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Angestrebte taxonomische Entwicklungsrichtung
Notenverteilungen (informativ)Niveaustufenmodell (ab SoSe 2015)Auswertungsop...
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Die fallstudienbasierte Klausur als schriftliche Prüfungsleistung

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Die fallstudienbasierte Klausur als schriftliche Prüfungsleistung: Ein Beispiel für die kompetenzorientierte Restrukturierung der Modulprüfung “International Capital Markets”

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Die fallstudienbasierte Klausur als schriftliche Prüfungsleistung

  1. 1. Angestrebte taxonomische Entwicklungsrichtung Notenverteilungen (informativ)Niveaustufenmodell (ab SoSe 2015)Auswertungsoptionen 5. Tag der Lehre – „Kompetenzorientiert Lehren und Prüfen”, FH St. Pölten, St. Pölten, 20. Oktober 2016 Prof. Dr. Christian Decker Department Wirtschaft Fakultät Wirtschaft & Soziales christian.decker@haw-hamburg.de Die fallstudienbasierte Klausur als schriftliche Prüfungsleistung Kompetenzorientierte Restrukturierung der Modulprüfung „International Capital Markets” Learning outcome (alt) Zentrale kompetenzorientierte Fragestellungen Auf welcher Taxonomiestufe ist das Learning Outcome (Lernergebnis) angesiedelt? Passen die Lehr-, Lern- und Prüfungsmethoden zum Learning Outcome? Sind Lehr-, Lern- und Prüfungsmethoden sowie das Learning Outcome aufeinander abgestimmt? => „Constructive Alignment“ Students are able to… …to analyse financial instruments traded on the financial markets… …based upon the techniques, models and theories of international capital markets… …in order to evaluate and/or create financial solutions. Who What Whereby What for Evaluation Das Modul Niveaustufenmodell Analytisches Kriterienraster Ansätze Eindimensionale Beurteilung (ein Kriterium) Mehrdimensionale Beurteilung (mehrere Kriterien) Aufsaldieren von Punkten Alt Neu Globale Beurteilung (Qualitätsausprägungen) Umstellung der Auswertungsmethodik und -logik SoSe 2012 (exemplarisch) Letztmalige Klausur vor Restrukturierung: Reproduktionsaufgaben und analytisches Kriterienraster verschleiern die Leistungen und führen tendenziell zu sehr guten Noten. WiSe 2015/16 Zweite Klausur nach Restrukturierung: • Positiv: Trendbestätigung • Negativ: Austauschstudierende realisieren erneut schlechtere Ergebnisse (rot) SoSe 2015 Erste Klausur nach Restrukturierung: • Fallstudie und Niveaustufenmodell • Austauschstudierende realisieren schlechtere Ergebnisse (rot) Syllabus 1. Theory of financial intermediation and selected agents 2. Structure of international financial markets 3. Asset prices and interest rates 4. International money markets 5. International equity markets and IPOs 6. International bond markets and credit derivatives 7. Interest rate derivatives 8. International portfolio investments 9. Asset securitisation and structured finance 10. Economic distress, ways of contagion and financial crises Bachelor 4. Sem. Englisch 4 SWS, 5 CP 1 32 6 8 Creation Wer Was Womit Wozu Written examination, 90 minutes Bachelor AIM International capital markets, summer term 2015 Professor Dr. Christian Decker 2/10 Case: “Bowie Bonds“ (aka “Pullman Bonds”) Photo by Adam Bielawski, CC BY-SA 3.0 In 1997, David Bowie sold future receivables (royalties) from 25 of his albums containing 287 songs recorded before 1990 at a price of USD 55 million. The “true sale” was perfected by forfeiting (assigning) the future receivables (royalties) for a period of ten years (1997 – 2007) to a special purpose vehicle (SPV). EMI Records was responsible for marketing the songs under a licensing and distribution agreement that had been concluded between EMI Records and David Bowie. EMI Records guaranteed that it would pay the future receivables (royalties), which were previously owed to David Bowie, for a period of ten years to the new owner (SPV). However, the ultimate amount of royalties to be paid by EMI Records to the SPV was dependent on the future rec- ord sales. The SPV refinanced the purchase price by issuing bonds with a notional amount of USD 55 million. These privately placed securities (for marketing purposes incorrectly termed “Bowie Bonds”) were not tranched. Moody’s Investors Service Inc. rated the bonds A3. Duff & Phelps Credit Rating Co. issued a second rating of A-. The institutional investor Prudential Insurance Co. of America acquired 100% of the issued bonds for their investment portfolio. In 2004 Moody’s Investors Service Inc. downgraded the bonds from A3 to Baa1 (one notch above non-investment grade). However, the “Bowie Bonds” never experienced a default or a delayed coupon payment and were ultimately repaid in 2007. David Bowie used the proceeds of the bond sale for the acquisition of intellectual property rights linked to own songs written and published after 1990. In 1997, David Bowie did not fully own these assets but shared the rights with a former manager.1 Today, David Bowie owns the rights of all of his songs and is considered to be one of the richest artists in the world (estimated private assets in 2012: 900 million Euro). David Pullmann of the Pullmann Group and US investment bank Fahnebrock pioneered this landmark transaction. 