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  1. 1. Brief for the Appraisal of a New Programme Master of Finance (MF) To be Submitted to the Ontario Council on Graduate Studies This draft: April 16, 2008 Please send comments to Pauline Shum (pshum@schulich.yorku.ca) VOLUME I: The Programme
  2. 2. OCGS APPRAISAL BRIEF - [Master of Finance] 13 THE PROGRAMME 1.INTRODUCTION....................................................................................................................15 1.1.Brief listing of programme....................................................................................................15 The proposed master’s programme and all of its courses will be offered by the Schulich School of Business at York University. The programme is part of the graduate expansion plan of the Schulich School and the University. ............................................................................15 This programme is a 12-month full-time master’s degree in finance, leading to a Master of Finance (MF). The acronym, MF, has emerged in recent years to be the designation of choice for new master’s programmes in finance, and is recognized by the finance community around the world. (See Appendix I for a list of sample programmes in Canada, the U.S., Europe, and Asia.) As a recent article in the Financial Times suggests, a master’s degree in Finance is now considered a “must-have degree” for specialized finance professionals (see Appendix III). The Schulich School has always been known as an innovative faculty that strives to provide the best and timely education for its students. This new programme fits well with the school’s mandate..........................................................15 1.2.Objectives of the programme...............................................................................................15 1.3.Method used for the self-study as well as the preparation of the brief, including faculty and student input and involvement...........................................................................................16 1.4.Fields in the programme......................................................................................................17 1.5.Special matters and innovative features..............................................................................17 2.THE FACULTY.......................................................................................................................17 2.1 List of faculty by field............................................................................................................17 2.2 External operating research funding...................................................................................17 2.3 Graduate supervision...........................................................................................................18 2.4 Teaching assignments: past three years..............................................................................18 2.5 Commitment of faculty members from other graduate programmes and/or from other institutions..........................................................................................................................18 3.PHYSICAL AND FINANCIAL RESOURCES.........................................................................18 3.1 Library resources.................................................................................................................18 3.2 Laboratory facilities .............................................................................................................18 3.3 Computer facilities...............................................................................................................18 3.4 Space 19 3.5 Financial support .................................................................................................................19 4.PROGRAMME REGULATIONS AND COURSES..................................................................19 4.1 The intellectual development and the educational experience of the student.......................19 4.2 Programme regulations........................................................................................................20 4.3 Part-time studies..................................................................................................................24 This option is not offered due to the specific sequencing of the courses, and the fact that the MF courses are only offered once a year.................................................................................24 4.4 Total graduate courses listed and level (past three years)...................................................24 4.5 Collateral and supporting departments................................................................................24 TABLES Table 1. List of faculty ...............................................................................................................13 Table 2. External operating research funding ............................................................................14 Table 3. Graduate supervision...................................................................................................15 Table 4. Teaching Assignments ................................................................................................16 Table 5. Projected Enrolment ....................................................................................................19 Table 6. Programme of Study ...................................................................................................20
  3. 3. OCGS APPRAISAL BRIEF - [Master of Finance] 14 APPENDICES Appendix I. List of sample master’s programmes in finance .....................................................21 Appendix II. Financial databases available through the business library....................................29 Appendix III. “The Must-Have Degree“, by Della Bradshaw, Financial Times, June 18, 2007....32 Appendix IV. Statement of support from Chief Librarian............................................................33 Appendix V. Statement of support from the MBA Programme Director......................................41 Appendix VI. Statement of support from the Dean.....................................................................42
  4. 4. OCGS APPRAISAL BRIEF - [Master of Finance] 15 1. INTRODUCTION 1.1. Brief listing of programme The proposed master’s programme and all of its courses will be offered by the Schulich School of Business at York University. The programme is part of the graduate expansion plan of the Schulich School and the University. This programme is a 12-month full-time master’s degree in finance, leading to a Master of Finance (MF). The acronym, MF, has emerged in recent years to be the designation of choice for new master’s programmes in finance, and is recognized by the finance community around the world. (See Appendix I for a list of sample programmes in Canada, the U.S., Europe, and Asia.) As a recent article in the Financial Times suggests, a master’s degree in Finance is now considered a “must-have degree” for specialized finance professionals (see Appendix III). The Schulich School has always been known as an innovative faculty that strives to provide the best and timely education for its students. This new programme fits well with the school’s mandate. 1.2. Objectives of the programme The main objective of the MF programme is to provide students with specialized training in the theory and practice of finance. Due to increasing competition in the marketplace, analysts and dealmakers alike require more focused knowledge and accreditation than ever before. While the MF programme is primarily a professional degree, there is a strong research component in the curriculum, described in more detail in Section 4. Graduates of the MF programme will be equipped with a unique combination of professional, analytical, and research skills. Taking into consideration the collective research and teaching interests of the Finance Area faculty, the MF programme will offer a core curriculum in finance that is geared toward investment banking. The investment banking niche builds on the strength of the Schulich School in this segment of the job market. The ideal candidate for the programme has a sound background in economic theory, strong communication skills, and adequate training in mathematics and statistics. With the emphasis on investment banking, which is not available elsewhere in Canada, the programme will offer those interested in this career path a marketable master’s degree. That said, the proposed curriculum is broad enough that graduates will also be suitable for employment in institutions other than investment banks, such as private equity firms, corporate finance divisions of large companies, central banks, consulting companies, and government agencies. Further, because of the research component inherent in the curriculum, the MF will also serve as an excellent foundation for students wishing to pursue a PhD in finance. The objective of the programme will be achieved through course work, including empirical research assignments and a substantive group project within a course, as well as research and professional seminars.
