frankfurt school exchange student information

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Frankfurt School Exchange Student Information

Overview of Summer Semester 2021 BSc Modules (Subject to change!)

Quarter 3

Accounting and Capital Markets (online only) Dynamic Business Simulation

Environmental Economics and Energy Finance

(online only)

Financial Instruments FX Markets and Exchange Rates

Global Marketing Strategy

Grundlagen des Unternehmensrechts (in German only, online only)

Innovation Management Leadership Market Research Negotiation (online only) Operations Modeling and Simulation Risk Management Supply Chain Management (online only)

Quarter 4

Accounting and the Business Environment Advanced Business Modeling Using Spreadsheets* Asset Management Behavioural Models, Economics and Philosophy Brand Management Challenges of the European Union and the Euro Area (online only) Corporate Finance Econometrics Financial Markets International Healthcare Business Mergers & Acquisitions Monetary Theory and Policy Money and Banking Sales Management (online only) The Future of Banking in a Digitalized World

Further Information about the modules:

- The summer semester is structured in two quarters with the following dates:

Q3: 1 February – 27 March 2021

Q4: 29 March – 31 May 2021

The last week of each quarter is the exam week. Courses are offered either in Q3 or in Q4,

only the German language courses run for both quarters.

- Within each quarter the modules are usually scheduled in fixed time slots which either run

on one day a week (9:45 to 16:15h), or on two consecutive days from 17:00 to 19:45h.

Individual classes may take place on Saturdays as well.

- Each module description includes a brief description of the module and information about

its requirements and examinations, as well as required textbooks and further readings

related to the module. Please note that all information in the provided modules

catalogue is from last year and therefore subject to change; only the module

descriptions distributed at the start of the semester in your Online Campus are binding.

- Each module offered at FS is worth 6 ECTS. Due to the corona situation, a typical lecture

will still consist of 11 sessions, which however will be a bit shorter than usual and from

which one might take place as a digital session. The total workload for each module will

remain the same.

- You may change (space provided) or drop courses up until the second session (second slot,

that can take place on the same day than the first slot), as long as no assessment has

started. You cannot drop out of a class later on; all courses you are registered for will

appear on your transcript.

- The optional German classes always take place on Wednesdays. After registering for a

course, you will be sent a questionnaire via email. The results of your questionnaire will be

used to determine the appropriate course level.

German Language Courses

German language course at various levels (semester-long)

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- Subject to Change -

Accounting and Capital Markets [ACC60103_]

Module Coordinator Hombach, Katharina

Programme(s) Bachelor of Science

Term 7th semester

Module Duration 1 Semester

Compulsory/Elective Module

Concentration Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Successful participation in first semester accounting module.

Content Accounting is an important source of company-specific financial information publicly available to external stakeholders such as debt and equity investors. The module introduces students to using the information provided in a company's annual report for decision-making in capital markets (i.e., investment decisions). To that end, we will cover topics in financial statements analysis, structured forecasting, credit analysis and equity valuation. We will also discuss accounting topics, such as differences in accounting standards, consolidated accounting and segment reporting, which are important to understanding the information provided in the financial statements.

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Intended Learning Outcomes

Knowledge: On successful completion of this module, students will have a thorough comprehension of the concepts, quality and uses of accounting information by capital market participants. In particular, students acquire knowledge about

• the relevant reporting standards and accounting concepts underlying firms' financial statements;

• the intricacies of earnings management • key financial ratios and the DuPont model to decompose a firm's return on

equity; • the workings of the structured forecasting approach; • the anatomy of simple valuation models (with a focus on the residual

income model). Skills: On successful completion of this module, students will have the proven ability to apply advanced knowledge of accounting and capital markets by

• extracting relevant information from firms' financial statements; • analyzing the drivers of firms' profitability; • being able to evaluate earnings management measures; • forecasting firms' future financial statements using a structured approach; • using the inputs derived in valuation models.

Competencies: On successful completion of this module, students are capable of independently analyzing financial statements and critically discussing the advantages/disadvantages of distinct accounting concepts from a user's point of view. They can clearly communicate the results of their own financial statement analysis, critically discuss and evaluate the underlying assumptions of their valuation models.

Forms of teaching, methods and support

This course will be taught using an interactive online format.

Type of Assessment(s) and performance

The exam date will be communicated by the program office.

Type of examination

Duration or length

Performance points

Due date or date of exam

Written exam

120 minutes

120

End of semester

Recommended Literature

• Lundholm/Sloan, Equity Valuation and Analysis, 5th edition, 2019.

• Additional readings

A detailed reading list will be provided in the course package.

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Module Structure The course provides the foundations of financial accounting, consolidated accounting and

segment reporting. It explores earnings management intentions and possibilities. It also introduces students to financial ratios and profitability analysis. Financial ratios are applied in structured forecasting, credit analysis and equity valuation. A detailed outline will be provided in the course package.

Usability in other Modules/Programmes

The module is part of the thematic area "Managing Organisations", but the learning outcomes are beneficial for the comprehension of banking and finance modules as well.

Last Approval Date 2020/12/02

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Dynamic Business Simulation [MGT70881]

Module Coordinator Strohhecker, Jürgen

Programme(s) B.Sc.

Term -



Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Basic business knowledge (no prior computer modelling experience is needed). Preparation of selected textbook chapters in advance of class.

Content Every organisation – for profit or not-for-profit – has a business model that describes the rational of how it creates, delivers, and captures value as an important part of the organisation’s strategy. Designing and re- designing the business model is a crucial task of an organisation’s management that is very often not adequately supported by state-of-the- art methods. This module introduces a dynamic business modelling approach that is grounded in the rigorous, scientific method of system dynamics, which was developed at MIT Sloan School in the 1960s by computer pioneer Jay Forrester and successfully applied in diverse industries and organizations, such as Airbus, Commerzbank, Lufthansa, RWE, and Volkswagen. It introduces the techniques required to build models that work and are useful; more precisely, that do what the real- world data says is actually happening, that show how the future may play out, and then allow testing if and how new ideas might improve performance. Through intensive, hands-on sessions and interactive games, participants will be exposed to the principles of dynamic modelling and thorough analysis, which they can apply to their own business environment as soon as they complete the course.

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Knowledge: Upon completion of this module students will have extended knowledge of

• the challenges that managers face in complex dynamic business systems • how an organisation’s resources drive its performance • the system dynamics modelling and simulation method which supports

managers in improving their organisation’s business model Skills: Participants will have the skills:

• to identify complex dynamic challenges • develop, parameterize, test and analyse small to medium-scale business

simulation models using a user-friendly software • to present and communicate insights derived from working with a model to an

interested audience Competence: Participants will increase their ability to successfully tackle dynamically complex problems. The concepts and frameworks covered in this module will enable participants to (inter alia)

• develop the ability to think systemically and dynamically • understand why dysfunctional dynamics persist in organizations • conceive why success in one area often means trouble for other areas • assess in advance the likely impact of different policies and decisions on

an organization’s performance


Teaching formats include:

• Self-study elements, specifically readings in advance of class

• Interactive game session

• Modelling exercises

• Case studies (group work)

• Coaching

Participants will often work in small groups with close interaction with the lecturer. Teaching builds on the idea that system dynamics is best acquired through learning by doing, i.e. through applying it to various hands-on challenges.

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The modelling and simulation exam is an individual exam. It includes small-scale, practical modelling and simulation exercises (conducted in class and in the exam week) with a modern browser-based simulation software. The category “case studies” comprises several cases that are embedded in the course and conducted as teamwork. A computer running a current browser is required. Access to the simulation software used in this course will be provided.

Type of examination

Duration or length

Performance Points


Modelling and simulation exam

2 h

60

In class and exam week

Case studies

12 h

60

In class


• Kim Warren: Strategy Dynamics Essentials, 2nd ed., Strategy Dynamics Ltd, 2015 (ebook will be provided)

• Cases Module Structure

Session 1: Business Game - FishBanks Ltd

Session 2: Lecture 1 - Resources drive performance over time; Case 1 - Sustainable business development: The fishery industry challenge

Session 3: Case 1 - Sustainable business development: The fishery industry challenge; Lecture 2: Resources won and lost

Session 4: Lecture 3 - Resource interdependence and strategic architecture; Case 2 - Forecasting with diffusion models

Session 5: Case 2 - Forecasting with diffusion models; Lecture 4 - Resource quality

Session 6: Lecture 5 - Resource chains; Case 3 - Strategy development and evaluation: Gaming console war

Session 7: Case 3 - Strategy development and evaluation: Gaming console war; Lecture 6 - Capabilities

Session 8: Lecture 7 - Intangible resources; Lecture 8 - Capabilities

Session 9: Case 4 - Group project: modelling a dynamic business challenge

Session 10: Case 4 - Group project: modelling a dynamic business challenge

Session 11: Case 4 - Group project presentations


Other Electives; Master's Thesis


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Environmental Economics and Energy Finance [FIN60123-]

Module Coordinator Moslener, Ulf


Term 7th semester




Credits: 6

Frequency

Annually

Language

English

Prerequisites Finance (EN) (FIN40020)

Content This course essentially provides two perspectives towards this issue: First, we discuss why markets alone are fundamentally not able to trigger investment in a way that environmental issues are appropriately taken into account. We then analyse policy instruments that can correct these so-called “market failures” and which are frequently applied by governments. The second part of the course will then take the perspective of an investor who is confronted with policy and regulation and often additional investment subsidies specifically directed towards promoting renewable energy. We discuss characteristics that fundamentally distinguish the power and power infrastructure market from the market for many other assets and look at applied examples of instruments of investment support as well as investment cases. Topics include:

• Economic fundamentals such as social optimum, public goods, market failure, market based instruments

• Primers in (i) climate change & climate policy; (ii) energy markets & energy policy

• Financing instruments, role of public finance institutions, project finance examples

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Knowledge: On successful completion of the module, students will be familiar with the key concepts of environmental economics, the rationale for government intervention and regulation (e.g. externalities); i.e. they can

• explain the main climate policy instruments, basics of energy markets and technologies

• summarise the dimensions of the current international climate policy / climate finance debate

• outline the major challenges in financing clean energy.

Skills: On successful completion of the module, students will have the proven ability to analyse regulatory approaches in the area of climate related regulation in the energy sector, i. e.

• differentiate between the (societal) economic perspective and the (individual) business perspective

• analyze policy instruments that can correct the so-called “market failures” and which are frequently applied by governments

• identify applied examples of instruments of investment support as well as investment cases

Competencies: On successful completion of the module, students are qualified to. They are able to assess differences across regulatory schemes with respect to both the economic (societal) and financing perspectives. The participants are in a position to draw up scenarios of alternative developments in the international climate policy process for the clean energy investment sector.

