Business, Economics, and Administrative Sciences Department

Student Handbook for M.Sc. in Finance and Accounting

COHORT III

Academic Year 2012-2014

June 2012 Relevant Administrative Information

Program Title: Master of Science in Finance and Accounting

Award: Master of Science

Program Director: Dr. Juna Miluka Email: [email protected] Tel: 00355 (4) 2441330

Mode of Program Delivery: Full-time or Part-time

Duration of Study: 2 academic years (full-time); 3-4 academic years (part-time)

Address: University of New York Tirana Rruga Medar Shtylla (former Komuna e Parisit) Tirana, Albania Tel.: 00355 (4) 2441330, -1, -2 Fax: 00355 (4) 2441329 Web: http://www2.unyt.edu.al

Registration Period: Until Dec. 18, 2012.

1 TABLE OF CONTENTS

Page(s) 1. INTRODUCTION 3-4 1.1. Aims 3 1.2. Learning Outcomes 3 1.3. Teaching, Learning & Assessment Methods 3 1.4. Entry Requirements 3 1.5. Graduation Requirements 4 2. PROGRAM INFORMATION 4-5 2.1. Why Study This Program at UNYT 5-6 2.2. Program Director 6 2.3. Program Duration 6 2.4. Career Opportunities 6 2.5. Maximal Period of Registration 6 2.6. Term and Semester Dates 6 2.7. Timetable and Other Information 6 3. PROGRAME STRUCTURE 6-7 3.1. Teaching 7 3.2. Course pre-requisites within the Program of study 7 3.3. Core Courses 7 3.4. Optional Courses 7 3.5. Credit Load 7 4. INDICATIVE SYLLABI 8-22 5. ASSESSMENT & ATTENDANCE POLICIES 23-25 5.1. Course Assessment 23 5.2. Course Assignments 23 5.3. Examinations 23 5.4. The M.Sc. Dissertation Project 23 5.5. Attendance Policies 23 5.6. Grading Scale and Grade Point Average 23-24 5.7. Academic Standing 24 5.8. Incomplete Grades 24 5.9. Failure 24 5.10. Examinations and Make-Up Exams 25 5.11. Grade Reports and Grade Changes 25 6. WITHDRAWLS AND INTERRUPTION OF STUDY 25 7. APPEALS 25-26 8. CODE OF ETHICS 27-29 8.1. Student Behavior 27 8.2. Academic Ethics 27 8.3. Confidentiality 27 8.4. Student Honor Code: Cheating and Plagiarism 27-28 8.5. Referencing Information 29 9. QUALITY ASSURANCE & STUDENT INVOLVEMENT IN QA 29-32 9.1. Internal Quality Assurance Systems 29-30 9.2. External Quality Assurance Systems 30-31 9.3. Student Involvement in Quality Assurance 31-32 10. STUDENT ENTITLEMENT TO UNYT RESOURCES 32-33 11. HOW TO CONTACT STAFF AT UNYT 33-34 12. STUDENT RESPONSIBILITIES 34 13. PROGRAM FACULTY ROSTER 35-37

2 1. INTRODUCTION Welcome to the M.Sc. Program in Finance and Accounting offered by the Department of Economics and Business at the University of New York Tirana (UNYT). The aim of this handbook is to give you information about your Program of study.

1.1. Aims As with all Masters level Programs in the Business School, this Program enables students to become competent and thoughtful practitioners in this case in the wider field of Finance and Accounting. It aims: o To develop students‘ reflective, critical and evaluative thinking and judgement and to expose them to contemporary issues in the field through a model of teaching strongly supported by research and professional practice. o To provide an intellectually demanding academic Program of study which emphasises the student's ability to analyse, synthesise and evaluate key theoretical concepts and practical applications in the Accounting & Finance subject area. o To provide a flexible Program which delivers a strong theoretical underpinning in Accounting & Finance through compulsory courses and which enables students to pursue coherently related areas of specialisation through chosen areas of academic study through option choices and dissertation title.

1.2. Learning Outcomes o Thoroughly understand the technical detail and the conceptual framework underlying the subject areas of Finance, Financial Accounting & Management Accounting. o Critically appreciate the key contemporary research issues in the above areas. o Show a fundamental understanding of the key quantitative and qualitative research methods appropriate to study in this field. Appreciate the current structure of the Accounting & Finance industry and of the relevance of their Program of study to their future career. Critically examine specialist areas in the field through choice of options.

1.3. Teaching, Learning and Assessment Methods Outcomes are delivered through a combination of formal lectures and seminars. All courses direct students towards a wide body of literature to support their development of knowledge and understanding in the area. Staff are engaged in research and professional practice and, where appropriate, in links with professional bodies and course content is updated frequently to reflect contemporary coverage. The deep level of knowledge and understanding required for completion of dissertation is provided initially by staff presentations of research interests and subsequently by individual supervision. All students must complete a number of formal examinations as part of their assessment and also coursework for every course which will test the level of understanding acquired.

1.4. Entry Requirements o A Bachelor‘s degree in Economics, Finance, Accounting or other Business disciplines. Candidates with degrees in related disciplines could be admitted but will be subject to completing a comprehensive foundational Program. o Applicants whose mother tongue is other than English, need to demonstrate an IELTS score of 6.0 or TOEFL score of 530 (paper-based) or 213 (computer- based).

1.5. Graduation Requirements

3 o Successful completion of at least 51 American credits distributed in the approved fields of core courses and optional courses, in accordance with the students‘ individual degree programs. o Maintaining a cumulative G.P.A. of 2.33 or higher. o Successful completion of a Master‘s Thesis Project. o Evidence to convince UNYT‘s Graduate School Council that the aims, objectives and curricular requirements of the degree program have been assessed thoroughly and found to be accomplished. o Submission of a Clearance Form.

2. PROGRAM INFORMATION The Master of Science in Finance and Accounting Program is designed for graduates who desire to extend their expertise in finance or accounting. Intensive courses studying the core finance and accounting disciplines occupy the Program‘s first half, while its second half provides students with the opportunity to focus on advanced and applied areas of the disciplines.

(a) The primary award shall be the M.Sc. in Finance & Accounting. In order to achieve this award a student must 1 Credit required complete successfully the total of 60 (American) credits. for the degree (b) The award will be structured in two Stages: Stage 1 will consist of the taught element of the award. Stage 2 will consist of the Graduate Seminar and Dissertation Stage. In order to achieve the M.Sc. in Finance & Accounting with 2 Classification of Distinction candidates are required to gain a cumulative G.P.A. of degrees no less than 3.67.

In order to achieve the M.Sc. in Finance & Accounting with Merit candidates are required to gain a G.P.A. of no less than 3.33. In order to pass a course, candidates must normally achieve an 3 Requirements to overall grade of 70%. pass an individual course If a student fails to attend examinations or to submit work for assessment without good cause, as determined by the programme board, the student will be deemed to have failed the assessments concerned. 4 Definition of a Where an overall course grade falls below 70%, the candidate will failed course be deemed to have failed the course for a first time. Reassessment In cases of failure a student is required to repeat the course. A 5 (retrieval of reduced tuition fee will be payable for each course repeated. failure)

6 Action taken over In order to retrieve failure the candidate will have the right to failure of repeat the course ONCE ONLY by attendance, and by retaking reassessed ALL elements of assessment again. courses 7 Course Where a failed course is an option and the candidate elects to substitution repeat, s/he may elect to study a different course available within the Program structure. Regulations will apply to a candidate retrieving failure in this manner. A full tuition fee will be payable for all substituted courses. 8 Make-Up Exams Where there are externally documented extenuating circumstances, the candidate with the consent of his professor will be assessed in a make-up exam. Grades awarded for the make-up exam will be aggregated IN FULL with any grades awarded

4 during the duration of the course. 9 Progression to A candidate may only submit a dissertation once progressed by Graduate the Program Board to Stage 2 of the Program. Seminar and Where a dissertation is not submitted by the due date without Dissertation good cause, as determined by the policy on make-up exams, the student will be deemed to have failed the dissertation. 10 Maximum period The maximum permitted registration period will be: of study Full-time students – 3 years Part-time students – 5 years 11 Withdrawal or A student considering or intending to withdraw or interrupt study Interruption of should first approach his/her Program leader to discuss the Study situation. If the student is considering interruption of study, then the resumption of study date should be agreed at the time of interruption. At this point, the Program leader should discuss with the student his/her problems, drawing attention to any additional support that may be available within the School or elsewhere to alleviate the student‘s position. If the student wishes to continue with the withdrawal or interruption of studies, the Program leader should fill together with the Student a withdrawal / interruption of study form before the student submits this at the Graduate Programs Office.

2.1. Why Study this Program at UNYT Throughout its history, UNYT has built a reputation for its quality undergraduate and graduate Business Programs. UNYT graduates present an impressive professional and academic record at a post-graduation level. This Program draws specialized faculty from around the world that combine theoretical knowledge with extensive experience in executive business lines. Students have access to computer facilities and extensive library resources including all publications, reports and databases of the World Bank in hard and soft copies. Situated in the heart of a rapidly developing country‘s capital, one may not find a comparable M.Sc. Program in Finance and Accounting.

