Equity. Risk. Return. Analysis. Investment. Markets. Portfolio. Innovation. Estate. Valuation. Costing

Transcription

1 Equity Risk Return Analysis Investment Markets Portfolio Innovation Estate Valuation Costing DEPARTMENT OF FINANCE AND INVESTMENT MANAGEMENT OPPTUNITIES F POSTGRADUATE STUDIES 2014

2 MCOM (FINANCE) Dear Applicant, The Department of Finance and Investment Management offers students two means of completing their masters degree the first is a course work programme in Finance with a limited research component in the form of a minor dissertation, and the second is by way of a pure research programme in either Finance or Investment Management through the completion of a dissertation. The Department also provides students with the opportunity to complete their doctoral degree (i.e. a PhD (Finance), a DCom (Financial Management) or a DCom (Investment Management) by way of a comprehensive research programme culminating in the completion of a doctoral thesis. The following postgradute programmes are offered: MCOM (FINANCE) COURSE WK & LIMITED RESEARCH (Page 3) MCOM (FINANCIAL MANAGEMENT) & MCOM (INVESTMENT MANAGEMENT) RESEARCH (Page 12) PHD (FINANCE); DCOM (FINANCIAL MANAGEMENT); AND DCOM (INVESTMENT MANAGEMENT) RESEARCH (Page 17) COURSE WK AND LIMITED RESEARCH This section of the document provides an overview of the MCom (Finance) by way of COURSE WK and LIMITED RESEARCH. Purpose of the programme A student should develop applied specialised competencies in the mastering, interpretation, understanding, analysis and application of principles in the broader field of finance. Through the minor dissertation, a qualifying student should show evidence of independent scientific research, application of scientific research methodologies, and an ability to reflect thereon in the holistic context of finance. Rules of access A potential student must be in possession of a financially oriented university-based BCom honours qualification on NQF level 7 (old), 8 (new), which is deemed applicable by the Department of Finance and Investment Management. Alternatively, a potential student with any other related qualification with a programme specific minimum level of competency on NQF level 7 (old), 8 (new), with relevant and sufficient experience, may be considered by the Department of Finance and Investment Management by way of recognition of prior learning (RPL). Professional qualifications are only considered in addition to a relevant university honours degree as stipulated above. All applications are reviewed and potential students are subjected to a personal selection process as determined by the Department of Finance and Investment Management. Applications Applications may be submitted annually from 1 August and should be done online. You are required to submit TWO application forms, one being a Departmental application and the other a UJ application: 1. An on line departmental application using the following link: application2014.dfim.weftlogic.co.za/docdb Please ensure that you have the following documents available electronically when applying on the online departmental application webpage: Passport photo ID document (or passport document if you are an international student) Academic record (A complete academic record (and not a certificate of credits) should be supplied IRRESPECTIVE of whether or not you are/were a UJ student) Certificate of conduct (from the university you attended last). If the certificate of conduct is not printed as part of your academic record, you have to request a separate certificate of conduct from the university Qualification certificate (e.g. grade 12 (matric certificate), undergraduate- and postgraduate degree(s)) 2 3

3 A short letter of motivation, i.e. a narrative motivation why you believe you should be selected for the programme you are applying for and what the advantages of obtaining the qualification would mean to you personally SAQA evaluation certificate (if your highest academic qualification was not obtained at a South African university) A status application form (if your highest academic qualification was obtained from an institution other than UJ or the former RAU or TWR). The status application form is available from: status%20application.pdf 2. In addition to submitting an online departmental application, you are also required to submit a UJ application form using the following link: Pages/home.aspx Submitting a completed UJ application form (together with the necessary documents) at the Student Enrolment Centre (Auckland Park Kingsway Campus) By sending your completed UJ application form (together with the necessary documents) to: University of Johannesburg Student Enrolment Centre PO Box 524 AUCKLAND PARK 2006 * If you post your UJ application form, please follow up on your application with the Student Enrolment Centre as there may be occasional issues with applications sent via the postal service. The annual closing date for South African student applications is 31 October for commencement of study in the following year. The annual closing date for applications for non-south African resident students is 30 September