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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 |
111-1 |
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授課對象 |
社會科學院 經濟學研究所 |
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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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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 any students to the frontier of knowledge so that they can start doing their own research in this field. In this semester, we will mainly focus on six topics in applied corporate finance: (1) topics related to the issues of climate and corporate governance, (2) topics related to climate change risk and opportunities exposures, (3) topics related to the issues of pollution on investor behavioral bias, and on corporate policies, (4) topics related to climate change risk on government policies, (5) topics related to corporate social responsibility (CSR) and environmental, social, and governance (ESG) policies, (6) topics related to ESG equity, (7) topics related to ESG lending, and (8) other upcoming trending topics. Including water quality. |
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課程目標 |
C. COURSE OBJECTIVES
Whether you are considering an academic career in finance or accounting, when you complete this course, you will be equipped with a variety of financial concepts that are useful for performing professional level work. Specifically, course learning objectives are:
(1) Analyze the effect of pollution on investor behavioral bias;
(2) Analyze the effect of patent collateral on firm borrowing;
(3) Analyze the effect of CSR (or ESG) on stock performances and financing polices;
(4) Analyze the effect of climate change risk and opportunities on stock performances and firm polices; and
(5) Analyze the effect of CEO youth experience, CEO risk attributes, or career experience on firm polices
D. LEARNING OUTCOMES
On successful completion of this course, students will be able to:
(1) Critically evaluate empirical research in corporate finance;
(2) Compare policy implications of CO2 emission reduction for corporate policy; and
(3) Compare various asset pricing models of climate change risk exposures
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課程要求 |
E. GRADING
There will be a report to hand out in class at the end of the semester. The report could be a referee report on an article about the above three topics. Please write the report as a reviewer for potential publication in a major academic finance journal, up to three well-spaced pages. Part 1 of each report should succinctly state each of the paper’s important contributions in the best possible light. Part 2 should constructively critique any shortcomings. Part 3 should make suggestions for improvements. (See Berk, Jonathan and Harvey, Campbell R. and Hirshleifer, David A., Preparing a Referee Report: Guidelines and Perspectives (February 17, 2015). Available at SSRN: http://ssrn.com/abstract=2547191 orhttp://dx.doi.org/10.2139/ssrn.2547191).
You could find the article in https://www.sciencedirect.com/ or https://www.jstor.org/. In addition, papers eligible for the reports must be published in A+ Journal ranking list on Finance in科技部財務領域國際期刊分級, A + Journal ranking list on Accoutering in科技部會計領域國際期刊分級, or A+ Journal ranking list on Accoutering in科技部經濟學門國際期刊分級. That is, the paper must be published in American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Accounting and Economics, Journal of Accounting Research, or The Accounting Review. The report will count for 35% of the grade.
In addition to the referee report, 20% of the grade will depend on class participation. Students are expected to come to class, having read the required readings for that class session. In a small class like this, the quality of the discussion will have a major impact on everyone's learning, so it is particularly essential that you come to class prepared.
In addition, 45% of the grade will depend on paper presentation. There will be a presentation of the report at the end of the semester. You MUST have a different paper from the referee report ones. Please hand out the presentation material before the presentation, if it is different from the class report. Here presentation must be both informative about the report. You could find the article in https://www.sciencedirect.com/ or https://www.jstor.org/. In addition, papers eligible for the presentation must be published in A+ Journal ranking list on Finance in科技部財務領域國際期刊分級, A + Journal ranking list on Accoutering in科技部會計領域國際期刊分級, or A+ Journal ranking list on Accoutering in科技部經濟學門國際期刊分級. That is, the paper must be published in American Economic Review, Journal of Political Economy, Quarterly Journal of Economics, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Journal of Accounting and Economics, Journal of Accounting Research, or The Accounting Review
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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 |
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評量方式
(僅供參考) |
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針對學生困難提供學生調整方式 |
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上課形式 |
以錄影輔助 |
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作業繳交方式 |
口頭報告取代書面報告 |
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考試形式 |
書面(口頭)報告取代考試 |
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其他 |
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週次 |
日期 |
單元主題 |
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第0-0週 |
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Topic 1: Climate and Corporate Governance
Reading list:
1. Bonelli, Maxime, Briere, Marie, and Derrien, François, 2022. Altruism or self-interest? ESG and participation in employee share plans. Available at SSRN: https://ssrn.com/abstract=4164062 or http://dx.doi.org/10.2139/ssrn.4164062
2. Bingler, Julia Anna and Kraus, Mathias and Leippold, Markus and Webersinke, Nicolas, 2022. Cheap talk in corporate climate commitments: The effectiveness of climate initiatives. Swiss Finance Institute Research Paper Series N°22-54
3. Bebchuk, Lucian A. and Tallarita, Roberto, 2022. The perils and questionable promise of esg-based compensation. Harvard Law School Program on Corporate Governance Working Paper 2022-3
4. Shive, S., Forster, M., 2020. Corporate governance and pollution externalities of public and private firms. Review of Financial Studies 33, 1296–1330. .
