preliminary research proposal

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TITLE: Financial Modelling and Research Methods

PRE-REQUISITES: None

CO-REQUISITES: BA7033 Research Project

MODULE SUMMARY (INDICATIVE)

The Financial Modelling and Research Methods module is a core module for the postgraduate modular finance scheme. The module has two parts. The first part provides an underpinning and understanding of numerical techniques used in the business and finance world to aid strategic decision making. It aims to provide students with the accounting, mathematical and statistical foundations that are necessary in the areas of accounting and finance. The second parts deals with an understanding of research methodology and the research methods and skills that the students will need to complete their research project successfully during the summer period.

AIMS(DEFINITIVE)

The aims of this module are to:

· develop an underpinning and understanding of numerical techniques used in the accounting and finance world to aid strategic decision making;

· enable students with the accounting, mathematical, and statistical foundations that are necessary in the areas of accounting and finance;

· provide students with computer and research skills required by employers in this highly competitive sector.

LEARNING OUTCOMES(DEFINITIVE)

On successful completion of the module, students will be able to understand and apply the key concept of:

· explain and apply numerical techniques used in the accounting and finance world to aid strategic decision making;

· explain and apply the mathematical and statistical foundations that are necessary in the areas of accounting and finance;

· demonstrate computer and research skills in the areas of accounting and finance;

· show an analytical comprehension of the role of quantitative methods in accounting and finance.

CURRICULUM CONTENT (INDICATIVE)

· Introduction to spreadsheets for accounting and finance

· Financial mathematics: simple and compound interest, discounting, present value; continuous compound interest rates; investment appraisal; repayment schemes (annuities and other financial instruments).

· Probability and it’s application to accounting and finance:

· Descriptive and inferential statistics and their application in accounting and finance:

· Describing and summarising accounting, financial and economic (stock market) data;

· Critical understanding and evaluation of the Time Value of Money;

· The principles of accounting and finance;

· Techniques for identifying researchable problems and refining initial ideas to researchable topics.

· Research design: developing a coherent proposal linking aims, data requirements, and methods of collection and analysis; understanding issues of validity; generic types of research objective; general types of research design (experimental, quasi-experimental, non-experimental); scope of design in business and organisational contexts

· Searching and reviewing the literature; the Harvard system of referencing

· Methods of data collection and analysis, e.g., self-completion questionnaires, interviews, focus groups, observation; use of databases, e.g. Datastream, Bloomberg, FAME; use of software for data analysis, e.g. SPSS, STATA, Eviews, Mathlab. Implications for generalisabilty, validity and reliability

· Introduction to methods for reorganisation, reduction and analysis of non-numerical data

· Writing the research proposal and dissertation and presenting the results/findings

Teaching and Learning Strategy (Indicative)

Each week there will be a three-hour computer-lab based class, combining lectures, group discussions and case studies. Students will be expected to read articles from relevant academic journals and analyze them in preparation for group discussions. Students will be expected to read widely by weekly references to the academic literature and the financial press. Lecture overheads and seminar materials will be available via Student Space.

In addition, the students will be provided necessary practical sessions on how to collect data from the BLOOMBERG, THOMSON, DATASTREAM, HYDRA and FAME financial databases, and also how to analyse data by using Excel, SPSS, STATA, eViews, MathLab so that they can make substantial use of them for their respective research.

BREAKDOWN OF TEACHING AND LEARNING HOURS

(number of credits x 10)

ASSESSMENT STRATEGY (INDICATIVE)

There are two summative assessments in this module, one is an individual lab-based assessment, and the other is an individual research proposal. The lab-based assessment will require use of computer programs to assess computer skills and will assess knowledge and application of various quantitative methods to finance and accounting problems. The research proposal will include a statement of the aims of the research, the research questions, a preliminary review of the literature, justification for the chosen methods of data collection and analysis, and the proposed timetable and other considerations. The research proposal will assess the knowledge, understanding and application of research methods techniques and the ability to construct a valid research proposal for researchable problems and refining initial ideas to researchable topics. Detailed formal feedback will be provided to allow students to improve the relevant sections in their dissertation submission. The module is also assessed by a number of formative assessments which may take a variety of forms, such as preliminary research proposal for feed forward feedback, computer lab based tasks, and peer observation.

MAPPING OF LEARNING OUTCOMES TO ASSESSMENT STRATEGY (INDICATIVE)

BREAKDOWN OF MAJOR CATEGORIES OF ASSESSMENT

ACHIEVING A PASS

It is a requirement that the major assessment category must be passed.

BIBLIOGRAPHY (INDICATIVE):

Core Text(s):

Leedy Paul D., and Ormrod, J, E. Practical Research: Planning and Design (latest Edition)

Day, Alastair, (latest edition), Mastering Financial Mathematics in Microsoft Excel A Practical Guide for Business Calculations, latest Edition, FT Series

Benniga, Simon, (latest edition), Principles of Finance with Excel, Oxford University Press

Recommended Reading:

Benniga, Simon, Financial Modeling with CD ROM, MIT Press, Latest Edition

Field, A. (2000) Discovering Statistics Using SPSS for Windows, London: Sage.

Saunders, M., Lewis, P. and Thornhill, A. (2009) Research Methods for Business Students, 5th edition, Harlow: Pearson.

Hair, J. F., Anderson, R. E., Tatham, R. L. and Black, W. C. (latest edition) Multivariate Data Analysis, Upper Saddle River, New Jersey: Prentice Hall International.

Hart, C. (1998) Doing a Literature Review: Releasing the Social Science Research Imagination, London: Sage.

Blumberg, B., Cooper, D. R. and Schindler, P. S. (2005) Business Research Methods, Maidenhead: McGraw Hill Education.

Bryman, A. and Burgess, R. G. (eds) (1994) Analyzing qualitative data, London: Routledge.

