives in Economics (ECON250)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims

    This module aims to provide a historical and methodological basis for understanding modern economic theory.

    Learning Outcomes Analyse the philosophical basis for methodology




    ​Differentiate between and analyze the approach to subject matter adopted by the different schools of thought

    ​Demonstrate a knowledge of the context within which different strands of economic thought developed

    ​Evaluate different methodological approaches

  • Behavioural Economics (ECON251)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims
  • Introduce students to behavioural economics, its methods and its perspectives.
    • ​Provide an overview of some the main contributions which behavioural economics has made to economics as a social science.

    • ​Highlight areas where fundamental assumptions underlying economic theory have evolved in the light of behavioural economic research.

    • ​Raise awareness of related areas of development in economic theory.

    • ​Prepare students for the study of more technical modules in behavioural or experimental analysis.

  • Learning Outcomes

    ​Be prepared to independently study primary research contributions in Behavioural Economics

    Being prepared to engage in further study in related fieldssuch as behavioural finance and experimental economics

    ​Be able to critically evaluate the axioms on which mainstream economic approaches are based as well as the suggested alternatives.

  • Financial Management (ACFI204)
    Level2
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting100:0
    Aims

    The module aims to introduce students to the modern theory of finance and financial management. Theoretical concepts like the net present value, decision making under uncertainty, portfolio selection and the capital asset pricing model are introduced. These concepts serve as prerequisites for investment and financing decisions which are exemplified by an analysis of valuation of firms, capital structure decisions and dividend policy. More specifically, the topics covered are the value and capital budgeting, portfolio theory, models of security valuation, efficient markets, long-term financing, company dividend decisions, capital structure, and interactions of investment and financing decisions. In all cases contemporary examples will be used to make theory come to life.

    Learning OutcomesFacilitate understanding of the main themes of modern financial management

      ​Equip students with the tools and techniques of financial management

      ​Enable students to interpret and critically examine financial management issues and controversies

      ​Provide the necessary knowledge to allow students to progress to studying Business Finance in the third year

  • Mathematical Economics 2 (ECON211)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting80:20
    Aims
  • The aim of this module is to introduce students to the use of mathematical models in the study of Economics

  • ​To build on the material of Year 1 Mathemetics and Economics and deepen students'' knowledge of mathematical techniques involved in Microeconomics and game theory

  • ​To develop more advanced mathematical skills

  • To develop an ability to use models to solve economic problems​

  • Learning OutcomesRevise univariate calculus

    ​Introduce matrix algebra

    ​Acquire skills with multivariate calculus

    Study optimisation​

    ​Apply these skills to microeconomic problems

    ​Apply these skills to macroeconomic problems

  • Securities Markets (ECON241)
    Level2
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims
  • This module seeks to provide an understanding of

    the role of securities markets in the economy

  • ​their basic mechanics and technical features

  • ​the valuation of financial assets

  • ​the operational and allocative efficiency of the market.

  • Learning Outcomes appreciate the central role of securities markets in the economy.

    ​understand and apply appropriate economic theory to market organisation

    display an understanding of the usefulness of portfolio theory and the approaches to the valuation of financial assets.​

    ​read the financial press and appreciate issues relating to the study of the securities markets.

Programme Year Three

The third year of the programme is spent on placement. Students will complete a year-long graduate-level placement, which will provide them with valuable work experience and an opportunity to further enhance the skills and attributes sought after by top employers. Students may apply for UK-based placements, or seek overseas placements or a role at Suzhou Business Park, China.  Students will be visited at least twice by University staff whilst on placement and will complete placement-related assessments in May.

Year Three Compulsory Modules

  • Ulms Placement Year (ULMS299)
    Level2
    Credit level120
    SemesterWhole Session
    Exam:Coursework weighting0:100
    Aims
  • Providestudents with the knowledge, skills, business awareness and confidence thatwill enable them to succeed in the wider business world.

  • Providestudents with exposure to current management theory and practice in theprivate, public, large business and small business sectors.

  • Give students the opportunities to learn andpractice a range of intellectual, interpersonal and technical skills which arerelevant to business management​

  • Encourage creative thinking and provide studentswith the skills to adapt and respond positively to changing circumstances​

  • Heighten student’s ability to critique existingmanagement wisdom from a variety of perspectives​

  • Provide an understanding of the work basedexperience, for example: company management and organisational structure;competition and strategy; marketing and product portfolio; human resourcemanagement practices​

  • Enhance academic learning in the final year ofstudy​

  • Support students in their continuingprofessional development​

  • Learning Outcomes

      Students will gain experienceof a work-based environment, leading to an understanding of the obligations andduties that bind the staff in an organisation.

    Students will develop anunderstanding of the company in which the placement is completed, including itsorganisation, product portfolio and key competitors.

    Students will develop theability to link business theory to business practice, showing how theory caninform practice and how it has affected the student’s development throughoutthe placement.

        Students will develop project management skills, an ability to identify a detailed list of tasks,their timing and their duration, milestones in the project, and the developmentof contingencies for when things go wrong.

    Students will develop team-working and interpersonal skills. 

        Students will develop problem-solving and analytical skills, by applying the transferable skills thestudent has developed in their first two years at university to tasks facedthroughout the placement.

        Students will develop decision-making skills, showing how they can identify key criterion in adecision, balance the various criterion, and come to a practical plan of action.

    ​Students will develop presentation skills, showing how they can effectively communicate decisions,actions, and ideas to staff throughout the organisational structure.

