Course handbook MSc in Shipping, Trade and Finance MSc in Supply Chain, Trade and Finance MSc in Energy, Trade and Finance
September 2011
Table of Contents
Section 1 MSc Shipping, Energy, Supply Chain Trade & Finance
02
Course Directors’ Welcome
02
Section 2 Programme Information
03
Programme Aims Programme Structure Assessment Matrix Term Dates and Examination Periods
03 04 06 08
Section 3 Module Descriptions
09
Module Descriptions Elective Information
09 54
Section 4 Assessment Regulations and Regulations for the Award of the Degree 55 Assessment Calculations Failure and Re-sitting of Modules Coursework Degree Requirements Award of Merit and Distinction Postgraduate Diploma Periods of Registration Grade Related Criteria
55 55 56 56 56 57 57 58
Section 5 Additional Information
59
The International Centre for Shipping, Trade and Finance Course Office Virtual Learning Environment Personal Tutors Staff Contact Details Visiting Faculty Course Contributors
59 60 60 61 61 65
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Section 1: Course Directors’ Welcome We would like to extend a warm welcome to all students on the MSc in Shipping, Trade and Finance, MSc Energy, Trade & Finance and the MSc in Supply Chain, Trade and Finance. You have joined three extremely demanding postgraduate courses and the next 12 months of your academic life are going to be difficult, but also extremely rewarding. Through the year you will be exposed to many new things, you will be lectured by a series of leading academics and practitioners, all of them experts in the areas of finance, trade, energy, transportation and shipping. You are expected to acquire not only the knowledge and theoretical background, but also the skills necessary to launch you into a career in the sector of your choice. Your learning experience is going to be multi-faceted. Learning is not only attending lectures and sitting exams. You will be asked to be prepared in advance for your classes, to prepare coursework, either individually or with a group of your fellow students, to prepare presentations, participate in case studies, attend tutorials, participate in visits, undertake independent research work for your Business Research Project, and also prepare yourself to compete in the professional arena. At the same time as your academic commitments, you will also have to spend a considerate amount of time preparing for, and undertaking your career search activities, which will also require a considerable amount of time. In short, you will have plenty of things on your plate and if the choice is bewildering, members of the academic and administrative staff are here to lend you an ear, help you, or direct you to the source that will provide the best assistance. So do not hesitate to contact us and let us know of any concerns immediately. On behalf of all the staff we would to like extend our best wishes for the new academic year!
Prof Nikos Nomikos Director, MSc in Shipping, Trade and Finance Prof Michael Tamvakis Director, MSc in Energy, Trade & Finance Prof ManMohan S. Sodhi Director, MSc in Supply Chain, Trade & Finance
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Section 2: Programme Information Programme Aims In addition to the aims and objectives of the Business School, which were stated previously, the aim of the MSc in Shipping, Trade and Finance, the MSc in Supply Chain, Trade and Finance and the MSc in Energy, Trade and Finance is to produce an informed, knowledgeable, confident, networking executive, who can perform in an international business environment, under pressure and within time constraints. This aim falls within the University's strategic aims of providing high quality education, making a significant contribution to the success of London as a world city and increasing its international scope and reputation. The objective of the three courses is to make it possible for participants to:
acquire a solid theoretical background in the areas of shipping, trade, finance, energy, supply chain and transport acquire up-to-date knowledge, based both on academic theory and on practical applications acquire IT, presentation, team working and critical thinking skills work under pressure in a very competitive environment obtain a qualification which enables them to succeed in the fields of shipping, trade, finance, energy, transport and related areas
The course structure, content and teaching methods are attuned to the objectives set out above. The degree to which these objectives are attainable can be deduced from the successful placement of graduates in about 50 countries around the world.
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Programme Structure Term One: Foundation core modules Part 1 of the MSc sets out the fundamental knowledge, skills and tools which are necessary to get the maximum benefit from the courses offered in the spring and summer terms. The following modules are compulsory:
International Economics (STF & SCTF only) OR Energy Economics (ETF only) Managerial Accounting Principles of Finance Quantitative Methods
And either Shipping Economics (STF only) or Supply Chain Economics (SCTF only) or Oil & Energy Transportation & Logistics (ETF only) Term Two: Specialist core modules Part 2 of the MSc consists of 5 compulsory modules which offer the specialist knowledge in the areas of finance, trade and either shipping or transport & logistics or oil and energy. The following modules are compulsory:
Advanced Quantitative Methods Corporate Finance Financial Markets International Commodity Trade (STF & SCTF only) OR Power Markets (ETF only) Research Project Management Skills
And either Supply Chain Management (SCTF only) or Shipping Investment and Finance (STF only) or Oil & Energy Trading Economics and Finance (ETF only)
Details of each module are shown on individual syllabi. Please note that there may be minor changes to the course syllabi during the year. Lecture times and classroom locations are indicated on term timetables.
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Term Three: Electives Students have two options in Term Three: Option one: (normally available to full-time students only) Elective study only by taking 5 x 18 hours specialist electives of 10 credits each Option two: (available to full-time and part-time students) A Business Research Project (SMM527), with a credit value of 40 and approximately 10,000 words, taken in tandem with one specialist elective module.
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Assessment Matrix Module title
Module Code
Credits
SMM
Term 1 Foundation Core Modules International Economics or Energy Economics Invigilated Test Managerial Accounting Invigilated Test 1 Invigilated Test 2 Principles of Finance Invigilated Test 1 Invigilated Test 2 Quantitative Methods Invigilated Test 1 Invigilated Test 2 Shipping Economics or Supply Chain Economics or Oil and Energy Transportation & Logistics Invigilated Test 1 Invigilated Test 2 Term 2 Specialist Core Modules Corporate Finance International Business and Financial Markets International Commodity Trade or Power Markets Global Supply Chain Management OR Shipping Investment & Finance OR Oil & Energy Trading Economics and Finance Advanced Quantitative Methods Research Project Management Skills Term 3 Option 1 Elective 1 Elective 2 Elective 3 Elective 4 Elective 5 Option 2 Elective Business Research Project Total
554 or 711
15
555
15
557
Assessment weightings used to calculate module mark C/W
Exam
100%
N/A
50% 50%
N/A
15
N/A 25% 75%
556
15
N/A 25% 75%
558 or 559 or 972
N/A 15 25% 75%
586 562
15 15
25% 25%
75% 75%
563
15
25%
75%
977 or 564 or 566
25
25%
75%
560 522
5 10
100% 100%
N/A N/A
10 10 10 10 10
100% 100% 100% 100% 100%
N/A N/A N/A N/A N/A
10 40 210
100%
N/A
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As a general rule 2.4 CAPS* credits equals approximately 1 ECTS* based on an MSc programme of 180 credits. ECTS (European Credit Transfer and Accumulation System) CAPS (Credit Accumulation of Programme Specification) Note: Coursework may take the form of an individual assignment, group assignment or invigilated test.
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Term Dates and Examination Periods Induction 12 September 2011 – 23 September 2011 Term One 26 September 2011 - 09 December 2011 Term One Examinations 09 January 2012 - 20 January 2012
Term Two 23 January 2012 - 30 March 2012 Term Two Examinations 23 April 2012 - 04 May 2012
Term Three 07 May 2012 - 15 June 2012 Term Three Assessments 25 June 2012 - 06 July 2012
Term One and Term Two Resit Examinations (including Term Three resit tests) 13 August – 24 August 2012
Research Project Submission Date 01 September 2012 Students are expected to be in attendance at lectures and other classes during term time, attend all invigilated tests and examinations. Students should not therefore make travel arrangements during term time. Any absence from any form of assessment, which does not constitute valid extenuating circumstances, will result in the student resitting the module as a second attempt Part time students should also note that exams may take place during day time hours. 8
Section 3: Module Descriptions ADVANCED QUANTITATIVE METHODS SMM560
MODULE LEADER
Dr Amir Alizadeh
SESSIONS
18 hours of which 6 x 3 hour lectures 6 hours labs of which 4 x 1.5 hours
SUB-GROUPINGS
Students will be divided in two groups (A and B) for lectures. Four groups for lab sessions (A1, A2, B1, B2)
MODULE ASSESSMENT
This module will be assessed by Coursework (100%).
This module aims to get students to combine economic/financial theory with more advance quantitative techniques and Excel to research an empirical problem or assist business decision making process. The Advanced Quantitative Methods module covers different applications of probability and statistical techniques to analyse and solve various problems in business, economics, finance and transport. These include regression analysis, forecasting, simulations, inventory control, queuing theory, etc. Where possible, Excel is used to demonstrate how the theoretical topics covered can be applied in practice using computers. The module is assessed by a piece of coursework.
EDUCATIONAL AIMS The aim of this module is to introduce students to the advanced quantitative techniques and skills required:
to follow other advanced modules in the MSc programmes to complete empirical projects (including the Business Research Project) involving intensive data analysis in the business world by the professional manager and researcher.
The objectives of the module are that students completing the module should be able to:
perform and interpret advanced statistical techniques and methods understand fundamental empirical techniques used to deal with specific (transport, trade and finance) problems in other modules and in empirical studies - papers cope with quantitative skills required in other more advanced elective modules use mathematical and statistical techniques to analyse empirical problems in coursework, empirical investigations and the Business Research Project.
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LEARNING OUTCOMES At the end of this module, student will be able to: Skills
perform simple linear regressions and correlation analysis perform forecast and evaluate the performance of different types of forecasting techniques perform simulations, analyse the outcome and make decisions based on the outcome solve linear programming problems and use them to optimise objectives understand and analyse queuing problems solve Inventory management problems.
Knowledge and Understanding
understand and perform Value at Risk analysis.
SYLLABUS
Multivariate analysis and regression models; applications and problems. Forecasting with regression and other time series models. Queuing theory and waiting line analysis; single channel and multi-channel queues. Linear programming and optimisation, solution methods and interpretation of results and applications in management and transportation. Simulation technique and its application in business decision making, economics and finance. Inventory management, Economic Ordering Quantity (EOQ) and stock management.
READING LIST 1. J. Curwin and R. Slater, Quantitative Methods for Business decisions, Nostrand Reinhold. 2. D. Salvatore, Statistics and Econometrics, (Schaum series) McGraw-Hill. 3. S. C. Albright, W. L Winston, and C. Zappe, “Data Analysis and Decision Making with Microsoft Excel” Duxbury Press.
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BUSINESS RESEARCH PROJECT SMM527
MODULE LEADER
A project supervisor will be allocated
SESSIONS
This is an individual project which students will develop in their own time with support from their project supervisor.
MODULE ASSESSMENT
Coursework 100% Delivery of the final project, indicative length: 10,000 words
EDUCATIONAL AIMS
To train students to undertake individual research and provide them with an opportunity to specialise in a contemporary business or finance topic related to their future career aspirations. To integrate and apply concepts from different aspects of their MSc.
