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DRPS : Course Catalogue : Business School : Common Courses (Management School)

Postgraduate Course: Global Financial Markets and Emerging Economies (CMSE11129)

Course Outline
SchoolBusiness School CollegeCollege of Humanities and Social Science
Course typeStandard AvailabilityAvailable to all students
Credit level (Normal year taken)SCQF Level 11 (Postgraduate) Credits15
Home subject areaCommon Courses (Management School) Other subject areaNone
Course website None Taught in Gaelic?No
Course descriptionThe aim of the course is to introduce students to key issues related to the interaction between international financial and capital markets and firms in emerging markets. By employing a blend of theoretical concepts, empirical evidence and some applications, the intention is to increase knowledge and promote an understanding of the behaviour of financial agents and global financial markets within the framework of modern finance theory. In addition, elements from other disciplines, notably aspects of new institutional economics and political economy are discussed.

The course introduces the structure and functioning of equity, bond markets and foreign exchange markets with particular reference to emerging economies. It also focuses on specific topics that include raising capital in domestic and international equity and bond markets, currency markets, project finance and the microstructure of major financial markets. A key element underlying the analysis is globalization and its effects on markets, asset allocation and the real economy. The course touches on the institutional context of emerging economies& financial systems, their characteristics, weaknesses and constraints. The theoretical framework will be complemented by empirical evidence and by analysis of real-world financial instruments and financial policy issues.

One of the most important insights about the interaction of the global financial system and emerging economies is that you have to look at more than just the finance in evaluating investments in emerging markets. To be successful, the analyst needs to take into account insights from political Science (public policy), macroeconomics, demography, legal studies, environmental and cultural studies, among others.
Entry Requirements (not applicable to Visiting Students)
Pre-requisites Students MUST have passed: Accounting and Financial Management (CMSE11104)
Prohibited Combinations Other requirements None
Additional Costs None
Information for Visiting Students
Displayed in Visiting Students Prospectus?No
Course Delivery Information
Delivery period: 2011/12 Semester 2, Available to all students (SV1) WebCT enabled:  Yes Quota:  None
Location Activity Description Weeks Monday Tuesday Wednesday Thursday Friday
No Classes have been defined for this Course
First Class First class information not currently available
No Exam Information
Summary of Intended Learning Outcomes
Knowledge and Understanding:

On completion of the course students will:

* Understand the relation between financial markets and firms
* Understand the effects of globalization and its influences on emerging economies, with particular reference to firms& financial decisions
* Be familiar with the functioning of financial markets, both domestic and international
* Understand how markets for equities, bonds and foreign exchange function, how these instruments are traded, and the role of global capital markets as a source of finance for emerging market firms
* Appreciate the problems and issues related to institutions, legal frameworks, disclosure regimes and financial risk that must be considered when emerging market firms raise capital in international capital markets through equity and bond issues, cross-listing and other methods
* Be introduced to the theoretical and conceptual issues that enable them to understand global finance and different financial systems
* Be enabled to interpret current policy debates in the world of finance, banking and cross-border investment
* Comprehend the main drivers of financial change (financial integration) in a global context
* Be able to analyse the impediments to globalization of emerging economies
* Be able to analyse the impact of globalization on the cost of capital for firms in emerging economies

Cognitive Skills:

On completion of the course students should have demonstrated that they are able to:

* Acquire knowledge of the basic concepts of the structure and function of financial markets
* Understand the differences between equity and debt
* Critically appraise issues related the problems involved in raising capital internationally
* apply concepts from financial theory to real-world financial instruments and policy issues
* Critically analyse theoretical models in finance
* Undertake independent work on problem solving of practical interest
* Present in an organised manner academic and clinical research studies related to the question of emerging market firms and global capital markets
* Find and analyse relevant literature on issues related the role of international capital markets in providing capital for emerging market firms

Key Skills:

On completion of the assessed coursework students should be able to:

* To research and communicate complex ideas and concepts
* Critically appraise the advantages and disadvantages of the specific topic being analysed in a rigorous manner
* Write a concise and professional looking report and present research on developments in emerging market corporate finance

Subject Specific Skills:
Students should be able to:
* Analyse and discuss important issues facing emerging market firms that wish to use international capital markets
* Understand the effects of globalization for firms in emerging economies
* Be aware of the advantages and disadvantages of raising capital globally
* Understand the costs and benefits of international disclosure and listing requirements
* Articulate the case for the management of various risks in emerging economies
* understand the relevant policy and theoretical implications of emerging market legal and corporate governance frameworks
Assessment Information
The course assessment is based 100% on an individually written Report $ details of this will be provided separately.
Special Arrangements
Additional Information
Academic description Not entered
Syllabus Not entered
Transferable skills Not entered
Reading list Not entered
Study Abroad Not entered
Study Pattern Not entered
KeywordsNot entered
Course organiserProf Abhay Abhyankar
Tel: (0131 6)50 8075
Course secretaryMiss Rachel Allan
Tel: (0131 6)51 3757
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