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 Study Guide 2012-2013 Risk Management track (MSc in Finance)

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Study Guide 2012-2013

Risk Management track

(MSc in Finance)

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INDEX

1. The Risk Management track (MSc in Finance) ................................................................... 31.1 Structure and curriculum ............................................................................................... 31.2 Full-time programme ..................................................................................................... 41.3 Part-time programme .................................................................................................... 6

2. Courses ............................................................................................................................... 92.1 Course material and literature ....................................................................................... 92.2 Course Descriptions ...................................................................................................... 9

2.2.1 Conversion Courses ........................................................................................ 92.2.2 Block I - Courses ........................................................................................... 112.2.3 Block II - Courses .......................................................................................... 152.2.4 Block III - Courses ......................................................................................... 162.2.5 Block IV - Courses ......................................................................................... 192.2.6 Block V – Thesis and Internship .................................................................... 232.2.7 Electives ......................................................................................................... 24

2.3 The Duisenberg Leadership Programme .................................................................... 253. Duisenberg School Online and Wireless Internet .............................................................. 264. Lectures and attendance ................................................................................................... 275. Evaluations ........................................................................................................................ 28

5.1 Evaluations .................................................................................................................. 285.2 Educational Board ....................................................................................................... 28

6. Commitees and Course Representatives .......................................................................... 297. Exams and retakes ............................................................................................................ 30

7.1 Exams ......................................................................................................................... 307.2 Retakes ....................................................................................................................... 307.3 Grading ........................................................................................................................ 307.4 Posting grades ............................................................................................................ 307.5 Distinction .................................................................................................................... 30

8. Career Resources.............................................................................................................. 319. Contact details ................................................................................................................... 32 

Appendix A ........................................................................................................................ 33

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1. The Risk Management track (MSc in Finance)

1.1 Structure and curriculumThe Risk Management track comprises of mandatory core courses and an optional electivecourse. Using a credit accumulation system, the 'European Credit Transfer System' (ECTS),

each course accounts for a certain number of credits. A graduating curriculum consist of 70Credits (ECTS), including a thesis (10 ECTS).

Students are expected to complete the programme in either one year (full-time: 12 months)or two years (part-time: 24 months).

Additional electives may be provided. If less than eight students have registered for anelective, the elective can be cancelled by the Programme Manager of the Risk Managementtrack.

DSF students who want to follow more than two extra elective courses in addition to therequired course load of 70 ECTS will be charged a fee of € 400 per ECTS.

Figure 1: DSF Year overview 2012-2013

1  s t   s em e s t   er 

Introduction

1  s t   s em e s t   er 

Week 34-35 20 August – 31 August Pre-programme courses

Block 1

Week 36-42 3 Sept. – 19 Oct. Lectures

Week 43 22 Oct. – 27 Oct. Exam week

Block 2

Week 44 29 Oct. – 2 Nov. Preparation week

Week 45-51 5 Nov. – 21 Dec. Lectures

Week 2 7 Jan. – 12 Jan. Exam week

2 n d  s e

m e s t   er 

Block 3

Week 3 14 Jan. – 18 Jan. Field Trip

2 n d  s

 em e s t   er 

Week 4-10 21 Jan. – 8 March Lectures

Week 4 21 Jan – 26 Jan Retakes Exams Block 1

Week 6 4 Feb – 9 Feb Retakes Exams Block2

Week 11 11 March – 16 March Exam week

Block 4

Week 12 18 March – 22 March Preparation week

Week 13-17 25 March – 26 April Lectures

Week 19-21 6 May – 24 May LecturesWeek 22 27 May – 1 June Exam week

Block 5

Week 23 3 June – 7 June Preparation week

Week 24-35 10 June – 31 August Internship and Thesis

Week 24 10 June – 16 June Retakes Exams Block 3

Week 26 24 June – 30 June Retakes Exams Block 4

Week 34 19 August – 23 August Thesis Defense

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1.2 Full-time programme

1.2.1 Structure of the programmeThe curriculum consists of a balanced set of (mandatory) core courses, specializationcourses, and an internship + individual research project (master thesis).

In the context of calculating the credit requirements of the Risk Management track, there are2.5 ECTS awarded for the Boot camp, Refresher course and Programming course, 52.5ECTS for the Regular Courses, and 15 ECTS for the thesis and internship.

Calculation 70 ECTS

Boot camp and Refresher Course 2.5 ECTSMandatory Courses 52.5 ECTSThesis and Internship 15 ECTS

Total  70 ECTS

Final thesis and internship

The final phase of the Risk Management track consists of a thesis project and an internship.The student’s workload for the thesis is divided over three blocks:

In Block 3, students begin identifying their thesis topic and writing up a first draft of theirthesis proposal. The writing of the first draft proposal carries 28 hours, and the draftproposal must be submitted for approval by the Programme Director.In Block 4, the thesis proposal has to be finalized and submitted for which students need 56hours.In Block 5, students will complete research on their topic, write up their results and submittheir work. They will need 196 hours for the work done in Block 5.

The thesis project can be combined with an internship or a practical project at yourworkplace. Minimum duration of an internship is 140 hours and can take place at one of

Duisenberg school of finance’s various Network Partners from the financial, regulatory,central banking, international law and accounting areas. Designed to provide acomplementary set of real world experiences to round off their programme of study, theinternship takes place in Block 5 and carries 5 ECTS.

The deadline for the thesis is 16 August 2013. The deadline for the internship is 31 August 2013.

If a student does not complete the degree programme in one academic year, registration fora subsequent year is compulsory. The Board of Examiners will determine on 31 August if astudent has completed the programme. The registration fee for a subsequent year is set at€2.000. In addition, a fee of €400 per credit will be charged per course to be completed. Forthe internship and thesis the fees are set at a fixed rate of €1.000 and €2.000 respectively.When graduating before 1 February, 50% of the registration fee (i.e. €1.000) will bereimbursed.

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MSc: TRACK RISK MANAGEMENT

INTRODUCTION CREDITSDLP: Introduction -Advanced Computational Bootcamp 0.5 ECStatistics and Econometrics Refresher 1 ECProgramming 1 EC

2.5 EC 2 weeks

BLOCK 1 CREDITSDLP: Marketing Yourself -DLP: Ethics in Finance -DLP: Financial Regulation 3.5 ECApplied Risk Management -Financial Accounting 3.5 ECFinancial Econometrics 3.5 ECMeasure Theory and Stochastic Processes (I) 3.5 EC

14 EC 9 weeks

BLOCK 2 CREDITSDLP: Marketing Yourself -DLP: Finance and Sustainability -

Elective (International Corporate Governance)  3.5 ECApplied Risk Management -Derivatives 3.5 ECAsset Pricing 3.5 ECMeasure Theory and Stochastic Processes (II) 3.5 EC

14 EC 9 weeks

BLOCK 3 CREDITS

DLP: Communication Skills; Field Trip -DLP: Finance and Sustainability -DLP: Behavioural Finance 3.5 ECApplied Risk Management -

Elective (Commercial Banking)  3.5 ECCredit Risk Management 3.5 ECEnterprise Wide Risk Sources 3.5 ECThesis (I) -

10.5 EC or 14 EC 9 weeks

BLOCK 4 CREDITSDLP: Communication Skills -DLP: Economics of Risk 3.5 EC

Applied Risk Management -Actuarial Mathematics and Modeling 3.5 ECMarket and Systemic Risk Management 3.5 ECFixed Income 3.5 ECThesis (II) -

11.5 EC or 15 EC 9 weeks

BLOCK 5 CREDITSInternship 5 ECThesis (III) 10 EC

15 EC 11 weeks

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1.3 Part-time programme

1.3.1 Structure of the programmePart-time students study under the same regulations as the full-time students, with thedifference that their course load is spread out over two years.

The outline of the part-time programme can be found on the next pages.

Final thesis and internship (year 2)The final phase of the Risk Management track consists of a thesis project and an internship ora practical project. The student’s workload for the thesis is divided:

1. Students begin identifying their thesis topic and writing up a first draft of their thesisproposal. The writing of the first draft proposal carries 28 hours, and the draft proposal mustbe submitted for approval by the Programme Director.

2. The thesis proposal needs to be finalized and submitted for which students receive 56hours.

3. Students will complete research on their topic, write up their results and submit their work.They will receive 196 hours for this.

The thesis project can be combined with an internship or a practical project at your workplace.Minimum duration of an internship is 140 hours and can take place at your own workplace orat one of Duisenberg school of finance’s various Network Partners from the financial,regulatory, central banking, international law and accounting areas. Designed to provide acomplementary set of real world experiences to round off their programme of study, theinternship takes place in Block 5 of the second year and carries 5 ECTS.

The deadline for the thesis is 15 August 2014. The deadline for the internship is 31 August 2014.

If a student does not complete the degree programme in one academic year, registration for asubsequent year is compulsory. The Board of Examiners will determine on 31 August if astudent has completed the programme. The registration fee for a subsequent year is set at€2.000. In addition, a fee of €400 per credit will be charged per course to be completed. Forthe internship and thesis the fees are set at a fixed rate of €1.000 and €2.000 respectively.When graduating before 1 February, 50% of the registration fee (i.e. €1.000) will bereimbursed. 

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MSc: TRACK RISK MANAGEMENT

Year 1

INTRODUCTION CREDITSDLP: Introduction -Advanced Computational Bootcamp 0.5 ECStatistics and Econometrics Refresher 1 ECProgramming 1 EC

2.5 EC 2 weeks

BLOCK 1 CREDITSDLP: Ethics in Finance -Applied Risk Management -Financial Econometrics 3.5 ECMeasure Theory and Stochastic Processes (I) 3.5 EC

7 EC 9 weeks

BLOCK 2 CREDITSApplied Risk Management -Derivatives 3.5 ECMeasure Theory and Stochastic Processes (II) 3.5 EC

7 EC 9 weeks

BLOCK 3 CREDITSApplied Risk Management -Credit Risk Management 3.5 ECEnterprise Wide Risk Sources 3.5 EC

7 EC 9 weeks

BLOCK 4 CREDITSApplied Risk Management -Market and Systemic Risk Management 3.5 ECFixed Income 3.5 EC

7 EC 9 weeks

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MSc: TRACK RISK MANAGEMENT

Year 2

BLOCK 1 CREDITSDLP: Ethics in Finance -

DLP: Financial Regulation 3.5 ECFinancial Accounting 3.5 EC

7 EC 9 weeks

BLOCK 2 CREDITSDLP: Finance and Sustainability -

Elective (International Corporate Governance)  3.5 ECAsset Pricing 3.5 EC

3.5 EC or 7 EC 9 weeks

BLOCK 3 CREDITSDLP: Finance and Sustainability -

DLP: Behavioural Finance 3.5 ECElective (Commercial Banking)  3.5 ECThesis (I) -

3.5 EC or 7 EC 9 weeks

BLOCK 4 CREDITSDLP: Economics of Risk 3.5 ECActuarial Mathematics and Modeling 3.5 ECThesis (II) -

7 EC 9 weeks

BLOCK 5 CREDITSInternship 5 ECThesis (III) 10 EC

15 EC 11 weeks

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2. Courses

2.1 Course material and literature

Course materialBinders with course material (readers) are available at the DSF Office at the start of each block.

