UNIVERSITY OF MANCHESTER

ALLIANCE MANCHESTER BUSINESS SCHOOL

COURSE UNIT OUTLINE Academic year 2020/2021

Course code: BMAN23000

Course title: FOUNDATIONS OF FINANCE
Unit Rating: 20 credits
Level: UG 2
Degree programmes:
Lecturer(s): Chris Godfrey and Maria-Teresa Marchica in semester 1;
Stefan Petry and Brahim Saadouni in semester 2
Teaching Assistant: TBC
Pre-requisites: BMAN10522/10522(M) or
BMAN10552 with an examination pass mark of 60% or
above
Dependent course units For BMAN23000(A): BMAN20072, BMAN30060,
BMAN30071, BMAN30091, BMAN30111, BMAN30242,
BMAN30251, BMAN30702, BMAN30190 (this course
only available to BA(Econ) Finance, BA (Econ)
Accounting & Finance, BA (Econ) Economics & Finance -
provided students have taken and passed
BMAN23000(A), BMAN20072 and BMAN20081
For BMAN23000(B): BMAN20072, BMAN30060,
BMAN30071, BMAN30091, BMAN30111, BMAN30242,
BMAN30251, BMAN30702, BMAN30190 only available
to BSc Management (A+F) - provided students have
taken and passed BMAN23000(B), BMAN20072 and
BMAN20081.
Delivery: Semester 1 & 2

Aims:

This course unit aims to develop and extend the fundamental concepts of modern finance theory that
were introduced in the first year. It aims to provide an intermediate understanding of core asset pricing
models and associated theoretical and empirical issues. Further, the course unit develops an
understanding of capital budgeting, the use of real options to evaluate investment decisions, and issues
concerning corporate capital structure and dividend decisions.

Learning Outcomes:

On completion of this course, successful students will:

 understand how to implement the NPV decision rule and the role and use of the capital asset
pricing model in appraising investment projects under conditions of uncertainty;

 understand the basic principles of corporate finance and dividend policies;

 be able to distinguish between assumptions and implications of the theoretical models introduced;

 understand the way in which assets can be valued and the core theoretical models of modern
finance;

 be able to understand and determine the effects of the presence of real options on the corporate
investment decision;

 understand the impact of corporate capital-structure and dividend payout decisions on the value of
the firm;

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 be able to participate constructively in groups that can enhance employability.

Syllabus:

This course unit develops the core concepts and theoretical models of modern finance theory and
shows how these concepts and models can be applied to the analysis of corporate financial
decisions.

The first semester covers:

1) Time value of money

2) Valuation concepts:

o capital budgeting and corporate investment decisions including the significance of the
Net Present Value criterion;

o bond valuation;

o stock valuation;

3) risk and return concepts:

o optimal portfolio analysis;

o the capital asset pricing model;

o alternative models of systematic risk.

The second semester covers:

1) Investment decisions:

o capital budgeting under uncertainty;

2) Option pricing

3) Financing decision:

a. Modigliani and Millers theorem;

b. Equity and Debt Financing;

4) Distribution decision, dividend policy

5) Real options.

6) Risk Measurement and Management

Teaching and learning methods:

This academic year, the course will be taught 100% online. The course consists of 32 lectures, which
will be available for you to view online, and 7 sets of workshop questions, split across two semesters,
for which the solutions will be presented online. For further details on first semester lectures and
workshops please see below. Details on second semester lectures timetable will be distributed at the
beginning of semester 2.

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Total study hours: 200 hours split between pre-recorded lectures, live online Key Points session, live
online Clinics, reading, self-study and preparation for classes and examinations.

This year, we are teaching online using:

1. Online Lectures – pre-recorded, online

These contain the core of the course material. These will be pre-recorded and available for you to
view via the course Blackboard page.

2. Online workshops – pre-recorded, online

These contain the discussion of the solutions to each set of workshop questions. These will be pre-
recorded and available for you to view via the course Blackboard page.

3. Key Points sessions – live, online

In the weekly Key Points sessions, the lecturer will introduce the topics for the week, and identify
the relevant workshops / homeworks / training sessions for you to practice with.

