MBAX9140 Global Finance - 2018

Weekly, Online
MBAX9140
Postgraduate
Term 3
6 Units of Credit
AGSM

Offering Selection
This course outline is provided in advance of offering to guide student course selection. Please note that while accurate at time of publication, changes may be required prior to the start of the teaching session. To view other versions, visit the archives .

1. Course Details

Summary of Course

This course is a joint activity between the Institute of Global Finance at the UNSW Business School and the Volatility Insitute at Stern Business School, NYU. The course will provide information and analysis on the latest developments in the world of finance and their implications for business strategies. The course will use articles from The Wall Street Journal and The Financial Times to complement a number of issues that influence global finance and the way multinational companies build their global business networks, their activities and strategies. The latest issues on global finance will be taught in this course, with online lectures, videos and other online materials. The basic thrust of this course is to provide a framework within which the key global financial issues, including financial risk and the operations of multinational companies, can be analysed. This course is designed to develop students' understanding of the business and financial aspects of their main specialisation. The course prepares students for leadership roles and builds understanding of global financial forces that could influence the overall business environment. There will be some videos of experts from KPMG, eminent scholars in finance from the US who will share their insights on aspects of global finance. 

Teaching Times and Locations

Please note that teaching times and locations are subject to change. Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations.

View course timetable

Course Policies & Support

Course Aims and Relationship to Other Courses

This course provides students with a comprehensive foundation level of general knowledge, skills and insights about the world of finance and the capacity to analyse those factors that contribute to global and regional financial stability, financial opportunities and prosperity. In the course, students will gain a practical understanding of factors contributing to foreign exchange rate risk, capital markets, global tax management, global investment strategies, the role of multinational companies, such as IT, engineering, pharmaceutical and biotech companies, and global financial risk management.
The course also provides brief analysis of multinational banks, investment banks such as JP Morgan, Goldman Sachs and the Bank of China and pension funds.

Additonal Course Details

Course learning outcomes

After you have completed this course, you should be able to:

  1. understand forces influencing global finance and global financial stability and their role in global business strategies
  2. manage business and financial aspects of large multinational companies and ensure their survival in an interconnected global financial system
  3. apply techniques used in the global tax policies of major companies and the way off-shore and tax-haven centres operate and facilitate tax minimisation for business groups
  4. evaluate the global financial forces that determine the value of major currencies such as the US dollar, the Euro and the Yen and the way a business plan should be developed to mitigate unpredictable fluctuations in currency values
  5. analyse the global financial strategies of companies and the source of finance for new innovative products
  6. finance major international projects by learning more about wholesale funding markets, international bond markets and other sources of finance
  7. apply the methods of operation of multinational banks and investment banks such as JP Morgan, Goldman Sachs and the way these banks assist in financing international business projects
  8. understand the role of banks in global finance and their contribution to financial risk management, credit risk and global financial stability which determines the level of global business undertakings
  9. mitigate financial risk, when banks and non-bank companies are interconnected and have joint business operations, such as Toyota and Mizhuo bank (a large Japanese bank)
  10. analyse forces influencing the Asian financial markets, including China and their implications for foreign companies operating in this region
  11. understand and evaluate global forces creating interconnectedness and systemic risk among various companies and business groups and how to mitigate the risk of interconnectedness for business stability
  12. become aware of the applications of global negotiations under G20, the IMF, the Financial Stability Board, international trade negotiations which deal with global business frameworks and the way international projects and businesses should be undertaken or postponed.
  13. produce written documents and oral presentations that communicate effectively complex disciplinary ideas and information for the intended audience and purpose
  14. participate collaboratively and responsibly in teams and to reflect upon their own contribution to the team and on the necessary processes and knowledge within the team to achieve specified outcomes

The Course Learning Outcomes are what you should be able to do by the end of this course if you participate fully in learning activities and successfully complete the assessment items.

