Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer
Cosmas Kapsanis
Contact via Email
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Credit points |
Credit points
2
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Prerequisites |
Prerequisites
(Admission to MAppFin or MAppFin(Adv) or GradDipAppFin or GradCertPost-MAppFin) and ECFS866
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
Project Finance typically involves an independent legal entity operating as a vehicle for owning and funding large scale projects. Capital sources for the entity will be a combination of equity from sponsors and debt from the bank or capital markets. The application of this financing approach is most commonly seen in the fields of infrastructure (both social and economic) and natural resource financing. Examples include the financing of toll roads, power stations, mines, pipelines, telecommunications networks, hospitals and public buildings such as courts and prisons.
This course considers the financial techniques applied to solving such funding requirements in both the domestic and international context, and the business rationale for project finance. A comprehensive risk system is introduced for the identification and systematic allocation of risk in the various approaches to structuring a project financing. Funding, political-risk structuring, and recent capital-market developments are highlighted in class and through practical case studies. A heavy emphasis is placed on the international character of the project finance industry.
The skills gained in this course will be relevant for corporate executives, bankers, lawyers, consultants and government officials who may be involved in large scale infrastructure and resource developments.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
To pass this unit (requires a Mark of 50 or better) the student must pass the final examination.
Name | Weighting | Hurdle | Due |
---|---|---|---|
Pre-course Assignment | 10% | No | 12 July before class starts |
Case Prep & ClassParticipation | 15% | No | Ongoing |
Major Assignment | 25% | No | Refer to iLearn |
Final Exam | 50% | Yes | Refer to Timetable |
Due: 12 July before class starts
Weighting: 10%
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Thursday 12th July before class commences.
Grading Method: Refer to ‘Standards Required to Complete the Unit Satisfactorily’.
Submission Method: In class.
Extension Requests:
Pre-unit Assignment Task Description
Write a paper with a word limit of 1500 addressing the following:
Sydney is developing a light rail project, similar to Melbourne’s trams. See sydneylightrail.transport.nsw.gov.au for details.
Recently there has been considerable press coverage around a dispute that has arisen between the construction contraction Acciona and the government of NSW as represented by Transport NSW and the Minister for Transport.
Some articles that reference the problems include:
The dispute relates to the pace and cost of construction and the probable date of operational commencement.
Write a paper with a limit of 1500 words that addresses the following points:
A) Describe the basis of the dispute.
B) Based on publicly available information, how have the elements of project risk around construction been allocated to the various counterparts to the transaction?
C) Comment on the appropriateness of the risk allocation and suggest ways that the parties might have contracted to avoid the disputes currently being experienced.
D) Describe the possible implications for Australia’s reputation as an investment destination.
This paper is required by the beginning of the first evening session on Thursday 12th July. Submissions should be made by hard copy handed to me at the commencement of the class. This paper is worth 10% of your course grade.
Due: Ongoing
Weighting: 15%
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Ongoing.
Grading Method: Refer to ‘Standards Required to Complete the Unit Satisfactorily’.
Submission Method: In class.
Extension Requests:
Other Information:
Classroom sessions have a heavy component of case work. In order to participate effectively in class, it is critical that cases are prepared properly.
Students should allow at least 3 hours per case of reading and analysis time and come to class prepared to be called on at random to present and defend answers to the case questions. Note: many questions require numerical analysis which is impossible to complete at short notice or ‘on-the-fly’.
The timetabling of the classroom case study sessions is given below in the Unit Schedule by session.
Due: Refer to iLearn
Weighting: 25%
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Refer to iLearn.
Grading Method: Refer to ‘Standards Required to Complete the Unit Satisfactorily’.
Submission Method: Via Turnitin in iLearn.
Extension Requests:
Other Information:
Due: Refer to Timetable
Weighting: 50%
This is a hurdle assessment task (see assessment policy for more information on hurdle assessment tasks)
Summary of Assessment Task
Individual / Group: Individual.
