Study Guide CFB 2012 Incl OER

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Study Guide 2012-2013

Corporate Finance and

Banking track(MSc in Finance)



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INDEX

1. The Corporate Finance and Banking track (MSc in Finance) ............................................. 31.1 Structure and curriculum ............................................................................................... 31.2 Full-time programme ..................................................................................................... 4

2. Courses ............................................................................................................................... 6

2.1 Course material and literature ....................................................................................... 62.2 Course Descriptions ...................................................................................................... 6

2.2.1 Conversion Courses ........................................................................................ 62.2.2 Block I - Courses ............................................................................................. 82.2.3 Block II - Courses .......................................................................................... 112.2.4 Block III - Courses ......................................................................................... 142.2.5 Block IV - Courses ......................................................................................... 172.2.6 Block V – Thesis and Internship .................................................................... 20

2.3 The Duisenberg Leadership Programme .................................................................... 223. Duisenberg School Online and Wireless Internet .............................................................. 234. Lectures and attendance ................................................................................................... 245. Evaluations ........................................................................................................................ 256. Commitees and Course Representatives .......................................................................... 26

7. Exams and retakes ............................................................................................................ 277.1 Exams ......................................................................................................................... 277.2 Retakes ....................................................................................................................... 277.3 Grading ........................................................................................................................ 277.4 Posting grades ............................................................................................................ 277.5 Distinction .................................................................................................................... 27

8. Career Resources.............................................................................................................. 289. Contact details ................................................................................................................... 29

Appendix A ...................................................................................................................... 30



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1. The Corporate Finance and Banking track (MSc in Finance)

1.1 Structure and curriculumThe Corporate Finance and Banking track comprises of mandatory core courses and anoptional elective course. Using a credit accumulation system, the 'European Credit Transfer

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

Students are expected to complete the programme in one year (full-time: 12 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 CorporateFinance and Banking track.

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 em e

s t er

Block 3Week 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 Lectures

Week 22 27 May – 1 June Exam weekBlock 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 Corporate Finance and Bankingtrack, there are 2.5 ECTS awarded for the Boot camp and Refresher courses, 52.5 ECTSfor 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 Corporate Finance and Banking track consists of a thesis project andan 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 CORPORATE FINANCE AND BANKING

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

Banking Refresher 1 EC2.5 EC 2 weeks

BLOCK 1 CREDITSDLP: Marketing Yourself -DLP: Ethics in Finance -DLP: Financial Regulation 3.5 ECCorporate Valuation 3.5 ECFinancial Accounting 3.5 ECFinancial Econometrics 3.5 EC

14 EC 9 weeks

BLOCK 2 CREDITSDLP: Marketing Yourself -DLP: Finance and Sustainability -DLP: International Corporate Governance 3.5 ECCorporate Financial Management 3.5 ECCorporate Governance 3.5 ECInvestments 3.5 EC

14 EC 9 weeks

BLOCK 3 CREDITSDLP: Communication Skills; Field Trip -DLP: Finance and Sustainability -DLP: Behavioural Finance 3.5 EC

Commercial Banking 3.5 ECEntrepreneurial Finance 3.5 ECEnterprise Wide Risk Sources 3.5 ECThesis (I) -

14 EC 9 weeks

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

Elective (CCLG/ US M&A Law/ BCR) 3.5 ECInternational Corporate Finance and Risk Man. 3.5 ECThesis (II) -

10.5 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.

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, array

formulas, 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 and

Corporate 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;

Banking Refresher

Lecturer: Drs. N. Martynova

Credits:1 ECTS

Course Objectives:This course focuses on the specific features of financial institutions (FIs) and the risks they face.The course begins with analysis of the specialness of FIs, explaining their difference from

production companies. This is followed by an overview of the types, operations and regulatorystructures of FIs today. A key feature of FIs is their exposure to risk. Consequently, the secondhalf of the course is spent in analyzing the nature of FI risk exposures. These risks includeinterest rate risk, market risk, credit risk, operational risk and liquidity risk. The course alsotouches the role of regulators in controlling such risks through mechanisms such as depositinsurance and capital requirements.


