University of Portsmouth ___________________________________________________________________________________ 8 Appendix 1 Online Quiz (Moodle) – 10% Scope: Topic 1 to Topic 6. To answer 15 Multiple Choice Questions Date: Monday, 12 February 2018 Duration: 45 minutes, from 9:00 pm to 9:45 pm. Note: 1. Students are to ensure, before the quiz date, that they are registered for the module. 2. Students who missed the quiz with a valid reason, will have the 10 percent weighting transferred to the assignment, hence making the assignment weighting to be 30%. Please submit the documentary evidence to Kaplan. If there is no valid reason provided, the student will have failed the 30% coursework component. Individual Assignment – 20% Assignment: Share Trading Assignment Objectives You are given a notional SGD 100,000 to invest on the Singapore stock market in shares selected from the list of shares in the FTSE ST ALL Share Index (listed on the SGX). You need to split your investment 50:50 between two portfolios of shares, one where you select the shares by technical analysis and the other by fundamental analysis. Your aim is to beat the market with both portfolios. It is important you can demonstrate that you know the difference between these methods. You need to compare and contrast the two portfolios and you need to make explicit reference to EMH in your analysis. Submission Requirements ï‚· You need to submit a 2000-word report on your trades, including full referencing according to APA. ï‚· It needs to be submitted to Turnitin. ï‚· An appendix with a spreadsheets of your trades (these should not be submitted to turnitin) Assignment Requirements ï‚· You are given a notional SGD100,000 to invest in the Singapore stock market. ï‚· Use historical and live market data from Tuesday, 26 December 2017 to Friday, 16 February 2018. This means that you are going to have to use short-term investment strategies. You will have at least 2 weeks to finalize and to submit theUniversity of Portsmouth ___________________________________________________________________________________ 9 report by 8 March 2018, but you should progressively do parts of the report as you trade during this period. ï‚· The aim is for you to try to beat the market. The market is represented by the FTSE ST ALL Share Index â€“ if you do not â€˜beat the market you will not lose marks, most people will find it impossible to do better than experienced investors. You must calculate the return on the market from your first trade to your last trade in order to determine whether you have beaten the market or not. ï‚· The shares MUST be listed on the FTSE ST ALL Share Index. ï‚· You are not allowed to use derivatives, such as options or any short selling. ï‚· 50% of your investment must be based upon fundamental analysis and the other 50% on technical analysis (Based on two theories â€“ no more or less, just TWO). ï‚· Each of your portfolios must contain at least 10 companiesâ€™ shares. ï‚· You are allowed to trade as many times as you like. Recommended Format Introduction â€“ You need to explain the strategies you used and which if any of your portfolios beat the market. The target profit is a holding period return of at least 5 percent. [5 marks] Literature Review â€“ This section should provide theoretical and empirical evidence to demonstrate your understanding of EMH and Behavioural Finance and their conflicting view. [30 marks] Rational and Methodology â€“ How did you select the companies for your portfolios? You donâ€™t have to give a list of every company and why, it should be in general. The detail should be in the appendix. You need to make reference to the technical theories you have used and justify your approach, this should be done by making direct references to the journal articles read. [10 marks] Results and Analysis â€“ Critically evaluate the performance of your two portfolios. Did they beat the market? Which was the best? Your results should be referenced back to the literature review you have read on the type of analysis you have used and on the EMH. [30 marks] Conclusion â€“ Provide an informed conclusion to your report. [5 marks] Presentation: Structure, clarity, use of grammar, correct spelling, referencing. [10 marks] Appendix â€“ Spreadsheet of all of your trades, with notes on why you chose your companies. The spreadsheet needs to have profit and loss for each of your shares and should say your final profit. The spreadsheet needs to take account for trading costs, see below for details. [10 marks]University of Portsmouth ___________________________________________________________________________________ 10 Transaction costs When you purchase shares you must also pay Stamp Duty of 0.2% of the purchase price. There is no Stamp Duty payable when you sell your shares. You should also assume that you buy your shares online through an internet broker. Assume that the broker charges you a flat fee of SGD10.00 per trade, i.e. SGD10.00 when you buy and SGD10.00 when you sell. You can buy and sell in any amount you like. You do not have to buy in round amounts. For example, you could buy 798 shares or any other number you like. Sources of Data Obtain share prices and news from financial information sources like the SP Capital IQ Database, yahoo and Bloomberg. Reading Fama(1991) Efficient Capital Market: II. The Journal of Finance, Vol. 46, No.5 (Dec 1991), pp 1575-1617 Jagadeesh & Titman (1993) Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency. The Journal of Finance, Vol. 48, No. 1, (Mar., 1993), pp. 65-91 Dimson & Marsh (1998)Murphyâ€™s Law and Market Anomalies. Working Paper. pp1-35 Lakonishok, Shleifer; & Vishny (1994) Contrarian Investment, Extrapolation, and Risk The Journal of Finance, Vol. 49, No. 5. (Dec., 1994), pp. 1541-1578. De Bondt & Thaler (1985) Does the stock market overreact? The Journal of Finance, Vol 40, No 3. (July 1985) pp793-805 Submission Requirements ï‚· Your final report should be submitted to Turnitin, in addition a hard copy submission to the Assessment centre. ï‚· The