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Master of Commerce - Finance

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  • Objectives
    On successful completion of this course, students should be able to: * Apply the necessary analytical skills and techniques to critically assess a wide range of issues in financial management; * Apply quantitative rigour in the assessment and analysis of financial research issues; * Demonstrate an advanced understanding of the fundamental principles of finance; * Critically evaluate the relevant scholarly literature in finance; * Identify, critically assess and interpret financial decision-making; * Analyse new financial issues and use financial data; * Design, conduct and report independent and original research on a closely-defined research project in the area of finance; and * Manage financial information effectively, including the application and advanced knowledge of computer systems and software, where appropriate to the students field of study and research report in finance.On successful completion of this course, students should be able to demonstrate the following attributes and skills: * Independent research; * Analysis, interpretation and synthesis of information; * Problem solving; * Time management, which should be developed through the research report and time spent on maximizing the quality of research; * Oral and written communication; * Team work; and * Using computer systems and software.
  • Academic Title
    Master of Commerce - Finance
  • Course description
    Core subject:

    Subject     Semester     Credit Points

    333-613  Foundations of Finance
    This subject involves a study of the theoretical underpinnings of modern finance. Topics covered include choice under uncertainty, portfolio theory, asset pricing models, option pricing models, investment evaluation, corporate financial policy, agenc...     Semester 1     12.50


    At least one quantitative subject selected from:

    Subject     Semester     Credit Points
    333-627  Numerical Techniques in Finance
    Numerical Techniques focuses on the theory and application of numerical methods for solving financial problems. The applications may include option valuation, value at risk, term structure modelling, portfolio simulation and optimization and capital ...     Semester 2     12.50

    316-635  Basic Econometrics
    This subject examines multiple regression analysis and its use in economics, management, finance, accounting and marketing. Topics will include the properties of estimators, hypothesis testing, specification error, multicollinearity, dummy variables,...     Semester 1     12.50

    316-637  Applied Microeconometric Modelling
    This subject examines estimation and testing of microeconometric models based on cross-section and panel data and quantitative and limited dependent variables. Illustrative application topics normally will include labour economics, consumer demand an...     Semester 2     12.50

    316-638  Time Series Analysis and Forecasting
    Normally topics will include current techniques used in forecasting in finance, accounting and economics such as regression models, Box-Jenkins, ARIMA models, vector autoregression, causality analysis, cointegration and forecast evaluation, ARCH mode...     Semester 2     12.50

    316-673  Financial Econometrics
    The subject presents an econometric treatment of topics in finance. Normally the finance topics will include portfolio theory, capital asset pricing models, arbitrage pricing theory, efficient markets hypothesis, covered interest parity, term structu...     Semester 2     12.50

    316-678  Econometric Techniques
    Estimation and inference techniques for models involving a single equation and systems of equations are introduced. Normally topics include asymptotic theory, maximum likelihood estimation, classical testing procedures, generalised least squares esti...     Semester 1     12.50

    Four elective subjects selected from:

    Subject     Semester     Credit Points
    333-615  International Business Finance
    Foreign exchange market microstructure; tests of parity relationships; measurement and management of foreign exchange exposure; international asset pricing models; international cost of capital and capital structure; international capital budgeting; ...     Semester 2     12.50

    333-617  Financial Institutions Management
    Objectives of financial institutions; principles of financial intermediation; liquidity management; interest rate risk management; market risk; VaR; credit risk modelling; the role of capital; efficiency in the financial services sector; financial in...     Semester 2     12.50

    333-618  Advanced Derivative Securities
    Arbitrage bounds, stock price dynamics, geometric Brownian motion and Itos Lemma, Cox-Ross-Rubinstein binomial model, Black-Scholes model, risk neutral valuation, forwards and futures, currency, stock index, futures and exotic options, Interest rate ...     Semester 1     12.50

    333-621  Advanced Corporate Finance
    A study of recent literature in a number of areas of corporate finance. Topics include: real options, mergers and acquisitions, capital structure decisions, dividend policy, security analysis and design and corporate hedging.     Semester 1     12.50

    333-622  Advanced Investments
    The principles and techniques of security pricing with particular emphasis on the latest research are examined. Topics include valuation, market microstructure, behavioural finance and asset pricing     Semester 1     12.50

    306-610  Financial Statement Analysis
    An examination of the role of financial statement information and analysis in the evaluation of the current profitability, liquidity and riskiness of public companies, and the prediction of their future condition by parties external to the firm. Topi...     Semester 1     12.50

    Students are encouraged to develop a program of study that is relevant to their academic and career objectives. To facilitate this, students may take other fourth year (level four), Masters (level six) or PhD (level seven) subjects offered at the University of Melbourne. Students must ensure that they meet the subject prerequisites. Approval of the Program Director of the Master of Commerce (Finance) is required.

    Research report and workshop (students must enrol in this subject in two consecutive semesters):

    Subject     Semester     Credit Points
    333-626  Research Report (Finance)
    The report not exceeding 10 000 words is to take the form of a research paper or a research report. The topic should be in a finance related area and must be approved by the Academic Coordinator.The Research Report component of the Master of Commerce...     Semester 1, Semester 2     25

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