• Clarify how financial intermediaries work and what their role is in the economy;

• Analyze financial performance of commercial banks based on balance sheet andincome statement data;

• Describe the main risks financial intermediaries face;

• Apply the knowledge of risks of financial intermediaries to analyze financial institutions’behavior during such events as the recent financial crisis.



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Teaching Format:The course has 4 sessions. During the course, students are expected to engage in discussionsabout the key concepts an.

Assessment Method:The course grade will a written closed-book exam (100% of the final grade).

Literature:• ·Course notes.

• ·A. Saunders and M. Cornett, 2010. Financial Institutions Management, 7th edition.

2.2.2 Block I - Core 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 shouldgive 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: -

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

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 empirically



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relevant 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 describing

returns 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.


• Understand (univariate and multivariate) econometric models for modeling andforecasting asset 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.

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 , 2nd edition, Cambridge:Cambridge University 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 statements



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of different companies and analyzing their financial position it is absolutely necessary to havebasic 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 anacquisition of the financial statements.

2. Students should have some knowledge about the basic concepts and principles ofInternational 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.

4. Students should know the main differences in accounting regulation between IFRS andUS GAAP.

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%

Literature:

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

Corporate Valuation

Lecturer: Dr. Z. Sautner

Credits: 3.5 ECTS

Course Objectives:This course will cover modern principles and tools of valuation. It creates a strong foundation forthe discounted cash flow model by analysing all features and assumptions implicit in anyvaluation analysis, starting from the term structure of interest rates, estimating discount rates,measuring cash flows, or calculating growth rates. The course then moves to relative valuationtechniques such as equity and firm value multiples. Finally, the course covers real optionvaluation methods. The course seeks to ensure a full understanding of the explicit and implicitassumptions underlying modern valuation models.

Learning Outcomes:At the end of the course students will have an understanding of:

• Conducting a corporate valuation using different valuation models, especially the DCFmodel;

• Inputs of valuation models, such as estimating cash flows, discount rates, and growthrates;

• The biases in valuation models;

•

The implicit and explicit assumptions of valuation models;• Relative valuation models and value enhancement tools.



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Teaching Format:The course comprises 7 lectures. Each lecture is 3 hours. Students are expected to read theunderlying literature, complete exercises to deepen their understanding of the class content,and work independently. The course also contains several case studies.

Assessment Method:

There will be a written closed book final exam.

Literature:The course is mainly based on the books, Damodaran on Valuation , by Damodaran andFinancial Modeling (Ch. 4) by Benninga. Powerpoint presentation slides will be made availableonline via Dso.

It’s recommended to buy the book by Damodaran. The Benninga material will be covered inlecture notes.

2.2.3 Block II - Courses

International Corporate Governance

Lecturer: Prof. Dr. F. Lopez de Silanes

Credits: 3.5 ECTS

Course Objectives:The focus of this course is on international corporate finance. The current wave of financialscandals in the U.S., Europe, and elsewhere has alerted investors to the lack of efficientmechanisms of transparency and corporate control across countries. To face these challenges,the course starts by addressing valuation in an international context and setting up theframework for understanding how financial contracts are written around the world. Differences

in institutional characteristics have recently been shown to be key determinants of howcorporations are owned and valued, as well as how they raise capital and give it back toinvestors. Therefore, in the second part of the course, we will analyse: (1) agency conflicts; (2)corporate governance mechanisms; (3) corporate ownership and groups; (4) and the role ofvarious financial contracts in mitigating opportunistic behaviour.

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

• Define the main legal rules that protect investors and assess their impact on investmentbanking and financial markets;

• Understand how shareholder protective mechanisms affect how financial contracts arewritten;

• Understand good investor protection and corporate governance practices;

• Use the main components to mitigate opportunistic behaviour;• Understand financial intermediaries’ role in corporate finance and governance in many

countries.