  5. 5. OCGS APPRAISAL BRIEF - [Master of Finance] 16 The MF programme is distinct from the MBA in that it is a specialized degree in finance, while the MBA is considered to be a generalist management degree, providing students with a well-rounded education in business. In addition, background preparation in mathematics, statistics, and economic theory will form part of the basis of admission to the MF programme. Such background preparation is not required for the MBA. MF students will also be expected to read academic journal articles, attend research seminars, and conduct empirical analyses using large databases. Hence, the MF is in no way a substitute for the MBA. Neither is the MF in competition with the Diploma in Financial Engineering. The latter is a technical programme in nature, and in comparison to the MF, is far more demanding in terms of computing skills and mathematics. The admission requirements, course work, and career paths of the graduates are also different. In other words, the MF complements the Schulich School’s portfolio of graduate programmes, rather than directly competes with them.1 With the addition of the MF, the Schulich School will offer a variety of graduate programmes with a specialization in finance. This variety is consistent with finance as the major employer of our graduates (more than half look for finance-related jobs), and is consistent with the range of offerings at competing universities. 1.3. Method used for the self-study as well as the preparation of the brief, including faculty and student input and involvement Curriculum development involved faculty and student input at different levels. The basic structure of the programme was developed by the Finance Area, with input from the MBA programme director, the Associate Dean – Academic, the Executive Director of Student Services and International Relations, and the Director of Graduate Admissions at the Schulich School, as well as the Academic Affairs Officer at the Faculty of Graduate Studies. The core courses were developed by Finance faculty members who have the expertise to teach, and have expressed an interest in teaching them. The Finance Area also sought input from the Career Centre regarding placement opportunities and recent trends in industry demands. As well, the Area studied placement trends in other successful specialist master’s programmes, as such the Master in Finance at the London Business School (LBS), and at Princeton University. Their placement records indicate that financial institutions, particularly investment banks, are very conducive to hiring MF graduates. This finding reaffirms the choice of investment banking as the focus of the programme. An advisory committee consisting of investment banking experts has been set up for the programme. Currently, the members are: Rod Pamenter (VP - Credit Suisse in NYC), Sean Bartman (Manager - Recruitment - CIBC WM), Sunil Bhutani (Managing Director at CIBC WM), and Minoo Bhutani (Director, Schulich Career Development Centre). The advisory committee has provided valuable input regarding the recruitment cycle, and the demand for graduates. The Finance Area hopes to add 1 Whatever negative impact the MF may have on the other Schulich programmes is expected to be minor, as the target intake is only 25 students per year (see Section 4.2, Table 5). Further, the School may already be losing students to MF programmes at competing universities. Hence, it is important to get in the game while demand is still growing (see the Financial Times article in Appendix III).
  6. 6. OCGS APPRAISAL BRIEF - [Master of Finance] 17 more industry experts to the committee to help promote the programme, prior to the first offering. 1.4. Fields in the programme The major field of the programme is finance. (Compared to the size of the typical department in the Faculty of Arts and Science, the Finance Area within the Schulich School is small – it only has 12 members. Hence, it is not feasible to divide the Area into sub-fields. All 12 members will be contributing to the MF programme. See section 2.1). 1.5. Special matters and innovative features The proposed MF will be the only one in Canada that has a niche in investment banking. It takes advantage not only of the expertise of the Finance faculty, but also of the reputation of Toronto as a major financial centre. The latter affords the programme plenty of opportunities for professional seminars, and facilitates the placement of graduates. 2. THE FACULTY 2.1 List of faculty by field Finance is a field within the business school. Currently, there are 12 full-time faculty members in the Finance Area. They are: Melanie Cao, Douglas Cumming, Ming Dong, Mark Kamstra, Nadia Massoud, Elizabeth Maynes, Moshe Milevsky, Debarshi Nandy, Eli Prisman, Gordon Roberts, Pauline Shum, Yisong Tian All 12 members will contribute to the MF programme by teaching a course, organizing a research or professional seminar series, and/or advising students. Hence, all 12 members are designated as core faculty for the purpose of this proposal. [Table 1] None of the faculty members above are scheduled to retire within the next seven years. In addition, the School has three positions in finance in the 2007-08 recruiting season. (As of April 21, 2008, two of these three positions have been filled, and the two new hires will join the Finance Area on July 1, 2008. The third position is still open.) 2.2 External operating research funding Since some of the MF students may be hired as research assistants by individual faculty members, we provide information on external research funding available to the Finance Area in the past seven years in Table 2. [Table 2]
  7. 7. OCGS APPRAISAL BRIEF - [Master of Finance] 18 2.3 Graduate supervision The proposed MF is a course-based programme, but at the request of the Faculty of Graduate Studies, we provide information on graduate supervision in Table 3. Please note that at the Schulich School, graduate supervision is limited to the PhD level only, as there are no research-based master’s theses. [Table 3] 2.4 Teaching assignments: past three years The normal teaching load of full-time faculty members at the Schulich School consists of four three-credit (.03) courses per year, in addition to serving as an advisor to two MBA consulting projects. Three credits means three contact hours per week for one term. Teaching reductions are given to new faculty members, programme directors, endowed or research chairs, PhD supervisors who have graduated a student in the previous year…etc. The reason for a teaching reduction, where applicable, is indicated in the “Comments” column in Table 4. 2.5 Commitment of faculty members from other graduate programmes and/or from other institutions N/A 3. PHYSICAL AND FINANCIAL RESOURCES 3.1 Library resources The Chief Business Librarian, Elizabeth Watson, was consulted. In addition to an extensive print collection related to finance, financial services, banking, and investment banking, the Business Library hosts a large inventory of electronic financial databases. Many of these databases are vital to research in corporate finance. MF students will use them in their assignments and projects in the core courses. For a complete list of financial databases available at the Business Library, please see Appendix 2. A full library support statement from the Chief Librarian, Cynthia Archer, can be found in Appendix IV. 3.2 Laboratory facilities No major equipment requirements. 3.3 Computer facilities There are two high-tech teaching classrooms equipped with student 35 PCs, and one training lab equipped with 20 PCs. There is also a drop-in computer lab equipped with 32 PCs. Each of these rooms (with the exception of the drop-in lab) is equipped with the standard instructor's PC and multimedia equipment found in most Schulich classrooms. All Schulich students are granted access to the PCs in the drop-in lab, and are assigned an e-mail account upon registration. The following is a list of software
  8. 8. OCGS APPRAISAL BRIEF - [Master of Finance] 19 packages that are available on the PC in the drop-in lab: Microsoft Office Professional 2003, Refworks Write_N_Cite, Maple 11, MatLab 6.5, Bretton-Clark Software 3, CPSIM R2, Brandmap 5.0, Kaddstat 3.01, Microsoft Project 2003, Microsoft Visio 2007, SAS 9.1, SPSS 14.0, Microsoft Visual Studio Net 2003, Microsoft FrontPage 2003 The Schulich building is equipped with a wireless network, so students who wish to bring their laptops have access to the internet. 3.4 Space The programme will be housed in the Schulich School of Business building, where the Finance Area is located. MF students will not have designated office space, but will have access to study space in the Business Library as well as tables in common areas and breakout rooms through out the building. 3.5 Financial support The MF is a professional degree. The proposed fee is in the range of $25,000 to $28,000 for the 12 months, comparable to the MBA tuition. The fee structure will be revisited on an annual basis. Limited research assistantships and Schulich marker/grader positions will be available. Students are encouraged to apply for internal and external scholarships. 4. PROGRAMME REGULATIONS AND COURSES 4.1 The intellectual development and the educational experience of the student The curriculum - described in section 4.2 below - has been carefully designed to provide students with a sound knowledge of the theory and practice of finance, with a focus on investment banking. However, the curriculum is also broad enough for students who seek employment in other areas of finance. Further, because of the research component inherent in the curriculum, the MF will serve as an excellent foundation for students wishing to pursue a PhD in finance. The research component of the curriculum also distinguishes MF courses from advanced undergraduate courses in finance. Background preparation in economic theory, statistics, and mathematics, beyond what is required for our BBA programme, forms an important part of the basis of admission (see section 4.2). Students are expected to read academic journal articles, conduct empirical analyses, and do a substantive group research project within a course. Students will also be introduced to the wider community of scholars and practitioners in finance through the research seminar series and the professional seminar series. In the former, students will be exposed to cutting-edge research in finance, and in the latter, students will gain an appreciation of current, real-world issues, as well as an appreciation of different career choices.