Bear in mind that not every course has a reader, many professors use DSO to post articles. Youshould visit the DSO site of the course for additional readings.

1. Lia de Heer ([email protected]

LiteratureThe tuition fee does not  include books. You have to buy them yourselves.The literature list will be provided before the start of the block. A specimen of each mandatorybook can be found in the DSF library or at the DSF office.

2.2 Course Descriptions

2.2.1 Conversion Courses

Advanced Computational Boot Camp

Lecturer: Dr. A. Siegmann

Credits: 1 ECTS

Course Objectives:The aim of this course is to obtain an advanced knowledge of Excel, so that the assignments inthe Duisenberg programme pose no technical difficulties. Apart from that, we know that Excel isused in every company, especially in financial firms, so that having advanced knowledge is aplus for any job qualification. The course covers Excel basics and worksheet functions,manipulating text, counting and summing techniques, lock-up functions, goal seek/solver, arrayformulas, conditional formatting and data validation, debugging formulas, macros, and VBA.

Learning outcomes:At the end of the course, students are able to

• Do a regression analysis in Excel and report the outcomes in Word with the appropriateformatting;

• Transform large datasets into a usable format for analysis;

• Solve an optimization in Excel using the Excel Solver;

• Create a custom worksheet function in VBA;

• Create macros (subroutines) in VBA to automate Excel and perform a simple Monte-Carlosimulation.

Teaching Format:The course consists of 4 sessions, each starting with class instruction, followed by lab-sessions.During the course, the students have to do a case study.

Assessment Method:You are required to hand-in four completed cases each day before 5pm. The cases are gradedPASS/FAIL. If you fail one or more cases, a replacement case has to be made to pass thecourse.

Literature:Required literature is Walkenbach, J. (2010), Excel 2010 Formulas, Wiley Publishing, Inc .Additional material is handed out in class.

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Statistics and Econometrics Refresher

Lecturer: Prof. Dr. A. Lucas

Credits: 1 ECTS

Course Objectives:This refresher course provides a condensed review of the basic statistics, probability, andeconometrics entry level knowledge of the risk management course. The refresher deals withthe basic notions of probability, distributions (normal, t, chi-squared, gamma, F), multivariatedistributions including some matrix algebra, probability limits, central limit theorem, consistency,asymptotic normality, linear and non-linear regression model, maximum likelihood, linear timeseries, stationarity.

Learning Outcomes:At the end of this course students are able to:

• Understand and work with the necessary tools in statistics, probability and econometricsat the level needed for the core course work in the Risk Management track andCorporate Finance and Banking track.

Teaching Format:The course consists of 12 hours lectures

Assessment Method:Depending on the number of students, the course is completed by writing an essay or take-home exam.

Literature: * Brooks, C. - Introductory Econometrics for Finance;Alpha C. Chiang and Kevin Wainwright - Fundamental Methods of Mathematical Economics; Sheldon M. Ross - A First Course in Probability;  Christiaan Heij, Paul de Boer, Philip Hans Franses, Teun Kloek, and Herman K. van Dijk -

Econometric Methods with Applications in Business and Economics;

Programming

Lecturer: Dr. D. Stefanova

Credits: 1 ECTS

Course Objectives:The aim of this course is to obtain a working knowledge of MATLAB, so that the assignments inthe Duisenberg school of finance programmes pose no technical difficulties. MATLAB is a high-level programming language that can be used for data visualization, data analysis, numerical

computations and algorithm development. Apart from that, it is widely used at quantitativefinance and risk management positions in the financial industry, so having the foundations fordeveloping advanced knowledge of it is a plus in any job qualification in this area.

Learning Outcomes:At the end of this course students should be able to:

• Become familiar with the syntax of MATLAB and its interactive computing environment;

• Master array and matrix operations in MATLAB, as well as basic mathematical functionsand operators;

• Create custom programs that allow for data analysis and numerical computations, andlearn the basics of efficient programming;

• Understand and be able to implement numerical optimization routines in MATLAB(unconstrained optimization, linear programming, quadratic programming, nonlinear

multivariate constrained optimization);• Perform Monte Carlo simulations in MATLAB; understand and be able to implement

variance reduction techniques.

• Understand and implement finite difference methods for partial differential equations.

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Teaching Methods:The course has 4 sessions, each starting with instruction, followed by lab-sessions, duringwhich students are challenged to implement the techniques learnt through solving a set ofassignments.

Assessment Method:

Students have to complete a set of 4 assignments. The grade is a pass or a no-pass.

Literature:

•  Numerical Methods in Finance and Economics: A MATLAB-Based Introduction , PaoloBrandimarte (Wiley)

• the ‘Getting started guide’ of MATLAB, available at the Mathworks website:

http://www.mathworks.com/access/helpdesk/help/pdf_doc/matlab/getstart.pdf

• Additional material (slides, in-class assignments) will be provided during the course.

2.2.2 Block I - Courses

Financial Regulation

Lecturer: Prof. Dr. D. Schoenmaker

Credits: 3.5 ECTS

Course Objectives:The aim of the course is to provide students with a general overview of financial regulation. Itconcentrates on framework policies, namely the reason for the regulation and supervision offinancial services, the concepts of financial stability and systemic risk, as well as the way inwhich EU competition policy relates to financial markets. By doing so, it touches on economic,political as well as legal aspects of regulation and takes a European perspective. This should

give students a basic understanding why the financial sector is regulated and which forces(political, legal, economic) determine the shape of new regulations.

Topical issues are highlighted in the course: review of financial crisis, new proposals forEuropean supervision, need for macro-prudential tools.

Learning Outcomes:TBA

Teaching Format:The course has 7 sessions.

Assessment Method:

Written exam (70%) and case study (30%)Students will need to have a 5 in each of the two parts to pass the course. Please note thatparticipation in class is needed for this course (the exam and case study also draw on thediscussion in the classes).

Literature:De Haan, J, S. Oosterloo, and D. Schoenmaker (2012), Financial Markets and Institutions: AEuropean Perspective, Second Edition, Cambridge University Press.Various articles, which will be available on DSO  

Applied Risk Management (Block I, Block II, Block III and Block IV)

Lecturer: Various (coordinator: Dr. L.. Norden)

Credits: -

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Course Objectives:In Applied Risk Management, students work in teams on real-life cases in the field of riskmanagement. The cases are designed in collaboration with partners from the financial industryand help students to understand how the techniques used in the main courses are actuallyapplied in a day-to-day risk management context inside organisations. The contents of thecases keep pace with the core coursework completed by the students earlier in their

programme.

Learning Outcomes:At the end of this course students are able to:

• Establish the link between their theoretical core coursework and actual riskmanagement practice;

• Translate their theoretical knowledge into useful solution methods for concrete riskmanagement problems;

• Understand the key issues in risk management problems;

• Implement risk management techniques at short notice;

• Investigate the robustness of their results to the assumptions made during the solutionstage;

Summarise their research findings and present and defend these in a clear and effectiveway to their peers.

Teaching Format:The course has four sessions of an entire day. Students get literature to prepare themselves forthe case. During each session, students work on the case, coding computational work whereneeded, and summarising their findings in a report. The report is presented and defended to theother students.

Assessment Method:Each of the four cases has to be passed by the student in order to complete the course.A pass/fail is assigned on a team basis. If a case is not passed, additional work will be given tothe team of students to enable them to complete the course.

Literature:Case dependent academic and professional papers.

Measure Theory & Stochastic Processes (Block I and Block II)

Lecturer: Prof. Dr. L.F.M. de Haan and Prof. Dr. P.J.C. Spreij,

Credits: 7 ECTS

Course Objectives:Continuous time stochastic processes are the corner stone of contemporary mathematical

finance. The methods and concepts are used extensively for derivatives pricing and hedgingdecisions. The course starts in Part I with the fundamentals of measure theory as the basis forstochastic process calculus. Concepts that are covered include measures and measurability,sigma-algebras, Lebesgue integration, Radon-Nikodym theorem for a change of measure,conditional expectations, filtrations and martingales. The course proceeds in Part II with acoverage of some fundamental stochastic processes, Brownian motion and Poisson process,these are both building blocks for jump-diffusions.Attention is paid to the construction of stochastic integrals, the Ito-formula and its applications.Other treated issues are the Girsanov theorem for a change of measure, both in the context ofdiffusions and of compound Poisson processes, and the Feynman-Kac theorem, useful foroption valuation.

Learning Outcomes:

At the end of this course students are able to:• Understand the basic concepts of measure theory;

• Understand stochastic processes with continuous sample paths;

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• Understand jump processes and and jump-diffusions;

• Understand and work with the concepts of stochastic integration, stochastic differentialequations, and changes of measure;

Teaching Format:The course is spread out over two periods of 7 sessions each. During the course, students arerequired to actively work with the material by handing in regular assignments.

Assessment Method:Students have to hand in assignments during the course. The final grade is obtained by awritten or oral exam that include the student’s performance for the assignments.

Literature:

• Shreve, S.E. (2004): Stochastic Calculus for Finance II: Continuous-Time Models .Springer Finance;

• Lecture Notes;

• Background: Williams, D. (1991): Probability with Martingales . Cambridge MathematicalTextbooks.

Financial Econometrics

Lecturer: Prof. D. van Dijk

Credits: 3.5 ECTS

Course Objectives:This course aims to provide an introduction to modern econometric and time series techniquesthat are relevant for the analysis of financial data. It not only covers the necessary econometrictheory, but also teaches the students how to apply the models and techniques to empiricallyrelevant financial decision-making problems in portfolio management, asset allocation, and riskmanagement. In the first part of the course, we focus on modeling and forecasting the conditional mean ofasset returns. We discuss relevant issues in “backtesting” of forecasting models, includingrecursive estimation, variable selection, selection among (and combination of) competingforecasting models, and the evaluation of forecasts. We cover regression models for describingreturns on a single asset, as well as factor models for describing (the relations between) returnson multiple assets. In the second part of the course, we discuss GARCH models for asset return volatility, from botha theoretical and empirical perspective. In addition to univariate models, we also considermultivariate models that describe the correlation among different asset returns. The use of high-frequency data to measure and forecast volatility and correlation is discussed as well.

Learning Outcomes:At the end of this course students are able to:

• Understand (univariate and multivariate) econometric models for modeling and forecastingasset returns and volatility;

• Implement these models using standard packages or self developed code;

• Assess the quality of return and volatility forecasts, in particular in the context of riskmanagement;

• Maintain a critical attitude towards the limitations of models used for modeling andforecasting returns and volatility.

Teaching Methods:The course has 14 lectures of 2 hours each. During the course, students are challenged toapply the techniques learnt through solving a set of (empirical) assignments.

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Assessment Method:Students have to complete 2 assignments for 12.5% of their final grade each. The other 75% oftheir final grade is obtained by a written exam.

Literature:Compulsory:

• Alexander, C. (2008), Market Risk Analysis, Volume I: Quantitative Methods in Finance ,

Chicester: John Wiley.• Alexander, C. (2008), Market Risk Analysis, Volume II: Practical Financial Econometrics ,

Chicester: John Wiley.

Background:

• Brooks, C. (2008), Introductory Econometrics for Finance , Cambridge: CambridgeUniversity Press.