    ​Students will develop time management skills.

Programme Year Four

Compulsory modules

Students following the Economics pathway may choose six of a range of applied Economics modules, enabling students to consider economic theory in relation to a range of relevant, contemporary areas.

Modules include:

  • Game Theoretical Approaches to Microeconomics
  • Advanced Macroeconomics
  • Business Finance
  • Finance and Markets
  • Advanced Microeconomics
  • Advanced Macroeconomics
  • Methods of Economic Investigation I and II Industrial Organisation
  • Economics of Developing Countries
  • Health Economics Competition and Regulation

Students on the Finance pathway must take Business Finance and Finance and Markets, plus four optional modules from a range which currently includes:

  • Behavioural Finance
  • Derivative Securities
  • Financial Economics
  • Methods of Economic Investigation I and II
  • Corporate Governance

Optional modules

All students study modules in Advanced Microeconomics and Advanced Macroeconomics. Those on the general pathway may choose six of a range of applied Economics modules, enabling students to consider economic theory in relation to a range of relevant, contemporary areas. The list of options currently available include:

  • Microeconometrics
  • Industrial Organisation
  • International Trade
  • Economics of Developing Countries
  • Health Economics
  • Competition and Regulation
  • Economics of Banking

Those on the Finance pathway study two advanced finance modules, and four specialist finance modules from a range which currently includes:

  • Microeconometrics
  • Auditing Theory and Practice 
  • Financial Statements Analysis 
  • Taxation Policy and Practice 
  • Corporate Governance 
  • Derivative Securities
  • The Euro and European Monetary Regulation

Year Four Compulsory Modules

  • Business Finance (ACFI304)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting80:20
    Aims

    To provide students with a fundamental understanding of the core theoretical and empirical aspects involved in corporate finance. The courses aim at building transferrable skills of students by concentrating on the fundamental theoretical and empirical principles.

    Learning Outcomes

    Understand the principles of bonds and stocks valuation.


    ​Assessment of the term structure of interest rates

    ​Develop understanding of emperical and theoretical aspects of capital budgeting under uncertainty, market efficiency

    ​Understand portfolio theory, asset pricing models (CAPM,APT), and portfolio management.

    ​Develop understanding of issues involved in Capital Structure and Dividend policy .

    ​Understand the principles and practices involved in leasing, mergers and acquisitions

    ​Understand the functions and valuation principle of options, futures, warrants and convertibles.

  • Advanced Microeconomics (ECON342)
    Level3
    Credit level15
    SemesterFirst Semester
    Exam:Coursework weighting70:30
    Aims

    This module aims to provide anunderstanding of the market failure resulting from asymmetric information. The course covers some of the canonical models of adverse selection and moral hazard focussing on the design of optimal contracts under informational asymmetries.
    Learning OutcomesSolvesimple economic models
    Understandunderlying assumptions

    ​Understandtheorems and key proofs

    Predictthe choices of economic agents​

  • Advanced Macroeconomics (ECON343)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting80:20
    Aims

    This module will build on the intermediate macroeconomics curriculum by developing some formal models in depth and widening the topics covered. The module will commence by considering the political economy perspective of macroeconomic processes. It will then proceed with an in-depth look at the Solow growth model, which will contain a full formal treatment. This will be followed by consideration of alternative views of the business cycle and lectures on the role of exchange rates and commodity prices.

    Learning Outcomes

    gained some proficiency in the use of formal modelling techniques.


     

    ​developed some perspective in judging the most common macroeconomic models against some alternative approaches

    ​able to discuss theoretical concepts in their political context.

  • Financial Risk Management (ACFI342)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    The module builds on the foundations of the existing finance modules and aims to give students a solid grounding in terms of understanding the recent global financial crisis and a wide range of risk management tools available to financial managers. Particular emphasis is placed on the issue of risk measurement. The following types of risk will be analysed extensively:
    1. Interest rate risk
    2. Market risk
    3. Credit risk
    4. Liquidity risk
    5. Capital adequacy
    6. Sovereign risk

    The class is run as a discussion based forum.

    Learning Outcomes

    ​Students will be able to understand how risk management contributes to value creation

    ​​Students will be able to understand how the global market for credit operates

    ​Students will be able to explain the causes of the recent global credit crisis

    ​Students will be able to overview the risks facing a modern corporation

    ​Students will be able to analyse the effects of interest rate volatility on risk exposure

    ​Students will be able to examine market risk, which results when companies actively trade bonds, equities and other securities

    ​Students will be able to examine how credit risk adversely impacts a financial institution’s profits

    ​Students will be able to analyse the problems created by liquidity risk

    ​Students will be able to become familiar with the concept of capital adequacy and also with the Basel Accords

    ​Students will be able to examine several aspects of sovereign lending and the underlying risks

Year Four Optional Modules

  • Behavioural Finance (ACFI311)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims
  • Provide students with knowledge and understanding of theoretical and empirical limitations of and challenges to the efficient markets hypothesis
    • ​Present the psychological foundations of Behavioural Finance and how they impact upon investors’ rationality and arbitrage

    • ​Provide the opportunity for students to critically evaluate behaviourally induced market puzzles

    • ​Present key behavioural trading patterns from a theoretical perspective and outline their empirical design

  • Learning Outcomes

    ​Possess a good command of the key theoretical and empirical literature in behavioural finance

    ​Have practiced skills of problem-solving and critical thinking

    ​Be familiar with the main implications (theoretical and empirical) of Behavioural Finance findings

