MAJ June 2015
English program in management Total: 184 hours
Semester 1
(including 44 hours of French)1 UE1
Investment and financing (20h / 4 ECTS)
UE2
Risk management in banking (20h / 4 ECTS)
UE3
Financial diagnosis (20h / 4 ECTS)
UE4
Marketing 1 – Retailing and sales promotion (20h / 4 ECTS)
UE5
Human ressources management (20h / 4 ECTS)
UE6
European institutions & legal environment (20h / 4 ECTS)
UE7
Marketing 2 – Design in marketing (20h / 4 ECTS)
UE8
French as a foreign language (44h / 5 ECTS)
Total: 176 hours
Semester 2
(including 44 hours of French)1 UE9
VBA programmation (20h / 4 ECTS)
UE10
Financial markets: assets and risk management (20h / 4 ECTS)
UE11
Marketing 3 – International marketing (20h / 4 ECTS)
UE12
Bonds and derivatives (20h / 4 ECTS)
UE13
Intercultural management (20h / 4 ECTS)
UE14
Leadership management (12h / 4 ECTS)
UE15
Marketing 4 – New topics in marketing (20h / 4 ECTS)
UE16
French as a foreign language (44h / 5 ECTS)
Total 1
360h
Foreign students participating in an exchange programme can benefit of French courses: • free of charge: only ONE semester (fall or spring semester) • 150€ for a second semester Theses free courses are given at CIREFE (Centre International Rennais d’Études de Français pour Étrangers) – Université de Rennes 2 – and are organised by group of level.
UE1 – Investment and financing 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: The objectives are to present and to understand financial concepts to communicate on financial problematic in a professional environment.
Syllabus: Introduction: the fundamental financial network 1.
Investments selection -
Cash flow determination
-
The net present value
-
Analysis of the selection criterions of project investments: net present value,
internal rate of return… 2.
Long term financing choice -
Equity financing for private companies
-
Debt financing
Reading List: -
BERK J. and DEMARZO P. – “Corporate finance” Pearson International Edition –
2007 -
PIKE R. and NEALE B. – “Corporate finance and investment – decision and strategies”
– FT Prentice Hall – fifth edition
Evaluating Method: Written exam (2 hours).
UE 2 - Risk management in banking 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: Presentation of the main methods of risk management in banking, presentation of general methods of risk management and then a focus is made on credit risk management.
Syllabus: -
1st part: Methods of risk management
Chapter 1: Risks exposition modeling: building blocks of risk measurement models, VaR determination, Estimation of VaR and back testing, Coherent measures of risk (CVaR) Chapter 2: Simulation Method: historical simulation approach, modifications of historical simulation
(Bootstrap,
historical kernel),
Monte
Carlo simulation
approaches: methods
of
simulation, applications to financial assets stochastic processes Chapter 3: Stress testing: construction of scenarios, catastrophe scenarios, maximal loss measure -
2d Part: Credit Risk Modeling
Chapter 4: Credit risk analysis: default probability, loss given default, correlation between default, rating systems, Chapter 5: Models of credit risk exposure: CreditMetrics, Credit Portfolio View, Credit Risk Plus Chapter 6: Basel 2 approaches in credit risk management
Evaluating Method: Written exam (2 hours). Pre-requisites: basic statistical methods Recommended readings: Hull “Risk management and financial institutions”, 2nd Edition. Dowd “Beyond Value at Risk”, Wiley. Jorion “Value at Risk”, 3rd Edition McGraw Hill. Saunders “Credit Risk Measurement”, Wiley. Riskmetrics “Technical Document” Creditmetrics “Technical Document” Gloriamundi.org Bis.org
UE3 - Financial Diagnosis 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: The main aim is to propose tolls and methods to evaluate the overall financial health of companies. From reading and deciphering financial statements, performance, profitability and the whole risk of a business will be assessed and analysed to help managers to make decisions.
