財務理論(博)
Financial Theory
| 節 | 週二 |
|---|---|
2 09:00–09:50 | 財務理論(博) M102（光復） 3 節連堂 |
3 10:10–11:00 | |
4 11:10–12:00 |
* 根據陽明交大上課時間表所列
Learning Goals: 1. Students will have the expert knowledge in the professional field of financial theory. 2. Students will find the related interesting topics for their future research. Course Descriptions: This course is aimed to provide financial economic theories and their empirical implications. Students will learn theories about capital markets, investment decisions, market equilibrium (CAPM and APT), efficient capital markets and agency problem. In addition, students will learn the corporate policy including capital structure, dividend policy.
No, but background with Economics and Statistics are recommended.
無備註
Readings Asset Pricing 1. Eberhart, A.C., W.F. Maxwell, and A.R. Siddique. 2004. An examination of long-term abnormal stock returns and operating performance following R&D increases. Journal of Finance 59: 623-650. 2. Baker, M., Wurgler, J., 2006. Investor sentiment and the cross-section of stock returns. Journal of Finance 61, 1645-1680. Capital Structure 1. Shyam-Sunder, L., and S. Myers, 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51, 219-244. 2. Frank, M., and V. Goyal, 2003. Testing the pecking order theory of capital structure. Journal of Financial Economics 67, 217-248. Corporate Payout 1. Ikenberry, D., J. Lakonishok, and T. Vermaelen, 1995. Market underreaction to open market share repurchases. Journal of Financial Economics 39, 181-208. 2. Skinner, D. J., 2008. The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics 87, 582-609.
Homework 20% Presentation 20% Midterm examination 30% Final examination 30% A. You will have about 8 homeworks this semester. Please write the homework in handwriting. Please submit your homework before the deadline. I do not accept any late submission. B. Each group (with 2~3 people) is responsible to present ALL papers. Anyone has to present at least 15 minutes for each presentation. We draw lots to decide the group presenters at the weeks for your presentations. C. You are responsible to present papers in turn in the class. (Please prepare the presentation for about 1~1.5 hour per paper. The papers will be also included in the examination.
Capital Market
1. Capital market equilibrium 2. CAPM and APT 3. Efficient Capital Market
- 講授：
- 16
- 其他：
- 2
Capital Structure Theory
1. Corporate financing decision 2. Pecking order theory 3. Dividend policy
- 講授：
- 18
- 其他：
- 3
| 週次 | 主題 |
|---|---|
| 第 1 週 | Ch1 Introduction: Capital Markets, Consumption and Investment. |
| 第 2 週 | Ch2 Investment Decisions: The Certainty Case. |
| 第 3 週 | Ch5 Objects of Choices : Mean-Variance Portfolio Theory |
| 第 4 週 | Ch5 Objects of Choices : Mean-Variance Portfolio Theory |
| 第 5 週 | Ch6 Market Equilibrium: CAPM and APT |
| 第 6 週 | Ch6 Market Equilibrium: CAPM and APT |
| 第 7 週 | Asset Pricing Empirical Papers |
| 第 8 週 | Journal articles: Asset Pricing (presentation) |
| 第 9 週 | Mid-term Exam |
| 第 10 週 | Corporate Finance: Introduction of finance methodologies |
| 第 11 週 | Ch15 Capital Structure and the Cost of Capital: Theory and Evidence |
| 第 12 週 | Ch15 Capital Structure and the Cost of Capital: Theory and Evidence |
| 第 13 週 | Journal articles: Capital Structure (presentation) |
| 第 14 週 | Journal articles: Capital Structure (presentation) |
| 第 15 週 | Ch16 Dividend Policy: Theory and Empirical Evidence |
| 第 16 週 | Ch16 Dividend Policy: Theory and Empirical Evidence |
| 第 17 週 | Journal articles: Corporate Payout (presentation) |
| 第 18 週 | Final Exam |
Thomas E. Copeland, J. Fred Weston and Kuldeep Shastri, “Financial Theory and Corporate Policy”, 4th Edition. Pearson Education.
- 地點
- The office of instructor (M421)
- 時間
- 13:30~16:30 p.m. on Wednesday
- 聯絡方式
- Contacting with instructor by email