• Koop, G. (2006), Analysis of Financial Data , New York: John Wiley.

• Kozhan, R. (2010), Financial Econometrics with EViews , Ventus (e-book).

• Taylor, S.J. (2005), Asset Price Dynamics, Volatility, and Prediction , Princeton: PrincetonUniversity Press.

• Tsay, R.S. (2010), Analysis of Financial Time Series , 3rd edition, New York: John Wiley.

Verbeek, M. (2008), A Guide to Modern Econometrics , 3rd edition, New York: John Wiley.

Financial Accounting

Lecturer: Prof. A. Gaeremynck

Credits: 3.5 ECTS

Course Objectives:The role of financial accounting is to communicate the business reality to the organization’svarious interest groups through the financial statements. When comparing financial statementsof different companies and analyzing their financial position it is absolutely necessary to have

basic knowledge about the underlying fundamentals applied in the financial statements (groupor individual firm accounts, accounting standards used, the critical accounting policies applied,…). The objective of this course is to illustrate how the underlying fundamentals used affectreported earnings and equity of listed companies.Basic knowledge about concepts of financial accounting is a prerequisite

Learning Outcomes:

At the end of the course, students should have developed a critical attitude towards financialinformation disclosed.

1. Students should have some knowledge about the basic concepts and principles ofconsolidated financial statements. They should be able to illustrate the impact of an

acquisition of the financial statements.2. Students should have some knowledge about the basic concepts and principles of

International Financial Reporting Standards necessary to understand the financialstatements of listed companies.

3. Students should have an idea about the critical accounting issues relevant for reportedearnings and equity in an IFRS framework.

Teaching Format:A mixture of lectures, problem solving and discussion will be applied.

Assessment method:To successfully complete this course offered, you must achieve a passing grade of 50% orhigher on the final exam, and in the overall course.

Assignments : 20%Exam: 80%

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Literature:Jadish Kothari and Elisabetta Barone : Advanced Financial Accounting: An InternationalApproach, Financial Times Press, 2011 , 704 pp. ISBN-10: 0273712748

2.2.3 Block II - Courses

Derivatives

Lecturer: Prof. Dr . A.C.F. Vorst

Credits: 3.5 ECTS

Course Objectives:This course gives an introduction to derivative contracts. These contracts play an important rolein today`s financial markets. Derivative contracts are traded on a large number of underlyings,such as equities, commodities, exchange rates, interest rates and credits and students shouldunderstand how these instruments can be used to hedge risks, speculate, transform paymentsstreams from fixed to floating and vice versa etc.. Students should understand the differencesbetween Exchange Traded and Over the Counter contracts and their differences in riskcharacteristics.

A main theme of the course is the pricing principle based on no arbitrage, where it is explainedthat the principle is very strong and does not depend on strong assumptions as compared to theassumptions used in asset pricing theory. Students should also learn how the models can beimplemented and how traders are running their books and especially are able to reduce risks.Next there will be a focus on deviations from theoretical models that we see in day-to-daypractice. Finally it is shown that more exotic derivatives are priced based on the sameprinciples.

Learning Outcomes:At the end of this course students are able to:

• Understand the main forms of derivative contracts;

• Understand the main pricing methodology of derivative contracts;

• Understand the no arbitrage principle;

• To choose appropriate derivative contracts as hedging instruments;

• Understand the way traders are running their books including hedging

• Implement a binomial tree model;

• Maintain a critical attitude towards the limitations of the standard models.

Teaching Methods:The course has 7 sessions. During the course, students are challenged to apply and implement

the techniques learnt through solving a set of assignments. These assignments are discussedin separate weekly sessions that are ran by a Teaching Assistant

Assessment Method:Students have to complete the assignments for 10% of their final grade each. The rest of theirfinal grade is obtained by a written exam.

Literature:John C. Hull, Options, Futures and other Derivatives, seventh edition, Pearson/Prentice Hall,2008.

Asset Pricing

Lecturer: Prof. Dr. M.A. van Dijk

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Credits: 3.5 ECTS

Course Objectives:Financial markets serve many purposes in the economy. First, they allocate capital acrosseconomic investment opportunities. Second, they allow individuals to reallocate consumptionacross time by investing for the future at an appropriate expected return. Third, they allowinvestors to optimize their reward to risk ratios based on their preferences. Fourth, financial

market prices serve as proxies for aggregate investor beliefs and thus convey importantinformation to financial managers, investors, and policy-makers.

The pricing of assets traded on financial markets plays a crucial role for each of these purposes.The goal of this course is to understand what determines the price of financial assets. To thatend, we will discuss the role and functioning of financial markets, the attributes of differentfinancial securities, the preferences of investors, the fundamental principles of risk and returnand diversification, portfolio theory and asset allocation, the Capital Asset Pricing Model(CAPM), the Arbitrage Pricing Theory (APT) and other multifactor asset pricing models, assetpricing anomalies, market efficiency, behavioral finance and the limits to arbitrage, andperformance evaluation.

Learning Outcomes:

At the end of this course students are able to:• Clarify how financial markets work and what their role is in the economy;

• Reproduce the main arguments, mechanics, and implications of portfolio theory, the CAPM,and multifactor asset pricing models;

• Analyze real-life and stylized investment decisions based on the insights from portfoliotheory, the CAPM, and multifactor asset pricing models;

• Evaluate theoretical arguments and empirical evidence on the validity of Portfolio Theory,the CAPM, and multifactor asset pricing models;

• Apply insights on behavioral finance and the limits to arbitrage to explain empiricalregularities on financial markets;

• Describe, apply, and compare alternative performance evaluation methods;

• Apply the knowledge of financial markets and asset pricing to analyze events in actual

financial markets, such as the recent financial crisis.• Maintain a critical attitude towards the limitations of our understanding of asset pricing.

Teaching Format:The course has 7 sessions. During the course, students are challenged to engage indiscussions about the key concepts and apply the material in a set of assignments.

Assessment Method:The course grade will be based on three assignments (each 10% of the final grade) and awritten closed-book exam (70% of the final grade).

Literature:

• Course notes.

• Selected articles.• Zvi Bodie, Alex Kane, and Alan J. Marcus (BKM), 2011, Investments and Portfolio 

Management , 9th (global) edition, McGraw-Hill / Irwin, ISBN 9780077134501.

2.2.4 Block III - Courses

Behavioural Finance

Lecturer: Dr. F. Peters

Credits: 3.5 ECTS

Course Objectives:

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The course provides an introduction to Behavioral Finance, a relatively new area at theintersection of Psychology and Finance. The recent financial crisis, and previous speculativeepisodes such as the internet bubble, have highlighted the failures of the rational representativeinvestor paradigm as a foundation for financial decision-making. Behavioral Finance integratesinsights from Psychology into Standard Finance Theory in order to understand phenomena thatare difficult to explain within the traditional framework. The main objective of the course is toillustrate how these insights can help to better understand and predict individual financial

decisions and financial market outcomes, and thereby to improve one's own decision-making.The course consists of three main main building blocks: 1. Non-standard beliefs (egoverconfidence and optimism); non-standard preferences (eg reference-dependence and lossaversion); 3. non-standard decision-making (eg limited attention and heuristics). For each block,the lectures will describe the motivating evidence from Psychology, explain how it impactsfinancial decision-making, and discuss supporting empirical evidence.

Learning Outcomes:At the end of the course, successful students will have solid knowledge of the most relevantbehavioural deviations from the traditional, rational paradigm. They will further know in whichareas of financial decision-making these deviations are most pronounced, and what theirimpacts on market outcomes, such as asset prices and corporate decisions, are. Teaching FormatThe course consists of seven 3-hour lectures. Since much of the course material is based onrelatively novel findings, the course will be somewhat explorative and interactive in nature. Assessment:Assessment will be based on a final 3-hour in-class exam and a take-home assignment.

Literature: There is no textbook for this course. The reading list will consist of (mostly) academic articles. 

Credit Risk Management

Lecturer: Dr. Lars Norden

Credits: 3.5 ECTS

Course Objectives:Credit risk is the major risk in the financial system. Credit risk arises whenever the delivery andpayment of goods or services do not happen simultaneously. Credit risk in its various forms(e.g., default risk, credit migration risk) accounts for more than 80% of the total risk in thefinancial system and its realization was at the centre of the financial crisis, implying an essentialneed for improvement in credit risk assessment and management. The aim of this course is tofamiliarise students with the various aspects of credit risk, credit risk models, and credit riskmanagement.

The course starts with credit risk of individual counterparts and with models that exploit cross-sectional information on defaults. Next, students learn the specific details of portfolio models forcredit risk. Students will develop an understanding of the different mechanisms that introducecross-sectional dependencies and time-variation in credit risk exposures, and the variousmodels available to capture this.

Students will not only become aware of the theory, but will also be able to implement themodels, interpret the outcomes, and assess the strong points as well as the limitations of theircredit risk analysis and advice.

Learning Outcomes:At the end of this course students are able to:

Understand the drivers of single-name and multi-name credit risk;• Understand the main mechanisms to mitigate and manage credit risk;

• Understand the models used for single-name and multi-name credit risks;

• Implement these models using standard packages or self developed code;

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• Assess the quality of credit risk models and assessments;

• Establish the link between credit risk models and the regulatory framework;

• Maintain a critical attitude towards the limitations of models used for credit risk.

Teaching Format:The course consists of seven sessions. During the course, students are challenged to apply andimplement the techniques through solving a set of assignments.

Assessment Method:Students have to complete at least 3 assignments, each accounting for 10% of the final grade.The rest of the final grade is obtained by a written exam.

Literature:

• Duffie, D. (2011): Measuring Corporate Default Risk . Oxford University Press. ClarendonLectures.

• Greene, W. (2008): “Discrete Choice Modeling,” in The Handbook of Econometrics: Vol. 2,Applied Econometrics, Part 4.2., ed. T. Mills and K. Patterson, Palgrave, London.

• Löffler, G., and P.N. Posch (2011): Credit Risk Modeling Using Excel and VBA. Wiley. 2nded.

Enterprise Wide Risk Sources

Lecturer: Prof. G. Boender, Prof. P. Stork

Credits: 3.5 ECTS

Course Objectives:The course provides an overview of the most important risk sources within banks and pensionfunds. By taking an enterprise wide perspective, the course presents a comprehensive view ofhow the various risk sources should best be monitored and managed. The first part of thecourse consists of four classes on banking.

The second part of the course deals with pension funds. The focus of this course is on practicalknowledge and applicability. We discuss, amongst others, market risk, interest rate risk,liquidity risk, operational risk, and off balance sheet risk. We assess why management of theserisks is critical in banks. We show how each of them may be monitored and mitigated. Inpractice these risks oftentimes materialize simultaneously, which greatly exacerbates the overallrisk. Therefore, we give special care to how these risks aggregate and to how an appropriatecomprehensive risk management framework may be organized.

A large number of mishaps are examined, which illustrate some of the things that go wrong inpractice. Amongst others we review Enron, LTCM, Barings, Herstatt, Metallgesellschaft, the USS&L crisis, Orange County, Bear Stearns, and Lehman Brothers. Part of the course consists ofan assignment, which is a real-life risk management case.

