Achtung! Das Lehrangebot ist noch nicht vollständig und wird bis Semesterbeginn laufend ergänzt.
040410 EK KFK CF: Corporate Finance (2015W)
Prüfungsimmanente Lehrveranstaltung
Labels
Ein Vorziehen dieser LV ist nur moeglich, wenn bereits Principles of Finance positiv absolviert wurde
An/Abmeldung
Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").
- Anmeldung von Mo 14.09.2015 09:00 bis Do 24.09.2015 14:00
- Abmeldung bis Mi 14.10.2015 23:59
Details
max. 50 Teilnehmer*innen
Sprache: Englisch
Lehrende
Termine (iCal) - nächster Termin ist mit N markiert
Office hours of Prof. Lehar: I will be available for student questions before and after class in my office (to be determined). I am also available on Oct 15 in HS 12 17:00-18:00.
- Donnerstag 08.10. 16:45 - 20:00 Hörsaal 9 Oskar-Morgenstern-Platz 1 1.Stock
- Freitag 09.10. 16:45 - 20:00 Hörsaal 3 Oskar-Morgenstern-Platz 1 Erdgeschoß
- Samstag 10.10. 13:15 - 16:30 Hörsaal 3 Oskar-Morgenstern-Platz 1 Erdgeschoß
- Montag 12.10. 16:45 - 20:00 Hörsaal 9 Oskar-Morgenstern-Platz 1 1.Stock
- Dienstag 13.10. 16:45 - 20:00 Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
- Mittwoch 14.10. 17:00 - 20:15 Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
- Donnerstag 15.10. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
- Freitag 23.10. 15:00 - 16:30 Hörsaal 9 Oskar-Morgenstern-Platz 1 1.Stock
- Montag 09.11. 16:45 - 20:00 Hörsaal 15 Oskar-Morgenstern-Platz 1 2.Stock
- Mittwoch 11.11. 16:45 - 20:00 Hörsaal 8 Oskar-Morgenstern-Platz 1 1.Stock
- Donnerstag 12.11. 16:45 - 20:00 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
- Montag 16.11. 16:45 - 20:00 Hörsaal 16 Oskar-Morgenstern-Platz 1 2.Stock
- Mittwoch 18.11. 16:45 - 20:00 Hörsaal 9 Oskar-Morgenstern-Platz 1 1.Stock
- Donnerstag 19.11. 16:45 - 18:15 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
- Donnerstag 19.11. 18:30 - 20:00 Hörsaal 12 Oskar-Morgenstern-Platz 1 2.Stock
Information
Ziele, Inhalte und Methode der Lehrveranstaltung
Art der Leistungskontrolle und erlaubte Hilfsmittel
The grade for this part of the course will account for 50% of the grade in Corporate Finance. The other 50% will be based on Part II (taught by Prof. Mariathasan). Grades for Part I will be composed as follows:-3 case submissions 10% each (30% total) (see details below, to be submitted by email before the class in which the case is discussed)
-1 short Problem Set 20% (see details below, to be submitted by email on 19.10.2015 before midnight Austrian time)
-Class participation 10% (see details below)
-1 Final Exam 40% (closed book, date TBA)Grades for Part II will be composed as follows:-1 Short Problem Set 15% (to be submitted by email on 16.11.2015 before class)
-1 Long Problem Set 35% (to be submitted by email on 25.11.2015 before noon)
-1 Final Exam 50% (closed book)If you want, you can submit the long problem set in groups of up to 5. Attendance is not compulsory and class participation will not be graded. Both, however, are strongly encouraged. A passing grade (4) requires you to be familiar with the new terminology, to be able to identify known scenarios in which models are applicable and to replicate procedures seen in class. A higher grade (1-2) requires you to be able to analyse firms' financial decisions by applying models to potentially unknown and more complex circumstances, to be able to generalize and hypothesize based on the framework(s) introduced in class, and to critically discuss existing or hypothetical corporate governance frameworks and payout policies.
-1 short Problem Set 20% (see details below, to be submitted by email on 19.10.2015 before midnight Austrian time)
-Class participation 10% (see details below)
-1 Final Exam 40% (closed book, date TBA)Grades for Part II will be composed as follows:-1 Short Problem Set 15% (to be submitted by email on 16.11.2015 before class)
-1 Long Problem Set 35% (to be submitted by email on 25.11.2015 before noon)
-1 Final Exam 50% (closed book)If you want, you can submit the long problem set in groups of up to 5. Attendance is not compulsory and class participation will not be graded. Both, however, are strongly encouraged. A passing grade (4) requires you to be familiar with the new terminology, to be able to identify known scenarios in which models are applicable and to replicate procedures seen in class. A higher grade (1-2) requires you to be able to analyse firms' financial decisions by applying models to potentially unknown and more complex circumstances, to be able to generalize and hypothesize based on the framework(s) introduced in class, and to critically discuss existing or hypothetical corporate governance frameworks and payout policies.
Mindestanforderungen und Beurteilungsmaßstab
While examples, stylized facts, cases, and institutional background information will be provided occasionally, the focus of the course is on developing a theoretical understanding of the relevant mechanisms, and on enabling students to critically assess firms' financial choices.
Prüfungsstoff
There will be 12 three-hour sessions, consisting of a mix of lectures, case discussions and problem solving sessions.
Literatur
Lecture notes will be distributed before each lecture. In addition, there are the textbooks that I recommend for consultation:-Main: Jonathan Berk & Peter DeMarzo, Corporate Finance, Pearson Intl. Edition, 2007.
-Main: Weston, Mitchell, and Milherin, "Takeovers, Restructuring, and Corporate Governance", 4th edition, Pearson, Prentice Hall.
-Advanced (optional): Jean Tirole, The Theory of Corporate Finance, Princeton University Press, 2006.In addition, some lectures will refer to original journal articles, which I will reference in class and on my slides.
-Main: Weston, Mitchell, and Milherin, "Takeovers, Restructuring, and Corporate Governance", 4th edition, Pearson, Prentice Hall.
-Advanced (optional): Jean Tirole, The Theory of Corporate Finance, Princeton University Press, 2006.In addition, some lectures will refer to original journal articles, which I will reference in class and on my slides.
Zuordnung im Vorlesungsverzeichnis
Letzte Änderung: Mo 07.09.2020 15:29
We will then turn to mergers and acquisitions where we will examine some stylized facts about the M&A market, discuss theory and empirical studies, look at restructuring, and conclude with takeover defence mechanisms.
Building on the material taught by Prof. Lehar, we will first consider conflicts of interest between "insiders" and outside investors (e.g. between shareholders and debt holders, or between management and shareholders). Students will learn about mechanisms through which these conflicts might be mitigated and about implications for firms' capital structure decisions. We will then turn to firms' payout policies and analyse the trade-offs characterising different ways of distributing excess cash to shareholders.