for commencement of study in the following year. Student selection As there are only a limited number of places available for students in this programme, a stringent selection process of potential candidates for the MCom (Finance) programme will take place in November. This includes, but is not limited, to: A (paper-based) screening process of each application in terms of minimum requirements for entry into the programme, performance in the undergraduate and post-graduate programmes and the letter of motivation (which should accompany each application). Students satisfying these requirements will be invited to attend a compulsory, week-long Quantitative Data Analysis and Interpretation course. The course will be presented during the last week of November, daily from 09:00 to 13:00. Students will be accepted on the programme based inter alia on their performance in an assessment that will be written on completion of the course. An English proficiency test will be written at the onset of the course. Applicants will be notified in writing of the final outcome of the selection process after the Quantitative Data Analysis and Interpretation assessment. The programme is presented over two years. During the first eighteen months of study, students will complete the eight (8) course work modules. The minor dissertation is written during the second year of study (module 9). Curriculum Developments in Finance (DEF9X01) Advanced Research Methodology in Finance (ARF9X01) Empirical Finance (EMF9X01) Financial Engineering (FEN9X02) Risk Management (RIM9X01) Applied Research Methodology in Finance (ARF9X02) Corporate Finance (CRF9X01) Competitive Strategy (CPS9X01) Minor dissertation on an approved topic (MDF9X01 & MDF9X02) First year of study Second year of study Students have to pass all nine modules independently to obtain the master s degree qualification. The following table provides a brief outline 1 of each module: Developments in Finance (DEF9X01) Year 1; Semester 1 x Financial developments over time x Financial crises through history x Globalisation and finance in the 20 th century x The rise of venture capital and investment banking 1 Content and order of modules subject to change. 4 5

4 Advanced Research Methodology in Finance (ARF9X01) Year 1; Semester 1 Fundamental module Empirical Finance (EMF9X01) Year 1; Semester 1 Financial Engineering (FEN9X02) Year 1; Semester 2 x Stages in the research process x Quantitative and qualitative research paradigms x Sampling design x Questionnaire design x Association and correlation x Hypothesis testing x Analysis of variance x Statistical modelling techniques x Analysis of quantitative data using SPSS x Univariate time series modelling and forecasting x Multivariate modelling x Modelling long-run relationships in finance x Modelling volatility and correlation x Recent and future developments in the modelling of financial time series An introduction to Financial Engineering: x Introduction to derivatives markets and instruments e.g. options, futures contracts, forward contracts, swaps and other derivatives. x Mechanics of futures markets e.g. converges, daily margining, delivery, forward vs. forwards. x Hedging strategies using futures e.g. basic principals, arguments for and against hedging, basis risk, cross hedging, stock index futures. x Interest rates and forward and future price determination e.g. types of interest rates, zero rates bond pricing, forward rates, forward rate agreements, duration, convexity, investment assets vs. consumption assets, valuation of contracts. x Interest rate futures e.g. day count and quotation conventions, Treasury bond futures, Eurodollar futures, duration-based hedging, portfolio hedging. x Swaps e.g. valuation of swaps, currency swaps, credit risk, and comparative-advantage argument. x Mechanics of the option markets e.g. types of options, option positions, underlying assets. x Option trading strategies e.g. spreads, combinations, strategies involving single option on stock. x Analysis and critical review of actual derivative case studies. Risk Management (RIM9X01) Year 1; Semester 2 Corporate Finance (CRF9X01) Year 2; Semester 1 Competitive Strategy (CPS9X01) Year 2; Semester 1 Assessment opportunities x There will be a maximum of two assessment opportunities. The syllabus of the module is aligned with the Professional Risk Managers International Association (PRMIA) associated syllabus and includes: x Risk management in the organisation x Risk management techniques in a non-quantitative framework x Risk management in corporate governance and ethics x Risk and return x Interest rate risk and hedging x Asset-liability management x Market risk management x Retail and commercial credit risk management x Operational risk management x Measurement of performance x Enterprise risk management x Industry standards and best practices of financial risk management x Estimating the cost of capital x Capital budgeting x Management of the firm s equity: dividends, policy and repurchases x Management of the corporate capital structure x Analysis of financing tactics: leases, options and foreign currency x Valuing the enterprise: acquisition and buyouts x The nature and process of strategic management within the financial management function x Analysing the industry, internal and macro-environments x Value innovation x Corporate strategy: The quest for shareholder value x Business level strategy x Strategies for global competitiveness x Corporate citizenship and sustainable development x Strategic financial leadership x Organisational alignment 6 7