The second part of the course deals with pension funds. We discuss Asset and LiabilityManagement (ALM) for financial institutions, in particular pension funds. The techniques forALM are covered, including the scenario approach. We highlight the difference between pureasset management and ALM from the pension fund perspective. We also look at the effect ofpension fund regulation and pension system stability.

Learning Outcomes:At the end of this course students are able to:

• Identify the different sources of risk;

• Understand how to develop a comprehensive risk management framework;

• Know some of the main risk management requirements set by the regulators;

• Understand when conventional risk management techniques do not suffice;

• Understand the ALM perspective of financial institutions;• Understand and implement the models and techniques for scenario analysis in ALM;

• Apply their knowledge to a practical risk management case.

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Teaching Methods:The course has 7 sessions and compulsory case work

Assessment Method:Students have to complete case work and a written exam.

Literature:For the first part of the course the following book is used: “Financial Institutions Management: ARisk Management Approach”, by A. Saunders and M.M. Cornett, 7

thedition, McGraw-Hill.

Additional study material is distributed.

2.2.5 Block IV - Courses

Economics of Risk

Lecturer: Dr. J. Danielsson

Credits: 3.5 ECTS

Course Objectives:The aim of the course is to provide the student with a comprehensive understanding of financialstability and systemic risk. Why crises happen, what can be done to prevent them, what this theright way to respond and what are the most common mistakes made by the authorities and theprivate sector. We discuss extensively the role of financial regulations, up to and includingcurrent developments in the regulatory reform. Some of the topics include endogenous risk,liquidity, bailouts, currency markets and moral hazard. There are several applications toprevious crises, for example the Great Depression, the Asian crisis, but also to the ongoingcrisis from 2007.

Learning Outcomes:The course provides the student with the main motives for the inherent instabilities in thefinancial system and why it is so hard to achieve safety and resiliency.

Teaching Format:The course has 7 sessions and compulsory case work

Assessment Method:Written examination.

Literature:Book of Jon Danielson (to be published in 2013)

Actuarial Mathematics and Modelling

Lecturer: Prof. Dr. J.L.M. Dhaene

Credits: 3.5 ECTS

Prerequisites:Students are required to have a sufficient operational knowledge of mathematics and probabilitytheory. This means that they should be familiar with the material covered in the followinginternational standard texts (or equivalents):

• Chiang, A.C. and Wainwright, K. (2005). Fundamental Methods of Mathematical 

Economics , 4th edition, McGraw-Hill Education.• Ross, S.M. (2009). A First Course in Probability , 8th edition, Pearson.

Course Objectives:

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This course introduces and gives insight into some of the most important actuarial techniquesand models that underlay today's management of insurable risks. These techniques aretypically applied to portfolios of future random claims related to insured events. Portfolios ofsuch claims are held by insurance companies, pension funds and often also by financialinstitutions in general. The (partial) diversifiability property of insurance claims distinguishes thetools required for managing insurance risks from tools such as hedging, which are applied in apurely financial context. As the programme is research-oriented and analytically-based,

attention will also be given to the latest scientific developments in the area of actuarialmathematics and modelling.

We start this course by investigating the actuarial paradigm in some detail. This paradigm canbe defined as the current theoretical framework (concepts, values, perceptions, practices) thatis accepted and shared by the community of actuarial scientists and practitioners. Topics thatare covered include: risk pooling, insurance and limit theorems (Law of Large Numbers, CentralLimit Theorem), homogeneity vs. heterogeneity in insurance portfolios, diversification vs.systematic risk, premiums and provisions, reinsurance, securitisation of insurance risks(catastrophe bonds, longevity bonds, life settlements and viaticals).

In the second part of the course, we have a closer look at the life insurance and pension fundbranches, where insurance risk is mainly driven by the remaining lifetimes of the insured. We

describe how the stochasticity of the remaining lifetimes in a life insurance portfolio is modelled.We start from the classical approach where it is assumed that remaining lifetimes areindependent and identically distributed and, hence, the insurance risk is diversifiable. Next, weconsider models for longevity risk. This non-diversifiable risk can be defined as the risk that themortality in the population under consideration will deviate from the one that is assumed fordetermining premiums (people will live longer than was assumed). Securitisation of longevityrisk is also considered.

After having introduced appropriate models for describing the mortality and survival in insuranceportfolios, we are ready to investigate models for describing the classical life insurance business(with benefits paid at the moment of death of the insured and the annuity business (with benefitspayable upon survival of the insured. We also pay attention to the mathematics of pensionfunds, where we distinguish between DB (Defined Benefits) and DC (Defined Contributions)

plans.

In classical life insurance, economic and demographic risks (such as returns on investmentsand mortality) are borne by the life insurer. This approach leads to insolvency risk, which is therisk that the insurer will not be able to fulfil his liabilities. Alternative approaches to classical lifeinsurance are unit-linked and index-linked insurance, as well as variable annuities. In thesecases, part of the economic and/or demographic risks are passed on to the customers. Theseproducts usually come with various guarantees that may take the form of complicated exoticoptions and derivative securities. An example is a capital guarantee that ensures that in case ofdeath of the insured, the contract will pay out the greater of the account market value at themoment of death and the original investments grown at a fixed and predetermined rate. Riskmanagement of the embedded options in such contracts requires a combined actuarial – financial approach. We investigate some types of variable annuity contracts in detail.

The non-life insurance business distinguishes from the life business by its typical short terminsurance period (one year). This short-term insurance period does not imply that the businessof one particular year can be considered as fully settled after the end of the insurance period.Indeed, claims that have occurred in one particular insurance year may often only be settled anumber of years later. One distinguishes between Incurred But Not (Enough) Reported claimsand Incurred But Not Settled claims. At the end of the insurance year, the insurer has toestimate these future claims and sets up an appropriate reserve for it. Techniques fordetermining these reserves are based on so-called run-off triangles, in which claims aregrouped by year of origin and development year. We investigate IBNR techniques. Other typicalnon-life actuarial techniques that we may consider are bonus-malus systems, ruin theory andcredibility theory.

Learning Outcomes:At the end of this course students will:

• Understand the main drivers of liability risk in insurance and reinsurance portfolios;

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• Understand the main mechanisms to mitigate and manage portfolios of insurance risks(diversification, securitisation,…);

• Understand the basic actuarial models used for life, pension and non-life risks;

• Understand longevity risk in life insurance and pension portfolios and how insurers cancope with this risk;

• Have a basic actuarial knowledge about premium setting, reserving and solvency relatedto insurance portfolios;

• Have a basic knowledge about variable annuities and their features;

• Establish the link between insurance risk and the regulatory framework (Solvency II);

• Maintain a critical attitude towards the limitations of actuarial models used in an insurancecontext.

Teaching Format:The course has 7 lectures. Students are asked to actively take part via discussions andquestions regarding typical insurance problems. During the course, students are challenged toapply the techniques learnt through solving a set of assignments.

Assessment Method:Students have to complete at least 2 assignments, each being 10% of the final grade.

The rest of the final grade is obtained by a written exam. All course materials can be consultedduring the exam, except solutions of exercises.

Literature:The insurance technique: 

• Dhaene, J.; Denuit, M.; Kukush, A.; Valdez, E. (2011). Insurance basics and the actuarialparadigm. Working paper.Life and pension insurance: 

• Milevsky, M.A. (2006). The Calculus of Retirement Income – Financial Models for Pension Annuities and Life Insurance . Cambridge University Press. Ch. 2, 3, 6, 7, 8, 11.

Non-life insurance: 

• Kaas, R.; Goovaerts, M.; Dhaene, J.; Denuit, M. (2008). Modern Actuarial Risk Theory ,2nd edition. Springer. Ch. 1 and 8.

Further reading: (non-obligatory)

• Dickson, D.; Hardy, M.R.; Waters, H.R. (2009). Actuarial Mathematics for Life Contingent Risks . Cambridge University Press.

• Doff, René (2007). Risk Management for Insurers – Risk Control, Economic Capital and Solvency II . Risk books.

• Hardy, M. (2003). Investment Guarantees: Modeling and Risk Management for Equity- Linked Life Insurance . Wiley.

• Kaas, R.; Goovaerts, M.; Dhaene, J.; Denuit, M. (2008). Modern Actuarial Risk Theory ,2nd edition. Springer.

• Milevsky, M.A. (2006). The Calculus of Retirement Income – Financial Models for Pension Annuities and Life Insurance . Cambridge University Press.

• Möller, T.; Mogens, S. (2007). Market-Valuation Methods in Life and Pension Insurance .

Cambridge University Press.

Market & Systemic Risk Management

Lecturer: Dr. C. Zhou

Credits: 3.5 ECTS

Course Objectives:The main objective of this course is to develop a coherent framework for evaluating market riskat the levels of individual asset, portfolio and a macro system. The main tool that we exploit in

devising this framework is the statistical theory about tail risk from Extreme Value Theory (EVT)in combination with standard concepts from finance and macro economics.

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In particular, the course offers different methods to manage financial risk with special emphasison downside risk measures such as Value-at-Risk (VAR), semi-variance, CVaR, Stress tests,worst case scenario analysis, etc. Various statistical techniques are studied for analyzingheavy-tailed distributions, especially their additive properties. Here, heavy-tail refers to thephenomenon that very bad outcomes occur more frequently than the normal distributionpredicts. The techniques are used to estimate and manage downside risk, both at individualasset level and portfolio level. Subsequently, we investigate the EVT for the sake of stress

testing and scenario analysis. Given the link between individual risk management and stabilityof the financial system, we also pay attention to various aspects of risk management from asupervisory point of view. The inherent fragility of the financial system is explained and tools forsystemic stability are developed.

The PC lab session implements the introduced techniques, while focusing on real dataapplications. The rigorous treatment of some of the techniques enables students toindependently analyze market and systemic risk.

Learning Outcomes:At the end of this course students are able to:

• Identify the rigorous and quantitative techniques available in analyzing market and

systemic risk• Use various statistical techniques specifically designed to measure downside tail risk

• Identify and handle the additive properties of heavy tailed distributions both over timeand cross sectionally

• Select and use appropriate techniques to manage portfolio tail risk

• Develop indicators for evaluating the stability of the financial system

Teaching Format:Lectures, PC lab training

Assessment Method:Conditional on passing the written exam (3 out of 5), the final grade is decomposed as

assignments (30%), lab exercise (20%), and written exam (50%).A fail in the written exam leads to a fail in the overall course.

Literature:Lecture notes (mandatory)

Fixed Income

Lecturer: Dr. ir. R. Lord 

Credits: 3.5 ECTS

Course Objectives:This course gives an introduction to interest rate modeling in continuous time and the pricing ofinterest rate derivatives. Starting with the basic concepts of arbitrage-free pricing, we movethrough the world of interest rate modelling by covering vanilla and exotic products, and also awealth of models, such as short-rate models, the Heath-Jarrow-Morton modelling framework,and market models. Finally, we will look at more recent changes in the interest rate world, suchas OIS and CSA-based discounting. Students should not only be aware of the theory, butshould also be able to implement the models interpret the outcomes, and assess the strongpoints as well as the limitations of term structure models

Learning Outcomes:At the end of this course students are able to:

• Understand the mathematics of arbitrage-free pricing for interest rate derivatives;

• Understand standard interest rate derivatives such as caps/floors and swaptions;• Calibrate term-structure models to market quotes for standard instruments;

• Understand and implement short-rate models;

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• Understand and implement affine term-structure models;

• Understand and implement Libor market models;

• Understand the characteristics of several exotic interest rate derivatives;

• Maintain a critical attitude towards the limitations of models used for interest ratederivatives;

•  Understand how interest rate derivatives have to be priced in the post-credit crunch era. 