1 For avoidance of doubt: the intellectual property rights linked to own songs written and published after 1990 did not form part of the “Bowie Bond” transaction. Written examination, 90 minutes Bachelor AIM International capital markets, summer term 2015 Professor Dr. Christian Decker 3/10 Transaction summary: Parties: Issuer (SPV): Jones/Tintoretto Entertainment Company LLC Arranger: Pullman Group and US investment bank Fahnestock & Co. Rating agencies: Moody’s Investors Service Duff & Phelps Credit Rating Co. (in 2000 acquired by Fitch Group) Bond investor: Prudential Insurance Co. of America Guarantor: EMI Records Assets: Portfolio: Future receivables of record sales (royalties) stemming from 25 rec- ords recorded before 1990 for a period of ten years (1997 – 2007) Marketer (Servicer): EMI Records Owner: David Bowie Bond: Amount: USD 55 million Date of issue: 1997 Maturity: 2007 (10 years) Tranching: Single tranche (not tranched) Initial rating: Moody’s: A3 Duff & Phelps Credit Rating Co.: A- A3 and A- are “Upper medium grade”: “Secure investment as long as unforeseeable events do not negatively affect the economy or the sector.” Coupon: 7.90% p.a. fixed interest rate (compared to 6.37% of US Treasury notes at that time) Transaction type: Private placement Written examination, 90 minutes Bachelor AIM International capital markets, summer term 2015 Professor Dr. Christian Decker 4/10 Transaction structure: From Space Oddity (1969): “Ground control to Major Tom check ignition and may gods love be with you…” Learning outcome (neu)4 Evaluation Analysis Application Comprehension Knowledge Creation Analysing theories and concepts Creating applications and scenarios Evaluating theories and concepts Lower level categories: Included in top level categories Top level categories Lower level categories Neue Klausur Alte Klausur Students will learn how to make use of various capital market instruments (Modulhandbuch Bachelor AIM, Stand: 4. April 2009). Exemplarische (reproduktive) Klausurfragen: • What is the meaning of ‘true sale’? • Why do rating agencies and investors typi- cally require a ‘true sale’ in a (non-synthe- tic) securitisation transaction? • What is OC and what are the two main ef- fects? • What are the two major possibilities that can be used in order to create an OC? Comprehension Knowledge Reproduktionsquelle: Skript Fallstudienbasierte Klausur (neu)5 Beispiele: • What is (are) the major difference(s) between the underlying assets of the ‘Bowie Bonds’ and of a (true sale) mortgage- backed securitisation? • What are potential risks of the underlying assets that back the ‘Bowie Bonds’? • How can the resulting risk for the investors be reduced? • What could have been (a) reason(s) for the institutional investor to invest in the ‘Bowie Bonds’? Analysis Evaluation Creation Analysis Analysis Dreiseitige Fallbeschreibung eines neuen, bislang unbekannten Kapitalmarktinstruments (Bsp. „Bowie Bonds“): Reflexive Diskussionsfragen auf höheren taxonomischen Stufen …so that financial solutions are evaluated and/or created appropriately. …so that financial solutions are evaluated and/or created in a well- grounded way. …so that financial solutions are evaluated and/or created in a satisfactory way. …so that financial solutions are evaluated and/or created in a barely acceptable way. …so that financial solutions are evaluated and/or created in a deficient way. ResultInstrumentsGrade …by way of a differentiated application of techniques, models and theories of international capital markets… …by way of a sound application of techniques, models and theories of international capital markets… …by way of a satisfactory application of techniques, models and theories of international capital market… …by way of a sufficient application of techniques, models and theories of international capital markets… …by way of an incomplete application of techniques, models and theories of international capital markets… 1,0 2,0 3,0 4,0 5,0 Analysis Comprehensible and excellent analysis of financial instruments traded on the financial markets... Comprehensible and substantiated analysis of financial instruments traded on the financial markets... Satisfactory and tolerable analysis of financial instruments traded on the financial markets... Perceptible and improvable analysis of financial instruments traded on the financial markets... Missing or deficient analysis of financial instruments traded on the financial markets... Würdigung 9 Fazit • Umstellung auf höhere taxonomische Stufen ist arbeitsintensiv, aber möglich. • Positives Feedback durch die Studierenden: „Anspruchsvoll, aber fair und machbar.“ Lessons learned • Transparenz über Prüfungsformat und Prüfungsdiagnostik schaffen • Fallbearbeitung ex ante trainieren und „Open Book- Klausur“ erwägen • Problematisch für instruktionsintensiv sozialisierte (Austausch-) Studierende Anderson, L. W. & Krathwohl, D. R. (2001) Prüfungsformat „Klausur“ durch Prüfungsordnung vorgegeben Taxonomische Aufwertung durch Komplexitäts- steigerung SoSe 2016 Dritte Klausur nach Restrukturierung: • Positiv: Signifikante Verbesserung der Durchschnittsnote • Positiv: Austauschstudierende realisieren deutlich bessere Ergebnisse • Positiv: Anzahl mangelhafter Noten deutlich reduziert 7

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