Journals: Journal of Finance,

Journal of Banking and Finance

Journal of Financial Economics

Journal of Business, Finance and Accounting

Journal of Money, Credit and Banking

The Journal of Financial Services Research The Journal of Financial Intermediation The Service Industries Journal

Journal of Financial Engineering

Strategic Management Journal

Journal of International Business Studies

Brief Introduction to the Module: Subject Matter and Structure

PART ONE – Financial Modelling - is taught in Teaching Block 1. This part is concerned with teaching you how to apply relevant techniques to formalise and solve real-world financial and accounting problems, providing you with quantitative and analytical skills vital for any career path the student of finance may choose to follow. Classes are all computer lab-based and introduce with concrete examples the key quantitative models that appear repeatedly in a variety of contexts in finance, accounting, and banking. Important aspects covered in Part One include financial mathematics, investment appraisal, portfolio analysis, valuation, asset pricing, financial options, as well as basics of data handling and linear regression. Part One implements all models in the common computer package, Microsoft Excel. Excel is chosen because of its popularity with practitioners within the areas, and its accessibility to students.

PART TWO – Research Methods – is taught in Teaching Block 2. Completing learning activities assigned in Part Two of the module equips you with skills necessary for successfully researching a topic for your dissertation project. Part Two supports your learning with lectures and computer lab-based sessions where main statistical techniques of analysis of financial and accounting data are introduced and explained. In addition, Part Two offers guidance on methodological principles of critical analysis and demonstrates how an effective review of relevant academic research that has already been undertaken by other people helps you identify a valid specific research question for your own dissertation.

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PART TWO: RESEARCH METHODS

2.1 Key dates and lecture programme

Your dissertation provides an opportunity to research an area of interest in depth. The research methods part of the module will introduce you to a range of commonly used approaches and a supervisor will be allocated to guide the development of your project. There will be three stages in the assessment process and you are strongly advised to note the following key dates in your diary.

Your dissertation carries a weighting of 30 credits, which represents 300 hours of study comprising:

· Attending the research methods lecture/workshops and associated independent study

· Writing your preliminary research proposal

· Writing your research proposal

· Meetings with your supervisor

· Collecting and analysing your research data

· Writing your dissertation

· Formal presentation of your dissertation (if required by your supervisor)

Your choice of topic may be inspired by current issues, but whatever the subject, your dissertation provides an opportunity to research a specific area in depth. It involves identifying a research problem or issue that merits investigation using recognised research methods. As the dissertation is an individual piece of work , significant emphasis will be placed on your ability to select and apply appropriate methods and manage your research. Regular meetings with your supervisor give opportunities for guidance and feedback on your progress. A further opportunity arises when you give your draft dissertation to your supervisor for comment before the submission date.

2.2.1 Developing transferable skills

This module is placed at the end of your degree programme, which allows you to draw on knowledge and experience acquired from earlier modules. This module will help you develop transferable skills such as how to:

· Search e-resources and printed publications for relevant information

· Make citations and references using the Harvard system of referencing (see section 2.4)

· Collect, collate and analyse information

· Write in an appropriate academic style.

These skills can be divided into those you develop from integrating and synthesising existing learning and those you gain from conducting research at Master’s level, on which you will draw throughout your career. This section focuses on the latter. In undertaking your dissertation, you will gain a rounded knowledge of research methods, and a more detailed knowledge of those you study in depth in order to apply them.

At some stage in your working life you are likely to be required to evaluate evidence presented in reports, write a critical evaluation of evidence, design and conduct a research study or commission such a project. Therefore the skills you develop during this module will be extremely useful in your future life. Existing or potential employers are usually very interested in your dissertation. As well as asking questions about what you investigated and what you found out, they are likely to be evaluating your ability to maintain your commitment to completing a major task, manage your time and analyse complex data.

2.2.2 Managing a major piece of independent work

The supervised development of your research proposal and ensuing research will enable you to become increasingly self-directed in your research activities. Independent learning will enable you to explore issues in depth and follow up areas of interest. Producing a high quality dissertation at Master’s level is a major challenge, but gives you experience of working on a large, complex and intellectually demanding task over a period of time. Moreover, it provides an opportunity to design a study that will be of interest and value to you and others that will enhance your employability.

2.2.3 Independent learning

The nature of a dissertation makes it both an exciting challenge and a daunting task; it gives you the opportunity to carry out an in-depth investigation into an area of your own choice. A dissertation is daunting because you have to be highly independent and motivate yourself to do the work and finish on time. Much of the underlying philosophy of the PGMFS is concerned with facilitating and developing independent learning. Whilst the concept of independent learning is familiar to you, the dissertation may still be a bit unnerving.

· It is the largest piece of independent learning you are required to undertake.

· It contributes substantially to your final mark.

· It is probably the only piece of work to give you so much freedom in the choice of topic and manner in which it is conducted.

· It has a longer time-scale for completion than previous assignments making it more difficult for you to manage and more easy for you to procrastinate.

· It usually has to be managed alongside other assignments which may be given priority.

The benefits of carrying out an independent research project are enormous. Students often find it the most rewarding part of their degree programme. This is because of the amount of learning that takes place in both the subject matter and the process. However, they would be the first to admit that they also found it challenging or difficult at times. They may even acknowledge that sometimes they did not know what they were doing or meant to be doing.

In order to become an effective researcher you need to develop a range of competencies. You need to understand the different approaches to research and the process of research. You also need to develop a number of specific techniques and critical intellectual functions. Additionally an effective researcher requires management skills. These include the need to manage yourself as well as administrating a large and complex research project. These skills can in turn be broken down. Project management will involve managing relationships, managing time, managing resources, managing information, planning etc. There are certain management skills that are required to be an effective researcher. As your dissertation is at the final stages of the programme, it is likely that you will have already developed many of these skills and learnt from your own experience. The skills we are referring to are managing yourself, managing your time, managing your research and managing relationships.

2.3.1 Managing yourself

By this stage in your studies, you will have realised the importance of being well organised. The kind of systems you set up will depend on the nature of your research, but the type of information management systems you will require may include:

· A diary and Gantt chart for planning the project

· Access to appropriate software programs with security firewall

· A system for storing and updating versions of your work and for keeping back-up files

· Hard and soft copy systems for keeping bibliographic references of your sources, correspondence, journal articles, etc.

