Programme Structure
Obligatory courses
- Corporate Finance (8 ECTS)
- Investments (8 ECTS)
- Option Theory (8 ECTS)
- Research in Financial Markets (8 ECTS)
- Research in Financial Analysis (8 ECTS)
- Advanced Topics in Finance (5 or 8 ECTS)
- Practical Econometrics for Finance and Economics (6 ECTS)
Optional courses (students are required to choose at least 31 ECTS of the following)
- Writing Academic English I (3 ECTS)*
- Writing Academic English II (2 ECTS)*
- Finnish for Foreigners I (5 ECTS)*
- Finnish for Foreigners II (5 ECTS)*
- Investment and Finance in Russia (5 ECTS)
- Internship (1-5 ECTS)
- Financial Markets of the European Union (5 ECTS)
- International Financial Reporting (8 ECTS)
- Financial Time Series Analysis (8 ECTS)
- Operation Strategy (5 ECTS) former: Strategic Corporate Planning
- Mathematics of Financial Derivatives (8 ECTS)
Optional studies may include also maximum of 6 ECTS of studies in the Finnish language and culture. Courses with asterisk* are highly recommended.
Master's thesis 35 ECTS
- Introduction to the Master's Thesis Research in Finance (5 ECTS)
- Master's Thesis Research Plan (5 ECTS)
- Master's Thesis Progress Report (5 ECTS)
- Completed Master's Thesis (20 ECTS)
Course Descriptions
Please note that changes concerning individual courses may occur. Course programmes are preliminary. If you decide to choose courses from several programmes that will be organised during the same semester, some lectures might overlap.
OBLIGATORY COURSES
Corporate Finance
Code: LASK3017
Credit Units: 8 ECTS
Time: 1. year, autumn semester, periods I-II.
Content: Overview of corporate finance including valuation of stocks and bonds, capital budgeting, cost of capital, long-term financial policy and other topics in corporate finance.
Learning outcomes: A student will have a deep understanding and ability to solve comprehensive problems in various areas of corporate finance. Students are expected to learn to analyze a company's capital budgeting questions and long term financial policy needs, as well as other topics in the area of corporate finance. The course will strengthen theoretical understanding of the subject and enhance the development of critical thinking skills.
Teaching: Lectures 40 h.
Assessment: Exam.
Literature:
1. Brealey, R. – S. Myers – F. Allen: Principles of Corporate Finance. McGraw-Hill Inc., Latest edition.
2. Material provided by the lecturer.
Prerequisites: Bachelor-level knowledge of accounting and finance.
Rating: 1-5 or fail
Contact person: M.Sc. Emilia Peni
Right to participate: Master´s Degree students in Accounting and Finance
Additional information -
Investments
Code: LASK3018
Credit Units: 8 ECTS
Time: 1. year, spring semester, periods III-IV.
Content: Investment process, financial systems, institutions and markets, securities trading, investment strategies, asset allocation and diversification, pricing models, security valuation, efficient market hypothesis, performance evaluation, security analysis, international diversification and their Excel applications.
Learning outcomes: By the end of this course students should be able to know an in-depth approach for analysis of investment strategies, portfolio management and financial instruments. Moreover, students are expected to learn to use excel applications within the context of asset allocation and diversification, securities pricing models and security and portfolio analysis. Students should also be able to understand financial instruments, evaluate the general macroeconomic environment and understand the roles of governments and central banks. The written assignments of the course will support report writing, analytical and critical thinking skills.
Teaching: Lectures (approx. 30h), exercises, seminar presentations and excel applications.
Assessment: Exam and written assignments.
Literature:
1. Bodie, Z., & Kane, A., & Marcus, A. (2005). Investments, 6th or latest edition.
2. Zimmermann, H., & Drobetz, W., & Oertmann, P., (2003). Global Asset Allocation, Wiley.
3. Selected research papers announced by the lecturers.
Prerequisites: Theory of Corporate Finance, Financial Markets and Investments, Principles of Finance.
Rating: 1-5 or fail
Contact person: Ph.D Jarkko Peltomäki
Right to participate: Master´s Degree students in Accounting and Finance
Additional information: -
Option Theory
Code: LASK3011
Credit Units: 8 ECTS
Time: Autumn semester, periods I-II.
