Opetussuunnitelmat

Objective

In the Finance and Corporate Governance Academic Track you will be exploring the following questions invariable during your studies, research, and projects. The answers to these questions will help you to learn, understand and apply various skills in the field of academia and corporate sector in the future, though the journey is endless.
- What is the nature and structure of modern-day corporates (particularly the global ones)?
-What are the sources of planning, strategies, and leadership of corporates?
- What is the various board of directors' dynamics concerning their functions and corporate policy, planning, and decision making?
- How do corporates raise their finances and then invest them?
- How do corporates/individuals create their financial portfolio (comprising of stocks, currencies, derivatives, and commodities) and trade to maximize their wealth?
- What are the dynamics of capital structure, taxation, mergers and acquisitions (M&A) and valuation of corporates?
- Do accounting and financial information reflect the true picture of corporates? Can data be manipulated? If yes, then why do managers resort to such practices? How can such manipulations be detected?
-What type of financial risks corporates are exposed to? How are such risks managed?
-What is the role of financial technology (FINTECH) in financial management and corporate governance?
You will explore many more questions by understanding core conceptual knowledge and building practical skills. The combination of concepts and practical skills helps immensely in the successful completion of their academic track including corporate projects, internships, and theses. Similarly, skills and knowledge acquired in Finance and Corporate Governance Academic Track give an edge in the job market and post-graduate studies.
The academic track is in sync with the Financial Management course, and those students who are studying Financial Management course will have definitely get more opportunities to learn various aspects of academic track.
Course contents
Industry, company and competitive financial analysis, corporate valuation, dynamics of mergers and acquisitions (M&A), financing choice in the light of taxation and bankruptcy costs, financial ratios analysis, cost of capital using relevant benchmarks and risk profiles of firms. These topics are directly related to the Consolidation Project.
International financial markets, corporate risk management, taxation in cross-border operations, issues pertaining to corporate ethics and responsibility, sustainable finance, financial statement analysis, quantitative financial analysis, investment analysis, financial risk management, research methods in finance and investment, portfolio investment management, strategic management accounting, financial forecasting, financial institutions and markets, capital investment appraisal, managerial incentives and motivations, corporate & entrepreneurial finance, theories and practices of corporate governance, functioning of internal control mechanisms (e.g. internal audit, audit committees etc.) in the domain of overall audit process, understand functioning of external corporate governance mechanisms, executive compensation, dynamics of minority shareholders and expropriation of the firm value for private use, regulatory and legal aspects of corporate governance, behavioral finance, and the role and relevance of new technological developments taking place in the field of Finance and Corporate Governance such as Cryptocurrencies, Blockchains, Artificial Intelligence, Digitalization and Automation and FINTECH in general.

The course aims to develop the following COMPETENCES:
Learning to learn-
You develop critical and analytical mindset that helps you to study and review existing knowledge in the light of relevant learning resources and learning methods; incentivizes you to acquire new knowledge; and develops your intellectual capabilities to seek conclusions and draw inferences in various contexts.
To achieve this competence, you will:
– learn to formulate relevant questions and seek information,
-review relevant theoretical, and empirical literature to comprehend diverse perspectives and evaluate, and interpret arguments and counter-arguments,
-understand new developments in your field of study and make informed decisions based thereon.
- acquire the researcher’s mindset to problematize, explore and understand real-life phenomena especially in the academic track system.

Proactive development-
You develop solutions in the light of current as well as anticipated situations and challenges in business by applying knowledge, critical reasoning and analytical skills. You ensure that these solutions are feasible, relevant, creative, user-friendly, and sustainable as well as underline active cooperation amongst different actors.
To achieve this competence, you will:
- apply existing knowledge and utilize relevant research methods including digital technology in development projects,
-interpret new evidence in the light of existing body of knowledge, make comparisons and draw inferences,
- express your intellectual contribution through scientific or professional writings,
-understand utility, creativity, viability, scalability, and sustainability of new solutions.

