Students
AFIN875 – Investing in Emerging Markets
2016 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Mehdi Sadeghi
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|---|---|
| Credit points |
Credit points
4
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| Prerequisites |
Prerequisites
ACST603 or AFIN818
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit begins with an examination of the characteristics of emerging financial markets. The unit then has two parts. The focus of the first part is on portfolio investment management. The focus of the second part is on direct investment in new projects. The geographic focus is in Asian countries.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
- 2. Explore the menu of investment opportunities, such as portfolio investment, FDI, and investment in a project in emerging markets.
- 3. Analyse systematic risk and alternative CAPM for emerging financial markets.
- 4. Review financial liberalisation and contagious effects of financial crisis in emerging markets .
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
General Assessment Information
It is the responsibility of students to view their marks for each within session assessment on iLearn within 20 working days of posting. If there are any discrepancies, students must contact the unit convenor immediately. Failure to do so will mean that queries received after the release of final results regarding assessment marks (not including the final exam mark) will not be addressed.
- Assessment criteria for all assessment tasks will be provided on the unit iLearn site.
Self-Assessment test.
A self-assessment tempelate will be posted on ilearn in week three to provide students with feedback before the census date.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| In-Class Test | 25% | Week 7 |
| Case Study | 20% | Thought semester |
| Final Exam | 55% | Final Exam Period |
In-Class Test
Due: Week 7
Weighting: 25%
The 90-minute class test is designed to help you consolidate your understanding of core concepts through Multiple Choice questions. This test will cover topics from the first 6 weeks of lectures and the associated reading materials. You are expected to present yourself for the test in Lecture 7 at the enrolled time and place of your normal lecture. No extensions will be granted. Students who have not attended for the class test on due date will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
On successful completion you will be able to:
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
- 2. Explore the menu of investment opportunities, such as portfolio investment, FDI, and investment in a project in emerging markets.
- 3. Analyse systematic risk and alternative CAPM for emerging financial markets.
- 4. Review financial liberalisation and contagious effects of financial crisis in emerging markets .
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
Case Study
Due: Thought semester
Weighting: 20%
Project finance case study is a weekly group presentation exercise. This study provide students with an opportunity to systematically look at project financing events in emerging markets by collecting data, analysing information, and report the findings. Each student’s group is expected to present a case before the class and submit a hard copy of their written report after their presentation. A soft copy of their report must also be uploaded on ilearn, immediately before or after their presentation. A list of cases with a short description will be distributed to the class in the first week and students can select the one that they prefer (on the first come first serve basis).
No extensions will be granted. Students who have not presented their case on due date will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
50% of the marks is allocated to individual students’ performance during their presentation before the class.
On successful completion you will be able to:
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
- 3. Analyse systematic risk and alternative CAPM for emerging financial markets.
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
Final Exam
Due: Final Exam Period
Weighting: 55%
The final examination for this unit will be held during the University Examination Period. The exam will cover all of the topics in the syllabus, and will be a closed book exam. Students who have not sat for the final exam will be awarded a mark of 0 for the task, except for cases in which an application for special consideration is made and approved.
You are permitted ONE A4 page of paper containing reference material printed on both sides. The material may be handwritten or typed. The page will not be returned to you at the end of the final examination.
On successful completion you will be able to:
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
- 2. Explore the menu of investment opportunities, such as portfolio investment, FDI, and investment in a project in emerging markets.
- 3. Analyse systematic risk and alternative CAPM for emerging financial markets.
- 4. Review financial liberalisation and contagious effects of financial crisis in emerging markets .
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
Delivery and Resources
Classes
• Each week there will be a two hour lecture, and one hour group presentation by students.
• The timetable for classes can be found of the University web site at:
http://www.timetables.mq.edu.au/
• It is an assessment requirement of this unit that students attend classes, especially during presentation of case studies.
Required and Recommended Texts and/or Materials Prescribed
• Reference books include, The Spread of Financial Sophistication Through Emerging Markets Worldwide by John Kensinger, and Project Finance in Asia Pacific by Richard Tinsley.
• All other readings will be available on ilearn, or in the library.
Technology Used and Required
• During the semester you need to access website of several emerging markets stock exchanges, and bond markets in order to do your Major
• Assignment. You may also need to access website of relevant corporations and financial institutions that are involved in project finance case study.