LEARNING OUTCOMES On completing the project students will be able to:
identify specific business or finance related issues which would be useful to research and shape an achievable research question around them develop a research question and plan and carry out a research programme to address the question understand the theories and recent research relating the project topic understand how to apply research methodologies to practical business and commercial issues show confidence in overcoming problems raised in the course of a practical research project accept the challenge of carrying out a piece of research with elements of originality.
PROJECT REQUIREMENTS The choice of project is your responsibility. It is most important that you choose an area you are happy to work in, and in which you are confident of your abilities. Students are encouraged to start thinking about project ideas at the beginning of their studies. By the end of the first term you will have gained sufficient knowledge to start to develop ideas that can be discussed with faculty. We expect you to identify the basic idea or research question, though this is likely to be modified after discussion with academic staff.
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Make effective use of the RPMS module. This module can be used to help to formulate your ideas and design an appropriate methodology. It can also help you develop a specific project topic – the greater clarity you have about the topic of your project the more successful it is likely to be. The types of project allowed are: What you can do.
Business report on a contemporary issue Business plan Statistical test of literature driven hypothesis Empirical feasibility of a financial strategy Development of a new product/ service / finance strategy Market survey Case study on a specific issue within a particular company / organisation Numerical project that describes and implements one or more numerical methods for pricing, hedging or reserving for derivatives or portfolios.
What you can’t do
Pure literature surveys Some evidence that the writer has learnt a new subject, a sort of extra elective A synthesis of other writing or a piece of journalism A mere compendium of facts and statistics Projects totally unrelated to relevant academic discipline and literature.
READING LIST Student research and reading list will be defined by the subject matter of the project.
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CORPORATE FINANCE SMM586
MODULE LEADER
Giovanni Cespa
SESSIONS
10 x 3 hourly sessions in the spring term
SUB-GROUPINGS
Students will be divided in two groups (A and B)
MODULE ASSESSMENT
This module will be assessed by a Coursework (25%) and an Examination (75%)
EDUCATIONAL AIMS The aim of this course is to develop an understanding of theory and practice of modern corporate finance so that the corporate manager, the investment banker and the financial analyst will have the conceptual foundations for making intelligent assessments of key financial decisions. Through examples and case studies, students will have a good understanding of the way businesses make investments and raise the capital required. The course will make it possible for participants to: appreciate the implications of modern finance theory on practical corporate finance issues develop analytical skills to evaluate complex corporate finance decisions understand the perspectives of corporate managers, shareholders, financiers and financial intermediaries of key financial decisions familiarise with contemporary corporate finance practice and market trends evolving in different countries gain confidence in making financial decisions under risk and varying time horizons.
LEARNING OUTCOMES On completing the module the participants will: know the key considerations affecting corporate finance decisions. understand the context and structure of corporate finance transactions. compete for management positions in corporate and financial institutions. develop and execute complex corporate finance deals.
SYLLABUS The course will comprise of ten sessions of three hours contact time each. In addition, the students will be expected to devote, at least, an equivalent amount of learning time in private and group study of course material and the preparation of the case-study presentations. The 13
preparation of the coursework assessment will involve additional time in private and group study. The course is designed to follow the Induction in Principles of Finance and use the key concepts (NPVs, Modern Portfolio Theory, Capital Asset Pricing and Arbitrage Price Theory) used in this course.
The ten sessions of the course are listed below: 1. NPV and Capital Budgeting 2. Risk, Return and Cost of Capital 3. Financing Decisions and Market Efficiency 4. Payout Policy 5. Capital Structure 6. Company Valuation 7. Options 8. Debt Financing 9. Risk Management 10. Corporate Governance, Mergers & Acquisitions
READING LIST Brealey/Myers/Allen, Principles of Corporate Finance, McGraw-Hill, 9th Edition, 2008
CASE STUDY BOOK Bruner, R. F., Case Studies in Finance, McGraw-Hill, 5th Edition, 2007
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ENERGY ECONOMICS SMM711
MODULE LEADER
Prof Michael Tamvakis
LECTURES
10 x 3 hour sessions
SUB-GROUPINGS
This module is only for ETF students who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by an on-line invigilated test (January 100%)
EDUCATIONAL AIMS The aim of the module is to provide the student with an energy-specific toolkit, which will allow him/her to understand the broader economic concepts and issues in this sector, before dealing with the detailed business and finance issues which are dealt with in the other three energy-specific modules. The objectives of this module are to allow students to:
acquire the fundamental knowledge of energy market economics, upon which the rest of the degree is built explore topics in hydrocarbon supply and demand, such as geology, extraction, transformation, final consumption to understand the microeconomic organisation of oil, natural gas, coal and electricity markets to gain a basic understanding of renewable energy, including the generation and economics of the key types: Wind, Solar Thermal, Photovoltaics, Hydro, Biomass, Tidal, Wave, Geothermal, Nuclear to explore additional energy policy issues, for example: energy security, climate change and carbon emissions, sustainability, technological innovation, micro-generation.
LEARNING OUTCOMES Students are expected to:
understand the key supply characteristics of hydro-carbons, such as geology, extraction, transformation understand the economics of renewable energy generation and distribution understand how supply and demand factors interact to formulate prices for the various sources of energy understand how policy issues, such as supply security and climate change, can influence the pricing of and investment in the variety of energy sources available 15
possess the vocabulary necessary in energy business, including all relevant terminology, measurement units and conversions use economic analysis to understand what drives the markets in both exhaustible and renewable energy sources appreciate the impact that energy production/generation and consumption have on our living environment incorporate climate change and sustainability issues as he/she approaches energyrelated business problems.
SYLLABUS A brief outline of the 10 lectures: 1. World energy history and overview: demand, supply and trade 2. Oil economics and geopolitics 3. Natural gas economics and geopolitics 4. Coal economics and geopolitics 5. Wind energy economics 6. Solar (thermal and photovoltaic) energy economics 7. Hydroelectricity & bioenergy 8. Other renewable sources and integration 9. Sustainability and externalities: climate change and emissions 10. Other policy issues: supply security, fuel poverty, future challenges
READING LIST
Banks, F. E. (2007), The Political Economy of World Energy: An Introductory Textbook, World Scientific Publishing, ISBN 9789812700377 Dahl, C. A. (2004), International Energy Markets: Understanding Pricing, Policies and Profits, PennWell Corporation, ISBN 9780878147991 Boyle, G. (2004), Renewable Energy: Power for a Sustainable Future, 2nd ed., Oxford University Press, ISBN 9780199261789 Kaltschmitt, M., Streicher, W. and Wiese, A. (eds.) (2007), Renewable Energy: Technology, Economics and Environment, Springer, ISBN 9783540709473 Scrase, I. and MacKerron, G. (eds.) (2009), Energy for the Future: A New Agenda, Palgrave Macmillan, ISBN 9780230221529
Further details to be given at the beginning of the term and throughout the course of the lectures, as appropriate.
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INTERNATIONAL BUSINESS & FINANCIAL MARKETS SMM562
MODULE LECTURERS
Ian Marsh
SESSIONS
10 x 3 hour sessions
SUB-GROUPINGS
Students will be divided in two groups (A and B)
MODULE ASSESSMENT
This module will be assessed by Coursework (25%) and an Examination (75%)
EDUCATIONAL AIMS The aim of the module is to develop a clear understanding of the role and the importance of financial markets and institutions. Through an in depth study of the strategic and financial aspects of the multinational corporation, it also addresses some of the unique problems of businesses that operate across national frontiers. The module will make it possible for the participant:
to acquire a detailed understanding of the way in which international business and financial markets operate to be able to seek rewarding career opportunities in the world of international business, such as investment banking, commodity trading, shipping finance or insurance.
LEARNING OUTCOMES This module will give the participants: detailed understanding of the financial environment within which business corporations operate knowledge of the structure and functioning of financial markets and institutions the ability to understand how the financial environment evolves to meet the needs of lenders and borrowers.
SYLLABUS The module will last for 10 weeks, with one lecture a week. Students will be expected to devote, at least, an equivalent amount of learning time in private and group study of the module material. Coursework makes up 25% of the total marks. There is also a three hour written exam in April, which makes up 75% of the total marks.
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Session 1 Fundamental Issues of Financial Markets Session 2 Financial Markets and Institutions Session 3 International Debt Markets: Eurocurrency Markets, Eurocredits, Syndicated Credits, Euronotes, Eurobonds. International Equity Markets: Cross-listing in Foreign Stock Exchanges. Session 4 Financial Futures and Options Markets Sessions 5 Money and Debt instruments: Yield calculation and Bond pricing Session 6 Fixed Income Analysis - Bond Pricing and Yield Session 7 Managing Fixed Income Investment – Measuring and managing interest rate risk in bond markets with duration and convexity Session 8 FOREX Markets and International Parity Conditions Session 9 Managing Transaction, Translation and Economic Exposure. Hedging FOREX Risk using Forward, Futures and Options. Session 10 Interest rate Risk Management: Hedging Interest Rate Risk using Futures and Options.
READING LIST You are advised to purchase at least one of these texts. Pilbeam, K. Finance and Financial Markets, 2nd Edition, Palgrave, 2005 Eiteman, D.K., Stonehill, A.L. and Moffett, M.H., Multinational Business Finance, 10th Edition, Addison-Wesley 2001 (hereinafter ESM) Madura, J. (2003) Financial Markets and Institutions, 6th Edition, South Western Shapiro, A. (2003) Multinational Financial Management, 7th Edition, John Wiley & Sons. Bodie, Z., Kane, A. and Marcus, A.J., Essentials of Investment, 4th Edition, McGraw-Hill, 2001 (hereinafter BKM)
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GLOBAL SUPPLY CHAIN MANAGEMENT SMM977
MODULE LEADER
Prof ManMohan S. Sodhi
SESSIONS
54 hours of 3 hour sessions
SUB-GROUPINGS
This module is only for SCTF students who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by Coursework (25%) and an Examination (75%)
EDUCATIONAL AIMS Global supply chain management is a vast area and the course aims to teach the crossfunctional aspects of supply chain management as well as each of the functions individually. The “global” part would be achieved by using international cases.
LEARNING OUTCOMES On completion of the module, the student should:
understand how supply chain management is inter-dependent understand different functions within the supply chains: procurement, transportation, warehousing, distribution, etc understand how to align the different functions within the supply chain to the same strategy understand supply chain risk.
