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課程名稱 |
進階公司理財
Advanced Corporate Finance |
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開課學期 |
110-1 |
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授課對象 |
社會科學院 經濟學系 |
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授課教師 |
吳儀玲 |
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課號 |
ECON5158 |
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課程識別碼 |
323EU6950 |
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班次 |
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學分 |
2.0 |
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全/半年 |
半年 |
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必/選修 |
選修 |
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上課時間 |
星期一3,4(10:20~12:10) |
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上課地點 |
社科研608 |
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備註 |
本課程以英語授課。
限學士班三年級以上 或 限碩士班以上 或 限博士班
總人數上限：30人 |
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Ceiba 課程網頁 |
http://ceiba.ntu.edu.tw/1101ECON5158_ |
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課程簡介影片 |
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核心能力關聯 |
核心能力與課程規劃關聯圖 |
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課程大綱
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為確保您我的權利,請尊重智慧財產權及不得非法影印
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課程概述 |
This is an advanced course in corporate finance. Its goal is to bring students to the advanced knowledge. The course will cover several topics, depending on the advancement of the literature, each of which focuses on one topic in applied corporate finance. |
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課程目標 |
The goal will be to bring students to the state of the art in that subfield, so that they potentially begin to do research in that area.
Course outline (Course Schedule of 18 weeks)
Week 1: CEOs
Week 2: CEOs
Week 3:Executive Compensation & Firm Risk Taking
Week 4:Executive Compensation & Firm Risk Taking
Week 5: Executive Compensation & Say-on-Pay
Week 6: Executive Compensation & Say-on-Pay
Week 7: Executive Networks and Firm Policies
Week 8: Executive Networks and Firm Policies
Week 9: CEO Pay & Inside Debt
Week 10: CEO Pay & Inside Debt
Week 11:Clawbacks & Severance Agreements
Week 12:Clawbacks & Severance Agreements
Week 13: Supplier-Customer Networks
Week 14: Supplier-Customer Networks
Week 15: Innovation
Week 16: Innovation
Week 17: Student presentations
Week 18: Student presentations
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課程要求 |
There will be a referee report due on an article that I will hand out in class. In addition to the referee report, the grade will depend on class participation. Finally, I expect you to present one paper in the end of the semester. |
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預期每週課後學習時數 |
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Office Hours |
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指定閱讀 |
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參考書目 |
Topic 1: CEOs
1. Gennaro Bernile, Vineet Bhagwat and P. Raghavendra Rau, 2017. What Doesn’t Kill You Will Only Make You More Risk-Loving: Early-Life Disasters and CEO Behavior. Journal of Finance 72, 167–206.
2. Custodio C, Ferreira MA, Matos P, 2013. Generalists versus specialists: Lifetime work experience and chief executive officer pay. Journal of Financial Economics 108, 471-492.
3. Emdad Islam, Zein, J., 2017. Inventor CEOs. Working paper, University of New South Wales.
4. Todd Henderson, Irena Hutton, Danling Jiang, and Matt Pierson, 2017. Lawyer CEOs. Working paper, University of University of Chicago.
5. Lixiong Guo, Liu, Zhongyuan, 2017. Generalists versus Specialists: The Board’s Revealed Perception of CEO General Skill and CEO Pay. Working paper, University of New South Wales.
6. Gonul Colak, Korkeamaki, Timo, 2017. CEO Mobility and Corporate Policy Risk. Working paper, Hanken School of Economics.
7. Xiaoding Liu, 2017. Cultural Origins and CEO Incentive Contracts. Working paper, University of Oregon
8. Sirui Yin, 2017. Local Tournament Incentives and Firm Risk. Working paper, University of Arizona
Topic 2: Executive Compensation & Firm Risk Taking
1. Brian Akins, Jonathan Bitting, David De Angelis, Maclean Gaulin, 2017. Do CEO Compensation Policies Respond to Debt Contracting? Working paper, Rice University.
2. Ettore Croci, Alfonso del Giudice, and Hakan Jankensgard, 2017. CEO Age, Risk Incentives, and Hedging Strategy. Financial Management forthcoming.
3. Tanseli Savaser, and Sisli, Elif, 2017. Differential Risk Taking Implications of Performance Incentives from Stock and Stock Option Holdings. Working paper, Bilkent University.
4. Zhi Li, Wang, Lingling, 2016. Executive Compensation Incentives Contingent on Long-Term Accounting Performance. Review of Financial Studies 29, 1586-1633.
Topic 3: Executive Compensation & Say-on-Pay
1. Denton Collins, Marquardt, Blair B., Niu, Xu, 2017. CEO Equity-based Incentives and Shareholder Say-on-pay in the U.S. Working paper, Texas Tech University.
2. Yi Jiang, Nguyen, Thanh, 2017. Compensation Peer Groups: A Comparison of ExecuComp and Non-ExecuComp Firms. Working paper, California State University, Fullerton.
3. Diane K. Denis, Torsten Jochem, Rajamani, Anjana, 2017. Compensation Benchmarking and the Peer Effects of Say on Pay. Working paper, University of Pittsburgh.
Topic 4: Executive Networks and Firm Policies
1. Cesare Fracassi, 2017. Corporate Finance Policies and Social Networks. Management Science 63, 2420-2438.
2. Kelly Shue, 2013. Executive Networks and Firm Policies: Evidence from the Random Assignment of MBA Peers. Review of Financial Studies 26, 1401-1442.
Topic 5: CEO Pay & Inside Debt
1. Ming-Hsien Hsueh, Hsu, Fan-Yu, 2017. CEOs Inside Debt and Firm Innovation. Working paper, National Changhua University of Education.