• Ability to work with softwares for time series analysis, and portfolio management are desirable requirements for doing your assignment and case study more professionally.
• A nonprogrammable calculator may be used in any examination in this unit.
Unit Web Page
Course material is available on the learning management system (iLearn)
Unit Schedule
|
Date |
Week |
Lecture Topic |
Other Readings |
Text Readings |
Case Study |
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1st Aug
|
1 |
Introduction |
Lecture Notes
|
Week 1 ilearn readings |
Allocation in the first week |
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8th
Aug |
2 |
Investing in Public Equities |
Lecture Notes |
Week 2 ilearn readings |
Case study |
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15th |
3 |
Investing in Private Equities |
Lecture Notes |
Week 3 ilearn readings |
Case study |
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22th |
4 |
Investing in Direct Debts and Bonds |
Lecture Notes |
Week 4 ilearn readings |
Case study |
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29th |
5 |
Measuring Return and Risk, Diversification |
Lecture Notes, handouts, |
Week 5 ilearn readings |
Case study |
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5th
Sept |
6 |
Asset Pricing Models in EMs |
Lecture Notes, readings in Library Reserve |
Week 6 ilearn readings |
Case study |
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12th
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In-class Test |
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19th Sept-2nd Oct |
Mid-Semester Break |
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3rd Oct |
8 |
FDI |
Lecture Notes |
Week 8 ilearn readings |
Case study |
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10th
Oct |
9 |
Project Finance |
Lecture Notes, readings in Library Reserve |
Week 9 ilearn readings |
Case study |
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17th |
10 |
Liberalisation & Integration |
Lecture Notes, , readings in Library Reserve |
Week 10 ilearn readings |
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ccCC 24th |
11 |
Financial Crisis |
Lecture Notes, , readings in Library Reserve |
Week 11 ilearn readings |
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31st |
12 |
Contagion & Systemic Risk |
Lecture Notes, readings in Library Reserve |
Week 12 ilearn readings |
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7th Nov |
13 |
Derivatives |
Lecture Notes, readings in Library Reserve |
Week 13 ilearn readings |
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Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
New Assessment Policy in effect from Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy_2016.html. For more information visit http://students.mq.edu.au/events/2016/07/19/new_assessment_policy_in_place_from_session_2/
Assessment Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy prior to Session 2 2016 http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Complaint Management Procedure for Students and Members of the Public http://www.mq.edu.au/policy/docs/complaint_management/procedure.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Supplementary exams
Information regarding supplementary exams, including dates, is available at:http://www.businessandeconomics.mq.edu.au/current_students/undergraduate/how_do_i/special_consideration
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
PG - Discipline Knowledge and Skills
Our postgraduates will be able to demonstrate a significantly enhanced depth and breadth of knowledge, scholarly understanding, and specific subject content knowledge in their chosen fields.
This graduate capability is supported by:
Learning outcomes
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
- 2. Explore the menu of investment opportunities, such as portfolio investment, FDI, and investment in a project in emerging markets.
- 4. Review financial liberalisation and contagious effects of financial crisis in emerging markets .
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
Assessment tasks
- In-Class Test
- Case Study
- Final Exam
PG - Critical, Analytical and Integrative Thinking
Our postgraduates will be capable of utilising and reflecting on prior knowledge and experience, of applying higher level critical thinking skills, and of integrating and synthesising learning and knowledge from a range of sources and environments. A characteristic of this form of thinking is the generation of new, professionally oriented knowledge through personal or group-based critique of practice and theory.
This graduate capability is supported by:
Learning outcome
- 1. Learn about the characteristics of emerging financial markets: asset allocation, volatility and linkages in emerging capital markets.
Assessment tasks
- In-Class Test
- Case Study
- Final Exam
PG - Research and Problem Solving Capability
Our postgraduates will be capable of systematic enquiry; able to use research skills to create new knowledge that can be applied to real world issues, or contribute to a field of study or practice to enhance society. They will be capable of creative questioning, problem finding and problem solving.
This graduate capability is supported by:
Learning outcomes
- 2. Explore the menu of investment opportunities, such as portfolio investment, FDI, and investment in a project in emerging markets.
- 3. Analyse systematic risk and alternative CAPM for emerging financial markets.
- 5. Highlight the impacts of financial liberalaisation on finanancial crisis and systemic risk.
Assessment tasks
- In-Class Test
- Case Study
- Final Exam