FINANCE RESEARCH PROJECT (BE937)

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FINANCE RESEARCH PROJECT (BE937)
Guidance Notes for Students
2019-20
Module Leaders:
Dr Jose Liñares-Zegarra (Autumn Term)
Dr Anna Sarkisyan (Spring Term)
This version: 06/10/2019
(Provisional version – subject to changes)
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Contents
1. Introduction ………………………………………………………………………………………………………….3
2. Assessment details …………………………………………………………………………………………………4
3. Finance capstone project Schedule Overview………………………………………………………………5
4. Working on your finance capstone project ………………………………………………………………….6
4.1 Supervisory meetings……………………………………………………………………………………………….6
4.2 Ethical procedures …………………………………………………………………………………………………..8
5. Finance capstone project structure ……………………………………………………………………………8
5.1 Title page…………………………………………………………………………………………………………….9
5.2 Acknowledgments………………………………………………………………………………………………..9
5.3 Executive Summary…………………………………………………………………………………………….10
5.4 Table of contents ……………………………………………………………………………………………….10
5.5 Introduction ………………………………………………………………………………………………………10
5.6 Literature review, including research question(s)…………………………………………………..10
5.7 Methodology and data (these can be separate sections) ………………………………………..11
5.8 Findings & discussion (these can be separate sections)…………………………………………..12
5.9 Conclusion…………………………………………………………………………………………………………13
5.10 References ………………………………………………………………………………………………………..13
5.11 Appendices (if any) …………………………………………………………………………………………….13
6. Submitting your finance capstone project …………………………………………………………………14
6.1 Final draft submission (Spring term)…………………………………………………………………………14
6.2 Presentation and Layout (draft outline and final dissertation) …………………………………….14
6.3 Final submission checklist……………………………………………………………………………………….14
7. Finance capstone project library ……………………………………………………………………………..15
8. Retention of research material and data …………………………………………………………………..15
9. Marking criteria for the draft outline ……………………………………………………………………….16
10. Marking criteria for the dissertation ………………………………………………………………………..17
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1. Introduction
Writing a capstone project is an important and necessary part of your studies on the programme. It
is an intellectual journey in which you can apply the knowledge gained throughout their programme
of study and to further engage with this knowledge in greater detail to produce a piece of work
independently. These guidelines are intended to support the design, conduct and writing of your
capstone project. They are intended to complement the guidance you will receive from your
supervisor that is suited to the specific characteristics of your research project.
As an important part of the undergraduate finance related programme, the finance capstone project
carries 15 credits. The capstone project is a unique piece of work designed to develop the kind of
skills you will need for work, as well as to develop your specific ability to analyse real problems using
an academic lens. It does, however, take time, discipline and patience. The finance capstone project
requires planning and organisation and you must balance between the ideal and what is practical
given the time and resources available.
Developing a dissertation can be satisfying and very exciting, not least because it provides an
opportunity to work independently on issues that are of interest to you. It is also a very challenging
task that demands hard work, self-discipline and imagination. It is not a task that can be left to the
last minute. A key criterion is that YOU attend all scheduled meetings with your supervisor
throughout the academic year. However, please be aware that this is your project and your
supervisor is there to guide you; s/he will not tell you what to write or think.
The following represent some core principles for all finance capstone projects:
 In your finance capstone project, you will undertake a thorough review of literature and of
current knowledge.
 The finance capstone project will demonstrate your ability to synthesise theories and to relate
theory and practice in a critical manner.
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The best finance capstone projects show originality in their approach and insights gained, criticality
in the way ideas and arguments are presented and analytical sophistication in the way ideas are
scrutinised.
2. Assessment details

(*) The assignment should not exceed the word length set out above. It is not advisable to submit a piece of work, which
is significantly shorter than the word length set out above, as you may risk not including enough material in your project
to achieve a pass.
The assessment scheme aims to examine the student on her achievement with respect to key
research competencies, assessed in the following way:
 Draft outline (2,000 words – 30%)
The draft outline should include a clear indication of the project structure, aim and objectives. The
draft is expected to include a literature review which should demonstrate evidence of a critical
appraisal of published work (e.g. background, data, methods and techniques, key results, etc.) along
with a clear identification of gaps in knowledge and areas requiring further research.
The (preliminary) research questions or hypotheses to be tested should then be clearly stated. The
draft should also include a brief report of the progress to date and a forward plan, where a discussion
of the data and methodology to be used in the project along with the timeframe of the project should
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be clearly stated. The list of references is NOT included in the word count of the draft outline. Marking
guidelines are given at the end of this document.
 Final dissertation (6,000 words – 70%)
The evaluation will be based on the organisation and structure of the dissertation, the use of
econometric techniques (i.e. regression analysis, hypothesis testing, and model-building),
understanding, analysis and interpretation of the empirical results, and observance of scientific
conventions such as referencing.
As a measure toward ensuring impartiality, the supervisor is not permitted to act as first marker of
the final dissertation. Therefore, the final dissertation will be second marked by the supervisor and
first marked by another member of staff. Marking guidelines are given at the end of this document.
3. Finance capstone project Schedule Overview