    ​Construct and present critical evaluations of key academic papers in Behavioural Finance

    Development of key skills in terms of writtencommunication (e.g. by completing formative class questions and assignment;through a summative assignment and examination)​

    Developmentof key skills in oral presentation (e.g. through group work)

    ​Development of key skills in terms of classparticipation

    ​Development of key skills in terms of planning &time-management (e.g. preparing for classes; observing assignment deadlines),problem-solving, critical thinking & analysis, numeracy (e.g. by applyingtheir extant quantitative knowledge in understanding behavioural financeissues) and initiative (e.g. searching relevant literature and information inpreparation of seminars and summative assignment)

  • The Economics of Developing Countries (ECON306)
    Level3
    Credit level15
    SemesterSecond Semester
    Exam:Coursework weighting100:0
    Aims

    This module aims to introduce students to the theoretical perspectives andempirical debates within development economics and impart an in-depthappreciation of the issues related to economic development and its determinantsin less developed countries.

    Learning OutcomesTo understand the nature and determinants of economic development in the LDCs;

      To recognise both the strengths andlimitations of various alternative models of the development process

      To understand the determinants ofeconomic welfare in LDCs

      ​To recognise the implications fordeveloping countries of international exchange, trade liberalisation andglobalisation

      To appreciate the relationships betweenglobalisation and economic performance in low and middle income economies

      To critically evaluate the roles,achievements and failures of various international policy initiatives in thecontext of developing country measured economic performance and domesticeconomic welfare.

    • Methods of Economic Investigation 1: Time Series Econometrics (ECON311)
      Level3
      Credit level15
      SemesterSecond Semester
      Exam:Coursework weighting80:20
      Aims

      Theaim of this module is to give students an understanding of econometric timeseries methodology. The module will build upon the materials of ECON212 BasicEconometrics. Important extensions include volatility models of financial timeseries and multivariate (multiple equations) models such as vector errorcorrection and related cointegrating error correction models.

      Learning OutcomesSpecify and demonstratethe distributional characteristics of a range of time series models

      ​Estimate appropriate models for financial andeconomic time series for the purposes of forecasting andinference

      Understand a range ofunivariate and multivariate models of financial and economic time series processes.

      ​Applyunivariate and multivariate model selection and evaluation methods

      Understand theimplications of conditional heteroskedasticity, unit roots and    cointegration in economic andfinancial time series analysis

    • Methods of Economic Investigation 2: Microeconometrics (ECON312)
      Level3
      Credit level15
      SemesterFirst Semester
      Exam:Coursework weighting100:0
      Aims

      The module is designed to give students an introduction to the key advanced techniques in microeconometrics, building on second year work in econometrics. The module will develop applied research skills, including the ability to collect and analyse data using appropriate econometric techniques and bespoke software. The module will equip students for study at leading graduate schools of Economics and for work as professional economists/business analysts.

      Learning OutcomesExplain the nature of and rationale for key techniques in microeconometrics

        Select and apply key microeconometrics techniques using appropriate econometric software

        ​Interpret and appraise econometric results arising from the application of key microeconometric techniques

        ​Conduct independent applied economic research

    • Game Theoretical Approaches to Microeconomics (ECON322)
      Level3
      Credit level15
      SemesterFirst Semester
      Exam:Coursework weighting75:25
      Aims

      The objective of the module is to provide an introduction to game theory. This is the study of strategic interactions ie situations where outcomes depend not only on our own actions but also how others react to our actions. This module complements those in core macro and microeconomics and offers more insight into strategic decisions and competetive behaviour in general.

      Learning Outcomes

      ​Explain game theoretical concepts

      Conduct advanced microeconomic analysis by formulating a game and its associated solution concepts and deriving solutions to games​

      ​Apply games in a range of economic, business and social contexts

      ​Explain the importance of game theoretic approaches in economic analysis

    • International Political Economy (ECON325)
      Level3
      Credit level15
      SemesterFirst Semester
      Exam:Coursework weighting50:50
      AimsThis module aims to familiarise students with rational choice and public choice theories and arguments, and with their applications in open economies and international political economy; theoretical concepts such as the Coase theorem, the Arrow impossibility theorem, and economic populism; key concepts of the New Institutional Economics and related applications to the theory of the firm; a modern economics’ view of globalisation; and the application of international political economy concepts to Latin America.

      The module also aims to deepen students'' understanding and awareness of the meaning and importance of national cultures, the relationship between rent seeking and protectionism; corruption; essential aspects of multinational corporations, foreign direct investment, and regulation; specific characteristics of the Argentine and Mexican economic policies and institutions and Chilean ‘exceptionalism’; and the possibility of applying ideas developed in this module to other geographical, national, regional and historical contexts.




      Learning OutcomesStudents will understand the concepts of rational choice and public choice in order to study aspects of a globalised world, which is in key respects different from that of elementary textbook models


      ​Students will gain a deep understanding of international business and the international political economy, in a way compatible with rigorous approaches to economic analysis

      ​Students will become familiar with theoretical concepts from rational choice and public choice theories, with emphasis on theories and models which apply to open economies in a context of globalisation

      ​Students will be able to apply these theoretical concepts in order to study some aspects of the political economy of international business.

      ​Students will be able to apply theoretical concepts to a Latin American case study.

      ​Students will be able to produce and deliver a coherent presentation.