  9. 9. OCGS APPRAISAL BRIEF - [Master of Finance] 20 4.2 Programme regulations Admission The successful applicant will typically have an undergraduate honours degree in a related discipline, such as economics, commerce, or engineering, with sound background preparation in economic theory, statistics, at least a full year of university-level calculus. The applicant should also have a minimum B+ average in his or her last two years of university studies, and possess an excellent command of the English language. Relevant work experience is preferred, but not strictly required, particularly if the applicant has a strong academic record. Short-listed candidates will be invited to campus for an interview. If a short-listed candidate is located outside of Ontario, he or she may be interviewed by phone. Applicants are required to take the GMAT or GRE (both the general test and the writing assessment). Scores older than five years are not accepted. Proof of language proficiency is required for applicants who do not meet one of the following criteria:1) their first language is English; or 2) they have completed at least two years of full-time study at an accredited university in a country (or institution) where English is the official language of instruction. A minimum TOEFL score of 600 (paper based), or 250 (computer based), or 100 (internet based), or IELTS score of 700, or York English Language Test (YELT) score of band 1 or equivalent is required. Currently, the target enrolment is 25 full-time students. While the programme is in its infancy, however, fewer students (e.g., 15) may be admitted to ensure quality. (See Table 5.) The Finance Area will revisit the long run target in five years. [Table 5] Degree requirements MF students are required to take 10 three-credit courses. All 10 courses are compulsory, and no advanced credit will be given.2 Together, these 10 courses provide students with the broad range of knowledge, as well as analytical and research skills that are expected of an investment bank professional. As shown in Appendix I, most master’s programmes in finance require 10 to 13 courses. Hence, our course requirement, while more than the typical eight at York University for a master’s degree, is consistent with the competition. The MF curriculum includes an opportunity for students to develop team work and presentation skills through a substantive group research project within a core course.3 2 Apart from the obvious advantage from an administrative standpoint, there are two additional reasons behind this policy. First, students will have varying work experience in and academic exposure to the topics in the curriculum. All students will benefit from this diversity, and work experience is not a perfect substitute for academic achievement. Second, students complete the MF within one academic year. It is important to build a strong cohort and alumni base for the programme. 3 See course outline for MFIN5500 Analysis of Structured Products using Excel.
  10. 10. OCGS APPRAISAL BRIEF - [Master of Finance] 21 The research requirement of the master’s programme is met through curriculum in applied statistical and mathematical modelling, the study of academic journal articles, empirical assignments using large financial databases, and research seminars. Five of the 10 required courses are new MF courses (designated as MFINXXXX). The other five are existing MBA courses offered by the Finance Area, the Accounting Area, and the Entrepreneurship programme (FINE6310, FINE6600, FINE6800, ACTG6120, and ENTR6910, respectively). Table 6 below shows the course sequencing, followed by a brief description of the new MF courses. Detailed course outlines are available separately. [Table 6] Brief course description – new MF courses (detailed course outlines are available) MFIN5100 Capital Markets This course provides an in-depth analysis of the foundations of the capital markets, financial securities, empirical work, and practice. Being the first finance course in the Master in Finance programme, this course provides the basic economic intuition and fundamental derivations of financial models and valuation framework, but also provides the essential practical sides of the concepts, so that students should understand where and how the theories are used in practice and are aware of the limitations of the financial models. By the end of the course, the students should have been exposed to the most essential part of the financial markets and theories, and should be able to relate these theories to the corporate and investment banking events. The nature of the material requires a solid understanding of financial theories and their application, though the intention is not financial modeling. Consequently, the amount of use of mathematical and statistical tools is far more important than, for instance, advanced undergraduate or MBA finance courses. Calculus and statistical analysis are often used in deriving valuation and investment models. In addition, students are expected to be able to understand a fair amount of journal articles related to the materials covered, even though they are not expected to replicate the research. MFIN5200 Financial Management and Valuation Corporate finance, or financial management, is the study of financial decisions made by corporations. In this course, we will examine two fundamental business decisions: 1) the investment decision: Evaluating the firm’s investment opportunities; and 2) the financing decision: Selecting the financing mix and how to raise financing. This will be accomplished through the study of corporate finance theories and their application to real businesses. Students will apply the theories and tools of the course to real firms. A major theme of the course is valuation. Valuation entails the estimation of future cash flows, assessing their risk and the determination of the appropriate hurdle rate. Students will apply the time value of money techniques and the models of risk and return studied in MF Foundations of Finance to the valuation of investment
  11. 11. OCGS APPRAISAL BRIEF - [Master of Finance] 22 opportunities, common stock and businesses. Excel modelling will be used extensively in the course. MFIN5300 Investment Banking The objective of this course is to provide an advanced analysis of the major issues affecting the financial policy of a modern corporation and the role of investment banks in facilitating those policies. We will first review some of the important theoretical work in each area, before going on to discuss real-life cases dealing with the major issues of financial policy facing the firm, such as its going-public decision and its Initial Public Offering (IPO), the impact of agency problems between firm management and security holders and between different classes of security holders on corporate governance (and different ways of solving such agency problems), as well as mergers, takeovers and other restructuring decisions. In this context, we will also briefly discuss the valuation of firms and financial instruments like warrants, convertibles and other specialized innovative Wall Street securities and equity derivatives such as PERCS and DECS. Topics will also include the functions performed by investment banks and the manner in which these activities are carried out. Among those functions are the concepts of origination, syndication, and distribution of security issues, and the role played by investment banks in mergers and acquisitions. This course will be appropriate for those interested in pursuing a career within an investment bank or other similar investment organization. MFIN5400 Fixed Income Securities This course is an introduction to the management of fixed income markets and interest rate derivative securities. Major topics covered include theories of the term structure, institutional settings of the fixed income markets, and analytical tools for managing interest rate risk. This course not only emphasizes traditional management methods such as duration, convexity and immunization, but also cutting edge approaches such as continuous-time, dynamic management techniques of interest rate risk. The valuation of fixed income securities and their derivatives is the underlying theme throughout the course. Lectures, class discussions, individual homework assignments and group projects will be the primary teaching methods. To emphasize a hands-on approach, all homework assignments and projects must be completed using a commonly used software package (either Excel, Maple, or Matlab). MFIN5500 Analysis of Structured Product using Excel Investment banking practitioners are increasingly being asked to design, as well as structure and price complex financial products that are then marketed to wealthy retail investors as well as large institutional investors. In many cases these products are influenced by equity markets, exchange rates and commodity markets, as well as more exotic economic variables such as the weather, real-estate, credit ratings, and even population longevity patterns. The common denominator of all these securities is that they cannot be neatly classified into any one asset class, or into traditional silos of stocks, bonds, options or futures.
