Master's Thesis Regulations Master of Financial Economics (MFE)
Master's Thesis Regulations Academic year 2011-2012
- 1. General requirements of the Masterproject Financial Economics
- 2. Supervisor of the Research paper
- 3. Topic selection and development of the Research paper
- 4. Change of topic or supervisor of the Research paper
- 5. Submission procedure of the Research paper
- 6. Oral defense of the Research paper
- 7. Final assessment of the Research paper
- 8. Assessment Criteria for the Research paper
- 9. Language of the Research paper
- 10. Access to the Research paper
- 11. Key Dates
§1. General requirements of the Masterproject Financial Economics
The Masterproject provides students with an opportunity for independent learning. The following guidelines apply to the development of the Masterproject.
a. Academic level
In completing a Masterproject, students should demonstrate their analytical and synthetic skills and show that they are capable of independent problem-solving at an academic level.
b. Relevance to the field of study
The subject of the Masterproject should be within the field of the MFE programme.
c. Components
The Masterproject has 3 components:
1. Seminar series
A seminar series where guest speakers come and talk about recent developments in banking and finance. The guest lectures are organized around main topics such as corporate governance and supervision, communication in financial markets, asset management and turmoil in financial markets and the need for regulation. Students write an individual critical report about each lecture.
2. Portfolio management
Students participate in a real-world project: managing a portfolio of exchange-traded shares, subject to constraints (like zero beta - that is, running a hedge fund). Students write a group report describing the decision(s), with links and references to the scientific base.
3. Research paper
The research paper builds on the knowledge and skills obtained from the courses of the programme and helps students to develop research skills and write scientific reports about their findings. The results reported should be based on properly framed research questions, with due attention paid to the theoretical foundations and critical reflection.
d. Credits
The Masterproject Financial Economics accounts for 15 credits.
e. Assessment breakdown
Each component of the Masterproject accounts for 5 credits and is weighted equally in the final score for the Masterproject. A student cannot pass the Masterproject if he/she has a failing score for the research paper.
f. Examiners
- The Seminar series is assessed by the lecturer who teaches the course.
- The Portfolio game is assessed by the lecturer who teaches the course.
- The Research paper is assessed by an examination committee of at least 2 members. One of these members may be an external examiner, e.g. a fellow or a company mentor. The committee assigns a single score: either a consensus score or a weighted average of the scores of the individual examiners.
g. Individual versus collective component
The Research paper can be an individual or a group project. In the last case, the group should include not more than 3 students and each student’s individual contribution should be clearly indicated. Supervision may also be partly group based ( a so-called thesis circle).
h. Oral defense of the Research paper
Upon completion, the Research paper will be orally defended before the examination committee.
§2. Supervisor of the Research paper
Every lecturer in the Faculty can act as a supervisor. This includes postdoctoral researchers and other PhD holders on a temporary contract. A PhD student cannot act as a supervisor, but can play a role in supervision and be a member of the examining committee.
In principle, the supervisor should be a member of the research group or unit responsible for the MFE programme. Subject to consent from and in consultation with the Masterproject coordinator, a supervisor outside the MFE programme may be appointed, if this is considered useful for subject-related reasons. Even in this case, the thesis topic should be within the field of the MFE programme.
§3. Topic selection and development of the Master’s thesis
The way in which topics are chosen or assigned is determined by the research group or unit responsible for the MFE programme. The same group or unit will also elaborate specific format and structure requirements for the Research paper, in accordance with the general requirements specified under (§1).
For an overview of thesis structure and specific format requirements, please consult the specific information about the Master's Thesis of the MFE programme.
Third parties which are involved in the Research paper may insist on confidential treatment of information. The student and the supervisor can guarantee confidential treatment with this confidentiality agreement.
§4. Change of topic or supervisor
If a student wishes to change his / her topic on valid grounds, a formal request should be submitted to the supervisor. Changing or modifying the topic is subject to consent from the supervisor.
If a student wishes to transfer to another supervisor (e.g. for thematic reasons), a motivated request should be submitted to the Masterproject coordinator of the MFE programme. Such a transfer is subject to written consent by both the previous and the new supervisor.
§5. Submission procedure of the Research paper
The Research paper should be submitted to the Student Office in duplicate and electronically uploaded (pdf and original file).
When submitting the Master’s thesis, the student should include the following documents:
- two copies of the Research paper
- a title page according to the format requirements specified here: title page
- evidence that the thesis has been electronically uploaded
- in case the Research paper should be treated confidentially: a copy of the signed confidentiality agreement (see§3 )
Research papers submitted after the deadline will not be assessed during the same examination period.
§6. Oral defense of the Research paper
Upon completion, the Research Paper is orally defended. The specific nature of this oral presentation is determined by the research groups or units responsible for the MFE programme.