Syllabus: Introduction: What is financial diagnosis? Section 1: Remind about financial statements o
Balance Sheet
o
Income statement
Section 2: Analyzing Performance and Profitability o
Earning Analysis (EBITDA, EBIT, Financial result, Exceptional result)
o
Self-Financing
o
Profitability analysis (ROCE, ROE, leverage effect)
Section 3: Evaluating Cash-flow position o
Cash flow from operating activities
o
Investment cash flows
o
Financing cash flows
Section 4: Estimating operating Risk o
Breakeven point
o
Elasticity of Operating Profit to turnover
Section 5: Assessing Risk of Bankruptcy o
Assessing Insolvency
o
Evaluating Illiquidity
o
Appreciating the proportion of debt
Reading List: -
Essentials of Financial Analysis. George T. Friedlob, Lydia L. F. Schleifer. ISBN: 978-0-47143264-7
-
Financial Analysis. A Controller's Guide, Second Edition by Steven Bragg (Hardcover) Date de parution: 01-2007
-
Vernimmen : Corporate Finance, 2011- Broché.
Evaluating Method: Written examination (2 hours) Pre-requisites: Accounting knowledge (balance sheet, income statement, cash flow statement)
UE4 – Marketing 1: Retailing and sales promotion 1st semester
/ Total length in hours: 20
Syllabus: 1.
Introduction to retail marketing
2.
Major retail formats 2.1 Retail outlet density 2.2 Small-store formats 2.3 Large store formats 2.4 Department and variety stores 2.5 Discount stores 2.6 Shopping centres 2.7 Cross-channel retailing: 2.7.1 e-tailers 2.7.2 Drive-in systems 2.7.3 Shopping walls
3.
Theory of retail changes 3.1 The wheel of retailing 3.2 The retail life cycle 3.3 Non-cyclical frameworks
4.
Types of retailing organization 4.1 Multiples vs Independents 4.2 Co-operative societies 4.3 Franchising
5.
Retail strategic analysis 5.1 PEST analysis 5.2 Analysisi of Competitive forces 5.3 SWOT analysis
6.
Store layout and display 6.1 Store layouts 6.2 Display techniques 6.3 Allocating display space 6.4 Impulse purchasing
7.
Retailers’ own brands 7.1 Developments in own brands 7.2 Strategies of own-branding
Evaluating Method: Case studies and oral presentation. Pre-requisites: Basics of Marketing; principles of marketing.
ECTS credits: 4
UE5 – Human resource management (HRM) 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: 1.
Proposing an introductory overview of what HRM is, explaining its importance for all managers.
2.
Describing the 5 basic functions of HRM: planning, organizing, staffing, leading and controlling.
3.
Dealing with recruitment and placement, training and development, compensation and health.
Syllabus: I.
Introduction: what is HRM?
I.A. HR, people and work organization I.B. The changing environment: HR as essentially strategic I.C. The impossibility of “managing persons” II.
Recruitment and Placement
II.A. Steps in job analysis and job description II.B. Methods II.C. Selection process (examples) III.
Training and development
III.A. Training, learning and motivation III.B. Task analysis, training needs and methods III.C. Creating a training program (example) IV.
Compensation
IV.A. Establishing pay rates IV.B. Competency-based rates IV.C. Application Case V.
Health
V.A. Ethic and strategic management V.B. Normative and non-consequentialist theories V.C. Toward a systematic analysis…
Reading List: -
BARON J.M., KREPS D.M. (1999), Strategic Human Resources, Wiley & Sons ed.
-
DESSLER G. (2008), Human Resource Management, Pearson ed.
-
GOMEZ-MEJIA L.R., BALKIN D.B., CARDY R.L. (1998), Managing Human Resources,
Prentice Hall ed. -
LEOPOLD J., HARRIS L., WATSON T. (2005), The strategic Managing of Human
Resources, Pearson ed. Evaluating Method: Written examination (2 hours)
UE5 – European institutions & legal environment 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives:
-
To understand the institutional functioning of the European Union as well as the various European policies, which are implemented in the Member States.
-
To focus on the economic and monetary policies, solidarity and innovation.