5 Applied Research Methodology in Finance (ARF9X02) Year 1; Semester 2 Fundamental module Submission and approval of a research proposal (approximately 20 pages): The research proposal should inter alia include: x Proposed title of the study x Rationale for the study (the scientific merits of the study should be stated) x Identification of the research problem and formulation of the research question(s) x Main objective of the study x Specific objectives that the student hopes to achieve with the study x Scope of the proposed study x Proposed research methodology: - Selected paradigm (quantitative or qualitative) with justification - Data collection method (e.g. sampling strategy) - Research instruments (i.e. specific data to be collected) x Ethical considerations of the proposed research x Perceived contribution of the research x Preliminary chapter lay-out x List of references MIN DISSERTATION on an approved topic (MDF9X01: first semester & MDF9X02: second semester) Year 2; Semester 1 & 2 28 weeks x Submission of a minor dissertation based on research conducted by the student. x The minor dissertation is of a more limited scope than a dissertation and comprises approximately 80 to 100 pages. x The minor dissertation is a written document communicating scholarly work that was pursued during the course of an approved research project, its context and outcome. The minor dissertation should inter alia provide proof that the student: - has identified a researchable research problem; - has formulated a research question; - conducted a literature review related to the research problem; - effectively integrated the reviewed literature; - is able to conduct scientific research independently and report thereon; - is able to effectively communicate the results of the research project; and - is able to draw conclusions based on the literature reviewed and the results obtained during the research project. x The minor dissertation does not have to represent a unique contribution to the existing body of knowledge in its discipline. Language medium The language medium for the programme is English. The minor dissertation may be submitted in either English or Afrikaans. Learning components Lectures will be presented by academic staff and/or guest lecturers. Guest lecturers are experts in their respective fields and will conduct their classes with the main objective of sharing their practical experience. The challenge for the student is to fully utilise this opportunity to draw from these sources of knowledge and experience and form a basic understanding of what may be expected from them on completion of the course. 8 9

6 Coursework module lectures will be presented weekly (two lectures a week) on either Monday or Tuesday and Thursday evening from 18:00 21:00 during the first year of study and on Wednesday evening from 18:00 21:00 during the first semester of the second year. Course-work modules will run over the following times: Modules: DEF9X01, ARF9X01& EMF9X01 First semester of the first year Modules: FEN9X02, RIM9X01 & ARF9X02 Second semester of the first year Modules: CPS9X01 & CRF9X01 First semester of the second year Modules: MDF9X01 & MDF9X02 Second year Registered students will be supplied with a detailed timetable during registration. Assessment In each of the course-work modules, students will continuously be assessed via various individual and/or group assignments which include the analysis and presentation of business case studies. A last assessment opportunity in the form of a theoretical/ practical examination will be completed at the end of each module. A supervisor (and co-supervisor) will be allocated to each student for the minor dissertation module. The supervisor (and co-supervisor) will provide theoretical and practical advice and expert guidance to the student regarding the research project. A minimum of two independent assessors will be appointed by the Department of Finance and Investment Management to assess the minor dissertation. Neither the supervisor nor co-supervisor acts as an assessor of the minor dissertation. Compilation of final mark Continuous assessment activities such as assignments and case studies will constitute the module mark for each of the coursework modules (Modules 1 to 8). The final mark of each coursework module will comprise of a weighted average of the module mark and the last assessment opportunity mark. The final mark for the minor dissertation is the average of the marks allocated by the independent assessors. The final mark for the coursework programme (MCom Finance) is the weighted average of the coursework module marks and the minor dissertation mark. The weight of the minor