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SUMMARY:Topics in Corporate Finance
DESCRIPTION:This course covers the basics of the theory of Corporate Finance. Topics include optimal capital structure and financing under moral hazard and asymmetric information. The course’s primary objective is to provide an overview of the fundamentals of corporate finance theory. Further\, the course covers seminal and recent empirical studies. Students gain hands-on experience in empirical research by working on a term paper. \nRegistration\nPlease register for the course until October 01\, 2024 by sending an e-mail to cgde@iwh-halle.de. \nThe course is designed for at most 15 participants. Places will be allocated on a first come\, first served basis. \nGrading\nproblem sets 40%\, term paper 60% \nProblem sets\nProblem sets for each theoretical session \nPaper presentations\nPaper presentations for the empirical sessions \nAssessments\nThe exam has two parts. First\, there will be weekly problem sets for the theory part of the course. Second\, participants are required to deliver a term paper on a related topic and present it in class. \nCourse contents\n1. Introduction and Organization\n1.1 A brief overview of the course (content\, essential omissions)\n1.2 Organizational issues\n1.3 Introduction to Corporate Finance\, Modigliani-Miller (if time)\, and reminder on the Economics of Information (hidden action and adverse selection) \n2. Corporate Financing under Moral Hazard\n2.1 Outside financing capacity\n2.1.1 Credit rationing in the fixed investment model\n2.1.2 The continuous investment model and the equity multiplier\n2.2 Determinants of the borrowing capacity\n2.2.1 Diversification and cross-pledging\n2.2.2 Collateral and the redeployability of assets \n3. Corporate Financing under Asymmetric Information\n3.1 The lemons problem and market breakdown\n3.1.1 Privately-known prospects model\n3.1.2 Market breakdown and cross-subsidization\n3.1.3 Application: SEOs\n3.2 Dissipative signals\n3.2.1 Application: Payout policy\n3.2.2 Application: IPO underpricing \n4. Empirical Evidence\n4.1 Capital structure\n4.2 Moral hazard (debt overhang\, risk-shifting\, and related agency issues)\n4.3 Asymetric information (signaling) \n5. Term Paper presentations \nPrimary Textbook\nTirole\, J. (2006)\, „The Theory of Corporate Finance\,“ Princeton University Press \nComplementary readings\nwill be announced
URL:https://cgde-home.de/event/topics-in-corporate-finance/2024-10-17/
LOCATION:Halle Institute for Economic Research (IWH) – Member of the Leibniz Association\, Leipziger Straße 100\, 06108 Halle (Saale)\, conference room\, 3rd floor\, Leipziger Strasse 100\, Halle (Saale)\, Saxony-Anhalt\, 06108\, Germany
CATEGORIES:Special Courses
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