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課程名稱 |
財務管理
Financial Management |
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開課學期 |
101-1 |
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授課對象 |
管理學院 會計學研究所 |
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授課教師 |
沈中華 |
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課號 |
Fin7023 |
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課程識別碼 |
723EM3300 |
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班次 |
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學分 |
3 |
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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 |
星期二2,3,4(9:10~12:10) |
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上課地點 |
管二203 |
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備註 |
本課程以英語授課。大學修過經濟學、統計學、會計學者。
限本系所學生(含輔系、雙修生)
總人數上限：40人
外系人數限制：10人 |
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Ceiba 課程網頁 |
http://ceiba.ntu.edu.tw/1011FinMgt |
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課程簡介影片 |
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核心能力關聯 |
本課程尚未建立核心能力關連 |
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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 course is designed to teach corporate finance in a systematic way. It is assumed that students have basic concept of corporate finance. The course is hoped to provide the intermediate background regarding financial management. Students are expected to learn knowledge on the two major subjects and make good preparation for the advanced courses. It is also important for students to understand that those objects are connected to each other in the real business world. |
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課程目標 |
This course is designed to teach corporate finance in a systematic way. It is assumed that students have basic concept of corporate finance. The course is hoped to provide the intermediate background regarding financial management. Students are expected to learn knowledge on the two major subjects and make good preparation for the advanced courses. It is also important for students to understand that those objects are connected to each other in the real business world. |
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課程要求 |
Our grade is simple: a midterm exam (35~45%), presentations (25~35%), pop quiz (5~10%), and Participation (5~10%). For midterm exam, it is a closed-book exam. We discs format of the questions in each course. Next, grading presentation is uneasy and even tricky because it is a relative concept.Some presentations are extremely good and some are relatively weak. Even it is a group presentation, each member in the group needs to present his work around ten minutes. You get your personal score and group score. There is no chance for free riders. My experience is that students typically underestimate its importance and overestimate the score they will get. Thus, I stress that it is a relatively concept. Even though you think your presentation is extremely good, you may not get A+++ because theirs is even better. After the presentation, you need to hand one power point and one term paper. Third, pop quiz is very easy. In the class, I will ask you a very short question which is just discussed during my lecture. It is an open-book test and is designed to help you to grasp the materials immediately. In fact, it is the bonus of attending the class. You should get full score of it. Finally, we can never downgrade the importance of the class participation. It will account for 5~10% of your grade. Most of the time, everyone obtain 85% of it because I cannot tell your from others’ participation. However, if you constantly discuss with me in the class (with smiling face), your score will immediately rise up to 99%. While we all know that it is subjective, the subjective evaluation happens in our daily life. Thus, let us not pretend that it does not exit. Also, let us practice it before we go to the real world.
Each week, I will put the next week’s materials in the website. If nothing is paraticulary happened, we will follow the syllabus. Because there are many current important events related to financial institutions, sometimes, we will discuss the current event.
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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 |
1. What are the financial ratios for? Credit Risk
a. ** Basic BS and IS, Shen
b. ** Introduction of Z-score, Shen
c. * Corporate distress prediction model in a turbulent economic model and Basel II, Altman, 2002
d. Tests of Generalization of Altman’s bankruptcy prediction model, Grice and Ingram, Journal of Business Research, 2001, 53-61
e. * Cross-Industry Differences in Business Failure Rates: Implications for portfolio management, Taylor
f. * Robust Logistic model, Shen, Chen and Huang Handbook of Quantitative Finance and Risk Management, 965~976
2. Earnings Management
a. ** Basic concept of EM
b. ** Investor protection, prospect theory and earnings management, JBF, Shen and Chih, 2006
c. An Empirical Comparison on Earnings Management between Banks and Non-Bank Firms around the World, Chih, Chi and Shen
d. * Is the Effect of Earnings Management Neutral on the Bank Cost of Debt?
—The Credit Rating Approach—, Shen and Huang, probably Finance and Accounting
3. Cash Flow Right and Voting Rights
a. Basic concept, Shen, handout
b. * Separation of ownership and control in east Asian , corporation CDH 2000 JFE
c. ** Can the Deviation between Ownership and Control Explain Bank Performance in Taiwan?
d. *** can the voting right gap predict distressed banks? In Hankbook of …Shen, Wang and Wu
4. Dividend Policy
a. ** Basic concept of dividend policy
b. ** Agency problem and Dividend policy around the world, 2000 Journal of Finance, Laporta
c. * Gugler, K, and B. B. Yurtoglu (2002), Corporate Governance and dividend pay-out policy in Germany, European Economic Review, 2003, 731-758
d. Corporate governance and dividend policy in emerging market, Mitton, 2004, 409-426
e. * Bank dividend policy explanatory factors, QJBE, 2003
5. Law, Finance and Growth
a. ** Law and Finance, LLSV, JPE, 1998
b. ** Law, Finance and China, JFE, 2006
c. * Do regulations affect bank performance? Governance may matter? Shen and Chang, CEP, 2005
6. Tax Avoidance
a. *Debt or Equity
7. Valuation: Ohlson model
a. ** The Ohlson Model: Contribution to Valuation Theory, Limitations, and Empirical Applications
b. The explanatory and predictive power of different speci. cations of the Ohlson (1995) valuation models, Michael McCrae University of Wollongong, Australia Henrik Nilsson University of UmeaÊ , Swede The European Accounting Revie
2001, 10:2, 315–341
8. Merger and Acquisitions
a. Basic Studies of Merger, Shen
b. Overpayment Hypothesis,
c. Do takeovers create value? A residual in come approach on UK data, Bild, Guest, Cosh and Runsten, 2002
9. Political Connection and Corporate Finance
a ** Do Politically Connected Boards Affect Firm Value? Goldman, RFS
b Corporate Political Contributions to stock returns, JF, 2010, 687~
c. ** Political Connection and Stock Returns, Shen, Wang and Lin
10. Cross Listing
a. * The Geographic of Cross-Listing, why do companies list abroad? Pagano, Roell, Journal of Finance
b. What makes stock exchanged succeed? Evidence from cross listing decisions Pagano, Randel, Rodell and Zechner; EER
c. Oversea Listing decision, new evidence of proximity preference, review of financial statistics, 2004
11 Conflicts of Interest
a. Comparing the stock recommendation performance of investment banks and independent research firms, Barber, Lhavy and Trueman, 2004
b. * Conflicts of Interest in the Stock Recommendations of Investment Banks and Their Determinants, Shen and Chih, JFQA, 2008
c. Can Investor profit from the prophets? Security analyst recommendations and stock returns Barber, Lehavy, JF, 2001
d. Put your money where your mouth is: why do firms issue analyst recommendations? Chan, Chang and Wang, 2004
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參考書目 |
journal's articles |
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評量方式
(僅供參考) |
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