  12. 12. OCGS APPRAISAL BRIEF - [Master of Finance] 23 This course will function as a hands-on research practicum in which 3-4 “live” structured products will brought into the classroom and analyzed using the tools of financial economics. Some of the questions we will address are: Who exactly manufactures them? Why are they being created? Who buys them and how do they fit into a pre-existing investment portfolio? How should they be valued? What are their regulatory and tax implications? Can they be synthesized using existing securities? How profitable are they for the issuer/underwriter? The analytic work for this course will be done entirely in Microsoft Excel. Thus, a substantial side-benefit of this course will be to develop a set of practical spreadsheet tools that can be used more broadly than just for this particular course. A substantive group project is the primary method of evaluation in this course, involving both a presentation and a write-up. Research Seminar Series The Research Seminar Series is an existing series offered by the Finance Area on a weekly basis (currently open only to faculty members and PhD students). All MF students are expected to attend, although no degree credits will be given. Professional Seminar Series The Professional Seminar Series will be a new initiative. Taking advantage of the business community in Toronto and the Schulich alumni network, the Finance Area will bring in finance professionals throughout the year to give workshops in their areas of expertise, as well as to provide career advice for students. To leverage the Schulich brand in social corporate responsibility and business ethics, it is expected that in each year, at least one professional seminar will be devoted to these topics, and how they relate to the finance profession. MBA courses It is recommended that a separate MF section be created for two of the MBA courses, FINE6600 and ACTG6120. The other three, FINE6310, FINE6800, and ENTR6910, are advanced electives that are more technical, and the MBA students who select these three courses are typically close in academic qualifications and interest to the MF pool. Hence, mixing MBA and MF students in these two courses is not a concern, and utilizing the existing offerings translates to cost savings. (See also statement of support from the MBA Programme Director in Appendix V.)
  13. 13. OCGS APPRAISAL BRIEF - [Master of Finance] 24 Grading scheme A nine-point grading system, the same as that of the MBA programme, will be employed. In order to be promoted to the next semester, a student must maintain a minimum grade point average (GPA) of 4.2 in the current semester. To graduate, students must achieve a cumulative GPA of 4.4. Since all courses are mandatory, an F grade means that the student has to repeat the course. The F grade will be included in the calculation of the student’s GPA until graduation. The final grade point average at graduation will not include the F grade, but the F grade will remain on the transcript. In addition, Faculty of Graduate Studies Regulation 39 stipulates that a student is debarred if he or she receives two (three-credit) F grades, or an F and a C grade. Progress reports The usual annual progress reports will not be used, as students in the MF programme are expected to complete all degree requirements within 12 months. Thesis evaluation procedures N/A Language requirements N/A Distance delivery N/A 4.3 Part-time studies This option is not offered due to the specific sequencing of the courses, and the fact that the MF courses are only offered once a year. 4.4 Total graduate courses listed and level (past three years) New programme: N/A 4.5 Collateral and supporting departments The Accounting Area at the Schulich School has agreed to offer a section of ACTG6120.03 Intermediate Financial Accounting to the MF programme. The Entrepreneurship programme, also at the Schulich School, has agreed to offer an extra section of ENTR6910.03 Venture Capital and Private Equity in order to accommodate the MF students.
  14. 14. OCGS APPRAISAL BRIEF - [Master of Finance] 25 Table 1 List of Faculty in the Finance Area Field Faculty Name & Supervisory M/F Home Unit Finance Rank Privileges Category 3 1 Melanie Cao - F Schulich Full X Associate Douglas Cumming – M Schulich Full X Associate Ming Dong - Associate M Schulich Full X Mark Kamstra – M Schulich Full X Associate Nadia Massoud – F Schulich Full X Associate Elizabeth Maynes – F Schulich Full X Assoicate Moshe Milevsky – M Schulich Full X Associate Debarshi Nandy – M Schulich Master’s X Assistant Eli Prisman – Full 2 M Schulich Full X Gordon Roberts – Full M Schulich Full X Pauline Shum – F Schulich Full X Associate Yisong Tian - M Schulich Full X Associate Notes: 1. There are six categories in total, but all of the faculty members above belong to category 3: Category 3: tenured or tenure-track core faculty members who are involved in teaching and/or supervision in other graduate programme(s) in addition to being a core member of the graduate programme under review. 2. Professor Prisman is on sabbatical while this proposal is being compiled, and has asked that his information be excluded in the proposal.
  15. 15. OCGS APPRAISAL BRIEF - [Master of Finance] 26 Table 2 External Operating Research Funding Operating Research Funding by Source and Year Finance Area, Schulich School of Business Source Number of Other Peer Year 1 Granting Councils 2 Internal 4 Faculty Members Adjudicated 3 2001-02 7 $ 63,191 $12,000 $8,000 2002-03 7 $ 93,020 $8,000 2003-04 7 $116,123 $20,000 $8,000 2004-05 9 $ 77,420 $10,000 $41,000 2005-06 9 $114,019 $10,000 $45,000 2006-07 9 $168,170 $39,000 2007-08 11 $159,557 $38,000 Totals $791,500 $53,000 $187,000 1. Academic year. 2. SSHRC Major Research Grants. 3. Sources include: HSBC, and MITACS/NSERC. 4. University allocated grants: SSHRC Minor Research Grants and Dean’s Research Grants.
