On successful completion of this course, the students will:
- have a clear understanding, that in a company, only thoroughness, diligence and transparency are to be the guiding principles for the risk management activities.
- know how to identify & manage business risks, even those which are veiled behind statistical models or blindly hedged with complex financial instruments or well hidden in balance sheet.
- be able to complete an accurate mapping of business risk exposure effectively.
- understand the importance of due diligence exercise before merging & acquiring of any new company.
2) Specific skills acquired
On successful completion of this course, student will be able to:
- implement an efficient risk management system including of risk analysis and control, training and continual improvement in any company.
- master over short term decision making in the areas of: pricing strategy; make vs buy; working capital techniques.
- prepare accurate forecast with reference to all possible or most probable risks or uncertainties of business.
- acquire the skills and competency of a chief risk officer.
- learn the art of proactive monitoring of business risks; and make a right and on time decision- whether to acquire or merge new company or not?
- 3) Personal transferable skills
- the ability to demonstrate team-work in identifying, analyzing, managing and planning of the business risks. - critical thinking.
- maturity in decision-making. COMPULSORY READING:
1. James Kallman Ph.D ARM, KCS, Professor at the International School of
Management / Kaplan University, The tools and techniques of Risk Management and Insurance, 1st edition, 2002, ISBN: 0-87218-701-2 Paperback, 588 pages.
2. Materials provided by the Lecturer. OTHER READINGS:
1. Carroll, Terry, and Mark Webb. The Risk Factor: How to Make Risk Management Work for You in Strategic Planning and Enterprise. Harrogate, UK: Take That Books, 2001.
2. Bernstein, Peter L. Against the Gods, The Remarkable Story of Risk. New York: Wiley, 1996.
3. Peter Howson, Gower Publication Ltd, (2003), ‘Due Diligence – the critical stage in Acquisition and Merger’.
4. Schroeder, PW, Copenhagen Business School Press, (2006)‘Impediment to effective Risk Management, in perspective on Strategic Risk’. Chapter 4.
5. Denzel Rankin & Peter Howson, Pearson Education Limited, Great Britain, (2006), ‘Acquisition Essentials – a step by step guide to smarter M&A Deals’
6. Knight, R. & Pretty, D., Oxford (1997) ‘The Impact of Catastrophes on Shareholder Value’ .
7. Booz, Allen, Hamilton, (2004), Redefining the Corporate Governance Agenda: From Risk Management to Enterprise Resilience.
Introduction to Intercultural Management
LEVEL SEMESTER CODE HOURS CREDITS
II IV elective 30 10 CODE PREREQUISITES None UNIT COORDINATOR Dr. Anna Wasiela TEACHING METHOD
30 hours, each topic is discussed in lecture/seminar and practiced in activity workshop: pair and group work, case study analysis, simulated meeting, role-play, presentation.
ASSESSMENT
Mid-term case study assignment in groups - 20% (2, 3, 5); group project including a presentation – 30% (1-5), end-term close book examination (1,5 hours) - 50 % (1-4)
CONTENT
• Culture and factors influencing it
• Intercultural awareness - Bennett's Developmental Model of Intercultural Sensitivity and Intercultural Development Inventory (IDI - for measuring cross-cultural competence and training needs, in both individuals and groups)
• Declarative knowledge vs. procedural knowledge and its importance in intercultural relations
• Globalization – what constitutes a multinational enterprise (MNE)? • Cultural biases and how they relate to collectivism and individualism vs.
context dependency
• Managing minorities - discussing whether they should be unified with the other employees as a parallel to a globalizing company, or if their national specificity should be preserved
• Models to explain “national culture” – theory & practice o Cultural value orientations by Schwartz
o Culture dimensions by Hofstede
o Culture dimensions by Hampden Turner and Trompenars • Asians and Westerners thinking code
• Who is an ex-patriate and how to manage ex-patriate programs in MNE’s • Direct vs. indirect communication style as an example of a cross cultural
communication clash
• Presentation styles in different countries LEARNING OUTCOMES
The module develops knowledge on the basis for intercultural differences and its importance in management of people within multinational organizations. On completion of this module students will:
1. have knowledge and understanding of the intercultural management subject, specifically of management of ex-patriates and cultural minorities
2. learn how to make a proper presentation in a culturally diverse workplace;
3. be able to work and communicate well in an intercultural environment
4. be able to deal with ex-patriates and cultural minorities in a workplace
5. gain skills and learn about culturally specific types of presentations TEXTBOOK
Matsumoto, D. & Juang, L. P. (2007). Culture and psychology. Belmont, CA: Wadsworth
RECOMMENDED READING
Nisbett, R. E. (2003). The Geography of Thought: How Asians and Westerners Think Differently - and Why. Free Press
Schwartz, S. H. (2006). As transnational education programmes continue to proliferate, A Theory of Cultural Value Orientations: Explication and Applications. Comparative Sociology, 5/ 2-3, 138-180
Hofstede, G. (1996). Cultures and Organizations: Software of the Mind. New York: McGraw-Hill
Accounting in Financial Institutions
LEVEL SEMESTER CODE HOURS CREDITS
II IV elective 30 10
PREREQUISITES
Accounting, Banking and Finance DISCUSSIONS COORDINATOR Agata A. Kocia, Ph.D., M.B.A. ASSESMENT
Class participation 20% (1-3) Project 30% (1-2)
Final examination 50% (1-3) BASIC INFORMATION
The main focus of the class content will be on banks, although other financial institutions will be mentioned as well. The students will be introduced to basic accounting concepts used in financial institutions. They will also become familiar with procedures and accounting documents used at financial institutions.