2.2. Program Director For all problems or queries relating to the Program, you should normally contact your Program Director, Dr. Juna Miluka, E-mail: [email protected]; Tel: 003550 (4) 2441330.

2.3. Program (Anticipated) Duration: 2 academic years (full-time); 3-4 academic years (part-time). The Program altogether carries 60 American credits.

2.4. Career Opportunities: This degree is a good stepping stone to a career in accountancy, especially as accountants in commerce and industry, and also provides students who are seeking positions in the finance industry with both specialist finance knowledge and the necessary level of understanding of accounting. Employers of our graduates include banks such as Raiffeisen, BKT, TIRANA Bank, ALPHA Bank and NBG, and companies like Deloitte & Touche and AGNA Group.

2.5. Period of Registration for UNYT Programs The period of valid registration for the Program is three years. This means that you have a period of three years from the date of your registration on the Program in which to complete the Program. It does not mean that you can choose to vary the normal duration of the Program. The three years period is intended to allow for

5 extenuating circumstances that might cause you to interrupt or defer your studies. You must apply to do this using the appropriate form. You may apply exceptionally for an extension to the period of registration.

2.6. Term and Semester Dates The term for the Cohort III students begins on November 22, 2012. However, late applicants might be considered for admission up to December 18, 2012, on a case-by- case basis. All the classes will be conducted at the campus of University of New York Tirana in Tirana. The classes will be held during weekdays, Monday through Thursday (17.30 to 21.30 Hrs) and/or over weekends on Friday (17.30 to 21.30 Hrs), Saturday (09.30 to 17.30 Hrs) and Sunday (09.30 to 17.30 Hrs).

2.7. Timetable and Other Information Students can obtain a copy of timetable and related information from the Graduate Programs Administrator Ms. Nertila Paskali, who can be contacted at [email protected]. The timetable is also posted online at the university‘s website www2.unyt.edu.al under the M.Sc. in Finance and Accounting Program.

3. PROGRAM STRUCTURE The Program is structured in five core, four optional courses and a graduate seminar at 4 American credits each. You will also need to pass a dissertation (20 American credits) in order to be awarded the degree. The Program altogether carries 60 American credits (120 ECTS).

CORE COURSES # COURSE # COURSE 1. Applied Mathematics for Finance & Accounting 4. Managerial Accounting (pre-: Fin. Accnt.) 2. Research Methods in Finance & Accounting 5. Financial Management (pre- or co-.: Fin. Accnt.) 3. Financial Accounting 6. Graduate Seminar

OPTIONAL COURSES (Students can also mix & match) # FINANCE TRACK # ACCOUNTING TRACK 1. Int’l Corporate Finance (pre- or co-: Fin. Mgnt.) 1. Int’l Corporate Finance (pre- or co-: Fin. Mgnt.) 2. Financial Analysis (pre- co-: Fin. Mgnt.) 2. Financial Analysis (pre- co-: Fin. Mgnt.) 3. Risk Management (pre-: Fin. Accnt.) 3. Risk Management (pre-: Fin. Accnt.) 4. Bank Management (pre-: Fin. Accnt.) 4. Bank Management (pre-: Fin. Accnt.) 5. Financial Modeling (pre-: Fin. Mgnt.) 5. Int’l Financial Reporting (pre- or co-: Int’l Corp. Fin.) 6. Portfolio Management (pre- or co-: Fin. Model.) 6. Accounting and Business Ethics (pre-: Mgr. Accnt.) 7. Behavioral Finance (pre- or co-: Fin. Mgnt.) 7. Public Finance & Accounting (pre- or co-: Fin. Mgnt.)

3.1. Teaching Teaching and learning shall be conducted through a variety of traditional means, such as lectures, workshops and tutorials, as well as innovative methods like the use of virtual learning environments, simulations, discussion groups, etc. These various elements combine to form a coherent program designed to enable students to acquire a range of subject specific and transferable skills.

3.2. Course pre-requisites within the Program of study Please check the course syllabi for each course for details of any pre-requisite knowledge.

6 3.3. Core Courses / Program Elements o Financial Management o Management Accounting o Financial Accounting o Research Methods in Finance and Accounting o Applied Mathematics for Finance and Accounting o Graduate Seminar o Dissertation

3.4. Optional Courses o Risk Management o Behavioural Finance o Portfolio Management o Financial Analysis o Financial Modelling o Bank Management o Accounting and Business Ethics o International Corporate Finance o International Financial Reporting o Public Finance and Accounting

3.5. The Credit Load: The program uses the American credit as a unit to measure student load. One American credit is equivalent to 15 hours of direct or indirect instruction, supplemented by 30 hours of guided or independent student work.

Table indicating the equivalency between the American Credit Transfer System (ACTS), the European Credit Transfer System (ECTS) and the British Credit Transfer System (BCTS).

ACTS ECST BCTS 4 8 16 20 40 80 60 120 240

4. INDICATIVE SYLLABI The section below indicates a model of syllabus that you should expect to see in your courses. However, each professor will design his or her syllabi in accordance to the detailed specifications of the course that they teach. Therefore, the syllabi below should be taken as a model rather than the exact syllabus that you will see in your courses.

7 COURSE SPECIFICATION Code: Faculty: Econ. & Bus. Course Title: Applied Maths for Finance & Accounting Course Coordinator: Dr. Gjini Level: M Credits: 4 Department: Econ. & Fin. Pre-requisites:None

Course Description: The course is concerned with the mathematical techniques typically used in the application of mathematical knowledge to finance and accounting. It intends to prepare the master students for work in financial institutions and markets.

Aims: The course aims at familiarizing students with the mathematical theories and techniques used in the practice of Finance or Accounting. Students learn to critically assess different techniques and their limitations.

Learning Outcome: On successful completion of this course, students will have demonstrated: o Familiarity on the mathematical techniques used in Finance or Accounting. o Critical judgement on the advantages and limitations of the use of different techniques. o Ability to apply theoretical knowledge to real-world Finance and Accounting problems.

Indicative Content: 1. Probability and Statistics  Binomial distribution  Normal distribution  T-distribution  F-distribution  Central limit theorem  Confidence intervals for the unknown expectation  Hypothesis testing  Correlation analysis  Regression analysis

2. Linear and Nonlinear Programming  Linear and nonlinear programming foundations  The Simplex algorithm  Dual tableaux and two-phase algorithms  Dual LP Problems  Transportation and network flow problems  Constrained and unconstrained minimization  Lagrange methods  Penalty, barrier and cutting plane methods

3. Graph Theory  Graphs, isomorphism, vertex degrees, paths and connection  Trees, cut edges and bonds, cut trees, Cayley’s formula  Euler tours and Hamiltonian cycles  Edge and vertex coloring  Planar graphs, nonhamiltonian planar graphs  Networks  The cycle space and bond space

4. Game Theory  Strategic games  Pareto optimality and Nash equilibrium  Bayesian games  Sequential games and sequential equilibrium

8  Coalitional games  Stochastic games

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments and Tests.

Indicative Texts: 1. Wackerly, D., Mendenhall, W., Scheaffer, R., Mathematical Statistics with Applications, seventh edition, Thompson Learning, Inc., 2008. 2. Kevin Leyton-Brown and Yoav Shoham, Essentials of game theory, Morgan & Claypool Publishers, 2008. 3. J. A. Bondy and U. S. R. Murty, Graph theory with applications, Springer, 2008 4. David G. Luenberger, Linear and Nonlinear Programming, Kluwer Academic Publishers, second edition.

9 COURSE SPECIFICATION Code: Faculty: Econ. & Bus. Course Title: Financial Accounting Course Coordinator: I. Binaj, CPA Level: M Credits: 4 Department: Econ. & Fin. Pre-requisites:None

Course Description: This course is designed to cover a selected group of advanced financial accounting topics. It entails a deeper understanding of financial statements based on International Financial Reporting Standards (IFRS) and the meaning of financial statements in making decisions to invest in business.

Aims: This course aims at provide students with a thorough grounding in a number of key advanced topics of financial accounting theory, research and practice; to develop their familiarity with and powers to criticise the academic literature; and to develop their ability to integrate and synthesise between topics in order to enter usefully into current debates and to suggest potentially fruitful avenues for development.

Learning Outcomes: On successful completion of this course, students will have demonstrated: o Familiarity on basic theories of financial accounting. o An ability to apply theoretical knowledge to real-world problems.

Indicative Content: o Accounting theory. o International harmonization of accounting: Legislative background, conceptual frameworks, standards and practice. o Current issues in financial accounting practice. o Market-relevance of financial accounting reports. o The relationship between accounting and economic rates of return. o Evolution of financial ratios. o Earnings management. o Cash Flow Analysis. o Residual earnings and earnings growth valuation models. o Financial statement analysis: template, shareholder's equity, operating and financing activities. o Analysis of cash flow statements. o Analysis of profitability. o Analysis of growth and sustainable earnings. o Simple and full forecasting and valuation. o Credit risk analysis.

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Alfredson K. et al. (2005), Applying International Accounting Standards, Wiley 2005. Barth, M. and Landsman, W. (1995), ‗Fundamental Issues Related to Using Fair Value Accounting for Financial Reporting‘, Accounting Horizons, December, pp.97-107. Beaver, W. and Demski, J. (1979), ‗The Nature of Income Measurement‘, The Accounting Review, Vol. 54, No. 1. (Jan) pp. 38-46. Beaver, W. (1998), Financial Reporting: an Accounting Revolution, 3rd edition, Prentice Hall. Belkaoui, A. (2004), Accounting Theory, 5th edition, Cengage Learning (formerly Thomson Learning).