Teaching Methods:The course has 7 sessions. During the course, students are challenged to implement thetechniques learnt through solving sets of assignments, the solutions of which will be discussedat the start of each session.

Assessment Method:The grade is obtained by a written exam.

Literature:

• J. Hull: “Options, Futures, and Other Derivatives”, Prentice Hall

• Brigo, D. and F. Mercurio: “Interest Rate Models - Theory and Practice: With Smile,Inflation and Credit”, Springer Finance

2.2.6 Block V – Thesis and Internship

Thesis

Credits: 10 ECTS

Course Objectives:All students need to write a Master's thesis, which requires students to develop and show the

ability to independently produce a piece of innovative research. Prior to the writing the thesis, allstudents attend the Master's Thesis Seminar, where they learn how to develop researchquestions, how to find data, how to structure a thesis and how to conduct empirical analysis.Moreover, all students need to present their own thesis proposal and obtain/provide feedback.

The thesis is written in an area related to the track of specialisation. The thesis has to satisfy thestandards of an independent academic piece of work, building on existing literature andcombining both a theoretical analysis and hypothesis development and an empirical analysis ofreal-world, survey or experimental data.

Learning Outcomes:After finishing their theses, students will be able to:

• Independently develop a research question;

Understand the academic literature in the area of the Master's thesis;• Independently work on a clearly defined research project;

• Build on existing literature and combine theoretical hypothesis development and anempirical analysis of data;

• Analyse data using statistical methods.

Assessment Method:The final thesis will be assessed by the thesis supervisor and Programme Director.

Internship

Credits: 5 ECTS

Course Objectives:

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This internship is designed to provide an opportunity for students to develop practical skills indealing with financial issues related to the track of specialisation. It is also included in theprogramme to allow students to develop professional skills, such as presentation skills andinteraction with clients and higher management. Students may wish to combine the mandatoryinternship with the writing of the final thesis. DSF has a number of partner institutions that aresupportive of thesis work based on a student's placement.

Learning Outcomes:By the end of the internship, students will:

• Have applied their academic knowledge in a practical context;

• Have learned institutional details in their specific track of specialisation;

• Have developed practical skills in dealing with financial issues related to the track ofspecialisation;

• Have developed professional skills, such as presentation skills and interaction with clientsand higher management.

Assessment Method:Students need to write a written report on their thesis.

2.2.7 Electives

During the Programme you need to choose one elective. Preferably you choose your elective inBlock 2 or 3 for an equal study load over the whole year. But you are allowed to take yourelective during block 1 or 4 as well. The following electives have been selected for the RiskManagement Programme:

Corporate Valuation (block 1)Investments (block 2)Commercial Banking (block 3)International Corporate Finance and Risk Management (block 4)

With approval of the Programme Director of the Risk Management track you can also choosethe following courses:

Corporate Governance (block 2, Corporate Valuation is a pre requisite)International Corporate Governance (block 2)

For course descriptions see the study guide of Corporate Finance and Banking

You are allowed to take certain courses at the Tinbergen Institute (with approval of theProgramme Director of the Risk Management track)

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2.3 The Duisenberg Leadership Programme 

The Duisenberg Leadership Programme is a key feature of the Master’s degree programme atDuisenberg school of finance, regardless which Master’s programme students pursue. In orderto fulfill the school’s mission to create financial leaders, students will take courses from theDuisenberg Leadership Programme throughout the duration of their Master’s study. Thesecourses are dedicated to building leadership skills in finance.

These tailored courses comprise the distinctive leadership programme:

• Behavioral Finance• Communication Skills• Economics of Risk• Ethics in Finance• Financial Regulation• Finance and Sustainability• International Corporate Governance 

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3. Duisenberg School Online and Wireless Internet

3.1 Duisenberg School Online

https://dso.duisenbergschooloffinance.com/login/index.php  

Duisenberg school online (DSO) provides a Virtual Learning Environment (VLE) for all studentsat Duisenberg school of finance. Students use this site to: 

• Stay up to date with general information related to Duisenberg school of finance • Stay up to date with their specific programme (e.g. detailed course descriptions,

Programme structure, literature lists)

• Read or download learning materials and syllabi (for courses which are organised byDSF) 

• Check their schedule

• Be informed on upcoming events (internal and external events) • Access information and use tools provided in the Career Resource Centre • Find information on their fellow students (e.g. contact details, birthday calendar) • Use the forum to communicate with their fellow students • Read RSS feed for financial news (World and Europe) 

Enrolling for a course on DSOFor each course you will be automatically enrolled. The courses that you are following willappear on the first page of your account. If a course is missing from your list: please inform the DSF Office and you will be enrolled. 3.2 Wireless Internet at Duisenberg school of finance

To establish a connection to the UvA wireless network you will first need to install the SecureW2

security software on your laptop, tablet or smartphone.

If you already have an Internet connection (e.g. mobile Internet) Go to www.uva.nl/wirelessconfig. This page checks your operating system to ensure youdownload the right software (e.g. for Windows, Mac OS X or Android). Check to see if the rightoperating system is selected and click JoinNow. The SecureW2 software will now bedownloaded. Install the software on your device.

If you are at a UvA locationEstablish a connection with the UvAguests wireless network. Once your connection has beenestablished, open your Internet browser and go to www.wifiportal.uva.nl  (Internet Explorer willdirect you to this page automatically). This page checks your operating system to ensure youdownload the right software (e.g. for Windows, Mac OS X or Android). Check to see if the right

operating system is selected and click JoinNow. The SecureW2 software will now bedownloaded. Install the software on your device. 

After installing the softwareOnce you have installed the SecureW2 software you can start using wireless Internet at theUvA by selecting the ‘uva’ or ‘eduroam’ wireless networks and logging in with your UvAnetID(Mac users must ad @uva.nl after their UvAnetID: [email protected]).

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4. Lectures and attendance 

Attendance is recorded at every lecture, so do not forget to sign the attendance lists. For certaincourses active student involvement during the lecture is part of your final grade.We expect you to be in class well in time.

For further rules and regulations with regards to lectures and attendances, please see theappendices section; Regulations for teaching and examinations of this study guide.

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5. Evaluations

5.1 Evaluations

The students will evaluate all courses. Your cooperation is very much appreciated; it helps us to

improve the programme for future students. We also need your evaluation of the programme forour quality assurance procedures. Evaluations are one of the key marks in order to obtain andmaintain accreditation from national and international bodies, this will help us to further improveour reputation.

By the end of each course (around the date of the last lecture), you will receive by email a linkto an online course evaluation form. You are asked to submit the evaluation form before a givendate.At the end of the academic year, you will receive a general evaluation form. Here we would liketo hear your opinion about the complete programme, facilities and staff.

Of course, everything you fill out in an evaluation form will be handled confidentially.

The results of the evaluations will be communicated with the Programme Directors andLecturers involved. The results will also be discussed by the Educational Board

5.2 Educational Board

Every Academic year a DSF Educational Board is appointed. There is an equal number ofstudent representatives and teacher representatives.

The Educational Board advises the Dean on the Academic and Examination Regulations for thecoming Academic year and evaluates the way in which the Academic and ExaminationRegulations are implemented. To this end, the Educational Board can make use of:

- components of the written course evaluations and the results of evaluation panels;- evaluation of the curriculum as a whole

In September students will receive an email from the Programme Manager inviting them toshow their interest in becoming a student representative in this board.

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6. Commitees and Course Representatives

6.1 Committees

For the year 2012-2013 we will have two different DSF student teams in addition to the

Evaluation Board:

1. Social Committee : Organization of social events e.g. drinks or theme nights (6students)

2. Communication Team : Be the face of DSF and share your personal experiences withprospective candidates via our social media sites, events andother promotional activities (6 students).

3. Career Team : Support the CRC and represent your programme during careerevents (4 students)

4 Fieldtrip Team : Organization of the Fieldtrip mid- January 2013. The FieldtripTeam arranges the sponsoring, company/university visits,location, trips, transport and accommodation (6 students) 

Each of the two groups will work together with one or two of the DSF staff. The contact personsfrom DSF are:

2. Social Committee : Lia de Heer ([email protected]) 3. Communication Team : Rick Rudolph ([email protected]) and Jesper van de

Vooren ( [email protected]

4. Career Team : Lonneke.Korenromp ([email protected]) 5. Field Trip Team  Lia de Heer ([email protected]

6.2 Course Representatives

Programme Management will appoint a class representative for each course.

The tasks of the course representative include:

• Distributing & collecting student attendance list at the start of every class. Please collect theattendance list at DSF office before each class: it will be in the intray on top of the cupboardnext to the Programme Coordinator Ingrid van Beeks’s desk. After the lecture you will handthe attendance list back to Ingrid van Beek. If a class is scheduled in the evening, pleasebring the list back the following day;

• Shutting down the computer and beamer after the lecture (turn off);

• Putting all lecture room furniture back in its original/standard position after every class;

Turn off the light in the lecture room;• Making sure that all water glasses are taken back to the kitchen;

• Remove all trash from lecture room after every class;

• Clean the white board(s) to ensure that the next scheduled class can start on time;

• Any other assistance which the lecturer might require.

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7. Exams and retakes

7.1 ExamsThe students will be required to sit for the final examination that follows directly after the course.

If a student skips the exam for a course without the consent of the Programme Director, theexam will still count as the first attempt. The student will get one other chance to sit the exambefore the end of their study period.

The interim exams will take place:

• In week 43 (22 October – 27 October), Block I

• In week 2 (7 January - 12 January), Block II

• In week 11 (11 March - 16 March), Block III

• In week 22 (27 May - 1 June), Block IV

7.2 RetakesThe resit examinations are scheduled in the 1st week of Block 3 for courses offered in Block 1,

in the 3rd week of Block 3 for courses offered in Block 2, in the 1st week of Block 5 for coursesoffered in Block 3, in the 3rd week of Block 5 for courses offered in Block 4.

Resit options are limited to a maximum of four resit interim examinations per academic year perstudent. If a student does not take the initial examination, the resit examination counts for oneexamination.

7.3 GradingMarks can be awarded on two different scales:• in half integers (from highest to lowest grades from 10 to 1);• the qualification pass or fail.

In the course descriptions (chapter 2 of this Study Guide) you can find how the course is

assessed. In general a percentage of the grade will be given for participation, group work andindividual assignments. These percentages differ per course.

In order to pass the exam the grade should be at least a 6 (a 5.5 will be rounded up to a 6).Should students fail to pass the exam, having been unable to sit the exam or unable to performto their normal standard for reasons beyond their control they will be offered one other chanceto sit the exam before the end of their study period.

7.4 Posting gradesGrades for group projects, assignments and exams will be posted on DSO.

7.5 DistinctionThe Examination Board may award you a Master’s degree with Distinction if a student hasexcelled in their Programme. The four requirements maintained for this are;1. The average of all grades is at least 8;2. All final grades must be equal or higher than 7;3. A minimum of 8 for the final thesis;4. No retakes or grade improving assignments.

