AF3S25 International Financial Management

FACULTY: BUSINESS AND SOCIETYFinal mark awarded: _____

Assessment Cover Sheet and Feedback Form 2018/19

Module Code: AF3S25Module Title: International Financial ManagementModule Lecturer: Dr Jia Cao
Assessment Title and Tasks: Written Assignment TwoAssessment No. 2 of 2
No. of pages submitted in total including this page: Completed by studentWord Count of submission (if applicable): Completed by student
Date Set:Submission Date: 10th May 2020Return Date: 8th Jun 2020
Part A: Record of Submission (to be completed by Student)
Extenuating Circumstances If there are any exceptional circumstances that may have affected your ability to undertake or submit this assignment, make sure you contact the Advice Centre on your campus prior to your submission deadline.
Fit to sit policy: The University operates a fit to sit policy whereby you, in submitting or presenting yourself for an assessment, are declaring that you are fit to sit the assessment. You cannot subsequently claim that your performance in this assessment was affected by extenuating factors.
Plagiarism and Unfair Practice Declaration: By submitting this assessment, you declare that it is your own work and that the sources of information and material you have used (including the internet) have been fully identified and properly acknowledged as required1. Additionally, the work presented has not been submitted for any other assessment. You also understand that the Faculty reserves the right to investigate allegations of plagiarism or unfair practice which, if proven, could result in a fail in this assessment and may affect your progress.
Intellectual Property and Retention of Student Work:
You understand that the University will retain a copy of any assessments submitted electronically for evidence and quality assurance purposes; requests for the removal of assessments will only be considered if the work contains information that is either politically and/or commercially sensitive (as determined by the University) and where requests are made by the relevant module leader or dissertation supervisor.
Details of Submission: Note that all work handed in after the submission date and within 5 working days will be capped at 40%2. No marks will be awarded if the assessment is submitted after the late submission date unless extenuating circumstances are applied for and accepted (Advice Centre to be consulted).
You are required to acknowledge that you have read the above statements by writing your student number (s) in the box:Student Number(s):

IT IS YOUR RESPONSIBILITY TO KEEP A RECORD OF ALL WORK SUBMITTED

Part B: Marking and Assessment (to be completed by Module Lecturer)
Assessment Task:
Section One:
A British company, AutoUK, signed a contract with an American company. The contract states that AutoUK will sell 1,000,000 units of its products to the American company. The sale is priced in US$ at $ 900 per unit, with payment due in one month’s time. AutoUK wishes to hedge its accounts receivable. AutoUK’s weighted average cost of capital is 10%.
Please research online for predictions of the exchange rate of British Pound to US Dollar in one month’s time and discuss the determination of short-term exchange rate and its predictability.
The British Company is risk averse and would like to hedge the foreign exchange exposure. Please form three hedging strategies using the following financial instruments/markets: Currency forwards Money market Currency options
Please compare the costs and the benefits of different hedging strategies (including speculation, i.e., not hedging) and demonstrate the relationship of the payoff and profit of different hedging strategies and the future spot exchange rate in one months’ time.
Which hedging strategy (including speculation) would you recommend? Please explain.Section Two:
Please select an American MNC and do online research. Write a report on the uses of international financial markets in its financial management. In your report, you should:
discuss why international financial markets are important to your chosen MNC;
discuss purposes of your chosen MNC participating in the international financial markets and implementing financial instruments;
critique whether the international financial markets help your Chosen Company to achieve its business vision and objectives.
Word limit: 3,000
Please indicate the exact word count at the end of your assignment.
Format and Presentation Font, Font Size and Spacing The recommended font is Times New Roman and the recommended font-size is 12. Choose 1.5 line spacing. Tables, Figures and Equations Tables and figures shall be numbered consecutively throughout the assignment. For example, Table 1, Table 2, Figure 1, Figure 2 etc. Equations should be numbered and numbers should be in round brackets at the right hand side of the page and be ordered consecutively throughout the assignment. Citations and References Harvard referencing system is required.
Learning Outcomes to be assessed (as specified in the validated module descriptor https://icis.southwales.ac.uk/ ):
Apply and evaluate financial derivatives for managing risk in an international context.
Understand roles of international financial markets in financial management of a company with international operations
Grading Criteria:
Determination and predictability of foreign exchange rate (15%) Formation of different hedging strategies (15%) Comparison of proceeds from different hedging strategies (15%) Hedging strategy recommendation (5%) Discussion of the importance of international financial markets for the company (10%) Discussion of uses of international financial markets in corporate financial management (20%) Critique whether the international financial markets help the company to achieve its business vision and objectives (10%) Format and presentation (10%)
Feedback/feed-forward (linked to assessment criteria): Areas where you have done well:
Feedback from this assessment to help you to improve future assessments:
Other comments
Mark:Marker’s Signature:Date:
Work on this module has been marked, double marked/moderated in line with USW procedures.
Provisional mark only: subject to change and/or confirmation by the Assessment Board
Part C: Reflections on Assessment (to be completed by student – optional)
Use of previous feedback:
In this assessment, I have taken/took note of the following points in feedback on previous work:
Please indicate which of the following you feel/felt applies/applied to your submitted work A reasonable attempt. I could have developed some of the sections further. A good attempt, displaying my understanding and learning, with analysis in some parts. A very good attempt. The work demonstrates my clear understanding of the learning supported by relevant literature and scholarly work with good analysis and evaluation. An excellent attempt, with clear application of literature and scholarly work, demonstrating significant analysis and evaluation.
What I found most difficult about this assessment
The areas where I would value/would have valued feedback:

1 University Academic Misconduct Regulations

2 Information on exclusions to this rule is available from the Advice Centre at each Campus

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