Forms of teaching, methods and support Teaching will be mainly based on interactive lectures and the discussion of cases.


Type of examination

Duration or length

Performance Points

Due date of date of exam

In-class presentation (plus 2 page handout) plus active participation in discussions

30

End of semester

Written exam

90 min

90

to be deteminded


Perman, P., Y. Ma, J. McGilvray and M. Common (2003): Natural Resource and Environmental Economics. Addison Wesley, 3rd edition. Kolstad, C.: Environmental Economics, Oxford. On much of the subject there is not yet a well-established body of literature. Additional course material, journal articles, etc. will therefore be provided during the course if appropriate.

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Module Structure Energy and Climate Change are high on the agenda of most

governments across the world. The structural change of the global energy system is already under way with annual investment in power generation based on renewables at almost the same level as investment in power based on fossil fuels like coal and gas.


Bachelor Thesis (BSc_BT)


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Financial Instruments [FIN70961-]

Module Coordinator Löw, Edgar


Term 5. Semester



Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites None. Some background in Financial Accounting or some working experience in Accounting would be helpful but not necessary.

Content This module aspires to making students familiar with the financial reporting implications of financial instruments, especially of issued financial instruments (equity/liability) derivatives/financial guarantees, structured products, and hedging activities by asking the following questions

• What is the central theme within the standard for financial instruments, what is

the implication of recognizing derivatives and other financial instruments and measure them at amortised cost or at fair value?

• How do companies try to reduce volatility in P/L arriving from derivative accounting rules by the means of IFRS 9?

Understanding these issues is important to anyone who will be involved in financial investments, lending activities, structured finance, or hedging financial risks such as interest rate risk or currency risk – or who will be analysing or advising companies that are. The financial reporting effects of these kinds of transactions frequently are ill-understood by the parties involved, although they can have a profound effect on firms’ effectiveness and performance.

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Knowledge: This module is based on consolidated financial statements prepared under International Financial Reporting Standards (IFRS), which publicly traded investor companies domiciled in the EU are required to apply. On successful completion of this module, students should be able to

• differentiate between derivatives, irrevocable loan commitments and financial guarantees

• discuss different categories of financial assets and reclassification rules that have been implemented during the financial crises and measurement consequences

• explain stage transfers in the process of building loan loss provisions • explain similarities and differences between hedge activities and hedge

accounting Skills: Afterwards students should be familiar with IFRS 9. Students should enhance their ability to

• show the basics of preparing and analysing consolidated IFRS financial statements

• report the main rules and the current standard on financial instruments • contrast the main structures of equities versus liabilities with

consequences on ratios and structure basic products • estimate impairment rules and recapture the need for conceptional changes from

incurred to expected loss products Competence: This approach is intended to provide insights into issues relevant to practice, while at the same time developing the skills necessary to evaluate and discuss these issues from an academic standpoint. Students should be able to

• differentiate and apply different accounting rules regarding Financial Instruments Accounting

• analyze financial statements, including notes, regarding accounting for and management of derivatives and other financial instruments

• structure basic instruments according to accounting rules


Teaching, practical cases in class, interaction, discussion, guest lectures


Type of examination Duration or length Performance Point

Due Date

Group presentation 90 Min. 120 Last lectue


• Deloitte, iGAAP Volume B – Financial Instruments, IFRS 9 and related

Standards or Manual of Accounting: IFRS 20xx, Vol.1-2, every edition since 2017

• Ernst & Young, International GAAP, every edition since 2017

• KPMG, Insights into IFRS, every edition since 2017

• PwC, Manual of Accounting, every edition since 2017

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Module Structure 1. IFRS 9 as a compromise – Structure and scope of application

2. Derivatives and related contracts, structured products/embedded derivatives 3. Issuing equity instruments versus financial liabilities 4. Categorisation, measurement, and reclassification of financial instruments 5. Impairment 6. Derecognition 7. Hedging versus Hedge Accounting under the accounting choice of

IAS 39 or IFRS 9


Other Electives, Master`s Thesis


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FX Markets and Exchange Rate Determination [ECO60152_]

Module Coordinator Donado, Alejandro


Term 7th semester



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Microeconomics, macroeconomics

Content Contents 1. Introduction 2. National Income Accounting and the Balance of Payments 3. Exchange Rates and the Foreign Exchange Market: An Asset Approach 4. Money, Interest Rates, and Exchange Rates 5. Price Levels and the Exchange Rate in the Long Run 6. Output and the Exchange Rate in the Short Run 7. Fixed Exchange Rates and Foreign Exchange Intervention

Module overview The module presents an introduction to the theory and practice of exchange rate determination and exchange rate policies under different monetary and exchange rate regimes. Students learn to understand how foreign exchange markets function under different exchange rate arrangements and which factors have an impact on foreign exchange rate determination over different time horizons.

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Knowledge: On successful completion of this module, students will have a thorough comprehension of the institutional conditions, targets, strategies, and instruments of domestic exchange rate policies, i.e. they possess knowledge:

about foreign exchange markets and foreign exchange market instruments,

about the world financial architecture, and

about recent exchange rate developments and exchange rate arrangements.

Skills: On successful completion of this module, the students will have the proven ability to:

describe the structure and functions of the foreign exchange market, apply theoretical concepts and analytical tools in assessing major trends in foreign exchange rate developments, and

explain how monetary and fiscal policy affect the economy under different exchange rate regimes.

Competencies: After finishing this module, students will be able to assess:

the major determinants of changes of foreign exchange rates,

the major causes of foreign exchange rate changes, and currency turbulences, and

the causes and effects of balance of payments crises.


Type of Examintion

Duration or length

Performance Points

Date of exam

Written Exam

120 min.

120


Krugman, Paul R. / Obstfeld, Maurice / Melitz, Marc J. (2015), International Economics: Theory and Policy. Tenth edition, Boston et al. (Pearson). Feenstra, Robert C. / Taylor, Alan M. (2017), International Economics. Fourth edition, New York (Worth Publishers).

Module Structure


International economics, monetary policy, finance, Bachelor thesis.


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Global Marketing Strategy [MGT60156_]

Module Coordinator Schulze, Christian


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites -

Content The purpose of business is to create and keep a customer (Peter Drucker, 1954) The financial success of a company depends on its ability to acquire and retain profitable customers - to develop a successful marketing strategy, however, is not a simple task. This module serves three goals: 1. Students will learn about new tools to help them understand and analyze the marketing strategies of successful (and unsuccessful) companies around the globe. 2. Students will apply the underlying analytical concepts and learn, for example, how to identify the needs of potential customers. 3. Students will discover how marketing drives companies’ financial success and ultimately shareholder value. Please note: * Regular class attendance (in person or on Zoom) is required. Without regular attendance, students will not be permitted to participate in the consulting project presentation. * Case studies require time for preparation throughout the quarter. * The key deliverable of the course is the presentation of a consulting project, where student teams tackle real-world marketing strategy problems and their presence (in person or on Zoom) is mandatory

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Knowledge: On successful completion of this module, the students will have a thorough comprehension of Marketing Strategy and the corresponding analytical tools, i.e., can • explain the 5 C’s of market analysis • describe segmentation approaches • discuss analytical concepts of the Marketing Mix • discover how marketing drives companies’ financial success and ultimately shareholder value Skills: On successful completion of this module, the students will have the proven ability to deploy the underlying analytical concepts of Marketing Strategy in real-world situations, i. e., they can • apply qualitative and quantitative tools of marketing • identify the needs of potential customers • analyse and compare the marketing strategies of successful (and unsuccessful) companies Competence: Through its cross-disciplinary approach, this course will equip students with a coherent framework to integrate their knowledge from various disciplines, including Marketing, Finance, and Accounting. Students’ skills in applying the tools covered in this course will allow them to • successfully analyse strengths and weaknesses of existing marketing strategies • integrate insights into customer needs and firm capabilities to draw up new and promising marketing strategies • propose marketing actions that will positively impact firms’ financial outcomes


Type of examination

Duration or length

Performance Points


Group consulting project

35-40 minutes per Team

120 performance points (100% of the grade)

End of semester, most likely last day of the course


There is no required textbook for this module. However, students might find the following textbooks helpful: • Strategic Marketing Management by Alexander Chernev • Managing Customers for Profit: Strategies to Increase Profits and Build Loyalty by V. Kumar

Module Structure


-


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- Some details are subject to change up to two weeks before the start of the semester. If applicable, a corrected module catalogue will be submitted immediately.

-

Grundlagen des Unternehmensrecht [LAW60112-]

Module Coordinator Redenius-Hövermann, Julia


Term -

Module Duration -


Elective Module

Credits: 6

Frequency

Annually

Language

German

Prerequisites Keine. Von Vorteil ist aber der Besuch der Vorlesung Principles of Private Law (LAW40010) oder Wirtschaftsprivatrecht (LAW40020).

Content Im SoSe 2020 werden während der Vorlesung die folgenden Rechtsgebiete, auch anhand von Übungsfällen, behandelt:

1. Grundlagen des Handelsrechts: Kaufmann, Firma, Vertretung des

Kaufmanns, Handelsregisterpublizität 2. Grundlagen des Gesellschaftsrechts: Personen- und

Kapitalgesellschaften 3. Corporate Governance: Rechte und Pflichten, Haftung der

Gesellschafter/Organe, Organe der verschiedenen Gesellschaftsformen 4. Grundlagen der Unternehmensfinanzierung (Stammkapital,

Kapitalaufbringung, -herabsetzung, -erhöhung) 5. Grundlagen des Umwandlungsrechts 6. Grundlagen des Insolvenzrechts

Im Rahmen der Vorlesung werden die Studenten an einer Case Study teilnehmen. Ziel ist es iim Rahmen einer Gruppenarbeit einen rechtlichen Aspekt aus dem Gesamtfall zu bearbeiten und dann zu präsentieren. Auch wird im Rahmen der Vorlesung eine wirtschaftsrechtliche Großkanzlei besucht: nach einem Vortrag gibt es die Möglichkeit Einblicke in den Kanzleialltag zu erhalten.

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-

Type of examination

Duration or length

Performance Points


Zwischenprüfun g

45

Während des Semesters

Schriftliche Prüfung

65

Prüfungswoche

Kanzleibesuch

10


Kenntnisse: Nach erfolgreichem Abschluss des Moduls, kennen die Studierenden die Grundlagen des Unternehmensrechts. Sie sind in der Lage:

• Handelsrechtliche Grundlagen zu erläutern; • Unternehmensformen (in ihrer Organisation und Finanzierung) zu unterscheiden

und zu entscheiden, welche Unternehmensform sich am besten für einen Sachverhalt eignet. Auch können sie die verschiedenen Haftungsformen der Gesellschafter und Geschäftsleiter erläutern;

• Umwandlungsarten darzustellen und zu entscheiden, welche Art am besten für einen Sachverhalt geeignet ist.