  16. 16. OCGS APPRAISAL BRIEF - [Master of Finance] 27 Table 3 Graduate Supervision Completed and Current Numbers of Thesis1 Supervisions by Faculty Member Completed Current Member Master’s PhD Master’s PhD All category 3: Melanie Cao - Associate Douglas Cumming 1 – Associate Ming Dong - 1 Associate Mark Kamstra – (15) Associate Nadia Massoud – (1) 1 Associate Elizabeth Maynes – 1 1 Assoicate Moshe Milevsky – (0.5)2 Associate Debarshi Nandy – Assistant Gordon Roberts – 10 1 Full Pauline Shum – 2 Associate Yisong Tian - (4) 1 Associate 1. Please note that master’s or post-doctoral theses are not offered at the Schulich School. In parentheses is the number of thesis supervisions in other graduate programmes or at other universities. 2. A value of 0.5 indicates co-supervision.
  17. 17. OCGS APPRAISAL BRIEF - [Master of Finance] 28 Table 4 Teaching Assignments (Previous Three Years) All courses below are three-credit courses (3 contact hours per week for 12 weeks). The normal teaching assignment consists of 4 courses per academic year. Panel A Teaching Assignments for 2007/08 Faculty Member Rank Undergraduate Graduate3 Comments Melanie Cao Associate Prof. 1x FINE 4800 1x FINE 6800 1 x FNEN 6820 1 x FINE 7100 Douglas Cumming Associate Prof. 1 x ENTR 4700 1x ENTR 6910 2 course reliefs – Ontario Research Chair Ming Dong Associate Prof. 2 x FINE 2000 1/2 x FINE 7200 2 course reliefs – Research fellowship Mark Kamstra Associate Prof. 1 X FINE 6200 1 course relief – Area Coordinator 1x FINE 6310 1/3 x FINE 7300 Nadia Massoud Associate Prof. 2 x FINE 4700 1/2 x FINE 7200 2 negotiated course reliefs Elizabeth Maynes Associate Prof. 2 x FINE 4150 2 course reliefs – Director, BBA/IBBA Program Moshe Milevsky Associate Prof. 2 x FINE 4050 2 x FINE 6860 Debarshi Nandy Assistant Prof. 2 x FINE 6100 1 course relief for accumulated teaching credits 1 teaching assignment deferred Gordon Roberts Professor 2 x FINE 6100 1 course relief - Research Chair 1 x FINE 5200 Pauline Shum Associate Prof. 2 x FINE3200 1 x FINE 6200 One course relief – PhD supervision Yisong Tian Associate Prof. 1 x FNEN 6810 1 course relief – Acting Director, 1 x FNEN 6850 Financial Engineering 1 x FINE 6800 Program
  18. 18. OCGS APPRAISAL BRIEF - [Master of Finance] 29 Panel B Teaching Assignments for 2006/07 Faculty Member Rank Undergraduat Graduate3 Comments e Melanie Cao Associate Prof. 1 x FINE 4800 2 x FINE 6800 1 x FINE 7100 Douglas Cumming Associate Prof. Not on faculty Ming Dong Associate Prof. Sabbatical Mark Kamstra Associate Prof. 1 x FINE 6200 1 course relief - Area Coordinator 1 x FINE 6310 1 course relief – 1/3 FINE 7300 Accumulated Teaching Credits Nadia Massoud Associate Prof. Not on faculty Elizabeth Maynes Associate Prof. Sabbatical Moshe Milevsky Associate Prof. 2 x FINE 4050 1 x FINE 6860 1 course buyout Debarshi Nandy Assistant Prof. 3 x FINE 6100 1/3 x FINE 7300 Gordon Roberts Professor 2 x FINE5200 1 course relief - Research Chair, 1 course relief – PhD supervision Pauline Shum Associate Prof. 3 x FINE3200 1 course relief for administrative work Yisong Tian Associate Prof. 1 x FINE 6800 1 x FNEN 6850 1 X FNEN 6810 1/3 FINE 7300
  19. 19. OCGS APPRAISAL BRIEF - [Master of Finance] 30 Panel C Teaching Assignments for 2005/06 Faculty Member Rank Undergraduate Graduate3 Comments Melanie Cao Associate Prof. 1 x FINE4800 1 x FINE 6800 1 x FINE 7100 Douglas Cumming Associate Prof. Not on faculty Ming Dong Associate Prof. 3 x FINE2000 1/3 Section of FINE 7200 Mark Kamstra Associate Prof. 1 x FINE 4200 1 x FINE 6310 1 course relief – new faculty member 1 x FINE 6200 1/3 FINE 7300 Nadia Massoud Associate Prof. Not on faculty Elizabeth Maynes Associate Prof. 4 x FINE 3100 Moshe Milevsky Associate Prof. 3 x FINE 4050 1 x FINE 6860 Debarshi Nandy Assistant Prof. 3 x 6100 1 course relief – new faculty member 1/3 x FINE 7300 Gordon Roberts Professor Sabbatical Pauline Shum Associate Prof. Sabbatical Yisong Tian Associate Prof. 1 X FINE 6800 1 course relief – Area Coordinator 1x FNEN 6850 1 course relief - 1/3 x FINE 7300 Teaching Stipend
  20. 20. OCGS APPRAISAL BRIEF - [Master of Finance] 31 TABLE 5 Projected Enrolment YEAR FULL-TIME Intake Enrolment 2008 - - 2009 15 15 2010 15-20 15-20 2011 20-25 20-25 2012 20-25 20-25 2013 25 25 2014 25 25
  21. 21. OCGS APPRAISAL BRIEF - [Master of Finance] 32 Table 6 Programme of Study Last 3 weeks of August MFIN5100.03 Capital Markets Term 1 ACTG6120.03 Intermediate Financial Accounting September- December FINE6310.03 Econometrics of Financial Markets MFIN5200.03 Financial Management and Valuation FINE6800.03 Options, Futures, and Other Derivatives MFIN5300.03 Investment Banking MFIN5400.03 Fixed Income Securities Term 3 ENTR6910.03 Private Equity and Venture Capital May to July MFIN5500.03 Analysis of Structured Products using Excel FINE6600.03 Corporate Financial Analysis All 3 terms Research Seminar Series Professional Seminar Series
  22. 22. OCGS APPRAISAL BRIEF – [Master of Finance] 33 Appendix I Sample Master’s Programmes in Finance A. Canadian Schools (A ‘+’ sign indicates a thesis or major project requirement) DURATION REQUIRED SCHOOL PROGRAMME (MTHS) START DATE COURSES (Three-credit) University of Toronto, Rotman School of Master of Finance 20 PT Fall 14 Management University of Toronto, Rotman School of Master of Financial Management and 16 Fall 13 Economics Department of Economics Master of Arts in University of Alberta Economics and 20 Fall 13 + Finance University of British Master of Science in Columbia, Sauder 24 Fall 13 Finance School of Business Concordia University, Goodman Institute of Investment Master of Investment 36 Fall 20 Management, John Management Molson School of Management, QC Dalhousie University, MBA in Financial Faculty of 24 Fall Services Management, NS MSc Financial HEC Montreal, QC 24 Fall 12 + Engineering University Laval, QC MSc Finance 15 MSc Financial Universite de Montreal, Mathematics & 12 FT / 24 PT Fall 14 QC Computational Finance Queens University, MSc in Management 12 Fall 6+ School of Business, ON in Finance University of Saskatchewan, College MSc in Finance 24 Fall 5+ of Commerce, SK Simon Fraser University, Segal Master of Financial 12 Fall 13 + Graduate School of Risk Management Business, ON St. Mary's University, Sobey School of Master of Finance 12 Fall 15 + Business, NS
