International Finance and Economics (M. Sc.) – Technische Hochschule Nürnberg Georg Simon Ohm

Spezialisierungsrichtungen im Bereich Internationale Finanzen oder Volkswirtschaftslehre

Die Pflichtmodule beinhalten sowohl finanzwissenschaftliche Module (18 ECTS) als auch volkswirtschaftliche Module (18 ECTS).

Im Rahmen des Studiums ist eine Spezialisierung in den Bereichen internationale Finanzen oder Volkswirtschaftslehre möglich, indem entsprechende Wahlpflichtmodule belegt werden. Studierende können zum Beispiel zusätzlich zu den Pflichtmodulen zwischen 6 und bis zu maximal 24 ECTS in finanzwirtschaftlichen Wahlpflichtfächern belegen. Das Gleiche gilt für eine Spezialisierung in internationaler Volkswirtschaftslehre.

Die Regelstudienzeit beträgt drei Semester (90 ECTS). Studierende haben zusätzlich die Möglichkeit, ein Semester im Ausland zu verbringen: entweder an einer unserer Partneruniversitäten (auch im Rahmen eines Double Degree Programms) oder in Form eines Auslandspraktikums. Abhängig vom Studienfortschritt, kann dies ein zusätzliches Semester bedeuten.

Modulübersicht

Detaillierte Kursbeschreibungen finden Sie in unserem Modulhandbuch.

Module

Fundamentals of Financial Management

Submodule 1: International Financial Accounting

Learning Objectives and Skills

The module provides advanced knowledge and analytical capabilities in International Accounting for consolidated entities based on International Financial Reporting Standards (IFRS). One of the main learning outcomes of the course is to enable students to understand and to apply IFRS in group accounting. On the other hand this understanding should help them to interpret financial numbers in consolidated financial statements of international corporations. For these purposes, students learn about the initial and subsequent consolidation process and alternative approaches to goodwill accounting. They learn how to look at and analyze a company from a group perspective, getting to know the fundamentals of debt and earnings consolidation. Accounting for joint ventures and associated companies helps them to understand the alternatives to full consolidation in order to make economically advantageous decisions in later professional life. Understanding the principles of segment reporting in a group prepares the students for in-depth analysis of both the entire company and its individual operating segments. Course participants are able to analyze consolidated financial statements and can draw practice oriented conclusions from their analysis. They can present and evaluate relevant information in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships

Module Content

The course covers the amongst other the following topics:

Essentials of Accounting & Summary of IFRS Basics
IFRS Financial Statements (IAS 1/IAS 7)
Business Combinations (IFRS 3)
Consolidated Financial Statements (IFRS 10)
Joint Arrangement (IFRS 11)
Investments in Associates (IAS 28)
Operating Segments (IFRS 8)
Income taxes (IAS 12)
The effects of changes in foreign exchange rates (IAS 21)

Submodule 2: Intermediate Microeconomics

Learning Objectives and Skills

This module enables students to apply the economic tool kit of (rational) decisions making in order to describe and evaluate decisions under 1) certainty, 2) uncertainty and/or 3) asymmetric information.

Students will be capable of:

analyzing the risk-return trade-off,
analyzing the functioning of competitive insurance markets,
assessing market failure arising from asymmetric information
solving basic problems of incentive compatibility.

In addition to the classical rational choice theory this module will enable students to understand and assess basic features of prospect theory (reference points, endowment effect and loss aversion), the most important concept in the field of Behavioral Economics.

Module Content

The course covers the following topics:

Review: Decisions under Certainty
The Risk-Return Trade-Off
Loss Aversion and the Endowment Effect
Decisions under Uncertainty
The Economic Rational for Securities and Insurance Markets
Pitfalls for the Expected-Utility Maximizer
Adverse Selection
Moral Hazard
Cases studies: Asymmetric Information on Insurance and Credit Markets

Corporate Valuation and Value Based Management

Learning Objectives and Skills

One of the main qualification targets of the course is to enable students to analyze the generation of value in enterprises for a single period (Value Based Management), leading as an accumulation to the enterprise value (Corporate Valuation). In order to generate a structured and detailed approach students are able to use value drivers and to separate between current and future value to structure the evaluation tools. Therefore, students learn to develop and apply comprehensive excel tools with high sophisticated value driver analysis on several companies from different industries supported with a company specific comprehensive research reports, allowing students to deeply understand and perform the process themselves. They are able to answer questions on this matter comprehensively and can explain the value generating process with a periodical and an accumulated view on value of companies.