    • Health Economics (ECON326)
      Level3
      Credit level15
      SemesterSecond Semester
      Exam:Coursework weighting80:20
      Aims

      The aim of this module is to introduce third year economics students to the basic principles and tools of health economics. The module aims to show how the health care system differs from the economic textbook model of perfectly competitive markets. It will offer an overview of the issues of demand and supply for health care, supplier-induced demand, equity and inequality, health care financing and health insurance. It will emphasize the use of economic evaluation for assessing health care interventions as a way of making informed decisions in terms of costs and benefits.

      Learning OutcomesStudents will be able to recognize the main characteristics and important questions addressed in the health care market

      ​Students will be able to understand the main characteristics and differences of the type of studies used in economic evaluation

      ​Students will be able to examine economic evaluation papers and be able to identify and assess the main strengths and weaknesses of published studies

      ​Students will be able to understand the theoretical foundations of health economics

      ​Students will be able to understand the role of health economics in Health Technology Assessment

      ​Students will be able to assess the value of health economics in informing resource allocation decisions in both advanced and resource poor settings

    • Industrial Organisation (ECON333)
      Level3
      Credit level15
      SemesterFirst Semester
      Exam:Coursework weighting50:50
      Aims

      To apply the tools of microeconomics to the analysis of firms, markets and industries in order to understand the nature and consequences of the process of competition. These tools will also be applied to the evaluation of relevant government policy.  This will extend knowledge and skills of microeconomic analysis by covering recent advances in theory as well as empirical analysis of relevant microeconomic topics.

      Learning OutcomesStudents will be able to use economic principles, concepts and techniques to discuss and analyse government policy and economic performance with reference to standard frameworks in Industrial Organisation.

      ​Students will be able to apply standard frameworks, including verbal, graphical, mathematical and statistical representations of economic concepts and models, to explain and evaluate the effects of a range of competitive behaviours by firms and how they are influenced by economic incentives.

      ​Students will be able to analyse current issues and problems in business and industry.

      ​Students will be able to compare, contrast and critically evaluate alternative schools of thought in Industrial Organisation with reference to empirical evidence.

      ​Students will be able to conduct competent applied economic research by locating, selecting and analysing information relevant to the study of Industrial Organisation.


    • ​Students will be able to communicate effectively in writing and in accordance with a report specification

    • International Trade (ECON335)
      Level3
      Credit level15
      SemesterFirst Semester
      Exam:Coursework weighting85:15
      Aims

      To develop an appreciation and understanding of basic principles determining the observed patterns of trade in the increasingly globalised world economy.

      Learning Outcomes

      After successful completion of this module, students will be able to:

      understand the role of both absolute and comparative advantage in explaining observed patterns of trade in the global economy

      ​recognise both the strengths and limitations of the basic Ricardian approach

      ​understand the determinants of the terms of trade, in both theory and practice

      ​recognise the implications of the observed behaviour of the terms of trade for both developed and less developed economies

      appreciate the relationships between globalisation, economic performance ​

      critically evaluate the roles, achievements and failures of various international institutions in the context of international economic performance ​

    • Competition and Regulation (ECON337)
      Level3
      Credit level15
      SemesterSecond Semester
      Exam:Coursework weighting60:40
      Aims

      To apply the tools of microeconomics to the analysis of firms, markets, consumers and regulators in order to understand the nature and consequences of the process of competition and regulation. These tools will also be applied to the evaluation of competition and government policy.  This will extend knowledge and skills of microeconomic analysis by covering recent advances in theory as well as empirical analysis of relevant microeconomic topics.

      Learning OutcomesUse economic principles, concepts and techniques to discuss and analyse:

        -          the power and limitations of competition as a force for market regulation;

        -          government policy to regulate market power to protect firms, consumers and employees.

        Apply standard frameworks, including verbal, graphical, mathematical and statistical representations of economic concepts and models, to explain and evaluate the effects of a range of behaviours by firms and regulators and how they are influenced by economic incentives.​

        ​Identify and analyse current issues and problems in regulation and propose solutions.

        ​Compare, contrast and critically evaluate regulation of different industries and market failures.

        ​Communicate effectively orally and in writing and in accordance with project specifications

        ​Conduct independent research in applied economics

        ​Deliver a professional quality formal presentation by exhibiting: clarity and appropriate pace; logical structure; credibility; effective use of visual aids/technology

        ​Identify problems

        ​Analyse problems

        ​Offer viable solutions

        ​Use economic principles, concepts and techniques to discuss and analyse government policy and economic performance.

      • Law and Economics (ECON360)
        Level3
        Credit level15
        SemesterFirst Semester
        Exam:Coursework weighting60:40
        Aims

        This course does not require prior knowledge of the law, nor is itsobjective to teach students about the law. The main objective is to showstudents how they can apply the tools of economic analysis to understand thebasic structure and function of the law. The course focuses on the core commonlaw areas of torts, contracts, and property, along with a discussion of thelitigation process, the economics of crime, and antitrust law

        Learning Outcomes

        Students will be able to understand the use of economics to analyse the law

        ​Students will be able to understand the importance of the law in economics

        ​Students will be able to understand the use of model in law and economics

        ​Students will be able to develop the ability to do a positive analysis of liability rules

      • Economic Growth and Innovation (ECON363)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting100:0
        Aims

        This module will cover selectedtopics in economic growth and innovation. It will build on the intermediatemacroeconomics curriculum by developing some formal models of economic growth.The module will give students a firm appreciation of modern developments in thetheory of economic growth and of the strengths and limitations of these andolder models.  Students will gain anunderstanding of a range of more complex influences on growth.  Students will gain an insight into a range ofpolicy approaches governments might take to improve growth.


