Roehampton University Economics of Money Banking and Finance Essay

Description

A single coursework submission (in a maximum of 3000 words), requiring you to complete a small project based on your choice of an investment portfolio.I will add a pdf file with more explenation

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Instructions for assessment
The assessment for this module relates to a single coursework submission (in a maximum of 3000
words), requiring you to complete a small project based on your choice of an investment portfolio.
Investment portfolio exercise:
You have £1,000,000 to invest. You should study the markets and the available financial products and
then select a portfolio of between 5 and 10 individual products/assets. The products that you include in
the portfolio may be fixed income, equity, ETF or cash in any combination, although all must be listed
in a publication where they can be tracked and measured.
The portfolio should be monitored, analysed, re-balanced and reported upon. The report should
contain an analysis of your chosen investments with a detailed reasoning for your selection. You are
expected to consider all the risk factors involved and also to give a brief assessment of your
expectations.
Note that this is an assessment of your ability to thoughtfully construct and justify a portfolio and your
ability to report and analyse its performance professionally. You should do external research and
explain your answers. You should not limit yourself to the content covered in the lectures – doing so is
not sufficient for the assignment – you should at least read the assigned portions of the textbooks.
Word limit: 3000
The actual performance of the portfolio will not be a factor in the marking of your work i.e. you will not
get more marks for a portfolio which makes more money.
Instructions for setting initial assessment portfolio during reading week:
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Read the assignment.
Identify assets allocation structure of your portfolio based on the principles in chapter 28 and
test you completed in week 1.
Examine seminar materials for ideas on how to choose fixed income and equity instruments.
Consider Modern portfolio theory and Capital assets Pricing Model reasons when choosing
stocks and bonds
Create portfolio using www.portfoliovisualizer.com during reading week. The portfolio should
consist with bond, ETF, stocks, cash, cash equivalent instruments
The portfolio should consist from minimum 5 to maximum 10 assets.
The portfolio period should be approximately 5 years (from 2016)
Take into consideration monetary policy and macroeconomic outlook of the key markets (UK,
US, emerging markets) which you believe best corresponds with your investment objectives
We suggest rebalancing your portfolio if you believe some stocks performs poorly
Assessment Criteria (see rubric for further details).
Your report should address following topics:
1. Introduction: setting the terms of the exercise (25%)
December 2021
a) Investment objective based on investment banking practice. Address your investor
expectations and constraints;
b) Demonstrate how your investment policy and framework (asset allocation decisions in to
Equities, Bonds, etc.) match with your investor profiling;
c) Market view: discussion of broad economic trends and monetary policy outlook that are
relevant to your universe of assets and which underpin your investment rationale.
2. Individual holdings (40%)
Identify between 5 to 10 holdings.
a) Highlight why you bought, hold or sell your holdings.
Your investment decisions should be supported by relevant traditional investment theories
(Modern portfolio theory, Capital assets Pricing Model, Gordon Growth Model,
“Comparables” P/E ratio).
b) Reflect upon your investment and identify relevant behavioural concepts that could be used
to explain your own irrationality and help you take advantage of market irrationality in your
investment strategies.
3. Portfolio performance over the monitored time period (25%)
a) Analyse portfolio performance against the benchmark. Using appropriate risk and returns
measures and ratios.
b) Conclusion based on portfolio performance. Did it perform in line with the initial rationale? If
not, what factors influenced it that appear to have been different or unexpected?
4. Overall presentation and referencing (10%)
How will we support you with your assessment?
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You will receive formative feedback in Week 9. This will take the form of comments on a one-page
plan for your investment portfolio. This plan should be presented by the beginning of the week 7
lecture (plans submitted after the deadline will not receive any feedback).
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There will be an assessment briefing in Week 5, 9 and 11.
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Frequently asked questions and their answers will be posted on the module’s Moodle site
How will your work be assessed?
Your work will be assessed by a subject expert who will use the marking grid provided in this
assessment brief. When you access your marked work it is important that you reflect on the feedback
so that you can use it to improve future assignments.
Referencing
December 2021
You MUST use the Harvard System. The Harvard system is very easy to use once you become
familiar with it.