Teaching Format:Students will have 7 lectures (3 contact hours per week).

Assessment method:TBA

Literature:Syllabus with articles



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Corporate Financial Management

Lecturer: Prof. K. Lins

Credits: 3.5 ECTS

Course Objectives: Students will learn to apply advanced corporate finance tools and techniques to practicalsituations. Students are assumed to be familiar with (through previous study or professionalexperience) basic valuation methods (including the use of the CAPM for determining the cost ofcapital). As such, this course is designed as a follow-up to core courses in finance. In the areaof valuation, the course explores advanced issues on how to value companies, using multiplesand discounted cash flow analysis, investments in emerging markets, cost of capital estimationin emerging markets, corporate governance and information risks at the country and firm level.In the area of corporate financing decision-making, the course surveys a number of keyfinancial decisions faced by companies, including optimal capital structure and the link tostrategy, corporate liquidity issues, the use of project finance, and the use of real options.

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

• Advanced valuation models, including applications in emerging markets contexts;

• Corporate financial decisions, such as capital structure and corporate liquidity decisions;

• When it makes sense to finance projects using project finance methods rather thancorporate finance;

• Valuations using real options methods.

Teaching Format:The course uses lectures and case studies and focuses on two key topics: advanced valuationand financing decisions.

Assessment Method:

Four case studies will be examined during the course. Each student will turn in three cases outof the four. Two cases will be worked out and turned in groups. A group can consist of 3 to 5students. One case must be done as an individual case analysis. Students may choose whichcases to turn in. Thus, students will want to quickly form groups (students are responsible forforming their own groups) and decide which two cases to do as a group. Regardless of whethera student turns in a particular case or not, all students are expected to be fully prepared todiscuss all cases in class and to have done quantitative as well as qualitative analyses of allcase material. Class participation will be a component of the final grade. Given the workloadwith cases, there will not be a final exam given.

Grades will be determined as follows: Two group cases: 60% total (30% each) Individually-prepared case: 30%

Class participation: 10% Total: 100%

Literature: Various articles, which will be available on DSO

Corporate Governance

Lecturer: Dr. Z. Sautner

Credits: 3.5 ECTS

Course Objectives:



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Students will be exposed to the most recent research in the field of corporate governance fromboth a finance and legal perspective. The course will start with a conceptual framework on thegovernance of firms. We will then cover the functioning of different corporate governancemechanisms in detail. During the course, students will work on selected cases to apply theirknowledge and to further strengthen their understanding of corporate governance mechanisms.The course will draw on recent and influential academic papers. Apart from delivering state ofthe art knowledge on corporate governance, the course also intends to introduce students to

powerful empirical methods that are used in corporate finance (e.g., event study methodology)and to legal concepts surrounding them. At the end of the course, students will have learned tocritically assess the costs and benefits of ownership concentration, different board structures,different designs of executive compensation plans (e.g., stock options), internal capital markets,and active investors. They will also be able to integrate a finance and law perspective to assessimportant corporate governance issues.

Learning Objectives:At the end of this course students will be able to:

• Define the main concepts of corporate governance and techniques used;

• Possess the knowledge to assess the liability and responsibility of directors, including non-executive directors;

• Possess the skills to write legal contracts for executive pay;

• Possess the knowledge of the legal control of takeover bids;

• Possess the legal knowledge of the legal control of insiders, including their use of relatedparty transactions;

• Be able to use various analytical tools to deal with key governance issues that facemanagers, directors, and investors.

Teaching Format:The course comprises 7 lectures during which all students need to give a short presentation ona governance topic. Each lecture is 3 hours. Students are expected to read the underlyingacademic literature to prepare for the classes. The course also contains several case studiesand applications.

Assessment method:There will be a written closed book final exam.

