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Postgraduate Programmes in

Economics and Finance School of Social Sciences

Fact File Entry Requirements: For entry to the one-year MSc programme, applicants should possess a good honours degree or equivalent qualification in Economics, Finance or a related discipline. Applicants with degrees in a quantitative subject (Mathematics, Statistics, Physics or Engineering) are also encouraged to apply.

Enquiries: Postgraduate Enquiries School of Social Sciences Brunel University Uxbridge Middlesex UB8 3PH UK Tel: +44 (0)1895 265285 Web: www.brunel.ac.uk/about/acad/sss Email: socscipgenq@brunel.ac.uk

Economics and Finance is a vibrant, enthusiastic and highly cosmopolitan discipline with currently 28 academic staff who provide a broad base of expertise in most areas of finance and economics. At any one time there are more than 100 postgraduate students registered on Economics and Finance degrees at Brunel. A significant proportion of these are international. Our portfolio includes four highly-successful one-year MSc programmes in: Business Finance; Finance and Investment; International Money, Finance and Investment; and Finance and Accounting. We also offer a new MSc in Economics and Financial Development. We maintain an MRes course in Economics and Finance as an intensive pathway to the PhD, as well as an active PhD programme, currently with 27 fulltime research students. We are strongly committed to high quality research and our academics regularly publish research papers in top North American and European journals. Our areas of expertise include Corporate Governance, Development Economics, Econometrics, Financial Accounting, Financial Markets and Institutions, Macroeconomics, and Microeconomics.


Brunel University

Staff and their Research Interests

Brunel has been a University since 1966 and has grown steadily in both its size and status. Through its high-quality degree programmes and its international research reputation, the University has developed considerable and rewarding links with industry, commerce and the public sector. Brunel is firmly established as one of the UK’s major universities with over 13,000 students and over 600 teaching staff.

John Bennett (Director of the PhD programme and Director of the Centre for Economic Development and Institutions) DPhil (Sussex) Comparative Economics and Development Economics

The Perfect Location Brunel is situated in Uxbridge, a compact and friendly town on the edge of West London. Our proximity to the Capital gives ready access to many superb specialist libraries and other information sources valuable to postgraduate study, as well as being within reach of the global financial centre of the City. Uxbridge can be found at the end of the Metropolitan and Piccadilly underground lines and is within easy reach of the M25 and Heathrow Airport. A campus-based university in Greater London is a real rarity. All the amenities you need – teaching and research facilities, social space and accommodation – can be found on one site. Brunel’s investment in buildings and infrastructure is now approaching £300 million. The many new and refurbished facilities on campus include: • An extended library with increased numbers of books, databases, eJournals and journals; • A £14 million indoor and outdoor sports complex, and a state-of-the-art gym; • Renovated teaching space; • New halls of residence, with both en suite rooms and flats for couples available for postgraduate students; • Newly refurbished social space, including several bars, a nightclub, cafés and places to eat; • An Arts Centre, offering free arts classes and recitals, concerts and exhibitions throughout the year; • 24-hour access to the Graduate School, a dedicated postgraduate student facility with its own quiet study rooms, computer and printing services and common room.

2 | School of Social Sciences

Alessandra Canepa PhD (Southampton) Econometrics, Empirical Finance Nauro Campos PhD (Southern California, USA) Development Economics, Political Economy Guglielmo Maria Caporale (Director of the Centre for Empirical Finance) PhD (London (LSE)) Monetary and Financial Economics, Macroeconomics, Econometrics, International Finance Qiwei Chen PhD (Essex) Behavioural Finance, Momentum and Disposition Models, Credit Default Swaps Ioana Chioveanu PhD (Barcelona (Autonoma), Spain) Industrial Economics, Competition Policy, Game Theory, Applied Micro Theory Philip Davis (Professor Associate) MPhil (Oxford) Financial Stability, Pensions


Research Staff members involved in teaching on the postgraduate programmes are very active in research and have presented papers at national and international conferences. Many of our published papers are in world-leading academic journals such as the American Economic Review, the Journal of Economic Literature, the Journal of Econometrics, the Journal of Development Economics, the Economic Journal and the Journal of the European Economic Association. We have also published beyond traditional disciplinary boundaries, for example in the American Journal of Political Science, Fuzzy Sets and Systems, Psychological Science and the Journal of Personality and Social Psychology.