These will be conducted live, online, and will last for one hour. Each student has already enrolled
in one of these sessions that in the student page are titled “LEC#”. Please keep to the session you
are allocated to.

4. Clinics – live, online

In the Clinic sessions, the lecturer or a Teaching Assistant will answer questions on the week’s
material that have previously been submitted.

These will be conducted live, online, and will last for one hour.

Each student has already enrolled in one of these sessions that in the student page are titled
“WSP#”. Please keep to the session you are allocated to.

The course is sectioned into two cohorts by degree programme.

 Cohort A: BA Econ, BEcon Sci, Maths with Finance and IBFE students only

 Cohort B: IMABS, IM, Mgt, MAM, Accounting and AMAIS only

Please note that for Cohort A, students this year are divided between different Key Points
sessions. Please keep to the session you are allocated to.

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This year’s structure

First semester

Cohort Day Type of Session Time

Key Points session times

A Tuesday LEC1 10:00 – 10:50

A Tuesday LEC2 11:00 – 11:50

B Monday LEC 12:00 – 12:50

Clinic session times

A Thursday WSP4 09:00 – 09:50

A Thursday WSP5 09:00 – 09:50

A Thursday WSP6 09:00 – 09:50

A Thursday WSP1 16:00 – 16:50

A Thursday WSP2 16:00 – 16:50

A Thursday WSP3 16:00 – 16:50

B Monday WSP1 13:00 – 13:50

B Monday WSP2 13:00 – 13:50

Second semester

Cohort Day Type of Session Time

Key Points session times

A Monday LEC1 10:00 – 10:50

A Monday LEC2 11:00 – 11:50

B Monday LEC 13:00 – 13:50

Clinic session times

A Thursday WSP1 15:00 – 15:50

A Thursday WSP2 15:00 – 15:50

A Thursday WSP3 15:00 – 15:50

A Thursday WSP4 15:00 – 15:50

A Thursday WSP5 15:00 – 15:50

B Monday WSP1 14:00 – 14:50

B Monday WSP2 14:00 – 14:50

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It is crucial that you attend the sessions of your own cohort, and the workshops for which
you are registered. You will not be allowed to attend sessions of the other cohort, and
Clinics for which you are not registered. This is to avoid overcrowding given the high number of
students on this course and the limited capacity of the online service providers. Switching to the
events designed for the other cohort or other clinic groups may also result in you missing relevant
information as the material taught in any given week may differ between groups.

Workshops
In Semester 1:

There will be four workshops. The workshop questions will be released in advance, and you are
expected to work through these questions in Weeks 3, 5, 9 and 11. Afterwards, we will release pre-
recorded videos in which the lecturers work step-by-step through each question, and we will also
release an answers document at the same time.

In Semester 2:

There will be four workshops.

The workshop questions will be in Weeks 4, 5, 7 and 10.

In the second semester you will be assigned a coursework to do. For the coursework, you will be
grouped into teams of 4-6 students. Students from the same clinic group will be randomly allocated
to a coursework group. The allocation will be undertaken by the Assessment Office.

Training sessions
Training sessions are online quizzes, consisting of 16 Multiple Choice Questions with a time limit of
1 hour. They are provided to enable to you test your learning, and to receive instant, automatic
feedback on any incorrect questions.
The aim of these training sessions is to provide students with a further tool to both test their
preparation and practise for the Mid-Term Test in January and for the final exam in May.

In Semester 1
2 Training Sessions will be set up in Blackboard with two different deadlines within the first
semester, the first one covering the “valuation part” (material from week 1 to week 4) and the
second one the “risk and return” part (material from week 6, 8 and 9).
Further details on deadlines and instructions will be provided at the beginning of the course.

In Semester 2
1 Training Session will be set up in Blackboard in semester 2. It will cover the entire material of the
second semester.

Once the tests have been completed and the results obtained, feedbacks (with DOs and DONTs)
will be provided by the lecturers during the last lecture.

