SUCHE
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Lehre

Summer Term 2019

Prof. Dr. Stefan Trautmann

 

Measurement of economic preferences and expectations

(Lecture + Exercise for Master)

Monday

Wednesday

09:00  to 12:00

11.30 to 14.30 

weekly first half of semester

 

 

BergheimerS 58, room 01.030

 

 

 

Economic theories predict that financial decisions depend on consumers’ preferences and expectations. For example, the decision to purchase an annuity product depends on the consumer’s risk attitude, her time preference, and her beliefs about her longevity. In this course we will study methods to measure such attitudes and beliefs. Topics covered include the measurement of risk attitude, higher order risk attitudes, ambiguity attitude, time preferences, and social preferences where relevant to financial decisions. While the focus of the course is on empirical measurement, decision theories will be introduced where they relate to measurement issues (such as in the measurement of expected utility theory parameters, discounting models or precautionary saving). Skills: theoretical analyses, experimental and survey design, collecting and analyzing data. Course material: There exists no text book yet; handouts and background papers will be provided.

Assessment: written exam (120 minutes)

Note: The course is blocked in the first half of the semester, with lecture plus tutorial twice per week. In the second half, a complementary seminar on the topic is offered during the same course hours. The participation in the seminar is optional. Participation in the seminar does not require participation in the lecture either.   

 

Measurement of economic preferences and expectations

(Seminar for Master)

Initial Meeting: Wednesday, April 17,  at  13.45 h, room 01.030

Monday 

Wednesday

09:00  to 12:00

11.30 to 14.30 

weekly second half of semester

BergheimerS 58, room 01.030

Please find topics and application procedure here.

 

 

Dr. Yilong Xu

Corporate Finance (start: April 25 )

Lecture + Exercice, Bachelor, PÖ4d English

V Corporate Finance 

 Monday

15:00 -18:00

weekly AWI 00.010

Ü Corporate Finance

Thursday

16.00 - 18.00

2 hrs, fortnightly

AWI 00.010

In this course, students acquire knowledge of and insights into the important financial decisions taken by a corporation's financial manager: what investments should the corporation make? And how should it finance these projects? The course follows closely the structure of the book by Brealey, Mayers, and Allen (compulsory reading): Principles of Corporate Finance, 12th edition.

We study decisions pertaining to capital budgeting and investments. Topics such as cash flow analyses, capital budgeting techniques, bond and stock valuation, risk and return (portfolio theory and pricing models), efficient markets, corporate financing, issuance of bond and securities, options theory, will be discussed in lectures. If time allows, financial planning and the role of mergers and acquisitions and alternative corporate control mechanisms will be covered.

Final exam: multiple choice, 120 minutes.

Material: Brealey, Mayers and Allen, Principles of Corporate Finance

 


Winter Semester 2018-19

Corporate Governance (Bachelor, Deutsch)

Prof. Dr. Stefan Trautmann (V),  Christoph Becker (Ü) und Christian König (Ü)

Hinreichende Sprachkenntnisse in Deutsch und Englisch. Die Vorlesung und Übungen werden auf Deutsch gehalten; die über das Lehrbuch hinausgehende Literatur ist jedoch hauptsächlich englischsprachig.

Uber, Airbnb und Co: Naht das Ende klassischer Taxizentralen und Hotels? Ein Großkonzern erzielt einen gigantischen Verlust – selbstverständlich erhält der abtretende Vorstand einen Bonus in Millionenhöhe zusätzlich zu seinem üppigen Fixgehalt. Sind exorbitante Bonuszahlungen alternativlos? Was hat es mit „say on pay“ und „Claw-Back“-Klauseln in der Managementvergütung auf sich? Welche Aufgaben sollte ich als Unternehmer delegieren, welche übernehme ich lieber selbst? Wie sorge ich dafür, dass meine Angestellten produktiv arbeiten wenn deren Kontrolle schwierig ist? Wie reduziere ich mögliche negative Konsequenzen von leistungsabhängiger oder kompetitiver Entlohnung?

Relevante Fragestellungen der Geschäftswelt werden zunächst formal analysiert und dann jeweils empirisch diskutiert. Die formale Analyse folgt eng dem Lehrbuch, während die empirische Diskussion aktuelle Studien aus der ökonomischen und psychologischen Forschung mit den formalen Modellen verknüpft.

