UNIVERSITY OF ROEHAMPTON BUSINESS SCHOOL

DIRECTOR: Professor Julie Hall

Roehampton University
Southlands Collee
!" Roehampton #ane
#ondon S$%& &S#
Tel: "'" !()' (""" *s+it,h-oard.
Tel: "'" !()' (//" *o0,e.
1a2: "'" !()' (&%!
+++3roehampton3a,3u4
Academic Year: 2014201!
MO"ULE CO"E: RBP020L022A
MO"ULE TITLE: I#$er#a$i%#a& Fi#a#cia&
Ma#a'eme#$
MO"ULE CONVENER: "e((ie Pear)%#
Emai&: d*+ear)%#,r%e-am+$%#*ac*./ R%%m:
0B211
ASSESSMENT "ETAILS
A))e))me#$ 1 23!45: I#di6id.a& a#a&7)i) %8 a ca)e %r
%$-er 9#a#cia& da$a 22!00 :%rd)5
C%.r)e:%r/ a))i'#me#$ -a#d i# %# %r (e8%re 2+m
;ed#e)da7 13
$-
"ecem(er 2014
A))e))me#$ 2 22!45: 1*! -%.r) .#)ee# i#c&a)) $e)$ %#
T.e)da7 11
$-
N%6em(er 2014
LEARNIN< COMPACT
1or all tauht modules Roehampton re5uires a learnin ,ompa,t +ith
responsi-ilities for tutors and students3 This sets out eneral rihts and
responsi-ilities3
%3 The module ,onvener +ill issue every student enrollin on that module
+ith a -oo4let des,ri-in the nature and demands of the module6
in,ludin:
a ,alendar of all ,lasses involved in the module and a +ee47-y7
+ee4 list of the topi,s to -e ,overed -y the modules8
a list of re5uired preparation for ea,h +ee48
a des,ription of the assessment ,riteria to -e used durin the
module8
a statement of the nature6 pattern and timin of the assessment8
a list of the dates -y +hi,h all assinments must -e su-mitted
and details of the pro,ess for doin this8
a list of the dates -y +hi,h ea,h assinment +ill -e returned to
the students and details of the pro,ess for doin this8
a 9nal date for ,olle,tion of ,ourse+or4 -y students6 after +hi,h
return ,annot -e uaranteed3
'3 : reister +ill -e 4ept of attendan,e6 and su-mission and return of all
assinments for all modules3
(3 Students are e2pe,ted to:
parti,ipate fully in the learnin pro,ess8
attend all ,lasses and arraned tutorials8
provide the tutor +ith an e2planation of enfor,ed a-sen,es8
hand all ,ourse+or4 assinments in on time in a,,ordan,e +ith
pu-lished pro,edures8
attend all e2aminations at the pu-lished time and venue8
,omplete %"" hours of study *in,ludin assessed +or4 and
timeta-led a,tivities. for ea,h %"7,redit module *'"" hours for '"
,redits6 ("" hours for (" ,redits6 /"" hours for /" ,redits.8
reularly ,he,4 their ,ommuni,ation ,hannels *e33 noti,e -oards6
;oodle6 e7mails.8
up7date their re,ords +ith the University and the <usiness S,hool
MO"ULE RATIONALE
The module provides the theoreti,al stru,ture for an understandin of the
operations of the 9nan,ial fun,tion of international oranisations3 It provides
-oth understandin and pra,ti,al appli,ation of 4ey theories +hi,h underpin
9nan,ial de,isions in an international -usiness3 Students +ill develop pra,ti,al
s4ills of 9nan,ial analysis6 +or4in +ith the ,omple2 9nan,ial statements of real
,ompanies3 =ey issues in ,orporate 9nan,e +ill -e ,onsidered +ith an emphasis
on value ,reation3 :n introdu,tion to the ,apital mar4ets and the ,urrent
,hallenes these present +ill provide the foundation for 4ey topi,s e2plored
further in the ,omplementary module6 International Capital ;ar4ets and