Internationality and multiculturalism-
You work in multicultural and international environments and networks in order to develop knowledge and communication skills as well as develop empathy and appreciation for other cultures. You communicate responsibly and effectively in English through written, verbal, non-verbal and digital formats individually as well as a team member in diverse settings.
To achieve this competence, you will:
-be familiar with the impact of your cultural background on your actions and be able to effectively and productively function in your work community that explicitly recognizes the relevance of multiculturalism,
-demonstrate meaningful intercultural teamwork, including the roles of leadership and conflict resolution, in order to develop creative solutions carrying multicultural underpinnings,
-be able to experience group learning and share best practices in international settings,
- learn to communicate ideas and solutions effectively in the context of various subjects, multiple purposes, and a wide range of audience both individually as well as in a group,
- initiate and engage constructive dialogues among relevant stakeholders to accomplish desired goals for multiple purposes and communicate ideas and solutions to a wide range of audience including both individuals and groups,
-learn to be ‘active listener’ to understand diverse perspectives, and points of view in accurate, unbiased, and critical manner,
-learn various aspects of digital media.

Ethics-
You benchmark and demonstrate ethical and responsible conduct according to the well-established principles, norms and best practices laid down by relevant national and international bodies and organisations.
To achieve this competence, you will:
-understand and apply the well-established principles of responsible conduct in research, and problem solving,

-adhere to the principles of equity, equality, and non-discrimination,

-take responsibility for your own actions and their consequences and reflect on them in accordance with the relevant ethical principles, norms, and practices,

- develop realization of diversity and accessibility in your actions.

Sustainable development-
You develop an understanding, vision, and appreciation for sustainability that affect personal, and professions lives, local communities, and global society at large. You study and explore linkages between multiple aspects of sustainability and business.

To achieve this competence, you will:

-understand the concept and principles of sustainable development in the context of business,

-recognize sustainability challenges and their consequences for businesses, local communities, and global society,

-use your accumulated knowledge and skills to create and implement sustainable solutions to solve business problems.

IB competence:
Responsible international business management-
You develop your intellectual capabilities to seek conclusions and draw inferences in an international environment to become responsible manager. You develop creative and insightful solutions to solve complex business problems both in the present and the future with explicit emphasis on local and international standards of ethics, responsibility, and sustainability and implications on various stakeholders.
To achieve this competence, you will:
-study developments in your discipline in the international learning milieu and understand various aspects of responsible business management including global business trends and competitive landscape.
-derive and interpret new evidence and compare them with the existing body of knowledge in the global context to draw useful inferences,
- critically assess the implications of actions and decision of the international organisations.
-understand the impact of the of the actions and decisions on the community, in general, and specific stakeholders, in particular.
-understand core aspects of people management in the international business environment.

Content

Financing international trade, international financial markets, exchange rate risk management, corporate risk management, taxation in cross-border operations, multinational financial statement analysis, quantitative financial analysis, investment analysis, strategic management accounting, financial forecasting, financial institutions and markets, capital investment appraisal and real assets valuation, financial ratios analysis, cost of capital using relevant benchmarks and risk profiles of firms, financing choice in the light of taxation and bankruptcy costs, managerial incentives and motivations, dynamics of mergers and acquisitions (M&A), theories and practices of corporate governance, functioning of internal control mechanisms (e.g. internal audit, audit committees etc.) in the domain of overall audit process, understand functioning of external corporate governance mechanisms, executive compensation, dynamics of minority shareholders and expropriation of the firm value for private use, regulatory and legal aspects of corporate governance, cryptocurrencies trading and valuation, blockchains, artificial intelligence in finance sector, digitalization and automation; ESG Scores, Ethics, Responsibility and Sustainability issues of firms, Circular Economy.

Location and time

The course begin in the autumn and continues to spring. There will be a two-hour long lecture and one hour of data analysis lab session per week. This is an in-classroom course. Attendance is mandatory. Unauthorized absences exceeding two can lead to removal from the course.

Oppimateriaali ja suositeltava kirjallisuus

Lecture slides, case studies, spreadsheets, textbooks, research articles, videos, assignments, online resources etc. Please check learning platform on regular basis.