2.3.2 Managing your time

Time management is another aspect of managing yourself. Anyone who has ever undertaken research at Master’s level will tell you that the process always takes longer than you expect. In order to manage your time effectively, you need to be clear about your priorities. How you plan your time depends on your lifestyle, your work commitments and your commitments to family and friends. It is not possible to tell you how to manage your time, as you must work out how you are going to achieve an appropriate work/life balance whilst you are studying this module and doing your dissertation.

2.3.3 Managing the research

Clearly, you will need to manage your research. You might like to think of it in terms of:

· Planning - Analysing the context, setting objectives and designing an appropriate course of action. (To some extent, this is what your dissertation proposal is designed for and this will be covered in more depth later).

· Managing - Identifying the work that needs to be done, dividing it into manageable chunks and setting an action plan and timetable.

· Monitoring - Checking that the research is on course and taking any remedial action to ensure you achieve your objectives.

Research is not an orderly, linear process involving a number of predetermined steps. In reality, you are likely to be modifying your ideas as you gain knowledge of the topic you are investigating and the methods you are planning to use.

2.3.4 Managing relationships

You will also need to manage relationships in connection with your research. For instance, if you are conducting interviews or using a questionnaire you will have to manage relationships with the interviewees, respondents and others. The relationship with your supervisor is discussed in section 3.

All forms of cheating are taken very seriously. Examples of cheating include:

· Taking unauthorised books, notes or other aids into a test or exam

· Communicating with another person in a test or exam

· Copying someone’s coursework or answers in a test or exam

· Allowing someone to copy your coursework or your answers in a test or exam.

There is another form of cheating called plagiarism, which refers to taking someone’s words, ideas or other information and passing them off as your own (further information on StudentSpace). It is totally unacceptable and the following table shows the penalties.

Source: ‘Academic Misconduct: Cheating in Assessment’, Academic Regulations, 2007, p. 9

Plagiarism can be avoided by using the Harvard system of referencing, which provides rules for making citations and references in the social sciences. It allows you to support your assertions by acknowledging your sources and shows the extent of your reading of high quality published sources.[footnoteRef:1] [1: Your lecturer’s slides are not a publication - you need to read the original sources cited in the slides.]

A citation is an acknowledgement in your text of the original source of quotations, statistics, theories, arguments, ideas or other information that you are using. Typically, you will have found the original sources of information in books, reports, articles, etc in hard copy or on the internet. Imagine you are writing a short essay on plagiarism among university students. Example 1 shows how you should make a citation to acknowledge the source of a quotation (ie where you have reproduced the author’s exact words and enclosed them in quotation marks). In this example, the citation includes the author’s surname, the year of the publication and the page number from which the quotation has been taken. This allows the reader to go straight to the page and read more.

Example 1. Citing the source of a quotation

‘Plagiarism is the act of taking someone’s words, ideas or other information and passing them off as your own because you fail to acknowledge the original source. It is a form of academic misconduct that is taken very seriously as it is the equivalent of stealing intellectual property’ (Collis and Hussey, 2009, p. 103). The Oxford Compact Dictionary & Thesaurus (1997, p. 565) defines the verb to plagiarise as to ‘take and use (another’s writings etc.) as one’s own’.

Example 2 shows how to make a citation in your text when you want to acknowledge the source of someone’s idea that you have expressed in your own words. There is no need to include the page number, as you are not quoting the authors’ exact words.

Example 2. Citing the source (no quotation)

Plagiarism is a form of cheating where the writer presents someone else’s work as if it were his or her own without indicating the source (Collis and Hussey, 2009). Some people are not aware of the repercussions of cheating. In most universities plagiarism is treated as a serious form of academic misconduct and Saunders, Lewis and Thornhill (2009) warn of the penalties.

References are a list at the end of the document of every source of information to which you have referred in the text. The list is headed ‘References’ and the sources of information are given in alphabetical order by the author’s surname. Example 3 shows how this is done.

Example 3. Listing the references

References

Collis, J. and Hussey, R. (2009) Business Research, (3rd edition), Basingstoke: Palgrave Macmillan.

Oxford Compact Dictionary & Thesaurus (1997), Oxford: Oxford University Press.

Saunders, M., Lewis, P. and Thornhill, A. (2009) Research Methods for Business Students (5th edition), Harlow: Pearson Education.

The details of Harvard system of referencing can be found in your StudentSpace.

In addition to the taught elements on this module, there are a number of other learning resources available to you. Some of these are described next.

2.5.1 Learning Resources Centre

The Learning Resources Centre (LRC) at Kingston Hill is the Nightingale Centre, which offers a range of learning resources, such as e-journals, Datastream, Thomson One Banker, FAME, Bloomberg, Mintel, and advice. Staff at the helpdesk on the ground floor can assist with general enquiries and may refer you to a senior information advisor if you need help with detailed subject enquiries. All staff can answer basic queries about using equipment, PCs and standard software. Additional support is also available on StudentSpace, under ‘Get Support’. ‘Your studies’ on StudentSpace provides information such as:

· Opening hours and how to make reservations or use the interlibrary loan service

· How to trace information in your subject area, with links to websites and subject gateways

· The name of the senior information advisor for accounting and finance

· Photocopying and information about copyright

· How to cite and reference material.

The Business and Law Academic Skills Centre (BLASC) is near the helpdesk on the ground floor of entrance of the Nightingale Centre. It offers help with numeracy, academic writing, referencing, information searching and study skills. For further information, see BLASC on StudySpace.

2.5.2 The research community

The research community is a potential source of support. You may be wondering what this has to do with you because the dissertation is an individual project and the importance of independent learning has been emphasised. However, you are not alone because all your fellow students and other researchers at Kingston University and other universities (both students and staff) are also conducting research. The research community includes people who are interested in the same ideas as you and can spark off ideas in discussion, have experience of particular research methods or software, can help with resources or access to information, or who are interested in collaboration.

