MSc Law and Finance Programme Modules

Business Ethics

(LA74142) 5 ECTS - Semester 2

Lecturer: Mr Yugan Mu

This course provides a comprehensive introduction to core theoretical concepts of business ethics as well as of corporate sustainability and responsibility (CSR). After discussing the relevance of business ethics for theory and practice this course proceeds by elaborating on key theoretical concepts of business ethics and CSR. This includes understanding the relation between business and ethics, defining relevant terms and constructs as well as distinguishing between multiple levels of analysis in an international context. Next, the course focuses on a critical discussion of several theoretical approaches to business ethics and CSR. Since business ethics ultimately aims at influencing business practice, the course then focuses on the practical implementation of business ethics in multinational corporations.

Learning Outcomes

Having successfully participated in this module, students will:

• understand the critical role and fundamental concepts of management (i.e., business ethics, corporate sustainability and responsibility, stakeholder management, multi-stakeholder governance, stakeholder value creation)
• develop innovative approaches to new and existing business problems (i.e., solving ethical challenges through stakeholder-oriented, responsible management practices)
• integrate functional areas of management when analyzing business problems (i.e., the interrelations between sourcing, accounting and CSR)
• identify relevant business problems and opportunities (i.e., ethical, economic, social, environmental and political aspects of global business)
• employ appropriate methodologies to solve decision problems (i.e., tools and frameworks for ethical decision-making and problem-solving)
• demonstrate effective fundamental professional oral communications skills (i.e., group presentations and discussions in class)
• demonstrate effective fundamental professional written communications skills (through several written short essays on selected topics)
• take initiative to substantially contribute to the team effort (through group presentations on selected topics and class discussions)
• work effectively in a diverse team environment to generate an appropriate solution for a real-world business problem (through group presentations as well as case studies in class)

Assessment

Individual Assignment - 70%

Group Assignment - 30%

Corporate Finance

(BU7801) 5 ECTS - Semester 1

Lecturer:Dr Jenny Berrill

Module Oultine

This module aims to provide a comprehensive introduction to corporate finance and tools commonly used in financial practice. Students will gain an understanding of the important role of the finance manager and their contribution to the business. Students will learn about capital budgeting techniques and apply investment appraisal techniques. Students will also learn how to value both assets of the business and the business as an entity, giving them a well-rounded view of investment appraisal. The module will cover the importance of good working capital management and analyse the firm’s financial statements to determine the firm’s financial health. Students will examine capital structure theories and estimate the firms cost of capital. Students will also develop an appreciation for the risks inherent in financial decision-making and learn how to manage and mitigate those risks through the application of financial risk management techniques.

Learning Outcomes

On successful completion of the module, the student should be in a position to:

Understand and explain the major concepts of corporate finance including the time value of money, capital budgeting and investment appraisal.

Discuss and apply working capital management techniques.

Understand, analyse and interpret a set of financial statements from a corporate entity using financial tools like ratio analysis.

Understand financing, capital structure theories and estimating the cost of capital.

Understand and use discounted cash flow tools to value projects, businesses and stocks.

Explain and apply risk management techniques in business

Assessment

Assignment - 30%

Final Examination - 70%

Corporate Finance, Company Law and Governance

(LA7129) 5 ECTS - Semester 1

Lecturer: Mr Donald MacLean

The module will examine the legal issues pertaining to corporate finance within the business organization. The module will focus in detail on the legal aspects and governance of the capital raising process (debt and equity financing, IPOs, insider information, takeovers, etc.) and its regulation. The course is intended to offer students an overview of the structure of corporations (the dynamics between board of directors, managers and shareholders) under Irish Company Law, with additional focus on governance requirements imposed on ‘listed’ companies and on financial institutions, including requirements with regards to misconduct and accountability, and attempts to influence conduct and culture in regulated financial services providers.

Learning Outcomes:

On successful completion of this module, students should be able to:

• Demonstrate in-depth knowledge of the legal aspects of corporate finance within the business organization.
• Appraise the legal regime governing the capital raising process.
• Critically analyse the dynamics between board of directors, managers, shareholders and other stakeholders in companies generally.
• Critically analyse the rules and requirements applied to ‘listed’ companies.
• Appraise the approach and the regulations seeking to improve corporate governance, conduct and accountability in regulated financial institutions.

Assessment:

Coursework 100%

EU Financial Services Law

(LA74142) 10 ECTS - Semester 1

Lecturer: Mr Donald MacLean

This module is a survey of the primary principles driving the regulation of financial service providers within the EU (and Ireland). We will look at past, current and future development of banking, securities, occupational pension and insurance regulation, such as:

• rationale for, and impact of, regulation on the provision of financial services;
• standardisation and harmonisation of law;
• coordination and cooperation among Member States; and
• comingling of sectors and resultant issues

with regards to the following subject matter:

• Major Concepts — The Single Market; Freedom of Movement of Capital; Authorisation, Mutual Recognition, Risk and Risk Management; Capital Adequacy; Prudential Supervision; Recovery and Resolution; Misconduct and Accountability; and Consumer Protection
• Regulation of EU Banking — Introduction to the Banking Directives/Regulations; the Single Supervisory Mechanism; the Single Resolution Mechanism
• Regulation of EU Capital Markets — Introduction to the Securities, Derivatives and Collective Investment Scheme Directives; Regulated Markets & Trading; Market Integrity; Market Abuse
• Regulation of Pensions — Introduction to Occupational Pension Directives/Regulations; Pan-European Personal Pension Products, Portability
• Regulation of Insurance — Introduction to Insurance Directives/Regulations
• Cross-sectoral issues

