ECONS507-22G (HAM)
Quantitative Skills for Finance and Economics
15 Points
Staff
Convenor(s)
Susan Olivia
4112
MSB.2.11
susan.olivia@waikato.ac.nz
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Administrator(s)
Librarian(s)
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Paper Description
The exponential growth in the availability of data requires that students are able to make informed decisions using data, and effectively communicate their data analyses.This course covers the analytical and statistical techniques that business and management students are most likely to use in their future courses and professional careers. Students will learn different types of data analytics methods and their applications to problems in accounting, economics, finance, marketing, and business in general.
This course uses a combination of lectures, case discussions, lab sessions and student presentations. Students will have hands-on work with data and Microsoft Excel. Weekly computer-based workshops aim to enhance understanding of how the techniques introduced in lectures apply in a business context. Topics to be covered include presenting data using visual and descriptive statistics, measuring and understanding the relationship between variables, predictive analytics and prescriptive analytics tools. Empirical examples from economics, finance, accounting, and marketing will illustrate the material covered. Emphasis will be placed on understanding concepts and analysis of data. The paper will also provide opportunities for students to enhance their teamwork and communication skills with an empirical group research project.
Paper Structure
This paper is delivered in a face-to-face format.
Two 3-hour in-class lectures and one 3-hour computer lab per week.
Lectures
The lectures will be focused on teaching quantitative methods to students who want to apply data and regression analysis techniques in the context of real-world empirical problems. They will also feature some discussion based on applied econometric theory, these will draw on practical examples that demonstrate the interpretation of results provided by various techniques.
Computer Labs
The main purpose of the computer labs will be to provide students with practical experience of using the econometric techniques covered in the lectures. In labs, you will be given a set of questions and exercises to complete using Microsoft Excel. The computer labs will also be a forum for students to discuss the lecture material and attempt various problem-solving exercises that might be set over the weeks.
In order to promote class participation and to provide immediate in-class feedback about specific concepts, we will use the Xorro-Q student response system. To participate, students will need an internet capable device (e.g. laptop, smartphone, tablet). The lecture theatres are Wi-Fi enabled and there are no data charges for accessing the Xorro-Q website on campus. Instructions on how to use Xorro-Q will be provided in class.
Learning Outcomes
Students who successfully complete the paper should be able to:
Assessment
Assessment Components
The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam.
Required and Recommended Readings
Required Readings
Camm, J., Cochran, J., Fry, M., Ohlmann, J., Anderson, D., Sweeney, D., and T. Williams (2020) Business Analytics, 4th edition, Cengage Learning. Earlier edition (3rd edition) of the book will also be suitable and it is available on course reserve at the library. This book is also available as an e-book from the University of Waikato library.
Recommended Readings
Koop, G (2013) Analysis of Economic Data, Wiley (on Course Reserve)
Duignan, J. (2014) Quantitative Methods for Business Research Using Microsoft Excel, Cengage Learning (On Course Reserve)
Hyndman, R. and Athanasopoulos, G. (2018) Forecasting: Principles and Practice, 2nd ed., OTexts: Melbourne, Australia (freely available online at https://otexts.com/fpp2)
Blastland, M. and Dilnot, A. (2010) The Numbers Game: The Commonsense Guide to Understanding Numbers in the News, in Politics and in Life, Penguin Publishing Group
Cairo, A. (2019) How Charts Lie: Getting Smarter about Visual Information, WW Norton & Company
Tipoe, E. and Becker, R. (2020) Doing Economics: Empirical Projects (freely available online at http://www.coreecon.org/doing-economics/)
Harford, T. (2021) The Data Detective: Ten Easy Rules to Make Sense of Statistics, Penguin Publishing Group
If you have a spare hour, we highly recommend watching The Joy of Stats, featuring the late Hans Rosling. His enthusiasm for statistics is infectious and his graphic data visualizations are terrific. You can stream the video here: https://www.gapminder.org/videos/the-joy-of-stats/
Other Resources
In addition to the required textbook, students are encouraged to read widely including the business section of newspaper, the Economist magazine, and other similar sources. Additional paper resources will be made available on Moodle.
The following websites are examples of Data Analytics being used in practice:
World Development Report 2021: Data for Better Lives
https://www.economist.com/graphic-detail
- NZX Company Research, which provides historical information on New Zealand Companies
- Datastream which provides key data sets from both developed and emerging markets. Current and historical data is available variables such as - equities, market indices, company accounts, economic indicators, bonds, foreign exchange, interest rates, commodities and derivatives.