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LOUGHBOROUGH UNIVERSITY DEPARTMENT OF ECONOMICS DISSERTATION HANDBOOK FOR MSc CANDIDATES
Do not lose this document. You will need it for future reference.
1. Introduction
This handbook provides guidance to those students wishing to write a dissertation towards partial fulfilment of their M.Sc. This document offers you guidance on how to tackle and successfully complete such a research project. It also offers guidance on the presentation of the dissertation and includes a list of the principal regulations. You are strongly advised to read this document before commencing your research and closely follow its suggestions.
Dissertation Registration Criteria 论文注册标准
1.1 For students following the MSc: Economics and Finance programme the dissertation is compulsory. 硕士的学生：经济学和金融项目的论文是强制性的。
1.2 For students following the programmes MSc: Banking and Finance and MSc: International Banking, the dissertation is an alternative option to the Research Practice Seminar (RPS) modules ECP301 and ECP302. 方案MSC：银行与金融硕士的学生：国际银行，论文ECP301 ECP302模块的研究实践研讨会（ RPS ）的替代选项。
For full details of dissertation registration criteria see the MSc Programme Handbook. Note that students wishing to opt for the dissertation must obtain an average mark of 60 across all taught modules or an average of 55 or more across all modules with a pass in either ECP204 Microeconomics or ECP205 Macroeconomics.
Since the semester two module marks will not be known until after the RPS has started, all students following these programmes and wishing to opt for the dissertation should attend at least the first session for these modules. All students are initially registered for the RPS modules and this will be modified only after the full range of marks becomes available. 对于学位论文的全部细节，登记标准见硕士课程手册。请注意，学生希望选择的论文必须取得平均分60 ，在所有教学模块或平均55岁或以上，在所有模块与微观或任何ECP204 ECP205宏观经济一通。
由于RPS已经开始后，不会知道，直到学期两个模块标记的，所有这些计划和希望选择论文的学生应至少参加一次会议，这些模块。最初注册的所有学生都RPS模块和全方位的商标将被修改后，才变为可用。
Note that in order to opt for the dissertation, students must have previously submitted a dissertation proposal and had it approved by the department. If this is not the case then permission to choose the dissertation option will be refused irrespective of the marks obtained in taught modules. 请注意，以选择的论文，学生必须先前已提交论文建议，并批准由部门。如果不是这种情况，那么选择的博士论文“选项的权限将被拒绝教学模块中得到的标记无关。
1.3 The dissertation is not available as an option for students following the MA: Money, Banking and Finance and MA: Banking and Financial Markets programmes. Instead, these students are required to follow the Assessed Research Practice modules ECP303 and ECP304. 本论文是不是可作为学生均线后一个选项：货币，银行和金融和MA：银行和金融市场的计划。相反，这些学生都必须按照评估研究实践模块ECP303 ECP304。
2. What is a Dissertation?
A dissertation is a piece of work, which should be based upon some original piece of research designed and developed by yourself. The project will inevitably be a modest one, for you neither have the time nor a sufficient number of words to embark on a major research project. However, it should be based on research that you have carried out personally, on data you have collected yourself, or from ideas that have arisen out of your reading and interpretation of theoretical issues in the literature of economics or finance.
There are perhaps three kinds of dissertations. Which type you choose will depend upon you interests and upon what you believe are your personal strengths and weaknesses. You need to bear in mind the skills required when you choose your project title and discuss these with your supervisor at the earliest opportunity. Most dissertations fall into one or more of the following three categories: (1) A literature study; (2) Econometric or other empirical modelling; (3) A case study.
A Literature study is not just a review of different theories. It is both abstract and exploratory in nature. It requires a capability to understand and dissect complex arguments that combine theoretical propositions and compact approaches to empirical evidence. The main task is to develop an argument in a critical, logical and original way, and is definitely not just a case of stringing together theories in an ill-defined manner. Never forget that a literature study is likely to also involve the use of data to back up your arguments and the appraisal of empirical evidence.
Econometric Modelling involves the estimation and testing of hypotheses using simple econometric models. The starting point in this case is an empirically testable model (or hypothesis) which can be a single equation or a set of simultaneous equations [e.g. you may be interested in estimating a savings function, a demand for money function, etc.]. In this exercise you normally expect economic theory to suggest the basic framework of the model and, therefore, this type of research is most appropriate when economic theory and econometric practice provide you with good examples about how to estimate and test common relationships. This kind of empirical project also lends itself to policy analysis.