SYLLABUS The module will comprise of one or two weekly sessions. In addition, the student will be expected to devote, at least, an equivalent amount of learning time in private and group study of module materials and the preparation of the case presentation. The module will include a series of lectures by the module leader, to be supplemented by several guest lecturers from the industry. Functional topics: Customer service Supply chain information systems Inventory and materials management Transportation Warehousing 19
Materials handling, packaging and reverse logistics The supply chain organization
Cross-functional topics: Supply chain configuration Supply chain integration Supply chain risk Strategic alliances and partnerships Outsourcing International issues in global supply chain management Coordinating supply chain and product design Decision support systems for supply chain management
READING LIST Designing and Managing the Supply Chain (3rd Edition), by D. Simchi-Levy, P. Kaminsky, and E. Simchi-Levi, McGraw Hill, 2008, or Supply Chain Management: Strategy, Planning and Operation, by S. Chopra and P. Meindl, Prentice Hall, 2006.
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INTERNATIONAL COMMODITY TRADE SMM563
MODULE LEADER
Prof Michael Tamvakis
LECTURES
10 x 3 hour lectures
SUB-GROUPINGS
This module is only for STF & SCTF students only Students will be divided in two groups (A and B)
MODULE ASSESSMENT
This module will be assessed by Coursework (25%) and an Examination (75%)
EDUCATIONAL AIMS The aims of the module are:
to discuss in depth the economics of supply and demand of major commodities in energy, agriculture and metals to describe and analyse the world trade patterns in those commodities to analyse the structure, mechanisms and instruments of the cash, forward and futures markets of those commodities.
Objectives of the module are to ensure that students will:
have an extensive knowledge of the physical/economic characteristics and trade patterns of the major groups of commodities such as oil, gas, coal, grains, softs (coffee, sugar, cocoa) and base metals (iron, copper, aluminium) comprehend the role and structure of commodity cash and derivative markets and the trading instruments used therein.
LEARNING OUTCOMES Students will be able to:
understand and critically analyse any topic related to major commodity markets (energy, agriculture and metals) whether related to their economics, politics, physical trade, or derivative markets devise hedging strategies in these commodities and perform calculations to this effect.
SYLLABUS The module focuses on the world’s major bulk commodities, broadly arranged into energy, food, mineral and industrial goods. After looking at its physical features, each commodity is examined in depth in order to establish its distinctive micro-economic characteristics, 21
focusing on demand, supply and pricing mechanisms. Finally, we take a look at trading practices particular to the commodity in question, including both physical and futures markets. Lecture 1 Energy markets; Crude oil and products Lecture 2 Oil pricing: Brent Lecture 3 Natural gas Lecture 4 Coal Lecture 5 Mineral markets; Iron and steel Lecture 6 Aluminium and copper Lecture 7 Hedging in metal markets: the LME Lecture 8 Agricultural markets; Grains Lecture 9 Softs (coffee, cocoa, sugar); Forest products and rubber Lecture 10 Hedging in agricultural markets
READING Tamvakis, M. (2007) Commodity Economics and Trade, Informa You will also need to regularly follow commodity news and prices in the Financial Times, Bloomberg and Reuters. A good way to achieve this is by subscribing to free RSS feeds on the relevant websites, either on your PC or your mobile device.
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INTERNATIONAL ECONOMICS SMM554
MODULE LEADER
Professor Keith Pilbeam
SESSIONS
10 x 3 hourly sessions
SUB-GROUPINGS
This module is for STF & SCTF students only who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by an Invigilated Test (100%)
EDUCATIONAL AIMS A proper understanding of many of the problems facing economic policy makers today requires an analysis of open economics that trade with one another. This module is designed to introduce students to the economic tool kit most widely employed to analyse policy issues in the field of international economics. The module is split into two parts (i) the theory of International Trade and Protection and (ii) the Macroeconomics of Open Economies. The theory of trade covers issues such as absolute and comparative advantage, the effects of trade on income distribution and the impact of protectionism. There is also an examination of the theory and practice of economic integration with reference to the European Union. The principles underlying the world trading system including the WTO are also covered. The second part of the module looks at the international monetary system covering issues such as foreign exchange, interpretation of the balance of payments, the formulation of economic policy in an open economy, the impact of capital flows and the Economics of Monetary union in Europe. The aims of the module are to:
provide students with a sound theoretical base with which to examine real world events. understand the global economic issues confronting policy makers with respect to both trade and monetary matters. understand the international framework facing businesses today.
The objectives of the module are to:
apply economic concepts to international economic issues. apply mathematical and graphical techniques to international trade and international monetary issues interpret current international economic issues using theoretical concepts.
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LEARNING OUTCOMES
To understand the difference between comparative and absolute advantage, the gains from exchange and specialisation and the various other gains from trade. To understand the implications of free international trade and the impact of protectionist measures that limit international trade. To understand differing types of trading blocs such as NAFTA and the EU and the current international trading under the WTO framework. To understand what the balance of payments measures and the impact of various policies designed to remedy balance of payments problems. To understand how monetary and fiscal policies impact upon an open economy. To understand exchange rate theories and the economic issues raised by EMU.
SYLLABUS Part One: The Theory of International Trade and Protection Some Statistics Concerning International Trade The scope of international economics The importance and growth of world trade The structure of world trade The Classical Model Absolute and comparative advantage The Tool Kit of the Neo-classical Model Assumptions of neo-classical trade theory Derivation of the production possibility frontier Community indifference curves The Gains from Trade Absolute and comparative advantage The gains from specialisation and exchange Winners and losers from trade - the income redistribution issue The Heckscher-Ohlin Model Factor abundance defined in quantity and price terms The Leontief paradox The Impact of Trade on Factor Prices The impact of trade on the returns to capital and labour The factor price equalization theorem Implications for developed and developing countries The Theory of Protection The effects of a tariff in the small country model Winners and losers from protectionism Why do governments not just abolish tariffs?
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The Theory of Economic Integration Free trade areas and the problem of trade deflection Customs unions - trade creation and trade diversion The Cooper and Massell critique Measuring the effects of economic integration The WTO Principles and Current International Trading Order Reciprocity Non discrimination (most favoured nation clause) Tariffs preferred to quotas (transparency) Dumping by a Price Discriminating Monopolist Part Two: The Macroeconomics of Open Economies Foreign Exchange The spot and forward markets Trade weighted exchange rates Real ands nominal exchange rate indices Purchasing Power Parity (PPP) Uncovered Interest Parity (UIP) The Balance of Payments and Devaluation trade account, capital account, balance for official financing disequilibrium concepts do the record US balance of payments deficits matter ? the role of the IMF and its policies Approaches to the Balance of Payments and Devaluation The Marshall-Lerner condition and J-curve effect The Absorption approach The IMF its role in balance of payments crises The International Monetary System - Past, Present and Future Bretton Woods Floating Exchange Rates The International Monetary System European Monetary Union
READING LIST For the international trade part we shall be using:
Dominick Salvatore: International Economics, John Wiley, 9th Edition, 2007.
For the international macroeconomics part we shall be using:
Keith Pilbeam: International Finance, Palgrave Macmillan Texts in Economics, Macmillan 3rd Edition, 2006.
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Other Useful Texts
David Appleyard D, Alfred Field and Steven Cobb, International Economics, 5th edition 2006. Bo Soderston and Geoffrey Reed International Economics, Macmillan, 3rd edition, 1994 Charles Van Marrewijk: International Economics: Theory, Application and Policy, Oxford University Press, 2007. Wilfred J Ethier: Modern International Economics, W W Norton & Co, 4th edition, 1995. Peter Kenen: The International Economy, Cambridge University Press, 4th Edition, 2000. Caves R. Jones R. and Frankel J: World Trade and payments, Harper Collins, 10th edition, 2006. Miltiades Chacholiades: International Economics, McGraw-Hill, New York. 1990. Steven Husted and Michael Melvin: International Economics, Adisson Wesley Longman 7th edition 2006. Paul Krugman and Maurice Obstfeld: International Economics, Theory and Policy, Addison Wesley, New York, 8th edition, 2009. Charles Sawyer and Richard Sprinkle: International Economics, Pearson, 3rd edition 2008. Paul Hallwood and Ronald MacDonald: International Money and Finance. Basil Blackwell, 3rd Edition 2000. Laurence Copeland: Exchange Rates and International Finance, FT/Prentice Hall, 5th edition 2008. Robert Feenstra and Alan Taylor: International Economics Worth Publishers, 2008
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MANAGERIAL ACCOUNTING SMM555
MODULE LEADER
Mrs Janet L Walker
SESSIONS
10 x 3 hour sessions
SUB-GROUPINGS
Students will be divided in two groups (A and B)
MODULE ASSESSMENT
This module will be assessed by Two invigilated tests (November 50%; January 50%)
EDUCATIONAL AIMS The management accounting function provides information which is critical in the decision making process of any organisation. It is concerned with the accumulation, clarification and interpretation of information which can assist managers to fulfil organisation objectives. Corporate planning is crucial in many organisations, where budgets establish targets to ensure goal congruence. The control function provides feedback to managers to evaluate performance and to facilitate action being taken where appropriate. Provision of financial information for decision making is vital to operational managers. The module introduces students to the basic principles of accounting in business and to the main techniques in management accounting, planning and control. The interpretation and use of annual reports and accounts are covered, together with financial analysis and ratio analysis. A brief introduction is provided into managerial decision-making and budgetary control systems. There will be worked practical exercises with material drawn from recent reports and other available financial information from UK companies. The aims of the module are to:
provide students with an understanding of the accounting system which provides crucial data in any organisation equip students with the basic skills which are essential to be involved in all aspects of an organisation’s decision making process prepare students with the behavioural foundations of operating within an organisational environment and so to concentrate their efforts in the best interest of that organisation.
The objectives of the module are that students should be able to:
determine relevant accounting data use internal reports in corporate controlling operations use internal reports in corporate planning use external reports to analyse and interpret data to shareholders and other interested groups.
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LEARNING OUTCOMES
Students will learn to analyse critically the income statements, balance sheets and cash flow statements of a company. To calculate and interpret crucial accounting ratios to monitor the performance of a business activity, to participate in the preparation of budgets and to operate budgetary control systems, to analyse contribution margins and to undertake decision making procedures.
SYLLABUS
Basic concepts of accounting, the income statement and balance sheet Interpretation and analysis of published annual reports Internal ratio analysis External ratio analysis Cash flow statements Budgetary control Cash forecasting Breakeven analysis and marginal costing Decision making analysis
Session 1:
Users of financial statements Regulatory framework Profit and loss account/income statement, balance sheet, cash flow statement
Session 2:
THE INCOME STATEMENT; NON-CURRENT ASSETS
Fundamental accounting concepts Valuation of non-current assets
Session 3:
ACCOUNTING AS AN INFORMATION SYSTEM
THE BALANCE SHEET; INVENTORY VALUATION
Inventory valuation Preparing forecast financial statements as a part of business planning
Session 4, 5 and 6:
Use of financial ratios to analyse performance and monitor financial position Other analytical tools
Session 7:
THE ANALYSIS OF PUBLISHED FINANCIAL STATEMENTS I
THE ANALYSIS OF PUBLISHED FINANCIAL STATEMENTS II
Cash flow analysis Group accounts
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Session 8:
The analysis of costs; absorption costing and marginal costing Relevant costs Breakeven analysis
Session 9:
DECISION MAKING PROBLEMS
Information for common management decisions Key factor analysis
Session 10:
COSTS FOR MANAGEMENT DECISION MAKING
BUDGETARY PLANNING AND CONTROL
The functions of budgets The budgetary planning and control process Strategic planning, budgetary planning and operational planning
READING LIST The reading references for each lecture will be taken from the following book: Walker, J, Accounting in a Nutshell, 3rd edition, Elsevier 2009.