5. Chva, Sudheer, 2014. Environmental externalities and cost of capital. Management Science 60, 2223-2247.
6. Flammer, Caroline, Toffel, Michael, W., Viswanathan, Kala, 2021. Shareholder activism and firms’ voluntary disclosure of climate change risks. Strategic Management Journal 42. 1850–1879.
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第0-1週 |
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Topic 2: Climate change risk and opportunities exposures
Reading list:
1. Krueger, P., Sautner, Z., Starks, L., 2020. The importance of climate risks for institutional investors. Review of Financial Studies 33, 1067–1111.
2. Bolton, P., Kacperczyk, M., 2021. Do investors care about carbon risk? Journal of Financial Economics, forthcoming.
3. Choi, D., Gao, Z., Jiang, W., 2020. Attention to global warming. Review of Financial Studies 33 1112–1145.
4. Ramadorai, T., Zeni, F., 2022. Climate regulation and emissions abatement: Theory and evidence from firms’ disclosures. European Corporate Governance Institute – Finance Working Paper No. 730/2021
5. Ilhan, Emirhan, Krueger, P., Sautner, Z., Starks, Laura T., 2021. Climate risk disclosure and institutional investors. Swiss Finance Institute Research Paper No. 19-66, European Corporate Governance Institute – Finance Working Paper No. 661/2020.
6. Li, Q., Shan, H., Tang, Y., Yao, V., 2021. Corporate climate risk: Measurements and responses. http://dx.doi.org/10.2139/ssrn.3508497
7. Bernstein, A., Gustafson, M., Lewis, R., 2019. Disaster on the horizon: The price effect of sea level rise. Journal of Financial Economics 134, 253–272.
8. Baldauf, M., Garlappi, L., Yannelis, C., 2020. Does climate change affect real estate prices? Only if you believe in it. Review of Financial Studies 33 1256–1295.
9. Murfin, J., Spiegel, M., 2020. Is the risk of sea level rise capitalized in residential real estate? Review of Financial Studies 33, 1217–1255.
10. Ramelli, S, Wagner, Alexander F., Zeckhauser, Richard J., Ziegler, A., 2021. Investor rewards to climate responsibility: Stock-price responses to the opposite shocks of the 2016 and 2020 U.S. elections. Review of Corporate Finance Studies, forthcoming.
11. Geczy, C., Jeffers, Jessica, Musto, David K., Tucker, Anne M., 2021. Contracts with (Social) benefits: The implementation of impact investing. Journal of Financial Economics, forthcoming,
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第0-2週 |
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Topic 3 Pollution and corporate polices
Reading list:
1. Akey, Pat, Appel, Ian. 2021. The limits of limited liability: Evidence from industrial pollution. Journal of Finance 76, 5–55.
2. Dong, R., Fisman, R., Wang, Y., Xu, N., 2021. Air pollution, affect, and forecasting bias: evidence from Chinese financial analysts. Journal of Financial Economics 139, 971–984.
3. Huang, J., Xu, N., Yu, H., 2020. Pollution and performance: Do investors make worse trades on hazy days? Management Science 66, 4359–4919.
4. Li, C., Luo, Jin-hui, Soderstrom, N., 2020. Air pollution and analyst information production. Journal of Corporate Finance 60, 101536.
5. Li, J., Massa, M., Zhang, H., Zhang, J., 2021. Air pollution, behavioral bias, and the disposition effect in China. Journal of Financial Economics 142,641–673.
6. Bartrama, Söhnke M., Hou,Kewei, Kim, Sehoon, 2022. Real effects of climate policy financial constraints and spillovers. Journal of Financial Economics 143, 668–696.
7. Lin, Chen, Schmid, T., Weisbach, Michael, S., 2022. Demand volatility and firms’ investments in operating flexibility: Evidence from planned power plants. Fisher College of Business Working Paper No. 2019-03-026
8. Nguyen, J. H., Phan, H. V., 2020. Carbon risk and corporate capital structure. Journal of Corporate Finance 64, 101713.
9. Painter, Marcus, 2020. An inconvenient cost: The effects of climate change on municipal bonds. Journal of Financial Economics 135, 468–482.