dissertation is 50%. Course material The prescribed literature for each module will be communicated on a timely basis. This is by no means sufficient to pass the course. All sources of information will have to be combined to pass the course, i.e. formal lecturers, class discussions, case studies and own research. In addition to the prescribed books and hand-out material, a list of additional recommended reading will be distributed for each module. These sources will greatly enhance students understanding and insight into the topics discussed for each module, but it is not a requirement that students buy these books. Registration and cost A registration deposit must be paid before applications may be submitted. The exact details and cost of the programme may be obtained from the division of Student Finance or from the UJ website: Enquiries All course content enquiries should be addressed to Dr Ilsé Botha at: Telephone: ilseb@uj.ac.za For any administrative queries, please contact Mr Munya Chawana at: Telephone: mchawana@uj.ac.za 10 11

7 MCOM (FINANCIAL MANAGEMENT) & MCOM (INVESTMENT MANAGEMENT) RESEARCH This section of the document provides an overview of the Master s in Financial Management or Master s in Investment Management by way of RESEARCH. Purpose of the programme A student should develop applied competence in the mastering, interpretation, reflecting on and application of principles in the broader field of Finance or Investment Management (whichever is applicable). Through the masters dissertation a qualifying student shows evidence of scientific research, application of scientific research methodologies, and an ability to reflect thereon in the holistic context of Finance or Investment Management (whichever is applicable). Rules of access A potential student must be in possession of a financially oriented university-based BCom honours qualification on NQF level 7 (old), 8 (new), which is deemed applicable by the Department of Finance and Investment Management. Alternatively, a potential student with any other related qualification with a programme specific minimum level of competency on NQF level 7 (old), 8 (new), and relevant and sufficient experience, may be considered by the Department of Finance and Investment Management by way of recognition of prior learning (RPL). The Department must specifically approve of the field of study, the research topic, problem statement, research question and the proposed methodology before the candidate may register. To this end, potential students are required to present a research proposal to the Department of Finance and Investment management and have it approved prior to registration. THE RESEARCH PROPOSAL (OF APPROXIMATELY 20 PAGES) SHOULD INTER ALIA INCLUDE: Proposed title of the study Rationale for the study (background to the study) Identification of the research problem and formulation of the research question(s) Main objective and specific objectives of the study Scope of the proposed study Proposed research methodology: Perceived contribution of the study List of references Potential students will be subject to a selection process as determined by the Department of Finance and Investment Management. Applicants with no formal research methodological training at honours (NQF 7 (old), 8 (new)) level will be required to register and successfully complete the coursework modules: Advanced Research Methodology in Finance (ARF9X01) and Applied Research Methodology in Finance (ARF9X02) for non-degree purposes prior to registering for the MCom (Financial Management) or MCom (Investment Management) Research programme. Applications Applications may be submitted annually from 1 August and should be done online. You are required to submit TWO application forms, one being a Departmental application and the other a UJ application: 1. An online departmental application using the following link: application2014.dfim.weftlogic.co.za/docdb Please ensure that you have the following documents available electronically when applying on the on line departmental application webpage: Passport photo ID document (or passport document if you are an international student) Academic record (A complete academic record (and not a certificate of credits) should be supplied IRRESPECTIVE of whether or not you are/were a UJ student) Certificate of conduct (from the university you attended last). If the certificate of conduct is not printed as part of your academic record, you have to request a separate certificate of conduct from the university Qualification certificate (e.g. grade 12 (matric certificate), undergraduate- and postgraduate degree(s)) A short letter of motivation, i.e. a narrative motivation why you believe you should be selected for the programme you are applying for and what the advantages of obtaining the qualification would mean to you personally SAQA evaluation certificate (if your highest academic qualification was not obtained at a South African university) A status application form (if your highest academic qualification was obtained from an institution other than UJ or the former RAU or TWR). The status application form is available from: status%20application.pdf 2. In addition to submitting an online departmental application, you are also required to submit a UJ application form using the following link: Pages/home.aspx Submitting a completed UJ application form (together with the necessary documents) at the Student Enrolment Centre (Auckland Park Kingsway Campus) 12 13