Literature:Various articles, which will be available on DSO

Investments

Lecturer: TBA

Credits: 3.5 ECTS

Course Objectives:The objective of this course is two-fold. First, to introduce students to the most commonly usedquantitative tools and fundamental financial concepts: optimal portfolio selection, therelationship between risk and return, and market efficiency. Second, to introduce students toimportant classes of financial assets and investment vehicles: fixed income, public equity, andmutual funds. This course is internationally-oriented in that we consider and compare differentfinancial markets (US, European, etc.) and adopt a global market perspective on several topics.The course is intended to provide you with both a lasting conceptual framework and, throughthe incorporation of real-world data, a greater understanding of how real-life situations play out.

Finally, in an effort to link theory to practice, most exercises assigned at the end of each sessioncome from past CFA (Chartered Financial Analyst) exams.

Learning Outcomes:

At the end of this course students are able to:• Define the main concepts and use the tools of modern portfolio investment theory in:

• Optimal portfolio selection



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• Capital asset pricing theory

• Performance evaluation

• Term structure of interest rates and fixed income portfolio management.

Teaching Format:The course comprises 7 lectures. Each lecture is 3 hours. Students are expected to read theunderlying literature, make exercises to deepen their understanding of the class content, and

work independently.

Assessment method:TBA

Literature:TBA

2.2.4 Block III - Courses

Behavioural Finance

Lecturer: Dr. F. Peters

Credits: 3.5 ECTS

Course Objectives:

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 to

illustrate how these insights can help to better understand and predict individual financialdecisions 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 relevantbehavioral deviations from the traditional, rational paradigm. They will further know in which

areas of financial decision-making these deviations are most pronounced, and what theirimpacts on market outcomes, such as asset prices and corporate decisions, are.

Teaching Format:The 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.



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Commercial Banking

Lecturer: Prof X. Freixas and Prof W. Wagner

Credits: 3.5 ECTS

Course Objectives:

Part WagnerIn this part of the course, we study sources of bank risk and its management. We first reviewkey functions of banks and analyze how the basic operation of banks tends to make themfragile. Next we move to systemic risk. We analyze how systemic risk arises because ofamplification effects and spill-overs across financial institutions. We also pay attention to thetime-series component of systemic risk, leading to the procyclicality. Finally, we study how bankmanagement and regulators can contain the risk of institutional failure.

Learning Outcomes:The goal of the course is manifold. After the course, students will be able to:

• Identify important trends in banking;

• Use modern quantitative and analytical methods for bank management;

• Develop a critical attitude towards the various paradigms in bank research;

• Be able to confront results of own empirical work with theory and practice.Learn to put the operation of a single bank into systemic context

Part Freixas:In this part of the course, we study sources of financial stability and its regulation.

• We first consider competition and financial stability, from a theoretical and empiricalpoint of view

• Next we move to capital regulation both from a theoretical and institutional point of view.• We then turn to liquidity risk and liquidity regulation.

Teaching Format:Lectures and Group discussions.

Assessment Method:Written exam.

Literature:

• Selected chapters from Microeconomics of Banking , by Freixas and Rochet

• Reading list of articles taken from scientific and professional journals.

Entrepreneurial Finance

Lecturer: Prof. A. Schwienbacher

Credits: 3.5 ECTS

Course Objectives: The aim of the course is to present the theory and practice of the financing of entrepreneurialfirms. Special attention will be devoted to understanding the motivations of the different players(mainly investors and entrepreneurs) and how to reconcile their interests through appropriatecontracting. The course is largely based on case studies that will be discussed in class.

Students will learn how to choose among different types of investors and to value new ventures.In particular, the course will focus on valuation methods for innovative start-ups. Students willalso get a better understanding of various sources of finance for start-up firms and how deals



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are structured between investors and entrepreneurs to mitigate potential conflicts and agencyissues inherent to young companies.

Learning Objectives:At the end of this course students will be able to:

• Define the main concepts in entrepreneurial finance and use the tools;

•

Understand the financing techniques used in new ventures; • Understand the processes used in incubating and growing a new venture;

• Use the main strategy and tools of financial forecasting and valuation of new ventures;

• Use the contractual tools to design optimal contracting structures for new ventures.