-
To strengthen the methodology of the students.
-
To develop a general understanding of the EU for better career opportunities.
Syllabus: General introduction 1.
The European Union, an historical construction A. 1945 – 1956: the beginnings of the European construction B. 1957 – 1973: deeper integration of the European Community and enlargement from 6 to 9 Member States. C. 1973 – 1984: overcoming the crises D. 1985 – 1991: the European revival E. 1992 – 2013: birth of a political Europe
2.
The European Union, a political project A. Fundamental values of the European Union B. Symbols of the European Union C. The concept of European citizenship
3.
The EU, an institutional architecture (Lisbon Treaty)
PART 1: THE WORKING OF THE EUROPEAN UNION Chapter 1: the institutions of the EU 1.
The European Council: setting the strategy
2.
The decision-making triangle A. The European Commission, the voice of the common interest -
Composition and organisation
-
Powers
B. The European Parliament, the voice of the citizens -
Composition
-
Organisation
-
Powers
C. The Council of the EU (Council of ministers), the voice of the Member States -
Composition and organisation
-
Powers
3.
The role of national parliaments
Chapter 2: Other institutions of the European Union 1. Institutions of control A. The European Court of Justice B. The Court of Auditors 2. Consultative institutions A. The European Economic and Social Committee B. The Committee of the Regions 3. Financial and monetary institutions A. The European Investment Bank B. The European Central Bank PART 2: THE BUDGET OF THE EUROPEAN UNION 1.
The budgetary principles
2.
The budgetary procedure
3.
Resources and expenditures A. Resources (receipts) B. Expenditures
4.
-
Sustainable growth (competitiveness and cohesion)
-
Natural resources (in particular the Common Agricultural Policy)
-
The EU as a global actor
-
Freedom, security, justice and citizenship
The Multiannual Financial Framework 2014 – 2020
Conclusion: The European Union as a global actor
Reading List: The bibliography below covers key materials but is by no means exhaustive. Primary sources: Eur-lex http://eur-lex.europa.eu/en/ and European Union website
-
http://europa.eu (direct, free access to all EU documents and legislation, press releases and different other sources).
-
Secondary sources: textbooks, academic journals, etc.
-
Bomber, E. & Stubb, A. (2008). The European Union: How Does It Work? Oxford, Oxford University Press.
-
McCormick, J. (`2008). Understanding the European Union. A Concise Introduction
(4th ed.), Basingstoke, Palgrave Macmillan.
-
Press: The Financial Times offers excellent coverage of European affairs.
Evaluating Method: written exam. Pre-requisites: students should have a general knowledge and they should be interested in current affairs.
UE7 – Marketing 3: design in marketing & testing a product 1st semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: Understand what is design and packaging, how they are related within the firm with economic, strategic and marketing perspectives. Develop a conceptual analysis of the product with adapted tools, categorizations and types. Suggest relevant marketing strategies depending on various products.