Content: Options and futures markets, financial engineering, arbitrage pricing, binomial option pricing model, Black & Scholes model, alternative OPMs, implied volatilities, volatility smiles, management of market risk, and empirical research. VB and SAS will be used for implementation of the methods discussed.
Learning outcomes: Upon completion of the course a student will have developed the skills necessary to understand and apply the option pricing theory.
Teaching: Lectures 30 h.
Assessment: Written examination.
Literature:
1. Hull, John C.: Options, futures, and other derivatives , 5th, 6th or 7th edition.
2. Material provided by the lecturer.
Prerequisites: Knowledge of the fundamentals of financial markets and principles of financial derivatives (e.g. Financial Derivatives).
Rating: 1-5 or fail
Contact person: Student Advisor (teacher: Professor Jukka Perttunen)
Right to participate: Master´s Degree students in Finance
Additional information: -
Research in Financial Analysis
Code: LASK3015
Credit Units: 8 ECTS
Time: 1. year, spring semester.
Content: Earnings announcements and asset returns, macroeconomic factors and asset returns, non-economic factors and stock returns, cross-sectional anomalies in stock return, financial reporting quality, financial accounting conservatism and corporate governance.
Learning outcomes: The objective of the course is to provide an overview of recent research issues and trends in financial markets and financial statement analysis. Students are expected to learn how to read and analyze scientific articles. After completing the course, students should be able to better understand and appreciate the gradual, cumulative nature of scientific advances, to formulate research problems and conduct positivistic empirical research in financial economics and financial accounting.
Teaching: Lectures, 30 h.
Assessment: Written exam.
Literature: A selection of scientific articles.
Prerequisites: Corporate Finance, Investments, Econometrics.
Rating: 1-5 or fail
Contact person: Professor Sami Vähämaa
Right to participate: Master´s Degree students in Finance
Additional information: http://lipas.uwasa.fi/~sami/rifa.html
Research in Financial Markets
Code: LASK3016
Credit Units: 8 ECTS
Time: 2. year, autumn semester.
Content: Topics discussed are related to market efficiency, asset pricing, asset price distributions and correlations, financial markets and institutions, international financial markets, and issues in corporate finance such as dividend policy and IPOs.
Learning outcomes: The course has two objectives. First, it aims to provide an overview of recent relevant research issues in finance, extending and deepening students’ knowledge in the area of financial markets. Second, the course is intended to prepare students to do empirical research in finance. By the end of this course students should have a deep understanding of recent research issues in the area of financial markets and developed skills necessary to do empirical research in finance.
Teaching: Lectures and seminars, 30 h.
Assessment: Written term paper.
Literature: Research papers and articles distributed by the lecturers.
Prerequisites: Corporate Finance, Investments, Research in Financial Analysis, Option Theory, Knowledge of basic econometrics and statistics.
Rating: 1-5 or fail
Contact person: Ph.D Janne Äijö
Right to participate: Master´s Degree students in Finance
Additional information: http://lipas.uwasa.fi/~jja/RFM.html
Advanced Topics in Finance
Code: LASK3001
Credit Units: 5 or 8 ECTS
Time: Spring semester.
Content: The course provides insights on some recent topics in finance. The course will be given by a visiting professor, and it will be different in terms of content and credit units in different years. The course is usually organized every other year.
Learning outcomes: By the end of this course students should have a deep understanding of the selected topics in finance.
Teaching: Lectures about 20 h.
Assessment: Exam and/or term paper.
Literature: Will be announced later.
Prerequisites: Corporate Finance, Investments and Option Theory.
Rating: 1-5 or fail
Contact person: Student Advisor
Right to participate: Master´s Degree students in Finance
Additional information: -
MASTER'S THESIS
Introduction to the Master´s Thesis Research in Finance
Code: LASK3004
Credit Units: 5 ECTS
Time: 1. year, spring semester.
Content: Principles of Master´s Thesis Research, process in practice, hypothesis development, databases, empirical analysis methods, research problem identification and group work.
