International Finance and Responsible Financial Management

Assessment Brief – Newcastle Business School
Programme: Business with Financial Management/Business Management (Finance
Pathway)/ International Banking and Finance/Banking and Finance/
Accounting and Finance/Combined Business Credits and as applicable.
Module Code: PE6005
Module Title: International Finance and Responsible Financial Management
Distributed on: For immediate release
Submission
Time and Date: 25th September at 23:59 BST
Word Limit: Academic Essay of 1500 words supported by 3 blog appendices of no
more than 700 words each.
Weighting This coursework accounts for 100% of the total mark for this module
Submission of
Assessment This module is submitted via Blackboard using Turnitin
Submission. You will find a Turnitin link on the module’s blackboard
site.
It is your responsibility to ensure that your assignment arrives before
the submission deadline stated above. See the University policy on late
submission of work (the relevant extract is set out below).
Please note that assignments are subject to anonymous marking.
Instructions on Assessment:
This assessment is made up of an academic essay of
1500 words supported by 3 blog appendices (700 words
each).
Academic Essay – The creation of shareholder value –
The Impact of the Global Covid-19 Pandemic on
Corporate Finance.
(1,500 words excluding Blogs)
The following are extracts from the financial press:
Income investors wondering how fast their dividends might
recover from the pandemic may not have to wait much
longer for good news. The rate of decline in UK payouts fell
in the three months to March to its lowest quarterly rate
since Covid-19 first struck, according to Link Group, an
investor services company. The headline figure — a 26.7
per cent drop — hardly looks reassuring. But the rate of
decline has been shrinking quarter by quarter since the 48.2
per cent plunge in the dire days of April to June last year.
Link forecasts increases from now on, predicting a 5.6 per
cent rise in underlying dividends, excluding special payouts,
over 2021. Over the 12 months to March, covering the
period since the pandemic hit the UK, dividends dropped
41.6 per cent, as two-thirds of companies cancelled or
reduced payouts. Investors altogether lost £44.8bn, Link
said, with 30 per cent coming from oil groups. But even in
tough conditions, there were some dividend winners. Food
retailers raised payouts 22 per cent, led by Tesco.
Consumer basics, headed by Unilever and Reckitt
Benckiser, also posted dividend increases over April 2020 to
March 2021. “The outlook is brightening,” Link said.
“Banking dividends are returning, though at low levels and
there are positive signs from miners, insurance and media
companies.” David Smith, fund manager of Henderson High
Income Trust, agreed. “While the last year has been painful
for income investors, we can now look forward to aggregate
dividends growing from their lowered base,” he said.
(FT.com ‘Glimmer of hope in U.K Dividend drought’, April
28th 2021)
Panasonic is paying $7.1bn to acquire US supply chain
software company Blue Yonder in a deal that highlights the
changing global business environment of the pandemic and
a resurgence of overseas acquisitions by Japanese
companies. Under the agreement announced on Friday,
Panasonic will build on the 20 per cent stake it acquired in
Blue Yonder last year. It will buy the remainder of the
company from private equity groups Blackstone and New
Mountain Capital in a deal that, including debt, values the
target at $8.5bn. The US group’s enterprise value has
jumped from $5.5bn a year ago as supply chain disruptions
during the pandemic boosted demand for software that
helps companies manage logistics and shipping. Earlier this
month, Blue Yonder revealed that it was preparing to go
public after filing paperwork with the Securities and
Exchange Commission. For Panasonic, the deal will allow it
to combine Blue Yonder’s software with its traditional
business of selling hardware such as security cameras. It
will be the group’s biggest overseas acquisition and the first
under its new chief executive Yuki Kusumi, who took up the
post this month… The pandemic, which limited international
travel and made hands-on due diligence more difficult,
caused a sharp slowdown in outbound deals in 2020. But in
the first quarter of 2021, said Bank of America analysts in a
note this week, Japan’s overseas dealmaking staged a
surprise resurgence. Companies collectively undertook
$29bn in cross border M&A, the highest January to March
figure of recent years, involving a near-record high of 110
deals.
(FT.com Panasonic to pay $7.1bn for supply chain software
Blue Yonder, April 23rd 2021)
Requirement
You are, in an academic essay format (70% of marks),
required to answer one of the following two tasks.
Task 1: You are to critically evaluate the literature on Dividends and Dividend Policy and using
examples from the financial press, assess the impact of the Covid-19 pandemic on the dividend
decision of companies throughout the different phases of the pandemic. You are to reach a
conclusion as to whether dividend policy has a substantive impact in the creation or destruction of
shareholder wealth.
Task 2: You are to come to conclusion, supported by the academic literature, as to the ability of
managers to value companies in the context of the global Covid-19 pandemic and to create
shareholder value by engaging in merger and acquisition activity. You should make reference to
current examples of merger and acquisition activity from the financial press.
Guidance Notes:
o You are expected to use strong and reputable business news sources such as the
Financial Times and Bloomberg to read around and develop your understanding of
the cases you use.
o You may use the companies mentioned in the above extracts as a starting point, but
you should widen your research to include other examples to support your
arguments. You are not limited to the U.K for examples.
o Your answers should focus specifically on the impact of the covid-19 pandemic on
companies. This theme runs through the assessment. Therefore you should use the
academic literature to support your arguments but should not expect to gain
information about the global pandemic from the literature. You are strongly
encouraged to use real-world examples from different phases of the pandemic.
Your answers should specifically be written in an academic
essay format and not in the format of a business report.