Due Date: Refer to Timetable.
Grading Method: Refer to 'Standards Required to Complete the Unit Satisfactorily' section.
Submission Method: As per MAFC Program Rules at www.mafc.mq.edu.au
Duration: 2 hours plus 10 minutes reading time.
Examination Conditions:
Extension Requests:
Other Information:
CLASSES
Face-to-Face Teaching: Generally 20 hours.
Timetable: Detailed timetable for classes are on the Centre’s website www.mafc.mq.edu.au
Consultation Times: Students who wish to contact any of the teaching staff may do so through individual consultation with the lecturer by email in the first instance, if necessary.
REQUIRED AND RECOMMENDED TEXTS AND/OR MATERIALS
Text: Nil.
Additional Readings:
Lecture Slides: Available via iLearn after the relevant class.
Pre-unit Materials:
Useful References:
Calculators: Any ordinary calculator will be sufficient for classwork and the Final Exam.
Assumed Knowledge:
Assumed Access: Access to a computer with word processing and spreadsheet capability is assumed, as is general student computer literacy.
Unit iLearn Site:
Important Notice:
SESSION 1
Pre-Course Required Reading:
Topics:
SESSION 2
Topics:
Case:
Questions for this case are included in the case study
SESSION 3
Topics:
Case:
• Absheron Project: BP’s Production Sharing Agreement in Azerbaijan
Questions for this case are included in the case study
SESSION 4
Topics:
SESSION 5
Topics:
Case:
Questions for this case are in the Section 1 notes
SESSION 6
Topics:
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/study/getting-started/student-conduct
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.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
For all student enquiries, please contact studentsupport@mafc.mq.edu.au
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Learning Skills (http://www.students.mq.edu.au/support/learning_skills/) provides academic writing resources and study strategies to improve your marks and take control of your study.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
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:
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:
Our postgraduates will be ethically aware and capable of confident transformative action in relation to their professional responsibilities and the wider community. They will have a sense of connectedness with others and country and have a sense of mutual obligation. They will be able to appreciate the impact of their professional roles for social justice and inclusion related to national and global issues
This graduate capability is supported by:
Specific Unit Grading:
Grade | Expectation |
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High Distinction | Provides consistent evidence of deep and critical understanding in relation to the learning outcomes. There is substantial originality and insight in identifying, generating and communicating competing arguments, perspectives or problem solving approaches; critical evaluation of problems, their solutions and their implications; creativity in application as appropriate to the discipline. |
Distinction | Provides evidence of integration and evaluation of critical ideas, principles and theories, distinctive insight and ability in applying relevant skills and concepts in relation to learning outcomes. There is demonstration of frequent originality in defining and analysing issues or problems and providing solutions; and the use of means of communication appropriate to the discipline and the audience. |
Credit | Provides evidence of learning that goes beyond replication of content knowledge or skills relevant to the learning outcomes. There is demonstration of substantial understanding of fundamental concepts in the field of study and the ability to apply these concepts in a variety of contexts; convincing argumentation with appropriate coherent justification; communication of ideas fluently and clearly in terms of the conventions of the discipline. |
Pass | Provides sufficient evidence of the achievement of learning outcomes. There is demonstration of understanding and application of fundamental concepts of the field of study; routine argumentation with acceptable justification; communication of information and ideas adequately in terms of the conventions of the discipline. The learning attainment is considered satisfactory or adequate or competent or capable in relation to the specified outcomes. |
Fail | Does not provide evidence of attainment of learning outcomes. There is missing or partial or superficial or faulty understanding and application of the fundamental concepts in the field of study; missing, undeveloped, inappropriate or confusing argumentation; incomplete, confusing or lacking communication of ideas in ways that give little attention to the conventions of the discipline. |
Fail Hurdle | Student has obtained a raw mark over 50, yet failed all available attempts of at least one hurdle assessment. |
Review of Grade and final examination Script viewing: