Final Year - Business Management Information Booklet 2022-23

BSc Economics
22/23 Module Information Booklet
Year 3
Dear Second Year Economics Students, 
KBS Module Confirmation – July 2022 will run between 10:00 (BST) on Friday 15 July
2022 and 23:59 (BST) on Sunday 24 July 2022, and we invite you to review your module
selection for the upcoming 2022/23 academic year. 
Please note that this module confirmation is not compulsory, and if you do not wish to make
any changes, then you do not need to complete the form which is available on the KEATS
Programme Page. This process is only for students who wish to amend their module
selections for the next academic year. 
There are many modules available for you to take in the next academic year, but you may be
limited in the changes you can make because of space constraints on modules and/or
timetabling. Any amendments to your selection of modules made during this period are
subject to pre-requisites and space on the module. Please note that if there is more demand
than space for a module, students will be allocated on a random basis.
You will need to ensure that you have 120 credits in KBS modules (including your
compulsory modules), and we strongly advise an equal balance in each semester. If you are
removing a module during this process, please ensure that you select one to replace it. If
you fail to select a module you wish to replace, then King’s Business School will allocate you
to a module. Additionally, please also ensure you do not select too many modules. If you
select a module without confirming which module you wish to remove, then King’s Business
School will remove one at random from your existing selection. 
The list below confirms the modules that are available in this module change period. Not all
modules will be available (such as those with application requirements). Please note that
there have been some amendments to modules, such as change in module leader,
assessment pattern, or semester, since you selected your initial modules in April 2022 and
therefore you should carefully review this booklet when making selections. Whilst this
information is correct at this stage, there may be some final alterations closer to the 2022/3
academic year. 
The deadline for module confirmation via the form is 23:59 on Sunday 24 July 2022, and we
would recommend that you take the time to review all the available material before entering
your choices via your KEATS programme homepage. 
If you have any queries not answered by this handbook, please email UG-
Business@kcl.ac.uk  
There are 2 compulsory KBS modules for your degree programme which you will be
automatically enrolled onto. These are: :
Semester 1
6QQMN970 Advanced Microeconomics
Semester 2
6QQMN971 Advanced Macroeconomics
You can take a total of 6 optional modules including any of the below KBS modules:
Optional Modules: Semester 1
6QQMB312 Private Equity and Venture Capital
6QQMN320 King's Business School Consultancy Project
Cannot be selected via Student Records. Apply via KEATS
6QQMN960 Advanced Mathematics II*
6QQMN972 Monetary Theory and Policy*
6SSMN346 Labour Economics*
6SSMN961 Applied Econometrics*
6SSMN963 Economic Growth*
6SSMN966 Public Economics: Advanced Topics*
6SSMN967 Health Economics*
Optional Modules: Semester 2

6QQMB311 Behavioural Finance
6QQMB313 Corporate Governance
6QQMN973 Advanced Econometrics*
6SSMN311 Applied Economics*
6SSMN318 Managerial Economics*
* Indicates this module has a pre-requisite.
When thinking about which optional modules to select note that some have pre-requisites
that you must meet. For example, 6SSMN318 Managerial Economics requires you to have
taken 5SSMN933 Economics of Strategy in the second year. These pre-requisites will be
enforced but please make sure your choices follow the rules as it reduces the administrative
burden on staff of checking. Information about pre-requisites is provided in the detailed
description of each module later in this booklet.
Please note that there may be some amendments to the information provided in this booklet
prior to teaching commencing in September 2022.
UG Team King’s Business School

6QQMB311
6QQMB311- Module Information Sheet 2022/23

Module Code 6QQMB311
Module Title Behavioural Finance
Module Leader Dr Andrew McFaull
Credit Value 15
Semester 2
Pre-requisites to take this module None
Lectures Weekly lecture
Tutorials Weekly tutorial
Assessment 70% Examination
30% Coursework
What is the module about?

While a conventional course in finance teaches the normative and often theoretical
assumptions of how financial markets ‘should work’, there are a range of well
documented anomalies which means there is value in also enrolling in a finance
course which describes empirically how financial markets ‘actually work’. Therefore,
the purpose of this course is to help you better understand why people make certain
financial choices in a way that systematically contradicts theoretical expectations.
More specifically, this module is particularly interested in exploring examples of where
conventional theory in finance does not hold and markets appearing to be acting
‘irrationally’.
Consequently, this course will guide you through the development of the field of
behavioural finance from the early ground-breaking work of psychologists Daniel
Kahneman and Amos Tversky in the 1970s-1980s, to the extensive field that it is today,
where we will cover a range of topics relating to seemingly ‘irrational’ financial
behaviour, including: spending, investing, trading, retirement planning, wellbeing, and
public policy.
In terms of how we will structure this course for you, the lectures will focus on the key
theory, with many of the key works leading to Nobel prizes. Here we will make you
familiar with many of the most important thinkers in the various avenues of behavioural
finance literature with the purpose of highlighting why their research is so important
and what it means for you and I seeking to make good financial decisions in business
and in life.
While our tutorials will be taught MBA style. Where possible, we will seek to use case
studies and genuine business problems and ask you to provide solutions. The tutorials
will therefore help us convert our academic knowledge from the lectures into
something which we can apply to a range of real-life business questions and
challenges. It is therefore crucial that you contribute towards these various debates
and discussions in class, as you would in a boardroom.
Should I have studied finance before to take this module?

This module is designed for both those who have studied finance before and those
with a more limited background.
6QQMB311
Who should do this module?

Anyone with an interest in finance, economics, and psychology.
Core Textbook
Ackert, L. and Deaves, R. (2010) Behavioural Finance: Psychology, Decision-Making,
and Markets. Mason: Cengage.
Interesting Further Reading:
Halpern, D. (2016) Inside the Nudge Unit: How Small Changes Can Make A Big
Difference. New York: Penguin Random House.
Kahneman, D. (2011) Thinking, Fast and Slow. New York: Farrar, Straus, and Giroux.
Lewis, M. (2016) The Undoing Project: A Friendship That Changed Our Minds. .
New York: W. W. Norton & Company.
Thaler, R. (2015) Misbehaving: The Making of Behavioral Economics. New York:

W. W. Norton & Company.
Thaler, R. and Sunstein, C. (2008) Nudge: Improving Decisions about Health, Wealth,
and Happiness. New Haven: Yale University Press.
Provisional Lecture Outline
Lecture 1: Three Models of Economic Analysis
Lecture 2: Heuristics and Biases
Lecture 3: Nudging: The Case For Libertarian Paternalism
Lecture 4: Coursework
Lecture 5: Prospect Theory, Framing and Mental Accounting
Lecture 6: Challenges to Market Efficiency
Lecture 7: Overconfidence
Lecture 8: Financial Bubbles
Lecture 9: Social Forces: Selfishness or Altruism
Lecture 10: Financial Education, Financial Literacy and Financial Wellbeing
Lecture 11: Revision Lecture

6QQMB312
6QQMB312 Module Information Sheet 2022/23

Module Title Private Equity and Venture Capital
Module Leader Anthony Gahan
Credit Value 15 credits
Semester 1
Pre-requisites to take this module There are no formal pre-requisites to
take this module, however, students
with a strong commercial and financial
mindset (perhaps contemplating a
career in financial services/consultancy)
and those who have undertaken
internships in investment banking or
management consultancy will be well
suited to the quality thresholds of this
module.
We also strongly recommend that

students have taken 4QQMB101
Introduction to Accounting & Financial
Reporting or 5QQMB201 Fundamentals
of Finance to ensure that they are
comfortable with the module content
and able to actively engage and
succeed in the module.

Tutorials Fortnightly tutorials
Assessment 100% Individual Coursework (3,000 words)
The assessment requires students to

write a high-quality investment paper as
if this was a real-life task, which
requires an advanced level of written
competency.

This Private Equity module aims to provide students with a comprehensive overview
of this fast-growing market from the perspective of the investor, management
team/entrepreneur and fund manager – and concludes with an external assessment
of the benefits (and failings) of private equity.
In terms of how the module is taught, this module aims to combine both a theoretical
academic understanding of the industry with the practical vocational aspects to
provide some of the skills required to work within the industry, taught by someone who
6QQMB312
is a partner at a private equity focused investment banking firm, has invested in PE

deals and who has been backed as a manager in a start-up.
Overall, the module provides students with vital knowledge to be able to understand
how private equity interacts with other alternative and mainstream asset classes and
offers context relevant to those considering careers in investment banking, asset
management, accountancy and private equity. It also provides an insight into
different types of private equity (e.g. venture and growth capital) to address the
relevance for start-ups and early stage businesses.

Anyone with an interest in investment banking, strategic consultancy, investment
management or being an entrepreneur.
Key text or background reading

• Mastering Private Equity – Claudia Zeisberger
• Private Equity in Action: Case Studies – Claudia Zeisberger
Lecture 1: Introduction to Private Markets
Lecture 2: Early stage investing - Ventures
Lecture 3: Growth Equity
Lecture 4: Buyouts and Leverage
Lecture 5: Private Equity Strategies
Lecture 6: Value Creation
Lecture 7: Transaction Execution
Lecture 8: Post deal management and governance
Lecture 9: Exits and Performance
Lecture 10: The future of Private Equity

6QQMB313
6QQMB313 Module Information Sheet 2022/23

Module Title Corporate Governance
Module Leader Professor Paul Guest
Credit Value 15
Semester 2
Pre-requisites to take this module None
Assessment 100% Controlled Exam

The aim of the module is to provide a thorough introduction to the subject of corporate
governance. Corporate governance is defined as the mechanisms which restrict
management from taking actions that are detrimental to shareholders and
stakeholders. We will consider the different mechanisms, the logic behind them, how
they work in practice, and what empirical research tells us about their effectiveness.
The corporate governance mechanisms will be examined using examples from

famous business cases, such as Disney, Enron, Facebook, Lehman Brothers, and
Tesla. Students will be assessed by their understanding of the different mechanisms
and their application to real life cases.

This module is for students who wish to understand the role and effectiveness of
various corporate governance mechanisms in the governance and performance of
modern corporations.
There are no pre-requisites for this module. However, students should be aware that
basic accounting and finance concepts are frequently discussed, whilst some case
studies will venture into more advanced accounting and finance topics. Students
without a sound knowledge of the basic concepts in accounting and finance will be at
a disadvantage and are discouraged from enrolling.

Larcker, D. and Tayan, B. (2016) Corporate Governance Matters: A Closer Look at
Organizational Choices and Their Consequences, Second Edition, Pearson.
Each lecture is associated with one or more chapters in this textbook, which provides
coverage of theory, empirical evidence, and case studies.

Lecture 1: Introduction
Lecture 2: International governance
Lecture 3: Board of directors

6QQMB313
Lecture 4: Labour market for executives
Lecture 5: Executive compensation
Lecture 6: Financial reporting
Lecture 7: Shareholder rights
Lecture 8: Market for corporate control
Lecture 9: Shareholders
Lecture 10: Corporate governance ratings

6QQMN320
6QQMN320 - Module Information Sheet 2022/23

Module Code 6QQMN320 
Module Title King’s Business School Consultancy Project
Module Leader Dr Catherine Tilley
Credit Value 15
Semester 1
Pre-requisites to take this
None
module
20% 2500-word group report and recommendation
to the client business
Assessment 20% 20-minute group presentation
60% 3000-word individual reflective journal
documenting the process
Minimum of 6 x 2-hour workshops and minimum of
2 x 1-hour group supervisions
This module is strongly practical in its emphasis.

Students will participate in an introductory series of
workshops to introduce consulting methods, and
Lectures/Tutorials then start working on client cases. During the client
work, students will have a progress meeting with
the course leader, and a coaching session on
communication, as well as contact with their clients.
There is a final workshop after the client
presentation to review the project and reflect on the
experience.
Group assessment – Self-
selected by students or Selected by module leader
selected by module leader
Capped 60 students maximum
Important details regarding selecting this module:

This module is not for formal selection during the March-April 2022 selection period.
A separate application process will follow on KEATS. In the meantime, you must
select 120 credits. If later offered a place on 6QQMN320 King’s Business School
Consultancy Project, you will be asked to remove 15 credits selected in March/April.
All eligible students will be invited to join a KEATS page which contains further
information about the module and an application portal. Applications will be via a
written CV and a 2-minute video. The application deadline will be in July 2022 and
applicants will be notified of the outcome in August 2022.
6QQMN320

This module will introduce students to the fundamental skills necessary for business
consultancy. It focuses on the hard and soft skills which are important for meeting
clients, scoping business challenges, researching and data analysis, and the
presentation of findings to clients. Uniquely, students will be placed in groups based
on their interests* and strength of application and paired with real clients who will be
business owners in the Westminster/Lambeth council boroughs and King’s
Entrepreneurship Institute. With the supervision of the module lead and guidance
from external consultant practitioners, students will be taught the fundamental skills
necessary to set up client meetings, interview, assess business needs and scope a
project which they will research and feedback on. Through the process students will
explore questions relating to the adequacy and applicability of business theories they
have encountered and reflect on their professional development. Groups will be
required to construct and deliver presentations and reports which the clients can use,
and each student will be assessed through a reflective report which demonstrates
they have thought critically about their experiences as a team and as individuals, and
as budding consultants.

Although this module focuses on consultancy, we believe that consulting skills are
relevant in a wide range of careers. This module is interesting for students who are
looking for a practical, hands-on experience where you can put into action what you
have learned in the classroom. You will work with real clients on real business
challenges. You will be a representative of King’s Business School and King’s
College London therefore maintaining a professional demeanour is essential. You
should not expect this module to be easy or straight-forward. You will be dealing with
clients who have full-time jobs and their own businesses to look after. Expectations
will be high and it’s very possible they will be under extreme pressure to deliver. It
will be your job as student consultants to scope projects reasonably and realistically,
understand what is being asked and sought after and manage expectations
accordingly. This module will help develop your practical skills and prepare you for
the workplace. Students who are proactive, take initiative and are not afraid of a
challenge should apply. Students who do not enjoy or want to work in teams and
have not taken group work seriously in the past should not apply.
*Disclaimers
At the application stage students will be asked to specify their field of interest i.e.
marketing, data analysis, communications, strategy etc. If successful, the module
leader will attempt to assign students to businesses whose needs match their
interests however this may not be possible. Students must therefore expect to be
versatile and placed with clients that do not match their primary skill set/field of
interest and where they can explore and develop new areas and skills.
6QQMN320
Background reading
There is no compulsory reading for this module however part of your job as a
consultant is to be well-informed, and so we do suggest some reading. We will be
referring to The Pyramid Principle during the course, and so strongly recommend
that you read that, but beyond that the choice of what to read is up to you. These
are some starting suggestions.
Communication and presentation:

The Pyramid Principle – Barbara Minto
Say it with Charts – Gene Zelazny
Consulting
The Trusted Advisor – David Maister, Charles Green & Robert Galford
The Witch Doctors – John Micklthwait & Adrian Wooldridge
Business
Good Strategy, Bad Strategy – Richard Rummelt
Leadership on the Line – Ron Heifetz & Marty Linsky
The Innovator’s Dilemma – Clayton Chrisensen
It’s likely that you will also need to refer to the readings from some of your earlier
courses.
General interest
We recommend keeping up with the business news – for example by browsing the
Financial Times and/or The Economist. You may also find interesting ideas in the
Harvard Business Review. If you are looking for a job in a consultancy, you should
also look out for their publications (eg. The McKinsey Quarterly).
We’d also suggest reading at least one book that has been shortlisted for the
Financial Times/McKinsey book prize over the last few years. The shortlist often
includes a range of topics , so you should find something there that you find
interesting: https://ig.ft.com/sites/business-book-award/
6QQMN960

Module Code 6QQMN960
Module Title Advanced Mathematics II
Module Leader Dr John Morrow
Credit Value 15
Semester 1
Pre-requisites to take this module 4SSMN903 Advanced Mathematics for
Economists (mark of 70 or higher)
Lectures Weekly
Tutorials Weekly
50% Project

The Advanced Mathematics II module has three objectives.
The first is to continue where Advanced Mathematics left off and go deeper into
mathematical topics and methods.
The second is to apply these methods to classic results in economics which form the
building blocks of subsequent theories.
The third is to better prepare students for post graduate study in quantitative social
sciences and mathematical modelling of economic behaviour.

Economics students looking to go on to quantitative post-graduate work in
Economics or related disciplines. This is one of the most challenging courses
offered on the Economics degree, in the past the take home project took up most or
all of reading week for students and most students who did well often came to office
hours. This is a further development and application of mathematical techniques in
economics. It is aimed at preparing students for postgraduate study in economics or
other quantitative social science or political science that uses advanced economic
theory.
The course introduces students to the idea of mathematical proofs and revisits ideas
such as continuity, differentiability, open and closed sets, convexity and other
building blocks of optimization theory. These are then used to derive optimization
results useful in economics and to have a deeper understanding of optimization
problems also useful in understanding computer algorithms and how to
frame/formalize economics problems mathematically.
Mandatory: Rangarajan Sundaram. A First Course in Optimization Theory. Most

proofs and exercises from lecture are in this text and it is essential to understand
lecture material. The slides WILL NOT be sufficient, you will have to read and refer
to the textbook.
6QQMN960
We will draw from other books and papers, but this text will serve as the main
reference. Please refer to KEATS and there will be announcements about other
books students found useful in the past.
Lectures 1-4 Analytical properties of functions such as continuity, differentiability,

monotonicity, concavity/convexity and their characterizations through calculus and
definiteness of matrices. Point-set topology. Existence of optima through the
Weierstrass Theorem. Approximation techniques such as Taylor series and their use
in deriving estimating equations. Advanced integration techniques.
Lectures 5: Mathematical typesetting using LyX in a computer lab. This can be

helpful for the class project.
Lectures 6-7: Constrained and unconstrained multivariate optimization problems

and necessary and sufficient conditions for solutions to exist. Applications to classic
economic problems.
Lecture 8-9: Optimal behaviour changes with exogenous parameter changes

through the envelope theorem (Shepard’s Lemma, Hotelling’s Lemma) and
parametric monotonicity and know how to apply it in a variety of economic contexts.
Basic properties of general profit and cost minimization problems.
Lecture 10: Applications, revision. Perhaps additional topics such as variational

calculus problems and necessary and sufficient conditions for solutions. These will
be applied to understand basic building blocks of modern economic theory such as
consumers faced with a continuum of goods.
6QQMN972

Module Title Monetary Theory and Policy
Module Leader Professor Georgios Chortareas
Semester 1
Pre-requisites to take this module 5QQMN937 Macroeconomics
Please note you cannot take this

module if you are also taking
6SSMN962 Money and Banking
Lectures Weekly lectures
10% In-class test

This is an advanced course in monetary theory and central bank policy. It involves
theoretical modelling and econometric concepts.
This module has three main parts. The first part of the module covers elements of
monetary theory. Topics include the evolution of money, the reasons for holding
money, the demand for money, the supply of money, monetary aggregates, and the
money creation process. In addition to the traditional theoretical approaches, the
students will be exposed to major contributions of the recent years (including the
money-in-the-utility-function and the cash-in-advance approaches, as well as the “new
monetarist economics”.)
The second part of the module focuses on the monetary aspects of various
macroeconomic frameworks that we use for monetary policy analysis and the
implications of money and monetary policy for the business cycle and prices. In
discussing the transmission mechanism of monetary policy, we will explore the role of
financial intermediation.
The third part of the module focuses on central banking and monetary policy. We start
with a discussion on the development of central banks, and their goals and functions
in an international context. Then, we provide the theoretical foundation for the
understanding of the modern institutional design of monetary policy, focusing on time-
inconsistency, inflation bias and credibility. We discuss the institutional aspects and
governance aspects of central banking as well as the competing monetary policy
frameworks, targets and strategies. Then we discuss the conduct of monetary policy,
covering topics that include the monetary policy operating procedures, monetary
policy reaction functions, monetary policy rules, etc. Special attention is given to
monetary policy under uncertainty, the zero-lower bound, unconventional monetary
policy, and forward guidance. At least one lecture will explore the links between
monetary policy and financial stability.
6QQMN972

Students with an interest in economic theory and monetary policy. Students with a
solid background in macroeconomics.

In alphabetical order
• K. Bain and P. Howells, (2009), Monetary Economics: Policy and its
Theoretical Basis, Palgrave.
• Carlin, W. and D. Soskice (2014). Macroeconomics: Institutions, Instability,
and the Financial System, Oxford University Press
• Cecchetti, S. &. Schoenholtz, (2017) Money, Banking, and Financial Markets,
5th Edition, McGraw-Hill.
• Gali, J., (2015) Monetary Policy, Inflation, and the Business Cycle: An
Introduction to the New Keynesian Framework, 2nd Edition, Princeton
University Press. (#)
• Lewis, M.K. and P.D. Mizen, (2000) Monetary Economics, (Oxford; New York:
Oxford University Press
• Mishkin, Frederic S., (2018) The Economics of Money, Banking and Financial
Markets: Global Edition, 12th edition (or any other edition), Pearson.
• Walsh, C., (2017), Monetary Theory and Policy, 4th Edition (or any other
edition), MIT Press, Cambridge Massachusetts & London, England. (#)
(#) denotes advanced material

Lecture 1: The evolution of money. Money, payments, and liquidity: the quantity
theory, money in the utility function and the cash-in-advance constraint. “New
monetarist economics”.
Lecture 2: The demand for money: Quantity theory, inventory models, the
Keynesian view, monetarism and hyperinflations.
Lecture 3: The supply of money: Monetary aggregates, money creation and the
multiplier.
Lecture 4: Money and monetary policy in the traditional and modern workhorse
macroeconomic models. Money and the business cycle. Empirical evidence on
money output and prices.
Lecture 5: The transmission mechanism of monetary policy. The role of financial

intermediation. Money and financial markets. Credit cycles.
Lecture 6: The development of central banks. The international experience. Goals

and functions. The theoretical foundations for understating modern central bank
design: Time-inconsistency, inflation bias and credibility. Reputation, preferences,
contracts, institutions and targeting rules.
6QQMN972
Lecture 7: The institutional design of monetary policy: Central bank independence

transparency and accountability. Central bank communication. Committee decision-
making and monetary policy. The conduct of monetary policy: Monetary policy
frameworks and strategies: Monetary policy targets. Inflation targeting in theory and
practice.
Lecture 8: The conduct of monetary policy (continues): Monetary policy operating

procedures. Monetary policy reaction functions. Monetary policy rules. Monetary
policy under uncertainty. The great moderation and the great recession. Monetary
policy at the zero-lower bound. Unconventional monetary policy. Forward guidance
Lecture 9: Monetary policy and financial stability: Financial stability and the lender of
last resort function. Financial crises.
Lecture 10: Timely topics in monetary policy: Electronic Money, Cryptocurrencies,

and the Central Bank. The natural real interest rate. The term structure of interest
rates.
6QQMN973

Module Title Advanced Econometrics
Module Leader Dr Jack Fosten
Semester 2
Pre-requisites to take this module 5QQMN938 Intermediate Econometrics
Lectures Weekly
Tutorials Weekly
50% Project

This module in advanced econometrics will teach students about econometric theory
and machine learning techniques. In the first part of the course students will build on
previous study in econometrics with a more rigorous approach, using matrix algebra
to derive estimators and their properties. In the second part of the course, students
will develop an understanding of ‘big data’ and how it can be used in econometrics
through machine learning methods. The course will use the statistical programming
language R and the interface Rstudio, where students will develop programming
skills which are highly sought-after when seeking employment and further study in
related fields. Students will use programming to perform simulations as well as use
real world data to replicate results from academic research using the econometric
methods introduced in the course.

This is an optional module for those who have studied the pre-requisite 5QQMN938
Intermediate Econometrics. It is targeted at students who are passionate about
further study in economics and econometrics, and those who wish to pursue a career
in highly quantitative disciplines. The course will use advanced mathematical and
statistical methods to build on previous study in econometrics so students should be
comfortable with quantitative methods like matrix algebra. The course will involve
interactive problem solving and coding and will require self-study and good
discipline.

Hansen, B.E., 2019. Econometrics. Unpublished Textbook.
James, G., Witten, D., Hastie, T., Tibshirani, R., 2017. An Introduction to Statistical
Learning with Applications in R. Springer, New York.
6QQMN973
Lecture 1: Linear Models I: matrix algebra, linear regression and OLS
Lecture 2: Linear Models II: asymptotic theory
Lecture 3: Nonlinear Models
Lecture 4: Quantile Regression
Lecture 5: Nonparametric Estimation
Lecture 6: Big Data, Overfitting and Model Selection
Lecture 7: Stepwise Selection and Penalised Regression
Lecture 8: Model and Forecast Combination
Lecture 9: Principal Components Analysis and Factor Models
Lecture 10: Revision

6SSMN311
6SSMN311 - Module Information Sheet 2022/23

Module Code 6SSMN311
Module Title Applied Economics
Module Leader Professor Jo Lindley
Credit Value 15
Semester 2
Pre-requisites to take this module 4QQMN136 Introduction to
Microeconomics AND
4QQMN146 Introduction to
Macroeconomics OR
4SSPP105 Principles of Economics
AND THEN EITHER

5SSPP217 Microeconomics OR
5SSMN239 Intermediate
Microeconomics
20% Coursework
10% Tutorial Assessment

This module covers a range of contemporary topics in economics from both a
theoretical and practical perspective. Students will be able to understand the
theoretical arguments behind each topic covered but also be able to understand a
whole range of empirical methodologies employed by economists to test these
theories. The module will consist of research led teaching and so there will be no set
textbook. The reading list will consist of journal articles and the odd book chapter here
and there. After completing the course students will be able to read and understand
the journal articles we cover and will also be able to provide a critical analysis of these.

The module is not necessarily confined to students with a mathematical background.
The module will be interesting to students who have a general interest in contemporary
economics and would like to graduate with a good understanding of the existing
empirical literature in applied economics. Graduates of the module will be able to n
formulate their own arguments based on their own appraisal of the empirical literature
and understand how applied research can help to answer theoretical problems. They
will be able to differentiate between empirical methodologies and identify when and
why some are more appropriate than others, analyse and evaluate empirical analysis
and critically evaluate the empirical methodologies.

There is no one course textbook. A detailed reading list of journal articles and book
chapters will be provided at the start of the course and key papers will be cited during
the lectures.
6SSMN311

Lecture 1: Introduction & Background Econometrics
Lecture 2: Understanding the Returns to Education.
Lecture 3: Government Policies that Reduce Poverty.
Lecture 4: Identifying the Drivers of Wage Inequality.
Lecture 5: Explaining Social Mobility.
Lecture 6: Is Immigration Bad for the Economy?
Lecture 7: Understanding Productivity Growth.
Lecture 8: Why Are UK House Prices so High?
Lecture 9: The Determinants of Crime.
Lecture 10: Overview and Revision Lecture.

6SSMN318

Module Title Managerial Economics
Module Leader Dr Evagelos Pafilis
Credit Value 15
Semester 2
Pre-requisites to take this module 5SSMN933 Economics of Strategy
Lectures Weekly
Tutorials Weekly
15% Online Test

This course builds on the material covered in Economics of Strategy to develop a
deeper understanding of industrial organization. It covers advanced topics in industrial
economics, such as mergers (horizontal, vertical and conglomerate), market
foreclosure and vertical restraints. Furthermore, it introduces students to personnel
economics.

This course is available only to students who took Economics of Strategy in the second
year. It is aimed at giving students a deeper understanding of industrial organization
but also to introduce students to issues in personnel economics. This course would
appeal to students who enjoyed Economics of Strategy and are interested in further
developing their understanding in the area. It would also appeal to students interested
in enhancing their analytical skills. As this course heavily relies on maths, a good
knowledge of calculus is essential.

Pepall L., D. Richards and G. Norman (2014), Industrial Organization: Contemporary
Theory and Empirical Applications, 5th edition, John Wiley & Sons
Topic 1: Horizontal Mergers
Topic 2: Vertical Mergers
Topic 3: Market Foreclosure
Topic 4: Conglomerate Mergers
Topic 5: Vertical Price Restraints
Topic 6: Non-Price Vertical Restraints
Topic 7: Paying for Performance

6SSMN346

Module Title Labour Economics
Module Leader Dr Augustin De Coulon
Semester 1
Microeconomics AND
Macroeconomics OR
AND THEN EITHER

5SSPP217 Microeconomics OR
5SSMN239 Intermediate
Microeconomics
Tutorials Weekly tutorials
Assessment 80% Oral Examination
20% Peer Assessment (Oral Group
Presentation)

The aims of the course are to introduce students to key concepts in labour
economics most notably labour market theory and the theory of personnel
economics, develop an understanding of how these tools can be used to address
theoretical, applied and policy problems. And to develop an understanding of the
nature and role of the labour markets across the world.

Those who interested in labour economics theory and their direct relevance to the
workplace, Those interested in the use of theories to analyse real-world labour
market questions such as: "How wages are set?", "Why people stay on benefits?",
"What are the rewards from studying?", "Who is promoted within a firm?", "Why (and
when) people change job?", "How unions operate?” and “Why people migrate, and
return to their origin country?" A recurrent discussion is around how governments
use those theories to design reforms in their own country’s labour markets.
Labour Demand; Labour Supply; The Wage Structure; Labour Mobility; Frictions;
Unions; Immigration
The main textbook is:
• Ehrenberg, Ronald and Smith, Robert, Modern Labor Economics, Theory and
Public Policy Boston, 13th edition, 2017, or earlier editions.
6SSMN346
Additional readings are provided in:
• Borjas George J., Labor Economics, McGraw-Hill, International, Eighth

Edition, 2016 or earlier editions
Lecture 1: Labour demand I
Lecture 2: Labour demand II
Lecture 3: Labour Supply I
Lecture 4: Labour Supply II
Lecture 5: Labour market equilibrium, Frictions, Monopsony
Lecture 6: Wage Differentials - Wage structure
Lecture 7: Human capital
Lecture 8: Unions and the labour market
Lecture 9: Immigration
Lecture 10: Unemployment

6SSMN961

Module Title Applied Econometrics
Module Leader Dr Filipa Sa
Credit Value 15
Semester 1
Pre-requisites to take this module 5SSMN932 Introduction to
Econometrics
Tutorials Weekly tutorials
Assessment 80% Coursework
20% 48-hour take home coursework

This third-year course provides students with a practical understanding of
econometrics, building on the material covered in Introduction to Econometrics
(5SSMN932). The course covers the key statistical methods that economists use to
disentangle cause and effect: regression, instrumental variables, regression
discontinuity designs and difference-in-differences. These methods are illustrated with
interesting and relevant real-world examples.

This module is available to students in the BSc Business Management, BSc
International Management, BSc Economics and Management, BSc Accounting and
Finance, and BSc Economics who took Introduction to Econometrics in their second
year. It provides students with an understanding of econometric methods and how
they are applied to economic problems. Students will gain good command of Stata.

The module textbook is:
Angrist and Pischke (2015), Mastering ‘Metrics, Princeton University Press
This will be complemented by the following textbook:

Wooldridge (2016), Introductory Econometrics: a Modern Approach, Cengage
Learning, 6th edition
We will also be covering some academic papers. The focus will be on the empirical
techniques used in those papers.

Lecture 1: Randomised trials
Lecture 2: Randomised trials
Lecture 3: Regression
Lecture 4: Regression
6SSMN961
Lecture 5: Instrumental variables
Lecture 6: Instrumental variables
Lecture 7: Difference-in-differences
Lecture 8: Difference-in-differences
Lecture 9: Regression discontinuity designs
Lecture 10: Regression discontinuity designs