Assignment submissions
The Business School requires a digital version of all assignment submissions. These must be
submitted via Turnitin on the module’s Moodle site. They must be submitted as a Word file (not as a
pdf) and must not include scanned in text or text boxes. They must be submitted by 2pm on the given
date. For further general details on coursework preparation refer to the online information via
StudentZone http://studentzone.roehampton.ac.uk/howtostudy/index.html.
Mitigating circumstances/what to do if you cannot submit a piece of work or attend your
presentation
The University Mitigating Circumstances Policy can be found on the University website – Mitigating
Circumstances Policy
Marking and feedback process
Between you handing in your work and then receiving your feedback and marks within 20 days, there
are a number of quality assurance processes that we go through to ensure that students receive
marks which reflects their work. A brief summary is provided below.
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Step One – The module and marking team meet to agree standards, expectations and how
feedback will be provided.
Step Two – A subject expert will mark your work using the criteria provided in the assessment
brief.
Step Three – A moderation meeting takes place where all members of the teaching and marking
team will review the marking of others to confirm whether they agree with the mark and feedback
Step Four – Work at Levels 5 and 6 then goes to an external examiner who will review a sample
of work to confirm that the marking between different staff is consistent and fair
Stop Five – Your mark and feedback is processed by the Office and made available to you.
December 2021
Introduction
(25%)
Outstanding 100 Excellent
Very Good
(80-89)
(70-79)
An outstanding
An excellent
A very good
discussion of
discussion of
discussion of
investment
investment
investment
philosophy and philosophy and approach which
framework which framework which is linked to and
is clearly linked to is very well linked supported by
and supported by to and supported theory.
theory.
by theory.
Discussion of
Discussion of
Discussion of
market view
market view
market view
which is facts
which is facts
which is facts
based and
based and
based and
established on
established on
established on
the clear facts
the clear and
the clear and
and
most appropriate most appropriate assumptions.
assumptions. A assumptions. A Use of financial
range of sources range of sources journals and
used to support used to support press.
the view,
the view,
Discussion of
including
including
asset allocation
academic
academic
decisions which
sources.
sources.
is clearly linked
Evidence of the Evidence of
to investor
use of the range financial press
profiling.
of financial press and journals use. Evidence of
and journals.
Discussion of
independent
Discussion of
asset allocation research skills.
asset allocation decisions which
decisions which is is clearly linked
clearly linked to to investor
investor profiling, profiling, and
and supported by supported by the
the asset
asset allocation
allocation
optimisation
optimisation
process.
process.
Evidence of
Independent
independent
research skills.
research skills.
December 2021
Good
(60-69)
A good discussion
of investment
approach which is
linked to and
supported by
theory.
Discussion of
market view which
is facts based and
established on the
clear facts and
assumptions.
Discussion of
asset allocation
decisions which is
clearly linked to
investor profiling.
Satisfactory
(50-59)
A satisfactory
discussion of
investment
approach.
Discussion of
market viewed
with some good
assumptions and
based on facts
although limited.
Discussion of
asset allocation
decisions but the
theory can
provide more
support. The link
between asset
allocation
decisions and
investor profiling
is not strong.
Adequate
Marginal Fail
Fail
(40-49)
(30-39)
(20-29)
An adequate
Limited or very poor Misunderstanding
explanation of
understanding
of the process of
investment
shown on
establishing
approach, market investment
investment
view, and asset objectives and
objectives and
allocation
philosophy, market philosophy.
decisions – but
view, and asset
Market view, and
the lack of
allocation concept. asset allocation
supporting
The link between
concept are not
evidence for the investor’s profiling facts based.
market view.
and the investment The link between
Asset allocation decisions is again investor’s profiling
decisions do not either very poor or and the
match investor
missing.
investment
profiling or limited.
decisions is
missing.
Not done
0
Missing.
Wholly
incorrect or
not attempted.
Individual
holdings (40%)
An outstanding
discussion of
rebalancing
strategies which
are robustly
linked to and fully
supported by
relevant
traditional
investment
theories.
Outstanding
understanding
and application of
models to back
up your
investment
decisions;
Academic
literature review;
which
demonstrates a
deep
understanding of
the big picture in
the investment
area. A range of
the sources used.
Identification of
relevant
behaviour
concepts
comprehensively
discussed and
linked to
investment
preferences and
decisions. Clear
evidence of
market evaluation
and interpretation
of market
behavior during
investment period
from behavioral
finance
December 2021
An excellent
A very good
discussion of
discussion of
rebalancing
rebalancing
strategies which strategies;
are robustly
which are linked
linked to and fully to and well
supported by
supported by
relevant
relevant
traditional
traditional
investment
investment
theories.
theories.
