Teaching
Winter Semester 2019-20
Corporate Governance (Bachelor, Deutsch)
Prof. Dr. Stefan Trautmann (V), Christoph Becker (Ü) und Marek Steinke (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:
- Die Existenz von Organisationen
- Die Rolle finanzieller Anreize; das Prinzipal-Agenten Modell
- Moral Hazard mit Risikoaversion
- Anreize, Boni und riskantes Verhalten im Finanzsektor
- Teamproduktion, Kooperation und Koordination
- Organisationsstrukturen
- Vertragsgestaltung und Leistungsturniere
- Partizipation und Delegation
- Interne Allokation zentraler Ressourcen
- Vertikale Organisationsprobleme
- Horizontale Organisationsprobleme
- Managementprobleme, Sabotage, Mobbing und Rat Races
- Der Markt für Unternehmenskontrolle
- 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. | 08:30 bis 11:00 | wöch | von 15.10.2019 | Trautmann | Grabengasse 3-5 - neue Uni / HS 14 |
Übungen:
Christoph Becker, M.Sc. und Marek Steinke M.Sc.
Gruppe 1: Mi. 14:00 bis 16:00 wöch Grabengasse 3-5 - neue Uni / HS 07
Gruppe 2: Mi. 16:00 bis 18:00 wöch Grabengasse 3-5 - neue Uni / HS 07
Gruppe 3: Do 14:00 bis 16:00 wöch Grabengasse 3-5 - neue Uni / ehem. Senatssaal
Gruppe 4: Do. 16:00 bis 18:00 wöch Grabengasse 3-5 - neue Uni / ehem. Senatssaal
Dr. Yilong Xu
Investment Analysis
Lecture and Exercise for Master, MScE 2b: Elective Module in Economics
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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. |
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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. |
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Final exam, multiple choice, 120 minutes |
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Bodie, Kane and Marcus, Investments, 11th global edition. 2. Slides and additional readings on Moodle. |
Summer Term 2019
Prof. Dr. Stefan Trautmann
Measurement of economic preferences and expectations
(Lecture + Exercise for Master)
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Monday Wednesday |
09:00 to 12:00 11.30 to 14.30 |
weekly first half of semester |
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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)
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Monday Wednesday |
09:00 to 12:00 11.30 to 14.30 |
weekly second half of semester |
Please find topics and application procedure here.
Dr. Yilong Xu
Corporate Finance (start: April 25 )
Lecture + Exercice, Bachelor, PÖ4d English
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V Corporate Finance |
Monday |
15:00 -18:00 |
weekly | AWI 00.010 |
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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