<an4in3
'
This module spe,i9,ally helps the preparation of students for a manaement
,areer +here the raisin and manain of ,apital in mi2ed 9nan,ial
environments is a fundamental feature that must -e fa,tored into any -usiness
de,ision ma4in
LEARNIN< OUTCOMES
Students +ho su,,essfully ,omplete this module +ill -e a-le to:
%3 de9ne and evaluate the role of the 9nan,e fun,tion in an orani>ation and
its ,ontri-ution to the 4ey -usiness o-?e,tive of ma2imisin shareholder
+ealth8
'3 interpret and analyse 9nan,ial statements of multinational ,ompanies8
(3 ,riti,ally evaluate te,hni5ues to assess potential ,apital pro?e,ts and
apply those te,hni5ues to ,ompetin investment options in an
international ,onte2t8
/3 identify and re,ommend appropriate sour,es of lo-al 9nan,e in the post
,redit ,risis environment8
&3 ,riti,ally evaluate the impa,t of ,apital stru,ture6 dividend and hedin
poli,ies on the value of the 9rm8
@3 identify6 evaluate and re,ommend suita-le ris4 manaement te,hni5ues
for an international -usiness3
SYLLABUS
S-are-%&der :ea&$- Ma=imi)a$i%#: the -alan,e of ris4 and return3
Ca+i$a& (.d'e$i#': evaluation of 4ey 5uantitative te,hni5ues and their
appli,ation to ,ompetin investment opportunities8 advan,ed issues in,ludin
,apital rationin6 ta2ation and ris48 the lin4 to shareholder value ,reation3
T-e '&%(a& 9#a#ci#' deci)i%#: the lo-al ,ost and availa-ility of ,apital8 de-t
and e5uity
Re$.r#i#' 6a&.e $% %:#er): dividend poli,y and its eAe,t on ,ompany value8
4ey theories in,ludin dividend irrelevan,e6 sinallin6 -ird7in7the7hand8 dividend
poli,ies in pra,ti,e in,ludin real +orld ,ases8 share -uy -a,4s as an alternative
to dividends3
I#$er#a$i%#a& ri)/ ma#a'eme#$: forein e2,hane e2posures and hedin
strateies8 interest rate ris4 and its manaement3
Fi#a#cia& re+%r$i#' a#d 9#a#cia& a#a&7)i): measurin and reportin
9nan,ial position and performan,e8 interpretation and analysis of 9nan,ial
statements of real +orld multinational ,ompanies3
(
TEACHIN< PRO<RAMME
A.$.m# Seme)$er
$ee4 %
'(B)B%
/
Capital <udetin
:n introdu,tion to investment appraisal te,hni5ues and shareholder
value
$ee4 '
("B)B%/
Capital <udetin *,ontinued.
:dvan,ed issues C ,apital rationin6 ris4 and ta2ation
$ee4 (
DB%"B%/
Cost of Capital and Capital Stru,ture
$:CC ,al,ulation8 earin and optimal ,apital stru,ture
$ee4 /
%/B%"B%
/
Ris4 ;anaement
1orein e2,hane ris4 and hedin strateies
$ee4 &
'%B%"B%
/
Ris4 ;anaement
Interest rate Ris4 and hedin strateies
$ee4 @
'!B%"B%
/
REA"IN< ;EE>
Readin +ill -e assined and availa-le on ;oodleB;y1inan,e#a-
$ee4 D
/B%%B%/
Dividend Poli,y
Theories and real +orld pra,ti,e8 ;odiliani and ;iller C dividend
irrelevan,e8 dividend sinallin8 ,lientele eAe,ts8 share -uy -a,4s
$ee4 !
%%B%%B%
/
I#C&a)) Te)$
$ee4 )
%!B%%B%
/
Introdu,tion to Company 1inan,ial Statements
;easurin and reportin 9nan,ial position and performan,e
$ee4
%"
'&B%%B%
/
:nalysin and Interpretin 1inan,ial Statements
=ey pro9ta-ility6 e0,ien,y and li5uidity ratios
$ee4
%%
'B%'B%/
:nalysin and Interpretin 1inan,ial Statements *,ontinued.