2.5.3 Analytical software

Although the idea of software for analysing qualitative and quantitative data may sound appealing, you may need to invest a considerable amount of time to learn how to use it. You should also be aware that the software is only an aid to analysis and you still have to design the analysis. For example, Excel and SPSS can handle complex statistical analysis, but you still have to select the tests and interpret the output; Nvivo and Qualrus can help you identify and categorise themes in transcriptions of interviews, but you still have to interpret them. Depending on the type and quantity of qualitative data you are analysing, you may find it easier to conduct a manual analysis.

2.5.4 Lecturers’ research interests

You will meet many different lecturers during the course of your programme. Your lecturers and other academics with relevant research interests and expertise have suggested a number of research projects, which are available on StudySpace [Blackboard].

Your dissertation is your own work and your supervisor will provide only guidance while you plan and conduct your research, but it is your responsibility to manage the relationship. Therefore, you need to know what you can expect from your supervisor and what your supervisor will expect from you.

Phillips and Pugh (1987) suggest that students expect:

· their work to be read in advance of meetings

· their supervisor to be available at mutually agreed times

· their supervisor to be friendly, open and supportive

· their supervisor to be constructively critical

· their supervisor to have a good knowledge of the research process.

To meet these expectations a number of meetings need to be mutually agreed between the supervisor and student. It is important however to remember that your supervisor has a number of other commitments which include, teaching, administrative duties, personal research and, importantly, a right to some free time! Additionally you must recognise that supervisors have expectations of their students. Again drawing on Phillips and Pugh (1987) supervisors expect their students:

· to be independent learners

· to produce work for them to comment on

· to seek advice and comment on their work from peers and other students

· to listen to advice and make an informed decision before accepting or rejecting it

· to have regular meetings with their students

· to arrange and keep appointments or give notice of cancellations

· to be honest when reporting their progress

· to be interested and excited by their research.

All those supervising dissertations are very familiar with the process involved, but may not be experts in the precise area of your research. However, they will be able to point you in the right direction for finding out about your research area and help you to gain knowledge and expertise through your independent learning.

As soon as you know the name of your supervisor, please contact him or her. At your first meeting it may be useful to discuss arrangements for future meetings, the nature and timing of written material, and your expectations of each other. Help to ensure that your supervision sessions are an effective use of time for both of you by preparing for meetings, taking notes and writing them up. There are many different meeting models, depending on the supervisor and your particular degree. For instance, some supervisors may see their students in small groups, others individually. Please remember that it is your responsibility to contact your supervisor to arrange meetings.

You are expected to have up to five meetings with your supervisor and they should take place at the following stages:

· One meeting after you submit your preliminary research proposal: The meeting is to give you feedback on your preliminary research proposal and your research question(s), and is to allow you to discuss your draft research proposal.

· Three meetings after your proposal has been passed and before you submit your draft dissertation: Your supervisor will expect to see your research at various stages so that he or she can feedback and advice. For example, your supervisor may want to read your draft literature review and draft methodology chapter, as well as look at your research data as it is being collected and analysed. You may be asked to present some aspect of your research, perhaps with other supervisees doing similar research.

· A final meeting to give you feedback on your draft dissertation in time to make any amendments before the submission date: This is your last opportunity to receive critical comments and advice.

It is important that you remember that there are occasions when your supervisor will not be available and that you have realistic expectations of how quickly you can expect feedback. Thus it is important that you negotiate ground rules with your supervisor. To give you some guidance it would seem to be appropriate that:

· If you want a meeting you send a request by email at least a few days in advance of the proposed meeting, and be prepared that it might not be convenient.

· If you want comment on a piece of work you allow a minimum of 1-2 weeks for it to be returned to you. Remember during this period you will be continuing with other aspects of your research.

· You recognise that your supervisor needs to take a holiday and usually the only time this is possible is during July and August.

· If you have an appointment, you turn up at the right time. If you miss your appointment it will still count as one of your five meetings and your supervisor may refuse to make additional meeting to cover this.

· Take notes during the meeting and send a short email to your supervisor afterwards that summarises the main issues discussed and actions to be taken.

This means you need to plan your work and meetings in advance and keep your supervisor informed. If you are sending letters to organisations asking for interviews/data, or issuing a questionnaire, it is essential that they are vetted by your supervisor beforehand. As you are representing Kingston University, it is important that you create a good impression.

It is your responsibility to communicate with your supervisor. If you do not keep in touch with your supervisor your supervisor will assume that you are acting as your own supervisor and s/he may refuse to supervise you if you approach him/her at the last stage of your submission. Another issue to consider in relation to your supervisor is your ability to consult with him or her. Remember your supervisor is an important resource and it is recommended that you do not spend long periods away from the University during the time you are doing your research and writing it up. This is likely to jeopardise its successful completion.

4. Preliminary research proposal

Write a preliminary research proposal on a research problem or issue within your chosen topic. This is an individual assignment. You must acknowledge sources of all ideas, facts, quotations and other material using the Harvard system of referencing.

Your preliminary research proposal should include all the components of a valid research proposal under different sections and should demonstrate that you are capable of handling this proposal towards a successful completion of your dissertation. It must be word processed and presented as follows:

· Maximum 1,500 words. The word count excludes the references and should be shown at the end of the preliminary research proposal (before the list of references)

· The left-hand margin should be 4 cm and all other margins 2.5 cm.

· Font Times Roman 12 or similar

· 1.5 line spacing

· Paragraphs should not be indented. They should be separated by a line space

· Name and ID in the header and page number in the footer

· Complete the preliminary research proposal 5front sheet (available on StudySpace) and secure front sheet and all pages with one staple in the top left corner (no binding, plastic envelope or cover please).

Your preliminary research proposal must be submitted by placing it in the postgraduate assignment box by 9.00 am on Friday 23rd February 2018 . You must complete and attach the preliminary research proposal front sheet (available on StudySpace). You must also submit your work as a Word document via Turnitin on Canvas by the same deadline. Turnitin is a plagiarism checker. You can submit your work a few days before the deadline if you like, but you can only submit it once.