Learning outcomes: The student will be able to identify the essential features of posing a scientific research problem, the central principles of choosing the approach and methods in his/her discipline and will be able to make a reasoned choice of his/her own research task.
Teaching: Lectures and a seminar approximately 10 h.
Assessment: A written analysis report.
Literature: Materials provided by the lecturer.
Prerequisites: Participants are assumed to have basic knowledge in corporate finance, accounting and investments theory.
Rating: Pass or fail
Contact person: Ph.D Janne Äijö (teachers: Professors of Finance)
Right to participate: Master´s Degree students in Finance
Additional information -
Master´s Thesis Research Plan
Code: LASK3044
Credit Units: 5 ECTS
Time: 2. year, autumn semester (or possibly 1. year, spring semester).
Content: Presenting the problem and plan for the master's thesis research.
Learning outcomes: The student will be able to prepare a plan for conducting academic research in his/her discipline. The student will be able to critically evaluate and discuss research subject in his/her field.
Teaching: Lectures 10 h.
Assessment: A written report (6-10 pages).
Literature: Relevant theoretical and empirical material for the research topic in accordance with the subject area of the thesis.
Prerequisites: Introduction to the Master's Thesis Research in Finance.
Rating: Pass or fail
Contact person: Professors of Finance
Right to participate: Master´s Degree students in Finance
Additional information -
Master´s Thesis Progress Report
Code: LASK3045
Credit Units: 5 ECTS
Time: 2. year, spring semester.
Content: Reporting the progress of the student's research work and critical evaluation of research conducted by other students in the group.
Learning outcomes: The student will be able to describe the theoretical background of his/her research topic, the selection and description of the required research method to solve the research problem. The student will be able to critically evaluate and discuss scientific research topics in his/her own field.
Teaching: Lectures 10 h.
Assessment: A written report (min. 30 pages).
Literature: Relevant theoretical and empirical material for the research topic in accordance with the subject area of the thesis.
Prerequisites: Master's thesis, research plan (LASK3012).
Rating: Pass or fail
Contact person: Professors of Finance
Right to participate: Master´s Degree students in Finance
Additional information -
Completed Master´s Thesis (pro gradu)
Code: LASK3014
Credit Units: 20 ECTS
Time: 2. year, spring semester.
Content: Completing and reporting the master's thesis research results.
Learning outcomes: The student will be able to conduct academic research in his/her discipline. The master's thesis supports the development of an independent and long-range problem-oriented project, critical thinking and consistent verbal reporting.
Teaching: Lectures 10 h.
Assessment: The student submits the completed master's thesis to the faculty for assessment and for writing the maturity test in accordance with http://lipas.uwasa.fi/ktt/mallit/guidelines.pdf
Prerequisites: Master's thesis, progress report (LASK3013).
Rating: 1-5 or fail
Contact person: Professors of Finance
Right to participate: Master´s Degree students in Finance
Additional information -
OPTIONAL COURSES
Writing Academic English I
Credits: 3 ECTS
Code: KENG9211
Semester:
Previous studies: Course in Basic English
Aim: After finishing the course the student masters the basic principles of academic writing (structure, argumentation, referencing) and its special features (of style). The student can produce short academic texts and write summaries on the basis of academic articles.
Contents: General basic principles of academic writing, the transformation of research material into a research project. Participants will write short exercise papers. The use of footnotes and annotation of quotations, compiling a list of references, structuring a paper and other rules applying to the production of academic text.
Teaching: 20 hours
Requirements for the credit units: Active participation and short exercise paper.
Course literature: The Harbrace College Handbook.
Evaluation: On a scale of 1−5 / fail
Contact person: Course provided by the Language Centre
Writing Academic English II
Credits: 2 ECTS
Code: KENG9311
Semester:
Previous studies: Writing Academic English I (3 ECTS)
Aim: After finishing the course the student masters the critical and analytical reading. The student can use references correctly and is familiar with the style and structure of academic texts. The student can write a short academic thesis or an article in English and can act as an opponent. The student can produce texts in English in a fluent and concise academic style.
Contents: Conventions of academic writing with focus on the differences between English and Finnish traditions of academic writing.