        Learning Outcomes

        After taking this module, you should have gained some proficiency in the use of dynamic general equilibrium models.

        You should also be able to discuss theoretical models of economicgrowth and their policy implications.

      • Derivative Securities (ACFI310)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting100:0
        Aims

        This courseprovides an introduction to derivative securities.  Alternative derivative securities likeForwards, Futures, Options, and Exotic Derivative Contracts will bediscussed.  This incorporates detailingthe properties of these securities. Furthermore, a key aim is to outline how these assets are valued.  Also the course demonstrates the use ofderivatives in arbitrage, hedging and speculation. Finally, practicalapplications of derivatives and potential pitfalls are discussed.

         

        The class is runas a discussion based forum and students are expected to read all necessarymaterials prior to each session.

         

        Learning Outcomes

         Describe the principles of option pricing.

        Compare and contrast alternative fair valuation techniques for pricing derivative instruments.

        ​Explain the biases in option pricing models.

        ​Apply an appropriate pricing model to a variety of contingent claim securities.

        Recognize the trading strategy appropriate to expected future market conditions.

        Derive and apply evolving models of derivative options to effectively manage risk transfer and assess their behaviour in the face of volatile financial and economic conditions.

      • Behavioural Finance (ACFI311)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting100:0
        Aims
      • Provide students with knowledge and understanding of theoretical and empirical limitations of and challenges to the efficient markets hypothesis
        • ​Present the psychological foundations of Behavioural Finance and how they impact upon investors’ rationality and arbitrage

        • ​Provide the opportunity for students to critically evaluate behaviourally induced market puzzles

        • ​Present key behavioural trading patterns from a theoretical perspective and outline their empirical design

      • Learning Outcomes

        ​Possess a good command of the key theoretical and empirical literature in behavioural finance

        ​Have practiced skills of problem-solving and critical thinking

        ​Be familiar with the main implications (theoretical and empirical) of Behavioural Finance findings

        ​Construct and present critical evaluations of key academic papers in Behavioural Finance

        Development of key skills in terms of writtencommunication (e.g. by completing formative class questions and assignment;through a summative assignment and examination)​

        Developmentof key skills in oral presentation (e.g. through group work)

        ​Development of key skills in terms of classparticipation

        ​Development of key skills in terms of planning &time-management (e.g. preparing for classes; observing assignment deadlines),problem-solving, critical thinking & analysis, numeracy (e.g. by applyingtheir extant quantitative knowledge in understanding behavioural financeissues) and initiative (e.g. searching relevant literature and information inpreparation of seminars and summative assignment)

      • Corporate Governance (ACFI320)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting50:50
        Aims
      • The module aims to provide students with an understanding of the history and development of corporate governance and the key principles and systems that underpin corporate governance today.

      • ​It also provides the opportunity to assess the practical application of corporate governance systems across major international organisations.

      • Learning Outcomes

        ​understand the key principles within corporate governance frameworks, with specific reference to the UK Corporate Governance Code;

        ​be able to critically analyse and discuss the corporate governance arrangements for several types of organisation.

      • Capital Markets (ACFI321)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting70:30
        Aims

        Capital Markets provides a comprehensive introduction to the workings of modern financial systems, the efficiency of money markets and the role of investment bankers, illustrating how they impact our financial system. By drawing on numerous theoretical and practical examples from real-world case studies, this module aims at introducing the basic concepts of the banking, finance, investment, business studies, economics and financial service sector to the third year undergraduate students.

        Learning Outcomes

        Traditional capital markets might be described simply as the meeting place where providers and users of capital interact through the medium of money or its proxies.  Today’s capital markets in Europe and America continue with the above basic function and have become increasingly more sophisticated to serve the needs of an array of specialized investment  sources including private equity funds, hedge funds, sovereign wealth funds.  Meeting these specialized needs has entailed the rapid development of new financial products and resulted in highly-rewarding new roles for finance industry professionals.  To aid in the analysis and sale of these new products, computers handle vast databases of market data while accompanying analytics support decision-making in a financial world approaching information overload.  

        The course objective is to present the current capital markets with a blend of the theoretical with the practical.  Our examination will extend beyond the traditional financial products, equity and debt instruments, to recent innovations. Until the summer of 2007, capital markets had experienced spectacular growth via a proliferation of new products.  In keeping with classic economic theory, the investment rewards of products such as securitization were inevitably accompanied by risks as recent events brought to light.  New products like asset-backed securities and Electronic Traded Funds will be reviewed and identified by investor profile and investment rationale.  

        The context in which our course develops will be the dramatic events unfolding from mid-2007 to the present.  The conceptual bases and investment metrics employed by market participants will be examined in depth.  Theories of risk v. return and those for interest rates will be reviewed.  Data sources, key market indexes and investment performance measures will be identified.  The common analytical techniques will be discussed along with the role of equity analysts and also that of major credit rating agencies. 

      • The Economics of Developing Countries (ECON306)
        Level3
        Credit level15
        SemesterSecond Semester
        Exam:Coursework weighting100:0
        Aims

        This module aims to introduce students to the theoretical perspectives andempirical debates within development economics and impart an in-depthappreciation of the issues related to economic development and its determinantsin less developed countries.