Learning Outcomes:

On successful completion of this module, students should be able to:

• Explain in general terms the major directives and regulations governing financial services in the EU
• Critically examine the principles behind authorization, regulation and enforcement related to financial services in Ireland and the EU
• Critically analyse the need for regulation to protect consumers/ investors, financial stability, and market integrity
• Identify and critically examine specific EU and Irish financial services' issues related to the European system of regulation of financial services
• Assess the impact of regulation on financial services in the EU

Assessment:

• Coursework - 100%

Investment & Sustainability

(BU7806) - 5 ECTS Semester 2

Lecturer: Ronan McCabe

Allocating money from savers to borrowers provides capital for firms and governments and allows individuals to smooth consumption over the life-cycle. In this module we will assess the opportunity set of investment products, and how to evaluate their performance. We will investigate how assets are best combined using methods from portfolio theory as well as evaluating models which try to predict future returns. We will discuss behavioural aspects of investing, socially responsible investing and alternative asset types. Finally we will look at how derivative overlays may be used to enhance portfolio performance.

Learning Outcomes:

On successful completion of this module, students should be able to:

Compare the main categories of financial assets, and their role in allocating consumption over time.

Evaluate the relationship between risk, return and the covariance of asset returns, and how these contribute to overall portfolio risk and performance.

Calculate the optimal allocation of investment capital between risky assets.

Critique the theory underlying asset pricing models such as the Single Index Model, the CAPM etc.

Assess the core concepts of investment theory and their applicability to individuals, financial firms and companies.

Assess the role of sustainable finance in bringing a new dimension to the investment sector.

Assessment:

Examination - 60%, Group Project - 40%

Research Dissertation

Lecturer: Felix Mezzanotte and Dr Jenny Berrill

The research dissertation and preparations leading up to completing the same are designed to enable students to undertake individual research and provide them with an opportunity to undertake an in-depth individual research study of a particular issue within the field of Law or Finance. Students will be able to integrate and apply ideas, theories and techniques learned from the MSc taught modules. In addition, students are expected to integrate and synthesize learning gained outside the formal taught courses, such as previous learning, professional experience, and personal knowledge. The dissertation requires students to outline an explanation of current theory and literature, if relevant to the study, to describe in detail their methodology of data gathering, outline the evidence gathered, analysis and interpretation; and finally explore conclusions and offer recommendations. An interdisciplinary topic will be encouraged, but its main focus must either be law or finance and it will be managed by one or other school. Students should choose which discipline they wish to undertake their dissertation in August.

The aim of this module is to encourage students to engage in largely self-driven research and writing leading to the completion of an analytical and critical piece of research. While students are proceeding under the direction of an academic leader who is a member of the Law School staff or the Business School staff, to successfully complete the dissertation, a student should be capable of carrying out independent research and writing and working in a timely fashion in order to meet the deadline for submission of the dissertation. An interdisciplinary topic will be encouraged, but its main focus must either be law or finance and it will be managed by one or other school. This is intended to be self-directed research with broad guidance given in the manner described below. Students are presented with a number of thematic groups, led by an academic with a research interest in that broad area. Students will be able to choose a group based on the research dissertation that they wish to pursue, indicating a number of preferences. They will be assigned into groups on a first-come, first-served basis. There will be a maximum of 10-12 students in each group. Students undertaking their dissertation with the School of Business must enrol in or audit Econometrics & Data Science module in Michaelmas term.

The Dissertation has a limit of 12,000 words (not including references), and must be submitted by 14th July 2024.

Learning Outcomes:

On successful completion of this module, students should be able to:

Complete a substantial dissertation based on independent, largely self-directed research, while working effectively under the guidance of a research academic leader;

Summarise and demonstrate an understanding of the relevant issues in the literature surrounding the research question;

Explain the theory surrounding the research question and critically assess theories, concepts and doctrines;

Work effectively under the guidance of a research academic leader and collaborate within themed workgroups;

Conduct effective and targeted research of the full range of primary and secondary sources on a particular topic and describe data used, i.e. descriptive statistics, graphs etc and provide full sources;

Explain the methodology being applied and demonstrate that the methodology is appropriate to the question;

Discuss and critique in writing different perspectives on law, financial services, policy and regulation;

Present arguments in a coherent manner written in a clear style and present a coherent conclusion that follows correctly from the analysis;

Present research in a logical structure, i.e. does not omit relevant material or include irrelevant material;

Present research in adherence with academic standards, i.e. have the correct format and structure, including abstract, page numbering, list of tables, figures, appendices (if relevant, references, bibliographies)

Assessment:

Dissertation 100%

Business and Human Rights

Lecturer: Dr. Rachel Widdis

(LA7177) 10 ECTS - Semester 2

Pre-requisite: Students are asked to take into account that this module includes discussion of cases and provisions for corporate liability in civil and criminal law. It remains fully accessible to students from non-law backgrounds once they engage in keeping up to date with pre-reading and with lectures.

Business and Human rights is concerned with business respecting human rights, preventing adverse impacts on human rights and the environment, and improving the accountability of companies when harm occurs. It is increasingly mainstream, and an understanding of the area is valuable for legal and business professionals. Alongside growing awareness amongst stakeholders, policy makers and business leaders that rights respecting and sustainable business models are needed, new regulation is driving change in Europe, with global impacts.

This module explores the adequacy of existing international initiatives, and emerging regulation in particular within the EU.

It considers issues with accountability for business related harms in criminal law, and access to remedy within civil law. The class will study recent cases in the home states of parent companies concerning the involvement of group related operations in adverse impacts, such as environmental damage which also affects livelihoods and communities.