Teaching: 20 hours
Requirements for the credit units: Written exercises and a final paper of 7 pages which will meet the criteria of academic writing in the English speaking world.
Course literature: As adviced by the teacher.
Evaluation: On a scale of 1−5 / fail
Teacher: Course provided by the Language Centre
Finnish for Foreigners I
Credits: 5 ECTS
Code: KSUO5111
Semester:
Previous studies:
Aim: The student has basic knowledge of Finnish pronounciation, is able to read simple texts and to write on a familiar subject, such as her/him own life.
Contents: Basic grammar and vocabulary for everyday life in Finnish. Short introduction to Finnish culture.
Teaching: Lectures and exercises 60 hours
Requirements for the credit units: Participation in lectures and exercises. Oral and written exercises in class. Passing grade for the vocabulary work. A written exam.
Course Literature:
1. White, Leila (2007): From Start to Finnish. A short course in Finnish (chapters 1−24).
Evaluation: on a scale of 1−5 / fail. The grade consists of attendance and active participation in class, assessment of work done during the course and a written exam at the end of the course.
Contact person: Course provided by Language Centre
Language of instruction: To be taught in English and Finnish.
Finnish for Foreigners II
Credits: 5 ECTS
Code: KSUO5112
Semester:
Previous studies: Finnish for foreigners I, or equivalent knowledge of Finnish.
Aim: The student can express her/his opinion, arrange for a meeting and write brief texts on a familiar subjects (for example an email message).
Contents: The emphasis is on grammar and language production. Students will improve their practical language skills.
Teaching: Lectures and exercises 60 hours
Requirements for the credit units: Participation in lectures and exercises. Oral and written exercises in class. A passing grade in group work. A written exam.
Course Literature:
1. Kenttälä, Marjukka (2004): Kieli käyttöön. Suomen kielen alkeisoppikirja. (chapters 10−18, partly chapter 19) . Helsinki: Yliopistopaino.
Evaluation: on a scale of 1−5/ fail. The grade consists of attendance, active participation in class and a written exam at the end of the course.
Contact person: Course provided by Language Centre
Language of instruction: To be taught in Finnish and English.
Investments and Finance in Russia
Code: LASK3003
Credit Units: 5 ECTS
Time: Spring semester.
Content: Russian securities and derivatives markets: foundation of the market, reforms of the 1990s, financial crisis of 1998, current situation on the Russian securities market, its legal regulation, problems and perspectives. Banking in Russia: banking system’s formation in the early 1990s, Central Bank of Russia, its role and structure, commercial banking and last tendencies in the field. Russian accounting and taxation systems: present state of accounting system and its legal regulation, tax legislation in Russia, types of taxes and estimation examples of payable tax amounts. Direct and portfolio foreign investments in Russia: forms and methods of foreign investments to Russia, legal, tax, and riskiness peculiarities in foreign investments.
Learning outcomes: The course provides firm knowledge and understanding of the Russian financial market. Students will be able to describe the period of formation of the Russian market economy with accent on the stock market, banking sector, and accounting and taxation systems. Further, the course leads to inner look at the current situation on the Russian financial market. By the end of the course participants should be also familiar with the ways and forms of making foreign investments to Russia, including the most important features in the Russian financial legislation. Besides, lectures contribute to the development of analytical and conceptual skills of students.
Teaching: Lectures 20 h.
Assessment: Exam.
Literature: Materials provided by the lecturer.
Prerequisites: Participants are assumed to have basic knowledge in corporate finance, accounting and investments theory.
Rating: 1-5 or fail
Contact person: M.Sc. Denis Davydov (teacher: Professor Ivan Darushin)
Right to participate: Master´s Degree students in Finance
Additional information -
Internship
Code: Bachelor’s degree LASK2026
Code: Master´s degree: LASK3031
Credit units: 1 -5 ECTS (two weeks full-time work is equivalent for 1 ECTS)
Contents: An internship as a part of the studies which strengthens the student’s skills from their own field, improves the motivation to study and improves the student’s chances to find work after graduation. The possibility for an internship and its suitability regarding studies must be negotiated in advance with the teacher who is responsible for the internships at the department/programme. Principally the internship must last for three months and a written report is demanded in order to count the internship toward the degree at the University of Vaasa.