You must achieve a pass in this assignment before you can proceed to the research proposal.

4.3.1 Choosing a topic

Your choice of research topic should be relevant to your Masters degree.

Once you have chosen a topic, you need to consider what type of project is acceptable. There is a wide choice and the following list shows some of the more common types:

· An empirical study of a management, corporate, or financial market practice(s) where you base the investigation on some theory or theories and then collect some data in order to test the theory or theories. You might use quantitative data, qualitative data, or both. You might collect primary data directly from firms and/or analyse published data from e-databases or documents such as annual reports. Please note that access to people and organisations for collecting empirical data can be difficult and you would be wise to consider alternatives in case you have problems.

· An exploratory investigation that seeks to develop some theoretical or conceptual insights that does not involve testing some pre-existing theory.

· An extensive and critical evaluation of specific academic theories associated with a particular topic or issue. While such a project does not involve the collection and analysis of data, it is important that the issues associated with research methodology and methods (see below) are addressed explicitly and explored through the existing theories .

It is your responsibility to choose a topic and a working title for your dissertation. Your working title should be clear and specific and should reflect your aims and objectives of the research. Examples of their research interests and suggested research projects are on StudySpace [Blackboard]. You may find it useful to put your ideas on paper, as this can help you think rationally and provide a focus for discussion. Do not be afraid of following false trails at this stage; it is inevitable while you are becoming familiar with the literature.

When talking to the academic staff about your ideas, you may think you have identified a potential supervisor, but the allocation of a supervisor will be made by the module leader once you have submitted your preliminary literature review. Where possible, any expression of interest made by a potential supervisor will be taken into consideration (see section 4 for details of the role of the supervisor).

4.3.2 Searching and reviewing the literature

The purpose of your literature review is to show that you know the main literature on your research topic and that you have the intellectual capacity to evaluate it.

· Start by selecting only the material that is relevant to your topic and group the material into themes or categories. Use these themes to suggest subheadings in the main body of your literature review.

· Your introduction should provide a brief overview of key ideas and themes.

· In the main body of your literature review, compare and contrast the findings of key research studies, and comment on their methodological strengths and weaknesses. If the opinion of experts is relevant to the topic, distinguish between anecdotal data and empirical data. Narrow down to the studies that are most relevant to your research and set the context for your study. The main body of your literature review should lead to the identification of your research question(s).

· Your review of the literature should lead to the rationale for your study and the research question(s) you will address in your dissertation.

· Cite all your sources and show the list of references at the end of the assignment using the Harvard system of referencing.

Your preliminary research proposal will form a major part of your research proposal, which in turn will become part of your dissertation.

The assessment criteria for this assignment incorporate the characteristics identified by Hart (1998, p. 198) that a literature review should:

· Demonstrate a clear understanding of the research topic

· Identify the major studies relating to the research topic

· Draw clear and appropriate conclusions from prior research

· Clearly state the research problem or issue to be investigated

· Demonstrate the relevance and importance of the research problem or issue.

It should also demonstrate your proposed methodology and data deriving from literature.

BA7032 Assessment criteria for the preliminary research proposal

* Indicative

Write a research proposal for your study. This is an individual assignment. You must acknowledge sources of all ideas, facts, quotations and other material using the Harvard system of referencing.

Your research proposal should include all the components of a valid research proposal under different sections and should incorporate the feedback of your preliminary research proposal. It should clearly and precisely demonstrate that what you are doing in your research and how you are doing, and you are capable of handling your proposed methodology and data towards a successful completion of your dissertation. It must be word processed and presented as follows:

· Maximum 2,500 words. The word count should start at the beginning of your first chapter (it excludes the preliminary pages) and end on the last page of your last chapter (it excludes the references). Any footnotes or endnotes are included in the word count. Show the word count at the end of your last chapter (before the references).

· The left-hand margin should be 4 cm and all other margins 2.5 cm.

· Font Times Roman 12 or similar

· 1.5 line spacing

· Paragraphs should not be indented and should be separated by a line space

· Name and ID in the header and page number in the footer

· Complete the research proposal front sheet (available on StudySpace)

· Secure front sheet and all pages with one staple in the top left corner (no binding, plastic envelope or cover please).

Your final research proposal must be submitted by placing it in the postgraduate assignment box by 9.00 am on Friday 13th April 2018. You must complete and attach the research proposal front sheet (available on StudySpace Canvas). You must also submit your work as a Word document via Turnitin on Canvas by the same deadline. Turnitin is a plagiarism checker. You can submit your work a few days before the deadline if you like, but you can only submit it once.

You may have to achieve a minimum score on the Research Proposal in order to be allowed to proceed with your dissertation but you will not have an opportunity to resubmit your Research Proposal.

Writing a proposal is a crucial part of research. It is challenging is because you have to think through every step very thoroughly. Your research proposal should demonstrate that:

· You have a clear idea of what you intend to do and why it needs to be done.

· You know how you will collect and analyse data.

· You have a feasible timetable to complete the research.

This will take a considerable amount of time and effort. This will be worthwhile as it will help ensure your proposed research is appropriate and feasible. It will also form the basis of some of the chapters in your dissertation.

There are no hard and fast rules about how to structure a research proposal, but a typical structure is as follows:

· Front page – Your title needs to capture the essence of your proposed research in a few words. As you have already conducted a preliminary research proposal and developed research questions, you should not have much difficulty with drafting a title for your proposed research. You should also include your name and registration number and a declaration that this is your own work. .

· Introduction – This should explain the overall purpose of the research and should lead to the clear and specific aims and objectives of your research. You should find this fairly straightforward, as you have had to think about it in your preliminary research proposal . You need to support your aims and objectives with a rationale/motivation for the research (why it is important, interesting, etc). The aims and objectives and the rationale/motivation should be placed under sub-sections of your introduction.