Teaching Format: Lectures build on theory and case studies that will be discussed in class. Most case studies are presented

by students in small groups. Class participation is critical.

Assessment Method: The final grade will be calculated as follows:

Individual Class Participation: 15% Group Assignments (case studies + group presentation): 35% Final Exam: 50%

Literature: All relevant case studies and theory chapters can be found in the following book (required):

• P.A. Gompers and W.A. Sahlman, Entrepreneurial Finance: A Casebook (Wiley, 2002) Further readings are distributed in electornic format at the beginning of the course. .

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 these

risks 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 pure

asset management and ALM from the pension fund perspective. We also look at the effect ofpension fund regulation and pension system stability.

Learning Outcomes:



17

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.

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 financial

stability 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)

International Corporate Finance and Risk Management

Lecturer: Prof. M. Campello

Credits: 3.5 ECTS

Course Objectives:



18

The course’s goal is to give students the tools needed to apply finance principles to internationalbusiness decisions, especially managing risks. Broadly speaking, we will explore the mainfeatures of the international financial markets and examine various aspects of multinationalcorporate risk management. The list of issues we will cover includes (among others): exchangerate risk management, country risk assessment, cross-border investment analysis, internationaltaxation, mergers and acquisitions, and competitive strategy in a global marketplace.

Learning Outcomes: At the end of the course students will have an understanding of (among other things):

• The working and importance of globalisation for corporate management;

• Trading and hedging with foreign currencies in international capital markets;

• Managing currency, economic, and political risks in foreign countries;

• Evaluating corporate investment in international markets.

Teaching Format: The teaching format is lecture-based. Most lectures follow standard material presentation / discussion. However, the course also uses a case-based approach in some classes.

Assessment Method: The assessment of students' performance is based on a number of criteria. This is done toensure students' evaluations are comprehensive, and not just based on an exam or homework.The main criteria can be categorised as follows:

Participation in regular class discussions: 20% Case studies: 20%Scheduled class activities: 20% (e.g. FX trading game, short

quizzes)Exam: 40%

Literature: A recommended textbook for the course is Multinational Finance (4

thEd.) by Kirt Butler.

Some extra reading materials are also to be used. Most of these will be distributed in class orposted on the course web page. Students are also required to acquire cases. Importantly, theprofessor will discuss the news of the day related to international financial markets and tomultinational companies’ businesses in class. It is therefore recommended that studentssubscribe to a financial newspaper, such as the Wall Street Journal or the Financial Times .

US M&A Law

Lecturer: Prof. R. Thomas

Credits: 3.5 ECTS

Course Objectives: An examination of the law relating to the acquisition of businesses through asset and stockacquisitions and corporate mergers. The course examines applicable state corporate law,federal securities law, and the structure of acquisition agreements. We will focus on Delawarelaw relating to friendly and hostile acquisitions, as well as control shareholder squeeze-outs ofminority shareholders. In addition, we discuss the federal Williams Act.

Learning outcomes At the end of this course students will be able to:

• Understand the law relating to Mergers and Acquisitions;

• Understand the main concepts of corporate transactions and the acquisition ofbusinesses, particularly with respect to asset and stock acquisitions and corporatemergers;



19

• Understand state and federal law with respect to corporate acquisitions;

• Understand the Delaware corporate law relating to friendly and hostile takeovers, aswell as shareholder squeeze-outs.

Teaching Format: Teaching will be conducted through a three-hour weekly class. The aim of the weekly class is to

provide an analysis of the reading materials assigned and to allow time for discussion of thetopics raised in the materials. A list of required readings will be provided for each topic.Students are required to prepare this material in advance of each class.

Assessment Method: Assignment and exam.

Literature:

• Gilson and Black, The Law and Finance of Corporate Acquisitions, 2d ed.; 2003-2004Supplement;

• Hand outs.

