Business Economics – (M.Sc.)

Contents

The programme consists of three sequential stages, each of one semester's duration (or one academic year for those taking the part-time option).

Stage 1

From October to January (leading to PgC). Provides the building blocks of principles and theories needed for advanced studies in business economics. Emphasis in stage one is divided between the academic rigour of the main theory courses and the development of more applied courses designed to develop relevant business skills.

Stage 2

From February to June (leading to PgD). Is designed to introduce more advanced aspects of business economics.

Stage 3

From June to September (leading to MSc). Consists of a 14,000 word dissertation.

Units

Stage 1

Business Economics
This unit concentrates on the economic approach to understanding businesses and their behaviour. In particular, you will be able to understand, apply and evaluate the relevance of various microeconomic theories of the firm to different types of business. Consideration will also be given to business competitiveness and how this is affected by technological innovation. Insights are also possible into the effect of the organisational architecture of firms and how the legal and regulatory environment can constrain firms' behaviour.

Quantitative Economics for Business
This unit should ensure that all students are familiar with the mathematical and statistical/econometric skills essential for the theoretical and applied work that will be found in other units and which is needed for the up-to-date treatment and analysis of current issues. The topics covered should also enhance the ability to read and understand articles in academic journals. Both theoretical and applied practical aspects are covered, with an emphasis on the use of econometric computer software.

Managerial Economics
The aim of this unit is to equip you with an understanding of the principles of managerial economics and the relevance and application of economic theory to the solution of business problems. On its completion, you should be able to apply economic theories and principles to decision-making in the areas of product pricing, product analysis, and promotion and advertising. You will also appreciate the context of mergers and takeovers, and foreign investment.

Research Methods
This unit introduces the concepts, methodologies and basic methods of undertaking and implementing research in economics and the social sciences.

Stage 2

Applied Corporate Finance
Whether from an investment bank perspective or from within the finance (treasury) department of a corporation, an assessment of the financial health of a company is paramount. This unit introduces and exposes you to corporate financial management, valuation and investment, with the emphasis being on corporate risk analysis. It is an applied course, equipping you with the tools necessary to critically analyse, evaluate and offer recommendations on firm specific financial and business data.

Advanced Topics in Business Economics
The aim of this unit is to consider in depth how economic principles can be used to analyse topics of particular relevance to the business economist. A range of topics will be considered, which vary each year according to the scholastic and research interests of staff.

Past topics have included:

* Business pricing
* Consumer theory
* Technological innovation and diffusion
* Financial derivatives
* Business games
* Corporate environmental regulation

Applied Econometrics and Forecasting
Students completing this unit will achieve a general understanding of the methods, limitations and business applications of economic forecasting techniques.

Topics covered will include:

* Time series data
* The concepts of stationarity and non-stationarity and long/short run modelling
* Univariate ARIMA and VAR modelling
* Co-integration
* ARCH processes and the CAPM

Option
The course includes one option unit in Stage 2, to be chosen from the postgraduate options offered in the department. The choices currently offered, subject to demand and lecturer availability, are:

* Economics of Insurance
* Economics of the Internet and the Digital Economy
* Futures and Options Markets
* Tourism Economics

Dissertation

In Stage 3 you will undertake an investigation of an appropriate, closely specified topic, using the skills you have learnt. You will have the opportunity to initiate, design and conduct a piece of research using original thought and independent judgement. You will have a supervisor from a member of the academic staff who will be able to advise you at regular meetings. Although preliminary work is undertaken earlier in the year, the dissertation is normally completed over the summer months, allowing a 12-month phase for the MSc from start to finish.

Part-time study

The part-time mode for the course (available for home/EU students) has the same philosophy and sequence of subjects as the full-time mode, and students may alternate between the full and part-time modes if such a pattern is best suited to their circumstances.