Lecture themes include new developments at EU and national levels which place obligations on companies to conduct human rights and environmental due diligence throughout their activities and supply chains, litigation based upon parent company duty of care, the rise of climate litigation against corporations, and the ongoing negotiations on a legally binding UN treaty on Business and Human Rights.

Within this fast-moving field, the objective is to explore existing challenges, emerging approaches and developments, and to encourage students to evaluate the effectiveness of means to prevent harm occurring  and to enable access to remedy.

Learning Outcomes:

On successful completion of this module students should be able to:

Appreciate the legal, commercial and human impacts at the interface between business and human rights.

Understand the basis for attributing obligations to respect human rights to states, multinational corporations, and other business enterprises.

Critically evaluate the main international instruments and policy initiatives in the area, and discuss the existing accountability gap.

Discuss recent developments in regulation both at EU level and national level, which places obligations on companies to conduct due diligence to prevent and address adverse human rights and environmental impacts across their own operations and supply chains.

Evaluate evolving trends in the accountability of business for harm, and legal and procedural barriers to remedy for people and communities.

Demonstrate an understanding of causes of action and accountability when harms occur, and potential effects on business stemming from adverse impacts on human rights related to their operations and business relationships.

Understand the relationship of Business and Human Rights to broader trends in reporting and public disclosure relating to sustainability mattersDiscuss how business is adapting policies and practices to respond to increased focus on these issues, and crossover themes which link to ESG.

Assessment

Essay - 80%. 5,000 word essay due at the end of the semester, from a choice of assigned topics.

Class Presentation - 10%. Students will deliver a short presentation in self-selected groups on a choice of assigned topics. The mark for the group will apply to all students within the group.

Class Attendance/Participation- 10%. This will be determined on the basis of individual participation in discussions in class.

EU Aviation Law

(LA7076) 10 ECTS - Semester 2

Lecturer: Dr Ewa Komorek

Pre-requisite - Basic knowledge of EU law general, and EU competition law in particular, is a welcome although not essential requirement for participation in this module.

This module aims to provide students with an overview of the regulatory structure of civil aviation in the European Union. Out of all transport modes in Europe, air transport has experienced the fastest growth in recent years. It makes a key contribution to the European economy and plays a vital role in regional development and integration of Europe, as well as ensures connectivity with the rest of the world. This is largely due to the work of the European Union and the creation of single market for aviation.

This module deals with EU laws, policies and case law in the field of air transport. Main topics include the liberalization of air transport and the creation of the internal market for aviation; the European safety and security policies; the protection of passenger rights; the protection of environment; and the application of EU competition law to air transport industry. The relations of the EU with third countries, following the European Court's of Justice 'Open Skies' judgments are also addressed. The module also looks at the EU regulatory responses to the recent Covid-19 crisis. Guest lectures are provided by industry experts from i.a. Ryanair and Stephenson Harwood law firm (London and Paris). Internship opportunities are provided for students achieving best result in the module.

Learning Outcomes:

On successful completion of this module, students should be able to:

Appraise and evaluate the regulatory structure of civil aviation in the European Union;

Identify and evaluate the major developments in the regulatory framework since 1987;

Identify and analyse main areas affected by regulation in the aviation industry in the EU;

Critically evaluate the role of various regulatory bodies, national and international, in the aviation industry;

Apply critical analysis and problem-solving skills to questions relating to EU aviation law.

Assessment:

Essay (5,500 words) - 95%

Blackboard/Online participation – 5%

International Aviation Law

Lecturer: Dr Ewa Komorek

(LA7097) 10 ECTS - Semester 1

As noted by E.M. Giemulla, ‘Aviation is a transnational, border-crossing phenomenon. Without aviation, the globalisation of the flow of people and goods, and of the mixing of cultures would have been impossible. Without aviation, the global awareness that we all live together on one planet could not have developed’ (International and EU Aviation Law, Kluwer Law International 2011) From its conception in the early 20th century, aviation has been the matter of international concern. The increasing number of legal issues in this area led to the adoption of numerous international measures.

This module aims to provide students with an overview of the international regulatory framework governing civil aviation. This module explains the history of international aviation law and examines the international legal framework governing civil aviation. Particular attention is paid to the 1944 Chicago Convention which is a cornerstone governing international civil aviation. The course topics also cover the International Civil Aviation Organization (ICAO), the 1929 Warsaw Convention and 1999 Montréal Convention on carriers’ liability, the 1963 Tokyo Convention on crimes committed on board aircraft and the 1970 Hague Convention on unlawful seizure of aircraft (the ‘Hijacking Convention’). The module also looks at the international legal responses to the recent Covid-19 crisis and finishes with the analysis of the regulation of international interests in mobile equipment (2001 Cape Town Convention) and aviation liability insurance. Guest lectures are provided by industry experts from i.a. the Irish Aviation Authority, Air Accident Investigation Unit, Stephenson Harwood law firm, Paris.

Internship opportunities are provided for students achieving best results in the module.

Learning Outcomes:

On successful completion of this module students should be able to:

Identify and evaluate the international regulatory structure governing civil aviation.

Appraise the importance of the Chicago Convention for the public international aviation law.

Critically evaluate the role of ICAO in the international regulation of civil aviation.

Analyse the principles of private international aviation law as governed by the Warsaw and Montreal Conventions.

Identify main international legal instruments dealing with crimes committed on board aircraft and unlawful seizure of aircraft.

Analyse main principles governing the international regulation of aviation liability insurance.