=ey investor ratios and pu-lished share pri,e data
$ee4
%'
)B%'B%/
Course+or4 resour,es +ee4
Individual tutorials
/
C%.r)e:%r/ -a#d i# 2+m ;ed#e)da7 1?
$-
"ecem(er 201@ 6ia
T.r#i$i# %# M%%d&e %#&7
ASSESSMENT

1*! -%.r) .#)ee# i#c&a)) 22!45
T.e)da7 12
$-
N%6em(er6 time and lo,ation to -e advised
C%.r)e:%r/ 23!45
Individual analysis of a ,ase or other pu-lished 9nan,ial data *up to '&"" +ords.
Course+or4 assinment hand in date: 2+m ;ed#e)da7 13
$-
"ecem(er 2014
T-i) c%.r)e:%r/ -a) a# %# &i#e ).(mi))i%# $-r%.'- T.r#i$i# %# M%%d&e
%#&7 i*e* #% -ard c%+7 i) reA.ired*
C%.r)e:%r/ A))i'#me#$ "e$ai&)
The ,ourse+or4 assinment involves an individual analysis of the 9nan,ial
position of a ,ompany of your ,hoi,e *.+ $% 2!00 :%rd).3 Eour ,hosen
,ompany m.)$ meet the follo+in ,riteria:
It should operate primarily in the retail se,tor
Its shares must -e listed on a re,onised sto,4 e2,hane
Its pu-lished 9nan,ial statements must -e availa-le in Enlish
Y%. ma7 #%$ c-%%)e Te)c% as +e +ill -e loo4in at this ,ompany in ,lass3
Y%. m.)$ c&ear 7%.r c-%)e# c%m+a#7 :i$- $-e m%d.&e c%#6e#er +ri%r
$% )$ar$i#' 7%.r :%r/* Y%. m.)$ c-ec/ $-a$ 7%. -a6e c-%)e# a &i)$ed
c%m+a#7 2&%%/ 8%r a )-are +rice5 a#d #%$ a +ri6a$e&7 %:#ed c%m+a#7 %r
a (ra#d*
The latest pu-lished 9nan,ial statements for your ,hosen ,ompany should -e
o-tained3 These are the startin point for this assinment and the 9ve year
trend for 4ey performan,e indi,ators should -e analysed3 In addition you should
sour,e and analyse additional pu-lished 9nan,ial information *e33 share pri,e
data. and -en,hmar4 your ,hosen ,ompany aainst at least one ,ompetitor3
Eou are re5uired to ,onsider the information you have sour,ed and use
9#a#cia& a#a&7)i) to ans+er the follo+in 5uestions *an indi,ation of +ord
,ount for ea,h se,tion is iven for uidan,e.:
%3 $ould you invest *-uy shares. in this ,ompany at the ,urrent share pri,eF
*'""" +ords.
'3 $hat are the limitations of 9nan,ial ratio analysis and +hat spe,i9,
pro-lems did you fa,e +hen analysin and -en,hmar4in your ,hosen
,ompanyF *&"" +ords.