Syllabus: Introduction 1) Design and packaging in a compagny: economic, strategic and marketing perspectives A) Packaging functions B) Design Levels of analysis C) Adaptation Vs Standardization: Economic of scales Vs differentiation 2) Product experience A) The sensory experience B) The emotional experience C) The aesthetic experience D) The virtual experience E) The social experience F) The societal experience Conclusion: Product differenciation and illusions
Reading List: -
MARKETING / Amstrong and Kotler (Prentice Hall)
-
PRODUCT EXPERIENCE / Hendrik N. J. Schifferstein and Paul Hekkert (Elsevier)
-
INTERNATIONAL MARKETING / Helmuth Leihs (Thomson)
-
OPERATIONS STRATEGY / Donald Waters (Thomson)
-
DESIGN: La Stratégie de la Réussite / Association des designers (ed LPM)
-
IMAGES de MARQUES et MARQUES D’IMAGES / D Cauzard (ed Ramsay)
-
LE MARKETING/ PL Dubois et A Jolibert ( ed Economica )
Internet: -
Brand Image Design; Product Design; Design Packaging
-
Testing the Product; Scoring and Bench Marking
Evaluating Method: Final written exam (2 hours), Case study Pre-requisites: Basic Marketing Concepts and Operational Marketing “The 4 Ps”
UE9 – VBA programmation 2nd semester
/ Total length in hours: 20
Objectives: Learn how to use Microsoft Excel Visual Basic for Applications (VBA)
Syllabus: Getting Started •
Adding the Developer Toolbar
•
The Excel VBA Editor
•
Recording a Macro
•
Excel Dot Notation
•
How to add a button to a spreadsheet
•
The Offset and the Resize Properties
VBA Programming Variables •
Variables
•
Variable Practice
•
Option Explicit
•
How to Add, Subtract, Multiply and Divide
•
Other Excel VBA Variable Types
Strings and String Functions •
Text Strings in Excel VBA
•
Changing Case
•
Trim, Len, and Space Excel VBA Replace
•
InStr, InStrRev, StrReverse Functions
•
The Left and Right Functions
•
The Mid Function
ECTS credits: 4
Conditional Logic •
If Statement
•
Else ... ElseIf Statement
•
Conditional Operators
•
Logical Operators
•
Select Case Statement
•
With ... End With Statement
Programming Loops •
Excel VBA Do Loops
•
Excel VBA For Loops
•
Excel VBA For Each Loops
Programming Arrays •
Arrays in Excel VBA
•
How to Manage Arrays with Loops
•
Multidimensional Arrays
Subs and Functions •
Subroutines
•
Passing Values to a Sub
•
Functions in Excel VBA
Excel VBA and Text Files •
Open a Text File
•
Reading data from a text file
•
Writing to a text file
Excel VBA and User Forms •
Get Started with User Forms
•
User Form Buttons
•
Launching your User Forms
Evaluating Method: Project
Pre-requisites: None
UE10 – Financial markets: assets and risk management 2nd semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: Knowledge of the functioning and organization of financial markets, investment process, financial assets, derivatives.
Syllabus: Chapter 1: Organization and Functioning of financial markets 1. Markets characteristics 2. Analysis of exchange markets 3. Security-market Indexes Chapter 2: Investment Background 1. Risk and returns of a portfolio 2. Asset allocation decision Chapter 3: Portfolio management 1. Two assets 2. N assets 3. Critics of the mean-variance approach Chapter 4: Asset Pricing Models 1. CAPM: Presentation 2. Estimation of parameters 3. Multifactor models of risk and return Chapter 5: Efficient Capital Markets 1. Tests of EMH 2. Implications of efficient markets Chapter 6: Derivatives Markets and Securities 1. Derivatives 2. Investing with derivatives 3. Use of derivatives in portfolio management
Reading List: REILLY & BROWN “Investment Analysis and Portfolio Management”, Thomson. Pre-requisites: Basic statistics and mathematics
UE11 – Marketing 4: International marketing 2nd semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: In today’s environment an increasing number of organisations deal with marketing issues in an international context. This programme is designed to provide students with a rigorous education in these issues associated with marketing in an international context. The common course outcomes are the following: 1.
Understand what international marketing is;
2.
Set up and manage International Marketing Strategy;
3.
Design international marketing mix.
Syllabus: Introduction - Topical issues on International Marketing CHAPTER 1 – DECIDING WHETHER TO INTERNATIONALISE 1. Should a company go international or not? 2. How defining international marketing? 3. Motives for internationalisation and triggers for international initiation 4. Barriers hindering internationalization initiation and expansion Chapter 2- Understanding cultures and conducting international marketing research 1. What is culture? 2. How conducting an international marketing research? Chapter 3- Choosing an appropriate foreign operation mode 1. Foreign operation mode: definition and types 2. Factors affecting the choice of an internationalisation mode 3. Exporting 4. Contractual modes 5. Investment modes CHAPTER 4 – DESIGNING THE INTERNATIONAL MARKETING MIX PROGRAMME 4.1. Product and brand management in an international context 4.2. International pricing decisions 4.3. International communication decisions
Reading List: -
Hollensen S. (2011), Global marketing – a decision-oriented approach, Harlow, FT Prentice Hall.
