For five countries of your choice, collect annual data on macroeconomic variables (and political variables if you wish) for at least a 10 year period (which must end in 2013 or 2014, i.e. the most recent available data). Using this data, design and estimate a model to produce sovereign ratings for each country for each year.
There is documentation available on the websites of Standard & Poor’s, Moody’s, and Fitch rating agencies which will assist you in this task.
Topic I: Literature Review
Answer EITHER (A) OR (B):
(A)
Critically analyse the evidence from the research literature (academic journal articles) on the financial market impact of credit ratings actions.
Your answer must focus on at least two of the following: (i) equity markets; (ii) bond markets; (iii) credit derivatives; (iv) the foreign exchange market; (v) cross-country spillovers.
(B)
Answer BOTH parts (i) and (ii).
(i) Critically analyse the evidence from the research literature on split credit ratings. Your answer should include a focus on how financial markets deal with split ratings.
(50% weighting).
(ii) Critically analyse the evidence from the research literature on the relative liming of rating agencies’ actions i.e. the ratings lead-lag literature.
(50% weighting).
C1: Empirical research
If you choose to do this assessment you are required to design and carry out an event study that analyses the impact that the announcement of mergers and acquisitions (M&A) has on the share prices of acquirer and target companies. You will find the relevant M&A data using Thomson Banker, as instructed during the lecture.
Your aim is to analyse the impact of an M&A announcement on acquiring and target firms separately, thus allowing you to compare the impact of M&A announcements on acquiring vs target firms. The announcement dates should be restricted to 1st January 2014 to 31st December 2014.
You will need to read a synopsis of previous literature examining share price reaction around M&A to fully understand how to set up your hypotheses and methods of enquiry and should discuss the literature briefly in your report. Links to relevant papers will be put on Blackboard. The marking grid for the empirical research is attached.
You need to find announcement data for 50 acquiring firms, and for 50 target firms (100 in total). It should select target and acquiring firms from the same country i.e. UK.
You will need to conduct two separate searches for the M&A data on Thomson, one for acquiring firms, and the second for target firms. You then need to gather the share price data for your observations, along with the closing prices for an appropriate stock index, i.e. for the UK it can be the FTSE all-share index, or for the USA the S&P 500 index.
Individual End-of-module Report
In the role of a management consultant, prepare a succinct and detailed business report for the Board of Directors of your chosen company report aimed at the Board of Directors. Extend your research from coursework 1 on financial analysis of the performance of your company to include financial and non-financial performance indicators; design a balanced scorecard and linked strategy map and evaluate the techniques used.
You are required to use the same company as in coursework 1 but permitted to choose a different company only in exceptional circumstances (for example if the company is no longer trading). Please consult the latest List of Organisations that can be used. This is contained in CW1 instructions document. Your seminar tutor will approve your choice of organisation sub-unit for CW2.
The vision, strategy or goal that you identify can be published by the organisation (e.g. in their Annual Report) or identified by yourself as appropriate for the organisation.
company choose BT
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There are two types of assignment for each of A1, C1 and D1, and each student will complete one assignment of each type:
– a review of literature, part of which is assigned in a reading list,
– a report on empirical research carried out by the student with direction provided by the seminar leader(s).
Empirical research
If you choose to do this assessment you are required to design and carry out an event study that analyses the impact that the announcement of mergers and acquisitions (M&A) has on the share prices of acquirer and target companies. You will find the relevant M&A data using Thomson Banker, as instructed during the lecture.
Your aim is to analyse the impact of an M&A announcement on acquiring and target firms separately, thus allowing you to compare the impact of M&A announcements on acquiring vs target firms. The announcement dates should be restricted to 1st January 2014 to 31st December 2014.
You will need to read a synopsis of previous literature examining share price reaction around M&A to fully understand how to set up your hypotheses and methods of enquiry and should discuss the literature briefly in your report. Links to relevant papers will be put on Blackboard. The marking grid for the empirical research is attached.
You need to find announcement data for 50 acquiring firms, and for 50 target firms (100 in total). It should select target and acquiring firms from the same country i.e. UK.
You will need to conduct two separate searches for the M&A data on Thomson, one for acquiring firms, and the second for target firms. You then need to gather the share price data for your observations, along with the closing prices for an appropriate stock index, i.e. for the UK it can be the FTSE all-share index, or for the USA the S&P 500 index.
Each member of the group should be allocated one of the views identified in the previous
Documents （Coursework 1) and produce an individual portfolio (view specific physical and logical DFDs). This portfolio must contain a full description of the individual view and clear
justification of all your interpretations (around 2000 words).
Extra required:
1. 2000 words need to write the relationship between delivery staff and Store Staff, Back Office, Post Office
2. need to draw a relationship pic and table
3. the structure and the pic / table pls follow the sample.
4. It is report, so no need reference.
This assignment aims to develop your skills in engaging critically with academic literature and will also familiarise you with a key scholarly database. The information literacy assignment will involve an analysis of journal articles that cite a key reference in the literature relevant to this module. Students will identify a number of citing papers, discuss the reason(s) why these have cited the key reference, and explore the extent to which they provide useful information additional to that in the original source.
ASSESSMENT 1: LEGAL SYSTEM & CONTRACT
please complete ABSTRACT, INTRO,Conclusion for total 400 words and Application of Principles for 600 words
Research current approaches to the transformation of corporate strategy into programme/project strategy. Compare and contrast those different approaches. (30%)
Then:
(l) Suggest the types of scenarios in which certain approaches might be more appropriate than others. Use examples from the public domain to illustrate your answer.
(II) Discuss how effective these approaches were and how they might have been managed differently (if at all). (70%)