FPC008 Investment Advice Assignment 1 Instructions Assignment 1 marks: 90 | Referencing and presentation marks: 10 Total marks: 100 Total word limit: 1,200 words Weighting: 20% Download and use the Assignment Answer Template provided in KapLearn to complete your assignment. Your assignment should be loaded into KapLearn by 11.30 pm AEST/AEDT on the due date. Refer to ‘Time remaining’ on the ‘Assignment’ page in KapLearn to ensure you submit your assignment by the specified due date and time. Learning outcomes (LO) mapping LO2 Analyse efficient market hypothesis (EMH) with respect to the empirical evidence for it and its usefulness and applications for the provision of investment advice. Assignment structure, referencing and presentation Total marks Document classification: Confidential Marks 90 10 100 Assignment 1 details • This assignment principally covers Topic 2 and relevant sections of Topic 1. It accounts for 20% of your final grade. • There is one (1) question in this assignment. Answer all parts of the question. • Marks will be awarded for referencing and presentation. • Your overall mark for this assignment will be rounded to the nearest whole number. • Refer to the Criteria-Based Marking Guide for guidelines on what is expected for each question. • Full workings must be shown for all calculations. Show all calculations in the text of your assignment and not attached as an appendix. Appendices to the assignment will not be read. • Indicative weightings are noted beside each question. Use these weightings to assist you with your allocation of time and resources. The weightings indicate the relative importance of each question. • State all assumptions used in providing your answer. Policies • Marks will only be awarded for answers up to the word limit (plus 10%) for each question. Any material written after this will not be counted towards your mark for that question. Headings, quotes and references within the body of the answer are included in the word count. Numerical tables, calculations, and reference lists are not included. For more information on word counts and their rationale, go to Assessment → Assignment 1 → Assessment Preparation Guide. • The Assessment Preparation Guide contains information about format and presentation, word limits, citations and referencing, collusion, plagiarism and other policies, useful resources, submitting your assignment and accessing your results. • Answers are to be in your own words. Reference and cite all your sources (within the text of your answer) when quoting or using material from external sources. Include a reference list at the end of your assignment. • Use of the Harvard referencing style is recommended (as per Kaplan Australia: Harvard Referencing Guide, available from the ‘Referencing and Research’ section of the ‘Build Your Skills’ hub in KapLearn), but the consistent application of any other referencing style will also be accepted. • Requests for special consideration or information pertaining to special consideration written in the body of the assignment will not be considered by the assessor. Refer to the ‘special consideration’ section of the Assessment Policy on Kaplan’s website for more information. Independent research For some or all questions in this assignment, you will be required to complete independent research beyond the provided materials. You will also be expected to analyse this research and use it to support your own reasoned conclusions. This includes: • consideration of multiple sources beyond topic notes or other provided resources • sources included are academically sound and credible • analysing and understanding the argument or information the source presents • using the material appropriately to directly support your conclusions. Where significant independent research is required for a given question, it will be clearly indicated in the question instructions and the Criteria-Based Marking Guide. Document classification: Confidential FPC008_AI1_v10A2 2 © Kaplan Higher Education Assignment structure, referencing and presentation (10 marks) Your assignment should be presented in a clear and appropriate format, with all sources correctly referenced and cited. You are required to: • structure a clear response to each question, using headings if required • number questions (including sub-questions) and pages • use correct font style and size • ensure tables or graphs are clearly labelled and readable • clearly set out calculations or workings, where they are required • adhere to the assignment word limit • cite sources and provide a reference list at the end of your assignment. It is recommended to use Kaplan Professional’s preferred referencing style, Harvard (see Kaplan Australia: Harvard Referencing Guide, available from the ‘Build Your Skills’ hub in KapLearn), but the consistent application of any other referencing style will also be accepted. Criteria-Based Marking Guide for referencing and presentation The Criteria-Based Marking Guide (CBMG) provided at the end of each question is designed to assist you to understand what is expected of you in each question and to let you know how your performance will be judged. It provides advice about the criteria used in the marking of the question and what discriminates between an excellent, satisfactory and unsatisfactory answer. The CBMG below outlines the expectations for referencing and presentation in this assignment. Excellent (Mark range: 4–5 marks) • clear response structured for each question, including use of headings where appropriate • all page and question numbers included • correct font style and size used consistently throughout • all tables and graphs clearly labelled and readable • clearly set out all calculations or workings, where required • adheres to assignment and question word limits • external sources cited accurately Satisfactory (Mark range: 2.5–3.5 marks) • adequate response layout and structure for each question, with some use of headings where appropriate • most page and/or question numbers included • correct font style and size generally used, with some errors • most tables and graphs clearly labelled and readable • unclear layout of some calculations or workings Unsatisfactory (Mark range: 0–2 marks) • poor response layout and/or structure for each question with little to no use of headings • few or no page and/or question numbers included • application of font style and size has significant errors • tables and graphs have little to no labelling or are difficult to read • unclear layout of most calculations or workings • assignment is significantly