OTHER USEFUL TEXTS You may also find these books useful for additional reading: Holmes, G, Sugden, A & Gee, P, Interpreting Company Reports and Accounts, 10th edition, Prentice Hall, 2008. McLaney, E & Atrill, P, Accounting: An introduction, 5th edition, Prentice Hall, 2010.
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OIL & ENERGY TRADING ECONOMICS AND FINANCE SMM566
MODULE LEADERS
Mr Charles Daly, Mr Darren Bartlett, Mr Colin Allcard
SESSIONS
20 x 3 hour sessions
SUB-GROUPINGS
This module is only for ETF students who will be taught in one group mainly, with exercises/case studies in assigned syndicate groups
MODULE ASSESSMENT
This module will be assessed by an Online Test (5%), a Trading Game in March (20%) and an Examination (75%)
EDUCATIONAL AIMS The aims of the module are:
to examine in depth the fundamentals of energy economics, especially in the midstream, trading and logistics sectors to examine the advanced issues related to the supply and trading of oil, gas and power to equip students with the analytical and practical tools and skills – and help develop individual judgement – for making rational investment, trading and finance decisions in the energy industries.
Objectives of the module are to ensure that students will: understand and analyse the major factors involved when an energy company makes trading and/or investment decisions understand the business, regulatory and environmental issues related to the energy industries.
LEARNING OUTCOMES Knowledge and understanding Students will be able to: understand the economics of oil and gas exploration, refining, transportation, and trading and the interrelationships between oil, gas and electric power markets understand crude oil and refined product valuation and pricing; structure and negotiation of trading contracts; the various risks arising from energy trading and the tools and techniques used to manage risk.
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Skills Students will be able to: carry out crude oil valuation, netback and breakeven calculations perform freight calculations use energy forwards, futures and swaps to put in place risk management strategies; review and select trading strategies for profit identify and calculate arbitrage trading cases and the use of paper instruments to lock in the arbitrage margin.
SYLLABUS This extended module provides the opportunity to focus on issues of particular importance to the specialist field of Energy, Trade & Finance and will cover:
Overview of oil refining, international markets and trading and the interface with upstream Oil, Gas and Power markets and the interrelationship between different fuels Crude oil valuation and pricing Refining economics Crude oil and refined product quality, specifications and their significance Supply economics and inventory management Storage use and blending Shipping costing and Worldscale The role of pipelines and other oil transport Risk Management concepts and tools Futures, forwards and Swaps Trading and trading strategies: crude and products Oil contract structure; disputes, law and arbitration Introduction to options Arbitrage trading The role of the Broker, Inspector and Trader Gas Markets and Quality Gas chain costs and economics LNG and GTL Gas Pricing in a Range of Markets Gas Trading Pipeline Gas Transportation, Networks and Capacity Electricity production, infrastructure, consumption and trade Electricity trading: market evolution and trading arrangements. Electricity – future prospects and issues
READING LIST Lecture notes distributed in class
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OIL AND ENERGY TRANSPORTATION AND LOGISTICS SMM972
MODULE LEADER
Dr Amir Alizadeh
LECTURES
10 x 3 hour sessions
SUB-GROUPINGS
This module is only for ETF students who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by Two invigilated tests (November 25%; January 75%)
EDUCATIONAL AIMS The aim of the module is to equip students with tools necessary to think skilfully and maturely, but also independently on matters relating to the oil and energy transportation business and industry. Industry trade journals, business magazines, and shipbroker reports contain vast information, yet one must be able to critically assess the often times clashing views that exist about the state of the shipping and tanker markets, pipeline and land transportation networks, and their future prospects. Later in the course these skills will be more intensively utilised in other modules that follow Oil and Energy Transportation and Logistics. The objectives of the module are for students to:
develop a basic understanding of the economic structure of the tanker shipping industry, LNG and LPG shipping, and pipeline and land transportation networks, within the more general transport system understand the importance of the industry’s cost structure, the necessity for cost minimisation, and how this may be defined understand how prices are set and revenue is earned by tanker, LNG, LPG and pipeline companies and be able to perform fundamental revenue calculation, such as a voyage estimation point out the inter-relationships between the shipping freight market and other related markets, i.e. - shipbuilding market, demolition market, and the vessel sale and purchase market.
LEARNING OUTCOMES Students are expected to: have a very good grasp of the economics of tanker business and land transportation of energy commodities, including freight markets, and cargo chartering, pipelines networks, electricity grids, and energy distribution systems understand the fundamental principles of, oil and energy ports and terminals, and in land logistics be able to carry out a simple voyage charter estimation and laytime calculation 32
be able to assess and manage risk in energy transportation.
SYLLABUS Lecture 1 Introduction to Energy Commodities and Markets Lecture 2 Introduction to Shipping Markets: Types, design, fleet, Lecture 3 Tanker Freight Rates: Supply-Demand, Freight Contracts, Worldscale Lecture 4 Tanker Chartering: Charter parties, Negotiation, The role of brokers Lecture 5 Voyage Estimation: Costs and Expenses, Draft and TPC, Voyage Estimation Lecture 6 Laytime Calculation: definitions, documents, calculation Lecture 7 LNG and LPG Transportation Lecture 8 Oil and Gas Pipelines, Land Transportation, and Electricity Grids Lecture 9 Risk assessment and management in energy transportation Lecture 10 Economics and Operations of Oil and Gas Ports and Terminals READING LIST
Lecture notes and cases will be distributed Phillip J Wood “Tanker Chartering” (2000) Stopford, Martin, Maritime Economics, (2007) 3rd ed., Routledge A. Alizadeh & N. Nomikos “Shipping Derivatives and Risk Management” (2009) Palgrave MacMillan Institute of Chartered Shipbrokers “Tanker Chartering” (2000) Industry Journals and Publications TBA Academic Papers and Publications TBA 33
POWER MARKETS SMM712
MODULE LEADER
Prof Lilian de Menezes
LECTURES
10 x 3 hour sessions
SUB-GROUPINGS
This module is only for ETF students who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by Coursework (25%) and an Examination (75%)
EDUCATIONAL AIMS The aim of the module is to provide the student with a deeper understanding of the power markets, from generation to pricing and all other pertinent issues. It also aims to put renewables in context, as their output feeds directly into these markets and supplements (or perhaps competes with) conventional hydrocarbons. The objectives of the module are for students to:
comprehend the specifics of power (electricity) generation from exhaustible and renewable sources understand the technical and economic characteristics of transmission, distribution, metering understand the implications of regulation, liberalisation and climate change issues compare different market structures for electricity comprehend pricing methods, price risks and their management.
LEARNING OUTCOMES At the end of this course, the student is expected to be able to:
understand the supply characteristics of electricity, its generation, transmission and distribution be able to explain the differences between the various methods of generating electricity, including renewables, and how these are combined to produce adequate capacity to meet demand understand the role of regulation and/or deregulation and other policy issues, such as security of supply analyse the different market structures for trading electricity understand the basic economics or provision of capacity and reserve and the models of the capability of generation capacity be able to create a basic model of electricity transmission and charging given various location constraints 34
understand the characteristics of electricity prices and their implications appreciate the impact that electricity generation has on climate change and how this affects the business model of electricity generation.
SYLLABUS A brief outline of the 10 lectures Lecture 1 Power generation from conventional and alternative sources Lecture 2 Transmission and distribution Lecture 3 Power generation and emissions Lecture 4 Policy issues: Regulation and deregulation Lecture 5 Electricity trading: market structures and types of contracts Lecture 6 Capacity requirements and demand modelling Lecture 7 Pricing from generator to consumer Lecture 8 Price Processes and distributions Lecture 9 Current Issues Lecture 10 The Future and its challenges
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READING LIST
Harris, C. (2006), Electricity Markets: Pricing, Structures and Economics, Wiley, ISBN 9780470011584 Kaltschmitt, M., Streicher, W. and Wiese, A. (eds.) (2007), Renewable Energy: Technology, Economics and Environment, Springer, ISBN 9783540709473 Murray, B. (2009), Power Markets and Economics: Energy Costs, Trading, Emissions, Wiley, ISBN 9780470779668
Further details and additional reading will be given at the beginning of the term, and throughout the course of the lectures, as appropriate.
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PRINCIPLES OF FINANCE SMM557
MODULE LEADER
Prof Nikos Nomikos
SESSIONS
10 x 3 hour sessions 12 hours of additional tutorials: 8 x 1.5 hours
SUB-GROUPINGS
Students will be divided in two groups (A and B) for lectures. Four groups for tutorials (A1, A2, B1, B2)
MODULE ASSESSMENT
This module will be assessed Two invigilated tests (November 25%; January 75%)
EDUCATIONAL AIMS The aim of this module is to provide the students with an introduction into the area of corporate finance. This will be achieved through the development of a common vocabulary and a set of tools that will assist students in gaining a basic understanding of what is corporate finance and it will lay the foundations for further study in this area. The main areas that are going to be covered are: present value and the valuation of common stocks; debt valuation; risk, return and capital budgeting; and options, their use and valuation This module will make it possible for successful participants:
to understand basic financial concepts, computational methods, and techniques of financial analysis; to support decision making with regard to investment and capital expenditure analysis, including how they should be financed and structured.
LEARNING OUTCOMES At the end of this course the student is expected to: Knowledge and Understanding
be familiar with the fundamental principles of financial economics understand the concepts of risk and return understand the principles of portfolio theory and asset pricing.
Skills
apply financial and investment decision criteria in a variety of business cases be able to utilise valuation concepts as applied to shares and bonds 37
be able to use models and their applications in relation to investment and business decisions.
SYLLABUS The module will comprise 10 sessions of three hours contact time each. In addition, participants are expected to devote two times the amount of contact time in learning either privately or in groups. The module aims to develop practical skills and this requires substantial time in practising with problems, exercises, quizzes and other such learning drills. Lecture 1: Introduction and Basic Principles of Financial Economics Reading: Ch. 1,2,3 Lecture 2: Basic Principles of Financial Economics Time Value of Money; Discounting; Compounding; Present Value; Future Value; Annuities; Perpetuities; Rates of Returns; Nominal and Real Interest Rates; Capital Budgeting and Investment Decision Criteria
Reading: Ch. 1,2,3, 6, 7.3
Lecture 3: Bond valuation Bond Pricing; Term Structure of Interest Rates
Reading: Ch. 4
Lectures 4 - 5: Stock Valuation Stocks and Stock Markets, Stock and Business Valuation
Reading: Ch. 5
Lecture 6: Portfolio Theory Measuring Risk, Types of Risk, The relationship between Risk and Return, Portfolio Theory.