· Literature review – This is a further development of your preliminary research proposal. It should demonstrate the background and clear understanding of the research topic and underpin the theoretical framework of the topic. In doing so, it should also identify, logically organise and place the main findings of the previous studies relating to the proposed research topic. Your literature review section should build a bridge between your aims and objectives and your proposed methodology and data.

· Methodology and data – This section should provide evidence that your research design is cohesive and feasible. You need to identify your paradigm, describe and justify your methodology and data collection method. You also need to explain and justify your data analytical tool(s) once you have collected your data. ‘I will use SPSS or Excel’ is not sufficient to demonstrate your data analytical ability.

· Proposed timetable – This is your action plan and should identify when you will carry out each stage of your research. You may find it useful to present this as a Gantt chart with activities plotted against time (some activities will overlap with others).

· References – This is a list of all the sources cited in your proposal. You should use the Harvard system of referencing. Your references should include at least some peer reviewed journal references on which your literature review and methodology is based upon.

Some projects require access to key people, organisations or information. At a very early stage, it is vital that you ascertain whether you will be able to gain access or you will find that you have wasted valuable time planning a project that is not feasible. It is understood that in some projects confidential information is required and that this may only be available if a non-disclosure agreement is made. You may have to make a separate agreement for this and with yourself at least your supervisor will have to be included in this non-disclosure agreement.

There will not be an opportunity to resubmit the proposal to gain a higher mark. The following table shows the assessment criteria applied in the marking of the Research Proposal:

BA7032 Assessment criteria for the final research proposal

* Indicative

6. Research Project (Dissertation)

You are required to write a dissertation on your chosen research topic using the Harvard system of referencing. It is an individual piece of work. It must be word processed and presented as follows:

· Minimum 6,000 words and maximum 8,000 words (exceeding the maximum will be considered as non-submission and your dissertation will not be marked). The word count starts at the beginning of your first chapter (it excludes the preliminary pages) and finishes at the end of the last chapter (it excludes the references and any appendices). Any footnotes or endnotes are included. Show the word count at the end of your last chapter (before the references).

· Set the left-hand margin at 4 cm and all other margins at 2.5 cm.

· Use font Times Roman 12 or similar

· Paragraphs should be in 1.5 line spacing and separated by a line space. Paragraphs should not be indented.

· Print in portrait orientation and on one side only of white A4 paper

· There should be no page number on the title page. The page numbering of the subsequent preliminary pages should be in Roman numerals (i, ii, iii, etc). The page numbers for the chapters, references and any appendices should be in Arabic numerals (1, 2, 3, etc).

It should be structured as follows:

· The title page (no page number) should be followed by an abstract of 250-300 words (page i) which summarises the purpose of the research, how it was conducted and the main results/findings.

· The following declaration should be shown on page ii:

I declare that all materials in this dissertation that are not my own work have been acknowledged and that no materials from my previous degree(s) have been included.

I have kept all materials used in this research, including samples, research data, preliminary analysis, notes and drafts, and I can produce them on request.

· Page iii can be used for acknowledgements (eg thanking participants, family, friends and others for support and advice)

· Page iv should show the table of contents which is a list of the chapters and main headings within each chapter with their associated page numbers. This can be generated in Word if you designate the hierarchy of headings in your work.

· The next page should provide show the list of tables and list of figures (as appropriate) with their associated page numbers.

· If required, the next page can be used to show the list abbreviations used in your dissertation. It is helpful to the reader if you show the term in full the first time you use it in your dissertation with the abbreviation in brackets next to it; subsequently you can simply use the abbreviation.

You must submit your dissertation by 4.00 pm on Friday 21st September 2018. You must also submit your work as a Word document via Turnitin on Canvas by the same deadline. Turnitin is a plagiarism checker. You can submit your work a few days before the deadline if you like, but you can only submit it once. Requests for an extension will be considered by the course director (not the module leader) if your mitigating circumstances are serious, unexpected and supported by documentary evidence. A form can be obtained from your course administrator if you need your mitigating circumstances to be considered. Please note that due to your mitigating circumstances you may not be able to be graduated on time.

You are required to hand the following items to your course administrator:

· Two spiral binding copies of your dissertation; However, if you prefer, one can be bound in a hard cover in black with your name, the name of your degree and the year of submission on the spine in 16-20 font (eg T. Smith MA Accounting & Finance 2018. The second copy must be bound in a form that does not allow any pages to be removed or added (eg spiral binding).

· An assignment front sheet

· A supervision feedback form

· A confidentiality form (if appropriate).

Please note that your Dissertation Supervisor retains the right to ask for a viva voce (oral examination) of your dissertation. Failure to comply with this requirement (if any) will be penalised. All instances of plagiarism will be subject to the academic integrity/misconduct regulations.

6.3.1 Structure

The following guidance will help you prepare your dissertation to an acceptable standard. Font, margin size and binding requirements are compulsory. Your dissertation needs to have a logical structure. It will commence with a title page and other preliminary pages. The content of each chapter in your dissertation depends on the nature of your study, but the following overview provides a general guide.

1. Introduction – This chapter explains the aims and objectives of the research, the rationale and scope of the study, and the context. It concludes with a brief description of how the remainder of the dissertation is structured. You must not present any of your results/findings in this chapter.

2. Literature review – This chapter provides a critical evaluation of the literature that is relevant to your study. It also shows where your research fits into the existing body of knowledge and concludes with the identification of your research questions. You are demonstrating your intellectual ability to find and appraise the work of others and develop a line of argument.

3. Methodology and data – This chapter explains how the research question(s) were investigated. It explains and justifies your methodological approach, your methods of data collection (including how you conducted your literature search) and your method(s) of analysis. You also need to address the issues of generalisability, reliability and validity.

4. Results/findings – This chapter presents your analysis. The discussion of the results/findings may be interwoven or presented in a separate chapter. The results/findings will need to be interpreted/discussed, preferably under a separate section/sub-section in this chapter.