2. Xin Chang, Jun-koo Kang, Zhang,Wenrui, 2017. Does Employee Inside Debt Discipline Managers in the Market for Corporate Control? Evidence from Corporate Pension Deficits. Working paper, Nanyang Technological University.
3. Cory A. Cassell, Shawn X.Huang, Juan Manuel Sanchez, Michael D.Stuart, 2012. Seeking safety: The relation between CEO inside debt holdings and the riskiness of firm investment and financial policies. Journal of Financial Economics 103, 588–610.
Topic 6: Clawbacks & Severance Agreements
1. C.S. Agnes Cheng, Gang Hu, Zeyu Sun, Xie, Jing, 2017. Traveling Governance Effect of Shareholder Activism: Evidence from Clawback Provision Adoption. Working paper, The Hong Kong Polytechnic University.
2. Jonathan Thomas Fluharty-Jaidee, 2017. Force-Fields, Risk-Taking, And Termination Pay: Severance’s Barrier to Internal Governance. Working paper, West Virginia University.
3. Lilian H. Chan, Kevin C. W. Chen, Chen, Tai-Yuan, 2013. The effects of firminitiated clawback provisions on bank loan contracting. Journal of Financial Economics110, 659–679.
Topic 7: Supplier-Customer Networks
1. Laura Xiaolei Liu, Mike Qinghao Mao, Nini, Greg, 2017. Customer Risk and Corporate Financial Policy: Evidence from Receivables Securitization. Working paper, Drexel University.
2. Sung C. Bae, Liuling Liu, Haizhi Wang, 2017. Spillover Effects of IPOs along Supply Chains: Evidence from Syndicated Bank Loans. Working paper, Bowling Green State University.
3. Daniel Corsten, Reint Gropp, Markou, Panos, 2017. Suppliers as Liquidity Insurers. Working paper, University of Cambridge.
4. Kenneth R. Ahern, Harford, Jarrad, 2014. The Importance of Industry Links in Merger Waves. Journal of Finance 69, 527–576.
Topic 8: Innovation
1. David M. Reeb, Wanli Zhao, 2017. Failed or Stealth Innovation? Working paper, National University of Singapore.
2. Lora Dimitrova, Eswar, Sapnoti K., 2017. Does Financial Innovation Enhance or Inhibit Real Innovation. Working paper, University of Cincinnati.
3. Rongrong Zhang, 2017. Strategy Uniqueness and Innovation Efficiency. Working paper, Georgia Southern University.
4. Naaguesh Appadu, 2017. What should I do next? CEO succession and subsequent corporate strategy. Working paper, City University of London.
Topic 9 Litigation
1. Xian Gu, Iftekhar Hasan, Lu, Haitian, 2017. How Lenders Evaluate Lawsuits? Evidence from Corporate Bond Market. Working paper, The Hong Kong Polytechnic University.
2. Vuk Talijan, 2017. Shareholder Litigation Risk and Its Effect on a Firm's Cash, Investment, and Debt. Working paper, University of Southern California. |
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評量方式
(僅供參考) |
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週次 |
日期 |
單元主題 |
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Week 16 |
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Paper presentation
r09323005: Climate risk: The price of drought
b07303096@ntu.edu.tw:Defensive Investments and the Demand for Air Quality: Evidence from the NOx Budget Program
r09323038@ntu.edu.tw:Stakeholder engagement: Investors' environmental risk aversion and corporate earnings
t10703107@ntu.edu.tw: Responsible investing: The ESG-efficient frontier
b07102120@ntu.edu.tw: Empire-Building or Bridge-Building? Evidence from New CEOs’ Internal Capital Allocation Decisions
r09323025@ntu.edu.tw: Managing innovation: The role of collateral
b06303078@ntu.edu.tw:Temperature Shocks and Establishment Sales (2020, RFS)
t10303106@ntu.edu.tw: Sustainable investing with ESG rating uncertainty |
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Week 17 |
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Referee paper
r09323005:Risk Management and Firm Value:
Evidence from Weather Derivatives
b07303096@ntu.edu.tw:Environmental Regulations, Air and Water Pollution, and Infant Mortality in India
r09323038@ntu.edu.tw: Environmental sustainability and financial performance of the small-scale tea processors in Kenya
t10703107@ntu.edu.tw: What do you think about climate finance?
b07102120@ntu.edu.tw:Empire-Building or Bridge-Building? Evidence from New CEOs’ Internal Capital Allocation Decisions
r09323025@ntu.edu.tw: How does firms’ innovation disclosure affect their banking relationships?
b06303078@ntu.edu.tw:Temperature Shocks and Establishment Sales (2020, RFS)
t10303106@ntu.edu.tw: Sustainable investing with ESG rating uncertainty |
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Week 1-1 |
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Syllabus |
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Week 1-2 |
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Preparing a Referee Report: Guidelines and Perspectives |
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Week 1-4 |
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Topic 1: Pollution and corporate polices |
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Week 1-6 |
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Topic 2 Patents as collateral |
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Week 1-7 |
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Topic 3 Climate change risk and opportunities exposures |
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Week 1-8 |
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Topic 4 Corporate social responsibility and environmental, social, and governance (ESG) |
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Week 1-9 |
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Topic 5 CEO cohort, youth experience, CEO risk attributes, and career experience
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Week 1-10 |
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applications of behavioral finance to on corporate finance |
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Week 17-2 |
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Chosen paper for the final presentation and the presentation sequence |
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