Identify and assess legal principles governing the international interests in mobile equipment.

Apply critical analysis and problem-solving skills to questions relating to international aviation law.

Assessment

Essay (5,500 word limit) - 95%

Blackboard participation – 5%

International Business Tax Law

(LA7031) 10 ECTS - Semester 2

Lecturer: Ms Sara-Jane O'Brien

This module is gives students an introduction to international and European tax law.

The module will start with the history of international taxation, double taxation, and tax treaties. The primary focus will be on the OECD Model Tax Convention and the main business articles therein. The interpretation of tax treaties and the main business taxation articles will be studied. Recent developments in international tax law will be outlined.

The history of direct taxation within the European Union will be outlined, starting with EU primary law and its impact on Member States’ direct taxation, seen through fundamental cases and case studies. Key EU tax directives in the area of direct taxation and fiscal state aid will be introduced.

Throughout the module, there will be discussions of tax competition and cooperation, emerging trends in international and European taxation and a consideration of the role of businesses as taxpayers within European and global society.

Previous knowledge of taxation or tax law is not required.

Learning Outcomes:

On successful completion of this module, students should be able to:

Identify and critically engage with the jurisdictional bases upon which states impose business taxation with particular reference to the OECD Model Convention.

Critically evaluate and discuss key business taxation articles of the OECD Model Convention.

Critically evaluate and discuss international tax law case law across a number of jurisdictions.

Critically evaluate and discuss key EU measures in the area of direct taxation.

Critically evaluate and discuss key jurisprudence of the CJEU in the area of direct taxation.

Critically evaluate and discuss recent developments in international tax law.

Assessment:

2 x 3000 words Essay (3,000 word limit) – 100%

International Economic Law

(LA7007) 10 ECTS - Semester 1

Lecturer: Mr Thomas Kennedy

International Economic Law concerns the legal rules relating to trade between states. The courses focuses on the organisations put in place to regulate economic relationships between states most notably, The World Trade Organisation and the international treaties, which it enforces such as the General Agreement on Tariffs and Trade. The course examines trade in goods, services and the international regulation of intellectual property. Consideration is given to the international rules governing free trade such as most favoured nation status, national treatment rules and rules against tariff discrimination and other barriers to inter state trade. Defences to breaches of these rules will be looked at. Finally the negotiation of trade agreements and the rules relating to international trade disputes are reviewed.

Learning Outcomes:

On successful completion of this module, students should be able to:

Identify the essential characteristics of the rules of international trade and appreciate the tensions between a normative legal approach and state interest;

Explain the operations and functions of the World Trade Organisation;

Critically analyse the provisions of the General Agreement on Tariffs and Trade;

Analyse the methods used for resolving international trade disputes.

Assessment: Essay on topic to be set during the module.

International Trade Law

Lecturer: Mr T P Kennedy

(LA7050) 10 ECTS - Semester 2

International Trade Law draws on issues of International Economic Law and Public International Law. This module examines a number of controversial trade issues and considers the approach of law and regulation to them.

The module commences with a consideration of the issue of development and the special rules applicable to developing nations. It then moves on to look at the issues surrounding international trade and agriculture, issues surrounding the regulation of international intellectual property, rules relating to foreign investment and the conflicts that can arise between international environmental law and international trade law.

Learning Outcomes:

On successful completion of this module, students should be able to:

Debate different theoretical and legal approaches to economic development and global inequality;

Evaluate the application of multilateral treaties to agriculture and the weakness of these treaties;

Identify the legal rules for the protection of intellectual property and varying levels of international application of these rules;

Explain international rules relating to international investment protection;

Critically analyse the tension between emerging international environmental legal norms and rules of international trade.

Assessment:

There is a tutorial during the module where teams of students are asked to engage in a mock WTO negotiation round. The tutorial may be provided in an online format.

Students will be assessed on a combination of the written work submitted in advance of the tutorial (80%) and performance in the tutorial itself (20%).

Law and Risk

Lecturer: Dr Suryapratim Roy

(LA7118) 10 ECTS - Semester 1

The word ‘risk’ is now everywhere. Whether one considers media reports, regulatory decisions or commercial transactions, there is inevitably mention of some form of risk: climate risk, credit risk, health risk, security risk, risks of migration. Such references are accompanied by actions taken by agents in different professional and governing capacities: risk assessment, risk communication, risk management, mitigation of risk. This is especially true for the European regulatory space, where ‘risk’ is ubiquitous. The governance of danger, however, is surely not a recent development. What, then, has changed? It is time to take a step back, explore the concept of risk and how it may be governed.

Given recent concerns brought about by COVID-19, the effective handling of risk has brought about an additional concern – could emergency powers be invoked to regulate risk while diluting democracy and the Rule of Law in the process?

The governance of risk balances a fundamental tension between the danger of the unknown on one hand, and the ability to anticipate and control the unknown on the other. Institutionalising the anticipation and control of the unknown requires hard theoretical, political and technical choices. This module concentrates on how law shapes and responds to the prevalence of risk in private and public decisions. Given the array of legal tools to deal with risk, the module will cover conventional approaches such as command-and-control regulation as well as more recent approaches derived from Behavioural Law & Economics. This module will engage with some central themes of risk regulation, and allow the participants to analyse aspects of risk in their chosen areas of inquiry such as financial law, environmental law and health law.

Learning Outcomes:

On successful completion of this module, students should be able to:

Have a grasp on the legal principles that guide risk regulation, such as the precautionary principle and the proportionality principle;

Approach legal principles from perspectives found in other disciplines. In the bargain, students would appreciate the distinction between normative questions and empirical questions;

Pursue a practical interest in institutional engagement with risk and/or theoretical inquiry in the relationship between law and risk.