The Learning Outcomes in this course also help you to achieve some of the overall Program Learning Goals and Outcomes for all undergraduate postgraduate coursework students in the UNSW Business School

2. Staff Contact Details

Position Name Email Location Phone Consultation Times
Course Coordinator and FacilitatorFariborz Moshirian
+61 2 9385 5859

3. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

Program learning outcomes

The UNSW Business School Program Learning Outcomes reflect what we want all students to be or have by the time they successfully complete their degree, regardless of their individual majors or specialisations. For example, we want all our graduates to have a high level of business knowledge, and a sound awareness of ethical, social, cultural and environmental implications of business. As well, we want all our graduates to be effective problem-solvers, communicators and team participants. These are our overall learning outcomes for you.
You can demonstrate your achievement of these goals by the specific outcomes you achieve by the end of your degree (e.g. be able to analyse and research business problems and propose well-justified solutions). Each course contributes to your development of two or more program learning outcomes by providing opportunities for you to practise these skills and to be assessed and receive feedback.
Program Learning Outcomes for undergraduate and postgraduate students cover the same key areas (application of business knowledge, critical thinking, communication and teamwork, ethical, social and environmental responsibility), which are key goals for all UNSW Business School students and essential for success in a globalised world. However, the specific outcomes reflect different expectations for these levels of study.
We strongly advise you to choose a range of courses which assist your development of these skills, e.g. courses assessing written and oral communication skills, and to keep a record of your achievements against the Program Learning Goals as part of your portfolio.

Learning Activities and Teaching Strategies

MBA Program Learning Goals and Outcomes

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

Course Structure

5. Course Resources

Prescribed textbook

Shapiro, A C 2014, Multinational financial management, 10th edn, Wiley, Hoboken, NJ.
Please note that enrolled students will be provided with access to the eBook version of this text prior to the commencement of the session.


Students will be provided with additional PowerPoint as well as solutions to the problems found at the end of each relevant chapter of the prescribed textbook, in the course Moodle site. These are all optional but supporting materials that you will find useful in addition to the Online course.
Additional reading materials for the group assignment will be uploaded to the course Moodle site.


Students should also use the information that is available from the Institute of Global Finance website.

Other resources
BusinessThink is UNSW's free, online business publication. It is a platform for business research, analysis and opinion. If you would like to subscribe to BusinessThink, and receive the free monthly e-newsletter with the latest in research, opinion and business, go to the following link.
 
Resources available on the Web include:
  • There are 5-minute videos on each lecture plus a summary of the key points for each relevant chapter of the textbook. All students are required to purchase the above textbook.

  • A full video of lectures for each of the chapters that are covered in this course are also available. You can watch these lectures (see the course Moodle page for the link). These lectures are a great replacement for the live lecture. Students should use the PPT (under the category called CHAPTERS) when they watch the videos. I cover all the relevant materials for each chapter, page by page, using the PPT slides that are under the category called Chapters.

  • Power-points from the textbook (i.e. Power-points from Shapiro). You will note that the power-points (called Chapters) include graphs and tables from the textbook. I recommend that students use these materials when they watch the videos and in their own study of the materials included in this course. 

  • Solutions to the problems found at the end of each relevant chapters in the prescribed textbook (i.e Shapiro)

  • Important notices, a message board and other forms of communication

6. Course Evaluation & Development

Continual Course Improvement

Feedback is sought from students about the courses offered in the AGSM MBA Program, and continual improvements are made based on this feedback. Early on in the session, feedback is generally collected in Weeks 3 or 4, and subsequently communicated to students. Significant changes to courses and programs within the Program based on formal end-of-Session feedback are communicated to subsequent cohorts of students

Student Response

As this course is new, no feedback is available and all will be greatfully received.

Response to Student Feedback

7. Course Schedule

For AGSM academic calendars and key dates please visit https://www.business.unsw.edu.au/agsm/students/resources/timetables-and-key-dates
Week Activity Topic Detail/Engagement Assessment Task
Week 1 -Introduction and overview of the multinational corporation
  • Forces influencing global finance, and how companies have become multinational
  • Chapter 1
Week 2 -Foreign exchange markets

Foreign exchange market and business strategies for exports and imports:

  • Chapters 7 & 2
Week 3 -The international monetary system and balance of payment

The international monetary system, business strategies and the use of the US dollar, Yuan and the Euro

  • Chapters 3 & 5

Trade war and its implications for international financial stability, global financial environment and investment strategies.