5. Conclusions – This final chapter is very important because this is where you demonstrate that you have addressed your research questions by drawing out the main results/findings for each question. You will summarise your findings (should be less than one page) and will make policy recommendations based on the findings. Your summary findings should match your aims and objectives. Please do not recommend something that you have not investigated. You will also discuss the limitations of your study and suggest for further research in this area.

References – Do not number this section. Please make sure that the references that you have cited in the main text are also appeared here properly.

Appendices – Although not an integral part of your dissertation, appendices can be used to provide supporting information, such as a copy of the questionnaire, interview transcripts or more detailed data than summarised in your analysis chapter. The information must be relevant and should not include material that is essential to your discourse. Therefore, appendices are not a way of getting round the word count limit.

6.3.2 Research ethics

The ethics of research will be explained during the research methods part of the module and your supervisor will remind you of the need to be responsible in your research activities. Once you start writing, please remember the following points:

· If anyone participating in your research does not wish to be identified, it is important that you ensure their anonymity in the way you write your dissertation. You can do this by referring to them as Interviewee A, B, C or Business A, B, C. etc.

· If there are issues of confidentiality covering the entire dissertation it is possible to make sure that only the supervisor, second marker and examiner see it.

· You must only use the contact details and personal data given to you by participants for the purposes of your research. You must not pass it on to other parties without the participant’s permission and you must comply with all aspects of the Data Protection Act.

6.3.3 Binding your dissertation

The following table shows some of the binderies used by students in the past.

6.4 Assessment criteria

The following table shows the assessment criteria for the dissertation.

All dissertations are double marked (by your supervisor and a second marker). Once both markers have independently assessed your work, they agree the mark. The external examiner sees a sample of dissertations. You will not receive your mark until after the Programme Exam Board has met. The students are not permitted to discuss their potential marks with their supervisors .

BA7033 Assessment criteria for the Research Project (Dissertation)

* Indicative (For example, combine the marks for the evaluation of the literature with the marks for the analysis if the student has designed a study based solely on a literature review)

Part 2 Programme of Study

WEEK 1: Introduction to Research and Research Framework

Essential reading:

· Leedy, P.D. and Ormrod, J.E., (2009) Practical Research, Prentice, [Ch. 1].

· Ghauri, P. and Gronhaug, K. (2010) Research Methods in Business Studies, Financial Times Press, [Ch. 1].

· Saunders, M., Lewis, P. and Thornhill, A. (2009) Research Methods for Business Students, 5th edition, Harlow: Pearson, [Ch. 1].

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand what is academic research and the different types of academic research.

· Discuss what constitutes a valid research project.

· Identify the key activities which constitute the research process.

· Familiar with the necessary research tools in social science research.

· Define and explain the components of a valid research proposal.

· Define and explain the components of a valid (research) dissertation framework.

· Differentiate between a research proposal and research dissertation.

Self assessment tests:

1. What is the difference between search and (re)search in academic Research?

2. Briefly outline the research tools in accounting, finance and banking research.

3. Briefly outline the components of a valid research proposal.

4. Briefly outline the components of a valid Dissertation project.

5. Briefly outline a valid Dissertation framework.

6. What are the differences between a research plan and research methodology?

7. What are the differences between a research proposal and a (research) Dissertation?

WEEK 2: Literature Review and Ethical Considerations

Essential reading:

· Leedy, P.D. and Ormrod, J.E., (2009) Practical Research, Prentice, [Ch. 4].

· Ghauri, P. and Gronhaug, K. (2010) Research Methods in Business Studies, Financial Times Press, [Ch. 3].

· Saunders, M., Lewis, P. and Thornhill, A. (2009) Research Methods for Business Students, 5th edition, Harlow: Pearson, [Ch. 3, 6].

· Hart, C. (1998) Doing a Literature Review: Releasing the Social Science Research Imagination, London: Sage.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Explain the role of a literature review within a research project.

· Outline the main sources of information available to a researcher.

· Explain the main rules which are used in organising and writing up a literature review.

· Understand the ethical consideration in academic research.

Self assessment questions:

1. What is a literature review and why is it important in academic research?

2. What are the main sources of literature in academic research?

3. What are the key principles of writing a literature review?

4. What are the main steps in writing a literature review?

5. What is the difference between a literature review and developing a theoretical framework?

6. What is the link between the aims and objectives and the literature review?

7. What is the link between the literature review and methodology?

WEEK 3: Research Methodologies

Essential reading:

· Leedy, P.D. and Ormrod, J.E., (2009) Practical Research, Prentice [Ch. 2]

· Ghauri, P. and Gronhaug, K. (2010) Research Methods in Business Studies, Financial Times Press [Ch. 2, 3].

· Saunders, M., Lewis, P. and Thornhill, A. (2009) Research Methods for Business Students, 5th edition, Harlow: Pearson, [Ch. 2].

· Hart, C. (1998) Doing a Literature Review: Releasing the Social Science Research Imagination, London: Sage.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the different methodologies available to a researcher;

· Explore the different qualitative and quantitative research methods;

· Understand and apply the steps to different methods;

Self assessment questions:

1 Briefly explain the different qualitative methods;

2 Briefly explain the different quantitative methods;

3 Classify data according to measurement techniques;

4 Explain the advantages and disadvantages of (i) primary and secondary data and (ii) accounting and market data;

5 Compare and contrast the advantages and disadvantages of the qualitative and quantitative research methods;

6 Which research method do you like to use for your research dissertation and why?

7 Explain the procedure of conducting case study research;

8 Explain the procedure of conducting questionnaire based research;

9 Explain the procedure of conducting interview research.

WEEK 4: Introduction to Hypothesis Development and Descriptive statistics

Essential reading:

· Leedy and Ormrod; [Ch. 2]

· Ghauri, P. and Gronhaug; [Ch. 3, 4, 5]

· Saunders, Lewis and Thornhill; [Ch. 2, 5]

· Oler, D., Oler, M., & Skousen, C. (2010) “Characterizing Accounting Research”. Accounting Horizons, 24(4), 635-670. 