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4. Working on your finance capstone project
Completing a capstone project is a measure of a student’s individual ability. You must demonstrate
that you are able to work independently and professionally in terms of managing the project and
dealing with relational, methodological and content-related dimensions of the process. The finance
capstone project should be 6,000 words excluding the table of contents, acknowledgements,
executive summary (abstract), references and appendices. Your dissertation supervisor may refuse
to read anything beyond this limit.
4.1 Supervisory meetings
The supervision format includes 4 meetings on a one-to-one basis (30 minutes per meeting), typically
during the designated academic support hours of your supervisor: 2 meetings during the autumn
term and 2 meetings during the spring term. 1 additional optional meeting (30 minutes) can be
scheduled with your supervisor in the spring term where the supervisor will provide you with detailed
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comments and feedback on your final draft and discuss any issues that need to be dealt with prior to
the final submission. This is an optional meeting conditional on the submission of a first full draft
of the dissertation before the meeting.
Once your finance capstone project supervisor has been allocated, you should contact your
supervisor to arrange the first meeting to discuss your plan and to make arrangements for further
progress meetings.
In preparation for your first meeting:

Students are expected to leave each meeting with a clear idea of what to do next. You can assume
that the project as you initially conceived of it will evolve as the project progresses. By “evolve” we
mean that the particular aspect of the topic which becomes central to the project may well change,
in one direction or another as the project progresses. As a result, you may adjust your project title,
final research questions or data collection method as you develop your work. This evolution or ‘fine
tuning’ of a project is quite usual.
All meetings along with agreed outcomes and action points should be recorder in the LEAP platform.1
You must have consistent contact with your supervisor over the entire capstone project period.
1 You can find out more on the university LEAP webpage https://www1.essex.ac.uk/students/study-resources/leap.aspx
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Anyone experiencing genuine difficulties should contact their supervisor, AND myself as soon as
possible.
4.2 Ethical procedures
The application form for ethical approval MUST be completed for any research involving human
participants conducted in or by the University. ‘Human participants’ are defined as including living
human beings, human beings who have recently died (cadavers, human remains and body parts),
embryos and foetuses, human tissue and bodily fluids, and human data and records (such as, but not
restricted to medical, genetic, financial, personnel, criminal or administrative records and test results
including scholastic achievements). Research must not commence until written approval has been
received.
A small number of projects may require ethical approval, especially those directly involving living
human subjects. While some guidance on the ethical approval process will be provided in the
introductory lectures, it is very important that you discuss your project plans and research ethics with
your supervisor. The final date for submission of ethical approval applications is Friday 6th December
2019. Guidance and reminders on the application process will be provided during Autumn Term. If
you are granted ethical approval for your research project you will be emailed a letter confirming
this. A copy of this letter must be included in an appendix to your dissertation.2
5. Finance capstone project structure
The finance capstone project takes the form of “a piece of empirical data-based research, conducted
on a topic or issue of relevance to banking and finance”. Remember to seek the advice of your
supervisor about the exact structure you choose to adopt.3 The finance capstone project should be
2 Additional information is available on Moodle: https://moodle.essex.ac.uk/course/view.php?id=3119
3 These guidelines are neither definitive nor comprehensive. The actual structure of your dissertation may vary according
to the topic and methods selected. Further guidance will be available from your supervisor.
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6,000 words excluding the table of contents, acknowledgements, executive summary (abstract),
references and appendices. Any tables or figures included in the text of your project will add to the
word count limit. A common structure is as follows:

It is also a good idea to look at the structure used in published peer-reviewed empirical studies.
5.1 Title page
The title of your dissertation should be succinct yet clearly specify the content of the project. This
should be brief, descriptive and explicit. Thirty words is normally the maximum length. Title changes
are common. Changes to your title should be discussed and agreed with your supervisor. You should
always include the word count on the title page.
5.2 Acknowledgments
It is customary to acknowledge any help, advice and support that you have received during the finance
capstone project process.
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5.3 Executive Summary
This is a concise summary of your dissertation. The executive summary must not exceed one page in
length and should briefly discuss the key insights gained from the study. It should be structured in at
least the following six parts: (1) Research Purpose (2) Research Design (3) Findings (4) Research
Limitations (5) Research Implications [Theoretical / Practical] (6) Originality / Value.
5.4 Table of contents
You might want to provide a table of contents for your finance capstone project. A good table of
contents includes the numbers and titles of all chapters (and sections, where appropriate), the
reference list and all appendices, including page numbers for each. If your finance capstone project
contains a large number of tables, figures, etc., your finance capstone project supervisor will be able to
advise whether including all this information is advisable. The table of contents is not included in the
overall word limit.
5.5 Introduction
A good dissertation should have a clear introduction. It will give details of the research topic you have
decided to focus on, why the topic is of interest, what the gaps are in knowledge, how your capstone
project ‘adds value’ to previous research (i.e., what is new). This section should introduce the topic of
research and outline why your research area is of value or significance. What are the objectives of the
research? Why is it important? Remember that a good dissertation is analytical and not merely
descriptive. You can answer a question in a variety of different ways. In your introduction, you will
also provide an outline of the dissertation (i.e., what different sections/chapters will focus on).
5.6 Literature review, including research question(s)
The literature review is a chapter where you should review literature relevant to your research project
to provide a framework within which your empirical material can be evaluated. This chapter should
locate your proposed research within appropriate theoretical and/or policy/practice contexts. It
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should be succinct; that is you should not attempt to describe a whole body of literature in detail.
Instead, you should focus on those areas that are relevant to your research aims and questions and
should link directly to your investigation. Be critical in your approach by highlighting contentious or
understudied areas. The library has a comprehensive list of resources available that should help you
to write a robust literature review.
A good literature review does more than simply restate the literature. You need to consider the
difference between a literature report and a literature review. A report of the literature simply
describes what theoretical and empirical work exists in the topic area under discussion, summarising
perhaps but not adding analysis or commentary. A literature review goes much further. It discusses
theoretical and empirical work thematically, bringing out inconsistencies and controversies and
relating your detailed research questions to that discussion. A literature review rather than a literature
report is needed for a finance capstone project.
The literature review should culminate in a summarising section that discusses what is known about
your research topic. Gap(s) in the literature will be also identified in this section and it should also
include the research question(s) that you will ask in order to achieve your aims and objectives. You
may only have one research question or you may decide that your research can support two or more
questions. In general, the research question(s) will emerge as a result of the literature review.
5.7 Methodology and data (these can be separate sections)
Give details of the methods you have used. Why have you used these methods? How do they enable
you to answer the research question? What are the strengths and limitations of your methods?
If you are carrying out primary research you need to say how you obtained your data and sample, how
you have ensured anonymity of participants, and any other ethical issues. You need to explain how
you obtained data. If you are carrying out secondary data analysis, you need to describe the data set
you are using and relevant variables. Your supervisor will be able to advise you further. Where there
are constraints on the kind of investigation that you can conduct, you should acknowledge them here
and discuss any implications on your work.
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If you are conducting research that involves the participation of individuals or organization(s), as part
of your discussion of research methods in the finance capstone project, you should include the ethical
issues raised by the practice of writing about other people’s lives. Where appropriate, you need to
ensure that your research participants are aware of the kinds of things you are planning to write. It is
expected that you use pseudonyms and change identifying details to protect the research participants’
right to anonymity. It is important that if you are conducting research on or about human participants,
you MUST receive ethical approval for your research BEFORE collecting any data and the need for
informed consent and confidentiality.
5.8 Findings & discussion (these can be separate sections)
The findings chapter contains the original findings of your research, which should be clearly presented.
Avoid over-burdening the reader with masses of data: produce summaries of the main findings. The
discussion chapter summarises your findings and indicates their implications for your research
questions. You should discuss how your findings support or challenge the theoretical / empirical
context set out in the literature review. Where there are differences, discuss possible reasons.
Be careful not to overstate your findings: remember that your method may be incomplete and your
conclusions open to different interpretations. When editing your work, try to anticipate any
weaknesses that a reader might find in your discussion and acknowledge / incorporate / change what
you have said to take them into account. It is important in this section that you reflect critically on the
strengths and weaknesses of your approach, but also assess and acknowledge the limitations of the
empirical research you have undertaken.
The discussion chapter functions as an appraisal and criticism of your work, in relation to the issues
raised in the introduction chapter. For some finance capstone projects, it may be more appropriate to
integrate the discussion with the presentation of empirical material. You will agree on the structure
of the findings and discussion chapters with your supervisor.
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5.9 Conclusion
The conclusion chapter should summarise the research findings as presented in earlier chapters and
highlight the contributions of your finance capstone project research. You should address questions
such as: What do you want the reader to know as a result of having read your finance capstone
project? How do your findings and/or discussion relate back to any broader issues you have raised in
the introduction? It is often very effective to highlight the contributions of your research in this
chapter.
You should also suggest further work or study needed on the topic, as well as ways the new work can
be used or applied in other cases. It is not meant to be a summary or restatement of the entire project,
which belongs in the executive summary. If you have developed any strong personal opinions about
the subject, which seem appropriate to relate, this is the place where such content is appropriate.
5.10 References
Your finance capstone project needs to include a list of all sources quoted in the text, including
academic journal articles and books, newspaper articles, information from trade journals, databases,
websites, etc., which should be presented in the Harvard referencing format. This section is not
included in the overall word limit.
5.11 Appendices (if any)
Note in this Section any original data / information that relates to the study but only if relevant. They
are not included in the overall word limit. If your dissertation involves conducting fieldwork with
human subjects, you must append the letter confirming ethical approval has been granted to conduct
the project.
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6. Submitting your finance capstone project
6.1 Final draft submission (Spring term)
For guidance purposes, students are recommended to email a full draft of their finance capstone
project well in advance of the final deadline, as agreed with their supervisor. Please be aware that
the supervisor’s role is to guide you – the responsibility for planning, carrying out and finishing the
research project according to set deadlines is yours. Remember that it usually takes longer to write
up your finance capstone project than planned. Do not leave things to the last minute!
6.2 Presentation and Layout (draft outline and final dissertation)