10 Benston, G. (2006), ‗Fair-value accounting: A cautionary tale from Enron‘, Journal of Accounting and Public Policy, 25, pp.465-484. Bromwich, M. (1991), Financial Reporting, Information and Capital Markets, Pitman. Dechow, P. and Skinner, D. (2000), ‗Earnings Management: Reconciling the views of Accounting Academics, Practitioners and Regulators‘, Accounting Horizons, Vol. 14 (2), pp. 235-250. Dechow, P., Hutton, A. and Sloan, R. (1999), ‗An empirical assessment of the residual income valuation model‘, Journal of Accounting and Economics, Vol. 26, pp.34. Holland, K. and Jackson, R. (2004), ‗Earnings Management and Deferred Tax‘, Accounting and Business Research, Vol. 34 No 2, pp.101-123. Hopwood A and Miller P. (eds) 1994, Accounting as Social and Institutional Practice, Cambridge University Press. O'Hanlon, J. (1995), ‗The Univariate Time Series Modelling of Earnings: A Review‘, British Accounting Review, Vol. 27(3), 1995, 187-210. Ohlson, J. (1995), ‗Earnings, Book Values, and Dividends in Equity Valuation‘, Contemporary Accounting Research, 11(2), pp. 661-687. Parker, R., Harcourt, G. and Whittington G. (1986), Readings in the concept and measurement of income, Philip Allan. Penman H.S. (2007), Financial Statement Analysis and Securities Valuation, 3rd edition, McGraw-Hill. Potter B., (2005), ‗Accounting as a social and institutional practice: perspectives to enrich our understanding of accounting change‘, Abacus, Vol. 41 (3), pp. 265-289. Scott, W. (2006), Financial Accounting Theory, 4th edition, Prentice Hall. Stolowy H. – Lebas M.J. (2006), Financial Accounting and Reporting: A Global Perspective, 2nd edition, Thomson. Tweedie D. et al. (2005), International Financial Reporting Standards (IFRS) Workbook and Guide, Wiley. Verrechia, R., (1983), ‗Discretionary disclosure‘, Journal of Accounting and Economics, December, pp.179-194. Walker, M. (1988), ‗The Information Economics Approach Towards Financial Reporting‘, Accounting and Business Research, Vol.18, pp.170-182. Walker, M. (1997), ‗Clean Surplus Accounting Models and Market Based Accounting Research: A Review‘, Accounting and Business Research, Autumn, pp. 341-355. Watts, R. and Zimmerman, J. (1986), Positive Accounting Theory, New York: Prentice Hall.

11 COURSE SPECIFICATION Code: Faculty: Econ. & Bus. Course Title: Managerial Accounting Course Coordinator: Claude Varley Level: M Credits: 4 Department: Econ. & Fin. Pre-requisites:Financial Accounting

Course Description: This course focuses on the role played by management accounting information in organisational control and decision making. It critically examines a range of contemporary issues in management accounting such as activity based costing, non-financial performance measures and management accounting in corporate strategy. Various specific techniques and skills will also be developed.

Aims: o To develop a critical understanding of the management accounting roles in organisations. o To familiarize students with the accounting tools used for managerial decision- making processes. o To critically evaluate contemporary approaches of management control theories. o To understand the current practices of management accounting locally and globally.

Learning Outcomes: On successful completion of this course, students will have demonstrated: o Familiarity on the accounting aspects of managerial decisions. o Understanding of basic theories of management control. o An ability to apply theoretical knowledge to real-world problems.

Indicative Content: o Management Accounting and the Changing Business Environment. o Standard Costing and Budgetary Control. o Decision-Making and Cost/Volume/Profit (CVP) Analysis. o Pricing and Transfer Pricing. o Responsibility Accounting. o Capital Investment Appraisal.

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Allot, A., (2000), ‗Management Accounting Change‘, Management Accounting, UK, July/August, pp. 54-55. Drury, C., (2004), Management and Cost Accounting, 6th ed. Ferrara, W., (1995), Cost/Management Accounting: The 21st Century Paradigm, Management Accounting, USA, December, pp. 30-36. Garrison, R., Noreen, E. and Seal, W. (2003), Management Accounting, European Edition, McGraw-Hill. Hansen & Mowen, Cost Management Accounting & Control, Thompson, South-Western, (Fifth Edition). Kaplan (1994), ‗Management Accounting (1984-1994): Development of New Practice and Theory‘, Management Accounting Research, v. 5, pp. 247-260. Lucey T., Management Accounting, Delmar. Upchurch Alan, Management Accounting Principles & Practice, F T Prentice Hall.

12 COURSE SPECIFICATION Code: Faculty: Econ. & Bus. Course Title: Financial Management Course Coordinator: Dr. I. Kougionas Level: M Credits: 4 Department: Econ. & Fin. Pre-requisites:Managerial Accounting

Course Description: This course focuses on corporate finance and capital markets with an emphasis on the financial aspects of managerial decisions. In so doing it outlines all areas of finance, including the valuation of real and financial assets, risk management and financial derivatives, the trade-off between risk and expected return, and corporate financing and dividend policy. The course draws heavily on empirical research to help guide managerial decisions.

Aims: The course provides a working knowledge of the tools and analytical conventions used in the practice of corporate finance. The emphasis is on establishing an understanding of the basic elements of financial theory to be use in the application of analytical reasoning to business finance problems.

Learning Outcome: On successful completion of this course, students will have demonstrated: o Familiarity on the financial aspects of managerial decisions. o Understanding of basic theories and risks in financial management. o An ability to apply theoretical knowledge to real-world problems.

Indicative Content: o Working capital management – Determination of level of current assets. Sources for financing working capital. Bank finance for working capital. o Cash Management – Forecasting cash flows – Cash budgets, long-term cash forecasting, monitoring collections and receivables, optimal cash balances – Baumol model, Miller-orr model, stone model. Strategies for managing surplus fund. o Receivables Management – Credit management through credit policy variables, marginal analysis, Credit evaluation: Numerical credit scoring and Discriminate analysis. Control of accounts receivables, Factoring. o Inventory Management: Determinations of inventory control levels: ordering, reordering, danger level. EOQ model. Pricing of raw material. Monitoring and control of inventories, ABC Analysis. o Capital structure decisions – capital structure & market value of a firm. Theories of capital structure – NI approach, NOI approach, Modigliani Miller approach, traditional approach. Arbitrage process in capital structure. Planning the capital structure: EBIT and EPS analysis. ROI & ROE analysis. Capital structure policy. o Dividend policy – Theories of dividend policy: relevance and irrelevance dividend decision. Walter‘s & Gordon‘s model, Modigliani & Miller approach. Dividend policies – stable dividend, stable payout and growth. Bonus shares and stock split corporate dividend behavior. Legal and procedural aspects of dividends Corporate Dividend Tax. o Hybrid Financing – Preferred stock, Warrants and convertibles, Private equity. Venture funds, Angel financing Financial management in intangible – intensive companies. Characteristics of intangibles, implications for financial managements, Types and approaches to valuations of intangible assets. o Corporate financial modeling – Agency problem and consideration. Effect of inflation on: Asset value, firm value, returns, Financial planning – Basis of financial planning, sales forecast method, pro-forma P & L account method, pro-forma balance sheet method, determination of External Financing Requirement (EFR). Financial Management of sick units: Definition of sickness, causes, symptoms, predictions, revival strategies, institutions for revival of sick units. Economic Value Added (EVA) – concept, components of EVA. Market Value Added (MVA).

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

13

Assessment Details: Assignments, Test and Paper.

Indicative Texts: 1. Prasanna Chandra: Financial Management, (TMH), 6/e, 2004. 2. M.Y. Khan & P.K. Jain – Financial Management, (TMH), 4/e, 2004 3. I.M. Pandey – Financial Management (Vikas), 9/e, 2005. 4. Brigham & Ehrhardt, Financial Management – Theory & Practice, Thomson Learning, 10/e – 2004. 5. Ross, Westerfield & Jaffe, Corporate Finance– TMH – 7/e, 2005. 6. Advanced Financial Management – Sudhindra Bhat – Excel Books. 7. Vanhorne, Financial Management & Policy, Pearson / PHI. 8. Keown, Martin, Petty. Scott, Financial management : principles and applications—PHI. 9. Brearly and Myers, Principle of Corporate Finance– TMH– 7/e, 2004. 10. Ashwath Damodaran, Corporate Finance – Theory & Practice – John Wiley, 2003. 11. Pandey & Bhatt, Cases in Financial Management - TMH, 2/e, 2003. 12. Corporate Financial Strategy – Ruth Bendel – EL, Sevier India (P) Ltd. 13. Kothari & Dutta : Contemporary Financial Management –Macmillan.