Learning outcomes: An internship develops student’s general understanding of business life, gives a possibility to gain experience from their own field of work, gives possibility to apply their theoretical knowledge in practice and create networks that benefit future careers. An internship also evolves the student’s skills of self-evaluation and support future’s career planning.
Teaching methods: A written internship report which completion must be negotiated in advance with the teacher who is responsible for the internships at the department/ programme.
Assessment: Written internship report: Passed/Failed.
Prerequisites: Student must have acquired at least 60 credits (100 credits) in Master’s (Bachelor´s) degree.
Contact person: M.Sc. Tuukka Järvinen
Additional information: https://port.uwasa.fi/opiskelija/ura/harjoittelu/in_english/
http://lipas.uwasa.fi/ktt/lasktoim/tyohfaq.rtf (in Finnish)
Financial Markets of the European Union
Code: LASK3002
Credit Units: 5 ECTS
Time: Spring semester, periods IV & V.
Content: The European bond market, with new issues and market structure, the European stock exchanges and trends in the capital markets. The European union environment for banking, including bank legislation, the EMU, the European system of Central Banks with an outline of ECB monetary policy, the BIS rules of Capital adequacy in banking: the Euro as a new international currency and the problem of the real exchange rates, derivative products and market in Europe, and the theory of market efficiency.
Learning outcomes: By the end of this course students should know and understand the products, the various interest rates and the importance of interbank liquidity in the European money markets, have an ability to calculate money market yields and product prices, know the European Central Bank´s monetary policy instruments and posses an insight into euroarea monetary policy thinking. Furthermore, by the end of this course students are expected to understand the mechanism of bonds and bond issues as capital market products, become familiar with the European bond market, platforms, processes and properly appreciate the central role of expectations and risks in the financial markets and in the cost of finance.
Teaching: Lectures 30 h.
Assessment: Exam.
Literature:
1. Howells, P. & K. Bain (2005). The Economics of Money, Banking and Finance, a European text, 3rd edition.
2. Articles distributed as handouts during lectures.
Prerequisites: Basics in foreign exchange concepts as well as capital market concepts; purchasing power parity, interest rate parity, basic instruments (bonds).
Rating: 1-5 or fail
Contact person: Student Advisor (teacher: Professor Roy Dahlstedt)
Right to participate: Master´s Degree students in Finance
Additional information:-
International Financial Reporting
Code: LASK3037
Credit units: 8 ECTS
Time: Spring
Content: The International Financial Reporting Standards (IFRS) are used by publicly traded companies in Europe as well as in a large number of other countries. The main objective of this course is to develop students’ knowledge about the IFRS standards as well as students’ ability to utilize aspects of accounting theory to resolve major reporting issues. Financial accounting is during the course discussed both from a preparer’s and a user’s perspective.
Learning outcomes: By the end of the course students should be able to: Understand and apply the IFRS accounting rules in basic, intermediate as well as some more advanced situations. Examples of topics covered are accounting for fixed assets, financial instruments, revenues, deferred taxes, provisions, business combinations and share-based payments. Identify places where there is accounting flexibility in the IFRS standards and evaluate the appropriateness of companies’ accounting policies and choices.
Discuss and evaluate accounting choices from an ethical point of view. Use accounting principles and theory in order to evaluate and criticize accounting standards.
Teaching: Lectures, exercises and case presentations (42 hours)
Assessment: Written exam, exercises and case presentations
Literature:
1. Alfredson et al (2009). Applying international financial reporting standards
2nd edition; IAS/IFRS standards;
2. articles.
Prerequisites:
Rating: 1-5 or fail
Contact person: Professor Stefan Sundgren
Right to participate: Master’s degree students in Accounting and Finance
Additional information:
Operation Strategy
Code: TUTA3080
Credits: 5 ECTS
Learning outcomes: After completing this course the student will be able to list major forces that drive corporate competition and name proven strategic management models. During the course student assess various types of industries and determine the position of a company within its business area. Customized Data collection methods are utilized with the help of the virtual learning environment (Moodle). Working in groups, students apply strategy evaluation tools and build hierarchical model for multi criteria decision making. They put into practice in a real case study analytical evaluation tools to classify major business factors, categorize company strategic goals and prepare tailored plan how to reach aspired Strategic type.
