Universität Wien
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040383 UK Industrial Organization 1 (E) (2009W)

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung

http://homepage.univie.ac.at/Besim.Yurtoglu/Industrial%20Economics%20Course%20Outline.pdf

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

  • Dienstag 06.10. 10:30 - 12:00 Hörsaal 6
  • Dienstag 06.10. 12:00 - 14:00 Hörsaal 5
  • Dienstag 13.10. 10:30 - 12:00 Hörsaal 6
  • Dienstag 13.10. 12:00 - 14:00 Hörsaal 5
  • Dienstag 20.10. 10:30 - 12:00 Hörsaal 6
  • Dienstag 20.10. 12:00 - 14:00 Hörsaal 5
  • Dienstag 27.10. 10:30 - 12:00 Hörsaal 6
  • Dienstag 27.10. 12:00 - 14:00 Hörsaal 5
  • Dienstag 03.11. 10:30 - 12:00 Hörsaal 6
  • Dienstag 03.11. 12:00 - 14:00 Hörsaal 5
  • Dienstag 10.11. 10:30 - 12:00 Hörsaal 6
  • Dienstag 10.11. 12:00 - 14:00 Hörsaal 5
  • Dienstag 17.11. 10:30 - 12:00 Hörsaal 6
  • Dienstag 17.11. 12:00 - 14:00 Hörsaal 5
  • Dienstag 24.11. 10:30 - 12:00 Hörsaal 6
  • Dienstag 24.11. 12:00 - 14:00 Hörsaal 5
  • Dienstag 01.12. 10:30 - 12:00 Hörsaal 6
  • Dienstag 01.12. 12:00 - 14:00 Hörsaal 5
  • Dienstag 15.12. 10:30 - 12:00 Hörsaal 6
  • Dienstag 15.12. 12:00 - 14:00 Hörsaal 5
  • Dienstag 12.01. 10:30 - 12:00 Hörsaal 6
  • Dienstag 12.01. 12:00 - 14:00 Hörsaal 5
  • Dienstag 19.01. 10:30 - 12:00 Hörsaal 6
  • Dienstag 19.01. 12:00 - 14:00 Hörsaal 5
  • Dienstag 26.01. 10:30 - 12:00 Hörsaal 6
  • Dienstag 26.01. 12:00 - 14:00 Hörsaal 5

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

Introduction

The nature of profits (Uncertainty and profit, mobility and profit, information, mobility and profit)

The nature of the firm (Contracts, Hierarchy in the firm, the nature of the firm, transaction costs)

The Schumpeterian firm (The product life cycle, the causes of shakeouts, entry and exit, first-mover advantages and disadvantages, persistence of profits, evolutionary models of firms and industries)

The managerial corporation (Separation of ownership from control, principal-agent model, goals of managers, firm’s life cycle, constraints on managerial discretion, managerial compensation)

Corporate governance (Ownership and control around the world, the goals of corporate actors, the impact of managerial entrenchment, ownership identity, boards of directors, legal systems)

Investment (Models of determinants of investment: accelerator theory, cash flow models, neoclassical model, expectation theories, MM theorems, CAPM, empirical studies of the determinants of investment (I-CF sensitivities), rates of return on investment)

The Determinants of Mergers (Market power, efficiency, speculative motives, market for corporate control, economic disturbance hypothesis, winner’s curse-hubris, tests of competing hypothesis about the determinants of mergers)

The Effects of Mergers (On profitability, on market shares and growth, on productivity, on share prices, methodological issues, merger waves

The future of corporation and the future of capitalism

Art der Leistungskontrolle und erlaubte Hilfsmittel

Midterm exam: 17. 11. 2009
Final exam: 27. 01.2010

Mindestanforderungen und Beurteilungsmaßstab

The course deals with relatively advanced topics related to the theory of the firm. We start by asking the question "Why do firms exist?" and analyze the possible answers to this question.
Thereafter, the course deals with (1) Schumpeterian and (2)Agency-theoretic models related to the firm behavior and their implications on corporate governance, investment behavior and mergers and acquisitions.
The course emphasizes both theoretical and empirical research published recently in academic journals.

Prüfungsstoff

Lectures, discussion of the presented material and related exercises with an emphasis on the interpretation of empirical findings (basic understanding of econometrics is required).

Literatur

Book:
Dennis Mueller, 2003, The Corporation: Investment, mergers, and growth, Routledge.

Papers:
Dylan Supina and Dennis C. Mueller, 2002, Goodwill Capital, Small Business Economics, 19(3), 233-53.

Gugler, Klaus, Dennis C. Mueller and B. Burcin Yurtoglu, 2003, The Impact of Corporate Governance on Investment Returns in Developed and Developing Countries, The Economic Journal, volume 113 (491), F511-F539.

Gugler, Klaus, Dennis C. Mueller and B. Burcin Yurtoglu, 2004, Corporate Governance and the Returns on Investment, The Journal of Law and Economics, volume 47 (2), 589-633.

Gugler, Klaus, Dennis C. Mueller and B. Burcin Yurtoglu. 2003, Marginal q, Tobin’s Q, Cash Flow and Investment, Southern Economic Journal, volume 70 (3), 512-531.

Mueller, Dennis C. and B. Burcin Yurtoglu, 2007, Corporate Governance and the Returns to Acquiring Firms’ Shareholders, Managerial and Decision Economics, 28 (8), 879-896.

Shleifer, Andrei and Robert W. Vishny, 2003, Stock Market Driven Acquisitions, Journal of Financial Economics, 70 (3), 295-489.

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:29