• Handelsrechtliche Sachverhalte (Kaufmann, Firma, Registerpublizität) zu unterscheiden;

• insolvenzrechtliche Fragen zu verstehen, und insb. die verschieden Insolvenzarten und Insolvenzverfahren zu unterscheiden;

• auch werden die verfahrensrechtlichen Grundlagen dargestellt.

Fertigkeiten: Nach erfolgreichem Abschluss des Moduls, können die Studierenden die Grundlagen des Unternehmensrechts anwenden, sie sind in der Lage:

• kleinere unternehmensrechtliche Sachverhalte zu bearbeiten • unternehmensrechtliche Gesetzestexte auszulegen

Kompetenzen: Nach erfolgreichem Abschluss des Moduls, sind die Studenten in der Lage:

• unternehmensrechtliche Sachverhalte zu analysieren und zu verstehen. • unternehmensrechtliche Sachverhalte mit Rechtsanwälten und

Unternehmensjuristen zu diskutieren.


Die Vorlesung besteht aus einer Einführung in die verschiedenen Themengebiete, kleinere Übungsfälle werden besprochen, Einblicke aus der Praxis werden gewährt. Die Ausarbeitung soll das Wissen festigen und das Verfassen der Bachelorarbeit vorbereiten.



• Foerste, Insolvenzrecht, 2014 • Grunewald, Gesellschaftsrecht, 2019 • Kindl, Gesellschaftsrecht, 2011 • Kraft/Redenius, Umwandlungsrecht, 2015 • Langenbucher, Aktien- und Kapitalmarktrecht, 2018 • Mock, Gesellschaftsrecht, 2015

Module Structure Das Modul „Grundlagen des Unternehmensrechts“ stellt eine

Vertiefung der Vorlesung „Wirtschaftsprivatrecht“ dar.

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-


BA-Thesis; M&A/Banken/Beratung


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-

Innovation Management [MGT60226_]

Module Coordinator Ben Josef, Arie


Term -




Credits: 6

Frequency

Annually

Language

English

Prerequisites This Innovation Management module is offered at an advanced stage of the Bachelor program. Consequently, students are expected to have a good understanding of the business environment and core elements (strategy, marketing, finance, etc.) as well as understanding of firm’s structures, organization and operations. There are, however, no formal preliminary entry requirements for this module.

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Content The module aims to provide students with basic concepts and awareness in innovation management and an understanding of the challenges and opportunities, which small and large firms face in relation to it. In today’s rapidly changing business environment, firms can only survive if they regularly innovate - developing new products and successfully introducing them into the market. In this module, we will focus on the practices and processes that managers use to do so in order to manage innovation effectively. We will approach innovation issues from the entrepreneur and manager's perspectives. As building an organization that can continuously generate and commercialize innovations is one of the core concerns of both entrepreneurs and top management, any leader should be conversant with the leading thinking on innovation and should not leave this challenge to the R&D function within its organization alone. The module will deliberately move between strategic issues (what should you do?) and organizational and managerial issues (how should you get it done?). The course is designed in this manner as it is grounded in the belief that it is particularly dangerous to separate strategy from implementation (the "why" from the "how") when innovation is the issue, because having a great idea is worth little or nothing if a firm cannot figure out how to commercialize or monetize that idea. More specifically, we will cover topics which can be classified into 3 categories:

1. Exploring innovations - the processes used to explore innovations along the technology, market and strategy dimensions as the innovation moves from idea to market

2. Executing innovations — the structures and incentives organizations must put into place to effectively allow talented individuals to execute innovation processes

3. Exploiting innovations — the strategies that a firm must consider to most effectively exploit the value of their innovation

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Knowledge: On successful completion of this module, students will be familiar with the core concepts of innovation management, i.e. they can:

• Understand different techniques of innovation management • Analyze companies’ innovation related activities and processes • Critically discuss a firm's need to have a strategic and integrated approach to

be able to successfully manage innovation Skills: On successful completion of this module, students can:

• Apply the core concepts of innovation management directly to real world situations

• Understand the strategies most effective for exploiting innovations, and, as a result, analyze and compare innovation strategies of successful firms

• Identify, evaluate, and resolve a variety of issues relating to poor innovative performance in large firms as well as entrepreneurial firms

Competencies: On successful completion of this module, students are able to:

• Implement innovation management concepts independently in their professional activities

• Critically examine the potential of the innovation management concepts and techniques with which they may deal in the future

• Analyze complex innovation processes in firms both internally and externally


In-class teaching will be based on interactive lectures and discussions, case studies, and reading materials which may be assigned prior to the specific class. The main objective of the class is to analyze how firms cope with the need to innovate, what strategies and processes they apply in order to do so, and whether these strategies and processes are effective. This objective would be met through team work on both a group project and group presentations in which students will apply the concepts, tools and frameworks covered in class.

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Type of examination

Duration or length

Performance points


Group Presentation

30

Last lecture of the course

Group Project Unveiling firm’s innovation strategy

50

Last day of the course

Course exam and/or quizzes

40

Exam week


Examination requirements: Grading in this course is composed of 2 basic elements: Group Projects and Individual Contribution:

Group Project – Presentation ( 30 points) Presentations will be performed by groups of 5-6 students and will be on topics or cases related to the topics covered in class.

Group Project – Unveiling firm’s innovation strategy (50 points) Projects will be performed by groups of minimum 5-6 students. The scope of this project is to target an established, significantly-sized firm, examine how it relates to innovation and what measurements it takes, if at all, to implement an innovation strategy. Individual Contribution – Course exam and/or quizzes (40 points) The Innovation Management course exam is an online administered multiple-choice exam.


The following is a suggested background reading:

• Schilling, M.A. (2013), Strategic Management of Technological Innovation, McGraw-Hill International Edition, Fourth Edition

• Tidd, J. and Bessant, J. (2009), Managing Innovation – Integrating Technological, Market and Organizational Change, Wiley, Fourth Edition

• Smith, D. (2010), Exploring Innovation, McGraw Hill, Second Edition

• Cases are organized by the FS library and will be available during the course. A web link to each case will be provided.

• I may assign other readings, which I will upload on the class website

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Module Structure Over the course of the semester we will cover the main elements of innovation

management through the combination of lectures, class presentations, independent reading of case studies and articles followed by class analysis and discussion, as well as other forms of supervised learning.


This module provides a good fit with the Entrepreneurship module, as there are some commonalities in the nature of these two disciplines. However, these are two distinct modules and there is no requirement to take both modules.


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Leadership [SOC60210-]

Module Coordinator Aktay, Basak


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites None

Content Strong leadership is essential to individual and organisational growth and success. The goal of this course is to lay a strong foundation for building and leading high?performing teams effectively. The students will receive a set of strategies and techniques to identify their personal leadership styles and will be able to apply the theoretical knowledge gathered in different contexts.

• At first part of the course, major leadership theories, concepts and research findings will be analysed in detail and will be elaborated in diverse case studies.

• As a next step, leadership will be approached from an individual view by studying emotional intelligence, personality traits, perception and decision making. Students will have the opportunity to conduct assessments to evaluate their personality traits which pave the way for the autentic leadership and reflect on the personality traits of their selected leaders.

• Following the individual level, the concepts and models will be studied at group level which are vital to building high-performance teams, such as, group-formation, motivation, power and conflict management.

• The course will finally utilise current theories and frameworks to discuss leadership in today's dynamic business environment, considering digital transformation, globalisation and ever-evolving challenges driven by rapid innovation.

The course will be augmented by the experiences of leaders on becoming an effective leader in the digital age as well as motivating and influencings teams during the uncertain times.

MGT60224- Stand (03/12/2020)


-

Type of examination

Duration or length

Performance Points

Due date

Final exam

60 min

60

End of semester

Team assignments and presentations

60

End of semester


Upon completing the Leadership module, students will be able to: • understand fundamental leadership concepts • distinguish different leadership styles • gain insights on their own personal traits relevant to leadership • identify and apply principles of effective leadership at individual level • interpret vital concepts regarding the group dynamics • recognise the drivers behind motivation, power and conflict

management • study and evaluate contemporary leadership concepts


• In-class participation

• Self-assessment

• Team assignments and presentations

Active involvement in class as well as openness to bring in and reflect own experiences are key for the student’s individual development.



• Robbins, Stephen P. / Judge, Timothy A. (2019): Organizational behavior, 18th edition, Pearson. (or 17th edition 2018)

• Northouse, Peter G. (2018): Leadership – Theory & Practice, 8th edition, Sage. (or 7th edition)

All other reading or case material will be provided.

Module Structure Topics covered: Theory of Leadership (3 sessions) Leadership – Individual Level (2 sessions) Leadership – Group Level (2 sessions) Leadership in Modern Global Business Environment (1 session) Course Review (1 session) Group Assignment (2 sessions)


Useful for any further modules with the focus on management and organisational behaviour


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Market Research [MGT70141-]

Module Coordinator Bleier, Alexander


Term 7th semester




Credits: 6

Frequency

Annually

Language

English

Prerequisites Students should master basic mathematical concepts.

Content Firms rely increasingly on vast amounts of data to inform marketing decisions. The goal of this course is to provide students with key skills that will equip them for a career where analytics and data-driven decision making replace management by intuition. By learning about and applying various multivariate analytic methods and techniques, students will gain a better understanding of how to turn data into insights for better marketing decisions.


Upon completion of this course students should be able to:

Apply appropriate quantitative analyses to solve managerial problems with available data

Measure and assess the effectiveness of marketing strategies and tactics

Understand, interpret, and discuss the outputs and procedures of statistical analysis software


This course may include traditional lectures and discussions as well as homework assignments, group work, case studies, guest lectures, and individual applications.


Final exam 60 pts

Group project 30 pts

Assignments 20 pts

Class participation 10 pts

-

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- Fred M. Feinberg, Thomas C. Kinnear, James R. Taylor, Modern Marketing Research, Cengage 2013. - Andy Field, Jeremy Miles, Zoë Field, Discovering Statistics Using R, Sage 2012. - John W. Foreman, Data Smart: Using Data Science to Transform Information into Insight, Wiley 2013.