6.3 Final submission checklist
When you have completed your finance capstone project, please ensure that you answer all the
following questions in the affirmative:
1. Have you clearly presented the definition of the problem / research question(s) in the
introduction and/or literature review chapter?
2. Is the text structured in a logical way into chapters, section and sub-sections?
3. Are there cross-references between different chapters, sections, sub-sections, tables, figures
etc. to achieve flow?
4. Are your sentences clearly formulated and comprehensible?
5. Is the terminology appropriate?
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6. Are there references to both the seminal literature and recent advances in research?
7. Does the text have a convincing introduction and conclusion?
8. Is the layout of your finance capstone project clear and professional?
9. Have you checked the text for spelling mistakes, grammatical or linguistic errors?
If you require any guidance in completing your finance capstone project, please seek support from
your finance capstone project supervisor.
7. Finance capstone project library
If you do not wish to have your finance capstone project included in the electronic library, you
should advise the Undergraduate Administrator at the time results are announced.
8. Retention of research material and data
Given the possibility that you may be required to present evidence of your research material, you
MUST retain all notes and research data until after the final results are announced. Research data
includes the files comprising visualisations, computations or databases to support the dissertation
(e.g. in Access, Excel, Powerpoint, Eviews, Stata, etc.). Especially the submission of the computations
and estimations will enable the lecturer to distinguish between statistical imprecision and potentially
weak data. Students are advised to remember that statistical work requires a very high degree of
precision and, as in case of the plagiarism software; it is easy for an experienced pair of eyes to see
imprecisions or actual mistakes purely in the basis of the results. Hence, students are strongly advised
to be patient and conduct their statistical work as precise as possible.
Research material and data should be also available for review upon request by supervisors at any
time. Should a student fail to produce the required evidence when requested, the School may require
the student to provide specific evidence of their empirical work or to return to make an oral
presentation prior to agreeing the final mark.
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9. Marking criteria for the draft outline
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10. Marking criteria for the dissertation
2019-20 BE937 Finance Research Project Markers’ Report

First marker: On a scale of 1 to 5, where 1 is poor and 5 is excellent; rate the
dissertation on the following:

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1st Marker Comments
2nd Marker Comments

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