Reading: Ch. 8, 9
Lectures 7 - 8: Capital Asset Pricing Model and Other Asset Pricing Models Security Market Line, The CAPM, Testing the CAPM, Alternative Models (Arbitrage Pricing Theory, Multifactor Models)
Reading: Ch 8, 9
Lecture 9 and 10: Options Pricing Derivative Contracts; Options Terminology; Factors Determining the Value of an Option; Put-Call Parity; Pricing Options using Arbitrage; Black Scholes model
Reading: Ch 21 - 22 38
READING LIST One textbook will be referred to in all lectures: Brealey, R., S. Myers and Allen (2008), Principles of Corporate Finance, 9th Edition, McGraw Hill, ISBN: 978-0-07-128488-2 You may also find the student study guide for this book, useful: Study Guide (by V.S. Krishnan) – ISBN 9780073287010 The study guide contains examples, exercises and solutions relevant to the topic covered in the main text. There is also an Online Learning Center at www.mhhe.com/bma9e . This is a website that follows the text chapter-by-chapter. Its content is ancillary and supplementary to the textbook; as you read the book, you can go online to take self-grading quizzes, review material, or work through interactive exercises.
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QUANTITATIVE METHODS SMM556
MODULE LEADER
Evgenia Passari
SESSIONS
10 x 3 hour sessions 12 hours of additional tutorials: 8 x 1.5 hours
SUB-GROUPINGS
Students will be divided in two groups (A and B) for lectures. Four groups for tutorials (A1, A2, B1, B2)
MODULE ASSESSMENT
This module will be assessed by two invigilated tests (November 25%; January 75%)
EDUCATIONAL AIMS The aims of the module are to introduce students to Mathematical and Statistical skills required:
to follow any other module in the MSc programmes to complete empirical projects (including the Business Research Project) dealing with data in the business world by the professional manager and researcher.
The objectives of the module are that students completing the module should be able to:
understand the fundamentals of statistical techniques used for empirical investigation cope with QM skills required in other more advanced elective modules be able to produce and interpret statistics and figures presented in market reports and the press.
LEARNING OUTCOMES At the end of this module, student will be able to:
find derivative and partial derivative of different mathematical functions and use them to optimise economic problems find define and indefinite integral of mathematical function and use integrals to solve related economic problems construct indices for different variables collect, present and plot data, and infer about the distribution of the data distinguish between different distributions used in business decision making perform hypothesis testing on different statistical aspects of sample data perform simple linear regressions and correlation analysis 40
perform different diagnostic tests on residuals of regressions test different hypothesis and restrictions on regression models.
SYLLABUS The QM module covers descriptive and inferential statistics with more emphasis on the latter. Regression analysis is covered. Optimisation techniques with applications are part of the module. Excel and Eviews are used, where possible, to demonstrate how the theoretical topics covered can be applied in practice using computers.
Linear Algebra: Scalar, vectors, matrices, dimension of a matrix, different types of matrices, matrix operations, special matrices, use of matrices in solving systems of equations.
Calculus: Differentiation and Integration: Differentiation, Rules of differentiation, Turning points, Economic applications. Multivariate Functions, Turning points, Constrained optimisation, Taylor and McLaurin series. Integration, Rules of integration, Economic applications.
Descriptive Statistics: Data: Populations, Samples, Presentation of data in table form, Visual presentation of data. Summary Statistics: Measures of Central Tendency (Arithmetic Mean, Median, Mode, Geometric Mean). Measures of Dispersion (Range, Variance, Coefficient of Variation, etc.). Shape of frequency distributions (Skewness, Kurtosis).
Expected values and moments of variables: Moments of random variables and correlation. Applications to portfolio theory.
Probability Distributions: Discrete probability Distributions: Uniform, Binomial, Poisson, Hypergeometric. Continuous Probability Distributions: Normal, The normal as an approximation to the Binomial and Poisson.
Statistical Inference: Point and interval Estimation and Hypothesis testing. Estimation, Sampling, Confidence intervals for means, proportions, differences of means, variance and correlation.
Hypothesis testing; non-parametric tests: Hypothesis testing, run test, Contingency Tables, F-distribution and Analysis of Variance.
Regressions and correlation analysis: Estimating simple linear regression models, multiple regression models, time series models, diagnostic tests, hypothesis testing and restrictions on regression models.
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READING LIST J. Curwin and R. Slater, Quantitative Methods for Business decisions, Nostrand Reinhold. D. Salvatore, Statistics and Econometrics, (Schaum series) McGraw-Hill. E.T. Dowling, Introduction to mathematical economics (Schaum series), McGraw-Hill. Budnick F.S., Applied mathematics for business economics and the social sciences, McGraw-Hill. Students may also find useful in parts (optional) More advanced textbooks on mathematics and economic applications: S. Glaister, Mathematical Methods for Economists, B. Blackwell. C. Chiang, Fundamental methods for mathematical economics, McGraw-Hill. More advanced textbooks on Statistics and Econometrics: D. Gujarati, Basic Econometrics, McGraw Hill. Especially the appendices on Statistics. R. Pindyck and Rubinfeld D., Econometric Models and Economic Forecasts, McGraw Hill. S. Maddala, Introduction to Econometrics, McGraw Hill. Judge, R. C. Hill, W. E. Griffiths, H. Lutkepohl, T. Lee, Introduction to the Theory and Practice of Econometrics, Wiley. (Especially part I on Statistics). Relevant applications in shipping: J. J. Evans, P. B. Marlow, Quantitative Methods in Maritime Economics, Fairplay Publications.
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RESEARCH PROJECT MANAGEMENT SKILLS SMM522
MODULE LEADER:
Course directors assisted by additional members of the Centre’s academic staff
SESSIONS:
3 x 3 hours
ASSESSMENT:
This module will be assessed by Coursework (100%) in the form a preparation of a Business Plan
EDUCATIONAL AIMS The aim of this module is to examine the various methods of undertaking empirical research. The module starts by presenting historical and current developments in research in a chosen field and then highlights qualitative and quantitative research methods, which facilitate the application of theory into practical business issues. It then goes on to develop the students’ business research skills, as well as soft skills such as group collaboration and co-ordination, presentation, adherence to deadlines, handling of Q&As and so on. The course will make it possible for participants to:
understand methods used to generate ideas for relevant projects understand the recent developments in their chosen research field develop an understanding of commonly used sources of data/literature available develop interpersonal skills required to undertake business research projects appreciate the links between academic theory and practical relevance integrate the knowledge and skills acquired during the first two terms of the course into the formulation, research and presentation of a business proposal.
LEARNING OUTCOMES On successful completion of the module the participants will:
know how to undertake empirical research and be able to prepare good projects. understand how to set up and test topical research questions understand the use of statistical techniques in research contrast the various theories to set up the hypotheses and link the theories to practice. research, write up, present and defend a business plan proposal in the specialist areas covered by the three MSc degrees.
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SYLLABUS Research Process Research is gathering the information needed to provide an understanding of some problems in order to change deeper beliefs of reader/listener. Although research involves hard work, it provides a pleasure in solving a puzzle or gaining an in-depth understanding of a particular question. Research usually starts from the definition of the research questions, followed by an understanding of literature search, data collection and definition of the methodologies, the analysis of the results and finally the setting up of the conclusions. A recently published paper will be used to illustrate this typical research process. Business research methodologies Business research projects use various methodologies including event study, performance analysis, valuation survey questionnaires, personal interview and case study approaches. Business plan skills Business development and project planning are essential for the success and smooth operation of any business organisation. The tool most frequently used for framing the analysis and presentation of a new proposal is the ‘business plan’. Now, a business plan is as much a process as it is an end-product. A properly performed business plan ensures that the team preparing the proposal carefully considers all underlying assumptions and ideas used, performs detailed analysis and research into the economics of the proposal, and sets realistic benchmarks that will guide the post-development phase of the project. As a presentation tool, a business plan must communicate a description of all aspects of the proposed business (i.e. - market conditions, the product, links with the rest of the organisation, the role of management, value created, etc.). If it concerns an expansion of existing plant capacity or product lines, it will also contain a discussion of the link between the business unit’s actual past and planned future performance. It may also provide a view of the project’s pro forma accounting statements over the medium term (usually something that falls between the typical 1-year budget outlook and the long term strategic plan) with milestones for gauging the plan’s progress. There will be coverage of the key aspects of a business plan, including executive summary, the business idea, operations, marketing, financials, legal issues and so on.
READING LIST The course is based on a number of recently published research papers. The papers will be selected nearer the start of the course.
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SHIPPING ECONOMICS SMM558
MODULE LEADER
Prof Michael Tamvakis
LECTURES
10 x 3 hour sessions
SUB-GROUPINGS
This module is only for STF students who will be taught in one group
MODULE ASSESSMENT
This module will be assessed by two on-line invigilated tests (November 25%; January 75%)
EDUCATIONAL AIMS The aim of the module is to equip students with tools necessary to think skilfully and maturely, but also independently on matters relating to the shipping industry. Industry trade journals and shipbroker reports contain vast information, yet one must be able to critically assess the often times clashing views that exist about the state of the shipping markets and their future prospects. Later in the course these skills will be more intensively utilised in other modules that follow Shipping Economics. The objectives of the module are for students to:
develop a basic understanding of the economic structure of the shipping industry, particularly the bulk sector, within the more general transport system understand the importance of the industry’s cost structure, the necessity for cost minimisation, and how this may be defined understand how revenue is earned by bulk shipping companies and be able to perform fundamental revenue calculation, such as a voyage estimation point out the inter-relationships between the shipping freight market and other related markets, i.e. - shipbuilding market, demolition market, and the vessel sale and purchase market appreciate the regulatory environment within which shipping has to operate gain a grounding in the economics of liner and container transportation and port operations, which are all closely related to the shipping industry gain an understanding of the various risk associated with the business of shipping.
LEARNING OUTCOMES Students are expected to:
have a very good grasp of the economics of bulk (tanker and dry) shipping economics, including freight markets, new building, second hand, and scrapping markets, shipping cycles, cargo chartering, regulatory environment and shipping risks understand the fundamental principles of liner shipping and port economics 45
be able to carry out a simple voyage charter estimate.
