THE DANISH DOCTORAL SCHOOL OF FINANCE
THE DANISH DOCTORAL SCHOOL OF FINANCE
PHD COURSES
Regular courses
·
Corporate
Finance
Time
Fall 2011
Course organizer:
Professor Ken L. Bechmann,
PhD
Department of Finance, Solbjerg Plads A5.26
E-mail: kb.fi@cbs.dk
Homepage: http://staff.cbs.dk/kbechmann/
Purpose:
To provide students that are in the
early stages of their PhD studies with a firm knowledge and
understanding
of core topics in corporate finance. The course will be focusing on classical
papers
as well as more recent contributions (theoretical and empirical).
Learning objectives:
At the end of the course, students are
expected to be able to:
- Understand when and how taxes, agency problems,
and asymmetric information affect the
optimal
capital structure, payout policy, and firm values
- Explain the likely implications of
agency problems and asymmetric information for other
issues
including IPOs, lending, equity issuance, ownership structure, investment
decisions,
risk
management, and informationally efficient financial
markets
- Provide examples of models examining
issues like payout policy and capital structure in a
dynamic
setup.
Structure:
The compulsory part of the course will
consist of eight full-day lectures and exercises generally
starting
at 10.00 and ending at 17.00 on selected Wednesdays at CBS. Some of the
lectures will
be
held jointly with the Corporate Finance course at the elite master program in
Advanced
Economics and Finance also at CBS. These
selected joint lectures are an integrated part of the
following
schedule. As also seen from the schedule, the PhD course will consist of two
parts.
Part 1
(lectures 1-5): Basic corporate finance (“need to know!”) based on the world
famous text
book
on corporate finance: Brealey/Myers/Allen (BMA):
“Principles of Corporate Finance”.
This part also contains an introduction
to later selected topics. This part is open for PhD
students
but will not be compulsory. However, this part is strongly recommended for PhD
students
with limited training in basic corporate finance and/or accounting.
Part 2
(lectures 6-13): Covers different core topics in corporate finance based on
classical
articles
and more recent papers. During the full-day lectures there will be additional
lectures
from
10.00 to 12.35 and from 16:15 to 17:00 offered only to PhD students. These
lectures will
contain
a deeper analysis and discussions research in the different topics (theoretical
as well as
empirical).
All lectures in part 2 will be based on
articles. All material will be handed out electronically
except
for the suggested chapters in the textbook “Theoretical Foundations of
Corporate
Finance” by João
Amaro de Matos (Oxford University Press, 2001) which
is supplementary
reading.
Exams:
Students are required to participate
actively during the course. There will be student
presentation
assignments and five mandatory exercises. The exercises have to be handed in
and
approved
in order to pass the course. The course will end with an oral exam. It is
expected that
the
students participate in all eight compulsory days. If a student fails to
participate in one day
(and only one
day), the student can still take the final exam if the student hands in an
essay
discussing
main issues covered during this day (details will follow if relevant).
Prerequisites:
Participants are supposed to have a
basic knowledge of finance theory at the level of a Master's
degree
in Finance. A basic knowledge in Corporate Finance corresponding to the
readings
assigned
for the first five non-compulsory lectures (part 1) will also be taken as given
in the
compulsory
part (part 2) of the course. As mentioned, students without this knowledge are
strongly
recommended to follow part 1.
Enrollment:
Please indicate your interest in this
course by e-mailing to: kb.fi@cbs.dk (Ken L. Bechmann)
as
soon as possible and no later than September 30.
Latest update: 17-10-07
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