Main text books
-Richard A. Brealey, Stewart C. Myers and Franklin Allen, Principles of Corporate Finance, 13th Edition (2019). The McGraw-Hill.
- Stephen Ross and Randolph Westerfield and Jeffrey Jaffe and Bradford Jordan, Corporate Finance, 12th Edition (2018). The McGraw-Hill.
- Jonathan Berk and Peter DeMarzo, Corporate Finance, 5th Edition (2020). Pearson.

Other books
-Mark Grinblatt and Sheridan Titman, Financial Markets & Corporate Strategy,
- Glen Arnold, Corporate Financial Management
- Stephen Lofthouse, Investment Management
- Jeff Madura, International Financial Management
-Or any other text on introductory Financial Management

On-line sources
• https://www.youtube.com/channel/UCeZf5FUwF9LrvdnjXhiCGKQ/videos
The above channel is run by the lecturer himself.
• https://www.investing.com/
• https://uk.finance.yahoo.com/
• https://finance.yahoo.com/
• http://www.nasdaqomxnordic.com/
• http://www.worldbank.org/
• http://www.oecd.org/
• https://www.bloomberg.com/
• https://www.reuters.com/
• https://www.bbc.com
• http://ssrn.com
• http://www.imf.org
• http://www.ifc.org
• http://www.nytimes.com

Teaching methods

The primary modes of delivery are face-to-face learning (lectures, workshops, presentations), and occasional distance learning (e.g. online lectures and presentations) and hyflex learning mode.

Employer connections

There are possibilities of having corporate projects and practical training related to the academic track.

International connections

There are possibilities of having collaborations with other universities in Finland and abroad with respect to joint research, and corporate projects.

Student workload

You will be required to required to invest 135 hours approximately and the break up of the total time is as below:
Lectures: 40 hours
Data Analysis Lab Session: 15 Hours
Assignment Preparations: 30 Hours
Research Plan Preparations: 40 Hours
Miscellaneous: 10 Hours

Evaluation scale

0-5

Arviointikriteerit, tyydyttävä (1-2)

Course assessment is based on written reports, presentations, thesis and projects

How learning will be assessed:
The general criteria of the competences of the Bachelor's Degrees awarded by Finnish Universities of Applied Sciences.
The learning outcomes of individual courses are assessed in relation to the objectives of the course concerned. Assessment is based on knowledge, skills and competence in accordance with the National and European Qualifications Framework, level 6.

You will get a grade of ‘one' or 'two' if you are able to demonstrate a basic level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and
Internationality and multiculturalism

Arviointikriteerit, hyvä (3-4)

Course assessment is based on written reports, presentations, thesis and projects

You will get a grade of ‘three' of 'four' if you are able to demonstrate a good level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and
Internationality and multiculturalism

Assessment criteria, excellent (5)

Course assessment is based on written reports, presentations, thesis and projects

How learning will be assessed:
The general criteria of the competences of the Bachelor's Degrees awarded by Finnish Universities of Applied Sciences.
The learning outcomes of individual courses are assessed in relation to the objectives of the course concerned. Assessment is based on knowledge, skills and competence in accordance with the National and European Qualifications Framework, level 6.

You will get a grade of ‘five’ if you are able to demonstrate an excellent level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management

and good level of Ethics and Internationality and multiculturalism

Further information

Career Path
Finance and Corporate Governance track support students to understand various dynamics of finance and governance, and their combined effect on corporate strategy and risk management of, both SMEs and MNCs. Students choose to analyze several aspects of financial markets, financial risk assessment, portfolio management, capital structure and taxation, mergers and acquisitions (M&A), corporate valuation, accounting/financial manipulations and financial frauds. Students get several opportunities to work with corporates including big and small organizations and these include start-ups, investment funds, banks, other universities and professional bodies. For example, during the last couple of years, we have accomplished two mega project competitions, "International Auditing Project" and "Project Consolidation", which aimed to provide a platform for students to apply their knowledge and skills in an international as well as competitive environment.
This track aims to tailor a clear alignment between classroom studies, projects, and theses. After successful completion of their studies, students are expected to create their career path in retail, and investment banking, insurance, wealth management, equity analyses, corporate finance of SMEs, and MNCs and academia.