6SSMN963

Module Title Economic Growth
Module Leader Seyhun Sakalli
Credit Value 15
Semester 1
Pre-requisites to take this module 4SSMN901 Mathematics for
Economists
OR
4QQMN503 Mathematics for
Accounting and Finance
OR
5SSPP232 Mathematics for Economists
Lectures Weekly
Tutorials Weekly
20% Individual Coursework
This module introduces the learners to the analysis of economic growth. The course
will focus on explaining empirical observations about growth performance of countries
across different time periods, looking back in history and in the contemporary era. In
this module, we will formalise economic insights using a theoretical framework to
understand how the economy functions. We will derive testable predictions from
theories and consider their policy implications. In particular, the module will expose
the learners to neoclassical growth models, endogenous growth models, and the
unified growth theory. We will look at the empirical findings on the proximate and
fundamental causes of economic growth. Finally, we will discuss the relationship
between economic growth and environment.
This module is available to students in the Business School. Students who did not take
any introductory mathematics modules will struggle and may be better off taking an
alternative module.
It is aimed at developing learner' knowledge on the main competing perspectives on

economic growth and fostering their ability to engage in critical appraisal of them,
comparing theoretical insights to empirical analyses of growth.
The course will also be useful if you are thinking of taking an MSc degree in
Economics, PhD in Economics, to work in research institutes or willing to get a
comparative advantage on analysing the deep routed behaviour of economic agents
with application in research in macroeconomics and business.
6SSMN963
- Economic Growth, David N. Weil, 3rd Edition, Pearson

- Introduction to Economic Growth, Charles I. Jones and Dietrich Vollrath, 3rd Edition,
W. W. North & Company.
- Unified Growth Theory, Oded Galor, Princeton University Press.
Lecture Outline
Lecture 1: Introduction and Stylised Facts
Lectures 2-3: Solow Model: A Model of Factor Accumulation
Lecture 4: Augmented Solow Model: A Model with Human Capital
Lectures 5-6: Endogenous Growth: Economics of Ideas
Lecture 7: Unified Growth Theory: The Malthusian Epoch
Lecture 8: Unified Growth Theory: Dynamics of Take-off
Lecture 9: Unified Growth Theory: Comparative Development
Lecture 10: Environment and Growth

6SSMN966

Module Title Public Economics: Advanced Topics
Module Leader Simona Grassi
Credit Value 15
Semester 2
Pre-requisites to take this module 4SSMN901 Mathematics for
Economists
5SSPP217 Microeconomics
Lectures Weekly
Tutorials Fortnightly
40% Individual coursework

This module is about the role played by the public sector in the economy. Students
will be exposed to a selection of topics. Students will learn how the government should
design tax and transfer policies given that agents will likely change their behaviour in
response. For example, if the government wants to tax workers with high labour
incomes to redistribute resources to poorer workers, they should anticipate that
workers will reduce hours of work to avoid taxation. So, the more resources are
redistributed to pursue an equitable allocation of resources, the lower is the incentive
for productive workers to produce resources for redistribution! Students will also learn
about policies that aim at fixing market failures, such as those preventing markets for
health insurance to work efficiently.

You should take this module if
• you believe that economic analysis is cool and very useful
• are not scared by mathematical formulas (you have taken Mathematics for
Economists in the first year)you have a solid background in Microeconomics
(Intermediate Microeconomics )
• you care about topics such as inequality, unemployment, the provision of health
care.
• For BSc Economics students, you can take this module even if you have not
taken the DPE module: Public Economics and Public Policy.

This course is not based on a single text. Specific readings are provided. Students
are, however, encouraged to obtain Jonathan Gruber (2011) Public Finance and
Public Policy, any edition, Worth Publishers, and R. W. Tresch, Public Sector
Economics, Palgrave.
6SSMN966
Lecture 1: Introduction; Market Failures and Welfare Economics.

Lecture 2: Tax Incidence; Efficiency Cost of Taxation; Application: Behavioural
Analysis.
Lecture 3: Optimal Commodity Tax
Lecture 4: Revision Labour Supply. Optimal Labour Income Tax.
Lecture 5: Social Welfare Function. Estimating elasticities.
Lecture 6: Optimal Income Tax and Transfer Program: NIT vs EITC
Lecture 7: Inequality
Lecture 8: Intergeneration Mobility.
Lecture 9: Health Insurance and Adverse Selection
Lecture 10: Surveys to understand people preferences
6SSMN967

Module Title Health Economics
Module Leader Dr Sotiris Vandoros
Credit Value 15
Semester 1
Microeconomics AND
Macroeconomics OR
Lectures Weekly
Tutorials Weekly
Assessment 100% Individual Coursework

This module covers several important topics in the field of health economics. We
cover a range of different issues, including pharmaceutical economics, the impact of
the economic environment and uncertainty shocks on health, the impact of the
political environment on health, pharmaceutical markets, the relationship between
education and health and the impact of housing policies on health.
On completion of the course students should possess:

1. A comprehensive understanding of the importance of health economics (Aim 1)
2. Knowledge of the concepts of health economics, their assumptions and
conclusions (Aim 2).
3. An understanding of the peculiarities of healthcare markets (Aim 3)
4. Knowledge of how healthcare markets work (Aim 4)

This 3rd-year module is not a pre-requisite for other modules. However, students who
are interested in health economics, the impact of the economic environment and/or
policies on health and how pharmaceutical markets work may be interested in this
module. Students who wish to pursue post-graduate studies in health economics or
health policy, or who wish to work for international organisations such as the World
Health Organisation might find this module particularly helpful.