Themenübersicht:

  1. Die Existenz von Organisationen
  2. Die Rolle finanzieller Anreize; das Prinzipal-Agenten Modell
  3. Moral Hazard mit Risikoaversion
  4. Anreize, Boni und riskantes Verhalten im Finanzsektor
  5. Teamproduktion, Kooperation und Koordination
  6. Organisationsstrukturen
  7. Vertragsgestaltung und Leistungsturniere
  8. Partizipation und Delegation
  9. Interne Allokation zentraler Ressourcen
  10. Vertikale Organisationsprobleme
  11. Horizontale Organisationsprobleme
  12. Managementprobleme, Sabotage, Mobbing und Rat Races
  13. Der Markt für Unternehmenskontrolle
  14. Alternative Gesellschaftsformen

Leistungsnachweis: 120-minütige multiple choice Klausur, Deutsch

Lehrbuch: Kräkel, M. (2012): Organisation und Management. 5./6. Auflage, Mohr Siebeck, Tübingen. Weitere Literatur wird in der Vorlesung bekannt gegeben.

 

Vorlesung:

Prof. Dr. Stefan Trautmann

Di :8.30 - 11.00, wöch, NUni HS 14

 

Übungen:

Christoph Becker, M.Sc. und Christian König-Kersting M.Sc.

Gruppe 1: Mi.  14:00  bis 16:00   wöch Grabengasse 3-5 - neue Uni / HS 04            

Gruppe 2: Mi.  16:00  bis 18:00   wöch Grabengasse 3-5 - neue Uni / HS 04            

Gruppe 3: Do  14:00  bis 16:00   wöch Grabengasse 3-5 - neue Uni / HS 05  

Gruppe 4: Do.  16:00  bis 18:00   wöch Grabengasse 3-5 - neue Uni / HS 05  

 

Prof. Dr. Stefan Trautmann

Financial Intermediation

(Lecture + Exercise for Bachelor)

Thursday 12:00  bis 14:30    lecture weekly   Trautmann BergheimerS 58, 4310 / ÜR 00.010
Friday 08:30  bis 10:00    tutorial bi-weekly   Trautmann BergheimerS 58, 4310 / ÜR 00.010

 

The course studies the role of banks and other financial intermediaries in the modern economy. The treatment is introductory and mostly non-technical.

The course follows the structure of the book by Greenbaum, Thakor and Boot (required reading):

  • Why financial intermediaries?  
  • Risks in banking (interest rate risk, liquidity risk, credit risk)
  • Off balance sheet banking
  • Deposit contracts
  • Bank regulation
  • Bank management
  • Corporate control in Banking

Exam: multiple choice, 120 minutes

Stuart Greenbaum, Anjan Thakor and Arnoud Boot, Contemporary Financial Intermediation, 3rd edition, 2015

 

Dr. Yilong Xu

Investment Analysis

Lecture and Exercise for Bachelor, PÖ4d

                   
Wednesday 14:00  bis 17:00    wöch von 17.10.2018 Xu BergheimerS 58, 4310 / ÜR 00.010        
Friday 14:00  bis 16:00    14tägl von 19.10.2018 Xu BergheimerS 58, 4310 / ÜR 01.030    

This course discusses topics within the field of investment analysis.  We introduce main investment analysis formulas and students will be able to combine and apply them in applications to a given situation. We apply and interpret the concepts of pricing of risk in capital markets, in particular in the context of (Markowitz) Portfolio theory. Students will learn how to choose, apply and interpret the Capital Asset Pricing Model, APT and multifactor models to a given situation.  We will also discuss models for bond pricing and yields and how to manage (bond) portfolios. Besides stock and bonds, pricing of financial derivatives and the theory of active portfolio management will be introduced.

The aim of this course is to provide the theoretical background and foundations of investment theory. Special attention will be paid to the investment in stocks and bonds. The applicability of the theoretical models and their empirical relevance will be discussed as well as how these are used in the academic literature to determine how and when to invest in financial markets.

Final exam, multiple choice, 120 minutes

Bodie, Kane and Marcus, Investments, 11th global edition. 2. Slides and additional readings on Moodle.

 

 

 


 


 

 


 

 

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