appendix with a spreadsheet of your trades should not be submitted to Turnitin, however a hardcopy needs to be attached to the report prior to submission. ï‚· An Online Moodle Assignment submission is required. An assignment dropbox has been setup on the unit Moodle site for this. ï‚· Your report and any appendix should be submitted to this Moodle Assignment dropbox.University of Portsmouth ___________________________________________________________________________________ 11 Appendix 2: Policy on Late Submissions and Academic Integrity You are advised to read the following important documents before you commence your studies on this module: 1. Guidelines for the Late Submission of Coursework This document provides a detailed outline of the rules and regulations surrounding the presentation, submission and marking of assignments. The guidelines provided must be adhered at all times to avoid an unnecessary loss of marks. Further details can be found in your copy of Student Handbook. 2. A Briefing Document for Students on Academic Integrity and Plagiarism. The University understands plagiarism to be the inclusion of another personâ€™s writings or ideas or works, in any formally presented work (including essays, theses, examinations, projects, laboratory reports, oral, poster or slide presentations) which form part of the assessment requirements for a module or programme of study, without due acknowledgement either wholly or in part of the original source of the material through appropriate citation. Further details please refer to your copy of Student Handbook. Plagiarism is a form of academic dishonesty. In any assignment, plagiarism means that you have presented information or ideas belonging to someone else falsely as being your own original thoughts on a subject. All assessments/projects submitted must be the result of your own work. The following statement must be included on t
he cover page of all assignments submitted: I declare that all materials included in this essay/report/project/dissertation is the end result of my own work and that due acknowledgement have been given in the bibliography and references to ALL sources be they printed, electronic or personal. Signed: Student name/s, student number Date:University of Portsmouth ___________________________________________________________________________________ 12 Appendix 3: Grading System This section of the Study Guide provides students with details of the UOP grading system and also explains criterion referenced grading (UOP Policy). Under criterion referenced grading, students are graded on the quality of their work without reference to other students (norm referenced). For instance, the submission that meets the required guidelines in terms of writing style, analysis, description and / or summary will be awarded according to the standards set out. All studentsâ€™ work is graded to indicate the standard attained using the criterion referenced approach.Table 1: UOP Grading System Grade criteria (Levels 4â€“8) â€“ General criteria applicable to essays, reports and aspects of projects and dissertations Levels 7 & 8 Level 6 Level 5 Level 4 80+ As below plus: â€“ able to express an original reasoned argument in a lucid manner by reviewing and critiquing a wide range of material. Original, critical thinking based on outstanding insight, knowledge and understanding of material. Material contributes to current understanding and is of potentially publishable quality in terms of presentation and content. research showing breadth and depth of sources. As below plus: â€“ contains accurate, relevant material, demonstrates understanding of complex subject matter and is able to view it in a wider context. Shows originality and confidence in analysing and criticising assumptions, is aware of the limits of knowledge. Likely to add new insights to the topic and approaches the quality of published material. extensive research, uses and presents references effectively. in terms of organisation, structure, use and flow of language, grammar, spelling, format, presentation, diagrams, tables etc. As below plus: nt work which contains relevant material and shows analysis, originality or creativity of approach and a clear, wellarticulated understanding of the subject matter. incorporating up-todate, relevant original material. Accurate citation and use of references. no errors in organisation, structure, grammar, spelling, punctuation, use of diagrams and tables. As below plus: often shows some originality or creativity of insight and approach, is wellarticulated and demonstrates a good thorough understanding of the subject matter at an introductory level. considerable research beyond recommended textbooks and the Internet. There may be some attempt to cite references. References and / or bibliography presented according to subject convention. -presented, wellstructured, good organisation with few or no errors in grammar, spelling or punctuation. Presentation of diagrams and / or tables follows required format. 70â€“ 79 As below plus: â€“ contains accurate, relevant material, demonstrates understanding of complex subject matter and is able to view it in a wider context. Shows originality and confidence in analysing and criticising assumptions, is aware of the limits of knowledge. extensive research, uses and presents references effectively. organisation, structure, use and flow of language, grammar, spelling, format, presentation, diagrams, tables etc As below plus: which is clearly written, well argued and covers the subject matter in a thorough, thoughtful and competent manner. Contains some originality of approach, insight or synthesis. research and good use of source material. Good use and presentation of references presentation, organisation, grammar, spelling, punctuation, diagrams and tables.University of Portsmouth ___________________________________________________________________________________ 14 Levels 7 & 8 Level 6 Level 5 Level 4 60â€“69 As below plus: coherent critical and rigorous analysis of the