14 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: Econ. & Bus. Course Title: RESEARCH METHODS Course Coordinator: Level: M Credits: 4 Department: Econ. & Fin. Pre-requisites: None

Course Description: This course focuses on the foundations of the equilibrium models of asset pricing rather than the arbitrage pricing theory, which is the other main pricing approach in finance. The course begins with foundations of individual economic agents choice problem under uncertainty, followed by mean-variance analysis and the CAPM. Then, general equilibrium analysis for asset pricing will be examined, in particular the Arrow-Debreu framework of finite agents, finite commodities and finite horizon economy. Foundations of risk neutral pricing will also be provided in the general equilibrium context. Basic econometric tools, such as basic theoretical properties of ordinary least-squares (OLS) estimation and the workhorse of empirical finance will also be examined along with specialist topics such as (G) ARCH, unit roots and Cointegration.

Aims: o To introduce principal quantitative and qualitative research methods in Finance and Accounting. o To illustrate the suitability of these methods in a variety of research questions by indicating their epistemological and ontological underpinnings. o To equip students with the means to explore issues in finance and accounting, providing them with the requisite skills to identify, choose and implement research designs and strategies, and to present their research projects in standard academic formats. o To give students a solid grounding in the quantitative empirical research skills that are necessary in producing high quality research in Accounting, Finance and Economics.

Learning Outcomes: On successful completion of this course, students will be capable to: o Criticize research methods on the basis of their epistemological and ontological underpinnings. o Conceptualize and implement research designs and strategies. o Present their research outcome.

Indicative Content: o Hypothesis testing procedures. o Analysis of variance. o Non-parametric methods o Correlation, contingency tables, univariate and multivariate regression (including assumptions, tests and diagnostic checks). o Topics in Earnings, CEO Turnover, Microeconomics, Macroeconomics and Asset Pricing.

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Brooks C. (2002), Introductory Econometrics for Finance, Cambridge University Press. Danthine J.-P. and Donaldson J.B. (2005), Intermediate Financial Theory, 2nd ed.: Academic Press. Gujarati D. (2003), Basic Econometrics, McGraw Hill, 4th Edition.

15 Gujarati D. (2006), Essentials of Econometrics, McGraw Hill, 3rd Edition. Hirshleifer J. and Riley J.G. (1992), The Analytics of Uncertainty and Information, Cambridge. Huang C. and Litzenberger R.H. (1988), Foundations for Financial Economics, Prentice Hall. Mas-Colell A, Whinston M.D. and Green J.R. (1995), Microeconomic Theory, Oxford. Newbold P., Carlson W. and Thorne B. (2007), Statistics for Business and Economics, 6th edition, Prentice Hall. Saunders M. Lewis P. and Thornhill A. (2003), Research Methods for Business Students, third edition, Harlow: Financial Times Prentice Hall. Verbeek M. (2004), A Guide to Modern Econometrics, Wiley 2nd Edition. Wooldridge J. M. (2006), Introductory Econometrics: A Modern Approach, South Western.

16 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: EBAS Course Title: INTERNATIONAL CORPORATE FINANCE Course Coordinator: Credit: 4 General Level: Graduate Specific Level: Master’s University Department: EBAS Effective Term: Semester

Course Description: In recent decades, world financial markets have become more and more integrated. Hence, financial controlling of banks and corporations must be exercised with a global scope. Internationally integrated markets challenge older theories for modeling financial markets: Pricing models like the Arbitrage Pricing Theory (APT) or the Capital Asset pricing Model (CAPM) are set up with a single (local) capital market in mind. Are these models to be applied for international investments, as well? Therefore, the goal of this seminar is to introduce models and ideas which specifically address this question. After introducing the main drivers on international financial markets we extend the local Arbitrage Pricing Theory to an international context. In the next step we introduce the International Capital Asset Pricing model which enables us to price assets on international financial markets. The last part of the lecture is devoted to pricing and hedging of international derivatives.

Aims: The goal of this course is to introduce models and ideas which specifically address the question above. After introducing the main drivers on international financial markets the local Arbitrage Pricing Theory is examined at an international context, followed by the International Capital Asset Pricing model which enables pricing assets in international financial markets. The last part of the lecture is devoted to pricing and hedging of international derivatives.

Learning Outcomes: On successful completion of this course, students will have an understanding of: o Theories and practices of international corporate finance. o An ability to apply theoretical knowledge to real-world problems.

Indicative Content: o Financial markets and instruments. o International Risk and Return. o Exchange and Interest Rates Determination. o Investing. o International Arbitrage Pricing Theory. o International CAPM. o International Derivatives. o Commercial banking, the banking industry and the functions of the central bank. o Monetary policy and the transmission mechanism. o Equity markets and investor monitoring. o Stock valuation and risk. o Market microstructure and strategies. Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Adler M. and Dumas B. (1983), ―International Portfolio Choice and Corporation Finance: A Synthesis‖, Journal of Finance, 38, pp. 925-984. Copeland T. E., Weston J.F. and Shastri K. (2004), Financial Theory and Corporate Policy, Addison-Wesley, 4th edition. Grinblatt M. and Titman S. (2002), Financial Markets and Coporate Stratgey, 2nd Edition, McGraw-Hill.

17 Hull J. (2005), Options, Futures, and Other Derivatives, Prentice Hall, 5th ed. Madura J. (2008), Financial institutions and markets, Thomson South-Western. Solnik B. and McLeavey (2003), International Investments, Reading: Addison-Wesley.

18 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: EBAS Course Title: ACCOUNTING AND FINANCIAL BUSINESS ETHICS Course Coordinator: Credit: 4 General Level: Graduate Specific Level: Master’s University Department: EBAS Effective Term: Semester

Course Description: This course develops some general conceptions of business ethics and accountability, applicable to corporations, professional associations and other forms of entities. The issues raised in this way are then further explored through a series of case studies focusing upon contemporary business conduct. The course also considers public policy implications. Aims: o To introduce principal philosophical issues related to business ethics. o To draw the impact of ethical issues in national and international legal frameworks.

Learning Outcomes: On successful completion of this course, students will be capable to: o Analyze the ethical implications of finance and accounting decisions. o Demonstrate skills that are immediately transferrable to the workplace.

Indicative Content: o Hypothesis testing procedures. o Analysis of variance. o Non-parametric methods o Correlation, contingency tables, univariate and multivariate regression (including assumptions, tests and diagnostic checks). o Topics in Earnings, CEO Turnover, Microeconomics, Macroeconomics and Asset Pricing. Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Crane A. and Matten D. (2006), Business Ethics: A European Perspective, Oxford University Press, 2nd ed.

19 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: EBAS Course Title: FINANCIAL MODELLING Course Coordinator: Credit: 4 General Level: Graduate Specific Level: Master’s University Department: EBAS Effective Term: Semester

Course Description: The purpose of this course is to consider the use of modern econometric techniques in the analysis of financial time series.

Aims: o To develop a deeper understanding of principal financial models. o To extend students' understanding of econometrics and the models used for financial time series.

Learning Outcomes: On successful completion of this course, students will be capable to: o Use models for financial time series. o Demonstrate skills that are immediately transferrable to the workplace.

Indicative Content: Multivariate models for stationary and non-stationary processes, such as Vector Autoregressive models; appropriate models for volatility; Markov processes and simulation methods used for financial modelling.

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Brooks C. (2002), Introductory Econometrics for Finance, Cambridge University Press. Verbeek M. (2004), A Guide to Modern Econometrics, Wiley, 2nd Edition.

20 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: EBAS Course Title: BANK MANAGEMENT Course Coordinator: Credit: 4 General Level: Graduate Specific Level: Master’s University Department: EBAS Effective Term: Semester

Course Description: The aim of this module is to provide a good grasp of both the basics (the structure and environment of banking) and selected aspects of the applied economics of the modern banking firm.

Aims: o To develop a deeper understanding of best management practices in the modern banking lines. o To enable students to envisage change and change management in the banking sector.

Learning Outcomes: On successful completion of this course, students will be capable to: o Use best bank management models. o Identify the suitability of one or the other model. o Demonstrate skills that are immediately transferrable to the workplace.

Indicative Content: Structure-conduct-performance, competition, bank efficiency, regulation, international banking and bank failures and crises.

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Casu B., Girardone C. and Molyneux P. (2006), Introduction to Banking, FT Prentice Hall. Heffernan S. (2005), Modern Banking, John Wiley and Sons. Sinkey Jr. J.F. (2008), Commercial Bank Financial Management, London, FT Prentice Hall.

21 COURSE SPECIFICATION COURSE SUBJ CODE: FACULTY: EBAS Course Title: RISK MANAGEMENT Course Coordinator: Credit: 4 General Level: Graduate Specific Level: Master’s University Department: EBAS Effective Term: Semester

Course Description and Aims: The aim of this course is to illustrate how corporations make use of the insights and tools of risk management. There are many types of risk management going on in different parts of a company at the same time. The most familiar loci of risk management are trading operations and the treasury office. But many other parts of the firm are involved in risk management. The marketing department designs types of contracts for customers that share risk. Business unit managers evaluate projects with different risk characteristics, and decide on ways to alter projects so as to minimize risk without sacrificing return. The tax, legal and accounting departments are concerned with risk, with hedging and with the corporate governance issues. At the highest level of the company, key questions about the firm's strategy and its ability to fund its operations must be answered with an eye on the risks of each alternative and strategic decisions that can secure the greatest value for shareholders.