Essays specifically should not include headings, section
headings, etc. Your essay should concentrate particularly
ensure that there is considerable flow and cohesion
between the paragraphs. It is advised that you make good
use of the writing support materials on the Blackboard site.
Specifically all students will benefit from reading through the
following guidance on essay writing:
https://writingcenter.fas.harvard.edu/pages/overviewacademic-essay.
Blog Appendices
(30% of Marks; 10 marks per blog)
1. This essay is to be supported by three blog
appendices. Students should write blogs to cover topics
related to each of three out of the four syllabus areas
covered in the module (creating value, core concepts of
corporate finance, financial investment, financial
ethics). Students will receive a maximum of 10
marks for each Blog post submitted (30 marks total).
Blog posts do not have to be about the pandemic and
can be on any contemporary issue. Students are
encouraged to complete blogs throughout the semester
although these are submitted during the assessment
period.
2. Each of the three Blog posts should reflect on a real-world contemporary issue (please ensure your
blogs are current). Students should demonstrate their ability to apply theory to real world cases and
reflect on what they are being taught in seminars, lectures and through the directed reading relates
to the real world which they are discussing. Good Blog posts would be in-depth, considered, and
displaying a mature ability to analyse, disseminate and discuss. Poor Blog posts are descriptive in
nature and display only a surface appreciation of the issues. The maximum word length is 700
words per blog.
3. It is advised that students use a free Blog service like
Google’s Blogger. Students are not restricted to
Blogger and may use any blogging service.
4. Students may design their Blog how they wish,
however it is requested that they both refrain from links
to unsuitable websites and that they remember the
university’s internet usage policy when posting and
designing their blogs.
5. Be creative and don’t view this as a chore or requirement. Try and take time rather than rushing this.
The Blog is marked on depth of reflection and consideration. Remember that deep and considered
blog posts will allow you to evidence more and maximise your “critically assess” and “critically
analyse”
6. Bring in contemporary issues or things happening that week in the news. Use the Blog to display what
you’ve been reading about. Perhaps before blogging have a search through the Financial Times for
that week or have a read of what other top business journalists are talking. Try and make your blog
posts as contemporary and timely as possible to maximise marks. Don’t Blog about something what
happened last year, Blog about things happening now, and things you may want to talk about in
interviews with future employers.
Late submission of work
Coursework submitted more than 1 day (24 hours) after the published hand-in deadline without approval
will be marked as zero but will be eligible for referral. The reassessment, should where appropriate, and as
determined by the Module Leader, be the same method (e.g. essay) but maybe with a different task (e.g.
different essay title) or with the same task (e.g. the same essay title) as indicated in the Module handbook.
In modules where there is more than one assessment component, Students are not required to complete all
assessment components if an overall Pass Mark (40% UG, 50% PGT) has been achieved. The only
permitted exception will be in cases where the University is prevented from doing so by a PSRB
requirement.
In the case of PSRB requirements, a variation order will be required from the regulations.
In modules, where there is more than one assessment
component and an overall pass mark has not been
achieved, Students will be eligible for a referral* in the
individual failed module and/or not attempted component(s)
of assessment.
These provisions apply to all assessments, including those
assessed on a Pass/Fail basis.
The full policy can be found here.
Word limits and penalties
If the assignment is within +10% of the stated word limit no
penalty will apply.
The word count is to be declared on the front page of your
assignment and the assignment cover sheet. The word
count does not include:
• Title and
Contents page
• Reference list • Appendices
• Appropriate tables,
figures and
illustrations
• Glossary • Bibliography
• Quotes from
interviews and
focus groups.
Please note, in text citations [e.g. (Smith, 2011)] and direct
secondary quotations [e.g. “dib-dab nonsense analysis”
(Smith, 2011 p.123)] are INCLUDED in the word count.
If this word count is falsified, students are reminded that
under ARTA this will be regarded as academic misconduct.
If the word limit of the full assignment exceeds the +10%
limit, 10% of the mark provisionally awarded to the
assignment will be deducted. For example: if the
assignment is worth 70 marks but is above the word limit by
more than 10%, a penalty of 7 marks will be imposed, giving
a final mark of 63.
Students must retain an electronic copy of this
assignment (including ALL appendices) and it must be
made available within 24hours of them requesting it be
submitted.
Note: For those assessments or partial assessments
based on calculation, multiple choice etc., marks will be
gained on an accumulative basis. In these cases, marks
allocated to each section will be made clear.
Academic Misconduct
The Assessment Regulations for Taught Awards (ARTA)
contain the Regulations and procedures applying to
cheating, plagiarism and other forms of academic
misconduct.
The full policy is available here.
You are reminded that plagiarism, collusion and other forms
of academic misconduct as referred to in the Academic
Misconduct procedure of the assessment regulations are
taken very seriously by Newcastle Business School.
Assignments in which evidence of plagiarism or other forms
of academic misconduct is found may receive a mark of
zero.

Page 5 of 7
Assessment Brief – Newcastle Business School
Module Learning Outcomes (MLOs)
What will I be expected to achieve?
(SRS 0005)
Knowledge & Understanding:
• You will be able to come to reasoned, critical
judgements regarding the impact of financing and
dividend decisions on shareholder wealth with an
ability to contrast theory from practice. [LO1]
• You will be able to propose justifiable, sustainable and
Programme (Level) Learning Outcomes that this
module contributes to:
Knowledge & Understanding:
• Assess knowledge of contemporary professional
practice in business and management informed
by theory and research. [6.1.1]
• Appraise knowledge of business and management
to complex problems in professional practice i