Evangelos Dioikitopoulos PhD (Athens (University of Economics and Business), Greece) Macroeconomic Dynamics, Growth Theory, Public Finance, Development Economics, Health and Education Policies, Demographics Jan Fidrmuc (Director of Research) PhD (Tilburg, the Netherlands) Political Economy, Transition Economics Andros Gregoriou (Professor Associate) PhD (Brunel) Financial Markets, Financial Accounting, Carbon Trading Sugata Ghosh PhD (Cambridge) Growth Theory and Empirics, Macroeconomic Theory and Policy Omaima Hassan PhD (Abertay) Financial Reporting in Emerging Capital Markets John Hunter (Director of Postgraduate Studies) PhD (London (LSE)) Non-Stationary Time Series, Market Monitoring and Financial Modelling Elisabetta Iossa (Director of Teaching) PhD (Naples, Italy) Applied Contract Theory, Procurement and Public Private Partnerships

Economics and Finance Research Centres Brunel Macroeconomic Research Centre Centre For Economic Development and Institutions Centre for Empirical Finance Corporate Governance and Finance Research Centre Centre for the Analysis of Risk and Optimisation Modelling Applications

Menelaos Karanasos (Director of the Brunel Macroeconomic Research Centre) PhD (London (Birkbeck)) Empirical Finance, Applied Macroeconomics, Time Series Analysis Dilruba Karim PhD (Brunel) Banking and Financial Accounting Kyriacos Kyriacou PhD (Brunel) Empirical Derivative Markets, Insider Trading Guy Liu (Head of Department and Director of the Corporate Governance and Finance Research Centre) DPhil (Oxford) Industry Organisation and Development, Corporate Governance and Economic Reform Javier Coto-Martinez PhD (Barcelona (Autonoma), Spain) Dynamic General Equilibrium Models, Macroeconomic Theory Bryan Mase PhD (Warwick) Corporate Finance, Financial Markets.

Ruslan Moro PhD (Berlin (Humboldt), Germany) Company Rating, Behavioural Finance, Macroeconomic Modelling Sarmistha Pal PhD (London (LSE)) Development Economics and Finance Matthew Rablen PhD (Warwick) Behavioural Economics (well-being and decision making), Public Economics (tax compliance) Anja Shortland PhD (London (LSE)) Economic Effects of Political Violence, Politics of Financial Development Len Skerratt BSc (London (LSE)) Financial Reporting, Behavioural Finance Fabio Spagnolo PhD (London (Birkbeck)) Financial Econometrics and International Finance Nicola Spagnolo PhD (London (Birkbeck)) Econometrics, International Finance

Tomoe Moore PhD (Loughborough) Emerging Financial Markets, Economic Development Economics

Postgraduate Programmes in Economics and Finance | 3


What our students say: Joseph: “Brunel’s graduates have amongst the highest graduate starting salaries in the UK.” Huong: “Something I love here at Brunel is the international environment, which enriches my understanding of different cultures.” Jigar: “I found the tutors very friendly and they were ready to explain everything from scratch.” Vidar: “Academic staff at Brunel are of a high standard and the University has first class facilities to offer its students.” Enid: “The programme has equipped me to make a meaningful contribution to the development process in my country as a government analyst, particularly with regard to financial regulations, practices and institutions.”

Master’s Courses The One-year Master’s Programme (Full-Time) Economics and Finance offers the following one-year Master’s courses: • MSc Business Finance • MSc Economics and Financial Development • MSc Finance and Accounting • MSc Finance and Investment • MSc International Money, Finance and Investment • MRes Economics and Finance All one-year Master’s courses last for twelve months and are offered on a full-time basis only, starting in late September. Each Master’s course includes both core and optional taught modules, which are taught over a 24-week period rather than on a termtime basis. Thus, the material covered in each module is both wide-ranging in scope and allows students to acquire an in-depth knowledge of the subject matter covered. All modules are assessed by a combination of coursework and final examination. Students who successfully complete the taught part of the course can proceed to the dissertation stage. Students are expected to work on their dissertation in the summer and to submit the final draft in mid‑September.

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MSc Business Finance Brunel’s original finance programme has been running successfully for nearly 20 years. This MSc focuses on financial decision making and financial analysis, appropriate for the understanding of financial markets and institutions. Through the core units, the aim of the course is to provide a rigorous treatment of the theory of corporate finance as well as to provide you with the econometric and mathematical techniques necessary to understand the literature and undertake empirical investigations in the area of finance. Through a free selection of optional units, the course is designed to offer you the opportunity to obtain more specialised knowledge through options such as Financial Engineering, International Finance, and Financial Accounting. Financial Engineering considers stock options and futures contracts on indices and how such assets might be used to hedge and evaluate risk. International Finance is informative both from the perspective of the derivatives used to hedge exchange rate risk and of the macroeconomic understanding of what drives exchange rate behaviour in an open economy. The course is particularly appealing to those students whose career choices are likely to lie in the financial sector. The course also provides a sound foundation for those interested in continuing with research towards a PhD, and former students are now working as academics at institutions including the Australian School of Business, Glasgow University and the Oslo Business School.