Module Structure

In this course, the learning process will typically encompass three phases: In phase one, the theoretical concepts of a specific quantitative method will be introduced, allowing students to understand the corresponding foundational mechanisms and relationships. In phase two, students will learn how these concepts translate into actual analyses and conduct them in Excel. Having successfully mastered the knowledge transfer from concepts to applications, in phase three, students will use R to leverage the specific methods in further empirical applications. The goal of this three-phase design is to help students gain a solid understanding of important quantitative methods and equip them with the necessary knowledge for their strategic employment and evaluation.


Digital Marketing


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Negotiation [SOC60129-]

Module Coordinator Catón, Matthias


Term 6th semester




Credits: 6

Frequency

Annually

Language

English

Prerequisites none

Content We negotiate constantly in our lives – with friends and family, our partners but obviously also in a business context. In this module, students will learn the basic concepts and frameworks of negotiation. Special situations, such as negotiating in an intercultural context and in circumstances of conflict, will also play a role.


Knowledge: On successful completion of this module, students

• know different frameworks for negotiation • are aware of important cognitive and emotional factors that influence

negotiations Skills: On successful completion of this module, students can

• analyze a negotiation situation and identify different positions and interests • clarify their interests and define options • conduct negotiations in a productive way

Competencies: On successful completion of this module, students can

• lead negotiations to mutually successful outcomes


Through lectures, exercises and simulations students will grasp how biases influence our perception and how we can apply different strategies to negotiate successfully.

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Type of examination Duration or length Performance Points Due date or date of exam

Exam 60 minutes 60 Mid-term exam week

Case studies and presentation

40 In class

Peer evaluation 20 In class


Course material and readings will be provided online.

Module Structure Different individual sessions and an intensive workshop weekend will combine

theoretical aspects and applied negotiation.


none


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Operations Modeling & Simulation[MGT60260]

Module Coordinator Sibbel, Rainer; Strohhecker, Jürgen


Term -

Module Duration -


Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Operations Management

Content In this module students will learn a variety of (mostly quantitative) modeling techniques and management methods to solve operations management challenges. These challenges are drawn from various Operations Management areas including process design, supply chain management, scheduling, supply and demand planning, and project management. Students will learn how to develop models, analyze and provide data, solve models, conduct optimization and sensitivity analyses and interpret and communicate results. Both general software packages (for example Microsoft Excel) and specific simulation software (for example Arena) are used. By successfully passing this module participants will have the knowledge and tools at hand to conduct Operations Management consulting projects, specifically (discrete event) simulation studies.

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Knowledge: On successful completion of the module, the participants will have knowledge of a range of operations modeling tools (as listed in the module overview), i.e. they can

• describe the modeling tools introduced in this module • explain and operate the toolset introduced in this module • evaluate the tools and discuss their strength and weaknesses

Skills: On successful completion of the module, students will have the proven ability to apply modeling techniques to practice-oriented challenges, i.e. they can

• analyze, structure and classify a range of operations management challenges in practice and theory

• develop an adequate quantitative model (for instance, discrete event simulation model, linear program, PERT/CPM) by applying the appropriate modeling technique

• analyze the model to solve an operations management challenge • use general software packages (for example Microsoft Excel) and specific

simulation software (for example Arena) to support quantitative modeling Competencies: Successful module participants develop the competence to provide responsible contributions in establishing concepts and processes in operations management. They acquire the ability to further develop and adapt to the needs in practice. They can

• present operations management challenges and models to a management audience

• present model based results and scenarios to a management audience • argue competently about adequate problem solution strategies


Teaching format consists of interactive lectures, workshop-style lectures, self-study elements, exercises, modeling challenges and a small-scale practice project. Participants will often work in small groups with close interaction with the lecturer. Teaching builds on the idea that modeling is best acquired through learning by doing, i.e. through applying it to various hands-on challenges.


Examination requirements: For the modelling and simulation based examinations a computer with Windows 10 or higher will be needed. Discrete event simulation software will be provided. The exam as well as the project management essay are individual examinations. The case study is a group work including a management oriented presentation of the findings.

Type of examinationD

Duration or length

Performance points


Modelling and simulation exam

90 min

40

Exam week

Case study incl. presentation

14 h (workload)

40

Second half of the quarter, tba

Essay on project management

14 h (workload)

40

End of semester

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Kerzner, H.: Project Management – A Systems Approach to Planning, Scheduling and Controlling, 12th Edition, New York 2017 Project Management Institute: A Guide to the Project Management Body of Knowledge (PMBOK Guide), 6th Edition, Newton Square 2017 DeMarco, T.: The Deadline – A Novel about Project Management, New York 1997 Meyer, H., Reher, H.-J.: Projektmanagement, Heidelberg 2016 Kelton, W. David; Sadowski, Randall P.; Zupick, Nancy B.: Simulations with Arena, 6th ed: McGraw-Hill, 2014 Kelton, W. David; Smith, Jeffrey S.; Sturrock, David T.: Simio & Simulations, Modeling, Analysis, Aplications, 2nd ed., McGraw-Hill, 2011

Module Structure Methods Areas of Application

Discrete Event Simulation (DES) PERT/CPM Linear Programming (LP) Stochastic Modeling Analytic Modeling Process Design Inventory Management Demand Planning Scheduling Supply Chain Management Project Management (PM)D


Operations Project Field Study


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Risk Management [FIN60143-]

Module Coordinator Santoni, Alessandro


Term -




Credits: 6

Frequency

Annually

Language

English

Prerequisites Markets, Incentives and Ethical Management, Financial Markets

Content Financial markets are becoming ever more complex. The persistent crisis of the global financial system results in an increased need for experts and leaders to manage financial risks in a professional way. Topics covered will include:

• Risk management objectives • Bank capital, risk management and regulation • Risk factors and risk mapping • Market Risk • Computing Value-at-Risk • Credit Risk • NPL, Coverage • Liquidity definitions and dimensions • Liquidity Risk in banking supervision • Funding • Leverage and Leverage Ratios • Advanced risk measures • Capital allocation • Fraud and money laundering • Lesson Learnt from past mistakes • Case studies

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Knowledge: On successful completion of this module, students will have a thorough comprehension of the basic definitions, theories and concepts of risk management, i.e. they can:

• explain how to manage and hedge trading and banking book exposures, • describe regulatory requirements, • recognize risk management as a means of determining a bank’s profitability.

Skills: On successful completion of this module, students will have the proven ability to apply risk measurement and risk management concepts for bank management purposes, i.e. they are able to:

• compute various risk measures, • evaluate the impact of risk on prices for financial products and services, • draw up appropriate bank-wide risk management.

Competencies: On successful completion of this module, students appreciate the importance of risk management in a financial institution and are capable of acting at the interface between risk managers and other bank departments.


Mix of short lectures with discussions in class.


Type of Examination

Duration or Length

Performance Points


Exam

90 minutes

90

End of Semester

Class Presentation

30 minutes

30

during the course


A list will be provided before the start of the semester. Key reference: https://www.bis.org/basel_framework/index.htm?m=3%7C14%7C697 Case studies will be distributed.

Module Structure In this module students will develop deep understanding of the most important

dimensions of risk and learn about advanced concepts how to measure and manage different type of risk.


Bachelor Thesis (BSc_BT)All other modules of the thematic area FINANCE & BANKING.


http://www.bis.org/basel_framework/index.htm?m=3%7C14%7C697

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Supply Chain Management [MGT60224_]

Module Coordinator Reuter, Carsten; Förstl, Kai


Term -

Module Duration -


Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Operations Management (MGT50070)Statistics and ProbabilityMathematics

Content Supply chains are networks of organizations (suppliers, manufacturers, distributors, retailers) that jointly supply and transform materials, and distribute products and services to consumers. If designed and managed properly, these networks are a crucial source of competitive advantage for both manufacturing and service enterprises. Each day, world-class companies such as Amazon, Apple, Dell, and Zara try to leverage their supply chain management (SCM) capabilities to achieve profitable growth far ahead of their competition. This module develops a framework of Supply Chain drivers that helps students understand and predict the financial performance of a firm’s supply chain strategy.

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Knowledge: On successful completion of this module, students will have a thorough comprehension of the basic definitions, theories and concepts of supply chain management, i.e. they can:

• understand how Supply Chain Management contributes to the financial performance of companies across a wide range of industries.

• define and distinguish different concepts of and approaches to SCM

Skills: On successful completion of this module, students will have the proven ability to apply supply chain management concepts, i.e. they can:

• develop and advance quantitative spreadsheet modeling skills that allow them to support qualitative arguments with solid quantitative analysis.

Competencies: On successful completion of this module, students can take responsibility for designing and implementing supply chain management concepts in organisations, i.e. they can:

• develop the requisite know-how to provide responsible contributions in establishing concepts and processes in supply chain management.

• independently take responsibility for SCM in practice • present supply chain management challenges to a broad audience, and argue

competently about problem solution strategies.


Lecture, Case Studies, Online-Simulation, Mentoring


Examination requirements: Participation in the Supply Chain Simulation is required from the very beginning. Teams of four will be formed on the very first day. The performance score takes into account both the status in the last round and the development path. Because of that neither a late-enrollment nor a cancelation are usually possible once the simulation has started. The written performance analysis is meant to reflect on the individual decisions made during the simulation, their impact on the performance of the respective corporate function, and the company as a whole. The analysis should take up and apply principles, frameworks, and models of supply chain management. The case study report has no direct link to the simulation but will address a current topic from the field of supply chain management.

Type of examination

Duration or length

Performance Points


Supply Chain Simulation - Performance Score (Group - in teams of three to four)

60

During the course

Supply Chain Simulation - Written Performance Analysis (Individual)

42

During the course

Case Study Report (Individual)

18

During the course

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The lecture is mostly based on the following textbook: Chopra and Meindl: Supply Chain Management: Strategy, Planning, and Operation, 6th edition, McGrawHill, 2014 Cachon and Terwiesch: Matching Supply with Demand: An Introduction to Operations Management, 3rd edition, McGraw Hill, 2012

The textbook can be found in the FS library in reasonable numbers (Signatures: DDC/Chopra).

Module Structure

The contents of the 11 sessions in total are built up as follows: Session 1

• Introduction SC Performance: Achieving Strategic Fit Session 2

• Introduction Supply Chain Simulation: The Fresh Connection (Round 1)

Session 3 • Debrief/Discussion The Fresh Connection (Round 1) • Dealing with Uncertain Demand & Demand Forecasting

Session 4 • Supply Chain Principles • Procurement and Global Sourcing

Session 5 • Debrief/Discussion The Fresh Connection (Round 2) • Inventory Management, Cycle Inventory, Safety Inventory

Minimum Order Quantities Session 6

• Inventory Management, Cycle Inventory, Safety Inventory Minimum Order Quantities Cont'd

Session 7 • Debrief/Discussion The Fresh Connection (Round 3) • Triggers and Mitigation of the Bullwhip Effect

Session 8 • Triggers and Mitigation of the Bullwhip Effect (Cont'd)

Session 9 • Debrief/Discussion The Fresh Connection (Round 4) • Coordination along the Supply Chain and Pooling Concepts

Session 10 • Late Differentiation and Postponement

Session 11 • Debrief/Discussion The Fresh Connection (Round 5) • Sustainability along the Supply Chain

MGT60224- Stand (03/12/2020)


Accounting and the Business Environment [ACC60130_]

Module Coordinator Wagner, Hermann A.