&
Eour analysis should fo,us on a#a&7)i) a#d i#$er+re$a$i%# of 9nan,ial ratios
and other 9nan,ial data3
Eour ans+er must -e -ased on the 9#a#cia& information sho+n in the 9nan,ial
statements *and any other pu-lished 9nan,ial information you ,an 9nd for the
,ompany.3 General ,omments on stratey6 mar4etin6 human resour,es et, +ill
not attra,t mar4s in this assinment3
Please note the mar4in ,riteria in,luded in this -oo4let and ensure your +or4 is
appropriately fo,ussed3
C%.r)e:%r/ A))e))me#$ Cri$eria a#d ;ei'-$i#'
%3 Understandin of and a-ility to ,onvey appropriate %&H
9nan,ial ,on,epts
'3 Interpretation and analysis of the 9nan,ial statements @"H
and other relevant data
(3 Evaluation of the +ea4nesses inherent in this analysis %&H
/3 Presentation %"H
These mar4in ,riteria +ill -e reIe,ted in the mar4in ru-ri, in the online
radin system on TurnitinB;oodle3
Feed(ac/
1eed-a,4 +ill -e availa-le on ;oodle no later than $ednesday '!th January
'"%&3
Assignment Submissions
The <usiness S,hool re5uires a diital version of all assinment
su-missions3 These must -e su-mitted via Turnitin on the moduleJs
;oodle site3 They must -e su-mitted as a $ord 9le *not as a pdf. and
must not in,lude s,anned in te2t or te2t -o2es3 They must -e su-mitted
-y 'pm on the iven date3
Please remem-er if you su-mit a draft ,opy of your +or4 via Turnitin
-efore the due date and time6 and you then try and su-mit a revised ,opy
after the deadline6 Turnitin +ill not a,,ept this3 It is e2tremely important
that you su-mit your 9nal pie,e of +or4 on time3 Remem-er too that it
,an ta4e '/ hours to et your Similarity Inde2 report -a,4 from Turnitin6
so do ta4e this into a,,ount +hen plannin your +or43
Kever hand assinments to tutors6 or put in staA mail-o2es6 or su-mit -y
email or fa23
If you do not meet this 'pm deadline and you have mitiatin
,ir,umstan,es6 you +ill need to follo+ the ;itiatin Cir,umstan,es
pro,edures and provide the ne,essary do,umentary eviden,e3 If the
mitiatin ,ir,umstan,es are a,,epted6 the mar4 +ill -e entered on to the
@
rade sheet +ithout penalty3 If the mitiatin ,ir,umstan,es are re?e,ted6
or there are no mitiatin ,ir,umstan,es to ,onsider6 the mar4 +ill -e
penalised as des,ri-ed -elo+3
$or4 su-mitted up to seven ,alendar days after the deadline +ill -e
mar4ed6 and feed-a,4 +ill -e provided in the normal +ay3 Ho+ever6 the
formal mar4 for the pie,e of +or4 +hi,h oes for+ard to the radesheet
+ill -e ,apped at a -are pass */"H.3 $or4 su-mitted more than seven
,alendar days after the deadline +ill not -e mar4ed and the formal mar4
for the pie,e of +or4 +hi,h oes for+ard to the radesheet +ill -e >ero3
Ko +or4 +ill -e ,onsidered if it is handed in after the le,turer has mar4ed
and returned the feed-a,4 to students3
1ailure to attend any in7,lass test or e2am +ill -e treated as a non7
su-mission3
ComputerBprinter failure +ill not -e a,,epted as a reason for late
su-mission3
Eou should save a ,opy of your su-mitted ,ourse+or43 Eou are advised to
4eep notes and a -a,47up dis4 +hen +or4in on any assinment3
Course+or4 mar4s B feed-a,4 +ill -e supplied -y tutors on the date
sho+n in the module -oo4let3
The module le,turers aim to provide all students +ith advi,e and uidan,e in
the preparation of ,ourse+or4 and may ,omment on outlines or plans
su-mitted6 -ut +ill not predi,t the 9nal assessment3 Their role is not to read or
,omment on fully +ritten essaysBassinments prior to su-mission3 1or further
eneral details on ,ourse+or4 preparation refer to the online information via
StudentLone3 $hen the +or4 is returned and assessed6 a student +ill re,eive