Module Content

The course covers the following topics:

Analysis and evaluation of shareholder and stakeholder approaches
Description and differentiation of corporate valuation and value based management
Foundation of the theoretical background of valuation
Foundation of the theoretical background of financial planning for valuation and its practical application
Theoretical and practical determination of cost of capital incl. risk and taxes
Comparison of the different valuation approaches and their obstacles in applying on different kind of companies
Application of value based management on practical examples and their limits with the extension of future potentials
Application of corporate valuation on practical examples
Cases

International Capital Markets

Learning Objectives and Skills

After successful participation in this module the students can:

describe the institutional framework of international capital market.
name different the different investor and debtor types on in-ternational capital markets and explain their different goals.
develop valuation formulas based on arbitrage principles in order to determine the fair value of derivatives (especially exchange rate derivatives).
interpret the most popular formulas for option pricing mentioned below.
apply the CAPM using real life data in order to calculate fair market prices for securities.
develop solutions to problems arising from the application of the CAPM in an international context.
describe the most important heuristics occurring in financial decision making in order to explain mispricing on interna tional capital markets.
explain herd behavior using different theoretical models in order to understand market bubbles on international capital markets.

Module Content

The course covers the following topics:

International capital market participants
The banking system
Exchange rate risk, political risk and cultural aspects on in-ternational capital markets
Valuation of foreign exchange derivatives
Garman-Kohlhagen formula
Risk neutral valuation
Black-Scholes formula
Valuation of interest rate options using binomial trees
Portfolio Theory and the CAPM
The International CAPM
Application of the CAPM in an international context
Information efficiency on capital markets and behavioural finance
Heuristics and their impact on financial decision making
Informational cascades

Global Financial Institutions & Investment Banking

Learning Objectives and Skills

The main learning outcomes of the course are to enable students to analyze and assess types and business models of global financial institutions, with a particular focus on investment banking activities, and to evaluate regulatory requirements for banks and insurance companies. Seminar participants are able to analyze drivers, critical factors and risks of the most important types and business models of global financial institutions such as banks, insurance companies and asset managers. They understand the institutional setup, and evaluate purposes and challenges of these global financial institutions. Students assess opportunities, constraints and problems regarding each single business model. In particular, students explain and evaluate the areas of investment banking and capital markets activities of banks. Furthermore, seminar participants distinguish between different capital concepts for financial institutions, and they evaluate respective impacts on business decisions. In particular, students analyze and apply regulatory requirements for banks under Basel III. Furthermore, they discuss and evaluate the capital requirements for insurance companies under Solvency II.

Module Content

The course covers the following topics:

Banking business: retail banking, commercial banking and investment banking
Insurance business: life insurance and non-life insurance
Asset management business
Capital concepts: IFRS accounting capital versus regula-tory capital
Bank capital requirements under Basel III and capital requirements for insurance companies
Equity & Debt Capital Markets
Financial Advisory: M&A and Corporate Restructuring
Sales & Trading

Applied Quantitative Methods

Learning Objectives and Skills

The major focus of this course is to enable students to analyze quantitative data and to interpret results derived from the application of quantitative analytical methods. Quantitative data analysis has become the backbone of much what is being done in economics as well as in finance because much of decision making in these fields is based on the results generated by applying quantitative analytical tools.

Emphasis in this course is therefore placed on inferential methods as commonly applied in modern micro-, macro-, and financial economics. Students construct quantitative models and apply each analytical approach discussed using the statistical software package Stata. In addition, students will discuss crucial underlying assumptions involved in the models applied.

Students are thus enabled to critically assess the reliability of the results they have generated and apply appropriate solutions. For this, a solid theoretical background is provided in the course necessary for the critical evaluation of the generated results. By applying the quantitative tools using Stata, students demonstrate and test effects of and causes leading to violations of underlying assumptions. In the exam, students need to demonstrate their capability to identify and solve problems using the approaches they have been working on throughout the course.