8 By sending your completed UJ application form (together with the necessary documents) to: University of Johannesburg Student Enrolment Centre PO Box 524 AUCKLAND PARK 2006 * If you post your UJ application form, please follow up on your application with the Student Enrolment Centre as there may be occasional issues with applications sent via the postal service. The annual closing date for South African student applications is 31 October for commencement of study in the following year. The annual closing date for applications for non-south African resident students is 30 September for commencement of study in the following year. Student selection As there are only a limited number of places available for students in this programme, a stringent selection process of potential candidates for the MCom (Financial Management) programme will take place in November. This includes, but is not limited, to: A (paper-based) screening process of each application in terms of minimum requirements for entry into the programme, performance in the undergraduate and post-graduate programmes and the letter of motivation (which should accompany each application). Students satisfying these requirements will be invited to attend a compulsory, week-long Quantitative Data Analysis and Interpretation course. The course will be presented during the last week of November, daily from 09:00 to 13:00. Students will be accepted on the programme based inter alia on their performance in an assessment that will be written on completion of the course. Successful candidates will be invited to present their research proposal in January/ February of the following year. Final acceptance is conditional on the approval of the research proposal. An English proficiency test will be written at the onset of the course. Applicants will be notified in writing of the final outcome of the selection process after the Quantitative Data Analysis and Interpretation assessment. Curriculum The minimum duration of the programme is one year and the maximum period is two years. The following table provides a brief outline of the programme. DISSERTATION on an approved topic 180 credits x The core output of a research master s degree is the submission of a dissertation comprising approximately 180 to 200 pages. x The dissertation is a written document communicating scholarly work that was pursued during the course of an approved research project, its context and outcome. The dissertation should inter alia provide proof that the student: - has identified a researchable research problem; - has formulated a research question; - conducted a literature review related to the research problem; - effectively integrated the reviewed literature; - is able to conduct scientific research independently and report thereon; - is able to effectively communicate the results of the research project; and - is able to draw conclusions based on the literature reviewed and the results obtained during the research project. x Masters students are thus expected to exhibit mastery of research methodology and evidence of understanding scholarly processes at work, as evident through a novel research project. x Students are not expected to make an original theoretical or fundamental contribution to their field of knowledge, but through the provision of new data or evidence they should demonstrate proficiency in research methods and the ability to work independently. x The dissertation does not have to represent a unique contribution to the existing body of knowledge in its discipline. x The University of Johannesburg s Academic Regulations for masters qualifications are applicable to all masters students. This inter alia implies that the student submits to the supervisor(s) at least one manuscript (article) in the format required by an accredited journal for that specific discipline as a condition for graduation. The article does not need to be accepted for publication. * Content may be subject to change

9 Language medium The dissertation may be submitted in either English or Afrikaans. Assessment A supervisor (and co-supervisor) will be allocated to each student. The supervisor (and co-supervisor) will provide theoretical and practical advice and expert guidance to the student regarding the research project. The core output of the research masters degree takes the form of a dissertation, a written document communicating scholarly work that was pursued in the course of an approved research project, its context and outcome. In addition it is expected that each research masters student submits to the supervisor(s) at least one manuscript (article) in the format required by an accredited journal for that specific discipline as a condition for graduation. The student will receive guidance from his/her supervisors