-
Keegan J.W., Green M.C. (2012), Global marketing, Harlow, Prentice Hall, 3rd edition.
-
Lee K., Carter S. (2005), Global marketing management, Oxford, Oxford University Press.
-
Usunier J.C. (2005), Marketing Across Cultures, Harlow, FT Prentice Hall.
-
Craig C.S., Douglas S.P. (2005), International marketing research, John Wiley & Sons, 3rd edition
-
de Sicco Van Gelder (2005), Global brand strategy: unlocking brand potential across countries,
cultures and markets, éds de Sicco Van Gelder. -
de Mooij M. (1998), Global marketing and advertising – understanding cultural paradoxes,
Thousand Oaks, Sage Publications.
Evaluating Method: Pre-requisites:
Case studies and final examination.
Basics of Marketing; principles of marketing; consumer behaviour.
UE12 – Bonds and derivatives 2nd semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: Bonds and derivatives markets have become increasingly important all over the world. Futures and options are now traded actively on many exchanges. Nowadays derivatives are very popular even since the financial crisis of 2008. It is then determinant to understand thoroughly the mechanics of these interest rate markets, and how all derivative products are valuated. Moreover this course has for other aim to present the basic strategies involving derivative products: speculation, arbitrage, and hedging.
Syllabus: Mechanics of forward and futures markets We describe over-the counter markets, and exchange-traded markets. Differences between forward and futures contracts are pointed out (deposit, margin, clearing house existence). Three types of strategies are presented: Arbitrage, speculation and hedging. Arguments for and against hedging are given, and some fundamental concepts are developed: basis risk, cross hedging…
Valuation of Forward and futures contracts We compute forward prices for an investment asset in continuous time, and introduce a known income or yield. Then we discuss the possible equality of forward and futures prices. Concerning consumption assets, we stress the importance of the storage costs and of the convenience yield. Delivery options are also considered.
Mechanics of options Markets and valuation We give a panoramic view of the different types of options (European, American, exotic contracts), and describe stock options markets (OTC markets and organised markets). We analyse upper and lower bounds for option prices, and settle the call – put parity relationship. Valuation of options (European and American contracts) is achieved with the help of the binomial model.
Bonds and interest rates We introduce different types of interest rates (continuous and discontinuous time). Zero coupon bonds and forward rates are then extracted from bond prices. Bond pricing is performed, and we compute bond yield, and duration measures. Then we make a short presentation of the theories of the term structure of interest rates. Hedging purposes are at last stressed using interest rate forwards and futures.
Extensions concerning Option prices Lognormal property of stock prices is considered. A presentation of the derivation of BSM model is then given. Relationships between the binomial model and the Black-Scholes-Merton model are sketched. Moreover, some extensions and Greek letters are then added. Use of historical versus implied volatilities is discussed and the smile effect presented.
Reading List: -
John C. Hull “Options, futures, and other derivatives”, Pearson/ Prentice Hall, seventh edition, 2008
-
D. Brigo, F. Mercurio, "Interest rate models: Theory and practice", 2007 Springer Finance.
-
P. Navatte “ Marchés et instruments financiers: l'importance des produits dérivés”, Editions EMS 2010.
-
R. Kolb “Futures Options and Swaps”, 2007, Blackwell 5th ed.
-
H. Geman, "Commodities and commodity derivatives", 2005, Wiley Finance.
-
P. Ritchken, « Derivative Markets: Theory, Strategy and Applications » Harper Collins College Publishers, 1996.
Evaluating Method: A written examination (two hours) without any documentation. Pocket calculators are authorized.