Learning Outcomes: On successful completion of this course, students will be capable to: o Understand the concepts and principles of Risk Management and how to apply them. o Develop basic risk management strategies and skills. o Be able to use key methods and tools. o Be able to tailor Risk Management theories to a particular project.

Indicative Content: o How Companies Manage Risk. o How the Market for Risk is Organized. o Why Manage Risk. o Measuring Risk. o Instruments for Hedging. o Pricing Risk. o Valuation, Pricing and Investments. o Asset Management. o Trading Operations. o Transaction Hedging. o Liability Management. o Strategic Hedging. o Taxes. o Accounting. o Organization, Governance and Control

Learning and Teaching Activities: Lectures, exercises, cases, problem-solving activities and workshops.

Assessment Details: Assignments, Test and Paper.

Textbooks and References: Dorofee A. J. et al. (1996), Continuous Risk Management Guidebook , Pittsburgh, Pa.: Software Engineering Institute, Carnegie Mellon University. Hull J. (2006), Risk Management and Financial Institution, Pearson. Hull J. (2008), Options, Futures and Other Derivatives, Prentice Hall, 7th edition. Jorian P. (2007), Value at Risk: The New Benchmark for Managing Financial Risk , 3rd edition, Mc-Graw Hill.

22 5. ASSESSMENT AND ATTENDANCE POLICIES

5.1. Course Assessment Courses are usually assessed by a combination of examination and written assignments. The assessment strategy for each course is given in its course syllabus. A variety of assessment methods will be implemented, including class participation, topics reviews, essays, oral and written (unseen and open, in-class or take-home) examinations through the semesters (minimally two), assessed seminars and problem- solving exercises with real-business-world cases. Assessment is linked to the learning outcomes of each course and informs the learning process.

5.2. Coursework Assignments Coursework assignments are set and marked by staff at UNYT.

5.3. Examinations There is one final examination for each course apart from the coursework. The instructors for each course will inform the students about the dates of the examination on the first day of commencement of the course. It is your responsibility to ensure that you are aware of the examination dates.

5.4. The M.Sc. Project Projects will be supervised by staff at UNYT assigned by the Program director in accordance to the topic chosen by the student and the speciality of the staff. They will be gradeed by the designated staff member at UNYT.

5.5. Attendance Policies Regular attendance and active participation in classes are an essential part of the academic process and assessment. No excuse for absence will exempt a student from completion of all assigned work for each class. Students who are absent more than 20% of the total hours of each semester (12 hours for a 4 credit course) may be required to withdraw from the course. Each instructor must report excessive absences to the Administration.

5.6. Grading Scale and Grade Point Average Semester and cumulative grade point averages (G.P.A.), which are the basis for assessing a student‘s academic standing and eligibility to graduate, are derived as follows. Each credit graded ―A‖ through ―F‖ is given a corresponding numerical value called ―quality points.‖ The G.P.A. is determined by dividing the credits grade ―A‖ through ―F‖ into the number of quality points earned. The semester G.P.A. includes just the credits and quality points of that semester. The cumulative G.P.A. is based on the total for all semesters. For further information, contact the Records Office.

A grade of C- or higher is a passing grade for all courses, while a grade of F is a failing grade. A grade of D-, D, or D+ is a non-passing grade and non-transferable grades. Only a few exceptions could be allowed in optional courses or in cases that a student has produced significant evidence of a course‘s content command. This is allowed only upon approval of the Graduate School Council, provided that a student has accumulative G.P.A. of no less than 2.0.

23 Letter Grade Percentage % Quality Points Generally Accepted Meaning A 96-100 4.00 A- 90-95 3.67 Outstanding Work B+ 87-89 3.33 B 83-86 3.00 Good work, distinctly above average B- 80-82 2.67 C+ 77-79 2.33 C 73-76 2.00 Acceptable work C- 70-72 1.67 D+ 67-69 1.33 D 63-66 1.00 Work that is significantly below average and does not meet D- 60-62 0.67 minimum standards for passing the course. F 0-59 0.00

5.7. Academic Standing A student with a G.P.A. of 2.0 or higher is considered to be in good academic standing. All students with a G. P. A. below 2.0 (―C‖) receive a pre-probationary warning letter and are urged to see their Program Director and develop a Student Education Plan. If a student does not return to a ―good academic standing‖ status in the following semester, then he/she will be put on academic probation. The transcripts of students on academic probation or students who have been warned for academic deficiency are reviewed by the Graduate School Council at the end of each semester. When the minimum G.P.A. is not met, the student is subject to dismissal from the university. A student who is academically dismissed by the Graduate School Council for the first time may appeal against the dismissal to the Rector‘s office within the time period stated in the letter of dismissal. If the student‘s appeal is approved, the student will be reinstated for the semester following the semester of the dismissal. If a student does not appeal, or the appeal is denied, the student may apply for readmission for a subsequent semester. Students who have been dismissed a second time have no right of appeal. The decisions of the Rector‘s Office are final.

5.8. Incomplete Grades The ―I‖ (Incomplete) is received at the discretion of the instructor and at the request of the student only when the student has completed at least three quarters of the required work for a course and where a personal emergency prevents the student from finishing the work on schedule. The student must complete the course by the middle of the semester, following the award of an Incomplete grade or the ―I‖ will be converted automatically, without any notification, to an ―F‖. To request an ―Incomplete‖ grade, both the instructor and the student must fill out the Incomplete Form at the Records Office.

5.9. Failure The grade of ―F‖ means that the student has to repeat the course and pay it in full the next semester that the student will take it. A student will receive credit for the failed course only by repeating that course and receiving a passing grade. The original F and the new grade both appear on the student‘s transcript, but only the replacement grade will be counted in computing the G.P.A. When the student passes the course, the letter ―R‖ appears next to the original F (which means that the student has replaced the F with a passing grade). ―D‖ grades are non-passing grades in UNYT graduate programs.

24 5.10. Examinations and Make-Up Exams Examinations are required in all courses. Absences from these examinations, except for serious reasons acceptable to the instructor and the Graduate School Council, result in a course failure. A student who had serious and well-documented reasons to be absent from a final examination may be permitted to write a make-up examination only on the recommendation of the instructor and with the permission of the Graduate School Council. A student who wishes to make-up an examination must submit the Make-Up Exam Form, signed by his/her instructor to the office of the Program Director within three days from the day of the final examination of the particular course. In such a case, the student is required to pay the make-up exam fee.

5.11. Grade Reports and Grade Changes Grades are communicated to students at the end of each semester. Grades are not given out over the telephone. All instructors must submit signed copies of final grades to the Records Office within a week after the end of final examinations. A reported grade may be changed only if an error has been made in computing or recording. The instructor must submit a certification of such error in writing, approved by the Rector, to the Records Office within a week after the beginning of the following semester. When a question arises concerning a possible error in grade reported by an instructor who is no longer a member of the faculty, the Department Head and the Rector take joint responsibility for ascertaining the appropriate grade and authorize any necessary changes.

6. WITHDRAWAL AND INTERRUPTION OF STUDY If for some reason you cannot continue with your studies they you can formally withdraw from the Program. You should discuss this with your Program director to ensure that this is the best course of action. Once you have withdrawn, you will not be allowed to join the Program at the point where you stopped studying.

After the first two classes, and four classes before the end of classes, students can withdraw from a course, but with no refund. A form must be signed by the student and be returned to the Records Office. The grade ―W‖ will show for the specific course on the student‘s transcript without affecting the semester‘s G.P.A.

‗Interruption of study‘ is used when a student cannot continue with studies for a period time, but does not want to withdraw from the Program entirely. In this case, you would fill out a Withdrawal/Interruption form stating a date for the intended resumption of studies.

Please note that a decision to interrupt studies or to withdraw from the Program will affect your fees and whether these can be refunded in whole or in part, or carried over until you resume your studies on the Program. If as a result of interrupting your studies, you exceed the permitted period of registration, you will not usually be allowed to re-register. In exceptional circumstances you may be allowed to re-register subject to payment of an additional fee.

YOU SHOULD ALWAYS DISCUSS INTENDED WITHDRAWAL OR INTERRUPTION OF STUDIES WITH YOUR PROGRAM DIRECTOR.

7. APPEALS The University operates an Appeals Procedure, which applies in cases of dispute over the handling of an assessment, and in cases where you may be asked to withdraw from your Program because of unsatisfactory academic performance. The Appeals need to be addressed to the Graduate School Council at UNYT using the form below:

25 ACADEMIC PETITION

Student Name...... Semester Year

Student Registration No.: ______Entry Date: ______Program: ______

Contact Address: ______

Tel. No.(s): ______E-mail:

Subject: ______

Explain reason for petition: (Note: All petitions must be submitted in English)

______

______

______

______

______

______

______

Date: ______Student’s Signature: ______

For Registrar’ Use Only: Received on: Received by:

Professor/Advisor Recommendation:

Graduate School Council’s Approval/Denial

26 8. CODE OF ETHICS

8.1. Student Behavior All students must comply with the general regulations of UNYT. They are expected at all times to behave with dignity befitting a student. The use or possession of drugs and other dangerous substances is prohibited on the UNYT campus. Smoking in classrooms is also prohibited. UNYT reserves the right to dismiss any student without financial refund, if a student fails to abide by the UNYT regulations.