Assessment:

Review (30%)

Choice between a book review, a response to an article or a case note of around 3000 words (30%). The subject could be a legal or non-legal text. If it is a non-legal text, students would be expected to analyse the subject using legal concepts and tools. Students may also review fiction, but then the review must tease out what the author is trying to say (or has the luxury to avoid saying) about a non-fiction world.

If you like a book that’s not there in the library, then I can try and convince the library to get it. I would recommend students to purchase the subject of review. If you intimately read a work, it is good to have this item in your collection. It is suggested that the first draft be submitted around the middle of the term. The date for submission of final draft will be specified during the term. You must use the standard law school assignment cover sheet with its anti-plagiarism declaration for the final submission.

Essay (70%)

Proposal for Essay: Students must submit a proposal of their interests about a potential subject for their essay (10%). This needs to be submitted by the end of the Reading Week. This will be distributed to a specific student serving as a Discussant for the presentation. I have nothing against the essay having an empirical component, with three caveats: (1) I am not an expert in advanced statistics,; (2) empirical research takes time and resources; and (3) you would need to secure an ethics approval from the College before conducting empirical work, and this takes time. Should you have conducted empirical work (or are conducting empirical work for your Masters thesis), or are particularly interested in a particular line of empirical inquiry, I would recommend concentrating on how such empirical work could be used for legal decisions or policy recommendations in this module.

Oral / Online Presentation of preliminary draft of Essay:

Presentation of a preliminary draft of essay + Discussion of a proposal by another student in class (10%) will take place after the reading week, to allow enough time for revision before submission of Final Essay. Depending on the choice of topics, I will seek to pair students on similar themes. The presentations begin one week after the Reading Week.

Final Essay: Final Essays of around 3500 – 4000 words should be submitted individually (50%). The date for submission will be specified during the term.

Legal Issues in Sustainable Finance

(LA7137) 10 ECTS - Semester 1

Lecturer: Dr Felix Mezzanotte

The aim of this module is to provide students with specialised knowledge and understanding of key legal issues involved in sustainable finance policy, an area of policy that has become of paramount importance in both Europe and internationally. Students registering to this module show interest in sustainability issues, in general, and in the interplay of law, finance and sustainability, in particular.

After introducing students to the aims of sustainable finance policy, the first part of the module will develop basic terminology including sustainability risks and sustainable investments. Institutions, markets and products shaping the progress of sustainable finance will also be examined. The second part of the module consecrates to the fiduciary role of investment service providers in terms of meeting the clients’ investment preferences, acting in the best interest of the clients and exercising stewardship functions including voting in shareholders general meeting. This part also conceptualises a pressing problem in sustainable finance, notably ‘greenwashing’. Private and public enforcement tools have been used to tackle greenwashing and such tools will be identified and examined. The third part of the module looks at information disclosure obligations. These rules constitute the foundations of EU sustainable finance law and regulation, including the Corporate Sustainability Reporting Directive, Sustainable Finance Disclosure Regulation, and the EU Taxonomy Regulation.

Although the content taught in this module will orbit around EU sustainable finance law and policy, the various subjects under consideration and discussion typically find source and application across countries, legal systems and academic disciplines.

This module will equip students to address sustainability issues in a professional, expert manner. Student taking this module will not only satisfy their eagerness to learn and engage in exciting and innovative topics but also boost their job prospects among relevant actors in the sustainability ecosystem including corporations, government, financial institutions, NGOs and international organisations, among others.

Learning Outcomes:

On successful completion of this module, students should be able to:

• Explain key concepts, principles of sustainable finance at the level of law, regulation and policy.
• Critically analyse problems in sustainable finance and the interplay of law, environment, society and finance in this policy context.
• Communicate ideas, opinions and findings effectively in oral and written modes.
• Conduct research and reading independently to address specific legal problems and questions in sustainable finance.

Assessment:

Essay (5,000 words) - 90%

Class participation - 10% Class participation represents 10 points out of the 100 points grading system (the essay assignment represents 90/100 points). Out of these 10 points, a total of 4 points are allocated to attendance to the weekly lecture, and 6 points to the frequency (number) of participations in class in oral mode. Class participation means that the student will attend the lecture and intervene or engage orally in class discussion by posing relevant questions, making comments, explanations or critiques, or stating arguments. Pedagogically, class participation is strongly encouraged not only to improve communication skills but also to achieve deep learning. Students will be required to complete weekly pre-lecture readings on key issues and examine them in class along peers in group discussion or by way of individual presentations. Unless the lack of attendance to lectures is duly justified with probatory documents (e.g., medical reasons), this absence will discount the student’s attendance mark.

Mergers and Acquisitions

Lecturer: Dr. Alexandros L. Seretakis

(LA7128) 10 ECTS - Semester 1

Please note that the module is more focused on the law and regulation of takeovers and mergers. As a result, students enrolling in the class must have a sound knowledge of company law.

The continuous growth of the financial sector and its ability to channel large amounts of funds in a short time and the quest of companies for global expansions have led to the constant rise of merger and acquisition (M&A) activity. The total value of global dealmaking exceeded 3 trillion dollars in 2017. While North America still accounts for 44% of global M&A volume, Europe has been witnessing an exponential increase in M&A activity with European activity reaching 27% of total dealmaking. The aim of this module is to equip students with a sound understanding of the business drivers of M&A transactions and the legal regime governing them. The module will predominantly focus on the European and Irish M&A landscape. Topics covered include the market for corporate control, domestic and cross-border mergers and their regulation in the E.U., takeover regulation in the E.U. and Ireland and takeover defense tactics. The module will also include practitioner talks.