CONTENT
• Accounting in financial institutions – the objectives • Legal basis for accounting in financial institutions
• General accounting principles according to Polish law, International Accounting Standards, and American Accounting Standards
• Valuation of financial institutions’ assets and liabilities according to Polish law, International Accounting Standards, and American Accounting Standards
• Reporting in financial institutions
• Financial statement analysis of financial institutions LEARNING OUTCOMES
On completion of this course a student should be able to:
1. understand the accounting processes in financial institutions according to Polish law, International Accounting Standards, and American Accounting Standards
2. perform financial statement analysis of a chosen financial institution
3. to seek out employment in the banking sector TEXTBOOK
- Edwards, J.D., Principles of Bank Accounting and Reporting, American Bankers Association, 1991
RECOMMENDED READING
- Mi tki, Zygmunt, ę Rachunkowo ć bankowaś , Wydawnictwo Wy szej Szkołyż Bankowej, 2008
- W dzki, Dariusz, ę Analiza wska nikowa sprawozdania finansowegoź , Wolters Kluwer: Oficyna Ekonomiczna, 2006
Introduction to Innovation Economics
LEVEL SEMESTER CODE HOURS CREDITS
II IV elective 30 10
Prerequisites
Introductory Microeconomics, Introductory Macroeconomics Unit Coordinator
Krzysztof Szczygielski Teaching Method
30 hours: Lecture (70%), Workshops (30%) Assessment
Final exam (60%) (1-3), Homework (40%) (1-3), Brief Description
Innovation is one of the most popular notions in the contemporary economic and political discourse, and innovation studies are a rapidly developing social-science- discipline. The aim of this course is to give students a good introduction to a variety of innovation-related issues both in economics and business studies. There are two main modules of the course, one adopting a predominantly micro-, and another a more macro-perspective. Both modules will combine some elements of theory with practical examples and analysis of data from industries and economies.
Content Introduction
8. The Concept of Innovation, Types of Innovations, Innovations and Technological Progress
9. Innovations in Economics and Business Studies The Innovative Firm
10. Why Firms Innovate 11. Networks of Innovators 12. Knowledge Management
13. Innovation Process and Innovation Strategies 14. Innovation and Firm Performance
15. Innovation in High- and Low-Tech Industries Knowledge-Based Economy
16. The Role of Knowledge in Modern Societies and Economies 17. Innovation and Performance of Economies
18. National Innovation Systems in Europe and in the U.S. 19. Science, Technology and Innovation Policy
Learning Outcomes
Upon completion of this course students:
1. will have a fair level of understanding of the particular nature and the importance of knowledge and innovations in the lives of companies, industries and economies.
2. will have knowledge about the interaction between economic processes and technological progress;
3. will understand related challenges for executives and policy makers. Textbook
Fagerberg, J., D.C. Mowery and R.R. Nelson (2005) (Eds.) “The Oxford Handbook of Innovation”, Oxford University Press, New York.
Recommended Reading
“Oslo Manual - Guidelines for Collecting and Interpreting Innovation Data”, 3rd
edition, OECD/ European Communities 2005
von Hippel, E. (2006) “Democratizing Innovation”. The MIT Press, Cambridge MA., (freely available at http://web.mit.edu/evhippel/www/democ1.htm)
The Monetary and Credit System in the Light of the Global Financial Crisis
LEVEL SEMESTER CODE HOURS CREDITS
II IV elective 30 10
Prerequisites
Introductory Microeconomics and Macroeconomics Unit Coordinator
Prof. Karol Lutkowski PhD Teaching Methods Lectures 30 hours
Performance Evaluation
Mid-term test (40%) (1-3), written exam (60 %) (1-3) Brief Description
The specific aim of this series of lectures consists in an attempt to update students’ familiarity with recent developments in understanding the nature, importance and mode of operation of the credit and monetary system in a modern market economy. In the aftermath of the shock, delivered by the latest international financial crisis to the traditional understanding of the way financial institutions, instruments and markets operated, an entirely new landscape has emerged, forcing a revision of many hitherto unquestioned precepts and practices in this sphere. Thus, a fresh look at the matter in the light of recent experiences became necessary, both in theory and practice. The ongoing revision in both those spheres represents a challenge to the theory of economics. It is reflected, among other areas, in the evolving role of central banking and in the global efforts at changing the regulatory framework of the financial sector, with far reaching consequences for the mechanism of credit and money creation, instruments and aims of monetary policy, basic principles of commercial banking, understanding of the interaction between monetary and fiscal policy as well as operation of the money, capital and foreign exchange markets.