Excellent
Theories used
understanding
to go outside of
and application the class
of models to
material.
back up your
Very good
investment
understanding
decisions;
and application
Academic
of models
literature review; including
which
relevant graphs.
demonstrates a Academic
deep
literature
understanding of review; which
the big picture in demonstrates a
investment
very good
areas.
understanding
Identification of of the big
relevant
picture in
behaviour
investment
concepts
areas and links
comprehensively your investment
discussed and
decisions.
linked to
Identification of
investment
relevant
preferences and behaviour
decisions. Clear concepts.
evidence of
Reflections are
market
showing a very
evaluation and good
interpretation of understanding
market behavior of behavioral
during
finance and
investment
traditional
period from
finance theories
behavioral
in an integrated
A good discussion A satisfactory
of rebalancing
discussion of
strategies; which rebalancing
are linked to and strategies; which
well supported by are linked to and
relevant traditional supported by
investment
relevant
theories.
traditional
Good
investment
understanding and theories;
application of
Satisfactory
models to back up understanding
your investment and application of
decisions.
models to back
Academic
up your
literature review; investment
which
decisions;
demonstrates a
Academic
very good
literature review
understanding of which
the big picture in demonstrates a
investment areas. good
Identification of
understanding of
relevant behaviour the big picture in
concepts with very investment areas.
good discussion Identification of
and linked to
relevant
investment
behaviour
preferences and concepts with
decisions.
discussions and
Reflections are
linked to
showing a very
investment
good
preferences and
understanding of decisions.
behavioral finance Reflections are
and traditional
showing a good
finance theories in understanding of
an integrated
behavioral
manner.
finance and
traditional finance
theories.
An adequate
Limited or no
discussion of
discussion of
rebalancing
rebalancing
strategies; some strategies; weak
link to and
understanding and
supported by
application or no
investment
application of
theories;
models to back up
understanding
investment
and application of decisions; poor or
models to back up no academic
investment
literature review;
decisions but not Limited or no
good enough;
reflections or
some academic integration between
literature review behavioral finance
available;
and traditional
identification of
finance theories.
relevant
behaviour
concepts and
discussed;
reflections
showing a
reasonable
understanding of
behavioral finance
and traditional
finance theories
Very poor
Missing.
discussion of
Wholly
assets selection incorrect or
which is not
not attempted.
supported by
theory or facts;
poor or no
academic
literature review;
Limited or no
reflections or
integration
between
behavioral
finance and
traditional finance
theories.
Portfolio
performance
(25%)
prospective.
finance
manner.
Reflections are
prospective.
Evidence of
showing a deep Reflections are independent
understanding of showing a deep research skills.
behavioral
understanding of
finance and
behavioral
traditional finance finance and
theories in a
traditional
highly integrated finance theories
manner.
in a highly
Evidence of
integrated
financial press
manner.
and journals use. Evidence of
Advanced Excel financial press
skills are
and journals use.
demonstrated by Use of graphs.
including relevant Evidence of
graphs and
independent
tables.
research skills.
Evidence of
independent
research skills.
An outstanding
An excellent
A good
A Good
A satisfactory
awareness of
awareness of
awareness of
awareness of risk- awareness of
risk-adjusted
risk-adjusted
risk-adjusted
adjusted return
risk-adjusted
return measures return measures return
measures.
return measures.
and performance and performance measures.
Good calculation Good calculation
attribution
attribution
Good
of portfolio’s
of portfolio’s
analysis.
analysis
calculation of
performance as
performance as
Excellent
Excellent
portfolio’s
well as
well as
calculation of
calculation of
performance as benchmark(s)
benchmark(s)
portfolio’s
portfolio’s
well as
performance with performance.
performance as performance as benchmark(s) minor mistakes. Good discussion
well as
well as
performance
Good evaluation of main issues of
benchmark(s)
benchmark(s)
with minor
and understanding portfolio risk.
performance. Use performance.
mistakes.
of asset allocation Good conclusion
a wide range of Excellent
Good evaluation skills and share
and reflection on
the metrics to
evaluation and and
selection skills as portfolio
evaluate the
understanding of understanding a part of a final
performance.
portfolio.