Learning Outcomes:

On successful completion of this module, students should be able to:

Understand the business drivers and sources of value creation of M&A transactions;

Assess the regulation of domestic and cross-border mergers and takeovers in the EU and Ireland;

Critically evaluate the benefits and perils of hostile takeovers;

Assess the desirability of takeover defences;

Further develop their interest in financial markets.

Assessment:

Research Paper: 85%.

Presentation: 15%

The assessment method is designed in order to enhance students’ research, writing and presentation skills and allow them to obtain in-depth knowledge of specific topics.

Regulation of Alternative Investment Funds

(LA7127) 10 ECTS - Semester 1

Lecturer: Dr Alexandros Seretakis

From Soros’ landmark bet against the British pound in 1992 to John Paulson’s big short against the US housing market in 2007, alternative investment funds have long attracted the covert admiration and suspicion of politicians, regulators and the public. The opaque nature of the alternative investment fund industry, its alleged role in major crises around the world and a perceived lack of investor protection have repeatedly led to calls for greater regulation of alternative investment funds.The aim of this module is to offer an introduction to the world of alternative investment funds, in particular hedge funds and private equity funds, and their regulation and equip students with a sound understanding of the business model of alternative investment funds and the regulatory regime governing them. The module will examine the benefits offered and the dangers posed by alternative investment funds and assess the rationales for their regulation. Furthermore, the course will focus on the regulation of alternative investment funds in the EU comparing the approach adopted by EU lawmakers with the one adopted by the US, the largest market for alternative investment funds. The module is designed for students interested in financial markets and the growing field of law and finance.

Learning Outcomes:

On successful completion of this module, students should be able to:

Understand the business model of alternative investment funds, most notably hedge funds and private equity funds.

Critically evaluate the benefits offered and the risks posed by alternative investment funds.

Assess the different regulatory regimes governing alternative investment funds in the EU and the US.

Appraise the effects of regulation on the alternative investment fund industry, financial stability and investor protection.

Comprehend the changing business and regulatory environment for alternative investment funds.

Further develop their interest in financial markets.

Assessment:

5.000 world essay (incl. footnotes) - 85% of total mark.

Class presentation- 15% of total mark.

The assessment method is designed in order to enhance students’ research, writing and presentation skills and allow them to obtain in-depth knowledge of specific topics.

Financial Statement Analysis

(BU7661) 5 ECTS - Semester 1

Lecturer: Ms Louise Gorman

This module provides students with a comprehensive skill-set in Advanced International Financial Statement Analysis. It aims to aid decision-making in a wide range of commercial contexts and is relevant for both financial and business managers, and external analysts. The module introduces the techniques required to analyse and interpret a company’s annual report, and includes a detailed review of the five main components of the annual report- the income statement, the balance sheet, the cashflow statement, the statement of changes in shareholders’ equity and the notes to the accounts. A key objective of the module is to enable students to better understand the basis of the company’s past performance and to form a reasoned assessment of its prospective future performance. The module will examine past and current challenges encountered in analysing and comparing company annual reports. It will provide exposure to relevant financial analysis ratios and techniques used in assessing company accounts / financial statements. Students are acquainted with the aims and decision models of equity, credit and other analysts. As well as analysis of the financial reports, the module also encourages a wider understanding of the firm’s strategy, competitors and markets.

Learning Outcomes:

On successful completion of this module, students should be able to:

Independently assess and analyse the performance of an organisation by applying professional financial analysis techniques to real world financial statements and other relevant elements of the annual report.

Provide an informed opinion regarding a company’s current and future financial position, including possible issues such as revenue recognition, inventory valuation and depreciation methods.

Prepare and articulate financial accounts for analytical purposes, encompassing appropriate distinctions for operating and financial items.

Formulate corporate valuations based on present value approaches, multiples and the liquidation approach.

Conduct a credit analysis based on both fundamentals and statistical analysis.

Describe and apply the critical financial accounting procedures pertaining to long-term liabilities, intercorporate investments and multinational operations.

Critically assess contemporary developments in integrated reporting and impression management.

Assessment:

Assessment will be by means of a group assignment (30%) and end of module examination (70%).

A group assignment: will account for 30% of total marks. Further details will be issued during the course, but it will involve a practical application of material studied during the module.

The end of year examination: will account for 70% of total marks. It will test critical understanding and appropriate application of topics covered in the module. Precise venue and date to be announced.

Derivatives

(BU7508) 5 ECTS - Semester 2

Lecturer: Niall McDonnell

Derivatives have become extremely popular investment tools over the past 30 years, as they allow investors to tailor the amount and type of risk they take, be it risk associated with changes in interest rates, exchange rates, stock prices, commodity prices, inflation and so on. They are used by institutions as well as investors, sometimes to hedge unwanted risks and sometimes to take on additional risk motivated by views regarding future market movements.

This course examines the primary types of derivatives (forwards, futures, options and swaps), shows how they are used to achieve various hedging and speculating objectives, outlines a framework for pricing derivatives and studies several applications of derivative-pricing techniques outside derivative markets. The objective is to provide a good grounding in techniques and approaches for the measurement and management of financial risks.