8.2. Academic Ethics Students are expected to maintain the highest standard of honesty toward their academics at UNYT. Cheating, forgery and plagiarism are serious offences, and students found guilty of any form of academic dishonesty are subject to disciplinary action. The academic penalty may range from failure of a specific piece of work or of the course itself to dismissal from UNYT. Cheating is defined as giving or obtaining information by improper means in meeting any academic requirements. Forgery is defined as the alteration of UNYT forms, documents or records, or the signing of such forms or documents by someone other than the proper designee. Plagiarism is the representation, intentional or unintentional, of someone else‘s work or ideas as one‘s own. If students have any questions about what constitutes plagiarism, it is their responsibility to clarify the matter by conferring with the instructor and/or their advisor. Faculty members report cases of cheating, plagiarism or forgery to their department Chair or Rector. All students are required to sign the Student‘s Honor Code upon their registration or re-registration.

8.3. Confidentiality No information or document referring to a student‘s academic or personal life is released to anybody outside UNYT without the written (and signed) permission of the student. Students may waive this right. The grade reports will be sent to their parents or guardians upon request.

8.4. Student Honour Code Upon signing this document each student at the University of New York in Tirana (UNYT) agrees to act in accordance with the academic rules and regulations listed below. This document will remain in your student file in the Registrar‘s Office throughout your period of study at UNYT. Students who fail to act in accordance with the academic regulations will be subject to the disciplinary actions outlined on this paper. A complete listing of academic regulations can be found in the UNYT Student Bulletin.

8.4.1. Plagiarism All homework assignments, projects, papers and examinations submitted in a course are expected to be the student's own work.

Plagiarism includes: • Copying, in whole or part, someone else‘s essay, assignment, paper and/or project. • Copying material from the Internet without making the proper references. • Repeating passages from books or other texts without including the proper references, citations and/or quotation marks. • Copying material from any source and passing it off as one‘s own work.

Students should always take great care to distinguish their own ideas, opinions and knowledge from information derived from other sources. The term "sources" includes

27 not only published primary and secondary material (including material from the Internet), but also information and opinions gained directly from other people.

If students have any questions about what constitutes plagiarism, it is their responsibility to clarify the definition by conferring with their professor, Academic Advisor and/or a member of the English Faculty.

8.4.2. Penalties for Plagiarism First offense – student will receive a grade of ―F‖ for the entire course. Second offense – students caught plagiarizing twice (not necessarily in the same class) during their studies will be expelled from UNYT.

8.4.3. Cheating Unauthorized use of notes, text or other aids during a test is not allowed. A student is considered to be cheating if: • A student uses some sort of ―cheatsheet‖ or some other form of printed material to assist him/her in writing answers to a test. • During a test, a student copies answers from another student‘s test. • During a test, a student willingly provides another student with answers to the test by way of verbal, written form, and/or hand signals. • A student provides other students with advance copies of test questions before the test is administered to those other students. • A student intimidates a fellow student to get answers to test questions before or during a test. • A student uses a mobile phone to communicate any information during an examination period (including but not limited to the use of SMS messages).

8.4.4. Penalties for Cheating First offence – students caught cheating on a test will automatically receive a grade of ―F‖ for that piece of evaluation course. The name of the student will be reported to their Academic Advisor and Rector, immediately after the test. A student whose answers indicate that he/she had cheated during a test shall also receive a grade ―F‖ for that piece of evaluation.

Second offence – students who cheat a second time (not necessarily in the same class) will receive an automatic ―F‖ in the entire course. The name of the student will be reported to the Rector and Deputy Rector, immediately after the exam. A student whose answers indicate that he/she had cheated during a test shall also receive a grade ―F‖ for the entire course.

Third offence – students who cheat a third time (not necessarily in the same class) will be expelled from UNYT.

8.4.5. Student Agreement ―I ACCEPT THE ABOVE RULES AND REGULATIONS REGARDING PLAGIARISM AND CHEATING AT UNYT.

I SIGN THIS DOCUMENT WITH AN UNDERSTANDING THAT IF I BREAK THE ACADEMIC REGULATIONS I WILL BE SUBJECT TO THE DISCIPLINARY ACTIONS OUTLINED ON THIS PAPER AND IN THE UNYT STUDENT BULLETIN.‖

PRINTED NAME:

28 SIGNATURE:

DATE:

8.5. Referencing Information taken from the Internet, Books, Journals, etc. Any text that is taken word by word from another source must be put in quotation marks. Even if you change some of the words or copy only part of a paragraph, you must still cite the source at the end of the included text and also give full bibliographic details of the reference, usually at the end of the piece of work that you have produced, e.g. an assignment or a report.

You may use ideas from various sources to construct an essay or a project report and these should be appropriately referenced as stated above. Copying large amounts of text from other sources would not be an appropriate answer for a coursework or project, paraphrasing the text in your own way is acceptable provided that references are given.

Please note that changing the odd word in a quoted paragraph will not exempt you from plagiarism charges if the majority of words are quoted. If an essay consists solely of ideas, phrases from other authors, then you will not achieve a good grade as there is no input of your own. It is your ability to discuss ideas that will generally earn you the higher grades.

8.5.1. Use of Multimedia In some cases such as multimedia production, you might wish to include photographs, music video clips etc. in your work. It is your responsibility to check the copyright situation. Please note that just because something appears on a Web page, it does not mean that you have the right to reuse it. In some cases it may not be possible to use the material under any circumstances. If you do have permission to use it then you must give due acknowledgement to authorship.

9. QUALITY ASSURANCE AND STUDENT INVOLVEMENT IN QA

9.1. Internal Quality Assurance Systems. To avoid the transformation of internal quality assurance systems into a mere bureaucratic procedure but rather to use them as a motif for genuine dialogue between faculty active in academic teaching on matters pertaining best teaching and learning practices, UNYT does NOT have an independent Quality Assurance unit. Yet, to avoid conflicts of interest and ethical implication, there is a Quality Assurance Coordinator who is NOT directly involved in academic teaching or academic administration, while the generated reports are in full transparency accessible to the academic administrator, faculty, students, the Board of Share-Holders and public institutions like the local Accreditation Agency, the Accreditation Council and the Ministry of Education. While these reports are used as part of the three-partite assessment pillars of faculty performance (teaching performance, scientific research output and services to the University), UNYT envisages them more as tools for dynamic reflection on teaching standards, rather than mere means of promotion or rewards. Hence, every semester UNYT invests in faculty development through workshops focusing on best teaching models. Such workshops are regularly organized once at the beginning of each semester and are often combined with some sort of retreat. Guest- lecturers or members of the faculty are invited to share their experiences, project DVDs with best models and moderate the subsequent discussions. The various components of UNYT‘s internal quality assurance system are detailed below.

9.1.1. Student Evaluation of Courses: Toward the end of each semester (or a crash-course, where applicable) students are asked to evaluate their courses and faculty. Newly appointed

29 faculty at UNYT are also assessed at the beginning of a semester, as a means of getting affirmation and feedback on their teaching at the delicate first time of their appointment. Students receive the evaluation forms in all of their courses. The following guidelines are provided to faculty prior to student evaluations: 1. Evaluation forms are distributed to students at the beginning of the class once most students have arrived. 2. Approximately 10 -15 minutes are allotted for the students to complete the form. 3. The Rector‘s Assistant or her designee in her quality as Quality Assurance Coordinator is assigned the responsibility to distribute and collect all of the evaluation forms. 4. Once the evaluation forms have been collected, they are placed in the envelope provided, sealed and delivered to the Quality Assurance Coordinator‘s Office for processing. 5. Professors are requested to leave the classroom while students are completing the forms. Once the forms are completed they may resume their class.

The academic administrators utilize this information in evaluating the quality of the course and the instructors. Feedback information is provided to the instructors in a statistical aggregate, so that student confidentiality is not compromised.

9.1.2. Peer-Evaluations. It is a standard procedure that every faculty is evaluated by his/her department head and/or a peer at least once every two years. Class observations are conducted upon prior notification of the inspected instructor and are minimally one hour in length. Newly appointed faculty at UNYT are assessed at the beginning of their assignment, as a means of getting affirmation and feedback from peers on their teaching at the delicate first time of their appointment. The observer examines, among others, teaching procedures, clarity of instruction, fluency in English, use of audio-visual aids, classroom climate and cooperation.

9.1.3. Program Board Meetings: The meetings of the Program‘s Board aim to bring faculty and – on occasion – student representatives together to discuss issues arising from the evaluation processes described above or any other issues pertaining to the quality of the program, delivery, module material, assessment, and others.

9.1.4. Graduate School Council Meetings and Plenary Faculty Assembly: Likewise, issues pertaining quality in teaching and learning are not only discussed in faculty development workshops aimed at enhancing teaching quality, but are also subject to discussion and regular monitoring in weekly meeting of the Graduate School Council and the monthly meeting of the Plenary Faculty Assembly.

9.1.5. Academic Petitions. Through induction seminars and regular advising students are encouraged to report any infringements of quality standards at UNYT through filing an Academic Petition that is handled initially by the Program Director (where appropriate) and subsequently by the Graduate School Council.

9.1.6. Academic Advising. UNYT encourages close relations between students and their advisors and instructs the latter to build the requisite trust to get solicited or unsolicited feedback on the course of courses, on quality of teaching and learning, etc. This is especially meaningful in case students in fear of retaliatory actions avoid filing an academic petition.