10. Flammer, Caroline, 2021. Corporate green bonds. Journal of Financial Economics 142, 499–516.
11. Tang, D. Y., Zhang, Y., 2020. Do shareholders benefit from green bonds? Journal of Corporate Finance 61, 101427.
12. Seltzer, L., Starks, Laura, T., Zhu, Q., 2022. Climate regulatory risks and corporate bonds. Nanyang Business School Research Paper No. 20-05.
13. Bolstad, P., Frank, S., Gesick, E., Victor, D., 2020. Flying blind: What do investors really know about climate change risks in the U.S. equity and municipal debt markets? Hutchins Center Working Paper #67
14. Addoum, Jawad, M., Ng, David T., Ortiz-Bobea, A., 2020. Temperature shocks and establishment sales Review of Financial Studies 33 1331–1366.
15. Pankratz, Nora M. C., Bauer, R., Derwall, J., 2022. Climate change, firm performance, and investor surprises. https://ssrn.com/abstract=3443146 or http://dx.doi.org/10.2139/ssrn.3443146
16. Delis, Manthos D., De Greiff, K., Iosifidi, M., Ongena, S., 2021. Being stranded with fossil fuel reserves? 2021. Climate policy risk and the pricing of bank loans. Swiss Finance Institute Research Paper No. 18-10
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第0-3週 |
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Topic 4 Pollution and politics
Reading list:
1. Jha, Akshaya and Karolyi, Steve and Muller, Nicholas Z., Polluting Public Funds: The Effect of Environmental Regulation on Municipal Bonds (December 2020). NBER Working Paper No. w28210, Available at SSRN: https://ssrn.com/abstract=3753120
2. Garrett, Daniel and Ivanov, Ivan, Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies (July 11, 2022). Available at SSRN: https://ssrn.com/abstract=4123366 or http://dx.doi.org/10.2139/ssrn.4123366
3. Aswani, Jitendra and Raghunandan, Aneesh and Rajgopal, Shivaram, Are Carbon Emissions Associated with Stock Returns? (May 13, 2022). Columbia Business School Research Paper Forthcoming, Available at SSRN: https://ssrn.com/abstract=3800193 or http://dx.doi.org/10.2139/ssrn.3800193
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第0-4週 |
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Topic 5:Corporate social responsibility and environmental, social, and governance (ESG)
Reading list:
1. Gillan, Stuart, L., Koch, A., Starks, Laura T., 2021. Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance 66, 101889.
2. Christensen, Hans, Hail, L., Leuz, C., 2021. Mandatory CSR and sustainability reporting: economic analysis and literature review. Review of Accounting Studies, forthcoming.
3. Liang, H., Renneboog, L., 2017. On the foundations of corporate social responsibility. Journal of Finance 72, 853–910.
4. Liang, H., Renneboog, L., 2020. Corporate Social Responsibility and Sustainable Finance: A Review of the Literature. European Corporate Governance Institute – Finance Working Paper No. 701/2020.
5. Servaes, H., Tamayo, A., 2017. The role of social capital in corporations: A review. Oxford Review of Economic Policy 33, 201–220.
6. Berg, F., Kölbel, J., Rigobon, R., 2020. Aggregate confusion: The divergence of ESG ratings. https://ssrn.com/abstract=3438533 or http://dx.doi.org/10.2139/ssrn.3438533.
7. Christensen, D., Serafeim, G., Sikochi, A., 2021. Why is corporate virtue in the eye of the beholder? The Case of ESG ratings. The Accounting Review, forthcoming.
8. Dyck, Alexander, Lins, Karl V., Roth, Lukas, Wagner, Hannes F., 2019. Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics 131, 693–714.
9. Chen, T., Dong, Hui, Lin, Chen, 2020. Institutional shareholders and corporate social responsibility. Journal of Financial Economics 135, 483–504.
10. Dyck, I.J. Alexander, Lins, Karl V., Roth, Lukas, Towner, Mitch, Wagner, Hannes F., 2021. Renewable Governance: Good for the Environment? https://ssrn.com/abstract=3224680 or http://dx.doi.org/10.2139/ssrn.3224680
11. Grewal, Jody, Riedl, Edward J. Serafeim, George, 2019. Market reaction to mandatory nonfinancial disclosure. Management Science 65, 3061-3084.
12. Lins, K., Servaes, H., Tamayo, A., 2017. Social capital, trust, and firm performance: The value of corporate social responsibility during the financial crisis. Journal of Finance 72, 1785–1824.
13. Dai, R., Liang, H., Ng, L., 2021. Socially responsible corporate customers. Journal of Financial Economics 142, 598–626.
14. Ferrell, Allen, Liang, Hao, Renneboog, Luc, 2016. Socially responsible firms. Journal of Financial Economics 122, 585–606.