Term -




Credits: 6

Frequency

Annually

Language

English

Prerequisites Financial Accounting, Managerial Accounting

Content Students will be assigned to small subgroups. Each group has to analyze the consolidated annual report of a specific firm. Regarding the M&A sessions the students have to analyze also specific transactions. The module is structured as follows: A short lecture (80 minutes) will introduce each of the topics outlined above. The following meeting starts with an interactive session in which the groups will explain their findings regarding the topics at hand for the respective firm/industry for which they have expertise. There will be 11 interactive sessions (each around 100 minutes) in the module.


• Knowledge: Participants will deepen their factual knowledge of various accounting choices and discretion in reporting. Moreover, participants will acquire theoretical knowledge about how accounting is impacted by the business and regulatory environment.

• Skills: Students will be able to analyze financial statements in the context of the environment in which a firm operates. They will also improve their oral and written communication skills.

• Competencies: Students will be able to identify critical accounting methods for given industries. They will understand how the business and legal environment affects a firm’s strategy and operations and be competent to assess a) the importance and adequacy of different accounting systems (management perspective) and b) what can be learnt about a firm’s strategy, operations and performance from publicly available information (analyst’s perspective).

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Class sessions will combine traditional (short) lectures followed by interactive case study discussions. Students are required to contribute to these interactive sessions by presenting their findings for individual business cases. Students will be asked to prepare for the sessions by working on the respective cases. In the first sessions, we will form groups of about 4-5 students and assign a company case to each of them. Groups have to hand in a comprehensive report on the respective firm they are analyzing.


Examination requirements: N/A

Type of examination

Duration or length

Performance points


Oral exam

58

End of semester

Group project: report

40

End of semester

Practical application of subject matter

22

During semester

MGT60224- Stand (03/12/2020)



Basic literature:

• Abdel-Khalik, A. Rashad (2014): Accounting for Risk, Hedging & Complex Contracts. Routledge. (Chapter 2, 4, 12).

• Anthony, Robert N.; Govindarajan, Vijay; Hartmann, Frank G. H.; Kraus, Kalle; Nilsson, Göran (2014): Management Control Systems. MacGraw-Hill. (Chapter 2).

• Dhaliwal, Dan S.; Radhakrishnan, Suresh; Tsang, Albert; Yang, Yong George (2012). Nonfinancial Disclosure and Analyst Forecast Accuracy – International Evidence on Corporate Social Responsibility Disclosure. Accounting Review, 87(3), 723-759.

• Ferreira, Aldónio; Otley, David (2009): The design and use of performance management systems: An extended framework for analysis. Management Accounting Research, 20(4), 263-282

• Gregory, Edward; Myers, Roslyn (2002). Help Clients Take Measure. Journal of Accountancy. 193(6), 53-58.

• Merchant, Kenneth A. (1982): The Control Function of Management. Sloan Management Review, 23(4), 43-55.

• Shi, Yuwei; Manning, Tom (2009): Understanding Business Models and Business Model Risks. Journal of Private Equity. 12(2), 49-59.

• Singleton-Green, Brian (2014). Should financial reporting reflect firms' business models? What accounting can learn from the economic theory of the firm. Journal of Management & Governance, 18(3), 697-706.

Additional sources will be provided in class.

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Module Structure Students are introduced to different business models within and across industries. In

the following, significant accounting methods and challenges for different industries are reviewed, taking into account differences in firms’ business models. We will discuss external accounting and different management accounting systems and their appropriateness for different industries. In this context we will discuss also risk accounting. We will also talk about general and industry-specific regulation. In the following, we talk about ethical and environmental issues and how financial statements inform about what is sometimes called corporate citizenship. We will proceed with discussing how firms account for the profitability of their investments and which kind oc accounting they need for M&A transactions.

1. Business Models 2. Financial Accounting 3. Management Accounting I 4. Management Accounting II 5. Business Risk Management 6. Financial Risk Management 7. Regulatory Accounting and Competition 8. Ethical and Environmental Accounting Issues 9. Accounting for M&A I 10. Accounting for M&A II 11. Accounting for M&A III


Preparation for Master programms, e.g. Master in Auditing.


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Advanced Business Modeling Using Spreadsheets [INF60103-]

Module Coordinator Roßbach, Peter


Term -



Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Completion of module "Introduction to Programming/Einführung in die Programmierung" or comparable skills in Excel and VBA are required. A pre-test to check the adequate VBA knowledge will be done before the beginning of the module.

Content In today’s business many managerial decisions are based on decision models applying highly sophisticated algorithms. For the implementation of such models software tools are needed. One class of those tools is spreadsheet programmes, like Microsoft Excel, which provide the necessary functions and flexibility for the developer and user in one person. The purpose of this module is to develop professional skills for the design and implementation of ambitious business and finance models using spreadsheets and programming techniques. The objective is to understand the models from conceptual and computational perspectives and to translate them into Microsoft Excel/VBA applications. For this, both the models and the manifold techniques for developing spreadsheet applications are subject of the lectures. The topics of this module will mainly cover the following areas:

• Valuation; for example value-at-risk and valuation of securities and derivatives • Optimization; for example cash-flow optimization, portfolio

optimization, and heuristic optimization • Simulation; e.g. Monte Carlo and what-if analysis • Forecasting and Prediction; e.g. GARCH modelling and turnover forecasting

Accompanying the content-related modelling, specific spreadsheet techniques, like the usage of matrix functions, pivot functions, the solver, and building graphical user interfaces, are also subject of the lectures.

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Knowledge: On completion of this module, the students are familiarized with the relevant methods and instruments utilized in managerial and in special financial decision processes, i.e. they can:

• describe how to apply statistical methods, optimization and simulation and OLAP technology,

• explain how the functionality Excel and VBA provides to effectively model the above mentioned methods and instruments.

Skills: On successful completion of this module, students will have the proven ability to practically implement the methods and instruments in Excel and VBA with the focus on quality, efficiency and reusability, i.e. they can:

• apply an implementation process different to trial-and-error and • find the adequate relationship between Excel and VBA.

Competencies: On successful completion of this module, the students are able to:

• formulate practical challenges and problems in a formal and conceptual language used in business,

• transform the formal model in a technical model in the language of Excel and VBA and

• implement it in a quality-oriented manner.


Interactive lectures, business cases, in-class exercises, and home exercises.


Examination requirements: Computer with MS Excel and VBA installed (at least version 2010). Attendance requirements: Compulsory student attendance of 7 out of the 11 lectures. An attendance below that number will lead to a fail of the module.

Type of examination

Duration or length

Performance points


Assignments in form of spreadsheet applications in course and at home

120

During semester


Will be announced in the lectures.

Module Structure The module consists of two parts. In the first part, advanced techniques in

Excel and Visual Basic for Applications (VBA) will be taught. In the second part, the modelling of managerial and business applications using Excel and VBA will be the subject of the lectures.


Bachelor Thesis


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Asset Management [FIN60603-]

Module Coordinator Stotz, Olaf


Term -




Credits: 6

Frequency

Annually

Language

English & German

Prerequisites Good understanding of finance and statistics

Content Asset management will be discussed from the perspective of capital markets and investors. An asset manager has to combine goals of an investor and risk and return properties of capital markets. Students will learn how to optimally combine those three elements – capital market conditions, investor’s goals and the resulting optimal portfolios. Theoretical models and empirical observations help to understand how to trade of capital market conditions and investors goals. During the module students will develop and backtest an investment strategy using elements of the lectures and implement this strategy (Learning by doing). At the end of the term, students will present the performance of an investment strategy and write a term paper. Main topics:

• Introduction to theoretical models and empirical observations of capital markets

• Estimation approaches of return characteristics (expected return and risk characteristics)

• Models to optimally trade of risk and return based on investor goals and capital market conditions

• Factor Investing • ESG Investing • Retirement Investing • Behavioral Finance • Development of an investment strategy, back-testing of the investment

strategy, performance analysis of the investment strategy, summarized in a term paper

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Knowledge: On successful completion of this module, students will have a deep understanding about the functioning of capital markets and of how to select security portfolios optimally. Students will get an overview about major concepts, approaches and techniques in asset management and empirical and theoretical capital market research. They can

• understand and explain major capital market models • optimize a portfolio of securities • understand and analyse an investment strategy.

Skills: On successful completion of this module students will have the proven ability to apply theoretical knowledge to practical portfolio management problems. They can

• analyse empirical asset prices and capital market data • estimate expected returns and risk parameters of securities • identify asset pricing anomalies • develop an investment strategy that potentially outperforms the market.

Competence: On successful completion of this module, students are able to transfer their knowledge to typical working situations in the Asset Management industry. They also are able to

• organize and set up an investment strategy in a team of asset managers • transfer theoretical and empirical concepts of capital market analysis and

asset pricing into practical asset management approaches • judge the quality of capital market data and the quality of an investment

strategy.


Lecture, discussion, presentation, case studies, scientific papers and term paper. Because of the cooperation with an investment company the module language will be German. However, presentations can also be held in English. In the past year, the investment company (Quoniam Asset Management) has awarded the best performing team with a prize.


Type of examination

Duration or length

Performance points


Presentation of an investment strategy (team work, each team should consist of between 4 and 6 students) including a term paper and presentation slides

30 min

120

End of semester


To be announced.

Module Structure Lecture, presentation, case studies, scientific papers and term paper


Asset Management Master of Science.


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Behavioural Models, Economics and Philosophy [ECO60141-]

Module Coordinator Ebert, Sebastian


Term 7th semester



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites The course is intended as a first course in behavioral economic.Knowledge of classical finance theory and economics, in particular microeconomics, is required (about 1.5 years of Bachelor studies in economics or a related program).

Content This course gives an overview of the established and yet growing field of behavioural economics and behavioural finance in particular. Behavioral economics posits that many financial and other economic phenomena may be better understood assuming that some individuals are less than fully rational. More generally, behavioural economics aims for psychologically more realistic explanations of economic phenomena. We touch/ cover topics such as: the foundations of behavioral economics in social and cognitive psychology (group, preference, and belief biases), decision making under uncertainty, time preferences and self-control, experimental economics, fairness, and selected topics in behavioral finance.