  23. 23. OCGS APPRAISAL BRIEF – [Master of Finance] 34 University of Waterloo, Department of Statistics Masters Programme and Acturial Science 16 Fall 10 + in Finance and School of Accountancy, ON Wilfred Laurier University, Faculty of MBA with CFA option 36 PT Fall 20 Business, ON Master of University of Windsor, Management with Odette School of International 12 Fall 12 Business, ON Accounting and Finance focus B. U.S. Schools (A ‘+’ sign indicates a thesis or major project requirement) DURATION REQUIRED SCHOOL PROGRAMME (MTHS) START TERM COURSES Three-credit 2 areas of The University of Illinois specialization at Urbana-Champaign -Corporate Finance 5 -Financial engineering 9 Master of Science in Carnegie Mellon Computational 17 FT / 32 PT Fall 24 University Finance The George Washington Master of Science in 12 or 24 Fall 12 University Finance Programme Haas School of Business, Masters in Financial University of California, Engineering 12 March 19 + Berkeley programme J. Mack Robinson Master of Science in College of Business, 18FT / 24PT Fall 16 Finance Georgia State University David Eccles School of Master of Science in Business, University of 9-24 Fall 12 Finance Utah Boston College Carroll Master of Science in 12+ Fall / Winter 10 School of Management Finance Master of Science in 15FT / Suffolk University Fall 10 Finance Programme 15-24PT Florida International University, Chapman Master of Science in 12 Fall 11 Graduate School of Finance Business John M. Olin School of Master of Science, Business, Washington 10.5FT / 24PT Fall 19 Finance University Drexel University - Master of Science, 24FT / Fall / Winter / 18 LeBow College of Finance 30-48PT Summer
  24. 24. OCGS APPRAISAL BRIEF – [Master of Finance] 35 Business University of Houston, Master of Science in 12-24FT / C.T. Bauer College of Fall 9-10 Finance 24-36+ PT Business The University of Arizona, Masters of Science in Eller College of Management with a 12 Fall 10 + Management Finance concentration in Department Finance (MMF) Masters of Science in Vanderbilt University 9 Fall 11 Finance Rutgers Business School Master of Quantitative - Newark and New 20 Fall 18 + Finance Brunswick Villanova School of Master of Science in 12 Spring 11 Business Finance Master of Science Louisiana State Degree Programme in 16 Fall / Spring 5 University Finance University of Wisconsin - Quantitative Masters Madison School of 24 Fall 18 in Finance Business Fordham University Master of Science in Graduate School of Quantitative Finance 11 Fall 23 Business (MScQF) Robert H. Smith School Executive Masters of 12-13FT / of Business, University of Science in Finance 16PT Maryland Master of Science - Fall 10 Finance focus Weatherhead School of Management, Case Master of Science in 9-12FT / Summer 12 Western Reserve Management Finance 24+ PT University Master of Science in Boston University School Investment 17 Winter 13 of Management Management Master of Science in University of Rochester 9 Spring / Fall 13 Finance Princeton University Master in Finance 12-24 Fall 16 C. European Schools (A ‘+’ sign indicates a thesis or major project requirement) DURATION REQUIRED SCHOOL PROGRAMME (MONTHS) START TERM COURSES Three-credit Tailored programme offered to employees of INSEAD (France) Master of Finance MacQuarie Group only
  25. 25. OCGS APPRAISAL BRIEF – [Master of Finance] 36 Cass Business MSc Banking and School, City University International 9 Fall 11-14 + (UK) Finance MSc in Finance 9 Fall 7-10 + MSc in International Accounting and 9 Fall 10-13 + Finance MSc in Investment 9 FT / 18PT Fall 11-14 + Management MSc in Mathematical 9 FT / 18 PT Fall 10-13 + Trading and Finance MSc in Quantitative 9 Fall 10-13 + Finance MSc in Financial 9 Fall 10-13 + Mathematics The London School of MSc Accounting and Economics and 9 FT / 21PT Fall 7+ Finance Political Science (UK) MSc Finance and 10 Fall 8+ Economics MSc Finance Part- 21 Fall 7+ time programme MSc Management and Regulation of 12 Fall 6+ Risk University of Exeter, MSc Finance and School of Business 9 Fall 8-10 + Management and Economics (UK) MSc Finance and 9 Fall 11 Investment MSc Financial Analysis and Fund 12 Fall 8+ Management MSc Marketing and 9 Fall 8-10 Financial Services MSc Accounting and 12 Fall 7+ Finance MSc Financial 12 Fall 6+ Economics MSc Money and 12 Fall 6+ Banking Master of Arts in University of St. Gallen Banking and 18 March (90 credits) (Switzerland) Finance (MBF) Master of Arts in Accounting and 18 March (90 credits) Finance (MAccFin) Masters Programme Quantitative 18 March (90 credits) Economics and Finance (MiQE/F) Durham Business MSc Finance & 12 Fall 9+ School (UK) Investment MA Financial 12 Fall 8+
  26. 26. OCGS APPRAISAL BRIEF – [Master of Finance] 37 Management MSc International 12 Fall 9+ Banking & Finance MSc Corporate & International 12 Fall 9+ Finance MSc International Money, Finance & 12 Fall 9+ Investment MSc Finance 12 Fall 9+ MSc Economics & 12 Fall 9+ Finance MSc Accounting and 12 Fall 9+ Finance London Business Masters in Finance: 10 Fall 9+ School (UK) Full Time Masters in Finance: 21 Fall 9+ Part Time Warwick Business MSc in Finance 12 Fall 10 + School (UK) MSc in Economics & 12 Fall 9+ Finance MSc in Financial 12 Fall 13 + Mathematics UCD Michael Smurfit Master of Graduate Business 12 Fall 13 Accounting School (Ireland) Master of Business Studies Degree - 11 FT / 21-22 PT 13 Finance Master of Science in Quantitative Finance 21 17 + (MScQF) The Executive UCD School of Masters in Risk Professional Finance 15 27 Management (Ireland) (ExMRM) Executive Masters in 24 27 Financial Services Manchester Business MSc Accounting and School, The University 12 Fall 8+ Finance of Manchester (UK) MSc Finance 12 Fall 8+ MSc Finance and 12 Fall 8+ Economics MSc Quantitative Finance and 12 Fall 8+ Financial Engineering MSc Mathematical 12 Fall 8+ Finance Master in Corporate SDA Bocconi (Italy) 11 Fall 16 Finance Universita Bocconi M.Sc. In Finance 24 Fall 15 +