SYLLABUS Lecture 1 Introduction to Shipping Markets Reading: Stopford (2007), Chs. 1-2 Lecture 2 Overview of Seaborne Trade and Bulk Shipping Reading: Stopford (2007), Chs. 9-11, 14; Grammenos (2002), Chs. 4-7 Lecture 3 Shipping Cycles and Key Market Characteristics Reading: Stopford (2007), Chs. 3 & 5; Grammenos (2002), Chs. 8-12 Lecture 4 Supply/demand Economics in Shipping Reading: Stopford (2007), Ch. 4; Grammenos (2002), Chs. 8-12 Lecture 5 Costs and Revenue in Shipping Reading: Stopford (2007), Ch. 6 Lecture 6 Ship design, shipbuilding and scrapping Reading: Stopford (2007), Ch. 14-15 Lecture 7 Regulatory Framework Reading: Stopford (2007), Ch. 16; Grammenos (2002), Chs. 21-24 Lecture 8 Shipping Risks Reading: Stopford (2007), Ch. 8; Alizadeh & Nomikos (2009), Chs. 4-5 & 10; Grammenos (2002), Chs. 30-31 Lecture 9 Specialised and general cargo shipping Reading: Stopford (2007), Chs. 12-13; Grammenos (2002), Chs. 14-17 Lecture 10 Port Economics Reading: Van der Voorde & Meersman (2008); Grammenos (2002), Chs. 33-36
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READING LIST
Stopford, M. (2007) Maritime Economics, 3rd ed., Routledge, ISBN 978-0415275583 (Key textbook) Alizadeh, A. & N. Nomikos (2009) Shipping Derivatives and Risk Management, Palgrave Macmillan, ISBN 978-0230215917 Grammenos, C. Th. (ed.) (2002) The Handbook of Maritime Economics & Business, 1st ed., Lloyds List Publications Meersman, H., E. Van de Voorde & T. Vanelslander (eds.) (2009) Future Challenges for the Port and Shipping Sector, Informa, ISBN 978-1843117711 Branch, A. (2007) Elements of Shipping, 8th ed., Routledge, ISBN 78-0415362863
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SHIPPING INVESTMENT AND FINANCE SMM564
MODULE LEADER
Professor C. Th. Grammenos
TUTOR
Dr. N.C. Papapostolou
SESSIONS
60 hours of which mainly three hour sessions
SUB-GROUPINGS
This module is only for STF students who will be taught in one group mainly, but also in 2 groups if necessary
MODULE ASSESSMENT
Invigilated Test, February (25%) Written Examination, April (75%)
EDUCATIONAL AIMS
To discuss fundamental background for shipping investment. To discuss major sources of shipping finance such as banks, and capital markets. To equip students with the skills and analytical tools - and help develop individual judgement - for making rational shipping investment and finance decisions.
To enable students to:
comprehend the major parameters which are involved in shipping investment decisions and the tools used in a shipping investment feasibility study; comprehend bank credit analysis and present a bank credit proposal; comprehend and analyse the major factors involved when a shipping company raises debt or equity from the capital markets.
LEARNING OUTCOMES The student will be able to: Knowledge and understanding
comprehend a shipping feasibility study comprehend and analyse a shipping debt or equity, public or private, issue in capital markets.
Skills
carry out bank credit analysis and bank credit proposal.
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SYLLABUS:
Introduction – Spherical Approach; Structural Changes.
The Centre’s Econometric Model of the Shipping Industry.
Acquisition and Disposal Markets.
Fundamentals of Bank Shipping Finance: Banking Objectives; Banking Risks; Pricing of Loans; Lending Function; Credit Risk Analysis; Collateral Securities; Covenants; Loan Monitoring; Credit Policy; Commitment Letter; Shipping Credit Proposal; Loan Agreement; Syndication.
Case Study: Credit Proposal.
Feasibility Study – The Tanker Market.
Monitoring Bank Loans – Problem Loan Treatment.
Capital Markets as a Source for Shipping Finance: Equity & High Yield Bond Markets.
Shipping Hedge Funds.
The Valuation of Shipping Companies and their Shares.
Analysing Shipping Equities.
Case Study: Bank Finance for Ship Purchase.
KG, KS and Islamic Finance.
Panel Discussion.
Revision.
The above lecture schedule is provisional. A more detailed one will be issued nearer the time.
CORE READING LIST 1)
2)
3) 4) 5)
Grammenos, C. Th., 2010. Revisiting credit risk, analysis & policy in bank shipping finance, in Grammenos, C. Th. (Ed.), The Handbook of Maritime Economics and Business, Ch.27, 777-810, (2nd Ed.), Lloyd’s List: London. Grammenos C. Th., Alizadeh, A. H., and Papapostolou, N. C., 2007. Factors affecting the dynamics of yield premia on shipping seasoned high yield bonds. Transportation Research Part E: Logistics and Transportation Review, 43, 549-564. Grammenos, C. Th., and Arkoulis, A., 1999. The long-run performance of shipping initial public offerings. International Journal of Maritime Economics, 1, 1, 71-93. Grammenos C.Th., and Arkoulis, A.G., 2002. Macroeconomic factors and international shipping stock returns. International Journal of Maritime Economics, 4, 81-99. Grammenos C.Th., Arkoulis A.G., 2003. Determinants of Spreads on the New High Yield Bonds of Shipping Companies. Transportation Research Part E: Logistics and Transportation Review, 39, 459-471. 49
6)
Grammenos C.Th., and Marcoulis S. N., 1996. A cross-section analysis of stock returns: the case of shipping firms. Maritime Policy and Management, 23, 1, 67-80. 7) Grammenos C.Th., Marcoulis S. N., 1996. Shipping initial public offerings – a crosscountry analysis. Empirical Issues in Raising Equity Capital, edited by M.Levis, NorthHolland. 8) Grammenos, C. Th., Nomikos, N. K., and Papapostolou, N. C., 2008. Estimating the probability of default for shipping high yield bond issues. Transportation Research Part E: Logistics and Transportation Review, 44, 1123-1138. 9) Grammenos, C. Th. and Papapostolou, N. C., 2011. Ship finance: US public equity markets, in Talley, W. K. (Ed.), The Blackwell Companion to Maritime Economics, Ch. 20,Wiley-Blackwell. 10) Grammenos, C. Th. and Papapostolou, N. C., 2011. Ship finance: US high yield Bond market, in Talley, W. K. (Ed.), The Blackwell Companion to Maritime Economics, Ch.21, Wiley-Blackwell. 11) Grammenos C. Th. And Papapostolou, N. C., (2012). US shipping initial public offerings: do prospectus and market information matter? Transportation Research Part E: Logistics and Transportation Review, (forthcoming). 12) Notes and presentations given during lectures.
OTHER READINGS 1) Alizadeh, A. H., and Nomikos, N. K., 2006. Trading strategies in the market for tankers.
Maritime Policy and Management, 33, 2, 119-140. 2) Alizadeh, A. H., and Nomikos, N. K., 2007. Investment timing and trading strategies in the
sale and purchase market for ships. Transportation Research: Part B, 41, 1, 126-143. 3) Casu, B., Giradone, C. and Molyneux, P., 2006. Introduction to banking, Prentice Hall, 4)
5) 6) 7) 8)
9) 10) 11) 12)
13)
Financial Times: London. Cullinane, K., and Gong, X., 2002. The mispricing of transportation initial public offerings in the Chinese mainland and Hong Kong. Maritime Policy and Management, 29, 2, 107118. Drobetz, W., Schilling, D., and Tegtmeier, L., 2010. Common factors in the returns of shipping stocks. Maritime Policy and Management, 37, 2, 93-120. Grammenos C. Th., 1979. Bank finance for ship purchase, Bangor Occasional Papers in Economics, no. 16, University of Wales Press. Hefferman, S., 2005. Modern Banking, Wiley: London. Kavussanos, M. G. and Marcoulis, S. N., 2000a. The stock market perception of industry risk and macroeconomic factors: the case of the US water and other transportation stocks. International Journal of Maritime Economics, 2, 3, 235-256. Leggate, H. K., 2000. A European perspective on bond finance for the maritime industry. Maritime Policy and Management, 27, 4, 353-362. Merikas, A., Gounopoulos, D., and Nounis, C., 2009. Global shipping IPOs performance. Maritime Policy and Management, 36, 6, 481-505. Merikas, A., Gounopoulos, D., and Karli, C., 2010. Market performance of US-listed shipping IPOs. Maritime Economics and Logistics, 12, 1, 36-64. Mourdoukoutas, P., and Stefanidis, A., 2009. To list or not to list: expectations versus reality for Greek shipping IPOs. South Eastern European Journal of Economics and Business, 125-134. Panayides , P. M., and Gong, X., 2002. The stock market reaction to merger and acquisition announcements in liner shipping. International Journal of Maritime Economics, 4, 55-80. 50
14) Samitas, A. G., and Kenourgios, D. F., 2007. Impact of mergers and acquisitions on stock
returns of tramp shipping firms. International Journal of Financial Services Management, 2, 4, 327-343. 15) Sinkey, J. F. Jr., 2001. Commercial bank financial management: in the financial services industry, (6th ed.), Prentice Hall. 16) Stopford, M., 2009. Maritime economics, (3rd. Ed.), Routledge: London.
Students are strongly encouraged to follow articles in leading shipping newspapers (e.g. Lloyd’s List, Tradewinds). Since the teaching style of the course aims at a more analytical and effective lecture/seminar, it is essential for students to study in advance the assigned chapters and/or additional material, such as notes, case studies, articles, and papers.
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SUPPLY CHAIN ECONOMICS SMM559
MODULE LEADER
Prof ManMohan S. Sodhi
SESSIONS
10 x 3 hourly sessions
SUB-GROUPINGS
This module is only for SCTF students who will be taught in one group
MODULE ASSESSMENT
Two invigilated tests (November 25%; January 75%)
EDUCATIONAL AIMS Aims for this module are for the students to understand the economics and policies pertaining to procurement, outsourcing and supply chain design. LEARNING OUTCOMES On completion of the module, the student should:
understand the economics that drives procurement and supply chain design develop a sense of issues involved with ethics of procurement and the needs of a wider set of stakeholders than shareholders alone relate abstract economic concepts to practical supply chain issues particularly around procurement analytical skills to apply concepts to practical situations through case studies, as well as to relate abstract economic concepts to practical supply chain issues particularly around procurement use supply chain strategy to drive purchasing policies and supply chain design (including outsourcing) understand the concepts around purchasing policy, procedures and processes understand the basis of negotiation and managing contracts understand performance measurement and evaluation.