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Knowledge: On successful completion of this module, students will have a thorough comprehension of the fundamental ideas and approaches of behavioral economics, with a special focus on the sub-field of behavioral finance. They can:

• Explain the main concepts and assumptions that behavioral economics and finance rests on

• Explain major insights that were achieved by employing concepts from behavioral economics

Skills: On successful completion of this module, students will have the proven ability to apply advanced knowledge that governs actual behavior in economic situations. They can analyze the application of behavioral concepts in different real-world settings that may involve, among others

• consumer purchasing decisions • risk taking • investment behavior

Competences: On successful completion of this module, students can take responsibility to transfer concepts from behavioral economics to make better decisions for themselves and for others. The understanding and awareness of pitfalls such as overconfidence, overextrapolation, loss aversion, skewness preference, reference-dependence, narrow framing, myopia, or time-inconsistency makes them more competent in making and assessing investment decisions and many other intertemporal decisions that must be taken under risk and uncertainty.


Each week’s topic begins with a lecture followed by a discussion seminar. All are expected to read all texts prior to the lecture. Then in seminar, the texts and lecture topics are discussed.


Type of examination

Duration or length

Performance Points


In-class performance, in particulare the presentation

60 minutes (Presentation)

60

During a lecture (Presentation)

Exam

60 minutes

60

End of semester

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Ariely, D. (2010): Predictably Irrational, Harper. Aronson, E., T. Wilson, and R. Akert (2010): Social Psychology, Prentice Hall. Barberis, N. C. (2013a): “Psychology and the Financial Crisis 2007- 2008,” in Financial Innovation: Too Much or Too Little?, ed. by M. Haliassos, 15–28. Barberis, N. C. (2013b): “The Psychology of Tail Events: Progress and Challenges,” American Economic Review Papers and Proceedings, 103, 611–616. Barberis, N. C. (2013c): “Thirty Years of Prospect Theory in Economics: A Review and Assessment,” Journal of Economic Perspectives, 27, 173–196. Barberis, N. C. and R. H. Thaler (2003): “A Survey of Behavioral Finance,” in Handbook of the Economics of Finance, ed. by G. Constantinides, M. Harris, and R. Stulz, 1052–1121. Cartwright, E. (2014): Behavioral Economics, Routledge. Dhami, S. (2016): The Foundations of Behavioral Economic Analysis, Oxford University Press. Kahneman D. (2011): Thinking, Fast and Slow, Farrar, Straus and Giroux. Thaler, R. and C. Sunstein (2008): Nudge, Yale University Press.

Module Structure Class sessions will include lectures (including interactive discussions and some exercises)

as well as presentations by students. 50% of the final grade is based on the in-class performance, i.e. the presentation as well as constructive participation during the lectures and other students’ presentations. An exam determines the remaining 50% of the final grade. Depending on the number of students participating in the course, presentations will be done in groups. More detailed information will be given in the syllabus.


This course presents a psychologically more realistic approach to economics than is offered by much of classical economic theory. Behavioral economics assumes that some individuals are less than fully rational (are not a homo economicus), and argues that many important economic phenomena are understood much better this way. Students will develop a broader, more informed, and more critical perspective on most other coursework in finance and economics.


MGT60224- Stand (03/12/2020)


Brand Management [MGT60145-]

Module Coordinator Redler, Jörn


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Marketing

Content Traditionally, a brand is seen as a means to distinguish a firm´s market offerings from those of others. Going beyond that, the modern view of branding considers a brand a socio-psychological construct that influences customers´ perceptions, evaluations and decisions. Therefore, brands need to be acknowledged as strategic (and intangible) assets that can provide a company long-lasting competitive advantage. This course aims to develop students’ understanding of the importance of brand equity as well as how to build, measure, and manage brand equity. It also advances comprehension of the brand management process and addresses crucial mechanisms in regard to how consumers choose brands and how brands can satisfy social and psychological needs. Strategic decisions like ways to leverage brand equity, options of managing brand portfolios or the management of brands over time will be considered. Building on existing communications and consumer behavior models, the course will explore many of the issues facing a modern day brand manager.

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• Define core terms such as brand, brand equity, positioning, brand architecture. • Comprehend the pivotal role of brands in a modern business environment. • Be aware of important psychological mechanisms that explain brand

influence. • Understand brand elements that help build brand equity. • Be able to design, implement and critically analyze brand strategies that consider

brand naming, brand extension, brand stretching, brand architecture and so forth. • Appreciate how marketing and in particular marketing

communications help build brand equity. • Develop an appreciation of how to measure brand equity. • Appreciate the challenges of managing a brand over time. • Be able to converse with both academic and practitioner brand specialists on

a range of brand related issues.


Mixture of lecture, seminar, case discussion and exercises


Type of examination

Duration or lenght

Performance Points


Essay

2.000 words

40

Week 5

Poster session

Written exam

60 Min.

80

End of semester


Core text:

Keller, K., Swaminathan, V.: Strategic Brand Management, 2020, Pearson.

Additional resources:

Kapferer J. N.: The New Strategic Brand Management: Advanced

Insights and Strategic Thinking, 2012, Kogan Page. Rosenbaum-Elliott, R., Percy, L., Pervan, S.: Strategic Brand Management, 2015, Oxford University Press.

Module Structure • Brands: definition, relevance, challenges

• The behavioral-scientific view on brands • Brand Assets • Objectives and process of brand management • Brand positioning • Brand elements • Brand touchpoints and brand communications • Brand strategies, brand architecture and brand stretch • Brand enrichment • Internal branding • Brand evaluation


-


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Challenges of the European Union and the Euro Area [ECO70189-]



Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English


Content In this module, students are given the tools to understand and analyze the major challenges of the European Union and of the euro zone. The tools include a historical perspective, analytical frameworks, and a clear explanation of the major economic policies.


Knowledge: On successful completion of this module, students will possess knowledge:

• about the historical evolution, the structure, and the working of the European Union (EU) and of the European Monetary Union (EMU).

• about the main economic policies of the EU and EMU (trade policy, Common Agricultural Policy, Stability and Growth Pact) and how these policies affect people, companies, and governments.

Skills: On successful completion of this module, the students will have the proven ability to:

• describe the main features and economic policies of the EU and the EMU. • apply theoretical concepts and analytical tools in assessing the major

challenges of the EU and of the euro zone. Competencies: On successful completion of the module, students will be able to:

• form an argument-based own view on important EU and EMU- related issues.

• compare economic policies across the EU member states.


The course combines elements of a lecture with active participation from the students.

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Type of examination Duration or length Performance Points Date of exam

Written exam 120 min. 120 End of semester



Baldwin, Richard / Wyplosz, Charles. (2019), The Economics of European Integration. Sixth edition, London (McGraw-Hill Education)

Module Structure 1. Introduction

2. History of European economic integration 3. Economic integration and institutional features 4. EU trade policy 5. The Common Agricultural Policy 6. Essential macroeconomic tools 7. History of European monetary integration 8. The European monetary union 9. Fiscal policy and the Stability Pact


International economics, monetary policy, Bachelor thesis.


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Corporate Finance [FIN60137-]

Module Coordinator Karabulut, Yigitcan; Schäfer, Larissa


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Finance 1

Content This course focuses on the practical and conceptual problems associated with financial management of the non-financial corporation. The treatment of all areas involves theoretical concepts and the application of these concepts to contemporary business situations for the purpose of corporate decision-making. All topics reflect the impact on the overall value and risk of the company. Topics covered include, but are not limited to: Financial statements and cash flow, time value of money, valuation of equity, capital budgeting and project evaluation techniques. The main textbook for this class will be Berk and DeMarzo (BDM), Corporate Finance).

• Introduction and Basics of Financial Statements Analysis (BDM Chapter 1, 2) • Corporate Governance (BDM Chapter 29, and other material) • Project Appraisal (BDM Chapters 3,4, and other material) • Stock Valuation (BDM Chapter 9, 10) • Capital Structure (BDM Chapters 14, 15) • Financial Distress, Managerial Incentives and Information

(BDM Chapter 16) • Valuation with Leverage (BDM Chapter 18) • Payout Policy (BDM Chapter 17) • Long-term Financing; raising Equity and Debt (BDM Chapters 23,

24) This content is subject to (minor) changes due to actual circumstances, cases, guest speakers or others

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Type of examination Duration or length Performance Points Due date or date of exam

Case Study

40 group work during the course

Presentation Academic Article

40

group work during the course

Written Exam

40 individual work, closed-book at the end of the course


Knowledge: On successful completion of this module, students will have a thorough comprehension of the basic definitions, theories and concepts of corporate finance, i.e. they can:

• describe the basic definitions, theories and concepts, • explain how to undertake and evaluate investment, financing, payout, and

valuation decisions Skills: On successful completion of this module, students will have the proven ability to apply corporate finance concepts, i.e. they can:

• evaluate the costs and benefits of different corporate governance mechanisms, • allocate capital across projects, • apply modern valuation techniques, • determine capital structure and payout policies, • select suitable project evaluation techniques

Competencies: On successful completion of this module, students can take responsibility for designing and implementing corporate finance concepts in organizations, i.e. they can:

• critically analysze the suitability of different corporate financial approaches for the specific context of their organization

• take into account interdependencies of financial choices when implementing concepts


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Course material: Slides will be provided to accompany the lecture, and are posted on the course web site prior to the class. Recommended literature: Berk, Jonathan and DeMarzo, Peter: • Corporate Finance, 2013, 3rd edition, Pearson Education Limited

Module Structure


Finance Concentration, Accounting Classes


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Econometrics [FIN60112-]

Module Coordinator Vecer, Jan


Term -



Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Mathematics (QUM40010)Statistics and Probability (QUM40030)

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Content This module will cover intermediary and advanced econometrics including: Review of probability and statistics:

• Probability distributions (both discrete and continuous) • Expectation, variance and covariance • Law of large numbers • Central limit theorem • Statistical estimation, confidence intervals

Classical linear regression models (both simple and multiple regression): • Properties of the ordinary least squares estimator • T-test • F-test

Diagnostic tests for linear regression: • Non-linearity tests • Ramsey’s RESET • Heteroscedasticity tests • Stability of parameters • Normality of residual • Durbin-Watson: autocorrelation of residuals • Multicolinearity • Principal components

Time series modeling and forecasting: • Moving average processes • Autoregressive processes • Forecasting • Vector autoregressive models

Volatility and correlation: • GARCH models

Limited dependent variable models: • Logit • Probit

All concepts are illustrated on real data sets using programming language Python.