  27. 27. OCGS APPRAISAL BRIEF – [Master of Finance] 38 (Italy) MAFINRISK - Master of Quantitative Finance 10 Fall 17 + and Risk Management Nottingham University MA Finance and 12 Fall 7+ Business School (UK) Investment Leeds University MSc Banking and 12 Fall 10-12 Business School (UK) Finance MA Accounting and 12 Fall 10-12 Finance MSc International 12 Fall 10-12 Finance MSc Financial 12 Fall 11-12 Mathematics MA Economics and 12 Fall 14 Finance Tanaka Business School, Imperial MSc Finance 12 Fall 14 + College London (UK) Lancaster University Management School MSc Finance 12 Fall 8+ (UK) MSc Accounting and Financial 12 Fall 8+ Management Birmingham Business MSc Accounting and 12 Fall 6+ School (UK) Finance MSc investments 12 Fall 10 + University of Bath MSc in Accounting School of 12 10 + and Finance Management (UK) TiasNimbas Business MSc in Financial 12 Fall 12 + School (Netherlands) Management - FT MSc in Financial 24 Winter 12 + Management - PT Executive Master in 13 Fall 11 Finance Edhec Business MSc in Finance 9 Fall 10 + School (France) MSc in Risk and 9 Fall Asset Management BI Norwegian School MSc in Financial (Unable to locate of Management 24 15 + Economics info) (Norway) University of Oxford, Masters in Financial Said Business School 9 Fall 9 Economics (UK)
  28. 28. OCGS APPRAISAL BRIEF – [Master of Finance] 39 Bradford University Master in Finance School of Accounting and 12 Fall 13 Management (UK) Management MSc Finance 12 Fall 12 Mastere Specialise European School of Finance ESCP - 10 Fall 10 + Management (France) EAP University of M.Sc. Finance 12 Fall 18 + Strathclyde (UK) University of Cambridge, Judge M.Phil Finance 10 Fall 15 Business School (UK) Alba Graduate Business School MSc in Finance 10FT/15-24PT Fall 18 + (Greece) Cranfield School of MSc in Finance and 11 Fall 17 + Management (UK) Management Specialised Master HEC Paris (France) in International 12 Fall Finance IE Business School Master in Financial 13 Fall 30 (Spain) Management Vlerick Leuven Gent Masters in Financial Management School 10 Fall 15 + Management (Belgium) International Master Eada 10 Fall 16 + in Finance RSM Erasmus Master in Financial 12 Fall 15 + University (Spain) Management Masters in Finance - International University Financial 10 Fall 16 + of Monaco (Monaco) Engineering (MFIN- FE) Masters in Finance - International Wealth 10 Fall 16 + Management (MFIN- IWM) Masters in Finance - Hedge Funds and 10 Fall 16 + Private Equity (MFIN-HF) Grenoble Graduate School of Business MSc in Finance 12-21 Fall 5+ (France) Faculdade de Economia da Masters in Finance 15 Fall 8+ Universidade Nova de Lisboa (Portugal) Master in Financial ESADE (Spain) 9 Fall 12 Management
  29. 29. OCGS APPRAISAL BRIEF – [Master of Finance] 40 D. Asian Schools (A ‘+’ sign indicates a thesis or major project requirement) DURATION REQUIRED SCHOOL PROGRAMME (MTHS) START DATE COURSES Three-credit The University of Hong 12-24FT/ Master of Finance Fall Kong 24-48PT 2 Streams: - Financial Engineering 12 - Risk Management 12 The Chinese Master of Science University of Hong 16-19 PT Fall 10 Programme in Finance Kong Master of Science in NYU Stern and Global Finance 12 Fall 10 HKUST Master of Science in Fall 15 Financial Analysis
  30. 30. OCGS APPRAISAL BRIEF – [Master of Finance] 41 Appendix II Financial Databases available through the Business Library ABI/Inform Global : ABI/Inform contains citations and abstracts for over 1100 business and management publications. More than 700 of these titles are available in full-text or full-image and many of these go back to 1986. This resource incorporates management, industry and company-specific information of both a practical and theoretical nature. Subjects covered include: finance, public administration, marketing, management, economics, taxation, telecommunications, corporate strategies, competitive and product information. Available on the network but restricted to the York University community. (ProQuest database) ABI/Inform Trade and Industry: This related database covers more than 700 publications. It's designed to help researchers study and compare specific trades and industries, including banking, telecommunications, computing, transportation, construction, petrochemicals, and many others. Available on the network but restricted to the York University community. (ProQuest database) Bloomberg : Bloomberg is a real-time financial service that provides current and historical data, news and financial analysis of companies, stocks, bonds, and indices, descriptions of companies from various sources including Hoovers, etc. Economic statistics are also available. Restricted to the York University Community and available in the Bronfman Business Library. Business Insights: provides information on the following industry sectors: Consumer goods, Healthcare, Energy, Financial Services, and Technology. European and US focus. Available on the network but restricted to the York University community. Business Source Premier: contains full text for 7,792 periodicals and other sources, including scholarly journals, trade and general business magazines, monographs, country economic and industry reports, industry yearbooks, and market research reports. Available on the network but restricted to members of the York University community. CBCA Complete: ( ProQuest)Provides interdisciplinary coverage of Canadian topics including the areas of business and current affairs. Offers references, and many full text articles, from Canadian journals, magazines, newspapers, and newswires. Dates of coverage vary by title but many full-text titles available from early or mid-1990s, while citations for many publications available from early 1980s onward. (ProQuest database) CFMRC - TSX: Standard and Poor's Toronto Stock Exchange database provides current and historical data on stocks traded on the TSX. Available on the network but restricted to the York University community. CRSP: Provides standard and derived security data available from the NYSE, AMEX and Nasdaq. Available on the network but restricted to the York University community. CRSP is also available toYork University faculty and PhDs via WRDS. Datastream: Provides daily pricing and volume information on over 37,000 equities from 57 countries, 12,000 market, stock and bond indices, and 87,000 macroeconomic series from central statistical offices such as Statistics Canada, and sources such as International Financial Statistics and selected OECD series.Also included are over 2,000 daily foreign exchange rates, 1,000 daily and weekly interest rate series, 68,000 fixed income instruments from 23 countries