full formal +ritten feed-a,4 +ith the opportunity to see4 a tutorial for further
,lari9,ation6 if ne,essary3
T-e .#i6er)i$7 ).()cri(e) $% T.r#i$i# S%8$:are* T-i) i) a# %#&i#e
+&a'iari)m de$ec$i%# )er6ice $-a$ e#a(&e) e&ec$r%#ic c%m+ari)%# %8
)$.de#$)B :%r/ a'ai#)$ I#$er#e$ )%.rce) a#d %$-er )$.de#$)C :%r/ -e&d
%# $-e T.r#i$i# U> da$a(a)e* I$ i) a6ai&a(&e $% (%$- )$aD a#d )$.de#$)
6ia M%%d&e* S$.de#$) ca# acce)) i$ a) a &ear#i#' $%%& 6ia $-e M%%d&e
S$.de#$ S.++%r$ )i$e* M%re de$ai&) ca# (e 8%.#d %# $-e EAcademic
S/i&&) "e6e&%+me#$F m%d.&e %# M%%d&e*
Please -e a+are that e6er7 ).(mi))i%# :i&& (e )ca##ed 8%r +&a'iari)m usin
this soft+are6 so ensure that you are a+are of +hat ,onstitutes plaiarism and
ho+ to avoid it3 If you are in any dou-t a-out su-mission re5uirements or +hether
your +or4 ,ould -e ,onsidered as plaiarised6 please ,onta,t your module tutor
-efore the hand7in date for ,lari9,ation3
;OR" COUNT
Students need to state the +ord ,ount at the end of the assinment3 %"H over
the stated +ord ,ount is permitted +ithout penalty3 If students o -eyond this6
then there is a penalty of & mar4s for every additional %"H -eyond the +ord
,ount +ith a ma2imum of a %& mar4 penalty redu,tion3 The +ord ,ount in,ludes
the :-stra,t or E2e,utive Summary and all in7te2t ,itations3 The +ord ,ount
e2,ludes the <i-lioraphy and :ppendi,es3 Please note that :ppendi,es should
D
only in,lude supplementary information3 There is no spe,i9, penalty for
su-mittin a pie,e +hi,h is -elo+ the +ord ,ount6 -ut please note that shorter
su-missions are li4ely to attra,t poorer rades6 parti,ularly +here they la,4 the
ne,essary depth of analysis3
!
REA"IN< LIST:
C%re Te=$)
(Students are expected to buy a copy. One reference print copy will be held in
the KEY TEXTS collection or held as an ebook)
:rnold6 G *'"%'. *&th ed. Corporate 1inan,ial ;anaement6 Harlo+: Pearson
Prenti,e Hall
*This te2t is availa-le +ith ;y1inan,e#a-.
E))e#$ia& Te=$)
(The library holds ultiple print copies ! up to " per "# students$ includin% a KEY
TEXT copy and&or ebook. The library will buy the ebook if a'ailable)
OJHare6 J *'"%(. :nalysin 1inan,ial Statements 1or Kon7Spe,ialists6 O2ford:
Routlede
Rec%mme#ded Readi#'
((ibrary holds one print copy or ebook)
:trill6 P *'"%%. *@
th
ed. 1inan,ial ;anaement for De,ision ;a4ers6 Harlo+:
Pearson Prenti,e Hall
:trill6 P and E ;,#aney *'"%(. *D
th
ed. 1inan,ial :,,ountin for De,ision ;a4ers6
Harlo+: Pearson Prenti,e Hall
<oa4es6 = *'"%". Readin :nd Understandin The 1inan,ial Times6 Harlo+:
Pearson Prenti,e Hall
<u,4ley6 : *'"%'. International 1inan,e : Pra,ti,al Perspe,tive6 Harlo+: Pearson
Edu,ation
;adura6 J and R 1o2 *'"%/. *(
rd
ed. International 1inan,ial ;anaement6
:ndover: Cenae #earnin E;E:
Eiteman6 D6 : Stonehill M ; ;oAet *'"%'. *%(
th
ed. ;ultinational <usiness
1inan,e *lo-al edition.6 <oston ;:: Pearson Prenti,e Hall
Rappaport6 : *%))). Creatin Shareholder Nalue6 Ke+ Eor4: 1ree Press
G%.r#a&)
Journal of <usiness 1inan,e and :,,ountin
<ritish :,,ountin Revie+
1inan,ial ;anaement
European <usiness Revie+
Harvard <usiness Revie+
O$-er Re)%.rce)
)
Emerald full te2t ele,troni, resour,e
Corporate 1inan,e ;aa>ine
The E,onomist
1inan,ial Times
Investors Chroni,le
Sunday Times *<usiness Se,tion.
<usiness se,tion of 5uality daily ne+spapers *Times6 Teleraph6 Independent6
Guardian.
I#dica$i6e ;e( Si$e)
www.economist.com
www.ft.com
www.londonstockexchange.com
Re)%.rce Li)$)
Please see the ;oodle site for a ,omplete resour,e list for this module3 Or type
the module name into http:BBresour,elists3roehampton3a,3u4Binde23html

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