MSc Economics and Financial Development The link between financial and economic development is well established: the former is strongly linked to the latter and is possibly even a prerequisite. However, recent events have brought to the fore the fact that for scholars, policymakers and regulators who are ultimately interested in economic development, it is not sufficient to focus on macrofinancial variables like credit growth in assessing financial development. Rather, it is essential to understand how financial markets and financial intermediaries themselves behave, to be able not only to promote sound economic development but also to avoid severe financial crises that undermine growth. The aim of this unique Master’s programme is therefore to help forge an integrated understanding of key issues associated with economic and financial development. Graduates of this programme would be ready to deal with the challenges and complexities of the relationship between financial and economic development as regulators, policymakers and economists at a wide range of domestic and international organisations. At the same time, the rigour of the programme would prepare them for doctoral study, should they choose to undertake it in the future.


MSc Finance and Accounting

MSc International Money, Finance and Investment

MRes Economics and Finance

This course produces graduates with a sound knowledge of accounting standards and corporate governance, as well as of their role in the operation of financial markets. The programme includes topics such as the theory of finance, company valuation, the assessment of corporate risk, international accounting standards, corporate governance and financial statement analysis. Subsequently, it provides a solid platform for a successful career in the financial sector and financial accounting.

This course is a specialised degree course providing a rigorous treatment of the theory of international finance and investment, and training in the techniques and practice relevant to the international financial setting. The course develops a thorough understanding of international financial markets and the role of the firm in an international context, identifying and applying the appropriate analytical techniques in financial decision making in an international environment. The course also allows you to develop an understanding of the effects of market activity on the implementation of international financial strategies.

The aims of this one-year programme are to give a detailed insight into the nature of research and to provide a strong theoretical and practical introduction to the world of economics and finance research. The modules on the MRes curriculum are designed to broaden experience by equipping students with tranferrable skills and knowledge such as teamworking, communication skills and the exploitation of research. The MRes can be completed as a qualification in itself or as the first stage in a four-year PhD programme.

MSc Finance and Investment This course is designed to be a specialised degree course focusing on security/portfolio investment decision making. It is structured around the programme of the Chartered Financial Analysts Institute. The emphasis of the course is on issues related to investment in capital markets, such as investment strategies, the evaluation of investment performance, and the use of financial statement information in evaluating company performance.

The course will allow students whose career choices are likely to lie with financial institutions or in financial management with an international flavour to develop the relevant analytical tools and techniques necessary for such a career. The course should also be of interest to applicants who are already practitioners in the international financial field.

The course will allow students whose career choices are likely to lie with financial institutions or in financial management to develop the relevant analytical tools and techniques necessary for such a career. The course should also be of interest to applicants who are already practitioners in the field of finance.

Postgraduate Programmes in Economics and Finance | 5


MSc Business Finance

MSc Economics and Financial Development

MSc Finance and Investment

MSc International Money, Finance and Investment

MSc Finance and Accounting

MRes Economics and Finance

EC5501 – Modelling Financial Decisions and Markets (30)

C

-

C

C

-

-

EC5502 – Advanced Financial Theory and Corporate Policy (30)

C

-

C

C

-

-

EC5503 – Security Investment Analysis (20)

-

-

C

-

O

O

EC5504 – Financial Engineering (20)

O

-

O

O

-

O

EC5505 – Money and Banking (20)

O

-

-

O

O

O

EC5506 – International Finance (20)

O

-

O

C

-

O

EC5507 – Development Finance (20)

O

-

-

O

O

O

EC5509 – Introduction to Quantitative Methods (15)

-

C

-

-

C

-

EC5510 – Financial Theory (15)

-

C

-

-

C

-

EC5511 – Company Valuation and Performance (30)

-

-

-

-

C

-

EC5512 – Accounting and Corporate Governance (20)

-

-

-

-

C

-

EC5514 – Contemporary Research in Economics and Finance (20)

-

-

-

-

-

C

EC5515 – Econometric Modelling in Economics and Finance (20)

-

-

-

-

-

C

EC5516 – Advanced Financial Theory (20)

-

-

-

-

-

C

EC5518 – Economic Theory and Policy (30)

-

C

-

-

-

-

EC5519 – Economic Development (15)

-

C

-

-

-

-

EC5520 – Topics in Development Finance (15)

-

C

-

-

-

-

EC5522 – Capital Markets and Securities Valuation (15)

-

O

-

-

-

-

EC5523 – Financial Innovation and Risk Management (15)

-

O

-

-

-

-

EC5524 – Financial Intermediation and Monetary Policy (15)

-

O

-

-

-

-

EC5525 – Financial Accounting (20)

O

-

O

-

-

O

EC5526 – Topics in International Finance (15)

-

O

-

-

-

-

EC5500 – Dissertation (60)

C

C

C

C

C

C

PP5534 – Graduate Research Skills and Professional Development

-

-

-

-

-

C

Taught modules and their availability for each one-year Master’s degree*

Key C – Core O – Optional * Correct at time of printing

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Credits are given in parentheses. For the award of the MSc degree students need to complete 120 credits from taught modules and 60 credits from the dissertation.