Objective

In the Finance and Corporate Governance Academic Track you will be exploring the following questions invariable during your studies, research, and projects. The answers to these questions will help you to learn, understand and apply various skills in the field of academia and corporate sector in the future, though the journey is endless.
- What is the nature and structure of modern-day corporates (particularly the global ones)?
-What are the sources of planning, strategies, and leadership of corporates?
- What is the various board of directors' dynamics concerning their functions and corporate policy, planning, and decision making?
- How do corporates raise their finances and then invest them?
- How do corporates/individuals create their financial portfolio (comprising of stocks, currencies, derivatives, and commodities) and trade to maximize their wealth?
- What are the dynamics of capital structure, taxation, mergers and acquisitions (M&A) and valuation of corporates?
- Do accounting and financial information reflect the true picture of corporates? Can data be manipulated? If yes, then why do managers resort to such practices? How can such manipulations be detected?
-What type of financial risks corporates are exposed to? How are such risks managed?
-What is the role of financial technology (FINTECH) in financial management and corporate governance?
You will explore many more questions by understanding core conceptual knowledge and building practical skills. The combination of concepts and practical skills helps immensely in the successful completion of their academic track including corporate projects, internships, and theses. Similarly, skills and knowledge acquired in Finance and Corporate Governance Academic Track give an edge in the job market and post-graduate studies.
The academic track is in sync with the Financial Management course, and those students who are studying Financial Management course will have definitely get more opportunities to learn various aspects of academic track.
Course contents
Industry, company and competitive financial analysis, corporate valuation, dynamics of mergers and acquisitions (M&A), financing choice in the light of taxation and bankruptcy costs, financial ratios analysis, cost of capital using relevant benchmarks and risk profiles of firms. These topics are directly related to the Consolidation Project.
International financial markets, corporate risk management, taxation in cross-border operations, issues pertaining to corporate ethics and responsibility, sustainable finance, financial statement analysis, quantitative financial analysis, investment analysis, financial risk management, research methods in finance and investment, portfolio investment management, strategic management accounting, financial forecasting, financial institutions and markets, capital investment appraisal, managerial incentives and motivations, corporate & entrepreneurial finance, theories and practices of corporate governance, functioning of internal control mechanisms (e.g. internal audit, audit committees etc.) in the domain of overall audit process, understand functioning of external corporate governance mechanisms, executive compensation, dynamics of minority shareholders and expropriation of the firm value for private use, regulatory and legal aspects of corporate governance, behavioral finance, and the role and relevance of new technological developments taking place in the field of Finance and Corporate Governance such as Cryptocurrencies, Blockchains, Artificial Intelligence, Digitalization and Automation and FINTECH in general.

The course aims to develop the following COMPETENCES:
Learning to learn-
You develop critical and analytical mindset that helps you to study and review existing knowledge in the light of relevant learning resources and learning methods; incentivizes you to acquire new knowledge; and develops your intellectual capabilities to seek conclusions and draw inferences in various contexts.
To achieve this competence, you will:
– learn to formulate relevant questions and seek information,
-review relevant theoretical, and empirical literature to comprehend diverse perspectives and evaluate, and interpret arguments and counter-arguments,
-understand new developments in your field of study and make informed decisions based thereon.
- acquire the researcher’s mindset to problematize, explore and understand real-life phenomena especially in the academic track system.

Proactive development-
You develop solutions in the light of current as well as anticipated situations and challenges in business by applying knowledge, critical reasoning and analytical skills. You ensure that these solutions are feasible, relevant, creative, user-friendly, and sustainable as well as underline active cooperation amongst different actors.
To achieve this competence, you will:
- apply existing knowledge and utilize relevant research methods including digital technology in development projects,
-interpret new evidence in the light of existing body of knowledge, make comparisons and draw inferences,
- express your intellectual contribution through scientific or professional writings,
-understand utility, creativity, viability, scalability, and sustainability of new solutions.