asset allocation of asset
reflection on
Good academic
Excellent
skills and share allocation skills portfolio
linkage.
evaluation and
selection skills as and share
performance.
understanding of a part of a final selection skills Good final
asset allocation reflection on
as a part of a
portfolio risk
skills and share portfolio
final reflection discussion.
selection skills as performance.
on portfolio
Linked to
December 2021
An adequate:
Poor, Limited or No
Awareness of
awareness of risk
risk-adjusted
adjusted return
return measures. measures and
Appropriate
performance
calculation of
attribution analysis.
portfolio’s
Poor or incorrect
performance as calculation of
well as
portfolio’s
benchmark(s)
performance as
performance.
well as
A weak
benchmark(s)
discussion of
performance
main issues of
analysis.
portfolio risk.
Poor academic
A weak
linkage.
conclusion and
Poor reflection on
reflection on
portfolio risk and no
portfolio
conclusion.
performance.
Adequate
academic linkage.
Evaluation of the Missing. Wholly
portfolio
incorrect or not
performance is
attempted.
omitted or
extremely limited
a part of a final
Excellent final
reflection on
portfolio risk
portfolio
discussion.
performance.
Excellent
Excellent final
academic
portfolio risk
linkage.
discussion.
Evidence of
Excellent
independent
academic linkage. research skills.
Demonstration of
the Excel skills.
Evidence of
independent
research skills.
Overall
The overall level The overall level
presentation and of presentation is of presentation is
referencing (10%) outstanding. The excellent. The
Harvard system Harvard system
of referencing has of referencing
been applied in has been applied
an exemplary
very effectively
way with no
with virtually no
incomplete or
incomplete and
inaccurate
inaccurate
references.
references.
December 2021
performance.
academic theory.
Good final
portfolio risk
discussion.
Linked to
academic
theory.
Evidence of
independent
research skills.
The overall level The overall level
of presentation of presentation is
is very good.
good. The
The Harvard
Harvard system of
system of
referencing has
referencing has been applied
been applied
effectively with
very effectively very few
with virtually no incomplete and
incomplete and inaccurate
inaccurate
references.
references.
The overall level The overall level The overall level of
of presentation is of presentation is presentation is
fairly good. The adequate. The
weak. The Harvard
Harvard system Harvard system of system of
of referencing has referencing has referencing has
been applied
been used but
been used but
effectively but a some of the
several of the
few of the
references are
references are
references are
incomplete and
incomplete and
incomplete and inaccurate.
inaccurate
inaccurate.
The overall level The overall level
of presentation is of presentation
poor. The
is very poor.
Harvard system of The Harvard
referencing has system of
applied in an
referencing is
inadequate way, not used and
with many
references are
incomplete and incomplete and
inaccurate
inaccurate.
references.
Resit Assignment Details
Resit submission date: TBC and as shown on Moodle
For students who are offered a resit you are required to improve and resubmit your original work as
well as adding a further reflective commentary discussing what you have learned from the process.
You must resubmit your work using the specific resit Turnitin link on Moodle.
You should:
1.
Review your previously submitted work and read carefully the feedback given by the
marker.
2.
Use this feedback to help you revisit and rewrite your work, improving it in the areas
identified as weak in the original marking process
3.
Include with your resubmission an additional reflective piece (up to 500 words) on what
you understand was weak, how you set about addressing this and what you have learned from
this that may help you with further assignments. You should address the following specifically:
i) Identify tutor feedback points on your original work and identify where/how the resit work has
changed (give page number) in response to feedback
ii) Identify the lessons you have learnt from doing the resit
iii) Reflect on how your feedback and this process will help you improve future assignments
If you did not submit work at the first opportunity you cannot reflect on your feedback.
However, you are still required to submit a reflective piece in which you identify your reasons
for non-submission, the implications of non-submission for your future success and how you
propose to address this in the future. If you have issues with confidentiality of your reasons for
non-submission then you could reflect on how you have met the learning outcomes for the
module, how you can use what you have done on the module to support your future career and
what skills/employability attributes you feel the module has helped you to develop.
If you were deferred at the first assessment opportunity you do not need to include the
reflective piece as this is a first submission at a later date, not a resit.
The original marking criteria will still apply (see marking grid provided above) except that the 10%
weighting for presentation will be awarded instead to your reflective piece
December 2021

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