This module is based on journal articles. There is no core textbook.
Some of the key papers that we cover include the following:
• Besley, T., & Kudamatsu, M. (2006). Health and democracy. The American
Economic Review Papers and Proceedings, 96(2), 313-318.
• Van der Windt, P. and Vandoros, S. 2017. Democracy and Health. Evidence
from within-country heterogeneity in the Congo. Social Science and Medicine
194: 10-16
• Franco, Á., Álvarez-Dardet, C., & Ruiz, M. T. (2004). Effect of democracy on
health: ecological study. BMJ, 329(7480), 1421-1423.
6SSMN967
• Johansen, D., Friis, K., Skovenborg, E. and Grønbæk, M., 2006. Food buying
habits of people who buy wine or beer: cross sectional
study. BMJ, 332(7540), pp.519-522.
• Ruhm, C.J., 2015. Recessions, healthy no more?. Journal of Health
Economics, 42, pp.17-28.
• Ruhm, C.J., 2000. Are recessions good for your health?. The Quarterly
Journal of Economics, 115(2), pp.617-650.
• Caroli, E. and Godard, M., 2016. Does job insecurity deteriorate
health?. Health Economics, 25(2), pp.131-147.
• Burgard, S.A., Brand, J.E. and House, J.S., 2009. Perceived job insecurity
and worker health in the United States. Social Science & Medicine, 69(5),
pp.777-785.
• Bünnings, C., Kleibrink, J. and Weßling, J., 2016. Fear of Unemployment and
its Effect on the Mental Health of Spouses. Health Economics, 26(1), pp.104-
117.
• Ferrie, J. E., Shipley, M. J., Marmot, M. G., Stansfeld, S., & Smith, G. D.
(1998a). The health effects of major organisational change and job insecurity.
Social Science & Medicine, 46(2), 243-254.
• Ferrie, J.E., Shipley, M.J., Marmot, M.G., Stansfeld, S. and Smith, G.D., 1995.
Health effects of anticipation of job change and non-employment: longitudinal
data from the Whitehall II study. BMJ, 311(7015), pp.1264-1269.
• Berndt, E.R. and Aitken, M.L., 2010. Brand Loyalty, Generic Entry and Price
Competition in Pharmaceuticals in the Quarter Century After the 1984
Waxman-Hatch Legislation (No. w16431). National Bureau of Economic
Research.
• Frank, R.G. and Salkever, D.S., 1997. Generic entry and the pricing of
pharmaceuticals. Journal of Economics & Management Strategy, 6(1), pp.75-
90.
• Vandoros, S., 2014. Therapeutic substitution post‐patent expiry: the cases of
ace inhibitors and proton pump inhibitors. Health Economics, 23(5), pp.621-
630.
• Valletti, T.M. and Szymanski, S., 2006. Parallel trade, international exhaustion
and intellectual property rights: a welfare analysis. The Journal of Industrial
Economics, 54(4), pp.499-526.
• Berndt, E.R., Nass, D., Kleinrock, M. and Aitken, M., 2015. Decline in
economic returns from new drugs raises questions about sustaining
innovations. Health Affairs, 34(2), pp.245-252.
• Fauth, R.C. and Brooks-Gunn, J., 2008. Are some neighborhoods better for
child health than others. Chapter 12 in Making Americans healthier: Social
and economic policy as health policy, pp.334-376.
6SSMN967
Lecture 1
a) Introduction
b) Adverse selection, moral hazard, health insurance
Lecture 2
Democracy and Health
Lecture 3
Recessions and Health
Lecture 4
Uncertainty and health
Lecture 5
Introduction to pharmaceutical markets and competition in pharmaceutical markets
Lecture 6
Regulation in on-patent markets and off-patent markets
Lecture 7
Investing in pharmaceuticals
Lecture 8
The value of innovation
Lecture 9
Housing and health
Lecture 10
a) Education and health
b) Labour policies and health
Lecture 11
Revision Lecture

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BSc Economics

22/23 Module Information Booklet

Optional Modules: Semester 2

* Indicates this module has a pre-requisite.

UG Team King’s Business School

6QQMB311- Module Information Sheet 2022/23

What is the module about?

Should I have studied finance before to take this module?

Who should do this module?

Interesting Further Reading:

Thaler, R. (2015) Misbehaving: The Making of Behavioral Economics. New York:

Provisional Lecture Outline

Lecture 1: Three Models of Economic Analysis

Lecture 2: Heuristics and Biases

Lecture 3: Nudging: The Case For Libertarian Paternalism

Lecture 5: Prospect Theory, Framing and Mental Accounting

Lecture 6: Challenges to Market Efficiency

Lecture 8: Financial Bubbles

Lecture 9: Social Forces: Selfishness or Altruism

Lecture 10: Financial Education, Financial Literacy and Financial Wellbeing

Lecture 11: Revision Lecture

6QQMB312 Module Information Sheet 2022/23

We also strongly recommend that

Lectures Weekly lecture

The assessment requires students to

What is the module about?

is a partner at a private equity focused investment banking firm, has invested in PE

Who should do this module?

Key text or background reading

Provisional Lecture Outline

Lecture 1: Introduction to Private Markets

Lecture 2: Early stage investing - Ventures

Lecture 3: Growth Equity

Lecture 4: Buyouts and Leverage

Lecture 5: Private Equity Strategies

Lecture 6: Value Creation

Lecture 7: Transaction Execution

Lecture 8: Post deal management and governance

Lecture 9: Exits and Performance

Lecture 10: The future of Private Equity

6QQMB313 Module Information Sheet 2022/23

What is the module about?

The corporate governance mechanisms will be examined using examples from

Who should do this module?

Key text or background reading

Provisional Lecture Outline

Lecture 2: International governance

Lecture 3: Board of directors

Lecture 4: Labour market for executives

Lecture 5: Executive compensation

Lecture 6: Financial reporting

Lecture 7: Shareholder rights

Lecture 8: Market for corporate control

Lecture 10: Corporate governance ratings

6QQMN320 - Module Information Sheet 2022/23

This module is strongly practical in its emphasis.

Important details regarding selecting this module:

What is the module about?

Who should do this module?

Communication and presentation:

6QQMN960 - Module Information Sheet 2022/23

What is the module about?

Who should do this module?