Advanced Financial Economics (PhD-level) SoSe 2023

Topic outline

• General

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  PLEASE NOTE THAT THIS COURSE HAS BEEN CANCELLED DUE TO A LACK OF PARTICIPANTS!
  

  
  This course is a core course in the Finance Track in the BSE PhD program, but is also open to advanced Masters students, especially those who are preparing to take a PhD.

  Lectures take place on Mondays, from 08:30 - 12:00.

  The course consists of three parts, taught by Alex Stomper, Max Bruche, and Tim Adam, respectively.

  Part 1 (Stomper): Asset Pricing and Risk Sharing
  This part will be based on lecture notes (see below) and readings. Given that Alex Stomper is on sabbatical, the first part of the course will be taught online, using the following link: https://hu-berlin.zoom.us/j/2038891847

  Here is a link to a pdf of the main text: https://books.mec.biz/tmp/books/GJVEGQITOZ2C1XGCRN7H.pdf

  Part 2 (Bruche):
  This part will be based on handouts (see below).
  

  Part 3 (Adam):
  This part will be based on handouts and papers (see below).
  

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    Announcements Forum
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    Forum

• Tentative Schedule

  date		topic		teacher
  2023-04-17		Introduction		Stomper
  2023-04-24		Risk aversion and risk measures		Stomper
  2023-05-01		public holiday
  2023-05-08		Risk-sharing and -pricing in financial markets		Stomper
  2023-05-15		Topic		Stomper
  2023-05-22		Classical capital structure theory recap		Bruche
  2023-05-29		public holiday
  2023-06-05		Capital structure theory: Moral hazard and incentives		Bruche
  2023-06-12		Capital structure theory: Asymmetric information		Bruche
  2023-06-19		Capital structure theory: Exercises		Bruche
  2023-06-26		Empirical capital structure		Adam
  2023-07-03		Internal capital markets		Adam
  2023-07-10		Corporate governance		Adam
  2023-07-17		Corporate governance		Adam

  
  

• Part I (taught by Alex Stomper)

  The first lecture will be a class on risk aversion and stochastic dominance. Thereafter, we will read selected chapters of Campbell (2018). I will shortly announce the schedule.

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    Lecture on Risk Aversion and Stochastic Dominance File

    PDF-Dokument

• Part II (taught by Max Bruche)

  This part discusses corporate finance theory. It will be taught in presence in R405.

  Rough outline is as follows:
  

  • Modigliani-Miller irrelevance: Under which condition does corporate finance not matter.
  • Classical theory: Static trade-off theory, debt-equity conflicts
  • Optimal contracting: Moral hazard, Adverse selection

  
  

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    Information about Part 2 of the course File
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    1. Modigliani-Miller irrelevance File
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    2. Classical theory File
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    4. Pecking-order theory File
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    3. Governance-based theories File
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    Problem Set File

• Part III (taught by Tim Adam)

  In this last part of the course we discuss some of the major research areas in empirical corporate finance.

  Ph.D. students must present an academic paper on corporate governance during the 3rd and 4th session.

  Zoom: Meeting-ID: 657 277 1244, Passwort: none

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    1. Empirical Capital Structure File
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    Baker and Wurgler (2002) File
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    Bertrand and Schoar (2003) File
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    Hovakimic, Opler and Titman (2001) File
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    Frank and Goyal (2003) File
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    Chava and Roberts (2007) File
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    2. Internal Capital Markets File
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    Lamont (1997) File
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    Scharfstein (1998) File
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    Khanna and Tice (2001) File
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    3. Corporate governance I File
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    Gompers Ishii Metrick (QJE 2003) File
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    Core Guay Rusticus (JF 2006) File
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    Bertrand and Mullainathan (2003) File
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    Shleifer and Vishny (1989) File
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    4. Corporate Governance II (new) File
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    Coles, Daniel and Naveen (2008) File
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    Duchin, Matsusaka and Ozbas (2010) File
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    Black and Kim (2011) File
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    Papers to be presented by PhD students in 1. and 2. Session on Corporate Governance Folder

• Student Presentations

  TBD