This is a masterâ€™s assignment report. It need to find the data and use the reviews to calculate them and analysis.
While the resit coursework assignment is similar to the regular coursework assignment, this is an individual piece of work. While you are strongly encouraged to consult the feedback on your April coursework assignment, please bear in mind that you must start from scratch and any overlap with your existing coursework submission could be considered plagiarism and is likely to show up as such in Turnitin.
Choose a large UK multinational as well as a UK peer company from the same industry and of a similar size (as measured by market capitalisation). Both firms have to be quoted on the London Stock Exchange and have to have a sufficient number of annual reports and accounts available to run meaningful regressions. What is the foreign exchange exposure of your company? How does the company manage this risk and what is your assessment of the companys management of its foreign exchange exposure? Although this list is not exhaustive, as a minimum you are expected to cover the following issues:
a)What are the companys sources of operating as well as transaction exposure? Has the company a high exposure to a particular currency? Does the company buy its raw materials from the same markets it sells to or is there a mismatch between the two? How does your company compare with its peer company?
b)Using regression analysis based on the methodologies discussed during the lectures, how sensitive are your companys earnings and stock returns to changes in the main foreign currencies it deals in? Is the firms sensitivity to exchange rate changes symmetric or asymmetric? It is important to justify your answer to the latter question with further regression analysis. What are the possible reasons behind the firms type of exposure (asymmetric or symmetric)? ?This part need to use the eviews to calculate and analysis.?
c)How does your companys exchange rate sensitivity compare to that of its peer? What are the possible reasons for any difference you may find? How does your company manage its exposure and how does this compare to what its peer does?
d)Are there any recommendations you can make about how your company may improve the management of its foreign exchange exposure?
Your coursework should be written in the form of a report addressed to the board of directors of your chosen company. As stated above, it is important that your report contains a substantial amount of analysis of financial data, including regression analysis. However, it is not enough to display your regression results; you also need to interpret them. The word limit for the coursework is 2,500 words. Every part of the coursework, except for the bibliography and the appendix with the data, counts towards the word count. Please include your raw data and intermediate data calculations in an appendix.
It is important that your coursework assignment is well presented. In particular, make sure that there are no typographical and grammatical errors, that your use of punctuation is correct and that you correctly cite work by others. Concerning the latter, you are strongly recommended to use the Harvard referencing style. If you are unsure as to how to cite references, you are strongly recommended to take the online tutorial (http://www.cardiff.ac.uk/insrv/news/citingreferences.html). There is, however, no need for expensive binding, plastic covers and colour printing. All of these are harmful to the environment, add little value to your coursework and may even slow down the marking process.
Avoid using internet sources (such as Wikipedia) as a lot of information available on the internet is simply wrong or biased. In contrast, academic publications typically go through a lengthy refereeing process and are therefore much more reliable sources of information and less likely to contain errors or biases.
An excellent coursework is one that:
?has high standards of critical analysis;
?clearly spells out any assumptions made, uses the appropriate methodology and explains models and/or concepts used;
?is clearly and logically structured (i.e. has an introduction, a main body and conclusion), and arguments are logically developed;
?shows substantial evidence of independent research (evidenced by e.g. substantial use and analysis of financial data and additional reading);
?and is well presented (i.e. good writing style, no typographical and grammatical errors, correct use of punctuation and proper referencing of other peoples work using the Harvard referencing style).
The submission deadline for the coursework is 10 August 2015, and the submission is to be done online in the normal way. The Business School policy for late submission, without an authorised extension, of all coursework is a mark of zero.
Bartram S. M. (2007), Corporate Cash Flow and Stock Price Exposures to Foreign Exchange Rate Risk, Journal of Corporate Finance, 13 (5), 981-994
Christophe S. E. (1997), Hysteresis and the Value of the U.S. Multinational Corporations, Journal of
Business, 70 (3), 435-462
Knetter M. M. (1994), Is Export Price Adjustment Asymmetric? Evaluating the Market Share and Marketing Bottlenecks Hypotheses, Journal of International Money and Finance, 13 (1), 55-70. Koutmos G. and A. D. Martin (2003), Asymmetric Exchange Rate Exposure: Theory and Evidence, Journal of International Money and Finance, 22 (3), 365-383
Stulz R. (2004), Should We Fear Derivatives?, Journal of Economic Perspectives, 18 (3), 173-192 Other sources of information:
Thomson One Banker for the PDF files of the company accounts and other documentation
Datastream for share prices and market and industry index values as well as accounting figures
Infotrac Newsstand and Nexis UK, which are newspaper archives
See http://www.cardiff.ac.uk/insrv/eresources/databases/index.html for more information on the above databases as well as on other databases not listed here.
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