Learning Outcomes:

Having successfully completed this module, the student should be able to:

Provide an understanding of derivatives and introduce the analytics of derivative valuation

Demonstrate how to value forward, futures, swaps and options

Describe and appraise how derivatives can be used to achieve various hedging and speculative strategies

Discuss various types of derivatives such as options on stock indices and currencies, futures options and exotic options

Evaluate previous derivative mishaps and what we can learn from them

Assessment:

Examination 75%, Group Assignment 25%.

Financial Econometrics

(BU7510) 5 ECTS - Semester 1

Lecturer:Niamh Wylie

In this course students will learn how to use and apply financial econometric techniques to real-world data. Starting with a sound and clear theoretical investigation into multiple techniques, the student will then learn how the practical foundations of different models and tests in econometrics.

Learning Outcomes:

On successful completion of this module, students should be able to:

Reflect upon the classical model, the selection of functional forms and the violations of the classical model.

Demonstrate the ability to generate various econometric tests across the classical model, time series models and panel data models.

Hypothesise on the meaning of econometric output from software packages.

Interpret econometric output as contained in Journal articles.

Demonstrate the role of econometrics in research

Assessment:

To be confirmed

Financial Markets and Institutions

(BU7310) 5 ECTS - Semester 1

 

Lecturer:To be confirmed

In this module we will discuss the role of a well-functioning financial system. The main types of financial institutions and financial markets are described. We will then cover the role of national and supranational financial institutions, and their involvement in recent events in financial markets. We will look at a number of financial crises that have occurred in recent decades, their causes and their effects. We will then examine the role of regulation and the regulatory changes that have been implemented to attempt to prevent future crises.

Learning Outcomes:

On successful completion of this module, students should be able to:

Appraise the role of the financial system and its importance to a well-functioning economy;

Describe the main financial assets and the markets in which they are traded;

Evaluate the role of the main financial institutions and the purpose they are designed to serve;

Describe some of the financial crises that have occurred, their causes and effects and the regulation that has been put in place to try to prevent future crises.

Assessment:

Examination - 70%

Assignment – 30%

International Finance & Sustainability

(BU7660) 5 ECTS - Semester 2

Lecturer: Rawayda Abdou

This course analyses the operation of international financial markets and the main international financial institutions. It describes the main elements of international risk management and the methods used to manage these risks. The course begins by describing the evolution of international financial monetary systems, leading up to the current monetary systems which exist in different countries of the world. Corporate governance systems around the globe are evaluated. Current and capital accounts and the balance of payments are analysed. The main international parity relationships are presented and assessed in terms of their empirical validity. The course identifies the main risks for companies operating in international financial markets. It describes how these risks can be managed, including a description of derivative products and how they can be used to manage risk.

Learning Outcomes:

On successful completion of this module, students should be able to:

Evaluate corporate governance systems around the globe

Understand the evolution of the current international monetary systems and the role of the main international financial institutions

Critically appraise the extent to which the theories of exchange rate determination explain exchange rate movements in today's globalised economy

Compare, contrast and evaluate the main parity relationships in international finance.

Understand the role of derivative instruments in managing international financial risk, and evaluate alternative approaches to international financial risk management within the firm

Examine foreign direct investment strategies and appraise the benefits of international portfolio investment vis-a-vis domestic-only diversification

Examine foreign direct investment strategies and appraise the benefits of international portfolio investment vis-a-vis domestic-only diversification.

Assessment:

Examination - 70%

Group Assignment – 30%

Private Equity

(BU7538) 5 ECTS - Semester 1

Lecturer: Mr Kyran McStay

Private equity or the leveraged buyouts (LBO) can be simply summarised as “where a company is acquired with equity and debt financing, where its private equity owner works actively to make it a better company, and where the company is sold after 5 to 7 years”. David Swensen, Yale Endowment CIO, and a pioneer in private equity proposed such a brief description when describing private equity as “a superior form of capitalism.”

The private equity buyout industry globally has €3.7 trillion of AuM and is now a mature asset class with a well-defined role as a financing tool for a diverse range of businesses. The industry merits special consideration not only because of its scale and broadening appeal as a source of equity capital but also because of the unique characteristics of the market compared to other sources of equity financing. The private equity market and its investment process operate in a distinctly different manner to public equity markets, which are more widely studied in finance programs. Private equity is of interest also as it appears to be moving in an opposite trend to public capital markets which are increasingly focused of indexed and exchange traded funds (ETFs) and “robo-investing”. Private equity is inherently about “stock selection” and “active management”.

The Private Equity module explores the operation of private markets in the context of modern finance theory which was developed in the context of public markets. The market structure and investment process differ radically from those of public markets. The module aims to go beyond a descriptive outline of the unique organisational and contractual structures of private equity, so that students gain a more complete understanding of how and why the industry operates as it does and why its proponents believe this leads to greater efficiencies and superior investment performance.

Students will also gain direct, hands on experience of how private equity managers execute LBOs with the extensive use of case studies and financial analysis using the modelling techniques widely adopted in the industry, including the LBO model and comparable company analysis.

The module is designed to provide valuable experience and training for students interested in pursuing a career in finance within private equity, leveraged finance, investment banking or related industries. Private equity is proving now to be one of the most dynamic corners of global capital markets. Today, with increasing regulation and diminishing risk appetite in investment banking, private capital represents one of the largest pools of risk capital and, as a result, it is attracting the top talent from MSc finance and MBA programs.

Learning Outcomes:

On successful completion of this module, students should be able to:

Identify, critically evaluate and synthesise substantive theories, operating practises, financing structures and financial models, both quantitative and qualitative, which are used in the private equity industry.

Use social skills to communicate in written and oral modes, interact and discuss effectively within a professional setting based on group assignments and active participation.