§7. Final assessment
If the final assessment contains both a group score and an individual score, a number of scenarios are possible: for each scenario it needs to be determined whether the student passes or fails and, if necessary, which part needs to be resubmitted in August. These scenarios are described in the following table (all marks out of 20).
| Group score | Indiv. Score | Total Score | Final assessment | To be resubmitted in September | Comment |
|---|---|---|---|---|---|
| ≥10 | ≥10 | ≥10 | Pass | n.a. | |
| ≥ 10 | < 10 | ≥ 10 | Fail | Individual component | The group work does not compensate for deficiencies in the individual work. |
| ≥ 10 | < 10 | < 10 | Fail | Individual component | The group work does not compensate for deficiencies in the individual work. |
| < 10 | ≥ 10 | ≥ 10 | Pass | n.a. | The individual work compensates for deficiencies in the group work. |
| < 10 | ≥ 10 | < 10 | Fail | Extensive individual component | While the individual work is satisfactory, it fails to compensate deficiencies in the group work. |
| < 10 | < 10 | < 10 | Fail | Extensive individual component |
§8. Assessment criteria of the Research paper
In completing a Research paper, students should demonstrate their analytical and synthetic skills and show that they are capable of independent problem-solving at an academic level. The final product should show evidence of critical reflection and should be theoretically underpinned. The assessment criteria were determined on the basis of this description. They are used in discussing the project’s final outcome and determining the score. Subsequently, strengths and weaknesses can be communicated to students interested in individual feedback.
In assessing the Research paper, five levels are distinguished
- Fail (equivalent to< 10/20)
- Satisfactory (equivalent to 10-13)
- Good (equivalent to 14-15)
- Very good (equivalent to 16-17)
- Excellent (equivalent to 18 or more)
1. RESEARCH PROPOSAL
| Criterion | Description | Fail | Satisfactory | Good | Very good | Excellent | N.a. |
|---|---|---|---|---|---|---|---|
| Motivation | The student motivates the topic and identifies gaps in the literature as well as the topic’s scientific and / or practical relevance | ||||||
| Aim | The research proposal clearly outlines the central aim or problem, the central research questions and the expected results | ||||||
| Work plan | The proposal contains the relevant theoretical frameworks and research methods. The proposal should also include a clear work plan (stages, milestones) |
2. RESULTS
| Criterion | Description | Fail | Satisfactory | Good | Very good | Excellent | N.a. |
|---|---|---|---|---|---|---|---|
| Theoretical positioning | The ‘state-of-the-art’ in the research literature is accurately represented, with particular attention to theories and concepts relevant to that particular field | ||||||
| Research quality | The research method enables the student to answer the research questions accurately. It is sufficiently verifiable and there are clear indications of validity and reliability | ||||||
| Critical reflection | The results are based on sound analysis rather than on mere speculation. The thesis includes critical reflection on the results. | ||||||
| Relevance to society and/or business economics | In interpreting the results, the student is capable of highlighting their relevance to society and/or business economics |
3. PRESENTATION OF RESULTS
| Criterion | Description | Fail | Satisfactory | Good | Very good | Excellent | N.a. |
|---|---|---|---|---|---|---|---|
| Argumentation | The text is objective, well-structured and intelligible. The reader is given an insight into the relationship between research questions, method and results | ||||||
| Format | The thesis is well written, using appropriate language and style. The text follows the standard research paper format. | ||||||
| Oral presentation | During the presentation, the student manages to capture the essence of the results and their scientific and/or practical relevance | ||||||
| Dialogue, discussion | During the discussion with the examiners, the student responds to questions convincingly. The student’s arguments are clearly based on the results presented in the Master’s thesis. |
4. ATTITUDE AND MOTIVATION
| Criterion | Description | Fail | Satisfactory | Good | Very good | Excellent | N.a. |
|---|---|---|---|---|---|---|---|
| Analytical skills | The student is sufficiently familiar with research criteria and is aware of their importance. He / she manages to apply these criteria in the study | ||||||
| Attitude | The student is able to work independently and accurately. The student is clearly motivated to learn | ||||||
| Cooperation | The student participates actively during meetings and meets commitments. He / she incorporates the feedback given by the supervisor, tutor and fellow students and makes an effort to share knowledge with others. |
§9. Language of the Research paper
The Research paper is written and presented in English.
§10. Access to the Research paper
The contact details of students who have achieved a score of at least 14/20 for their Research paper will be released to the press. Students who do not wish this information to be made available, should complete a form at the Student Office when submitting their paper.
The Research paper will be made available in the library and through Libis, provided a score of at least 14/20 was achieved.
If the student has submitted the confidentiality agreement (see §3 ) when handing in the Research paper, the Research paper will be marked as ‘confidential’ and will not be available for consultation.
§11. Key dates
Dates for submission and oral presentation of the Master's thesis