The Board of Examiners can deviate from the requirement “all grades must be higher than 7”

For further rules and regulations with regards to exams and retakes, please see Regulationsfor teaching and examinations 

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8. Career Resources

The DSF Career Resource Centre organizes events and workshops throughout the year to helpyou enter the job market well prepared: aware of your personal strengths, goals and motivatorsand with a network of industry contacts and alumni.

Know yourselfEven before starting the programme you complete Careerleader, a web-based comprehensivecareer assessment tool that measures interests, abilities and key work motivators.

CoachingIn individual and group coaching sessions you discuss your Careerleader results and yourcareer goals. This will help you develop a job search strategy.

Coaching sessions can be planned on your request or upon invitation of the Career ResourceCentre. Topics in these sessions can be career choice, job searching, interview practice or anyother career related issues you would like to discuss with a professional.

Marketing YourselfTo develop career management skills, all full-time students follow 4 Marketing Yourselfworkshops. These workshops focus on networking, resume/cover letter writing, assessment and job interviews. Involvement of recruiters from our corporate network in interview simulationsadds a real-life effect to the workshops.

N.B. Attendance to these workshops is a requirement for participation in all career events.

Job and internship postingsJob and internship opportunities will be published on Duisenberg school online (DSO), alongwith all other career information: online company presentations, information about online tools,announcements for events, etc.

Online Career LibraryFind valuable information and free career guides through Vault’s Career Insider. You can findthe login information on DSO.

Career EventsWe provide you with ample opportunity to apply your career management skills in practice. Weorganise professional seminars in which guest speakers tell you about developments in theirfield and give you an idea of the type of work you can do after graduation. Companies presentthemselves to you in company presentations or company visits.

In addition, we have a network of industry contacts, both with our partners and outside, to helpyou connect to the right people and find the most suitable internships and permanent positions.

Contact the CRCThe Career Resource Center can be contacted via e-mail ([email protected]), by phone through020 – 525 8588 or 020 – 525 1624 and at our desks in 1.35.

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9. Contact details

Programme Director Dr. Lars NordenE-mail: [email protected] 

Programme Manager Wim TouberTel: +31 (0)20 525 8582E-mail: [email protected] 

Programme Coordinator Ingrid van BeekTel: +31 (0)20 525 8576E-mail: [email protected] 

Career Services Manager Lonneke KorenrompTel: +31 (0)20 525 8588E-mail: [email protected] 

Opening hours DSF OfficeMonday to Friday: 8.30am – 5.00pm

General informationDuisenberg school of financeGustav Mahlerplein 117

1082 MS AmsterdamThe Netherlands

E-mail [email protected] Website: http://www.dsf.nl 

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Appendix A 

Regulations for Teaching and ExaminationsAcademic Year 2012-2013

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Regulations

for Teaching

and Examinations

Academic Year 2012-2013

Master’s degree programmes

► LL.M. Finance and Law 

► MSc Finance: Corporate Finance and Banking trackFinance and Law trackRisk Management track

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Section 1. General Provisions

Article 1. Scope of the Regulations

1.1 These sets of rules apply to the educational activities associated with andexaminations of the Master’s degree programmes LL.M. Finance and Law and MSc

Finance (Corporate Finance and Banking , Finance and Law andRisk Management track), hereinafter referred to as the ‘programme’ and/or ‘track’.

1.2 The degree programmes are offered by Duisenberg school of finance, hereinafterreferred to as the ‘School’.

1.3 These regulations apply to anyone starting the programme in the academic year2012-2013, irrespective of the full-time or part-time status of the student. 

Article 2. Definitions of Terms

Where the terms in these regulations are also used in the Dutch Higher Education andResearch Act (WHW), the denotation given in the Act prevails.

• Act: the Dutch Higher Education and Research Act (WHW);• Admissions Board: the body responsible for admissions and granting

scholarships;

• Block: one of five teaching and examination periods;

• Board of Examiners: the body responsible for establishing whether a student hassatisfied all requirements as stated in the regulations regarding knowledge, insightand skills that are necessary to obtain the degree;

• Complaints Commission: the commission to be installed by the Dean for dealingwith complaints that cannot be referred to any other organisational body. TheCommission can advise, negotiate (mediate) or investigate all aspects concerningthe complaint;

• Credit: unit (EC) of 28 hours of study load, in accordance with the European

Credit Transfer System (ECTS);• Degree Programme: the LL.M Finance and Law programme or MSc Finance

programme;• Dean: the person responsible for decreeing the Rules and Regulations for

Teaching and Examinations;• DSO: the Duisenberg school of finance online learning environment;• Final Examination: evaluation in order to determine whether the student has

satisfied all the requirements of the degree programme;• Grade: end result of a programme component;

• Interim Examination: investigation of the knowledge, insight, attitude and/or skillsof the examination candidate, as well as the evaluation of the results of thatinvestigation;

• Practical Exercise: practical educational exercise as defined in Article 7.13,second paragraph, of the Act;

• Programme Component: programme component in accordance with Article 7.3(paragraphs 2 and 3) of the Act for which examination is required;

• School: Duisenberg school of finance;• Student: a person registered at the School to take courses and/or to sit

examinations and satisfy the requirements of the programme;

• Study Guide: guide for the programme and/or track containing specificprogramme information.

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Article 3. Aim of the Degree Programmes

The LL.M. Finance and Law programme offers training in financial theory and moderninvestment management, international contracts, corporate and structured finance,banking and securities regulation, accounting techniques and principles of companylaw.

The MSc Finance programme prepares students for a career in finance, either in thefinancial industry, government and related institutions, agencies, or academia. Withinthe broad spectrum of the financial discipline, the MSc Finance programme featuresthree specialised tracks: the Corporate Finance and Banking track; the Finance andLaw track; and the Risk Management track.

Article 4. Degree Programme Types

With the exception of the Corporate Finance and Banking track, the degreeprogrammes of the School can be studied both on a full-time basis (12 months) andon a part-time basis (24 months).

Article 5. Language

The degree programmes are taught in the English language. Students in theprogrammes prepare all their assignments in English, the thesis included.

Article 6. Hardship Clause

In exceptional cases, the Board of Examiners is authorized to waive, by means of areasoned ruling, one or more of the provisions listed in these regulations. Should sucha ruling affect more than 10 students, the Board of Examiners must inform the Deanof its intention to grant the waiver in advance.

Section 2. Admission to the Degree Programmes

Article 7. Admission Requirements

7.1 Students are eligible to start the degree programme if they hold an admissionstatement issued by the Admissions Board. Upon acceptance to the programmes,candidates must have demonstrated knowledge, understanding and skills reflectingthe final level of attainment in a relevant academic Bachelor’s degree programme asstipulated in the Admissions Requirements published onwww.dsf.nl/home/admissions/requirements.

7.2 The Board of Examiners may grant admission to the degree programme to candidates

with a different educational background after receiving positive advice from theAdmissions Board. The Board of Examiners may impose additional entryrequirements.

7.3 For admission to the MSc Finance degree programme, the candidate must complete aGMAT or GRE test. For both tests, a top 20% score for the quantity component isrequired for admission. For the LL.M. Finance and Law degree programme, a GMATor GRE test is not mandatory; however, the Admissions Board is allowed to ask thecandidate to complete a GMAT or GRE test.

7.4 For admission to the degree programmes, the candidate must complete a certifiedEnglish language test before commencing the programme. Candidates should haveobtained a TOEFL score of at least 600 (250 on the computer-based test and 100 on

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the Internet based test). The International English Language Testing System (IELTS)requires an average of 7.0 (minimum score of 7.0 in all modules).

7.5 Contrary to the provisions of Article 7.4, the School may exempt candidates who havehad their preparatory education in a country where English is the official working andeducational language, from taking a mandatory language test. In this case, a

statement from the NUFFIC, confirming that the preparatory education in the Englishlanguage has been received, will be required.

Article 8. Admission Procedure

8.1 The responsibility for admitting students to the degree programmes and/or distincttracks is delegated to the Admissions Board.

8.2 The admission process consists of four stages:

• Completing the online application form, accompanied by additional supportingdocuments. A complete application contains:

− a copy of the degree which you obtained from your previous university

and a certified transcript in English;− a letter of recommendation from at least two academic referees;− a certificate with regard to English proficiency (if you are not a native

speaker of that language);− a copy of your passport;− the student’s curriculum vitae;− a motivation statement.

• First round evaluation conducted by the Recruitment and Admissions Office;

• Admissions interview conducted by the Programme Director;

• Second round evaluation conducted by the Admissions Board for final evaluation.

8.3 The Admissions Board’s decision is final. The Admissions Board issues a writtenadmission statement to accepted candidates stipulating conditions if applicable. TheAdmissions Board notifies a rejected candidate in writing, stating the reasons for itsrefusal to admit and/or register the student. Rejected candidates are entitled to lodgean appeal against the Admissions Board’s decision with the Board of Examiners.

Article 9. Fee

9.1 For students who start the degree programme in 2012, the tuition fee is set at€26,000. In order to register for a programme and/or track, a down payment of €2,000has to be paid within 30 days of the invoice date. The down payment is non-refundable. The remaining tuition fee has to be paid within 30 days of the invoice date.If a student fails to do so, the School has the right to deregister the studentimmediately.

9.2 The fee for attending a distinct course is set at €400 per credit (see also Article 15.3).

9.3 If a student does not complete the degree programme in one academic year,registration for a subsequent year is compulsory. The Board of Examiners willdetermine on 31 August if a student has completed the programme. The registrationfee for a subsequent year is set at €2,000. In addition, a fee of €400 per credit will becharged per programme component to be completed. For the internship and thesis,the fees are set at a fixed rate of €1,000 and €2,000, respectively. If the studentgraduates before 1 February, 50% of the registration fee (i.e. €1,000) is reimbursed.

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Section 3. Structure of the Degree Programmes

Article 10. Structure of the Degree Programme

The degree programmes and/or distinct tracks comprise the components listed anddescribed in the Study Guide. An overview of the programme outlines is presented in

Appendix A.

Article 11. Study Load

The degree programmes comprise a total study load of 70 EC, according to thedefinition of the European Credit Transfer System (ECTS). The programmes take 12months (full-time) or 24 months (part-time) based on a 40-hour working week,including the summer months (July and August).

Article 12. Academic Calendar

The programmes and/or tracks follow the academic calendar, comprising the pre-programme weeks, programme Blocks, examination periods and holidays. The

academic calendar is presented in Appendix B.

Article 13. Internship

The internship is a mandatory component of the degree programme. Only part-timestudents with a job relevant to the contents of programme are allowed to use theircurrent employment as internship. In this case, a request for an exemption must behanded in 30 days before the start of Block 5. Exemptions must first be approved bythe Programme Director before these can be granted by the Board of Examiners (seeAppendix C for the Internship Guidelines).

Article 14. Thesis

The thesis is the tailpiece of the degree programme. The thesis programmecomponent comprises a methodology and thesis proposal seminar. The research andwriting phase may be commenced only when the thesis proposal has been approvedby the Programme Director. A thesis supervisor will be assigned by the ProgrammeDirector based on the contents of the proposal, but is subject to availability. A thesisdefence session is mandatory and is scheduled in the 12

thweek of Block 5. See

Appendix D for the Thesis Guidelines, Thesis Proposal and Thesis Assessment Form.