SYLLABUS The module will comprise 10 sessions of three hours contact time each. In addition, the student will be expected to devote, at least, an equivalent amount of learning time in private and group study of module materials and the preparation of the case presentation. The modules will generally consist of a period formal lectures with interactive dialogue from the participants, to be followed by a case presentation by one or more of the student groups, with all students expected to be involved in the case study discussion. Students will be expected to prepare prior to the presentation (even on days when they are not the main presenter). 52
Lectures are to be structured as follows:
Purchasing policy, procedures and processes Purchasing organization Competitive advantage through purchasing and supply chain design Strategic sourcing Supplier selection, management, and alliances Global sourcing (including low-cost countries) Cost management Negotiation Purchasing and outsourcing services Contracts Performance measurement and evaluation
READING LIST Purchasing & Supply Chain Management (4th edition), A. J. Van Weele, Thomson, 2005, or Purchasing and Supply Chain Management (3rd edition) R. Moncka, R. Trent and R. Handfield, Thomson Southwestern, 2005 (or later edition) – US-oriented
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Elective Information Cass Business School provides an extensive range of elective modules for the different MSc programmes. A special elective handbook, regarding your term three selection of modules, will be distributed in the second term and will provide further information. Electives which have previously been provided by MSc Shipping, Energy, Supply Chain Trade & Finance include:
Air Transport Chartering Climate Change Commodity Derivatives and Trading Container and Intermodal Transport Econometric Modelling Emissions Trading Equity Investment Energy & Weather Derivatives Financial Derivatives
Marine Insurance Retail Supply Chain Management Shipping Innovation Shipping Law Shipping Strategy Shipping Risk Management Supply Chain Finance Supply Chain Modelling Sustainability in Supply Chain Management Trade Finance
Apart from those electives students will also be able to choose from pre-selected modules offered by other MSc programmes. Please note the School reserves the right to withdraw an elective if demand is insufficient and to add new electives if they are available. Space restrictions and timetable availability may also apply.
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Section 4: Assessment Regulations and Regulations for the Award of the Degree Described below are the rules governing the award of a master degree in Shipping, Energy or Supply Chain Trade and Finance. For further information, the City University’s complete set of “Ordinances and Regulations” are published on the University’s website.
Assessment Regulations Assessment Calculations The rules governing calculation of module and overall degree marks are as follows;
All modules must be passed individually. There are no minimum mark requirements for separate assessment components (unless specifically stated). However, it is compulsory to complete all coursework and exam components and no module mark can be awarded until these are completed. A module mark is calculated by aggregating marks for all assessment components, unless otherwise stated in the module outline (section three). Where modules are assessed by both exam and coursework, these are weighted to calculate the module mark – please see the assessment matrix in section two for the relative weightings. Where there are several pieces of coursework, the coursework results are averaged according to weightings.
To calculate the overall degree mark, module marks are combined using weightings in line with the relative credit values of modules.
Failure and Re-sitting of Modules
Any module with an aggregate mark of less than 50% is deemed to have been failed and must be resat.
To resit a failed module, a candidate must re-do all assessment components which gained marks of less than 50%.
Modules may be resat only once.
A candidate who successfully completes a resit shall be awarded the credits for the module. The mark awarded for the resat components will be capped at 50%. The mark awarded for other components will be the original mark. This mark will also be used in calculating the overall degree mark.
A candidate who does not pass his or her resit by the date specified by the Assessment Board will not progress on the programme and the Assessment Board will normally make a recommendation that they withdraw.
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Coursework All coursework and invigilated tests are compulsory and count towards the final degree. In some modules presentations or invigilated tests may replace written coursework assignments. Some subjects may be assessed by coursework only. Precise details concerning examined and non examined modules are provided in the module outlines. Please note coursework is required to be submitted for assessment by the specified deadline date. Late coursework will receive imposed penalties. Late coursework will immediately receive a deduction of five marks on the first day of lateness, with one further mark deducted for each day of lateness, for a maximum of five days. After this point coursework will not be accepted and a mark of zero will be awarded. All coursework should be submitted electronically via the virtual learning environment, Moodle. It is essential that you keep a copy of all coursework submitted. All sources used should be cited using the Harvard referencing system. Further information about this can be found on the Cass website: http://www.cass.city.ac.uk/intranet/student/learning-resource-centre/citing-references. Coursework will be returned to students as quickly as possible with the aim of students receiving feedback within three to four weeks of their submission
Degree Requirements To qualify for a Masters degree, a candidate must achieve at least 50% as an aggregate mark for each module and an overall degree average mark of 50%. This will result in the acquisition of 210 credits, which is the number required to achieve a masters degree in Shipping, Energy or Supply Chain Trade and Finance.
Award of Distinction To calculate the overall degree mark, all module marks are combined using the weightings in the Assessment matrix table. The award of distinction for the masters is based on:
An overall degree mark of at least 70%, with no modules failed at first attempt. However, where a student has one resit and passes, achieves an overall degree average mark of 70% or above, should be awarded a merit and not a pass.
Award of Merit To calculate the overall degree mark all module marks are combined using the weighting in the table. The award of merit for the Masters is based on: 56
An overall degree mark between 65% - 69.9% inclusive. No modules failed at first attempt.
Postgraduate Diploma A student who has not accumulated enough credits to be awarded a masters degree may be awarded a postgraduate diploma provided they have satisfied the following conditions: 1. The total number of credits gained is equal to or greater than the minimum credits stipulated in the programme specification for the award of a diploma. For the award of a diploma, a student may compensate a maximum of 20 core or core elective credits provided the following conditions are met: 1. The mark achieved for the module(s) to be compensated is at least 40%. 2. The average mark of all modules to be counted towards the diploma, including those modules to be compensated, is at least 50%. Note that:
The diploma average will be calculated in the same way as the masters average as specified in the programme specification; The award of distinction and merit will also be calculated in the same way as for the masters degree, as specified in the programme specification.
Periods of Registration The periods allowed for completion of the qualifications are:
Four years for a masters degree: full or part-time Two years for a postgraduate diploma: full or part-time
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Grade Related Criteria
Distinction
Class
%
Literary
Knowledge
85-100
A
Comprehensive and informative knowledge of subject area, may include new knowledge derived from which the marker and wider community may learn; addresses the learning outcomes/ assessment criteria in full Sophisticated or strong shows knowledge of complex issues or a broad range of issues and addresses the learning outcomes/assessment criteria well. Sound knowledge of a broad range of issues or detailed knowledge of a smaller number of issues; makes a good attempt to address the learning outcomes/assessment criteria, realising all to some extent and some well
Outstanding
80-84
Excellent
75-79
Very good
70-74 B
Good
50-64
C
Satisfactory
41-49
D
Poor
20-40
E
Very poor
Fail (0%-49%)
Pass
Merit
65-69
Adequate knowledge of important issues – some level of response to all learning outcomes/assessment criteria but may not include important elements or information that is fully accurate. Unsatisfactory work inadequate knowledge of the important issues and doesn’t succeed in grasping key issues, therefore learning outcomes/ assessment criteria will not be realised Knowledge is lacking either through omission, the inclusion of large amounts of irrelevant information or evidence of significant misunderstanding - totally inadequate attempt to address the learning outcomes/ assessment criteria
Independent thought, uses of sources and research materials Where relevant, evidence of independent reading, thinking and analysis and strong critical ability
Presentation
Professional
Wellconstructed
professional approach to academic practice; professional standard generally
Where relevant, show evidence of wide and comprehensive reading and critical ability
Clearly written
adhere to the principles of good academic practice
Evidence of thorough research of the topic(s) but some answers may not be complete or arguments sufficiently explored. Some critical ability will be evident. Where relevant, development of ideas is limited but attempts will be made to analyse materials critically
well-structured and logically written
demonstrate good academic practice
Expression and structure may lack clarity
evidence of good academic practice will be limited
No real development of ideas and critical analysis will be very limited.
Presentation is confused or incoherent
General ignorance of good academic practice may be evident
No critical ability will be displayed
Confused, incoherent or unstructured presentation
Ignorance of good academic practice will be evident
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Section 5: Additional Information The International Centre for Shipping, Trade and Finance The International Centre for Shipping, Trade and Finance was established at City University Business School in 1984 to develop postgraduate studies in shipping, trade and finance, principally through its MSc course in Shipping, Trade and Finance, and now also through the sister MSc courses in Supply Chain, Trade and Finance and Energy, Trade and Finance. It also undertakes applied research through its staff, PhD and MPhil students and provides a forum for international dialogue mainly between industry, government and academic leaders. Internationally oriented from the start, it maintains strong links with the City community, where its graduates find jobs in top institutions and gain extensive support through the participation of leading practitioners as visiting lecturers, contributors, and co-supervisors for student research work. Prominent City figures also act as panellists and presenters in seminars and public lectures arranged by the centre for audiences of senior executives, academics, diplomats, and past and present students. In the past, the centre has organised or contributed to seminars, presentations, conferences and symposia in Amsterdam, Antwerp, Athens, Boston, Dubai, Genoa, Hong Kong, Istanbul, Lyon, Malmo, Mexico, New York, Nicosia, Oslo, Piraeus, Prague, Seoul, Singapore, Sydney, Trondheim, and Vancouver as well as London. Research is key to the centre’s activities. Through the work of its staff, PhD and MSc students, the centre produces innovative applied research of practical value to the commercial sectors of international trade, shipping, energy, transport, supply chain, logistics, and specialised finance. The results of this research are disseminated to representatives of industry, academia and government through public conferences, seminars and publications and are used to enhance the department’s own MSc course units. Our Research Themes Finance • Capital markets • Commodity markets & derivatives • Behavioural finance • Derivatives and risk management • Fixed income and arbitrage • Credit risk and credit derivatives • Emerging markets
Energy • Energy economics & pricing • Energy trading and finance • Energy risk modelling • Energy project & company valuation • Emissions trading • Electricity & weather derivatives
Shipping • Shipping economics • Shipping investment & finance • Transport economics • Shipping risk mgmt • Freight modelling and trading • Credit risk in shipping
Supply Chain Management & Finance • Supply Chain Risk • Supply Chain partnerships • Supply Chain and Finance • Forecasting • Quality • Supply Chain planning and related mathematical modelling
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Course Office The Course Office is located on the 3rd Floor of Cass Business School, 106 Bunhill Row, London EC1Y 8TZ. Your Course Officer is accessible via email and telephone, should you be unable to visit the office in person. Please note the following hours of operation for the Course Office: Term Time Hours Monday: 1pm – 6.30pm Tuesday: 1pm – 8pm Wednesday: 1pm – 6:30pm Thursday: 1pm – 8pm Friday: 10.30am – 3.30pm Out of Term Time Hours Monday to Thursday 1pm – 5pm Friday 10.30am – 3.30pm
Virtual Learning Environment – Moodle The Virtual Learning Environment for Cass and City University, Moodle, provides a variety of information and resources to students. This includes the following: Lecturer contact details Course office contact details Module outlines and course material Teaching and exam timetables Course calendar, including events and module deadlines It also provides students with the facility to: Submit coursework Receive coursework grades Manage your profile and communicate with classmates Students are responsible for regularly checking both their City email account and their Moodle account. This is how both course office staff and academics will communicate with you. In the event that a class is cancelled you will be notified via Moodle and email. We understand that you have a busy schedule and do not want to travel to Cass if it is not necessary.