Not all empirical work is econometric in nature. Questionnaire design and analysis, mathematical programming (linear and non-linear programming, constrained optimisation), general equilibrium modelling and experimental economics are all possible alternatives. However, the scope for dissertation work using these methods is generally limited since they depend heavily on the research interests of potential supervisors and may also require much more time than you will have available over the summer. If you wish to do an empirical project that is not econometric in nature you will have to be sure that it can be supervised and successfully completed.
A Case Study, particularly when it involves primary data analysis, requires a very firm theoretical foundation. Much attention needs to be devoted to the collection and construction of data, usually obtained through documentary evidence or through interviews. There is a sharp difference between case studies which involve the application of a technique (e.g. project appraisal or linear regression) and a more open-ended (investigative) study. In the latter case it is important to remember that is not easy to base theory in a specific context. Failure to do so, however, often results in a case story, rather than a case study.
Which of these styles of dissertation you choose will depend in part on the topic you choose. (In fact most dissertations will contain elements of all three styles!). Whatever the type of project that you eventually undertake you must ensure that your dissertation
o does not quote large chunks of material from other writers
o is not just a précis of the work of others.
Choosing a topic is something students often find very difficult. The following section is designed to assist you in this.
Choosing a Topic
To write an effective dissertation you will need to choose a topic from an area of finance or economics, which particularly interests you. Most of the difficulty in choosing a topic is not being sufficiently specific. There are perhaps four reasons why being too vague creates problems:
1. You quickly become lost in a vast literature, unable to distinguish between what is relevant and important and what is not.
2. You never know when you are finished, because there has been no a priori definition of the limits.
3. No hypotheses can be specified.
4. The dissertation is usually poorly organised and hastily done, since there is never sufficient time to complete an ill-defined topic.
The following steps will help you to choose your topic and avoid these problems.
Step 1: Establishing your area of interest
Think about what issues interest you, however vague and general. Then go to the syllabi of your courses and read the articles and books that relate to that interest. If the course references do not deal adequately with your topic of interest, you might have to spend some time in library or on surfing the
internet to obtain other relevant readings. At this stage you topic might be as vague as one of the following:
The CAPM
Financial deregulation
Exchange rate determination
Step 2: Narrowing the focus
Read at least five sources and take notes. Make a list of the major issues raised in those readings. For example, if your vague interest were in exchange rate determination, you might discover the following issues and questions:
o there are different types of exchange rate models
o exchange rate models forecast poorly #p#分页标题#e#
o is the foreign exchange market efficient?
o are fixed rates to be preferred to floating exchange rates?
o is there a relationship between inflation and floating exchange rates?
At this point you select one of these issues to pursue further.
Step 3: Identifying the Hypothesis
An hypothesis can be defined as an analytical or empirical statement which can be tested. Examples are:
o the foreign exchange market is efficient
o bankruptcy is caused by over-trading
o larger budget deficits cause inflation
o a more efficient allocation of resources will result from
unregulated markets
These hypotheses can be empirical or theoretical. Note that an empirical hypothesis need not be tested statistically (although this may prove to be the simplest!). It could be tested using mathematical simulation models or by econometric techniques. Once the hypothesis has been determined, the scope of its investigation needs to be defined. Sometimes the hypothesis reflects an application of theory rather than a test of theory. As an example, the performance of managed equity portfolios can be evaluated using standard techniques based on the theory of capital market equilibrium. This application will yield results about the performance, under the assumption that the theory is correct (and correctly applied).
Step 4: Submission of Proposal
The proposed dissertation topic must be presented to the MSc Dissertations Supervision Co-ordinator by Friday 13 May 2011 with a view to having it confirmed by the Friday 20 May 2011. The presentation must take the form set out below. The rigidity of the format is a deliberate choice to ensure that you clarify your ideas and proposals which do not follow this format will not be accepted:
1. The Dissertation Proposal
The following form must be followed in all details, including footnotes and bibliography. It should be no less than 500 words in length. An appropriate presentation is part of your professional training.
Name:
Title:
[Not more than 15 words.]
Statement of the hypothesis:
[Not more than 2 sentences, up to 40 words.]
Significance of the topic:
[1 paragraph, not more than half a page, in which it is explained why anyone should be interested in the topic, e.g., its policy relevance, its importance for understanding economic processes, its general relevance (if any).]