PhD Programme (full-time or part-time)

New Route PhD Economics and Finance

The PhD programme in Economics and Finance maintains thesis quality at an international level of scholarship, via systematic supervisory support, supplementary teaching and an excellent environment for research. The programme is based on a number of principles.

This programme aims to educate graduates not only to the high academic standards expected from PhD research but also in generic personal, business and communication skills. Because it extends the usual PhD from three to four years, it develops an integrated range of skills and knowledge that both broaden and deepen the individual’s subject expertise beyond the bounds of the usual research degree.

The PhD is a degree in which students must demonstrate their ability to conduct research. Whilst it is hoped that students will make a substantial contribution to knowledge, this is not the primary objective. The PhD is seen as giving a general education in research methods and techniques. The training that is given is not only for research in the chosen area of the thesis, but also for research in related areas of the subject. There is scope for MPhil/PhD research in most of the areas listed under “staff research interests” (page 2). Research students are assigned a main and second supervisor, and will be allocated office space and PC facilities on a hot desking basis as well as telephone and photocopying facilities. The School has all the usual databases and software for research. Research students are strongly encouraged to work closely with their supervisors and to present papers both within and outside the School. The programme integrates a set of lectures with the aim of further developing the analytical and technical abilities of students. Doctoral students are seen as essential to the School’s research activities. Consequently, the type and the subject matter of the research undertaken by students is closely tied to the School’s research strategy and the current research projects being undertaken by staff. The advantage of this approach is that the supervisor is positively interested in your research, and is keen to provide you with research guidance. Joint publication between student and supervisor is strongly encouraged. Each student receives systematic support through regular meetings (typically once a fortnight) with their supervisor. The duties and responsibilities of the supervisor and the student are clearly set out. Economics and Finance acknowledges that overseas research students often want to work on problems which pertain to their home economy rather than the UK or USA. In order to facilitate this, the School has an external registration scheme which allows the student to take advantage of supervision and other facilities at Brunel whilst conducting a substantial part of their research in their country. To qualify for entry into our PhD programme, applicants should have a good Master’s degree in Economics, Finance or a related area. We also welcome applications from candidates with a Master’s degree in a quantitative subject such as Mathematics, Statistics, Engineering or a related area. There is no deadline for applications but we normally expect PhD students to start in October or February of each year.

Year 1 •

Issues and Methods of Research

Development of Research Proposal

Tools for Economics Research

Discipline Specific Module (see options below)

Thesis Research

Year 2 •

Professional Skills (speaking, writing, computing, information retrieval)

Global Context (political, economic and social contexts)

Discipline Specific Modules (options as below)

Thesis Research

Year 3 •

Research Dissemination

The Business World (including career planning)

Thesis Research

Year 4 •

Peer Review (and its use in assessment of research proposals and publication)

Thesis Submission

Discipline-specific Modules •

Economic Theory and Policy (Approved in Principle)

Advanced Financial Theory and Corporate Policy

Modelling Financial Decisions and Markets

Security Investment Analysis

International Finance

Financial Engineering

Money and Banking

Financial Accounting

Economics and Financial Development

Development Finance

Company Valuation and Performance

Accounting and Corporate Governance

Postgraduate Programmes in Economics and Finance | 7


Where to Find Us

For further information about Brunel University, or about accommodation, fees and finance, requirements for entry into the United Kingdom etc, or for a copy of the prospectus, contact: Course Enquiries Brunel University, Uxbridge, Middlesex, UB8 3PH

Tel: +44 (0)1895 265154

Web: www.brunel.ac.uk

Every effort has been made to ensure the accuracy of the information in this brochure and the University will take all reasonable action to deliver these services in accordance with the descriptions set out in it. However, the University reserves the right to vary these services, using all reasonable efforts to offer a suitable alternative. All cost, rates and prices stated in this brochure are subject to amendment and should be taken as a guide only. Students are encouraged to familiarise themselves with the University’s summary of terms which is published on the web at www.brunel.ac.uk/about/administration before accepting a place.

135595 070710

Postgraduate programmes in Economics and Finance  

Postgraduate programmes in the Economics and Finance Department of Brunel University