Students are strongly encouraged to do these Training Sessions, although they are not
compulsory.

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Homeworks
In semester 1 only, together with each lecture material, lecturers will give students a small
practical assignment/exercise for the following week that should summarize the main concepts
discussed during the lecture. All the assignments will be available in Blackboard. Further details
will be provided at the beginning of the course.

Reading week
In semester 1 only, week 7 of the first semester (week commencing 16 November 2020) will be the
reading week. There will be no lectures or workshops during this week. The purpose of the reading
week is for you to undertake your own private study of this (and your other) course(s) in order to stay
up-to-date (and if necessary, catch up) with the directed course materials and reading. It is
recommended that you use the reading week to revise past lectures and prepare for future lectures,
read assigned course materials and readings, and undertake relevant private study.

Blackboard
All material will be included in Blackboard, that is, lecture notes, workshops material, homework
material, links to training sessions and discussion forum.
All course material will be uploaded on the module website in Blackboard few days before each lecture.

Reading list

Core text:
The main textbook for the course is
Berk,J. and DeMarzo P. (2019). Corporate Finance. Pearson Global Edition (Fifth edition) OR
Berk,J. and DeMarzo P. (2016). Corporate Finance. Pearson Global Edition (Fourth edition) OR
Berk,J. and DeMarzo P. (2013). Corporate Finance. Pearson Global Edition (Third edition) OR
Berk,J. and DeMarzo P. (2010). Corporate Finance. Pearson Global Edition (Second edition) OR
Berk,J. and DeMarzo P. (2007). Corporate Finance. Pearson International Edition

(Please do not buy “The Core” edition, as it doesn’t cover all the material of semester 1 and 2).

This text will underpin the majority of the topics covered in the lectures and workshops in both
semesters of the course (see course schedule). A personal copy is recommended. There will be
also numerous copies (both “normal”-loan and “short-loan”) in the library.

You may also wish to consult some of the many other corporate finance textbooks that cover the
topics listed here (copies of other textbooks are available in the University library).

Further suggested reading:

Brealey, R. A., S. C. Myers, and F. Allen (2006), “Corporate Finance”, (8th ed.), McGraw-Hill.

This is a useful reading with intuitive explanations and examples.

Preliminary recommended reading:

For details of required textbook reading please see the general reading list document available in
Blackboard.

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Please note that the details given in that document are limited to textbook references and are
provisional. Lecturers may make reference to further required reading (e.g. to articles in
academic journals) in the lectures (for details, please see the lecture slides).

Lecture and Workshop Handouts

All handouts will be available from the course Blackboard site. Lecture handouts will be available
on the site in the week prior to a given lecture; workshop assignments will be available two weeks in
advance; and workshop solutions will normally be posted on the website in the week following the
workshop.

Detailed reading list

Semester 1

Reading list for lecture 1 (Time Value of Money)

(5th edition) Berk, DeMarzo. Chapter 4 (up to p. 161
(4th edition) Berk, DeMarzo. Chapter 4 (up to p. 159).
(3rd edition) Berk, DeMarzo. Chapter 4 (up to p.125).
(1st and 2nd edition) Berk, DeMarzo. Chapter 4.
Brealey, Myers, Allen. Section 2.1; chapter 3.

Reading list for lecture 2 (Interest rates)

(5th edition) Berk, DeMarzo. Sections 3.2, 5.1. and 5.2
(4th edition) Berk, DeMarzo. Sections 3.2, 5.1. and 5.2
(3rd edition) Berk, DeMarzo. Sections 5.1. and 5.2.
(2nd edition) Berk, DeMarzo. Chapter 5 (up to p.135).
(1st edition ) Berk, DeMarzo. Chapter 5 (up to p.131);

Reading list for lecture 3 (Investment decision rules)

(5th edition) Berk, DeMarzo. Sections 3.3, 3.4, 3.5, 4.9, 5.5 and Chapter 7
(4th edition) Berk, DeMarzo. Sections 3.3, 3.4, 3.5, 4.9, 5.5 and Chapter 7
(3rd edition): Berk, DeMarzo. Sections 3.3., 4.9 and Chapter 7.
(2nd edition): Berk, DeMarzo. Sections 3.3, 4.7 and Chapter 6.
(1st edition): Berk, DeMarzo. Sections 3.3, 4.8 and Chapter 6.
Brealey, Myers, Allen. Chapter 5.

