2021/2022
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
(AA)
|
| Main academic
disciplines |
- Corporate governance
- Economics
|
| Teaching
methods |
|
|
|
Last updated on
09-12-2021
|
| Learning objectives |
- 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.
|
| Course prerequisites |
| Basic (undergraduate) knowledge of economics,
finance, accounting and business strategy. |
| 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-point grading scale |
| Examiner(s) |
One internal examiner |
| Exam period |
Spring |
| Make-up exam/re-exam |
Same examination form as the ordinary exam
|
Description of the exam
procedure
Case analysis covering topics taught in the course. The exam
will be a corporate governance review of a particular company.
5 pages of appendices may formally be included in the written
product, which does not count in the calculation of the maximum of
5 pages, but they are included in the overall
assessment.
|
|
| Course content, structure and pedagogical
approach |
|
The course develops economic and behavioral theories as
a framework for analyzing corporate governance and value
creation. For example shareholder value maximization can be
implemented through contestable ownership, removal of takeover
barriers, independent boards, stock option programs and legal
protection of minority investors. Stakeholder value or
social objectives can be implemented through other governance
structures. 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 ,executive compensation and compliance.
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.
|
| Description of the teaching methods |
| Lectures and case discussions. Some material will
be uploaded as teaching videos and some will be arranged as on-line
seminars |
| Feedback during the teaching period |
| Oral feedback on classroom case discussions.
Exercise classes give the students the opportunity to practice
writing corporate governance reviews of particular companies which
will also be the topic for the final exam. |
| Student workload |
| Preparation |
128 hours |
| Teaching |
30 hours |
| Exam |
48 hours |
|
| Expected literature |
|
Thomsen, Steen and Conyon, Martin (2019). Corporate
Governancen and Board decisions. DJOEF Publishing and NOW
Publishers. London.
|
Last updated on
09-12-2021
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