Comparative Corporate Law and Governance

Lecturer: Prof. C. Milhaupt

Credits: 3.5 ECTS

Course Objectives:This course will cover the major areas of corporate law, including an overview of key organs ofthe company; the duties and responsibilities of directors, including non-executives; the evolutionof corporate law; capital maintenance rules; voting rules and the one share one votecontroversy; the legal control of insiders; regulation of takeover bids and regulatory competitionin Europe. An important goal will be to familiarise students with the economic environment, legal

rules and challenges of corporate governance reform. Emphasis will be given to thecontemporary debates over the failure of Boards to protect the interests of minorityshareholders and the declining importance of the market for corporate control to restrainmanagers. The course will encourage students to use various analytical tools to deal with keygovernance issues that face managers, directors, and investors.

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

• Understand the main concepts in the area of company law;

• Understand the main legal systems of company law in Europe and the US;

• Compare the different legal systems of company law in Europe;

• Write argumentative texts in the area of company law;

• Participate in academic and professional debates in law and economics of company law.

Teaching Format:The course consists of lectures and team-based case analysis. The cases focus on listedcorporations, corporate mobility, new business forms, choice of business form decisions andforeign market entry modes. We have woven a large number of interesting anecdotes asexamples into the lectures.

Assessment Method:Students are expected to attend every lecture. There will be an open-book final exam (70%)and group-based case study, which will consist of 3-4 students (30 %).

Literature:

TBA

Bankruptcy and Corporate Reorganisation



20

Lecturer: Prof. Dr. F. Lopez de Silanes

Credits: 3.5 ECTS

Course Objectives:The focus of this course is various corporate restructuring policies that firms carry on around theworld. We will analyse their motivation and consequences in an international context. Besides

small changes of operations, corporations engage in 3 different major types of restructuringpolicies: (1) corporate transformations or asset sales; (2) bankruptcy and reorganisation; and (3)mergers or large acquisitions. We will cover these three major policies with a focus on theirfinancial consequences in various legal environments.

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

• Understand the law and economics of bankruptcy, corporate restructuring and takeoversin the US;

• Understand the decision-making processes of corporate managers, shareholders,creditors, unions and financial specialists;

• Understand the investment law and its potential decision-making process of corporateBoards;

• Understand raising capital on foreign markets.

Teaching Format:Students will have 7 lectures (3 contact hours per week).

Assessment Method:TBA

Literature:Syllabus with articles

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 theability 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..



21

Internship

Credits: 5 ECTS

Course Objectives: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.



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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 the

Duisenberg 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



23

3. Duisenberg School Online and Wireless Internet

3.1 Duisenberg school online (DSO

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 SecureW2security 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 rightoperating 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]).

https://owa.cyso.nl/exchweb/bin/redir.asp?URL=https://dso.duisenbergschooloffinance.com/login/index.php


http://www.uva.nl/wirelessconfig


http://www.wifiportal.uva.nl/



mailto:[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 toimprove the programme for future students. We also need your evaluation of the programme for

our 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 and

Lecturers involved. The results will also be discussed by the Educational Board

5.2 Educatutional BoardEvery 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.



26

6. Commitees and Course Representatives

6.1 Committees

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

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

Vooren ( [email protected])

3. Career Team : Lonneke.Korenromp ([email protected]) 4. 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, the

exam 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 isassessed. In general a percentage of the grade will be given for participation, group work and

individual 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



28

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. Zacharias SautnerE-mail: [email protected]

Programme Manager Marieke WagterTel: +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















http://www.dsf.nl/

http://www.dsf.nl/

http://www.dsf.nl/








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Appendix A

Regulations for Teaching and ExaminationsAcademic Year 2012-2013



Duisenberg school of finance — Regulations for Teaching and Examinations, Academic Year 2012-2013

1

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




2

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.




3

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




4

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.




5

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




7

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.



Duisenberg school of finance Gustav Mahlerplein 1171082 MS AmsterdamThe Netherlandswww dsf nl

Documents

Study Guide CFB 2012 Incl OER