Reading list for lecture 4 (Capital budgeting)

(5th edition) Berk, DeMarzo. Chapter 8
(4th edition) Berk, DeMarzo. Chapter 8
(3rd edition): Berk, DeMarzo. Chapter 8.
(1st and 2nd edition): Berk, DeMarzo. Chapter 7.
Brealey, Myers, Allen. Chapter 6.

Reading list for lecture 5-6 (Valuing bonds)

(5th edition) Berk, DeMarzo. Chapter 6, Section 5.3
(4th edition) Berk, DeMarzo. Chapter 6, Section 5.3
(3rd edition): Berk, DeMarzo. Chapter 6, Section 5.3.
(1st and 2nd edition): Berk, DeMarzo. Chapter 8.
Brealey, Myers, Allen. Sections 4.1, 24.2; chapter 23.

Reading list for lecture 7-8 (Valuing stocks)

(5th edition) Berk, DeMarzo. Chapter 9 (up to p. 336)
(4th edition) Berk, DeMarzo. Chapter 9 (up to p. 331)
(3rd edition) Berk, DeMarzo. Chapter 9 (p. 271-293).
(2nd edition) Berk, DeMarzo. Chapter 9 (p. 251-274).

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(1st edition) Berk, DeMarzo. Chapter 9 (p. 245-266).
Brealey, Myers, Allen. Sections 4.2-4.5.

Reading list for lectures 9-10 (Risk & Return 1: Capital markets and pricing of risk)
(All) Berk, DeMarzo. Chapter 10.
Brealey, Myers, Allen. Chapter 7.

Reading list for lectures 11-12 (Risk & Return 2: Optimal Portfolio Choice)
(5th edition) Berk, DeMarzo. Chapter 11(up to pg.417).
(4th edition) Berk, DeMarzo. Chapter 11(up to pg.413).
(3st edition) Berk, DeMarzo. Chapter 11(up to pg.379).
(2st edition) Berk, DeMarzo. Chapter 11 (up to pg.357)
(1st edition) Berk, DeMarzo. Chapter 11.
Brealey, Myers, Allen. Chapter 7; Section 8.1.

Reading list for lectures 13-14 (Risk & Return 3: CAPM)

(5th edition) Berk, DeMarzo. Chapter 11 (pg.417-428) and Chapter 12 (up to pg.453).
(4th edition) Berk, DeMarzo. Chapter 11 (pg.413-424) and Chapter 12 (up to pg.449).
(3rd edition) Berk, DeMarzo. Chapter 11 (pg.379-386) and Chapter 12 (up to pg.411).
(2st edition) Berk, DeMarzo. Chapter 11 (pg.357-364) and Chapter 12 (to pg.387).
(1st edition) Berk, DeMarzo. Chapter 12;
Brealey, Myers, Allen. Sections 8.1, 8.2, 8.3.

Reading list for lectures 15-16 (Risk & Return 4: Alternative Theories)
(5th edition) Berk, DeMarzo. Chapter 13 (except 13.3 - 13.5)
(4th edition) Berk, DeMarzo. Chapter 13 (except 13.3 - 13.5)
(3rd edition) Berk, DeMarzo. Chapter 13 (except 13.3 and 13.4)
(2st edition) Berk, DeMarzo. Chapter 13 (except 13.3 and 13.4)
(1st edition ) Berk, DeMarzo. Chapter 13 (until pg.415).
Brealey, Myers, Allen. Sections 8.4.

Semester 2
The main textbook for the semester 2 is Berk, J. and DeMarzo, P. (2013). Corporate Finance.
Third Global Edition.