        Learning OutcomesTo understand the nature and determinants of economic development in the LDCs;

          To recognise both the strengths andlimitations of various alternative models of the development process

          To understand the determinants ofeconomic welfare in LDCs

          ​To recognise the implications fordeveloping countries of international exchange, trade liberalisation andglobalisation

          To appreciate the relationships betweenglobalisation and economic performance in low and middle income economies

          To critically evaluate the roles,achievements and failures of various international policy initiatives in thecontext of developing country measured economic performance and domesticeconomic welfare.

        • Methods of Economic Investigation 1: Time Series Econometrics (ECON311)
          Level3
          Credit level15
          SemesterSecond Semester
          Exam:Coursework weighting80:20
          Aims

          Theaim of this module is to give students an understanding of econometric timeseries methodology. The module will build upon the materials of ECON212 BasicEconometrics. Important extensions include volatility models of financial timeseries and multivariate (multiple equations) models such as vector errorcorrection and related cointegrating error correction models.

          Learning OutcomesSpecify and demonstratethe distributional characteristics of a range of time series models

          ​Estimate appropriate models for financial andeconomic time series for the purposes of forecasting andinference

          Understand a range ofunivariate and multivariate models of financial and economic time series processes.

          ​Applyunivariate and multivariate model selection and evaluation methods

          Understand theimplications of conditional heteroskedasticity, unit roots and    cointegration in economic andfinancial time series analysis

        • Methods of Economic Investigation 2: Microeconometrics (ECON312)
          Level3
          Credit level15
          SemesterFirst Semester
          Exam:Coursework weighting100:0
          Aims

          The module is designed to give students an introduction to the key advanced techniques in microeconometrics, building on second year work in econometrics. The module will develop applied research skills, including the ability to collect and analyse data using appropriate econometric techniques and bespoke software. The module will equip students for study at leading graduate schools of Economics and for work as professional economists/business analysts.

          Learning OutcomesExplain the nature of and rationale for key techniques in microeconometrics

            Select and apply key microeconometrics techniques using appropriate econometric software

            ​Interpret and appraise econometric results arising from the application of key microeconometric techniques

            ​Conduct independent applied economic research

        • Game Theoretical Approaches to Microeconomics (ECON322)
          Level3
          Credit level15
          SemesterFirst Semester
          Exam:Coursework weighting75:25
          Aims

          The objective of the module is to provide an introduction to game theory. This is the study of strategic interactions ie situations where outcomes depend not only on our own actions but also how others react to our actions. This module complements those in core macro and microeconomics and offers more insight into strategic decisions and competetive behaviour in general.

          Learning Outcomes

          ​Explain game theoretical concepts

          Conduct advanced microeconomic analysis by formulating a game and its associated solution concepts and deriving solutions to games​

          ​Apply games in a range of economic, business and social contexts

          ​Explain the importance of game theoretic approaches in economic analysis

        • International Political Economy (ECON325)
          Level3
          Credit level15
          SemesterFirst Semester
          Exam:Coursework weighting50:50
          AimsThis module aims to familiarise students with rational choice and public choice theories and arguments, and with their applications in open economies and international political economy; theoretical concepts such as the Coase theorem, the Arrow impossibility theorem, and economic populism; key concepts of the New Institutional Economics and related applications to the theory of the firm; a modern economics’ view of globalisation; and the application of international political economy concepts to Latin America.

          The module also aims to deepen students'' understanding and awareness of the meaning and importance of national cultures, the relationship between rent seeking and protectionism; corruption; essential aspects of multinational corporations, foreign direct investment, and regulation; specific characteristics of the Argentine and Mexican economic policies and institutions and Chilean ‘exceptionalism’; and the possibility of applying ideas developed in this module to other geographical, national, regional and historical contexts.




          Learning OutcomesStudents will understand the concepts of rational choice and public choice in order to study aspects of a globalised world, which is in key respects different from that of elementary textbook models


          ​Students will gain a deep understanding of international business and the international political economy, in a way compatible with rigorous approaches to economic analysis

          ​Students will become familiar with theoretical concepts from rational choice and public choice theories, with emphasis on theories and models which apply to open economies in a context of globalisation

          ​Students will be able to apply these theoretical concepts in order to study some aspects of the political economy of international business.

          ​Students will be able to apply theoretical concepts to a Latin American case study.

          ​Students will be able to produce and deliver a coherent presentation.

        • Health Economics (ECON326)
          Level3
          Credit level15
          SemesterSecond Semester
          Exam:Coursework weighting80:20
          Aims

          The aim of this module is to introduce third year economics students to the basic principles and tools of health economics. The module aims to show how the health care system differs from the economic textbook model of perfectly competitive markets. It will offer an overview of the issues of demand and supply for health care, supplier-induced demand, equity and inequality, health care financing and health insurance. It will emphasize the use of economic evaluation for assessing health care interventions as a way of making informed decisions in terms of costs and benefits.

          Learning OutcomesStudents will be able to recognize the main characteristics and important questions addressed in the health care market

          ​Students will be able to understand the main characteristics and differences of the type of studies used in economic evaluation

          ​Students will be able to examine economic evaluation papers and be able to identify and assess the main strengths and weaknesses of published studies

          ​Students will be able to understand the theoretical foundations of health economics

          ​Students will be able to understand the role of health economics in Health Technology Assessment

          ​Students will be able to assess the value of health economics in informing resource allocation decisions in both advanced and resource poor settings

        • Industrial Organisation (ECON333)
          Level3
          Credit level15
          SemesterFirst Semester
          Exam:Coursework weighting50:50
          Aims

          To apply the tools of microeconomics to the analysis of firms, markets and industries in order to understand the nature and consequences of the process of competition. These tools will also be applied to the evaluation of relevant government policy.  This will extend knowledge and skills of microeconomic analysis by covering recent advances in theory as well as empirical analysis of relevant microeconomic topics.