Relation to topic to existing literature:
[In no more than 1 page, summarise the literature you have read on the topic, describing the main issues and conclusions. If your hypothesis comes directly from literature (e.g., you test something that another author has tested under different circumstances) you should clearly state your own contribution.]
Method of investigation:
[In no more than half a page, you should state the aims of investigation. For example: to survey the existing literature on a specific topic; to reach a general conclusion across countries; to carry out a case study of one country; to compare several countries. State the econometric techniques or other methods of analysis you will use, with a comment on their appropriateness and potential problems that may arise.]
Bibliography:
[This must include at least 5 items specific to your topic. Its presentation must be in strict alphabetical order, with different kinds of sources having different styles of presentation as shown below, i.e. the Harvard System.]
For books:
Krueger, A.O. (1983). Exchange Rate Determination. Cambridge:
Cambridge University Press. For journal articles:
Boughton, J.M. (1988). ‘Exchange Rates and the Term Structure of Interest Rates’, International Monetary Fund Staff Papers, 35,36-62.
For articles in books:
MacDonald, R. and Torrance, T.S. (1989). ‘Some Survey-Based Tests of Uncovered Interest Rate Parity’, in R. MacDonald and M.P. Taylor
(eds), Exchange Rates and Open Economy Macroeconomics. Oxford: Blackwell.
For documents:
Food and Agricultural Organisation of the United Nations (1985).
Impact of National Grain Policies on World Grain Supplies and Prices.
Rome: FAO.
Foot or End notes:
[If footnotes (or endnotes) are used they should follow the international standard form for the social sciences. This form dictates that footnotes are used only for substantive points, not merely for references. Citations or references appear in the text as, e.g. Pentecost (1991), or in the footnotes within brackets, e.g. (Pentecost, 1991) or (Pentecost, 1991, p.34). Full references are not included in the text or footnotes. Any quotations should be fully acknowledged and include the page number. The Latin terms "ibid.", "loc. cit.," "op. cit." are not used].
Undertaking the Research
Having had your dissertation title and proposal approved you can now begin work on the dissertation itself. It is important to be methodical in your approach. To facilitate this process the following hints may be useful:
1. Set out a broad structure for your dissertation and then try to work within it. [This may itself need to be refined as the project progresses].
2. Set yourself, perhaps, in consultation with your supervisor (see below), deadlines and stick to them. Discipline is crucial for the completion of the project.
3. If you are doing an empirical project then details of all data sources must be fully and accurately kept. It is essential to establish the existence and availability of the data set at the proposal stage. Any limitations of the data should be recorded and reported in the project and the full data set presented as an annex to the dissertation (unless from official sources, in which case reference should be made to these official sources).
4. Keep a card index or computer file of everything that you read, complete with full source details (as required for the bibliography). It is sometimes useful to keep short (one paragraph) summaries of articles.
5. Do not "gloss over" difficulties. Look at alternative sources or consult your supervisor and sort out the problem before moving on.
6. Begin writing the dissertation from the outset, by keeping notes, drafting sections and discussing it with your supervisor. Leave yourself time to revise the penultimate draft.
7. KISS (Keep it Simple, Stupid)!
3. Supervision
The responsibilities of supervisors are shown in the document ‘MSc Supervision Guidelines’. Styles of supervision vary between members of staff. There is no single model that defines the supervisor/student relationship. The supervisor is there to help you to get started with your project and assist with any queries you may have in the course of your work. Members of staff, generally, take a holiday sometime over the summer vacation and will not be around every day. It is therefore important that you agree a formal schedule of appointments with your supervisor before the vacation. Supervisors are required to allocate five hours for each dissertation they supervise (including ‘reading’ time) and you have no right to expect more.
The following is a list of things that you can and can not expect from your supervisor:
You can expect your supervisor to:
o Help you define your project and clarify your objectives
o Discuss introductory reading and possible sources
o Identify a time table of meetings or reports with you
o Comment on your dissertation proposal and the structure of your
dissertation
o Advise on technical questions of presentation, etc.
It is not reasonable to expect your supervisor to:
o Help you find source material
o Show you how to carry out the analysis
o Plan your dissertation for you
o Make detailed comments on a draft of your dissertation
o Proof-read the typescript of the thesis
You should always bear in mind that the final version of the dissertation is your work and not that of the supervisor.