Reading list for lectures on Investment decision

Capital budgeting and risk, Berk, DeMarzo. Chapters 10 and 12

Reading list for lectures on Option pricing

Basics of options pricing, Berk, DeMarzo. Chapters 20 and 21

Reading list for lectures on Financing decision

-Modigliani and Millers theorem, Berk, DeMarzo. Chapters 14, 15 and 16

Reading list for lectures on Distribution decision

-Dividends Policy, Berk, DeMarzo. Chapter 17

Reading list for lectures on Real options

-Option pricing and the investment decision, Berk, DeMarzo. Chapter 22

Reading list for lectures on Equity and Debt Financing

Berk, DeMarzo. Chapters 23 and 24

Reading list for lectures on Risk Measurement & Management

Berk, DeMarzo. Chapter 30

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Pearson MyFinance Lab

Pearson, the publisher of the core textbook, provide an additional online educational resource
called MyFinance Lab, which has supplementary questions. Access is not free – it can be
purchased online from Pearson, or it can be purchased along with the textbook, for editions which
indicate that they also provide MyFinanceLab access.

Instructions on how to access MyFinance Lab are provided on the course Blackboard.

Assessment method:
Assessment Type and Timing Weighting
Midterm Test (Semester 1 exam period) 20%
Assessed Group Coursework (Semester 2) 20%
20%
End of course examination (Semester 2 exam) 60%
60%
The midterm test will take place in the January examination period. This examination will be
online. The precise time of the midterm test will be announced at the end of Semester 1.

The assessed group coursework is undertaken in the second semester. Full details, including the
submission deadline, will be provided at the beginning of semester 2.

The end-of-course examination will take place in the May/June examination period and will be two
hours in duration. Further details, and general discussion, of the examination will be given in the
final lecture of semester 2.

Past examination papers are available on the web:

http://www.mbs.ac.uk/corporate/libraryservices/exam-papers.aspx

Please note that the Multiple Choice Questions from past exam papers are not available in this
archive.

Solutions to past examination papers will NOT be disseminated.

Students are encouraged to refer to the section on Plagiarism in their handbooks during their
preparation for the course work and the final exam.

Further details on the Mid-Term Test format and assessment criteria will be provided during
semester 1 and in particular during the final lecture.

This course is available to Study Abroad Students & Exchange students admitted through the
Study Abroad Unit at the University of Manchester. For exchange students who leave AMBS in
December and will not return in January for examinations, a 3,000 word essay will be
assigned. The deadline is the 15th January 2021 12pm. The completed essay must be submitted
electronically in Blackboard according to the rules and procedures on submission of coursework,
penalties for late submission, granting of extensions, etc., as stipulated by the Undergraduate
Office. A link for the submission will be available in Blackboard close to the submission deadline.
Further notice will be sent out in due course. This assessment will count as 100% of the final mark.
Exchange students are encouraged to refer to the section on Plagiarism attached at the end of this
syllabus. Students should also refer to that part for the penalties usually applied for late and non-
submission of the essays.

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Queries and How to Contact Tutors and Teaching Assistants:
All lecture notes, assigned articles for reading, and workshops and self-practice questions (with
answers where available) will be posted on the course website.

The course Blackboard site and the associated discussion forum will also be used by
administrative and teaching staff to send important messages about the course to BMAN23000
students. It is your responsibility to stay informed by visiting the BMAN23000 Blackboard
site and the discussion forum regularly.

Another important purpose of the discussion forum on the BMAN23000 Blackboard site is to
facilitate the exchange among BMAN23000 students of information, views and ideas relevant to
the course. You are strongly encouraged to use the forum in this way. The course teaching staff
will monitor the exchange of messages on the forum and on occasion contribute to the discussion.

You should also use the discussion forum as the primary means to discuss your doubts
with your classmates.

If you need to speak to a member of the teaching staff, please arrange a meeting during their office
hours using the Sohol system:

http://mats.humanities.manchester.ac.uk/mats/SOHOL/

(1) Queries on lecture content:

In the first instance, please post your questions regarding the lectures and course content on the
Discussion Forum, accessible via the course Blackboard. This discussion forum is regularly
monitored by a Teaching Assistant and by the lecturers. Asking your question here means that all
students can benefit from the answers to the question.