· Dilla, W., & Janvrin, D. (2010) “Voluntary Disclosure in Annual Reports: The Association between Magnitude and Direction of Change in Corporate Financial Performance and Graph Use”, Accounting Horizons, 24(2), 257-278. 

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Formulate a hypothesis from a research question;

· Understand the difference between null and alternative hypotheses;

· Understand how research design fits with the hypothesis;

· Understand basic descriptive statistics.

Self assessment questions:

1.

2.

WEEK 5: Introduction to Library Resources and Statistical Testing

Essential reading:

· Smailes and McGane; [Ch. 2, 3, 4]

· Leedy and Ormrod; [Ch. 9]

· Ghauri, P. and Gronhaug; [Ch. 10, 11]

· Saunders, Lewis and Thornhill; [Ch. 12]

· Ettredge, M., Li, C., & Scholz, S.. (2007). Audit Fees and Auditor Dismissals in the Sarbanes-Oxley Era. Accounting Horizons, 21(4), 371-386.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand how to access library resources on or off campus;

· Understand the difference between descriptive and inferential statistics;

· Understand the different types of data collected for research purposes;

· Understand correlations and regressions.

Self assessment questions:

1.

2.

WEEK 6: Collecting and Analysing Qualitative Data

Essential reading:

· Smailes and McGane; [Ch. 1, 2]

· Leedy and Ormrod; [Ch. 7]

· Ghauri, P. and Gronhaug; [Ch. 12]

· Saunders, Lewis and Thornhill; chapters 9, 10 and 11

· Stephenson, T.. (2007). Do Clients Share Preparers' Self-Assessment of the Extent to Which They Advocate for Their Clients? Accounting Horizons, 21(4), 411-422.

· Janvrin, D., & Jeffrey, C.. (2007). An Investigation of Auditor Perceptions about Subsequent Events and Factors That Influence This Audit Task. Accounting Horizons, 21(3), 295-312.

· Ibrahim, S., Schick, A, Makkawi, B. and Foster, M. “Class selection Preferences of Millennial Business School Students: A Study of Student Characteristics”, Working paper.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the difference between quantitative and qualitative research;

· Understand the difference between primary and secondary data;

· Understand primary data collection through observation, interviews and questionnaires;

· Understand how to analyse primary data;

· Understand how to interpret findings in qualitative research.

Self assessment questions:

1.

2.

WEEK 7: Collecting data from the DataStream

Essential reading:

· Lecture Notes.

· Information material and user guides from Datastream.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the nature and type of data available on the Datastream.

· Understand key approaches of collecting data from the Datastream.

Self assessment questions:

1. Explain how you can collect data from the Datastream.

WEEK 8: Event Study Methodology – Quantitative data Analysis

Essential reading:

· Lecture Notes and academic articles.

· Berenson M., Levine D. And Krehbiel T. (2009) “Basic Business Statistics: Concepts and Applications”, 11th edition, Pearson. [Ch. 1, 2, 3].

· Field, A. (2009) “Discovering Statistics using SPSS”, 3rd edition, Sage.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the event study methodology, its use, importance and applications.

· Understand the way by which we can measure and analyse the effect of the announcement of major corporate events on shareholder value.

· Understand the steps and technicalities of the event study methodology.

· Understand the methods of presentation of data in tables and charts.

· Understand the measures of central tendency and variation.

Self assessment questions:

1. Briefly explain the purpose of the event study methodology.

2. Explain the importance of the choice of a benchmark in calculating the abnormal returns in the application of the event study methodology.

3. Explain the development of the application of the event study methodology in the modern corporate finance.

4. Explain how various representation of data in tables and graphs can help investors in their choices.

5. Explain how the various measures of central tendency and dispersion can convay useful information to the investors.

WEEK 9: Hypothesis testing - One-sample test - Two-sample tests - Analysis of variance.

Essential reading:

· Berenson M., Levine D. And Krehbiel T. (2009) “Basic Business Statistics: Concepts and Applications”, 11th edition, Pearson. [Ch. 9, 10, 11].

· Field, A. (2009) “Discovering Statistics using SPSS”, 3rd edition, Sage.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the principles of hypothesis testing.

· Understand how to properly apply the hypothesis testing procedures and how to evaluate the results.

· Understand the nature and technicalities of testing the means of the two related populations.

· Understand the use of the one-way analysis of variance to test for differences among the means of several groups.

Self assessment questions:

1. Explain how the hypothesis testing is employed to test a mean or a proportion.

2. Explain how we can test the equality of means of two independent or related samples.

3. Explain how we can test for differences of means of several samples.

WEEK 10: Non-parametric tests – Regression

Essential reading:

· Berenson M., Levine D. And Krehbiel T. (2009) “Basic Business Statistics: Concepts and Applications”, 11th edition, Pearson. [Ch. 12, 13, 14]

· Field, A. (2009) “Discovering Statistics using SPSS”, 3rd edition, Sage.

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand the chi-square test for the difference between two proportions and among more than two proportions.

· Understand the use of regression analysis.

· Understand how to develop and interpret a multiple regression model.

Self assessment questions:

1. Explain how we can use chi-square test for differences between proportions.

2. Explain how we can use the regression analysis to predict the value of an independent variable.

3. Explain how we interpret the intercept and slope regression coefficients.

4. Explain how we can employ a multiple regression model an perform a multiple regression analysis.

WEEK 11: Writing up the Dissertation

Essential reading:

· Leedy and Ormrod; [Ch. 12]

· Ghauri, P. and Gronhaug; [Ch. 14]

· Saunders, Lewis and Thornhill; [Ch. 14].

Learning objectives:

By attending the lecture and reading the suggested material you should be able to:

· Understand how to interpret and write-up the outcome of your research;

· Understand the structure of the research dissertation;

· Understand correct referencing;

Self assessment questions:

1. Describe the most important aspects of the dissertation writing process.

2. How can you maintain motivation and successful time management during the dissertation writing process?

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