Postgraduate Course: Global Financial Markets and Emerging Economies (CMSE11129)
Course Outline
| School | Business School |
College | College of Arts, Humanities and Social Sciences |
| Credit level (Normal year taken) | SCQF Level 11 (Postgraduate) |
Availability | Not available to visiting students |
| SCQF Credits | 15 |
ECTS Credits | 7.5 |
| Summary | The aim of the course is to introduce students to key issues related to the institutions, financial development and economic growth in emerging markets. The course provides an introduction to legal institutions, endowment and economic growth, international corporate finance and asset pricing models. It also focuses on specific topics that include: law and finance, endowment and economic development, Africa's growth puzzles among others.
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| Course description |
Students are expected to get acquainted with the law view and endowment view in the literature of law and finance, investor protection, corporate social responsibility, portfolio theory, asset pricing models and market efficiency theories in the global capital markets. This will be achieved by a mix of lectures on the related theories and discussion of published research in the area.
Syllabus
1. Law and finance
2. Endowments and finance
3. Culture and finance
4. Religion and finance
5. Agency theory: Directors and Board Structure
6. State ownership
7. Family-owned firms
8. Corporate social responsibilities
9. Portfolio theory and asset pricing models
10. Market efficiency
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Course Delivery Information
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| Academic year 2019/20, Available to all students (SV1)
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Quota: None |
| Course Start |
Semester 2 |
Timetable |
Timetable |
| Learning and Teaching activities (Further Info) |
Total Hours:
150
(
Lecture Hours 20,
Seminar/Tutorial Hours 8,
Programme Level Learning and Teaching Hours 3,
Directed Learning and Independent Learning Hours
119 )
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| Additional Information (Learning and Teaching) |
Preparatory Reading 10x3hrs, Tutorial Prep 8x2hrs, Post Lecture Study 10x4hrs, Assignments33hrs
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| Assessment (Further Info) |
Written Exam
70 %,
Coursework
30 %,
Practical Exam
0 %
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| Additional Information (Assessment) |
Groups will present the findings of their reports in the tutorial slots in Week 10 and/or Week 11. |
| Feedback |
Feedback will be provided within 15 working days of submission, or in time to be of use in subsequent assessments within the course, whichever is sooner. Summative marks will be returned on a published timetable, which has been made clear to students at the start of the academic year.
Students will gain feedback on their understanding of the material after group presentation.
Feedback Format
Week 2 - 11 Feedback on discussion and group presentation
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| Exam Information |
| Exam Diet |
Paper Name |
Hours & Minutes |
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| Main Exam Diet S2 (April/May) | | 2:00 | |
Learning Outcomes
On completion of this course, the student will be able to:
- Understand the relation between law, endowment and financial development.
- Understand the importance of investor protection and social responsibilities.
- Understand portfolio theory, how to use asset pricing models to predict expected return.
- Appreciate problems and issues related to institutions, legal frameworks, disclosure regimes and financial risk that must be considered in emerging markets.
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Reading List
The course features a mix of law and finance, corporate finance and investments. Detailed notes will be uploaded for each topic and will be supplemented with reading from academic and practitioner journals.
Allen, F., Qian, J., & Qian, M. (2005). Law, finance, and economic growth in China. Journal of financial economics, 77(1), 57-116.
Beck, T., Demirgüç-Kunt, A., & Levine, R. (2003). Law, endowments, and finance. Journal of Financial Economics, 70(2), 137-181.
Easterly, W., & Levine, R. (1997). Africa's growth tragedy: policies and ethnic divisions. The Quarterly Journal of Economics, 112(4), 1203-1250.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and Finance. The Journal of Political Economy, 106(6), 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. Journal of finance, 1131-1150.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of financial economics, 58(1), 3-27.
Nunn, N. (2008). The long-term effects of Africa's slave trades. The Quarterly Journal of Economics, 123(1), 139-176.
Nunn, N., & Wantchekon, L. (2011). The slave trade and the origins of mistrust in Africa. The American Economic Review, 101(7), 3221-3252.
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Additional Information
| Graduate Attributes and Skills |
Knowledge and Understanding:
On completion of the course students will:
- Understand the relation between law, endowment and financial development.
- Understand the importance of investor protection and social responsibilities.
- Understand portfolio theory, how to use asset pricing models to predict expected return.
- Appreciate problems and issues related to institutions, legal frameworks, disclosure regimes and financial risk that must be considered in emerging markets.
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.
- Critically appraise issues related the problems involved in raising capital internationally.
- 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 course work students should be able to:
- Be able to present ideas and concepts in research in this area.
- Critically appraise the pros and cons about issues dealt with in this course.
- Write a concise 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 (including the effects of globalisation, the pros and cons of the raising capital globally, the costs and benefits of international disclosure and listing requirements and the management of risk etc.) as well as the understand related policy implications.
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| Keywords | IBEM-GFMEE |
Contacts
| Course organiser | Dr Wenxuan Hou
Tel: (0131 6)51 5319
Email: Wenxuan.Hou@ed.ac.uk |
Course secretary | Miss Fionna Ogilvie
Tel: (0131 6)51 3028
Email: Fionna.Ogilvie@ed.ac.uk |
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