15. Servaes, H., Tamayo, A., 2013. The impact of corporate social responsibility on firm value: the role of customer awareness. Management Science 59, 1045–1061.
16. Cao, J., Liang, H., Zhan, X., 2019. Peer effects of corporate social responsibility. Management Science 65, 5449–5956.
17. Liu, Chelsea, Cheong, Chee Seng, Zurbruegg, Ralf, 2020. Rhetoric, reality, and reputation: Do CSR and political lobbying protect shareholder wealth against environmental lawsuits? Journal of Financial and Quantitative Analysis 55, 679–706.
18. Albuquerque, Rui A. Koskinen, Y., Zhang, C., 2019. Corporate social responsibility and firm risk: Theory and empirical evidence. Management Science 65, 4451–4469.
19. Krueger, P., 2015. Corporate goodness and shareholder wealth. Journal of Financial Economics 115, 304–329.
20. Cai, Ye, Xu, J., Yang, J., 2021. Paying by donating: Corporate donations affiliated with independent directors. Review of Financial Studies 34, 618–660.
21. Liang, Hao Vansteenkiste, Cara, 2020. Disaster relief, Inc. European Corporate Governance Institute – Finance Working Paper No. 709/2020.
22. Callen, Jeffrey L., Fang, Xiaohua, 2015. Religion and stock price crash risk. Journal of Financial and Quantitative Analysis 50, 169–195.
23. Deng, Xin, Kang, Jun-Koo, Low, Buen Sin, 2013. Corporate social responsibility and stakeholder value maximization: Evidence from mergers. Journal of Financial Economics 110, 87–109.
24. Cohen, Lauren, Gurun, Umit G., Nguyen, Quoc, 2022. The ESG - innovation disconnect: Evidence from green patenting. European Corporate Governance Institute – Finance Working Paper No. 744/2021.
25. Krueger, Philipp, Metzger, Daniel, Wu, Jiaxin, 2022. The sustainability wage gap. Swedish House of Finance Research Paper No. 20-14, European Corporate Governance Institute – Finance Working Paper 718/2020, Swiss Finance Institute Research Paper No. 21-17.
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第0-5週 |
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Topic 6: ESG equity: Driving real change—Divestment vs engagement
Reading list:
1. Gordon, Jeffrey N., Systematic stewardship (January 24, 2022). Journal of Corporation Law, 2022 (Forthcoming), European Corporate Governance Institute - Law Working Paper No. 566/2021, Columbia Law and Economics Working Paper No. 640, Available at SSRN: https://ssrn.com/abstract=3782814 or http://dx.doi.org/10.2139/ssrn.3782814
2. Vaska Atta-Darkua, Simon Glossner, Philipp Krueger, Pedro Matos, Decarbonizing institutional investor portfolios, Working paper at University of Virginia
3. Edmans, Alex and Levit, Doron and Schneemeier, Jan, Socially Responsible Divestment (June 30, 2022). European Corporate Governance Institute – Finance Working Paper No. 823/2022, Available at SSRN: https://ssrn.com/abstract=4093518 or http://dx.doi.org/10.2139/ssrn.4093518
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第0-6週 |
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Topic 7: ESG debt
Reading list:
1. Kacperczyk, Marcin T. and Peydro, Jose-Luis, Carbon Emissions and the Bank-Lending Channel (August 18, 2022). Available at SSRN: https://ssrn.com/abstract=3915486 or http://dx.doi.org/10.2139/ssrn.3915486
2. Kim, Sehoon and Kumar, Nitish and Lee, Jongsub and Oh, Junho, ESG Lending (March 8, 2022). Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC, European Corporate Governance Institute – Finance Working Paper No. 817/2022, Available at SSRN: https://ssrn.com/abstract=3865147 or http://dx.doi.org/10.2139/ssrn.3865147
3. Rizzi, Claudio, Nature as a Defense from Disasters: Natural Capital and Municipal Bond Yields (August 18, 2022). Available at SSRN: https://ssrn.com/abstract=4038371 or http://dx.doi.org/10.2139/ssrn.4038371
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第0-7週 |
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Topic 8: Water
Reading list:
1. Bonetti, Pietro and Leuz, Christian and Michelon, Giovanna, Internalizing Externalities: Disclosure Regulation for Hydraulic Fracturing, Drilling Activity and Water Quality (July 24, 2022). Available at SSRN: https://ssrn.com/abstract=4171246 or http://dx.doi.org/10.2139/ssrn.4171246
2. Bonetti, Pietro and Leuz, Christian and Michelon, Giovanna, 2021. Large-Sample Evidence on the Impact of Unconventional Oil and Gas Development on Surface Waters, Science 373 (2021), 896– 902.
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