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