          Learning OutcomesStudents will be able to use economic principles, concepts and techniques to discuss and analyse government policy and economic performance with reference to standard frameworks in Industrial Organisation.

          ​Students will be able to apply standard frameworks, including verbal, graphical, mathematical and statistical representations of economic concepts and models, to explain and evaluate the effects of a range of competitive behaviours by firms and how they are influenced by economic incentives.

          ​Students will be able to analyse current issues and problems in business and industry.

          ​Students will be able to compare, contrast and critically evaluate alternative schools of thought in Industrial Organisation with reference to empirical evidence.

          ​Students will be able to conduct competent applied economic research by locating, selecting and analysing information relevant to the study of Industrial Organisation.


        • ​Students will be able to communicate effectively in writing and in accordance with a report specification

        • International Trade (ECON335)
          Level3
          Credit level15
          SemesterFirst Semester
          Exam:Coursework weighting85:15
          Aims

          To develop an appreciation and understanding of basic principles determining the observed patterns of trade in the increasingly globalised world economy.

          Learning Outcomes

          After successful completion of this module, students will be able to:

          understand the role of both absolute and comparative advantage in explaining observed patterns of trade in the global economy

          ​recognise both the strengths and limitations of the basic Ricardian approach

          ​understand the determinants of the terms of trade, in both theory and practice

          ​recognise the implications of the observed behaviour of the terms of trade for both developed and less developed economies

          appreciate the relationships between globalisation, economic performance ​

          critically evaluate the roles, achievements and failures of various international institutions in the context of international economic performance ​

        • Competition and Regulation (ECON337)
          Level3
          Credit level15
          SemesterSecond Semester
          Exam:Coursework weighting60:40
          Aims

          To apply the tools of microeconomics to the analysis of firms, markets, consumers and regulators in order to understand the nature and consequences of the process of competition and regulation. These tools will also be applied to the evaluation of competition and government policy.  This will extend knowledge and skills of microeconomic analysis by covering recent advances in theory as well as empirical analysis of relevant microeconomic topics.

          Learning OutcomesUse economic principles, concepts and techniques to discuss and analyse:

            -          the power and limitations of competition as a force for market regulation;

            -          government policy to regulate market power to protect firms, consumers and employees.

            Apply standard frameworks, including verbal, graphical, mathematical and statistical representations of economic concepts and models, to explain and evaluate the effects of a range of behaviours by firms and regulators and how they are influenced by economic incentives.​

            ​Identify and analyse current issues and problems in regulation and propose solutions.

            ​Compare, contrast and critically evaluate regulation of different industries and market failures.

            ​Communicate effectively orally and in writing and in accordance with project specifications

            ​Conduct independent research in applied economics

            ​Deliver a professional quality formal presentation by exhibiting: clarity and appropriate pace; logical structure; credibility; effective use of visual aids/technology

            ​Identify problems

            ​Analyse problems

            ​Offer viable solutions

            ​Use economic principles, concepts and techniques to discuss and analyse government policy and economic performance.

          • Law and Economics (ECON360)
            Level3
            Credit level15
            SemesterFirst Semester
            Exam:Coursework weighting60:40
            Aims

            This course does not require prior knowledge of the law, nor is itsobjective to teach students about the law. The main objective is to showstudents how they can apply the tools of economic analysis to understand thebasic structure and function of the law. The course focuses on the core commonlaw areas of torts, contracts, and property, along with a discussion of thelitigation process, the economics of crime, and antitrust law

            Learning Outcomes

            Students will be able to understand the use of economics to analyse the law

            ​Students will be able to understand the importance of the law in economics

            ​Students will be able to understand the use of model in law and economics

            ​Students will be able to develop the ability to do a positive analysis of liability rules

          • Economic Growth and Innovation (ECON363)
            Level3
            Credit level15
            SemesterSecond Semester
            Exam:Coursework weighting100:0
            Aims

            This module will cover selectedtopics in economic growth and innovation. It will build on the intermediatemacroeconomics curriculum by developing some formal models of economic growth.The module will give students a firm appreciation of modern developments in thetheory of economic growth and of the strengths and limitations of these andolder models.  Students will gain anunderstanding of a range of more complex influences on growth.  Students will gain an insight into a range ofpolicy approaches governments might take to improve growth.


            Learning Outcomes

            After taking this module, you should have gained some proficiency in the use of dynamic general equilibrium models.

            You should also be able to discuss theoretical models of economicgrowth and their policy implications.

          • Financial Crises and Defaults (ECON309)
            Level3
            Credit level15
            SemesterFirst Semester
            Exam:Coursework weighting100:0
            Aims

            This module aims to provide students with afundamental understanding of the core theoretical and empirical aspectsinvolved in financial crises and defaults. In particular, the aims are thatstudents will be able to:

            1. Become familiar with a rangeof mathematical techniques commonly employed in finance with particularemphasis on sovereign debt valuation.

            2. Develop an understanding ofthe main factors behind financial crises and sovereign defaults.

            3. Become familiar with a range of econometric techniques andmodels commonly used in order to assess whether asset prices become mispriced(that is, overvalued or undervalued) prior, during and after financial crises.

            4. Become aware that all econometric models, which are dependenton a set of underlying assumptions such as a linear versus a non-linearspecification or the conditioning information set (in terms of defining theso-called ‘control’ variables), have limitations in the sense that the answerto a particular problem might change once the underlying assumptions change.