subject matter. Detailed understanding of knowledge and theory expressed with clarity. relevant and current literature to view topic in perspective, analyse context and develop new explanations and theories. As below plus: â€“ contains most of the information required, is accurate and relevant and demonstrates understanding of the subject matter and attempts to view it in a wider context. Shows some originality of thought with good critique and analysis assumptions, is aware of the limits of knowledge. -researched, good use and presentation of references. organisation, structure, use and flow of language. As below plus: – presented piece of work covering much of the subject matter and which is clearly and lucidly written. Good attempt to consider and evaluate the material presented. the topic area and satisfactory use of sources and references. organisation, structure, use and flow of language, grammar, spelling, format, diagrams, tables etc. As below plus: covers the subject matter in a thorough, thoughtful and competent manner with few errors or gaps in content, explanation or accuracy. presented according to subject convention. written, few errors in structure, organisation, expression, grammar, spelling, punctuation, and presentation / use of diagrams and / or tables. 50â€“59 As below plus: grasp of pertinent issues and a critical contextual overview of the literature. Thorough knowledge of theory and methods and uses this to underpin arguments and conclusions. understanding and using literature. As below plus: address the topic with some understanding and analysis, key aspects of the subject matter covered. primary sources. Appropriately cited and presented references. presentation with respect to presentation, organisation, language, grammar, spelling, format, diagrams, tables etc. As below plus: understanding of the topic area with some attempt to discuss material. of research in the topic area extending beyond key texts. presentation and / or use of references / bibliography according to convention. follow directions regarding organisation, structure, use and flow of language, grammar, spelling, format, diagrams, tables etc. As below plus: covering the basic aspects of the topic. research beyond recommended texts with attempt to present / use references / bibliography according to subject convention. instructions regarding organisation, expression, grammar, spelling, punctuation, and presentation / use of diagrams and / or tables. 40â€“49 Demonstrates grasp of key concepts and an ability to develop and support an argument in a predominately descriptive way with valid conclusions drawn from the research. literature which is cited and presented according to convention. structure, well organised with good use of language and supporting material. Adequate work which attempts to address the topic with limited understanding and analysis. texts, Internet and key reference sources with reference citation and presentation according to convention. directions regarding organisation, structure, use and flow of language, grammar, spelling, format, diagrams, tables etc. Adequate work that attempts to address the topic and demonstrates some understanding of the basic aspects of the subject matter using mainly books and Internet. Attempts to use and / or present references / bibliography according to convention directions regarding organisation, structure, use and flow of language, grammar, spelling, format, diagrams, tables etc Adequate descriptive work that attempts to focus on and show basic grasp of the topic. mainly provided material. Attempts to use and / or present references / bibliography according to convention. attempting to follow instructions regarding organisation, expression, grammar, spelling, punctuation, and presentation / use of diagrams and / or tables.University of Portsmouth ___________________________________________________________________________________ 15 Levels 7 & 8 Level 6 Level
5 Level 4 30â€“39 FAIL â€“ Some knowledge of relevant concepts and literature but significant gaps in understanding and / or knowledge. Little attempt at evaluation, conclusions vague, ambiguous and not based on researched material. Limited or inappropriate research. Deficits in length, structure, presentation and / or prose. FAIL â€“ Anything which is inadequate in most or all of the following: length, content, structure, analysis, expression, argument, relevance, research and presentation. Work in this range attempts to address the question / problem but is substantially incomplete and deficient. Serious problems with a number of aspects of language use are often found in work in this range. FAIL â€“ Work in this range attempts to address the question / problem but is substantially incomplete and deficient. Serious problems with a number of aspects of language use are often found in work in this range and the work may be severely under / over-length and / or fails to grasp the nature of the topic matter. Content, analysis, expression, structure and use of sources will be very weak or missing. FAIL â€“ Anything which is inadequate in most or all of the following: length, content, structure, organisation, expression, discussion, explanation, accuracy and relevance. Work in this range attempts to address the question / problem but is substantially incomplete and deficient. Serious problems with a number of aspects of language use are often found in work in this range and the work may be severely under / overlength. 0â€“29 FAIL â€“ No serious attempt to address the question or problem, and / or manifests a serious misunderstanding of the requirements of the assignment. Acutely deficient in all aspects. FAIL â€“ No serious attempt to address the question or problem, and / or manifests a serious misunderstanding of the requirements of the assignment. Acutely deficient in all aspects. FAIL â€“ No serious attempt to address the question / problem, and / or manifests a serious misunderstanding of the requirements of the assignment. Acutely deficient in all aspects.