Article 15. Electives

15.1 It is mandatory to take electives amounting to credits and the designated options asstipulated in the Study Guide of the distinct programme and/or track.

15.2 Students are allowed to take two extra courses, free of charge, in addition to therequired course load of 70 EC. The results of these extra courses will be recorded onthe student’s transcripts. Taking an extra course from another programme and/ortrack within the School requires the approval of the Programme Directors.Participation in these courses is subject to seat availability.

15.3 Registered students who want to take more than two extra courses in addition to therequired course load of 70 EC will be charged €400 per credit.

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Article 16. Exemptions

16.1 Based on a written request, the Board of Examiners is authorized to grant a student anexemption from one or more of the courses described in the Study Guide, providedthat the student:

has either completed an academic course that is equivalent in terms of intendedlearning outcomes, content and level, or;• is able to demonstrate sufficient knowledge and skills in the course subject matter

that he or she has gained through work experience.

16.2 A request for an exemption must be handed in 30 days before the start of the course.The Board of Examiners must render its decision within 10 working days of receivingthe student’s request for an exemption.

16.3 Students cannot be exempted for more than 7 EC in total.

16.4 In no case can a student be exempted from the thesis or internship (For the onlyexception, see Article 13.)

Section 4. Interim Examinations and Final Examination

Article 17. Interim Examinations

17.1 The School commonly uses the following types of examination: written examination,oral examination, oral presentation or a combination of these types.

17.2 The sources from which the interim examination is derived will be announced in theStudy Guide. The precise extent of the interim examination will be announced on DSObefore the start of the course.

17.3 Students who suffer from a physical or sensory disability are offered the opportunity totake interim examinations in a manner that, as far as possible, accommodates theirparticular handicap. If necessary, the Board of Examiners will seek properconsultation before ruling on the type of examination to be administered.

17.4 A student who is unable to attend an interim examination must notify ProgrammeManagement by email as soon as possible, in any case before the start of the interimexamination.

17.5 A legitimate reason to be absent during an interim examination has to be supportedby written, official, evidence.

Article 18. Interim Examination Procedure

18.1 Interim examinations are conducted in accordance with the information in the StudyGuide.

18.2 Interim examinations are scheduled in the designated time slots as indicated in theacademic calendar (Appendix B).

18.3 There are two instances for taking interim examinations:

• The initial examinations are scheduled in the 8th

week of the Block in which acourse is offered;

• The resit examinations are scheduled in the 1st

week of Block 3 for courses

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offered in Block 1, in the 3rd

week of Block 3 for courses offered in Block 2, in the1

stweek of Block 5 for courses offered in Block 3, in the 3

rdweek of Block 5 for

courses offered in Block 4.

18.4 An interim examination that has been passed with a sufficient result is deemedcompleted and cannot be taken again.

18.5 Resit options are limited to a maximum of four resit interim examinations peracademic year per student. If a student does not take the initial examination the resitexamination counts for one of four options as mentioned above, with the exception ofabsence due to a legitimate reason (for the conditions see Article 17.5).

18.6 After failing an interim examination resit, the student has to retake the course in thenext academic year (see also Article 9.3).

Article 19. Types of Examination

19.1 The rules and procedures for written interim examinations are presented in theInternal Regulations for Written Examinations (see Appendix E). 

19.2 Oral examinations are public unless the Board of Examiners decides otherwise.

19.3 The Study Guide specifies which practical exercises, as defined in Article 7.13,second paragraph of the Act, are part of the interim examination. A practical exercisemay take one or more of the following forms: writing a study assignment, carrying outan assignment or participation in other educational activities with the aim ofdeveloping specific skills, e.g. oral presentations. Students are eligible to take part ininterim examinations for a course only if they have taken part in all practical exercisesfor the course.

Article 20. Grading, Inspection, Results and Validity of Examinations

20.1 Grades can be awarded in two different manners:

• In half integers: highest to lowest grades from 10 to 1, with the exception of 5.5;• A pass or fail qualification.

20.2 Following an email request to Programme Management, the student will be given theopportunity to inspect the assessed written interim examination.

20.3 Lecturers must hand in the results of all examinations within 10 working days after theexamination has taken place. In the case of an oral examination, the examiner willannounce the result immediately and provide written evidence.

20.4 The School ensures that the results are recorded and published on the student’s

grade books at DSO within 5 working days after the results are received.

20.5 Successfully taken examinations of the full-time programmes remain valid until 31August of the second year of registration for the programme. Successfully takenexaminations of the part-time programmes remain valid until 31 August of the fourthyear of registration for the programme.

Article 21. Fraud and Plagiarism

21.1 When, during an examination, it is established that a student has violated any of therules stated in the Internal Regulations for Written Examinations (see Appendix E),this will be reported to the Board of Examiners. After hearing the student and theinvigilator, the Board of Examiners will decide on the sanction.

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21.2 Electronic detection programmes can be used in order to detect plagiarism in texts. Byhanding in a text, the student implicitly agrees that this text is entered into thedatabase of the detection programme.

21.3 When the examiner, in grading a written paper, project or thesis, concludes that thestudent has impermissibly used the writing of others, this will be reported to the Board

of Examiners. After hearing the student and the examiner, the Board of Examiners willdecide on the sanction.

21.4 When the student is sanctioned because of fraud other irregularities, the relevantsanction will be included in the student’s file.

21.5 The severest sanction that can be imposed by the Board of Examiners in the case offraud is to exclude a student from taking any interim examinations within the Schoolfor a maximum period of 12 months.

Article 22. Final Examination 

22.1 The Board of Examiners reviews the student’s record of academic achievement to

determine whether the student has met the requirements for the degree programme.The student will pass the final examination if all programme components aresuccessfully completed. With the exception of the thesis and the internship, thestudent is allowed to compensate one failed interim examination – if the result is notlower than a 5 – with an interim examination graded a 7 or higher.

22.2 As an exception to the provisions in Article 22.1, the Board of Examiners may, prior tothe decision to award a degree, investigate the student’s knowledge in one or moreprogramme components of the degree programme if the student’s examination resultssuggest this is justified.

22.3 A student who has successfully met all the requirements of the degree programme willbe awarded a master’s degree and will be conferred the title of “Master of Laws” or

“Master of Science” respectively.

22.4 Details of the degree awarded will be recorded on the degree certificate.

22.5 The Board of Examiners is allowed to award a master’s degree with distinction whenthe student has excelled in the degree programme and has satisfied all of thefollowing conditions:

• The average of all grades is at least 8;• All final grades must be equal or higher than 7;

• A minimum of 8 for the thesis;

• Absence of resit examinations.

Section 5. Student Monitoring and Counselling

Article 23. Student Counselling

Registered students can consult the student counsellor to discuss study and career-related issues.

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Article 24. Student Monitoring

24.1 The School ensures that a record is kept of each student’s examination results andcredits earned at this School.

24.2 The School ensures that grades and credits are recorded so that each student can

receive an up-to-date overview of their results.

24.3 After Block 1 and 2 the student’s results will be evaluated by the Programme Director.If a student has failed 25% or more of the interim examinations an evaluation meetingwith the Programme Director will be held. The meeting results in a written advise tothe student.

Section 6. Transitional and Final Provisions

Article 25. Conflicts with the Regulations

If other regulations or information relating to the degree programmes or examinationsare in conflict with these regulations, the provisions of these regulations takeprecedence.

Article 26. Amendments to the Regulations

26.1 Amendments to these regulations are implemented by the Dean by means of anindividual decision and with respect to the subjects of Article 7.13, paragraph 2(a) to(g) and paragraph 3 of the Act.

26.2 An amendment to these regulations will not take effect during the current academicyear unless this does not unreasonably affect the interests of the students.

Article 27. Complaints Commission

All cases not covered by these regulations first have to be referred to ProgrammeManagement. If the specific case cannot be resolved by Programme Management, ithas to be decided whether it is a case to be addressed by the Board of Examiners. Ifthis is not the case, a Complaints Commission has to be installed by the Dean (seeAppendix F).

Article 28. Transitional Regulations

28.1 If substantive changes are made to the structure of the study programme or to thecontents of these regulations, the Dean will adopt transitional regulations, which willbe appended to these regulations.

28.2 These transitional regulations will always include:

• a regulation relating to exemptions that may be awarded on the basis ofexaminations already secured;

• the period of validity of the transitional regulations.

Article 29. Date of Commencement

These regulations are decreed by the Dean on 31 August 2012 and will take effect on1 September 2012.

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Appendix A: Programme Outline (in European Credits)

LL.M. Finance and Law Credits

Advanced Computational Bootcamp 0.5 ECLaw Refresher 1.0 EC

Quantitative Methods in Finance 1.0 ECEthics in Finance -Financial Regulation 3.5 ECFinancial Accounting 3.5 ECFinancial Econometrics 3.5 ECCorporate Valuation 3.5 ECFinance and Sustainability -International Corporate Governance 3.5 ECCompetition Law Enforcement in Banking 3.5 ECLaw of Banking and Financial Markets 3.5 ECMergers and Acquisitions Transactions and Law 3.5 ECBehavioural Finance 3.5 ECCorporate and Tax Law 3.5 ECContract Law 3.5 ECEconomics of Risk 3.5 ECComparative Corporate Law and Governance 3.5 ECSecurities Regulation 3.5 ECElective 3.5 ECInternship 5.0 ECThesis 10.0 ECTotal 70.0 EC 

MSc Finance – Corporate Finance and Banking Credits

Advanced Computational Bootcamp 0.5 ECStatistics and Econometrics Refresher 1.0 ECBanking Refresher 1.0 ECEthics in Finance -Financial Regulation 3.5 ECFinancial Accounting 3.5 ECFinancial Econometrics 3.5 ECCorporate Valuation 3.5 ECFinance and Sustainability -International Corporate Governance 3.5 ECCorporate Financial Management 3.5 ECCorporate Governance 3.5 ECInvestments 3.5 ECBehavioural Finance 3.5 ECCommercial Banking 3.5 ECEntrepreneurial Finance 3.5 ECEnterprise Wide Risk Sources 3.5 ECEconomics of Risk 3.5 ECInternational Corporate Finance and Risk Management 3.5 ECElective 3.5 ECInternship 5.0 ECThesis 10.0 ECTotal 70.0 EC 

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MSc Finance – Finance and Law Credits

Advanced Computational Bootcamp 0.5 ECLaw Refresher 1.0 ECQuantitative Methods in Finance 1.0 ECEthics in Finance -

Financial Regulation 3.5 ECFinancial Accounting 3.5 ECFinancial Econometrics 3.5 ECCorporate Valuation 3.5 ECFinance and Sustainability -International Corporate Governance 3.5 ECCorporate Financial Management 3.5 ECInvestments 3.5 ECMergers and Acquisitions Transactions and Law 3.5 ECBehavioural Finance 3.5 ECCorporate and Tax Law 3.5 ECEntrepreneurial Finance 3.5 ECEconomics of Risk 3.5 ECBankruptcy and Corporate Reorganization 3.5 ECUS Mergers and Acquisitions Law 3.5 ECElective 3.5 ECInternship 5.0 ECThesis 10.0 ECTotal 70.0 EC 