Contents: Introduction, Basic theories of strategy, Lean strategies, Technology Management, research methods, e.g. Analytical Hierarchy Process AHP and Strategic networkingStrategic Corporate Planning as a scientific problem.
Literature:
1. Braun, Ernest. 1998. Technology in Context. Technology assessment for managers. The Management of Technology & Innovation. Routledge, London and New York.
2. Markides, Constantinos C.: All the right moves; a guide to crafting breakthrough strategy. Harward Business School Press. Boston. 2000.
3. Cantwell, John. (Editor) 2004. Globalization and the Location of Firms. Edward Elgar Publishing Limited UK.
4. Doz Yves, Kosonen Mikko 2008. Fast Strategy: How strategic agility will help you stay ahead of the game.
5. International Journals, e.g. Harvard Business Review, Research Technology Management, Product Innovation Management, Technology Management etc. A selection of approx. 20 scientific articles within the area.
Teaching: Lectures and tutoring 15 hours and seminars 20 hours. Seminars will be prepared during the course on the basis of real industrial cases and research within the area. Teaching and seminars in English.
Assessment: According to RBL-process, student have to participate at least in presenting the literature reference at the beginning and the final case study report. Course is based on the lectures, seminars, literature references and written assignments. No examination.
Contact person: Josu Takala.
Organiser: Department of Industrial Management
Financial Time Series Analysis
Code: STAT3100
Credits: 8 ECTS
Prerequisities: Econometrics
Learning Outcomes: Introduce the students to the latest in univariate time series methods and econometrics for analyzing quantitative financial information.
Content: The course covers both basic and advanced concepts of modern linear as well as nonlinear financial time series modeling. The focus is on the predictability of asset returns, event study approaches, equilibrium models, modeling fixed income securities and term-structure models and microstructure issues.
Study materials and Literature:
1. MILLS, T. and R. Markellos (2008).: The Econometric Modelling of Financial Time Series, Third Edition, Cambridge University Press.
2. ALEXANDER, C(2008) Practical Financial Econometrics, Wiley.
3. TAYLOR, S.J. (2005). Asset Price Dynamics, Volatility and Prediction. Princeton University Press, New York.
4. Additional reading package
Course Language: English.
Teaching: 42 h.
Assessment: Written examination + term paper (research proposal for Ph.D. students).
Grading: Scale 1–5 or failed
Contact teacher: Seppo Pynnönen and Johan Knif (Hanken)
Organization in charge: Department of Mathematics and Statistics
Additional information: Joint course with Hanken Vaasa. Course is arranged every second year, next time is Spring 2013
Mathematics of Financial Derivatives
Code: STAT3110
Credits: 8 ECTS
Prerequisities: Basic courses in Finance and Economic mathematics.
Learning Outcomes: Introduce the students to the mathematics utilized for the pricing of financial derivatives and to provide the student with a basic understanding of the mathematical ideas and technical tools used in modeling the characteristics of derivatives, interest rates and currencies with discrete as well as continuous time processes.
Content: Introduction to discrete and continuous time (and state space) pricing, complete and incomplete markets, arbitrage, law of one price, etc.
Study materials and Literature:
1. NEFTCI S N: An Introduction to Mathematics of Financial Derivatives. Academic Press, London. Part I.
2. PLISKA S R: Introduction to Mathematical Finance: Discrete Time Models, Blackwell Publishers.
3. Additional reading package.
Course Language: English.
Teaching Methods: 42 h.
Modes of Study: Written examination + term paper (research proposal for Ph.D. students).
Grading: Scale 1–5, or failed.
Contact teacher: Seppo Pynnönen and Johan Knif (Hanken).
Organization in charge: Department of Mathematics and Statistics.
Additional information: Joint course with Hanken Vaasa. Course is arranged every second year, next time is Spring 2012.