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Knowledge: On successful completion of the module, students will have a thorough comprehension of econometric theory, methods and concepts, meaning they

• comprehend the underlying principles of probability and statistics • explain the functioning and scope of application for classical linear regression

and time series and panel data analysis • identify and understand appropriate diagnostic tests for linear regression • can study data and implement their own models in major

programming languages such as Python Skills: On successful completion of the module, students will have the proven ability to apply general econometric principles with a special focus on economic and financial models, i.e. they can

• apply econometric techniques to examples and cases from practice. • execute diagnostic tests for linear regression • interpret the econometric results based on real data sets • implement econometric models in Python (major programming language)

Competencies: The combination of theoretical knowledge and application to economic and financial cases enables students to critically evaluate the predictive powers of different explanatory variables. They also gain computer competence to study large data sets.


Lecture with integrated worked examples and economic and financial applications. Examples are illustrated in programming language Python.


Examination requirements: One take home project.

Type of examination Duration or

length Performance

points Due date or date of exam

One group project

120 During semester


Wooldridge, Jeffrey (2019): Introductory Econometrics: A Modern Approach (Upper Level Economics Titles), 7th Edition Heiss, Florian and Brunner, Daniel (2020): Using Python for Introductory Econometrics

Module Structure This course covers widely used econometric techniques such as the classical linear

regression model, time series analysis and panel data analysis. Students learn the theory of these topics, they are provided with real data to apply these techniques, and they are confronted with real data to interpret the econometric results.


Bachelor Thesis (BSc_BT)


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Financial Markets [FIN40042-]

Module Coordinator Santoni, Alessandro; Heidorn, Thomas


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Finance 1

Content The students learn the importance and functions of financial products. The module discusses bonds and shares but also derivatives (from interest rate swap to options). The necessary mathematical tools are taught but also market conventions and market set up are analyzed. All products are calculated and discussed in detail. The students learn:

• to evaluate the importance of financial markets, • to understand the elements of money and capital markets, • to understand and use the most important products of financial markets, • an introduction to the theory of financial markets.

Topics: 1. Financial Markets 1.1 Money Market 1.2 Capital Markets (Bond and Equity) 1.3 Stock Valuation 1.3 M&A valuation & M&A synergies analysis and calculation 2. Derivates 2.1 Symmetric Instrument (Interest Rate Swap, Forward Rate Agreement, Future) 2.2 Asymmetric Instruments (Equity Options)

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Knowledge: Based on the theory of financial markets the students will acquire a broad knowledge of the most important products of international financial markets, i.e. they can:

• explain the usage of financial products, • describe theoretical concepts of evaluation, • outline the impact of these products in real markets.

Skills: The students learn the conception and organisational implementation of financial products and train to transfer theses skills to other tasks, i.e. they can:

• implement financial products, • evaluate the importance of these products for the market.

Competences: The Module gives the students a broad knowledge base of the modern financial world. After successful completion of this Module, students can:

• analyse complex financial products, • judge financial aspects considering business and regulatory questions.


Prüfungsleistung

Dauer oder Länge

Akku-Punkte

Abgabe- oder Erstellungszeitp unkt

Test 120 Min.

120

End of semester


• Brealey, R.A. / Myers, S.C. / Allen, F.: Principles of Corporate Finance, 2011

• Heidorn, T. / Schäffler Christian: Finanzmathematik in der Bankenpraxis, 2016

• Steiner, M. / Bruns, C.: Wertpapiermanagement, Stuttgart 2007 Module Structure


Base for other Finance-Modules


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International Healthcare Business [SOC60134-]

Module Coordinator Gandjour, Afschin; Sibbel, Rainer


Term -



Elective Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites General knowledge based on completed secondary education.

Content The first part of the module focuses on healthcare system management and economics and will provide participants with an overview of the different areas of health economics, current trends and developments and analyse and compare various health systems from around the world. The second part the module addresses the flow of services within the healthcare industry and the potentials and challenges of health care value chains. Students will analyse trends in the international trade of healthcare services. More specifically, topics include:

• Overview to health economics • Basic operation of health systems worldwide • Types and institutions of health systems • Health system regulation • Economic evaluation of pharmaceuticals and medical devices • Healthcare industry segments and globalisation • Healthcare value chain • International healthcare business models

Lectures will be scheduled throughout the course of the semester. As a complement to lectures, students will hear from experts on healthcare who come from industry and academia and will discuss with them on current healthcare business and industry topics.

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Type of examination

Duration or length

Performance points


Written exam

60 minutes

60

End of semester

Team presentations

30 minutes

60

End of semester


Knowledge: On successful completion of this module, students will have a thorough comprehension of the fundamentals of the structure, segments and strategies of healthcare business, i.e. they can:

• Understand the role of healthcare as growing business worldwide and major driver of economic development,

• Identify the fundamentals of the structure, functions and the basic types of healthcare systems,

• Understand the role in the different national environments. Skills: On successful completion of this module, students will have the skills to judge specific situations in healthcare business, such as:

• Describe and analyse current healthcare systems and business areas • Identify the interests and policies of the different stakeholders.

Competencies: After finishing this module students will be able to conduct independent research and analyze healthcare systems from an economic and business point of view, i.e. they can:

• Undertake research and process information on the healthcare industry and its business opportunities.


Lecture, student presentations, guest speakers, discussions with experts and academics on current healthcare business and industry topics.


Additional requirements / information: Team presentations – Students will be grouped and should work out a comprehensive presentation focussing on a specific international healthcare business model respectively industry segment.

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• R. E. Santerre, S. P. Neun (2012): Health Economics, 6th ed., Thomson

• J. Figueras, R. Robinson, E. Jacobowski (2004): Purchasing to improve health system performance. Ch 2. Buckingham UK: Open University Press

• C. Scott (2001): Public and private roles in health care systems. Buckingham UK: Open University Press

• R. Robinson, A. Steiner (1998): Managed Health Care.Ch 1. Buckingham UK: Open University Press

• M. Drummond, B. O’Brien, G. Stoddart, G. Torrance (1997): Methods for the Economic Evaluation of Health Care Programmes Oxford UK: Oxford university Press

• C. Blouin (2005): International Trade in Health Services and the GATS: Current Issues and Debates. World Bank Publications

• L. R. Burns (2002): The Health Care Value Chain. John Wiley & Sons

Module Structure Topics include:

• Overview to health economics • Basic operation of health systems worldwide • Types and institutions of health systems • Health system regulation • Economic evaluation of pharmaceuticals and medical devices • Healthcare industry segments and globalisation • Healthcare value chain • International healthcare business models


Bachelor Thesis


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Mergers & Acquisitions [FIN60120-]

Module Coordinator Grote, Michael H.

Programme(s) B.Sc.

Term Electives



Compulsory Module

Credits: 6

Frequency

Annually

Language

German

Prerequisites Finance 1, Corporate Finance, Accounting

Content This course gives a comprehensive, hands-on overview of the process of mergers and acquisitions (M&A). The field continues to be of extreme importance, especially in today’s dynamic economic environment. Companies are increasingly using M&A as the fastest way to take advantage of market opportunities or to restructure their businesses. However, M&A transactions are not always successful. The course is structured along the value chain of an M&A-deal and provides both a framework and tools to tackle the complex issues of the process. The course’s main perspective is that of an investment bank or M&A advisory boutique. With the help of a set of current, real-life case studies participants get a thorough blueprint of an M&A transaction. Participants will be prepared to start working in an investment bank or M&A advisory firm. The course builds upon the value chain of M&A transactions. It starts with analyses of the market players and current market developments. We discuss measuring and analyzing success factors of M&A transactions, and tackle the main driver of M&A activity, synergies. Typical transaction processes are examined and milestone documents and outcomes along the process are discussed. Real-life case studies are used for the application of several valuation methods (multiples, dcf, synergy valuation). However, please note that this is not a course on valuation - we will rather apply valuation models in the M&A context. We discuss financing M&A transactions via stock or debt and the form of payments to the seller, which are important characteristics of any transaction and often a strategic tool and not simply a means of payment. We will discuss the outline of purchase agreements (the actual M&A contracts) including ways to hedge the outcomes via earn-out clauses and guarantees. We discuss techniques for hostile takeovers and defenses. Finally we touch on the issue of post-merger integration, and corporate restructuring, which in many cases means selling parts of the business (again).

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Students gain knowledge about the process of M&A transactions that enables them to start working in an investment bank or M&A advisory. More specifically, at the end of the learning process the student is able to

• understand and assess the motives of a merger or an acquisition. • explain such transactions and structure the according processes. • implement synergy estimates in valuation and assess the uncertainties and

limitations of various valuation techniques in an M&A context. • explain the impact and risks of different financing structures. • give an overview of the basic components of purchase and sale agreements. • understand and comment on commonly used takeover tactics and defenses. • analyze how value is created (or destroyed) as a result of corporate mergers.


The course consists of lectures, guest lectures, accompanying material, a basic text book, an extensive slide-set, and - most importantly - the work in groups on a hypothetical transaction.


The grade for this course, with a maximum of 120 points, is made out of two components:

The preparation of a presentation, with a maximum of 80 points.

A final exam with a maximum of 40 points, running 40 minutes.

Ad 1: The presentation will be prepared by groups of students. The size of the groups will be determined by the roll-out for this course; maximum group size will be five students. You will be sorted into a group by student advisory. The task is set up to mimic the tasks for juniors in investment banks, i.e. you are asked to prepare a powerpoint presentation with a thorough analysis of an acquisition case (to be determined at the course’s start). Detailed instructions are provided in class. You have to submit the presentation and the underlying excel files. Deadline will be four weeks after the lectures end (this might vary according to final exam schedules, details follow), and students are strongly encouraged to work on the presentation already along the course as we proceed with the topics. Ad 2: The final exam might cover all the topics presented in the lectures, the online-material, and the guest lectures.


The main resource for this course is DePamphilis, Donald (2019): Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, 10th edition, Academic Press / Elsevier: London. Additional material will be provided closer to the course start.

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Module Structure I organize this in days for a better overview:

Day 1: Introduction, success and failure, target takes all Day 2: Synergies and their valuation, transaction structures Day 3: Valuation: multiples, discounted cash flow, synergies Day 4: Financing and payment structure, merger agreements Day 5: Takeover defense, accounting for M&A, post merger integration, corporate restructuring Day 6: recap, guest speakers The guest speakers will very likely be scheduled during the course so there might be a slight re-arrangement of topics.


-


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Monetary Theory and Policy [ECO60172-]



Term -




Credits: 6

Frequency

Annually

Language

English


Content The module presents some of the most important theoretical foundations regarding the money demand, the money supply, and the monetary transmission processes. It describes the institutional framework, the major targets, strategies, and instruments of modern central banking and critically discusses the monetary policies of major central banks over the past few decades.