Content
1.Monetary and financial framework of the modern economy – mutual linkages and interaction between their component parts
2.Nature and evolution of money, modern forms of money – their origin and specific features
3.Special role, status and functions of the modern central bank – review of the structure of
its balance sheet, the mechanism of cash money creation
4.Basic principles of commercial banking – tecent trends in its development
5. Money market – its functions, its participants, types of instruments traded and purposes which they serve
6. Foreign exchange market, rate of exchange and role of the central bank in the market under various exchange rate regimes
7. Evolution of the theoretical underpinning of monetary policy in the past decades
8. Present-day understanding of the aims of monetary policy, instruments and channels of transmission; response of the monetary policy to the latest crisis 9. The structure of public finance, specific tasks of the public finance in the light of modern economic thinking and its interrelationship with the monetary sector
10. Nature and consequences of the growing public debt, its implications for monetary and financial stability of the economy, as illustrated by the present-day European experience
11. Capital market – its economic role and importance, its institutional framework and functioning under the impact of the latest financial crisis
12. Investment banking and institutional investors in the capital market, viewed in the light of the recent developments
13. The global search for an optimal regulatory and supervisory framework
14. Problems of stabilisation of the financial sector in the light of recent experiences
15. Summing up Learning outcome
Upon completion of the course students will gain knowledge on: 1. the latest trends in central banking,
2. recent developments in understanding the nature, importance and mode of operation of the credit and monetary system in a modern market economy;
3. credit and monetary system of the contemporary market economy in the wake of the latest financial crisis;
TEXTBOOK
Howard Davies, David Green – „Banking on the Future – The Rise and Fall of Central Banking” – Princeton University Press, 2010
However - lectures based partially also upon current scholarly publications available online, indicated by the lecturer.
Corporate Growth and the Financial Markets
LEVEL SEMESTER CODE HOURS CREDITS
II IV Elective 30 10
Prerequisites
The course requires some knowledge of accounting and corporate finance, and can be a follow-up to the core introductory course on corporate finance. Lecturer: Dr. Konrad Le niakś Learning approach 30 hours, 100% lectures Assessment
Active participation (10%) (2-3, 5-8), interim test (20%) (1-5), project (20%) (1-8), final examination (50%) (1-8).
Teaching objective: To discuss core ideas of corporate finance, focusing on corporate growth, its financing and use of financial market instruments. Contents:
1. Long-Term Financial Planning,
2. Managing Growth,
3. Risk and the Capital Assets Pricing Model,
4. Risk Hedging,
5. The Weighted Average Cost of Capital,
6. The Basics of Capital Budgeting,
7. Mergers, Acquisitions and Corporate Control,
8. The Financing Decision,
9. Issuing Securities,
10. Leasing and Off-Balance-Sheet Financing,
11. Warrants, Convertibles and Project Finance,
12. Corporate Payout Policy and its Evolution. Learning outcomes
On completion of the course, the student should be able to:
1. construct a planning model,
2. estimate the effect of growth on the need for external financing,
3. evaluate and explain how options, futures and forward contracts can be used to develop simple risk hedging strategies,
4. calculate the weighted average cost of capital for a company,
5. evaluate the basic procedures and methods used in capital budgeting,
6. estimate the costs and benefits of a merger to the acquiring firm,
7. estimate the optimal capital structure of a business,
8. analyse the various financial instruments that may be used to finance the projected growth.
TEXTBOOK
D. Hillier, S. Ross, R. Westerfield, J. Jaffe and B. Jordan “Corporate Finance. First European Edition”, McGraw-Hill (2010).
R. A. Brealey, S. C. Myers and A. J. Marcus “Fundamentals of Corporate Finance”, McGraw-Hill (2012).
Balanced Scorecard in E-business and Process Specification of E- business Applications
LEVEL SEMESTER CODE HOURS CREDITS
II IV elective 30 10
COORDINATOR