Business Finance and Economics MSc

Core modules:

Econometric Methods

This module will develop your core econometrics skills. The first half of the module provides a grounding in key econometric techniques covering elements such as the classical linear regression model, hypothesis testing and problems of non-spherical disturbances. More advanced topics are then introduced in the second half of the module. Specifically you will focus upon topics in microeconometrics: including modelling discrete binary variables; censoring and sample selection, and then topics in macroeconometrics including: economic forecasting; stationarity; and cointegration. You will also develop a knowledge of using econometric software Stata.

15 credits

Business Economics

The module will provide students with a comprehensive understanding of microeconomic and macroeconomic concepts, focusing on decision making by consumers and firms, and economic concepts like growth, inflation, and business cycle fluctuations. The course will cover a range of topics, including: functioning of competitive markets (e.g., how consumers allocate their budgets and how producers determine price and output), different market structures (e.g., monopolies, oligopolies) and their impact on social welfare and the overall economic system; government's macroeconomic objectives, including how they address issues like unemployment, inflation, and economic growth; design of optimal monetary policy, and an understanding of fiscal policy and debt dynamics.

30 credits

Corporate Finance

This module will aim to equip you with a comprehensive foundation of the core theoretical principles of corporate finance, along with practical insights into how these principles are applied when formulating investment analysis and financial strategy. You will be provided with a deeper understanding of key financial decisions faced by firms, with a particular focus on investment appraisal methods; risk management techniques; valuation techniques for stocks and bonds; financial statement analysis and modelling; the cost of capital and the capital structure decision. Additionally, the module will explore both the theoretical and empirical aspects of these topics, equipping you to tackle real-world financial challenges. 

15 credits

Core modules:

Industrial Organisation

This module will introduce you to contemporary topics in industrial organisation with a particular emphasis on the role of economic analysis of strategic decision making. You will learn to use and appraise a range of economic techniques to make better strategic decisions. In this module you will build on and expand on your knowledge of microeconomics related to market structure; such as competition in oligopolistic industries. You will also become familiar with further oligopoly models (product differentiation, collusion, mergers) as well as behaviour in platform markets. We will also consider market implications when consumers are imperfectly informed (or naive) about prices or product characteristics.

15 credits

Theory of Banking

This is an advanced module that provides a comprehensive examination of contemporary banking practices and challenges. This module covers both on balance sheet and off balance sheet operations with an emphasis on identifying and managing the main banking risks. You will examine the nuances of financial crises and the workings of bank funding schemes. Important facets of contemporary bank regulation are also covered in the module.

15 credits

Plus one from:

Applied Econometrics: Cross-sectional and Panel Data Approaches

The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models.  The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and difference in differences methods. 

15 credits

Applied Econometrics: Time Series Approaches

This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.

15 credits

Optional modules - one from:

Applied Econometrics: Cross-sectional and Panel Data Approaches

The module provides examples and experience of applying standard microeconometric techniques to large sample surveys, with practical guidance on how to estimate and interpret results from different models.  The syllabus covers topics such as limited dependent variables, instrumental variables, panel data methods and difference in differences methods. 

15 credits

Applied Econometrics: Time Series Approaches

This module will enable you to understand recent applied literature in core journals of macroeconomics and finance, which uses time series methods, and prepare you for possible later research involving time series. You will learn to identify the empirical features of macroeconomic and financial data, and how to analyse the dynamic interaction of macroeconomic variables over time using key econometric techniques. Throughout use will be made of the Stata econometric software.

15 credits

Derivatives, Options, and Securities

The aim of this module is to introduce you to advanced principles of asset pricing, focusing on financial derivative instruments. You will gain knowledge of how important derivatives are traded, the pricing models for derivatives, and the principles of risk management using derivatives. This is an analytical module, which reflects the quantitative nature of the subject. The module will cover both the theoretical foundations of asset pricing, and the issues that arise in the practical use of these models and their limitations.

15 credits

Public Economics

This module will provide you with a comprehensive grounding in public economics. Government policies, through fiscal policy instruments, can have a massive impact on the allocation of resources and the distribution of income in the economy. This module evaluates the government's ability to identify and achieve more efficient and equitable outcomes than the situation without intervention. You will apply the theory in the analysis of real world public policy programmes.

15 credits

International Money and Finance

In this module, you will acquire an understanding of the relationship between domestic and international economic activity in an open economy. You will learn to relate the various motives underlying international financial flows to their effects on real economic variables. The module will introduce mainstream theories of the determination of equilibrium exchange rates, both in the short run and the long run. You will also explore the causes of international financial crises and consider policy responses.

15 credits

Extended Research Project

The Extended Research Project will allow students to demonstrate a strong understanding of a particular topic through research and analysis. The topic students investigate will be linked to their specific degree programme. The research project will involve applying existing knowledge to a new situation or testing a hypothesis that the students have learned in the taught modules.

60 credits