in preparing the manuscript (article). Authorship of such a paper must be guided by the level of intellectual input respectively made by the supervisor(s) and the student. This Faculty will adopt specific rules in this respect, in accordance with guidelines formulated by the Senate Academic Ethics Committee. A minimum of two independent assessors will be appointed by the Department of Finance and Investment Management to assess the dissertation. Neither the supervisor nor the co-supervisor acts as an assessor of the dissertation. The final mark for the dissertation is the average of the marks allocated by the independent assessors. Registration A registration deposit must be paid before applications may be submitted. The exact details and cost of the programme may be obtained from the division of Student Finance or from the UJ website: Enquiries All course content enquiries should be addressed to Dr Ilsé Botha at: Telephone: ilseb@uj.ac.za For any administrative queries, please contact Mr Munya Chawana at: Telephone: mchawana@uj.ac.za PHD (FINANCE); DCOM (FINANCIAL MANAGEMENT); AND DCOM (INVESTMENT MANAGEMENT) RESEARCH This section of the document provides an overview of the doctoral programmes offered by the department of Finance and Investment Management by way of RESEARCH. Purpose of the programme A student should develop high level applied competence in the mastering, interpretation, reflecting on and application of principles in the broader field of Finance, Financial Management or Investment Management (whichever is applicable). Through the doctoral thesis a qualifying student shows evidence of extensive scientific research, application of scientific research methodologies, and an ability to reflect thereon in the holistic context of finance. The essential (necessary and defining) requirement for the award of a doctoral degree is furthermore an original contribution to a field of study, the originality needs to be predominantly at a theoretical, conceptual or analytical level rather than at the practical level of producing new data. In addition, proficiency in research methods and the ability to think and work independently should be demonstrated. Rules of access For admission to a doctoral programme, a candidate should have successfully completed a relevant master s programme in the same or relevant field of study or discipline on NQF level 8 (old), 9 (new), in which case the relevant field of study/discipline is determined by the Faculty Board concerned, approved by the Senate Higher Degrees Committee, ratified by Senate and contained in the Faculty Rules and Regulations concerned. Alternatively any other related qualification with a programme specific minimum level of competency on NQF level 8 (old), 9 (new), and related experience which is considered relevant and sufficient by the Department of Finance and Investment Management. Applicants will be subject to a selection process as determined by the Department of Finance and Investment Management. In particular, prior to registration, applicants need to pass two research modules for non-degree purposes: Advanced Research Methodology in Finance (ARF9X01) and Applied Research Methodology in Finance (ARF9X02) and in terms of the research proposal, the Department of Finance and Investment Management through the Faculty Higher Degrees Committee must specifically approve of the field of study, the research topic, research problem and intended methodology prior to the candidate registering

10 THE RESEARCH PROPOSAL (OF APPROXIMATELY 20 PAGES) SHOULD INTER ALIA INCLUDE: Proposed title of the study Rationale for the study (background to the study) Identification of the research problem and formulation of the research question(s) Main objective and specific objectives of the study Scope of the proposed study Proposed research methodology: Unique theoretical and practical contribution of the study List of references Applications Applications may be submitted annually from 1 August and all applications and should be done online. You are required to submit TWO application forms, one being a Departmental application and the other a UJ application: 1. An online departmental application using the following link: application2014.dfim.weftlogic.co.za/docdb Please ensure that you have the following documents available electronically when applying on the on line departmental application webpage: Passport photo ID document (or passport document if you are an international student) Academic record (A complete academic record (and not a certificate of credits) should be supplied IRRESPECTIVE of whether or not you are/were a UJ student) Certificate of conduct (from the university you attended last). If the certificate of conduct is not printed as part of your academic record, you have to request a separate certificate of conduct from the university Qualification certificate (e.g. grade 12 (matric certificate), undergraduate- and postgraduate degree(s)) A short letter of motivation, i.e. a narrative motivation why you believe you should be selected for the programme you are applying for and what the advantages of obtaining the