Pre-requisites:
A basic course in Financial Markets, or in Corporate Finance
UE13 – Intercultural management 2nd semester
/ Total length in hours: 20
ECTS credits: 4
Objectives: Analyse the impact of culture on management, firm organization and communication
Syllabus: -
The International Profiler. 22 intercultural dimensions
-
Cultural orientation framework : 1ère partie : les cinq premières dimensions culturelles –
apport théorique – Exercice : -
Do we have Common Cultural Dimensions with China, Brazil, Portugal, Spain, Italy,
South-Africa, Indonesia, Poland etc -
What are the five cultural leadership characteristics?
-
Working on a common culture
-
How to manage emotions in an intercultural environment
-
How to express difficult feelings in an intercultural environment.
Evaluating Method: In class presentation and paper to prepare on intercultural differences Reading List: 1.
Coaching across Cultures, Philippe Rosinski 2003.
2.
Living and working in France, Geneviève Brame – Kogan Page 2004.
3.
We Europeans, Richard Hill – Europublic 1992.
4.
Cultures and Organisations, Geert Hofstede –
5.
Mind your Manners, Managing Business cultures in the new global Europe, John Mole,
McGraw-Hill book company 1991.
Nicholas Brealey Publishing 2004. 6.
Euro Managers and Martians, Richard Hill – Europublic 1992.
UE14 – Leadership management 2nd semester
/ Total length in hours: 12
ECTS credits: 4
The Art of Participatory Leadership Dialogic Patterns and Practices for Leading in Complex Times The Art of Participatory Leadership is a training for all who aspire to work with teams, groups, organizations or community in more interactive, engaging and effective ways to address the increasing complexity of today.
This training provides participants with: •
Teachings and practice on dialogue methods designed to facilitate participation and conversation such as World Cafe, Design Process and The Circle Way;
•
Teaching and discussion on human dynamics patterns that are present while working in and with groups so you can recognize and be more successful with them;
•
Exploration on how the application of these practices and patterns can contribute to improved social and economic outcomes for your business, organization or community;
•
Opportunities for partnerships and further action as a result of conversations conducted over the three days.
What do you dream is possible when you create good conversations to improve social and economic conditions? Conversation is indispensable for the successful accomplishment of almost all activities between people, especially the coordination of work, the formation of collaborative relationships and for learning.
Need to know more? Check out www.artofhosting.org for more information on the training process.
How can we move through the complexity in our lives, organizations and communities to create space for something new to emerge?
How can we work across
What is the change I am
generations, organizational
inviting in myself and my
silos, ethnic background and
leadership?
other typical divides to find solutions for the common good?
What could my leadership also be?
The Content The Art of Participatory Leading Sometimes described as a suite of facilitation tools, it is more appropriately defined as a philosophy or a set of beliefs and values (worldview) and practices or methods that draw out collective wisdom from communities, groups or organizations. When human beings are invited to work on what truly matters to them, they will take ownership and responsibility for moving their issues and ideas into wiser actions that last.
~ •
More Than Just a Training: This is a response to a world that is becoming increasingly complex and fragmented, where true solutions and innovations lie not in one leader or one viewpoint, but in the bigger picture of our collective wisdom.
•
It is an experience for all who aspire to learn and find better ways to work with groups; ways that evoke engagement, collective wisdom, shared learning, good decision-making and effective actions.
•
It creates opportunities for ownership and responsibility where ideas are explored and solutions can be put into action.
•
It is a practice ground for all who aspire to bring out the best in others. It is built on the assumption and experience that we need to find new solutions for the common good, whether in corporations,
government,
education,
non-profits,
social
movements, communities, or families. •
It will enhance your skills to tap into the collective intelligence of your team, organization and/or community and to engage effectively with diverse stakeholders.
•
It provides basic theory and practices of specific skills required to live and work in the tension between chaos and order – The Chaordic Field – where learning and innovation take place and where wise and sustainable change can be discovered.
Interactive Co-Learning! We learn by observation, experience and practice, using interactive processes to build a safe and inspiring learning environment, supporting each other as co-learners.
UE15 – Marketing 4 “New topics in marketing” 2nd semester
/ Total length in hours: 20
Objectives:
Syllabus:
Reading List:
Evaluating Method:
Pre-requisites:
ECTS credits: 4