Knowledge: On successful completion of this module, students will have a thorough comprehension about institutional conditions, targets, strategies, and instruments of monetary policies. They have knowledge regarding

• the major determinants of money demand and money supply, • the role of financial institutions and the development of financial markets • and the major monetary policy instruments and institutions.

Skills: On successful completion of this module, the students will have the proven ability to apply theoretical concepts and analytical tools in assessing

• central bank policy decisions, and • their impact on banking institutions and financial markets, • as well as on the real sector of the economy.

Competencies: After finishing this module students will be able to analyze and evaluate monetary policy decisions and their likely impact on the economy in the real world.

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Type of examination

Duration or length

Performance points


Written exam

120 min.

120

End of semester


The course combines elements of a lecture with active participation from the students



• Ball, Laurence M. (2012), Money, Banking, and Financial Markets. Second edition, New York (Worth Publishers).

• Cecchetti, Stephen G. / Schoenholtz, Kermit L. (2015), Money, Banking, and Financial Markets. Fourth Edition (Global Edition), Croydon (McGraw-Hill Education).

• Mishkin, Frederic S. (2016), The Economics of Money, Banking, and Financial Markets. Eleventh edition (Global Edition), Boston (Pearson).

Module Structure 1. Introduction 2. What is money? 3. Central banks 4. The money supply process 5. Tools of monetary policy 6. Short-run economic fluctuations 7. Economic fluctuations and the financial system 8. Inflation and deflation 9. The conduct of monetary policy


International economics, finance, Bachelor thesis.


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Money and Banking [FIN50022-]

Module Coordinator Berg, Tobias


Term -

Module Duration -


Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites Finance, Financial Markets

Content Students obtain an overview of how financial intermediaries and financial markets work. In particular, this module deals with business models of various financial interemdiaries and the core functions of financial institutions (maturity transformation, risk transformation, brokerage). Banking regulation and the effect of financial interemediation on the real economy are also discussed.

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Knowledge: On successful completion of this module, students will have a thorough comprehension of the major concepts, approaches and techniques in the area of money, banking, and finance, i.e. they can

• understand the institutional design and role of the financial system with a focus on money, banking, other financial institutions and financial markets,

• compare and contrast the role of various financial intermediaries, • explain the basic concepts of bank risk management.

Skills: On successful completion of this module, students will have the proven ability to apply advanced knowledge and relate pertinent concepts to theoretical models and empirical evidence that govern interest rates and economic activity, i.e. they can

• analyze financial markets in different economic settings, • assess the key risks facing financial intermediaries, • demonstrate effective skills in comprehension of money, banking and finance

research. Competencies: On successful completion of this module, students can take responsibility to transfer these concepts to typical financial economics situations in institutions and policy organizations, such as: risk management, profitability analyis of financial intermediaries, and bank regulation, as well as

• analyze monetary and regulatory policy scenarios and appraise the effectiveness of various policy tools,

• describe the structure of the financial industry, • demonstrate the impact of economic shocks on financial conditions.


Tutorials, group work / presentations, discussion and active participation, individual work (take home assignment); self-study


Type of examination

Duration or length

Performance Points


Written Exam

60 minutes

60

Exam week at the end of the semester

Case study

60

During the semester


• Greenbaum, S.I., A.J. Thakor, and A.W.A. Boot: Contemporary Financial Intermediation, 4th edition, Academic Press, 2019

• Mishkin, F.S.: The Economics of Money, Banking, and Financial Markets, 11th edition, Pearson 2016

Module Structure • What ist financial intermediation?

• Money • Business models, risks, and risk management of financial institutions • Bank regulation • Financial intermediation and macroeconomic performance


Basis for other modules in the area of finance.


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-

Sales Management [MGT70149-]

Module Coordinator Knobbe, Julia


Term 7th semester




Credits: 6

Frequency

Annually

Language

English

Prerequisites Marketing core modules

Content Which role does sales play in different jobs and industries? Which skills are essential for being a successful sales person? How do I manage a client portfolio? And a salesforce? In this module we will deal with these questions as it focuses on applied selling and sales management by combining the main theoretical concepts with applied sales exercises. Several guest speakers from different industries will be invited to explain the students their sales approaches and the role of sales in their jobs. The main part of this module will focus on sales practice and sales techniques such as client acquisition, sales preparation, negotiation and relationship selling. Part of the module will also be dedicated to the structuring of a presentation aimed to secure the sale of a product to a corporate client (e.g. a negotiation between an established company and a start-up). In addition, the different aspects of sales and sales management will be covered in class: We will set the context by introducing the role and relation of selling, sales management and marketing and analyse the different aspects of the sales environment. Key account management, relationship selling, the use of technology /digital sales as well as the organisation of the salesforce and client portfolio management will be discussed as well.

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-

Type of examination

Duration or length

Performance Points


Group project: In-class pitch / negotiation + written handout / slides

To be announced in first lecture

50

During class; exact date to be announced in first lecture

Final exam

70 minutes

70

Exam week


Knowledge: On successful completion of this module students will have a sufficient understanding of

• the sales setting and planning process • the different aspects of the sales environment • sales practice and personal selling techniques • pitching techniques

Skills: On successful completion of this module students will be able to • identify which skills are needed for working in sales • prepare, analyse, and influence different sales situations • understand consumers´ behaviour and how to manage client relationships • analyse different sales organisations and dimensions of sales management • create a successful pitch

Competence: On successful completion of this module students will be able to transfer sales concepts to different sales situations and assess which skills are needed for working in sales. The techniques learnt in this module provide essential tools for working in different areas of sales.


Class sessions will be interactive and students are expected to actively participate in the in-class discussions and exercises. In order to apply the sales techniques learnt in class, students will have to face close-to-real-life situations and work in teams on a group project which includes an in-class sales pitch and subsequent negotiation. Several guest speakers will be invited to share their experience in different sales areas and industries so that students will learn which role sales plays in different jobs. The module concludes with a final exam.


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-


Course material Lecture slides will be provided to accompany the lecture, and will be uploaded on the Canvas module page. Mandatory reading

• Selling and Sales Management, David Jobber and Geoff Lancaster, 11th edition 2019

• Additional readings might be assigned during the course.

Optional and further reading

• Sales Excellence. Systematic Sales Management, Christian Homburg, Heiko Schäfer and Janna Schneider, 2012

• Sales Management. Analysis and Decision Making, Thomas N. Ingram, Raymond W. LaForge et al., 2020

• Services Marketing. Integrating Customer Focus Across the Firm, Alan Wilson, Valarie A. Zeithaml et al., 2016

• Sales Differentiation. 19 Powerful Strategies to Win more Deals at the Prices You Want, Lee B. Salz, 2018

• Sales Management. Simplified. The Straight Truth About Getting Exceptional Results from Your Sales Team, Mike Weinberg, 2016

• #SalesTruth. Debunk the Myths. Apply Powerful Principles. Win More New Sales, Mike Weinberg, 2019

• Mc Kinsey Marketing & Sales Insights: https://www.mckinsey. com/business-functions/marketing-and-sales/our-insights

Module Structure The classes will take place in Q4


Global Marketing Strategy


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The Future of Banking in a Digitalized World [INF50023-]

Module Coordinator Fischer, Leonhard H.


Term -



Compulsory Module

Credits: 6

Frequency

Annually

Language

English

Prerequisites -

Content This elective challenges the students to think about the risks and opportunities for the banking industry today and the challenges to its business model. The students shall analyse what have been the key drivers of the banking industry and in which way digitalization proposes to keep it challenged. To achieve this, the elective is structured into three parts:

- The first part describes where the banking industry has come from and by which forces it has been transformed. We will examine what makes up its business model.

- In the second part we will decompose the classic business of a bank into its different value chains, before exploring and discussing the impact that digitalization has and will have on these value chains.

- In the third part the students will be divided into groups, each of which will represent the executive leadership team of a bank that will be chosen at the time of the course. The goal is that the teams will use their learnings from modules 1 and 2 in order to analyse the challenges and opportunities of this bank and undertake the task of defining a strategy going forward. Ultimately each group will be asked to present and defend their findings in the simulated environment of a challenging investor and analyst meeting.

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Short description of module: This module analyses the intrinsic value proposition of banking and asks the question 'what will be left of it in the age of digitalization?'. Special focus is given to: (i) the impact technology has on the different business models that comprise banking. The challenges stemming from new regulation and the open question of globalization. (ii) an exploration of potential future banking business models. As part of the module, strategies of different incumbent players will be analysed and compared to the entrepreneurial vision of the Fintech startups. Knowledge: On successful completion of the module: - students will have gained an understanding of the value proposition and the value chains of banking ie. they can identify the principle underlying business model of banking - they can explain the different variations of business models ie. investment bank v private bank etc. - they can outline the key drivers of profitability and risk Skills: On successful completion of the module: - students will have the ability to analyze the different challenges of the underlying business model as a result of globalization, digitalization and new forms of regulation ie. they are able to evaluate the potential challenge of digitalization in the underlying value chain of the banking business model - they will be able to assess the new regulatory regime and its impact on profitability - they will be able to analyse the challenges posed to traditional banks from new non-bank competitors Competence: On successful completion of the module: - students will be familiarized with the strategic challenges to the different elements of the banking business model and will evaluate the validity of different strategise - in addition they will be able and be encouraged to look for potential new startup approaches


Interactive lectures, case study analysis and group participation.

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Type of examination

Duration or length

Due Date or Date of Exam

Points

Written exam

50 Minutes

End of module

50

Team presentation

30 Minutes

During module

50

Individual performance

Continuous assessment

20


Compulsory: 1. The Economics of Banking - Kent Matthews and John Thompson 2. The Bank That Lived a Little: Barclays in the Age of the Very Free Market - Philip Augar 3. Bank 4.0 - Banking Everywhere, Never at a Bank - Brett King 4. Techs raid on the banks - Economist, 4th May 2019 Optional: 1. The Richest Man Who Ever Lived: The Life and Times of Jacob Fugger - Greg Steinmetz 2. Es Waren Einmal Banker: Warum das moderne Finanzsystem Gescheitert ist - Leonhard Fischer (German speakers only)

Module Structure 1. What is the value proposition of banks and how is it translated into different business models? 2. Different banking models from investment banking to retail banking 3. The impacts of globilisation, new regulation and non-bank competitors on these business models 4. The technological challenge and what can digitalisation potentially do to the incumbent business models? 5. Strategic alternavives for banking business models to adopt 6. Conclusion


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