9.2. External Quality Assurance Systems. In line with Law No. 9741 / 21.05.2007 ―On H.E. in the Republic of Albania‖ and the bylaws in force, UNYT Quality Assurance Systems are subject to external assessment in a number of ways. The local Accreditation Agency, the Accreditation Council and the Ministry of Education through the help of international donors are regularly organizing training workshops in Quality Assurance systems, more often than not also disseminating information on best Q.A. practices from local and western European universities. UNYT‘s faculty are ordinary attendants of these workshops time and again invited to present cases from UNYT.

30 9.2.1. Licensing and Pre-Accreditation: Prior to running a new programme, UNYT is obliged to submit an application folder with detailed programme specifications to the Ministry of Education, which through the help of the local Accreditation Agency, the Accreditation Council and its own specialist committees assesses it for the purpose of licensing. Licensing is, therefore, considered as some sort of pre-accreditation. Once a license has been granted and prior to the start of operations, a committee from the local Ministry of Education conducts a resources visit at UNYT for the purpose of releasing a license of operations. In spite of bureaucratic, unnecessary delays, this keeps UNYT alert in implementing and monitoring its internal Quality Assurance system.

9.2.2. Local Accreditation. UNYT has successful undergone the requisite institutional accreditation, while all of its active undergraduate programmes are also accredited through the Ministerial Decree No. 385 / October 10, 2006 [Prot. No.: 7034/10.10.2006]. UNYT‘s MBA program was assessed and accredited by "Order Nr. 161, date 18.03.2010 of the Ministry of Education and Science". The re-accreditation cycle is 6 years, (UNYT‘s re- accreditation date: 2012). In line with the laws and bylaws in force, the M.Sc. in Finance and Accounting program must be assessed for the purpose of accreditation before it issues the first degrees in a study program. The period of assessment for the M.Sc. in Finance and Accounting program‘s accreditation has been set for the second trimester of 2011, during which students will be invited to participate in the compilation of the Self-Assessment Report for Accreditation and provide feedback to the inspections to be conducted by external experts. The accreditation process lasts 6-12 months and consists in the following steps: o The application folder is submitted to the Accreditation Agency. o The application is approval by the Accreditation Council, which also specifies the time- frame of the accreditation process. o The University is invited to appoint the steering committee of self-evaluation for accreditation comprised of faculty members, administrative staff, support staff and students. o The Accreditation Agency‘s specialists train the committee members. o The Committee members prepare the self-evaluation report for accreditation and submit it to the Accreditation Agency. o The Accreditation Agency requires any additional documentation items and clarifications deemed necessary and appoints an external subject-specialist in consultation with the accreditation‘s subject. o The external evaluator studies the self-evaluation report and requests any additional documentation items, clarifications deemed necessary. o The Accreditation Agency specialists accompany the external evaluator to the accreditation‘s subject for a site inspection covering the full spectrum of evaluation items (resources, faculty, teaching, research and publications, students, test records, other records, support services, academic services, etc.). o The external evaluator compiles and submits his/her report to the Accreditation Agency. o The Accreditation Agency shares this report with the assessment‘s subject and invites it to submit any observations or comments. o All documentation items are passed to the Accreditation Council that passes a proposal to the Ministry of Education (accreditation, conditional accreditation, non-accreditation). o The Minister of Education either approves the Accreditation Council‘s proposal or returns it to the Accreditation Council or Agency for re-examination.

9.2.3. International Accreditation. The M.Sc. in Finance and Accounting program‘s management also intends to apply for international accreditation by international accreditation institutions, as well as for recognition of papers from which the students of the programme will be exempted for professional qualifications, like CFA, ACCA, CIPFA and the like.

9.3. Student Participation in Quality Assurance In the course of their studies students have ample opportunities to assess the quality of education offered by casual and structured feedback to the Program Director, Dean of Graduate Programs, or other faculty staff. Students are also invited to fill an evaluation questionnaire for each of their courses in order to help UNYT and its

31 faculty to assess and improve course offerings and quality of teaching. You are kindly requested to read the questionnaire thoroughly and complete it carefully and responsibly when you are asked to.

10. STUDENT ENTITLEMENT TO RESOURCE ACCESS AT UNYT

SERVICE PROVIDER CONTACT Information literacy support Library – Librarians Drop in sessions / (Library Support) workshops by Using online and other sources for appointment academic study (searching e- journals/databases, citing sources and avoiding plagiarism etc):  Class presentations  Individual support for dissertations, etc. Study skills support for: Writing Centre One-to-one support or  Note-Taking group support, only by  Reading for Meaning and appointment Referencing  Essay Planning & Mind Mapping  Essay writing  Maths  English for Study English Language Support for English Department Check schedule of ESL international speakers: classes Grammar, critical thinking, reading, writing, speaking and listening skills Academic Writing: English Department Schedule an appointment Level 1 course for native speakers with a faculty member of of English whose written the English Department expression gives cause for concern – apply through your personal tutor Writing Centre Writing Centre One-to-one support or group support, only by appointment. Check schedule of the Writing Centre in the University Library or in the related posters in campus Mathematics Centre Mathematics Department One-to-one support or group support, only by appointment IT Support Office IT Support Contact [email protected]

32 Student Affairs Student Affairs, Career One-to-one support or and Alumni Office group support, only by appointment. You can also contact at [email protected] Career and Alumni Office Student Affairs, Career Contact and Alumni Office [email protected]

Counselling Centre Dr. E. Cenko One-to-one support or group support, only by appointment: [email protected] Sports, Welfare, etc. Student Union Contact [email protected] Transcripts, records, etc. Graduate Programs Contact Coordination Office [email protected] Grievances & Suggestions Faculty Council Contact [email protected]

Counselling and Welfare The University experience is an exciting time for students as it often marks a transition period into adulthood. As students embark on this journey they are offered vast educational opportunities but also many difficult challenges and demands. This new academic experience coincides with a time of life characterised by personal growth and change, a process which is often filled with anxiety, frustration and confusion. As a result many students need to seek support as a way of learning to deal with many tasks, psychological, social and intellectual.

University of New York Tirana offers a counselling Program, among its many other services, which is designed to respond to these tasks as well as a variety of other challenges faced by students. Students have the opportunity to speak to a professional counsellor about concerns or problems, no matter how minor or serious, which might be interfering with their personal growth and academic achievement. The counselling service program also provides a broad range of referral services. Contact Dr. Enila Cenko at [email protected] to assign you to one of our Counsellors.

11. HOW TO CONTACT STAFF AT YOUR UNIVERSITY  Contacting a lecturer DO NOT JUST DROP IN WITHOUT GIVING NOTICE . Email

This is the preferred means of communication.

Always use your University email account. Do not forget to complete the SUBJECT line. Write EXPLICIT messages so that your queries can be dealt with satisfactorily. It is your responsibility to free up space in your email account, so that messages (e.g. replies, important information) sent to you do not bounce back. You MUST DELETE unwanted items from your Inbox and Sent-mail folders regularly.

. Office hours All lecturers have office hours at least once a week. To book an appointment during office hours, contact the Program Administrator, Ms. Rudina Hoxha, at

33 [email protected], or contact directly your professor. You should then come to your appointment ON TIME, and do not jump the queue.

. Make an appointment outside office hours Use email preferably to book an appointment outside office hours.

. Letters / notes You may leave a letter or a note with the Program Administrator who will pass it on.

. Telephone To be used as a last resort. You may leave a message with our Receptionist, in case there is no answer.

12. STUDENT RESPONSIBILITIES It is your responsibility to: 1. Keep the University informed of any changes in correspondences regarding contact number, correspondence address, e-mail address etc. 2. Keep yourself informed of the timetable, examination dates, and both the coursework and project submission deadlines. 3. Find out your results and make sure that you receive written confirmation. 4. Keep all paperwork sent to you in a safe place. 5. Keep copies of all your coursework submitted.

34 13. M.Sc. IN FINANCE & ACCOUNTING FACULTY ROSTER: 2010-2011

RECTOR Dr. MENTZENIOTIS, Dionysios, Professor. Ph.D. in Foundations and Philosophy of Mathematics, London School of Economics, U.K.; M.A. in Mathematics and Logic, , London School of Economics, U.K.; B.A. in Economics, University of Athens, Greece.

DEPUTY RECTOR Dr. GIAKOUMIS, Konstantinos, Professor. Ph.D. in Byzantine, Ottoman and Modern Greek Studies, University of Birmingham, UK; B.A. in Paedagogical Studies, University of Athens, Greece. Having joined UNYT since October 2003, Dr. K. Giakoumis is currently Deputy Rector at UNYT and a Honorary Research Fellow at the Centre for Byzantine, Ottoman and Modern Greek Studies, University of Birmingham, U.K. He has teaching experience at Bournville Colle ge of Continuing Education, Birmingham, as well as in secondary education in Greece and in U.K. His research interests and publicat ions are in late Byzantine and post-Byzantine history and art history in the Balkans with special focus in the regions of Western Balkans in general and in Epiro s and Albania, in particular.