You can also email the Teaching Assistants or the Lecturers. In some cases, they may ask you to
post the question on the Discussion Forum first, so that they can then reply to your question there.

(2) Clinic sessions:

The live, online Clinic sessions are specifically devoted to answering your questions on course
material. Please submit any questions which you would like to be answered live to the lecturer,
with ‘CLINIC QUESTION’ in the subject line two days before your clinic session. This helps the
lecturers to save all incoming emails and handle them as appropriate.

(3) Office Hours

Finally, if your query was not resolved in the lecture or on the discussion forum, you can arrange to
meet the lecturer online during his/her office hour. To meet with staff, you should book an
appointment on the Sohol system, at

http://mats.humanities.manchester.ac.uk/mats/SOHOL/

(4) Questions on course materials, website, forum and readings:

All lecture handouts will be made progressively available on the course Blackboard. If there are
problems with the Blackboard website or the discussion forum, or if you have other queries
regarding handouts or readings (e.g. availability of books or articles in the library), please contact
the teaching assistants by sending your messages to the BMAN23000 discussion forum (via the
course website).

(5) Feedback

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In addition to the central unit evaluation questionnaire, students will be asked to provide further
written feedback on the course and the material and methods used towards the end of each
semester.

Feedback methods

Informal advice and discussion will be provided during the Clinic Sessions.

The online Training Sessions also provide instant, automatic feedback at the end of the test.

Polls and Online exercises and quizzes delivered through the Blackboard course space will give
further feedback.

Feedback will be offered to the group via an online discussion forum. There will be specific course
related feedback sessions such as feedback provided about the Training Sessions, Homeworks
and exams (both January and June exams). At the end of semester 2 there will also be a Q&A
session with your teaching assistants.

Written comments will be provided on the assessed coursework. These will be available online on
Blackboard for viewing once the projects have been marked.

Finally, generic feedback will be posted on Blackboard regarding overall examination performance.
This is typically included in the course annual review which is posted at the beginning of July.
Below is the general marking scheme for Undergraduate Courses.

90-100% Excellent First

Work that is outstanding in all aspects. Answer is thoroughly independent, original and insightful.
Work of this standard is in the highest range of the class.

80-89% High First

Exemplary work, that is highly accurate, analytical and critical in its approach. Answer
demonstrates an illuminating use of sources and thorough mastery of the subject matter.

75-79% Clear First

Excellent work that is very accurate and fully answers the question set. Answer demonstrates a
well-developed ability to analyse, synthesise and apply relevant knowledge and concepts. Superior
understanding is shown through the use of sources and/or examples to illustrate points and to
justify arguments.

70-74% First
Highly competent work that provides a near-full answer to the question set. Answer is well-
structured and coherent, and demonstrates the ability to identify key issues, analyse and apply
knowledge and concepts effectively. Wider reading and appreciation of the subject matter is
evident. Free of all but very minor errors.

60-69% 2.1
A good piece of work that demonstrates a sound grasp of the subject matter - though possibly
lacking the breadth and depth expected of a mark in the first class range. Most aspects of the
question are covered. A good attempt at analysis, synthesis and application of relevant knowledge
and concepts is evident. Work is competent in most respects, though there may be minor errors.
Ideas are expressed with clarity and coherence.

50-59% 2.2
A fair piece of work, showing an understanding of the key elements of the subject matter – though
there may be some gaps in knowledge or areas of confusion evident. Answer covers the basic
ideas of the question set. There may be some attempt at analysis, synthesis and application of
knowledge and concepts – but this may lack insight or rely too heavily on course materials. Work

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may contain some errors. Ability to tackle questions and issues not previously encountered may be
limited.

40-49% Third
An adequate piece of work, which demonstrates some familiarity with the subject matter. Answer
covers only the basic requirements of the question. There may be major gaps in knowledge and/or
serious misconceptions. Ideas may be confused or poorly expressed. There is limited evidence of
analysis, synthesis or application of knowledge. Answer demonstrates an inability to address
questions and issues not previously encountered and/or parrots course material.

