2017/2018
KAN-CFSMO1115U Corporate Governance and Finance
| English Title |
| Corporate Governance and
Finance |
|
|
| Language |
English |
| Course ECTS |
7.5 ECTS |
| Type |
Mandatory |
| Level |
Full Degree Master |
| Duration |
One Semester |
| Start time of the course |
Spring |
| Timetable |
Course schedule will be posted at
calendar.cbs.dk |
| Study board |
Study Board for MSc in Economics and Business
Administration
|
| Course
coordinator |
- Steen Thomsen - Department of Accounting and Auditing
(AA)
|
| Main academic
disciplines |
- Corporate governance
- Economics
|
|
Last updated on
30-05-2017
|
| Learning objectives |
To achieve the grade 12, students should meet the
following learning objectives with no or only minor mistakes or
errors:
- Identify and analyse corporate governance (agency)
problems.
- Assess how corporate governance shapes corporate finance
including capital structure, investment decisions and capital
costs.
- Analyse how the corporate governance of a particular company is
likely to influence its economic performance.
|
| Examination |
|
Corporate
Governance & Finance:
|
| Exam
ECTS |
7,5 |
| Examination form |
Home assignment - written product |
| Individual or group exam |
Individual exam |
| Size of written product |
Max. 5 pages |
| Assignment type |
Written assignment |
| Duration |
48 hours to prepare |
| Grading scale |
7-step scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Spring |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
If the number of registered
candidates for the make-up examination/re-take examination warrants
that it may most appropriately be held as an oral examination, the
programme office will inform the students that the make-up
examination/re-take examination will be held as an oral examination
instead
|
Description of the exam
procedure
Case analysis covering topics taught in the
course.
|
|
| Course content and structure |
|
The course develops 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 or attention to stakeholders. The
course will cover agency and other governance theories, alternative
governance mechanisms, international corporate governance,
corporate governance codes, ownership structure, boards and
executive compensation.
The aim of this course is to gain an in-depth understanding of
corporate governance and how corporate governance interacts with
corporate finance to influence corporate performance. The course
will introduce the students to corporate governance issues and
teach them to analyse how different corporate governance mechanisms
– like ownership and board structure, legal systems and incentives
– contribute to the solution of agency problems and thereby
influence corporate economic performance. Using this framework the
course will then study the impact of corporate governance on
corporate performance depending on company specific factors. The
course will enable students to undertake a corporate governance
review of an individual company including an assessment of how
ownership, board structure, managerial incentives and system
characteristics influence company performance.
|
| Teaching methods |
| Lectures and case discussions. |
| Feedback during the teaching period |
| Oral feedback on classroom case
discussions. |
| Student workload |
| Preparation |
128 hours |
| Teaching |
30 hours |
| Exam |
48 hours |
|
| Expected literature |
|
Thomsen, Steen and Conyon, Martin (2011). Corporate
Governance: Mechanisms and Systems. McGraw Hill.
London.
|
Last updated on
30-05-2017
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