Global Finance (M.Sc.)

The overall objective of this course is to provide students with possibility of applying their business knowledge on concrete business situation, related to the field of their specialization.

By the end of the module students should be able to:

• Define project goals for the “client”.
• Work under the set timeframe and agreed project scope.
• Cooperate in the international project teams.
• Evaluate markets/ industries/ competitive landscapes.
• Develop possible strategic directions for the “client” business.
• Formulate recommendations.

• Systems design: Job-order costing
• Systems design: Process costing
• Cost-volume-profit relationships
• Variable costing
• Activity based costing to aid decision making
• Sustainability and ethics in accounting decision making

• Different types of taxes
• Process of taxation
• Issues in taxation
• Impacts of taxation
• Nature of taxation
• International nature of taxes
• New developments in the field of taxes

• Revision of company accounting: Presentation of financial statements and overview of investment accounting standards
• Business combinations: Types of business combinations, joint ventures
• Consolidation theories and methods: Consolidation on date of acquisition, impairment
• Consolidation subsequent to acquisition date
• Accounting for foreign currency transactions: Hedges
• Off-balance Sheet Financing: Recognition & Valuation

• Brief review of probability theory and statistics
• Non-linear regression functions
• Regression with panel data
• Regression with binary independent variable
• Time series regression and forecasting

• Identify different categories of common stock
• Develop a good idea for equity strategy and security selection
• Develop skills to manage and monitor activities of asset programs
• Identify efficiencies and savings
• Identify how returns are generated on preferred stocks
• Identify and apply portfolio management process
• Identify and evaluate diversification, risk, credit risk and asset allocation
• Understand active versus passive allocation
• Evaluate Value at Risk (VaR) and Expected Shortfall
• Analytical VaR Models
• Model complex portfolios

• Financial measurement of corporate strategies: the principles
• The gap between book values and market values
• Economic value added
• Cash flow return on investments
• Customer life-time value

• Fixed income instruments
• Term structures of rates and yields
• How are bonds traded?
• Fixed income risk: Duration and Convexity
• Corporate bonds: Credit risk
• Fixed income indexes
• Yield curve strategies
• Interest rate scenario analysis
• Credit strategies

• Futures and Forwards
• Options and Swaps
• Recent developments in OTC and Exchange-traded Derivatives
• Overview of Market Risk Management
• Risk measures for different asset classes
• Portfolio Risk Measures
• Valuation with Put-Call-Parity
• Binomial option pricing model and the Black and Scholes model.
• Risk measures beyond market risk
• Single name Credit products: Bonds, CDS
• Market implied default probabilities and correlations

• Corporate strategy evaluation and development of strategic options
• Emergent and prescriptive approaches
• Gap closing strategies
  • Buy strategies: Mergers and Acquisitions
  • Build strategies: Strategic renewal, organic corporate development strategies
  • Ally strategies

In a business simulation game participants have to manage their own virtual company which operates in the same market as other participant-operated competitors. This involves making typical management decisions in realistic environments. Beside the deepening and active examination of subject-specific knowledge the simulation games also include the team environment, where interaction, communication and prioritization are of paramount importance. Participants learn how to manage risk and uncertainty while time is limited and information constrained. Group-reflections help to take over different perspectives and to discuss pros and cons of content- as well as behavior-related actions.

During the Master Thesis Tutorial you will learn the fundamentals for your Master thesis: Defining the topic as well as structuring the thesis and you will learn the theoretical knowledge for scientific working.

During your 4th semester you are working on your Master thesis. You have 19 weeks to complete your thesis and the subject is freely selectable. A supervisor from CBS will support you and you can write the thesis in collaboration with a company as well. Or you can write your thesis in connection with a stay abroad.