30-39% Compensatable Fail

Work which marginally fails to reach the standard required for a third class mark at the appropriate
level (40%), but which the examiner(s) would consider it appropriate to condone, provided
the necessary conditions for compensation are present. Answer identifies a number of
relevant issues, but fails to show a grasp of relevant concepts and displays (whether implicitly or
explicitly) major gaps in knowledge. Limited understanding and/or familiarity with the subject
matter.

20-29% Outright Fail

Work which fails to reach the standard required of a third class mark at the appropriate level, and
which the examiner(s) would not be prepared to condone.
Answer fails to address the question set but may demonstrate some understanding of the general
subject. Contains many significant errors or totally inadequate in terms of quantity.

10-19% Serious Fail

Answer is largely irrelevant, but may display some knowledge of the general subject. However, a
muddled understanding or major confusion regarding the subject matter is evident.

5-9% Disastrous Fail

No real effort to answer the question. Answer is totally irrelevant or comprises of no more than a
few sentences.

0-4% Abysmal Fail

A blank or near-blank script. A response which entirely fails to address the question.

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Course Timetable Semester 1 only:
Semester 1:

Please see below:

Semester 1

Days of
Week Material released in
Week Topic online
beginning Blackboard
sessions
Introduction Mon OR
Lecture material
1 05 October Time value of Money Tues OR
Interest Rates Thur
Investment decisions Mon OR
Lecture material
2 12 October rules Tues OR
Capital Budgeting Thur
Lecture material Valuing Bonds
Mon OR
Valuing Bonds
3 19 October Tues OR
Thur
Workshop1 material Workshop 1
Mon OR
Lecture material Valuing Stocks
4 26 October Tues OR
Valuing Stocks
Thur
Only clinic
sessions:
5 2 November Workshop2 material Workshop 2
Mon OR
Thur
Risk and Return 1 Mon OR
Lecture material
6 9 November Risk and Return 1 Tues OR
Thur
7 16 November Reading week NO LECTURE
Risk and Return 2 Mon OR
Lecture material
8 23 November Risk and Return 2 Tues OR
Thur
Risk and Return 3
Lecture material Mon OR
Risk and Return 3
9 30 November Tues OR
Workshop3 material Thur
Workshop 3
Mon OR
Lecture material Risk and Return 4
10 7 December Tues OR
Risk and Return 4
Thur
Revision and Feedbacks
Lecture material on the training session Mon OR
11 14 December results Tues OR
Workshop4 material Thur
Workshop 4

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Penalty and Plagiarism Information

Penalties for Late or Non-Submission of Assignments

Unexcused late submission of assessed work will be penalised in order to avoid the unfair
advantaging and disadvantaging of students.

In accordance with the University’s Policy on Submission of Work for Summative Assessment on
Taught Programmes, work submitted after the deadline will be marked but the mark awarded will
reduce progressively for each day, or part thereof, by which the work is late.

The mark awarded will reduce by 10 marks per day for 5 days (assuming a 0-100 marking
scale), after which a mark of zero will be awarded.

The full Policy may be found via the following link:

http://documents.manchester.ac.uk/display.aspx?DocID=24561
Please note that it is not at the discretion of the individual lecturer to abate University Policy.
Example:
Assuming the maximum number of marks to be gained is 100 and the submission deadline is
3.00pm.
If the coursework would normally be given a mark of 65% and is submitted after 3.00pm (ie
3.01pm onwards) on the submission day but before 3.00pm the following day, a penalty of 10
marks will be applied and a mark of 55% would be awarded.
Late penalties are determined by the time on the receipt you receive ie it is not the time when you
click to upload your work. It follows that you should allow yourself sufficient time to submit your
work before the deadline and that you don’t leave it until the last minute.

Plagiarism
Please refer to the Plagiarism section on the online undergraduate handbook to see the definition
of plagiarism and other forms of academic malpractice;
https://ughandbook.portals.mbs.ac.uk/Myassessment/Plagiarism.aspx

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