Module Content

The course covers the following topics:

Introduction to Stata
Simple and multiple regression
Hypothesis testing
Model building
ARIMA
GARCH
Limited dependent variables

International Economics

Learning Objectives and Skills

Students can describe the fundamental components of the economic globalization process. They understand and are able to explain the constitutional complexity of the world economy. Course participants are able to analyze international economic developments and can draw practice oriented conclusions from their analysis. They can present and evaluate relevant information in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships.

Module Content

The course covers the following topics:

Globalization in historical context
Foreign exchange markets and exchange rate concepts
Balance of Payments Mechanics
Exchange Rate Dynamics
Exchange Rate Arrangements
Currency Crises
Financial Market Globalization and Economic Growth
Current Issues in International Economics

Applied International Research Project

Learning Objectives and Skills

The key objective is provision of applied research capabilities in international finance and economics. Develop skills on how to search for, evaluate and analyse primary and secondary information, with the aim of arriving at meaningful, objective results for a realistic project, with a focus on finance and economics. Students work in small teams, with an emphasis on understanding how to structure and carry out the project within the team, including managing their own deadlines. Students apply their academic theoretical knowledge to practical applications via real case-based research projects with companies (including the diverse functions in business opera-tions) and/or academic-based research projects. During the course students carry out desktop research and/or interviews and/or process analyses in the companies or the academic environment of the applied research topics. In this respect, they create added value for the applied research projects with the companies or the research in theory.

Module Content

Students carry out independent and applied research on a specific topic in the area of international finance and economics. The exact contents depend on the specific research stream selected but will include a critical review of the state of art information/literature sources on the chosen topic. Guidance is given in terms of academic writing, presentation and data visualisation, as well as coaching during the project.

Electives

Finance (at least 6 ECTS)

Mergers & Acquisitions
Innovation Financing and Venture Capital
Equity and Bond Investments
Case Studies Fintechs and Financial Innovation
Financial Risk Management
Portfolio Management and Risk
Bank and Credit Risk Management
Derivatives

Economics (at least 6 ECTS)

Economics of Emerging Markets and Development
Economics of European Integration
Using Big Data to solve Problems in Business Administration and Economics
Behavioral Economics

General Management (max. 6 ECTS)

Strategic Management in a Global Context
Negotiation Strategy:
a) Basis and application of negotiation strategies
b) Cross-cultural Negotiations and Relationship Management
Management Accounting (Controlling)
Data Analytics with Python

Master's Thesis

Learning Objectives and Skills

Students are able to perform academic work and research related to a specific and complex academic or practical problem related to international finance or economics. They apply appropriate research methods and draw their own conclusions within a limited time period. Students relate and apply their acquired academic understanding to a practical and/or academic issue.

After successfully completing the thesis, students gain the following competences:

Plan, organize and structure a scientific research project related to a complex topic.
Acquire specialized knowledge in the student´s chosen focus area.
Independently conduct high-quality scientific research.
Employ appropriate research methods and analytics.
Apply academic writing skills.
Finalize a scientific document including correct citations, adherence to formal requirements and fulfilling high standards of academic writing.

Module Content

In-depth analysis of a specific research topic to be assigned to the student by the thesis supervisor. The topic must be related to the area of international finance or economics. The thesis can also be prepared in co-operation with a company

Studieninteressierte

Wissenschaftscommunity

Unternehmen

Alumni

Studierende

Stellensuchende

Beschäftigte

Presse

Spezialisierungsrichtungen im Bereich Internationale Finanzen oder Volkswirtschaftslehre

Modulübersicht

Module

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Learning Objectives and Skills

Module Content

Finance (at least 6 ECTS)

Economics (at least 6 ECTS)

General Management (max. 6 ECTS)

Learning Objectives and Skills

Module Content

Aufbau des Studiums

Tätigkeitsfelder, Berufsbilder

Weitere Qualifikationsmöglichkeiten nach dem Masterabschluss

Informationen zur Zulassung

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