Theoretical corporate Finance

 

PART I: Agency Problems and Capital Structure

Time: 16.1. - 21.2.2018

Place: Helsinki, Aalto University School of Business,

Teaching: Dr Mikko Leppämäki (Aalto University)

Exercises: Mr. Ellapulli Vasudevan (Aalto University)


Lectures:
27 h of lectures (27 x 45 minutes)
                                                                                                                                         
                                                                                                                                                           

DAY
DATE
TIME
Tuesday 16.1. 10.00 - 13 G-109, Chydenia Building
Wednesday 17.1. 10.00 - 13 G-109, Chydenia Building
Tuesday 23.1. 10.00 - 13 G-109, Chydenia Building
Wednesday 24.1. 10.00 - 13 G-109, Chydenia Building
Tuesday 30.1. 10.00 - 13 E-122, Arkadia Building
Wednesday 31.1. 10.00 - 13 G-109, Chydenia Building
Tuesday 6.2. 10.00 - 13 G-109, Chydenia Building
Wednesday 7.2. 10.00 - 13 G-109, Chydenia Building
Tuesday 13.2. 10.00 - 13 G-109, Chydenia Building


Exercises:
12 h of exercises

DAY
DATE
TIME
Wednesday 24.1. 13.15 - 15 G-109, Chydenia Building
Wednesday 31.1. 13.15 - 15 G-109, Chydenia Building
Wednesday 7.2. 13.15 - 15 G-109, Chydenia Building
Wednesday 14.2. 12.15 - 15 G-109, Chydenia Building
Wednesday 21.2. 12.15 - 15 G-109, Chydenia Building
Objectives: Part I of the course offers a doctoral level introduction to the theoretical corporate finance research with the help of game theory and contracting. In part I, we examine agency problems and capital structure: the focus will be on financial contracting under moral hazard, financial contracting under asymmetric information and signaling in finance. In particular, we examine how agency problems affect the way how corporations optimally finance their activities by taking into consideration the strategic behavior of other market participants.

Note: This part of the course is particularly designed for doctoral students in finance who are not familiar with game and contract-theoretic tecniques.

Course Description: PDF

Reading List:
PDF

Access to the articles is subject to your home institutions' subsciptions to the databases. Hard copies of all readings are available for consultation at GSF office, Chydenia building G2.15 

Lecture Notes:

Notes 1

Notes 2

Notes 3

Appendix 1

Notes 4

Notes 5

Notes 6

Notes 7

Notes 8

Appendix 2

Notes 9


Exercises: 

Set 1

Set 2

Set 3

Set 4

Set 5

The password for opening the files will be e-mailed to course participants.

 

 

PART II: Topics in Theoretical Corporate Finance

Time: 12.3. - 21.3.2018

Place: Helsinki, Aalto University School of Business

Teaching: Professor Martin Ruckes (Karlsruhe Institute of Technology)

Exercises: Mr Ellapulli Vasudevan (Aalto University) 

 

Lectures: 16 h of lectures (16 x 45 min)

DAY
DATE
TIME
Monday
12.3. 12.15 - 14 G-109, Chydenia Building
Monday 12.3. 16.15 - 18 G-109, Chydenia Building
Tuesday 13.3. 12.15 - 14 G-109, Chydenia Building
Tuesday 13.3. 16.15 - 18 G-109, Chydenia Building
Wednesday 14.3. 09.00 - 12 G-109, Chydenia Building
Wednesday 14.3. 13.15 - 15 G-109, Chydenia Building
Thursday 15.3. 9.00 - 12
Time changed
G-111, Chydenia Building

Exercises: 4 h of exercises

DAY
DATE
TIME
Wednesday
21.3.
12.15 - 16 G-109, Chydenia Building

 

Objectives: Rather than providing an exhaustive overview of the field, this part of the course focuses in depth on selected topics. Tentatively, the course intends to cover the following topics; theories of debt/debt markets, the market for corporate control, and internal capital markets. More detailed description of part II will be provided later on.

Reading List: PDF

Access to the articles is subject to your home institutions' subsciptions to the databases. Hard copies of all readings are available for consultation at GSF office, Chydenia building G2.15 

Lecture notes:

Notes 1

Notes 2 (updated)

Notes 3

Notes 4

Exercises:

Set 6


The password for opening the files will be e-mailed to course participants.

Credit units: 6 ECTS cr.

List of Participants: PDF

Participants: Doctoral students in finance. The course is also open for KATAJA as well as FDPE students with sufficient background in finance and/or economics. The course is also open for foreign doctoral students given that there is space in the course.

 

EXAMINATIONS

The course will be examined by closed book exams (separate exams for both parts of the course). There will also be a retake exam covering both parts of the course. The total points of the course are 100. In order to pass the course one needs at least 40% of the total points, which gives a minimum acceptable grade. In addition, one has to get at least 40% of the points from the written exam (i.e. 36 points)

  • A written examination (90 % weight)
  • Exercises (10 % weight)


Examination date and time: Part I: Thursday, March 8, 2018 at 10:00-14:00 in Chydenia, G-111 and part II: April 4, 2018 at 10:00 - 14:00 in Chydenia, G-109.


Retake examination date (Part I and II together):
Monday, May 7, 2018 at 10:00-14:00 in Chydenia, G-220. Please register for the retake examination by sending an e-mail to gsf@aalto.fi.

Examination places and registration:

Please register to the exam in Helsinki, Lappeenranta, Oulu, Turku and Vaasa through the following links:

Registration for Part I exam (8.3.2018)

Registration for Part II exam (4.4.2018)


Helsinki: Aalto University School of Business
Vaasa: University of Vaasa
Oulu: University of Oulu, Department of Economics
Lappeenranta: Lappeenranta University of Technology
Turku: University of Turku, Turku School of Economics


Other locations: Doctoral students in other universities are requested to inform GSF by sending an e-mail to gsf@aalto.fi if they wish to take the exam in their home universities. The exam can be taken abroad where suitable exam supervision can be arranged. Please note that the exam must be written in the presence of an exam supervisor. Thus, please submit the name of the exam supervisor at least 14 days before the examination.  Possible payment and arrangements for supervision should be made by the student.

 

REGISTRATION / APPLICATION

  • Doctoral students of GSF and FDPE: Please register through this link.
  • Doctoral students in related fields and doctoral students at foreign universities: Application form can be found here: PDF file or Word file. Please, send in addition to your complete contact information, a report on the status of your doctoral studies, and a brief CV. Please ask also your thesis advisor to send us a short letter of recommendation by-email. All the required documents should be sent by e-mail to gsf@aalto.fi.

The deadline for registering in this course is January 8, 2018.