qualification would mean to you personally SAQA evaluation certificate (if your highest academic qualification was not obtained at a South African university) A status application form (if your highest academic qualification was obtained from an institution other than UJ or the former RAU or TWR). The status application form is available from: status%20application.pdf 2. In addition to submitting an online departmental application, you are also required to submit a UJ application form using the following link: Pages/home.aspx Submitting a completed UJ application form (together with the necessary documents) at the Student Enrolment Centre (Auckland Park Kingsway Campus) By sending your completed UJ application form (together with the necessary documents) to: University of Johannesburg Student Enrolment Centre PO Box 524 AUCKLAND PARK 2006 * If you post your UJ application form, please follow up on your application with the Student Enrolment Centre as there may be occasional issues with applications sent via the postal service. The annual closing date for South African student applications is 31 October for commencement of study in the following year. The annual closing date for applications for non-south African resident students is 30 September for commencement of study in the following year. Scope of a doctoral degree The output of a doctoral degree takes the form of a thesis, i.e. a written document of approximately pages in length, communicating the work that was pursued in the course of the project, its context and outcome, and communicating the original contribution made by the work. The thesis must make an original contribution to the subject knowledge and the student must have sufficient knowledge of both the research subject and those fields on which the subject has a bearing. In addition, it is expected that a doctoral graduate would have submitted to his/her supervisor at least one publishable article in the format required by an accredited journal for that specific discipline as a condition for graduation. The article(s) should be based on the research and must be submitted to the supervisor before the completion of the final assessment of the thesis. The aim of the publication of such articles is to make research results more widely known to fellow experts in the field. Depending on the student s previous studies, work experience and proposed research subject, it may be necessary to do additional preliminary research. The supervisor will, where deemed necessary, prescribe an additional study programme. A student will furthermore be expected to do the necessary self-study on the relevant subjects with which he/she deals in the thesis. Students are personally responsible to identify and master the sources pertaining to the subject. However, their supervisor(s) may be of assistance in this regard. The minimum duration of a doctoral programme is two years (either full-time or part-time)

11 Assessment A supervisor (and co-supervisor) will be allocated to each doctoral candidate. The supervisor (and co-supervisor) will provide theoretical and practical advice and expert guidance to the student regarding the research project. The core output of the doctoral programme takes the form of a thesis, a written document communicating scholarly work that was pursued in the course of an approved research project, its context and outcome. In addition it is expected that each doctoral candidate submits to the supervisor(s) at least one manuscript (article) in the format required by an accredited journal for that specific discipline as a condition for graduation. The student will receive guidance from his/her supervisors in preparing the manuscripts (article). Authorship of such an article must be guided by the level of intellectual input respectively made by the supervisor(s) and the student. This Faculty will adopt specific rules in this respect, in accordance with guidelines formulated by the Senate Academic Ethics Committee. A minimum of three independent assessors will be appointed by the Department of Finance and Investment Management to assess the thesis. Neither the supervisor nor the co-supervisor acts as an assessor of the thesis. The final mark for the dissertation is the average of the marks allocated by the independent assessors. Language medium The thesis may be completed in either English or Afrikaans. Registration and cost A registration deposit must be paid before applications may be submitted. The exact details and cost of the programme may be obtained from the division of Student Finance or from the UJ website: Successful candidates will be invited to present their research proposals in January/ February of the following year. Final acceptance is conditional on the approval of the research proposal. Enquiries It is imperative that any student interested in commencing with a doctoral degree should contact Dr Ilsé Botha at: Telephone: ilseb@uj.ac.za For any administrative queries, please contact Mr Munya Chawana at: Telephone: mchawana@uj.ac.za Equity Risk Return Analysis Investment Markets Portfolio Innovation Estate Valuation Costing UJ Graphic Studio