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Personal Tutors Postgraduate taught students will be assigned a personal tutor. This personal tutor will be available to provide general academic, professional and pastoral support and will also ensure that a student is aware of the additional and more specialised support mechanisms available within the University. Students should have the opportunity to see their personal tutor on an individual basis at least once a term. Students will be assigned a personal tutor at the beginning of the year. Our course office team are also available to assist should you need help during the course of your studies.
Course Director Contact Details Prof Nikos Nomikos MSc Shipping, Trade & Finance Email:
[email protected] Tel: 020 7040 0104 Prof Michael Tamvakis MSc Energy, Trade & Finance Email:
[email protected] Tel: 020 7040 8668 Prof ManMohan Sodhi MSc Supply Chain, Trade & Finance Email:
[email protected] Tel: 020 7040 0276
Course Officer Contact Details Moynul Ahmed MSc Shipping/Energy/Supply Chain, Trade & Finance Email:
[email protected] Tel: 020 7040 8673
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Visiting Faculty In addition to the full-time faculty at the Business School, a number of leading practitioners deliver modules to our students, mainly in the third (summer) term. Please note that this list of Visiting Lecturers could change during the year.
Charles Daly, F.Ins.t Pet. Visiting Lecturer in Oil and Energy Trading He is an international oil marketer and consultant to established and emerging companies, a recognised authority on Middle East, Mediterranean and FSU oil supply markets with an expert knowledge of financing and legal matters. He previously spent many years with BP and Ultramar, initially in research then in logistics and refinery supply and thereafter in developing business internationally. He is a founder member and first vice-chairman on the UK’s International Petroleum Exchange. He has lectured and given papers in a wide range of oilrelated subjects in a number of countries. He is now with Channoil Consulting Ltd. Colin Allcard Visiting Lecturer in Oil and Energy Trading Colin has over 25 years commercial international oil industry experience, including senior management positions with Shell in oil products and crude oil supply and trading. He also has downstream marketing and general management experience with highly developed expertise in the retail liquid fuels, lubricants and aviation businesses - with over 15 years expatriate experience, well versed in operating in developing countries with a wide diversity of cultures, specific knowledge of the US, Middle East and African countries. He has direct experience of managing business process redesign projects, change management and of implementing re-organisation programmes. Darren Bartlett Visiting Lecturer in Oil and Energy Trading Darren is a Chemical Engineer with experience in Process Design Engineering, Project Engineering, Construction, Commissioning and Start-Up and Cost Engineering in Refinery, Gas Processing, Petrochemical Facilities as well as Offsites, Utilities and Oil Terminals. He previously spent time with Bechtel, Fluor, Foster Wheeler and Shaw Group (Stone & Webster) working on EPC (Engineering, Procurement and Construction) and FEED (Front End Engineering Design) projects in the UK, UAE and India for numerous clients including Reliance, ADNOC, Takreer, GASCO, Saudi Aramco and SK Energy. His skills include Planning & Economics of Refining Operations, Liquefied Natural Gas (LNG) supply chain management, Project Economic Evaluation and Shipping Economics. Martin Fry, Royal Academy of Engineering Visiting Professor, SEMS Martin is director of MRF&A, an energy and environmental consultancy, formed in 1991. Its priority areas of interest are as follows: general advice for energy efficiency and energy 62
management, development of energy policy and the commensurate strategic plan, education and training. More specifically, Martin is a Royal Academy of Engineering Visiting Professor at City University London, leads the UK input to the European and International work on Energy Management Standards, is a former assessor for the Carbon Trust Standard (formerly the Energy Efficiency Accreditation Scheme) and is a council member of the Energy Institute. Martin is chairman of the Energy Services and Technology Association. Andy Hofton BSc, MSc, Ceng Visiting Lecturer in Air Transport and Airline Fleet Planning Having worked in the Future Projects Office of BAE Systems, he became Technical Editor of Flight International magazine in 1975. He later joined the academic staff of Cranfield University and became Head of the Air Transport Department. From 1997 to 2000 he was Managing Consultant for Speedwing, the IT and consultancy division of British Airways. He left to set up Airline Dynamics Consulting and has extensive experience in many parts of the world of working with aerospace companies, airlines, airports, governments and financial institutions on forecasting, planning and business performance improvement. Lord Griffiths of Fforestfach, MSc Econ Vice-Chairman, Goldman Sachs Ltd; Chairman, Centre for Policy Studies Visiting Professor Lord Griffiths was Head of the Prime Minister’s Policy Unit (1985-90); Professor of Banking and International Finance at City University Business School (1977-85); and Dean of the Business School (1982-85). He has also been: service master since 1992; since 1991 Director of: Thornton EMI; Hermann Miller; and Times Newspapers. Mark Hodgson PhD, C Eng, MBA Visiting Lecturer in Trade Finance His career began in 1978 in the mining sector with De Beers and INCO. He later moved to the petroleum industry with BP. In 1993 he joined UBS, working in the Structured Trade and Project Finance areas focusing on mining and petroleum projects. In 1996 joined KBC other UBS colleagues to form the Global Trade Finance Group having responsibilities for the Former Soviet Union as well as engineering issues relating to finance. In 2000 he set up Solens Consultants Ltd, which specialises in performance risk analyses for the minerals, hydrocarbons and finance sectors. Richard Johnstone Visiting Lecturer in Oil & Energy Trading He is an independent consultant, providing expertise in all areas of oil supply and trading, in particular in the negotiation and operation of commercial contracts for oil and gas production, processing, transportation and sales. He has over 30 years’ commercial and management experience in major oil industry organisations, where his responsibilities have included sales and marketing, supply and trading, and transportation. Richard is a graduate of Oxford University; before becoming a consultant in 1997, he had worked for BP in London and Milan, the British National Oil Corporation, the Oil and Pipelines Agency (BNOC’s successor) and BG Exploration and Production. 63
Philip Roche BA (Hons) Visiting lecturer in Marine Insurance Philip Roche is a partner in the Transport, Energy and Trade dispute resolution group at Norton Rose in London. Philip served in the Royal Navy as a deck officer for 11 years and, on leaving the Navy, he qualified as a solicitor with Norton Rose in 1995. Between 1995 and 2000 Philip worked in our Piraeus office on admiralty, cargo and other routine shipping matters. Philip is a disputes and legal risk management specialist. He has wide experience of all types of shipping disputes and has taken claims to English High Court litigation, arbitration and mediation. Philip advises ship-owners and operators together with banks, insurers and energy companies on corporate risk and particularly the legal, commercial and environmental risks of owning and operating ships. He advises on the particular risks of piracy, sanctions, climate change and corporate governance. He has represented ship owners following incidents which resulted in investigation by national marine and police authorities and has appeared at Coroner's Inquests. He has attended shipping casualties worldwide and has particular expertise in pollution matters having dealt with civil and criminal liability arising from discharges of oil and other polluting substances from ships. He has recent experience of shipping insolvency and acts for the liquidators of an insolvent bulk shipping company. Janet Walker MBA, FCMA Janet Walker trained as a management accountant with Brooke Bond (now part of Unilever) and has extensive practical financial and management accounting experience. She completed her MBA in Marketing, with distinction, at City University Business School in 1987 and then joined the Business School as a Visiting Lecturer, lecturing in Financial Reporting, Accounting Principles and Managerial Accounting to MBA and MSc students. She runs her own successful business specialising in developing and presenting Financial Awareness training for a variety of major corporate clients throughout the world. She also provides financial planning and marketing consultancy services to small businesses. She has published a number of popular accountancy textbooks, including Management Accounting Fundamentals and Accounting in a Nutshell, which has been translated into Chinese and Russian and is now in its third edition. Philip Wood, BSc (Nautical Studies), MSc(City), FICS, FNI, MCIArb, Master Mariner (FG) Director, Trade and Transport (UK) Ltd; Chairman, President, Institute of Chartered Shipbrokers Visiting Lecturer in Tanker Chartering He has been working as a Shipbroker, at the Baltic Exchange since 1974, representing both charterers and owners. In 1981, he was appointed Chartering Manager of the Fenton Steamship Company, and Director of Trade & Transport (UK) Ltd., in 1984. He has a BSc in Nautical Studies from University of Plymouth. He completed the MSc in Shipping, Trade and Finance in 1986. He is Chairman and President of the Institute of Chartered Shipbrokers.
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Course contributors Finally, leading practitioners in Logistics, Shipping, Trade and Finance from the City of London, also contribute to the courses, in the form of guest lectures, seminars and panel discussions. Mr D. C. Anagnostopoulos, BA Senior Vice President and General Manager Shipping Unit, ABN AMRO Bank, Greece Mr N. Stratis Senior Investment Manager, Northen Shipping Funds Mr R. Greiner Partner, Moore Stephens, London Mr D. Chopping Partner in Technical Services, Moore Stephens, London Mr G. Duncan Partner in Corporate Finance, Moore Stephens, London Mr D. Stuart Director, Shipping, Scotia Capital Mr M. Phostiropoulos President, Fairsky Shipping & Trading SA Mr C. E. Toepfer Deputy Managing Director, Allocean Ltd Mr M. Long Head of Global Shipping, HSBC Bank Plc Prof M. Stopford Managing Director, Research Publications, Clarksons & Co Ltd Sir S. Haji-Ioannou, BSc(LSE), MSc(City) Chairman, EasyGroup Co Ltd Graduate 1988 Mr G. Lassados, BSc(Queen Mary), MBA(City) Senior Vice President, Union Bancaire Privee, London Professor B. Papachristidis, MPhil, MBA, PhD Chairman, Hellesport Steamship Corp., Greece Mr A. Ryland, MSc(City) Head of Shipping Coverage, Asia Graduate 2000
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Mr A. Tsavliris, FICS, AIArb Director, Tsavliris (Shipping) Ltd, London
Mr L. Varnavides, BSc Econ, MSc, MPhil. Managing Director, Shipping, The Royal Bank of Scotland Dr A. R. Vergottis Director – Head of Research & Advisor to Oceanic Equity Funds, Tufton Oceanic Finance Group Mr J. P. Dragnis Commercial Director, Goldenport Holdings Inc Mr J. Vowell Manager, Specialised Trade Finance Department, Standard Bank, London
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Programme Disclaimer The information in this Specialist Masters Programme Handbook is correct at the time of going to press in August 2011. The University reserves the right to make amendments to: a)
b)
the contents of the Programme Handbook and in particular to the timetable, location and methods of delivery or the content, syllabus and assessment of any of its programmes as set out in the programme and module specifications in this Handbook and/or on the University's website; and its statutes, ordinances, regulations, policies, procedures and fee structures,
provided that such amendments are (i) as a result of student demand (or lack thereof), (ii) as a result of unforeseen events or circumstances beyond the University's control or (iii) are deemed reasonably necessary by the University. In the event that amendments are made, the University shall take reasonable steps to notify you as soon as is reasonably possible.
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