4. Criteria for Assessment
The final assessment criteria will consider each of the following aspects of the thesis (although these broad criteria do not necessarily carry equal weight):
i. The Structure of the Work:
o the presence of a clear and sound objective
o evidence of accurate economic analysis
o evidence of critical evaluation of the work of other relevant writers
ii. The Execution of the Work:
o logical structure and argument
o relevance and depth
o use and understanding of state-of-art techniques where relevant
iii. Presentation of the Work:
o the quality of the text #p#分页标题#e#
o writing style and use of tables and figures (including final editing
and correction)
o the quality and relevance of the bibliography
iv. Originality of the Work:
o new empirical evidence
o new approach to a question or issue
Assessment criteria are given in the document ‘Marking Guidelines for MSc Dissertations’.
3. Plagiarism
Evidence of plagiarism will almost certainly result in a dissertation being failed, regardless of the quality of the remaining work. If plagiarism is proved in a dissertation, the maximum mark that will be awarded is 50%. The possibility of a pass mark exists only because the Department accepts that it is possible to omit, by mistake, the proper citation of a very small number of quoted lines. Thus, the omission of citation for more than one short quoted paragraph or the omission of citation for a single long paragraph (in excess of 150 words) will be regarded as deliberate plagiarism and the dissertation will be failed. Depending on the perceived seriousness of the plagiarism and the quality of the remaining work, a mark of less than 40% may be awarded and a new dissertation topic required.
4. The Principal Regulations and Guidelines
1. A formal dissertation proposal should be presented by Friday 13 May 2011 and agreed by your Supervisor, MSc. Dissertations Supervision Co-ordinator, and Course Director before Friday 20 May 2011.
2. The final date for submission is Friday 16 September 2011. Dissertations submitted after this date will not be examined until the end of the next academic year.
3. The dissertation must be typed, with double spacing and margins of a least 2.5 cm in width. Acceptable fonts are Times Roman, Arial or Euclid (all should be in 12pt type). Equations should be presented in the same font as the main text and students should ensure that italics, bold etc are used consistently.
4. The dissertation should contain a title page giving: Title, Name of Student, Degree for which submitted, Name of Supervisor and Date. It should also contain a table of contents and an abstract. All pages must be numbered. The dissertation need not have hard covers (inexpensive soft binding is available at the AVS Print Unit).
5. The dissertation for 10ECP300 (60 credits) should not be less than 12,000 words and should not exceed 15,000 words. The dissertation for ECP305 (45 credits) should not be less than 9,000 words and should not exceed 12,000 words (It is expected that dissertations with a high econometric content will be towards the lower end of this range.)
Appendices should be used sparingly and should never be used to contain material which is important for an understanding of the dissertation. Results which are discussed in the main text should be included in the main text and should not be placed in an appendix.
6. Students are solely responsible for the typing and photocopying of their theses. Candidates who do not do their own typing should book at typist well in advance and allow at least a fortnight for the work to be done. Students are also responsible for checking the typescript. Typists should be asked to make corrections (as opposed to alterations) as part of their paid work.
7. The dissertations must be accompanied by a signed statement of original work.
5. The Timetable
Friday, 13 May 2011
Dissertation proposals to "provisional" supervisor and programme director for approval.
Friday, 20 May 2011
All proposals to have been approved and supervisors allocated. (The students whose dissertations not approved will have to take two Research Practice Seminars).
Friday, 24 June 2011 End of semester. (Some Staff take a holiday over the Summer vacation. Check on supervisor availability before this date and agree a formal schedule of meetings over the Summer.)
Friday, 16 September 2011
Final date for submission of dissertation.
6. Important Notes on Submission Deadlines
1. No extensions to the submission date can be granted without a written application to the dissertation Module Board. The application MUST be received before the dissertation deadline of 17 September, in sufficient time for a dissertation Module Board to be convened. This application MUST state clearly the reasons for the required extension and provide supporting evidence.
2. Any dissertation submitted late without permission will automatically receive a mark of zero. The Programme Board will then listen to any representation by the student but may require the dissertation to be re-submitted. This will use up your right of re-submission – no further re-submission will be allowed. We hope that you find the advice offered in this booklet useful. We would appreciate any constructive comments on the content or style so this booklet can be updated in future years. Good luck with your research!
Prepared by
Dr Lawrence Leger [December 2000]
Updated by Dr Paul Turner [June 2006]
Updated by Professor Tom Weyman-Jones [March 2008]
Updated by Dr Adrian Gourlay [March 2009]
MSc Dissertations Co-ordinator [March 2011]
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