DEAN OF GRADUATE PROGRAMS Dr. KUKELI, Agim, Professor. Ph.D. in Economics, Colorado State University, US; M.A. in Economics, Colorado State University, US; B.Sc. in Agriculture, University of Korça, Albania. Former Rector of ―Aleksander Mojsiu‖ University, Dr. A. Kukeli has been lecturer of Economics at Mesa State College. Department of Business Administration, in Grand Junction, Colorado; Instructor at Colorado State University, Department of Economics, Fort Collins, Colorado.

M.Sc. IN FINANCE & ACCOUNTING PROGRAM DIRECTOR Dr. MILUKA, Juna, Assistant Professor of Economics. Ph.D. in Economics, American University, Washington, DC, USA; BA Suma Cum Laude in Business Economics, University of Wisconsin-Eau Claire, USA. Dr. Miluka‘s fields of concentration are in Development Economics and Comparative Systems. Dr. Miluka‘s research includes issues on migration, education, gender, inequality, labor market, and agriculture. She has also been a Marie Currie Fellow conducting research on migration at the University of Rome 2, Tor Vergata, Italy. Dr. Miluka has published articles in journals such as Agricultural Economics and Journal of Developmental Studies. She has worked as a consultant on issues of migration, poverty, and gender for organizations such as the World Bank, International Organization of Migration, and Millennium Challenge Corporation.

BINAJ, Ilir, Lecturer of Accounting. Ph.D. cand. At the University of Tirana, Albania; M.B.A., Dallas Baptist University, U.S.A.; M.Sc. in Professional Accounting, University of Texas, U.S.A.; B.Sc. in Finance and Accounting, University of Tirana, Albania. I. Binaj is Certified Public Accountant in the U.S. and a Registered Accounting Expert in Albania with significant profession al experience in the U.S. and in Albania.

CIRKO-TERPO, Ledia, Adjunct Lecturer CFA, M.A. in Finance, Brandeis University, U.S.A.; B.S. in Finance and Accounting, University of Tirana. Ms. L. Cirko-Terpo is currently the Operations Officer of IFC‘s Advisory Services in Southeast Europe.

Dr. DHUCI, Orfea, Adjunct Professor of Finance and Accounting. Ph.D in Economics, M.A. in Economics, B.A. in Finance, Tirana University. Orfea Dhuci is an expert in the banking industry. He is a member of the Albanian Accounting Committee; he has been Chairman of Supervisory Board, Tirana Stock Exchange (TSE), Assistant Manager, and from 1997 to date he is Assistant Manager of Alpha Bank, Albania. Orfea has published a monograph on Exchange Rates‘ Risk Management and many textbooks, such as ―Money and Financial Institutions‖, ―Bank Management 1‖, ―International Finance‖, etc.

Dr. FALTER, James, Professor of Finance and Accounting.

35 D.B.A., Nova Southeastern University, U.S.A.; M.B.A., University of Toledo, Spain; B.S. in Business Administration, Miami University, U.S.A. Professor Falter is a Fulbright Scholar and teaches Corporate Finance, Investments, Portfolio & Security Analysis. Focusing his research on investor behavior in financial markets, stock market efficiency and financial institutions, Dr. Falter has several articles published in annual proceedings of the Midwest Finance Association, Southern Finance Association and the Southwest Finance. Additionally, he has served as topic chair and on the program committee for the Midwest Financial Association. Additionally, he serves as a reviewer for McGraw-Hill Publishing on the topic of ―Behavioral Finance and ―Investments on books pertaining to corporate finance and investments. Dr. Falter holds the industry designation of Certified Financial Planner (CFP) and is a Level III Candidate for the Chartered Financial Analyst Designation (CFA). He is a member of the Financial Planning Association, the Midwest Finance Association, Financial Executives International and the Federation of Business Disciplines. Dr. Falter consults and conducts seminars on financial management, investment planning and budgeting. Dr. Falter began his business experience with two national corporations, Cigna and Aetna, specializing in financial analysis and underwriting of group benefits. He has consulted for several regional organizations including the Ohio Fire Chiefs Association, the American Lung Association, First National Bank, and the Yankton Area Training Council.

GJIKA, Keler, Adjunct Lecturer in Finance CFA; M.Sc. in Economics, Reykjavik University; B.S. in Finance & Accounting, University of Tirana. Keler is an independent consultant.

Dr. GJINI, Nertila, Professor D.Sc. in Mathematics, University of Kyoto, Japan; B.Sc. in Mathematics, University of Tirana. Publishing regularly in international peer-reviewed journals, Nertila lectures a variety of Mathematical and Statistics courses.

Dr. HOLLAND, Trygve Ben, Professor of European Law. Ph.D. in European Law, Europa-Institut Saarbrücken, Germany; LLM in European Law and Economics, Europa-Institut Saarbrücken, Germany; HWP in Law and Economics, Hamburg University, Germany. Dr. Trygbe Ben Holland is a specialist in European Law and Economics. His teaching experience includes assignments at the European University in Cologne, Germany, at the University of Public Administration, Germany, at Hanzehogenschool Gronigen, the Netherlands, as well as the University of Tambov, Russia. He is author of a number of Law commentaries and also held the European Commision‘s POROS Chair in European Law at ILC Pune, India.

Dr. KATSABEKIS, Demetres, Adjunct Associate Professor. Ph.D. in Finance and Economics, Rutgers University Graduate School, Newark, New Jersey, U.S.A.; M.B.A. in Investment, Financial Management and Capital Markets, Rutgers University Graduate School of Management, Newark, New Jersey, U.S.A.; H.N.D. in Business, School of Business, Croydon College, Surrey, England.

KATSARELOS, Dimitris, Adjunct Assistant Professor of Banking. M.Sc. in Finance, University of Stirling, Stirling, U.K.; B.A. in Economics and Business Administration, Economic University of Athens, Athens, Greece.

Prof. Dr. KOLANECI, Fejzi, Professor D.Sc. in Mathematics, University of Tirana; M.Sc. in Mathematics, University of Tirana; B.Sc. in Mathematics, University of Tirana. Member of London Mathematical Society. Fejzi has been Scientific Secretary for Natural and Technical Sciences at the Albanian Academic of Sciences. With numerous publications in international peer-reviewed journals and conference papers, he lectures a variety of Mathematical and Statistics courses.

Dr. Kougionas, Ioannis, Adjunct Assistant Professor. Ph.D. in Finance, University of Bradford, Bradford, UK; B.A. in Economics, University of Macedonia, Thessaloniki, Greece. Dr. I. Kougionas has more than 15 year of experience in the banking sector and he is currently CEO and Member of the Supervisory Council of NBG Albania. Dr. Kougionas has taught a variety of Business and Economics courses at the T.E.I. of Kavala, Greece and

36 Hellanion S.A. / University of Portsmouth, England. Dr. I. Kougionas joined UNYT‘s faculty team in Fall 2010 to teach a variety of undergraduate and graduate courses in Finance.

Prof. Dr. KUKELI, Agim, Professor in Economics. Ph.D. in Economics, Colorado State University, US; M.A. in Economics, Colorado State University, US; B.Sc. in Agriculture, University of Korça, Albania. Former Rector of ―Aleksander Mojsiu‖ University, Dr. A. Kukeli has been lecturer of Economics at Mesa State College. Department of Business Administration, in Grand Junction, Colorado; Instructor at Colorado State University, Department of Economics, Fort Collins, Colorado.

KUME, Ortenca, Lecturer in Finance and Accounting. Ph.D. candidate in Finance, Robert Gordon University, Aberdeen, U.K.; M.Sc. in International Management and Finance, University of Staffordshire, Stafford, U.K.; B.Sc. in Finance and Banking, University of Tirana, Tirana. O. Kume is a lecturer of Finance at the Department of Accounting and Finance, Kent Business School, the University of Kent, U.K. Her previous academic positions include lecturing finance modules at both undergraduate and postgraduate levels at Robert Gordon University and University of Liverpool.

RAWAT, Singh Mahendra, Adjunct Assistant Professor in Finance. M.S. in Management and Finance, Benares Hindu University, India; M.A. in Economics, Garhwal University, India; CAIIB from Indian Institute of Bankers, Mumbai, India; Diploma in Commodity Management from Wellinger Institute of Management, Mumbai, India. Mahendra is currently a C.E.O. of International Commercial Bank, Albania. At UNYT, Mahendra teaches advanced courses in Finance and Banking.

Dr. TILA, Dorina, Adjunct Assistant Professor of Economics and Finance. Post Doc. in Experimental Economics, George Mason University, Fairfax, VA, U.S.A.; Ph.D. in Economics, George Mason University, Fairfax, VA, U.S.A.; M.A. in Economics, George Mason University, Fairfax, VA, U.S.A.; B.A. in Economics, University of LaVerne, California (Athens), Greece.

VARLEY, Claude, Adjunct Assistant Professor. Diplôme de Licensié en Sciences Commerciales et Consulaires, I.H.E.C., Belgium; Diplôme de Candidat en Sciences Commerciales, I.H.E.C., Belgium. A former President of Societé de Boissons Gazeuses de la Côte d‘ Azur – Sud-Boissons (Coca-Cola Bottling Group, France), Claude Varley has been teaching Accounting for several years at the University of Southern Europe, Monaco, IUKB and NYC Group (in the frame of its M.B.A. programme).

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