Internationality and multiculturalism-
You work in multicultural and international environments and networks in order to develop knowledge and communication skills as well as develop empathy and appreciation for other cultures. You communicate responsibly and effectively in English through written, verbal, non-verbal and digital formats individually as well as a team member in diverse settings.
To achieve this competence, you will:
-be familiar with the impact of your cultural background on your actions and be able to effectively and productively function in your work community that explicitly recognizes the relevance of multiculturalism,
-demonstrate meaningful intercultural teamwork, including the roles of leadership and conflict resolution, in order to develop creative solutions carrying multicultural underpinnings,
-be able to experience group learning and share best practices in international settings,
- learn to communicate ideas and solutions effectively in the context of various subjects, multiple purposes, and a wide range of audience both individually as well as in a group,
- initiate and engage constructive dialogues among relevant stakeholders to accomplish desired goals for multiple purposes and communicate ideas and solutions to a wide range of audience including both individuals and groups,
-learn to be ‘active listener’ to understand diverse perspectives, and points of view in accurate, unbiased, and critical manner,
-learn various aspects of digital media.

Ethics-
You benchmark and demonstrate ethical and responsible conduct according to the well-established principles, norms and best practices laid down by relevant national and international bodies and organisations.
To achieve this competence, you will:
-understand and apply the well-established principles of responsible conduct in research, and problem solving,

-adhere to the principles of equity, equality, and non-discrimination,

-take responsibility for your own actions and their consequences and reflect on them in accordance with the relevant ethical principles, norms, and practices,

- develop realization of diversity and accessibility in your actions.

Sustainable development-
You develop an understanding, vision, and appreciation for sustainability that affect personal, and professions lives, local communities, and global society at large. You study and explore linkages between multiple aspects of sustainability and business.

To achieve this competence, you will:

-understand the concept and principles of sustainable development in the context of business,

-recognize sustainability challenges and their consequences for businesses, local communities, and global society,

-use your accumulated knowledge and skills to create and implement sustainable solutions to solve business problems.

IB competence:
Responsible international business management-
You develop your intellectual capabilities to seek conclusions and draw inferences in an international environment to become responsible manager. You develop creative and insightful solutions to solve complex business problems both in the present and the future with explicit emphasis on local and international standards of ethics, responsibility, and sustainability and implications on various stakeholders.
To achieve this competence, you will:
-study developments in your discipline in the international learning milieu and understand various aspects of responsible business management including global business trends and competitive landscape.
-derive and interpret new evidence and compare them with the existing body of knowledge in the global context to draw useful inferences,
- critically assess the implications of actions and decision of the international organisations.
-understand the impact of the of the actions and decisions on the community, in general, and specific stakeholders, in particular.
-understand core aspects of people management in the international business environment.

Content

Financing international trade, international financial markets, exchange rate risk management, corporate risk management, taxation in cross-border operations, multinational financial statement analysis, quantitative financial analysis, investment analysis, strategic management accounting, financial forecasting, financial institutions and markets, capital investment appraisal and real assets valuation, financial ratios analysis, cost of capital using relevant benchmarks and risk profiles of firms, financing choice in the light of taxation and bankruptcy costs, managerial incentives and motivations, dynamics of mergers and acquisitions (M&A), theories and practices of corporate governance, functioning of internal control mechanisms (e.g. internal audit, audit committees etc.) in the domain of overall audit process, understand functioning of external corporate governance mechanisms, executive compensation, dynamics of minority shareholders and expropriation of the firm value for private use, regulatory and legal aspects of corporate governance, cryptocurrencies trading and valuation, blockchains, artificial intelligence in finance sector, digitalization and automation; ESG Scores, Ethics, Responsibility and Sustainability issues of firms, Circular Economy.

Location and time

The course begin in the autumn and continues to spring. There will be a two-hour long lecture and one hour of data analysis lab session per week.

Oppimateriaali ja suositeltava kirjallisuus

Lecture slides, case studies, spreadsheets, textbooks, research articles, videos, assignments, online resources etc. Please check learning platform on regular basis.