Week 4 -Parity conditions, currency forecasting and introduction to derivatives market

Parity conditions and factors contributing to global and regional financial volaltity and financial stability:

  • Chapters 4
Week 5 -Economic exposure and corporate sources and uses of funds

Measuring and managing global financial exposure for new products in foreign markets and their implications for business development in Asia

  •  Chapter 11
Week 6 -Derivative markets, financing foreign projects and sovereign wealth funds

Hedging global financial strategies for new business opportunities and the use of interest rate and currency swaps for risk management and Sources of financing new investment and how to access global capital markets better:

  • Chapters 9 & 12
Week 7 -International portfolio and direct investment strategies

Euro makets and acces to wholesale funds for international investment and expansion

  • Chapter 13

And Sovereign wealth funds including those from China and new global strategies to acquire high quality companies

Week 8 -Cost of capital and MNC capital budgeting

Cost of Capital for foreign projects and International portfolio strategies for multinational companies

  • Chapters 15 & 16
Week 9 -Managing the multinational financial system and international tax issues

Foreign direct investments strategies for multinational companies And Internatioanl capital budgeting for foregine projects

  • Chapters 16 and 17
Week 10 -Financial institutions and global tax issues

Managing the multinational financial system, country risk and global taxation issues:

  • Chapter 20
  • Chapter 6
Group project due

Group project due (30%) online submission on Friday 23 November midnight

Week 11 -Multinational Banks, Asian Banking system and China’s Capital Market

Global tax issues and global tax reforms. The way multinational corporations structure their tax and issues related to tax havens (Google, Apple, etc).

Multinational banks and their operations in the current global environment Investment banks and the funds management industry and their role in business development and expansion.

Week 12 - -

Review of course materials

Week 13 Take home final examination due-

Take home final exam due (50%). Answers shoud be submitted by Tuesday 11 December 1pm. 

Assessment 2: Take home exam : Take home final examination
Take-home exam available

Take-home exam (50%) released Monday 10 December at 10am

Assessment 2: Take home exam : Take home final examination

8. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.

RELATED DOCUMENTS

 

UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Centre.




Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.

Plagiarism

UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz: https://student.unsw.edu.au/plagiarism-quiz

Cheating

The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at: https://student.unsw.edu.au/aim.

For UNSW policies, penalties, and information to help you avoid plagiarism see: https://student.unsw.edu.au/plagiarism as well as the guidelines in the online ELISE tutorials for all new UNSW students: http://subjectguides.library.unsw.edu.au/elise. For information on student conduct see: https://student.unsw.edu.au/conduct.

For information on how to acknowledge your sources and reference correctly, see: https://student.unsw.edu.au/referencing. If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.


Student Responsibilities and Conduct

Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.

Workload

It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload

Attendance

Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.



Student Support and Resources

The University and the Business School provide a wide range of support services and resources for students, including:

Business School EQS Consultation Program
The Consultation Program offers academic writing, literacy and numeracy consultations, study skills, exam preparation for Business students. Services include workshops, online resources, individual and group consultations.
Level 1, Room 1035, Quadrangle Building.
BUS.EQS.Consultations@unsw.edu.au
02 9385 4508

Business School Student Centre
The Business School Student Centre provides advice and direction on all aspects of admission, enrolment and graduation.
Level 1, Room 1028 in the Quadrangle Building
02 9385 3189

UNSW Learning Centre
The UNSW Learning Centre provides academic skills support services, including workshops and resources, for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Educational Support Service
Educational Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process. Check their website to request an appointment or to register in the Academic Success Program.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9385 2650

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
externalteltsupport@unsw.edu.au
02 9385 3331

UNSW IT
UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
itservicecentre@unsw.edu.au
02 9385 1333

Disability Support Services
UNSW Disability Support Services provides assistance to students who are trying to manage the demands of university as well as a health condition, learning disability or who have personal circumstances that are having an impact on their studies. Disability Advisers can arrange to put in place services and educational adjustments to make things more manageable so that students are able to complete their course requirements. To receive educational adjustments for disability support, students must first register with Disability Services.
Ground Floor, John Goodsell Building.
disabilities@unsw.edu.au
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
counselling@unsw.edu.au
02 9385 5418


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MBAX9140