Apply and develop financial models to critically evaluate private equity investment decisions and develop hands-on financial analysis skills used in private equity, investment banking and related industries.

Assessment:

There will be three Assessment Elements (percentage allocations indicated below). The format of each Assessment Element will be designed to ensure compliance with the public health guidelines in relation to Covid-19 and the policies of the University. Final arrangements will be communicated via Blackboard at a later date.

Assessment Element I: Financial Analysis and Modelling Assessment – 33% This element is designed to test the students’ abilities in the analysis and modelling of LBOs. The assessment may comprise a combination of approaches: (i) homework assignments (ii) a computer-based, closed book, and timed examination, or (iii) an open-book examination incorporated with the end of term examination.

Assessment Element II: End of Term Examination – 33% This element will test the critical understanding and application of topics covered in the module. The assessment may comprise a combination of approaches, including: (i) MCQs (ii) short essay-style questions, or (iii) technical question.

Assessment Element III: LBO Analysis and Investment Recommendation – 34% This element involves the application of materials presented during the module to identify and analyse an LBO investment opportunity of a publicly traded company and to present the analysis in the format of an Investment Recommendation. The LBO Analysis and Investment Recommendation will take either the form.

Treasury Management

(BU7524) 5 ECTS - Semester 1

Lecturer: Mr Maurice Howell & Jason Murphy

The aim of this module is to gain an understanding of the entire treasury management process, i.e. the ways in which organisations (corporations and sovereigns) manage financial risks, funding and liquidity. Because of the general relevance of the topics covered (e.g. hedging and credit ratings), the knowledge gained in this course can be applied in many other areas (e.g. rating, investment banking, risk management).

Learning Outcomes:

On successful completion of this module, students should be able to:

Understand the role of Treasury management and how it operates for different types of organisations;

Identify the various risks as well as appropriate treasury policies and controls;

Understand the role of different instruments used in Treasury management, and how they can be used to mitigate the different risks inherent in financial markets;

Understand the credit rating process and its determinants;

Understand the importance of liquidity, the role it plays in Treasury operations and identify appropriate liquidity risk management tools.

Assessment

There will be a team project and an examination. The submission date of the team project will be fixed after discussion in class. Assessment will be by means of the team project (40%) and end of module examination (60%).

Venture Capital

(BU7525) 5 ECTS - Semester 2

Lecturer: Ms Pia Helbing

Innovation plays a major role in creating new industries, provided that finance is available to fund new companies with novel products that have potential sales, (at least in the mind of the entrepreneur). Such new start-ups often receive investment funds in a form of lending that is not secured (except by the promises of the entrepreneurs, and the due diligence and judgement of the VC firm’s analysts), that is, venture capital. Those who manage funds in this industry are specialists. This course will aim to provide students with an experience of the venture capital process, exploring and analysing the perspectives of those who select high risk investments and of those entrepreneurs who use the services of this industry. The role of national policy will be briefly outlined. We shall work with cases from early stage entrepreneurs, and with prospective investors, (with tuition from a practising executive in a VC firm). The basic arithmetic of the venture capital process does not change, but fashions often lead to waves of investment in “hot” areas. We shall identify and discuss the critical stages in the engagement between entrepreneurs soliciting investment, and the VC firms that select, invest in, nurture, and often refinance fast growing new companies. Regional and national policies often shape the pathway by which entrepreneurs acquire investment, and the conditions placed on ownership of shares in the new companies. A practising venture capital executive, will outline and discuss the investment processes, (probably in the Biomedical industry in Ireland and Europe). The class will divide into teams who will be allocated projects seeking venture investment, and the student teams, (including each member) will prepare a pitch and deliver it to a screening panel, seeking venture capital for a new venture. The projects will be a mixture of real and model projects to achieve exposure to a wide spectrum of the kind of innovative new companies that create market momentum in Ireland and Europe. We shall then place the models we have learned into the wider context of what is happening in the USA and Europe, and consider how entrepreneurs and their investors must widen their business practises beyond the consideration of technical wizardry to position them to grow and sustain and maintain some ownership of the new ventures, (and new industries) they create. The unfolding story will be linked to the research literature on the behaviour of venture capital firms, the diverse experience of the main sectors, and the apparent lagging of Europe and Ireland behind the USA in certain key respects. Measures taken to address problems in the industry will be discussed. We shall briefly refer to three major issues that have arisen in recent years: the emergence of so-called Unicorns, (new companies in which VCs have invested that are valued at over a billion dollars, often despite the lack of track record), the difficulty that countries outside the USA have had limited success with the venture capital process, and the involvement of government agencies in supporting venture capital firms.

Learning Outcomes:

On successful completion of this module, students should be able to:

Describe the typical process of VC investment from seed stage to exit, or failure. The student will also learn how the capital is collected by a venture fund and the international record of such funds over the past thirty years;

Analyse the investment required by high-tech start-ups, and by fast growing companies, and their compatibility with the investment policies of individual funds;

Create a presentation to a venture capital fund on behalf of an entrepreneurial new venture which is matched to the investors’ needs, as well as to the new venture’s requirements for capitals;

Assess the opportunity created by a venture capital fund through the use of its capital and non-financial assistance (for example networks, channels to market,) and propose the basis of a term sheet for investment which protects the investors. The student will note some common difficulties term sheets pose for entrepreneurs;

Source money for projects from VC funds and from private equity, and also how to invest in high risk / high reward projects;

Evaluate national policies for supporting venture capital and compare experiences and performance with other countries’ venture capital industries.

Assessment:

Examination - 70%

Group Assignment – 30%