Main text books
-Richard A. Brealey, Stewart C. Myers and Franklin Allen, Principles of Corporate Finance, 13th Edition (2019). The McGraw-Hill.
- Stephen Ross and Randolph Westerfield and Jeffrey Jaffe and Bradford Jordan, Corporate Finance, 12th Edition (2018). The McGraw-Hill.
- Jonathan Berk and Peter DeMarzo, Corporate Finance, 5th Edition (2020). Pearson.

Other books
-Mark Grinblatt and Sheridan Titman, Financial Markets & Corporate Strategy,
- Glen Arnold, Corporate Financial Management
- Stephen Lofthouse, Investment Management
- Jeff Madura, International Financial Management
-Or any other text on introductory Financial Management

On-line sources
• https://www.youtube.com/channel/UCeZf5FUwF9LrvdnjXhiCGKQ/videos
The above channel is run by the lecturer himself.
• https://www.investing.com/
• https://uk.finance.yahoo.com/
• https://finance.yahoo.com/
• http://www.nasdaqomxnordic.com/
• http://www.worldbank.org/
• http://www.oecd.org/
• https://www.bloomberg.com/
• https://www.reuters.com/
• https://www.bbc.com
• http://ssrn.com
• http://www.imf.org
• http://www.ifc.org
• http://www.nytimes.com

Teaching methods

The primary modes of delivery are face-to-face learning (lectures, workshops, presentations), distance learning (e.g. online lectures and presentations) and hyflex learning mode.

International connections

There are possibilities of having collaborations with other universities in Finland and abroad with respect to joint research, and corporate projects.

Student workload

You will be required to required to invest 135 hours approximately and the break up of the total time is as below:
Lectures: 40 hours
Data Analysis Lab Session: 15 Hours
Assignment Preparations: 30 Hours
Research Plan Preparations: 40 Hours
Miscellaneous: 10 Hours

Evaluation scale

0-5

Arviointikriteerit, tyydyttävä (1-2)

Course assessment is based on written reports, presentations, thesis and projects

How learning will be assessed:
The general criteria of the competences of the Bachelor's Degrees awarded by Finnish Universities of Applied Sciences.
The learning outcomes of individual courses are assessed in relation to the objectives of the course concerned. Assessment is based on knowledge, skills and competence in accordance with the National and European Qualifications Framework, level 6.

You will get a grade of ‘one' or 'two' if you are able to demonstrate a basic level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and
Internationality and multiculturalism

Arviointikriteerit, hyvä (3-4)

Course assessment is based on written reports, presentations, thesis and projects

You will get a grade of ‘three' of 'four' if you are able to demonstrate a good level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management
Ethics and
Internationality and multiculturalism

Assessment criteria, excellent (5)

Course assessment is based on written reports, presentations, thesis and projects

How learning will be assessed:
The general criteria of the competences of the Bachelor's Degrees awarded by Finnish Universities of Applied Sciences.
The learning outcomes of individual courses are assessed in relation to the objectives of the course concerned. Assessment is based on knowledge, skills and competence in accordance with the National and European Qualifications Framework, level 6.

You will get a grade of ‘five’ if you are able to demonstrate an excellent level of evidence in the following competences:
Proactive development
Responsible international business management
Sustainable development
Responsible international business management

and good level of Ethics and Internationality and multiculturalism

Further information

Career Path
Finance and Corporate Governance track support students to understand various dynamics of finance and governance, and their combined effect on corporate strategy and risk management of, both SMEs and MNCs. Students choose to analyze several aspects of financial markets, financial risk assessment, portfolio management, capital structure and taxation, mergers and acquisitions (M&A), corporate valuation, accounting/financial manipulations and financial frauds. Students get several opportunities to work with corporates including big and small organizations and these include start-ups, investment funds, banks, other universities and professional bodies. For example, during the last couple of years, we have accomplished two mega project competitions, "International Auditing Project" and "Project Consolidation", which aimed to provide a platform for students to apply their knowledge and skills in an international as well as competitive environment.
This track aims to tailor a clear alignment between classroom studies, projects, and theses. After successful completion of their studies, students are expected to create their career path in retail, and investment banking, insurance, wealth management, equity analyses, corporate finance of SMEs, and MNCs and academia.