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2010/2011  KAN-FSM_FS55  Corporate Governance and Finance

English Title
Corporate Governance and Finance

Course Information

Language English
Point 7,5 ECTS (225 SAT)
Type Mandatory
Level Full Degree Master
Duration One Semester
Course Period Spring
Time Table Please see course schedule at e-Campus
Study Board
Study Board for MSc in Economics and Business Administration
Course Coordinator
Aleksandra GregoricSteen Thomsen
Main Category of the Course
  • Economics, macro economics and managerial economics
Last updated on 29 maj 2012
Learning Objectives
This course extends the basic course in corporate finance to include the control and direction of companies (corporate governance). Corporate governance deals with financial incentive and information problems and their solution by ownership structure, boards, compensation, law, capital structure and other mechanisms.
Marking Scale 7-step scale
Exam Period April and May/June
Individual written 24-hour take home case analysis covering topics taught in the course (max. 5 A4 pages). The exam is internal and will be graded by a teacher alone, cf. General Degree Regulation § 25, S. (1) no.1. The regular exam will take place in April 2011. Make-up/ re-exam takes place in June 2011
Prerequisites for Attending the Exam
Course Content

The course extends agency theory as an analytical framework for analyzing corporate governance issues. For example shareholder value maximization can be implemented through contestable ownership and removal of takeover barriers, independent boards, stock option programs and legal protection of minority investors. Corporate governance in turn has implications for financial objectives, for example risk preferences at attention to stakeholders. The course will cover issues like corporate objectives, the costs and benefits of stock option programs, minority investor protection, board control, leverage as a governance mechanism, private equity funds and the ownership role of institutional investors.

Teaching Methods
Lectures and case discussions

(Supplemented by readings uploaded on Sitescape)
Thomsen, Steen (2008). An introduction to Corporate Governance. DJØF. Copenhagen