  31. 31. OCGS APPRAISAL BRIEF – [Master of Finance] 42 and more than 260 financial and commodity futures and options contracts. Restricted to the York University community and available in the Bronfman Business Library only. Factiva: Features financial data and ratios for approx. 300,000 companies worldwide. Includes nearly 9,000 sources from 118 countries in 22 languages, including more than 120 continuously updated newswires and general business and industry publications like The Economist, Forbes, Fortune, Time, Newsweek, Finanz & Wirtschaft, Satellite News, BusinessWeek. Company information including financial data also provided. Available on the network but restricted to the York University community. Financial Post Advisor: (formerly Financial Post Investor Suite and sometimes referred to as FP Infomart) This service provides access to FP services formerly known as Corporate Profiler, Corporate Reports (yellow cards and blue sheets), Dividend Records, Corporate Analyzer, Industry Reports, Predecessor & Defunct Companies, and FP Directory of Directors. Available on the network but restricted to the York University community. Global Insight: Includes World Markets and Data Insight-Web (formerly DRI). Requires IE 6.0. Contains economic and financial data for countries worldwide. Provides country analysis, risk and forecasts for 196 countries. Political, economic, regulatory, tax, security and general business conditions are covered in the individual country reports. In addition macroeconomic forecasts are provided and country and sovereign risk ratings are included. Information is updated regularly. Available on the network but restricted to the York University community. Available on the network but restricted to the York University community. Hoovers: In-depth coverage of 40,000 companies includes an overview, history, products, competitors, financials, links to SEC filings and added features such as CEOs on Camera. Industry information includes an overview, most viewed companies list, industry family tree and news headlines. In addition there are "pro tools" such as "Target IPO companies". Available on the network but restricted to the York University community. Investext Plus: Contains full-text financial reports and forecasts prepared by the world's leading investment banks and consulting and research firms. Provides access to financial analysis for over 11,000 companies. Useful for competitive analysis, researching industry trends, conducting market research and company studies. American, Canadian and International in scope. Available on the network but restricted to the York University community Lexis-Nexis: Lexis-Nexis service makes available over 30,000 news, business, and legal information sources. Included are current international newspapers, as well as comprehensive company and industry reports.Information available includes trade and marketing reports, patent details, merger and acquisition analysis, country reports and industry and legal publications. Lexis-Nexis also provides access to numerous reference tools, including biographical information, company directories, quotations and Who's Who titles. Available only to faculty and students enrolled in the Schulich School of Business or Atkinson Administrative Studies faculties. MarketLine: The Datamonitor Business Information Centre (DBIC) database is divided into Industry, Country, and Company sections including 2500 market profiles, 10,000 company profiles, 1000 company SWOT analysis, more than 50 country profiles, over 150 industry rankings, and news, comments and analysis. Available on the network but restricted to the York University community.
  32. 32. OCGS APPRAISAL BRIEF – [Master of Finance] 43 Mergers & Acquisitions: A Thomson SDC Database - This is a reseach database and requires that you download software onto your workstation. It is available to current York University Faculty and PhDs enrolled in business programmes only. Also available on a stand-alone workstation in the Bronfman Business Library, with AcadLabs signon. Mergent Online(formerly FIS Online) Provides company information and annual reports for Canadian, International, and US companies. Also includes industry reports covering current environment, sector performance, market trends, outlook, etc. for 20 industries. Available on the network but restricted to the York University community. Proquest Asian Business: Provides full-text coverage of Asian business and financial information from key international publications including Far Eastern Economic Review, Asiaweek, and many more. Available on the network but restricted to the York University community. Proquest European Business: Provides full-text, coverage of more than 110 leading titles, including The Economist, Fortune, and European Business Journal. Available on the network but restricted to the York University community. Scholars Portal The Ontario Scholars Portal provides a single point of electronic access to published research from a broad range of disciplines Journals published by Academic Press , Berkely Electronic Press, Cambridge University Press, Emerald Publishing, Elsevier Science, Kluwer Academic Publishers, Kluwer Law International, and , Oxford University Press, Project MUSE, Springer-Verlag, and John Wiley & Sons. The Canadian Financial Markets Research Centre (CFMRC) TSX database is also provided through the Ontario Scholars Portal and can be accessed at this address: http://data.scholarsportal.info/ts Available on the network but restricted to the York University community. VentureXpert: A Thomson Financials database, VentureXpert provides data on IRR, residual value etc for various fund types as well as fund performance by vintage year. Individual funds are not identified. This is a research database and requires that you download software onto your workstation. It is available to current York University Faculty and PhDs enrolled in business programmes only. Also available on a stand-alone workstation in the Bronfman Business Library, with AcadLabs signon. To request access contact Elizabeth Watson. WRDS: Wharton Research Data Service. The following are some of the databases are currently available via WRDS: Compustat Global, CRSP, Standard and Poor's DRI, Dow Jones Averages, ExecuComp, Philadelphia Stock Exchange, and Federal Deposit Insurance Corporation. WRDS is available to York University Faculty and PhDs only but an instructor can get a class account (one ID shared by all students enrolled for the semester) for teaching purposes.

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