MSc Finance – Risk Management Credits

Advanced Computational Bootcamp 0.5 ECStatistics and Econometrics Refresher 1.0 EC

Programming 1.0 ECEthics in Finance -Applied Risk Management -Financial Regulation 3.5 ECFinancial Accounting 3.5 ECFinancial Econometrics 3.5 ECMeasure Theory and Stochastic Processes (I) 3.5 ECFinance and Sustainability -Derivatives 3.5 ECAsset Pricing 3.5 ECMeasure Theory and Stochastic Processes (II) 3.5 ECBehavioural Finance 3.5 ECCredit Risk Management 3.5 ECEnterprise Wide Risk Sources 3.5 ECActuarial Mathematics and Modelling 3.5 ECEconomics of Risk 3.5 ECMarket and Systemic Risk Management 3.5 ECFixed Income 3.5 ECElective 3.5 ECInternship 5.0 ECThesis 10.0 ECTotal 70.0 EC 

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Appendix B: Academic Calendar 2012-2013

IntroductionWeek 34-35 20 August-31 August Pre-programme Courses

Block 1 

Week 36-42 3 September-19 October LecturesWeek 43 22 October-27 October Interim Examinations

Block 2 Week 44 29 October-2 November Preparation WeekWeek 45-52 5 November-21 December LecturesWeek 53-1 24 December-5 January Holiday Week 2 7 January-12 January Interim Examinations

Block 3 Week 3 14 January-18 January Field TripWeek 4-10 21 January-8 March Lectures Week 4 21 January-26 January Resit Interim Examinations Block 1

Week 6 4 February-9 February Resit Interim Examinations Block 2 Week 11 11 March-16 March Interim Examinations

Block 4 Week 12 18 March-22 March Preparation WeekWeek 13-17 25 March-26 April LecturesWeek 18 29 April-3 May HolidayWeek 19-21 6 May-24 May LecturesWeek 22 27 May-1 June Interim Examinations

Block 5Week 23 3 June-7 June Preparation WeekWeek 24-35 10 June-30 August Internship and Thesis Week 24   10 June-15 June Resit Interim Examinations Block 3 Week 26 24 June-29 June Resit Interim Examinations Block 4 Week 33   16 August 12:00 PM Thesis Deadline Week 34   19 August-23 August Thesis Defence 

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Appendix C: Internship Guidelines

Section 1. General Provisions 

Article 1. Scope of the Internship Guidelines

1.1 These internship guidelines apply to all master degree programmes offered byDuisenberg school of finance.

1.2 The Regulations for Teaching and Examinations of Duisenberg school of finance alsoapply to the internship.

1.3 The internship is a mandatory programme component in all Duisenberg school offinance course programmes.

Article 2. Objectives of the Internship

The objective of the internship is to gain practical experience by applying theacademic skills and knowledge that students have acquired in their formal academic

studies. 

The intended learning outcomes of the internship are:

• application of academic knowledge in a practical context;

• learning institutional details in their specific track of specialisation;• developing practical skills in dealing with financial issues relating to the track of

specialisation;• developing professional skills, such as presentation skills and interaction with

clients and higher management.

Article 3. Study Load of the Internship

The study load of the internship is 5 EC.• The duration of the internship is at least 140 hours, based upon the working hours

per week as specified in your internship agreement or normal working hours.• The hours cannot be divided between multiple companies or organizations unless

the student receives the Programme Director´s written approval.• The internship takes place in Block 5. The deadline for finishing the internship is

31 August. At this date all internship requirements, including approval by theProgramme Director of the internship evaluation, must have been met;

• Students can choose an internship that continues after 31 August. The required140 hours must be completed before that date. In this case a progress reportmust be submitted for approval to pass the internship requirements before 31August. In no way should the student’s decision to prolong the internship after 31August interfere with programme requirements and/or the academic yearcalendar.

• No internship exemptions will be granted for duties performed in previousemployment or internships, as the objective of the internship is to integrateprofessional experience and academic knowledge and skills acquired during theprogramme.

Article 4. Allowances

Internship allowances differ across companies. A rule of thumb for an internshipallowance is €500 per month, excluding travel expenses.

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Section 2. Choosing an Internship

Article 5. Finding an Internship

• The student is obliged to find an internship.

• Part-time students with a job relevant to the degree programme may use their

current employment as internship. This must be approved by the PD in a signedassessment of the relevance of the part-time students’ work experience at the endof the first year. Part-time students are allowed to do an internship assignmentwith another company, after first gaining their employer’s approval.

• The Career Resource Centre (CRC) advertises internship vacancies, offers CVand cover letter feedback, and one-to-one coaching to help students find andsecure an internship.

Article 6. Substance

There are two internship options:

• A project internship. This option is centred on an assignment or a project;

• A participatory internship. The focus of this type of internship is gaining practical

 job experience. Instead of doing a specific assignment, you are part of the team inthe department you intern with and are involved with the day-to-day activities. Thistype of internship is commonly offered by most investment banks.

Each internship must comply with the academic requirements set by the School,namely:

• The internship provides the student the opportunity to creatively and innovativelyapply the academic skills and knowledge from the track of specialisation;

• The internship gives the student the opportunity to work independently at anacademic level.

Article 7. Link with Thesis

• If the student wants to link the thesis with the internship, he/she should send arequest for approval for this before 1 May.

• If the student wants to link the internship with the thesis after the first proposal,this can only be done after approval of the Programme Director, who will thenreconsider the match with the supervisor, and who will assess whether it ispossible to implement the new internship-thesis.

• When combining the thesis and internship, the student must meet the followingcriteria:a. The topic should be sufficient analytical and general to conduct theoretical andempirical academic research.b. The thesis proposal should specify the research questions, the literature surveyand the applicable methodology.

c. The academic thesis supervisor monitors the academic standards of theresearch.

Article 8. Approval

• The CRC guarantees that the internships offered through the CRC meet thegeneral internship requirements set by the School;

• The student must send the Programme Director of the distinct programme and/ortrack the task description of the internship for approval at least two weeks beforethe planned starting date. The Programme Director will check if the taskdescription results in the intended learning outcomes of the internship as stated inArticle 2.

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Section 3. Supervision and Assessment

Article 9. Supervision

All internships require a company internship supervisor. This supervisor will:

• supervise the student during the internship;

• evaluate the student after the internship.

In addition, each student will be assigned a faculty supervisor by the School. Thissupervisor will:• provide supervision during the internship if needed;• assess the evaluation of both student and hosting supervisor.

Article 10. Assessment

• Internships will be assigned a pass/fail qualification by the Programme Director;

• In order to pass the internship, the student must earn a satisfactory evaluationfrom the company internship supervisor as well as from the Programme Director.

• The assessment of the internship by the Programme Director is based on theevaluation form of the student, and the separate evaluation form from thecompany internship supervisor.

Section 4. Supervision and Assessment

Article 11. Requirements

An internship will be valid only if the required procedures as indicated in theseregulations are being followed.

Article 12. Forms

Forms to be completed and handed in at CRC before the start of an internshipinclude:

• an internship proposal describing the students’ duties and responsibilities,duration and dates of the internship and deliverables, signed for approval by theProgramme Director of the specific programme and/or track;

• a release of liability.

Forms to be completed at the conclusion of an internship and before 31 Augustinclude:

• the completion and evaluation form, which is the independent verification of the

student’s work experience, signed by both the company and the facultysupervisor;

• the internship evaluation by the student. This form requests detailed informationon the duties of the position and recommendations for future interns, as well asreflections on the lessons learned during the student’s internship experience.

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Appendix E. Internal Regulations for Written Examinations 

Article 1. General Provisions 

These regulations apply to all written interim examinations of Duisenberg school offinance programmes. 

Article 2. Registration

Students are registered for all interim examinations with regard to the mandatorycourses of the programme and/or track.

Article 3. Late Arrivals

• Students are allowed into written examinations up to 30 minutes after the officialstart;

• Students taking written examinations may not leave the room for the first 30minutes;

• Students who arrive late will not be given extra time to complete the examination.

Article 4. Invigilation

• Duisenberg school of finance will arrange invigilators for the writtenexamination(s). The invigilators will ensure that the examination proceeds in anorderly manner;

• At least one expert will be available at the start of the examination to answer anytechnical questions relating to the examination and the subject;

• If several invigilators are present at an examination, a chief invigilator will beappointed to bear final responsibility.

Article 5. Order in the Examination Room

• Smoking is prohibited during the examination.• Using the restroom during the examination is not allowed unless the (chief)

invigilator has given permission. If permission is granted, the student must followthe instructions given by the (chief) invigilator. Speaking is prohibited while usingthe restroom. Furthermore, carrying aids such as a mobile phone, notes orreaders with you into the restroom is forbidden.

• The student will only have a pen, pencil and eraser on the desk unless on thefront page of the exam paper the permission of the use of other aids is specificallystated. The student will have been informed of these other aids in thelecture. Mobile phones must be shut off and stored in a bag or case next to thedesk. The bag or case must be closed.

• Use of graphical and/or programmable calculators is never allowed during theexamination unless the front page of the exam paper explicitly mentions their useis permitted.

• If any irregularity occurs, the student can be excluded from the examination by the(chief) invigilator. The student must immediately exit the room, leaving the exampaper behind.

• A written report of any occurrence of irregularity will be presented to the Board ofExaminers by the (chief) invigilator.

• If a report of an irregularity proves erroneous after having led to the exclusion of astudent from an examination, as mentioned in Article 5, the student has a right toan extra retake at a date defined later.

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Appendix F. Complaints Commission Procedure

Article 1. Scope of the Regulations

1.1 Each student of Duisenberg school of finance who is enrolled in the master degreeprogrammes is entitled to submit an oral or written complaint to the Dean about the

treatment he/she has received from a School body (administrative or organisational).

1.2 Conduct by a person working under the auspices of a School body is regarded asconduct by that body.

Article 2. Responsibility

The Dean shall bear responsibility for ensuring that oral and written complaints are

properly addressed.

Article 3. Appointment

The Dean shall appoint a Complaints Commission to process and submit

recommendations on complaints. This officer shall process each complaint submittedin accordance with the procedure set out in these regulations.

Article 4. Independency

The complaint shall be handled by a person who is not involved in the conduct

referred to in the complaint.

Article 5. Mediation

The Complaints Commission referred to in Article 3 shall endeavour as far as possible

to solve the complaint through mediation. 

Article 6. Submission

6.1 Complaints must be submitted to the Dean.

6.2 Submitted complaints shall be collected by the Complaints Commission with a

frequency that allows him/her to meet the conditions of Article 15.1.

Article 7. Privacy

The Complaints Commission shall respect the privacy of the complainant at all times.

Article 8. Complaint 

8.1 A complaint must contain at least the following information:

• the name and address of the complainant;

• the date of the complaint;

• the name of the party who is the subject of the complaint ("respondent");

• the nature of the complaint.

8.2 If the complaint fails to comply with the conditions of this Article, the complainant shall

be afforded another opportunity to meet his/her obligations.

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Duisenberg school of finance Gustav Mahlerplein 1171082 MS AmsterdamThe Netherlands