            Learning Outcomes

            ​Students will be able to understand the principles of sovereign debt evaluation.

            ​Students will be able to understand how credit-rating agencies assign credit-rating scores to sovereign bonds.

            ​Students will be able to ​develop a deep understanding of the main economic and financial factors that trigger financial crises and sovereign defaults.

            ​Students will be able to develop the ability to analyse and evaluate economic data in order to empirically assess (using econmetric software EVIEWS) whether excessive debt levels impact negatively on economic growth.

            ​Students will be able to develop the ability to analyse and evaluate economic and financial data in order to empirically assess (using the econometric software EVIEWS) whether asset prices are mispriced prior, during and after financial crises.

          • Quantitative Financial Economics (ECON308)
            Level3
            Credit level15
            SemesterFirst Semester
            Exam:Coursework weighting100:0
            Aims

            This module provides a thorough overview of financial economics, starting from the decision-making under uncertainty and applying these concepts to optimal portfolio choice by the consumer, optimal investment by the firm, pricing contingent claims, term structure of interest rates and real option analysis.  In addition to standard asset pricing models, the efficient capital markets theory will be extensively  covered.

            Learning Outcomes

            Students will be able to understand the role of capital markets

            ​Students will be able to use capital budgeting techniques

            ​Students will be able tounderstand and measure risk aversion

            ​Students will be able to calculate the optimal portfolio between two risky assets

            Students will be able to forecast asset return and volatility based on historical data

            ​Students will be able to forecast asset return and volatility based on historical data

            ​Students will be able tounderstand and use futures and forward contracts

            ​Students will be able tounderstand and be able to use options

          • Issues in Development Finance (ECON307)
            Level3
            Credit level15
            SemesterFirst Semester
            Exam:Coursework weighting100:0
            Aims

            ​This module will provide an advanced, albeit non-technical, critical understanding for students with a variety of academic backgrounds of the issues and developments in the area of finance for development.  This will include, for example, the impact of overseas development assistance (foreign aid) and foreign direct investment upon development, the role played by the IMF and World Bank and recent developments in the areas of microfinance and Islamic Finance.

            Learning Outcomes

            Students will be able to understand the fundamental principles andconcepts of finance and their application and relevance in the context ofdevelopment and development finance​.

            ​Students will be able to develop a deeper understanding of the financial problems and constraints faced by countries embarking on economic development.

            ​Students will be able to evaluate the impact of different sources of finance such as foreign aid, FDI and microfinance.

          • Macroeconomics After the Financial Crises (ECON364)
            Level3
            Credit level15
            SemesterFirst Semester
            Exam:Coursework weighting0:100
            Aims

            This module aims to equip students with the knowledge of how the economy has changed since the financial crises and what this means for business and policy environment.The module also aims to provide students with a critical appreciation of what the main policy responses by different countries were during the crisis and in its aftermath and what policy options, new and old, are available and most appropriate for countries both individually and cooperatively to adopt.  

            Learning Outcomes

            ​Students will be able to critically analyse contemporary macroeconomic issues.

            ​Students will be able to understand how the crises have reshaped our thinking of macroeconomic policies.

            ​Students will be able to understand and explain the role of macroprudential policies, monetary policy, fiscal policy and financial regulation.

            ​Students will be able to understand and explain the roles played by exchange rate systems and capital accounts of countries.

            ​Students will be able to conduct competent independent research in Economics and embody it in an appropriate paper.

            ​Students will be able to partake in informed critical discussions of the policy environment based on an analysis of journal articles and other readings.

          • Football Financial Reporting, Analysis and Valuation (ACFI322)
            Level3
            Credit level15
            SemesterSecond Semester
            Exam:Coursework weighting50:50
            Aims

            ​This module aims to give students to develop an understanding of how financial transactions have an impact on football clubs, and the integration of finance into the success or otherwise of clubs.

            The module will attract students with an interest in the sport and provide them with an insight into how financial metrics in relation to clubs can be produced, and the valuation techniques used by investors when buying and selling clubs.

            Learning Outcomes

            Students will be able to explain the contribution and inherent limitations of financial statements, apply the International Accounting Standards Board''s (IASB) conceptual framework for financial reporting in relation to incorporated football clubs.

            Students will be able to prepare and present financial statements from business transactions for football clubs in corporate forms, in conformity with International Financial Reporting Standards (IFRS) and explain the application of IFRS to specified scenarios.

            Students will be able to measure the value of a football club using appropriate valuation methods.

            ​Students will be able to understand and apply football financial fair play rules, and the ethical responsibilities of clubs in adhering to these rules. 

          The programme detail and modules listed are illustrative only and subject to change.


          Teaching and Learning

          The principal forms of teaching are lectures and seminars. Lectures will normally be supported by material such as hand-outs and computer based presentations. Seminars give the opportunity for detailed discussion of a topic under the direction of a tutor.

          You are normally expected to prepare work in advance for seminars and may be expected to present work or give presentations from time to time. On some modules, such as quantitative techniques and IT, seminars may take the form of practical sessions using computers.

          All our degrees depend on you spending a good part of the week in private or group study in preparation for lectures and seminars. This involves making extensive use of the excellent library and IT facilities, just one minute’s walk away from the Management School.


          Assessment

          You will be assessed through a combination of coursework and examinations. The exact weighting will vary from one module to another. As well as individual assignments and exams, you may also be assessed on group reports and presentations.