under or • adheres to assignment and most question word limits throughout the assignment and • external sources mostly cited included in reference list, using any accurately throughout the assignment and in reference list consistent referencing style using any referencing style; some errors over the word limit • no or inaccurate use of referencing throughout the assignment and reference list, and/or no reference list provided Document classification: Confidential FPC008_AI1_v10A2 3 © Kaplan Higher Education Assignment 1: Critical analysis (100 marks) Question 1 (90 marks | Word limit: 1,200 words) Read two (2) or more of the articles listed below and answer the following two (2) questions: (a) Evaluate the empirical evidence and arguments for and against the efficient market hypothesis (EMH), drawing on your knowledge, independent research, the theoretical perspectives and evidence presented in two (2) or more of the articles. (50 marks) Brief EMH definition (10 marks) Arguments for EMH (20 marks) Arguments against EMH (20 marks) (b) Analyse the usefulness and possible applications of the EMH in the provision of investment advice, taking into account independent research and the evidence presented in two (2) or more of the articles. (40 marks) Articles on EMH The following articles are available in the databases in the Kaplan Library in KapLearn. The relevant database is specified in the reference. • Easton, S & Kerin, P 2010, ‘Market efficiency and the global financial crisis’, The Australian Economic Review, vol. 43, no. 4, pp. 464–468, retrieved 26 May 2022, <EBSCO>, <http://search.ebscohost.com/login.aspx?direct=true&AuthType=shib&db=plh&AN=55512063&site=eh ost-live&custid=s1234057>. • Holton, L 2009, ‘Is Markowitz wrong? Market turmoil fuels non-traditional approaches to managing investment risk’, Journal of Financial Planning, vol. 22, no. 1, January, pp. 20–29, retrieved 26 May 2022, <EBSCO>, <http://search.ebscohost.com/login.aspx?direct=true&AuthType=shib&db=plh&AN=36321485&site=eh ost-live&custid=s1234057>. • Livanas, J 2006, ‘How can the market be efficient if investors are not rational?’, JASSA, issue 2, winter, pp. 24–28, retrieved 26 May 2022, <ProQuest eBook Central>. <https://search.proquest.com/docview/89155461?accountid=35392>. • Malkiel, BG 2003, ‘The efficient market hypothesis and its critics’, Journal of Economic Perspectives, vol. 17, no. 1, winter, pp 59–82, retrieved 26 May 2022, <EBSCO>, <https://search.ebscohost.com/login.aspx?direct=true&AuthType=sso&db=edsjsr&AN=edsjsr.3216840 &site=eds-live&custid=s1234057>. Document classification: Confidential FPC008_AI1_v10A2 4 © Kaplan Higher Education Criteria-Based Marking Guide for Question 1a Excellent (Mark range: 38–50 marks) Satisfactory (Mark range: 25–37.5 marks) Unsatisfactory (Mark range: 0–24.5 marks) The student demonstrates/provides: The student demonstrates/provides: The student demonstrates/provides: Definition of EMH Definition of EMH Definition of EMH • a clear and succinct understanding • a reasonable understanding of the • a poor understanding of the of the efficient market hypothesis, including its history, assumptions and key elements efficient market hypothesis, including its history, assumptions and key elements efficient market hypothesis, including its history, assumptions and key elements Arguments for and against EMH Arguments for and against EMH Arguments for and against EMH • a detailed discussion of the • some discussion of the arguments • no discussion of the arguments for arguments for and against EMH with accurate reference to the empirical evidence • a thorough comprehension of the selected articles • a good critique of the selected articles, including a summary of other relevant article conclusions for and against EMH with accurate reference to the empirical evidence • a good comprehension of the selected articles • a fair critique of the selected articles and against EMH with accurate reference to the empirical evidence • a poor comprehension of the selected articles • no critique of the selected articles • some evidence of additional independent research • no evidence of additional independent research • clear evidence of additional independent research Criteria-Based Marking Guide for Question 1b Excellent (Mark range: 30.5–40 marks) Satisfactory (Mark range: 20–30 marks) Unsatisfactory (Mark range: 0–19.5 marks) The student demonstrates/provides: The student demonstrates/provides: The student demonstrates/provides: Applications of EMH Applications of EMH Applications of EMH • a comprehensive discussion of how • a fair discussion of how the the conclusions of the selected articles might affect investment practices • a valid basis for the practical application of EMH to the investment advice process • clear evidence of additional conclusions of the selected articles might affect investment practices • some basis for the practical • no real discussion of how the conclusions of the selected articles might affect investment practices • no basis for the practical application of EMH to the investment advice process application of EMH to the investment advice process • some evidence of additional • no evidence of independent independent research additional research independent research Document classification: Confidential FPC008_AI1_v10A2 5 © Kaplan Higher Education Ready to submit? ✓ I have completed my assignment using Word. ✓ I have completed my assignment using Calibri, Arial, Times New Roman or Verdana fonts and a minimum font size of 10 points. ✓ I have added my Student No. and word count on the Assignment 1 Answer Template. ✓ I have answered all questions (and clearly labelled any parts) under each question heading provided in the Assignment 1 Answer Template. ✓ I have saved the file to be uploaded as: StudentNo_FPC008_AAT1_v10. ✓ Each question of my assignment is within the word limit for that question and adheres to the guidelines in the Assessment Preparation Guide. ✓ My assignment file size is no larger than 20 MB. ✓ If tables were required, they are visible as text, not as links or images. ✓ I have shown all workings and calculations as instructed. ✓ I have referenced and cited all source materials using the recommended Harvard referencing style (or the consistent application of any other referencing) and, if required, included a reference list at the end of my assignment. ✓ I have submitted my assignment as one (1) Word or PDF file as per the instructions in KapLearn. END OF ASSIGNMENT INSTRUCTIONS Document classification: Confidential FPC008_AI1_v10A2 6 © Kaplan Higher Education
