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Masterstudium

Part of Selected Issues in Finance IV

Empirical Corporate Finance

 

Module code 1259SMSF04
Course number 14259.0304
Module availability Winter term
Language English
ECTS 6 Credit points
Workload 180 h 
Independent studies 120 h
Instructors

Univ. Prof. Dr. Dieter Hess (Lectures)

M.Sc. Djarban Waning (Tutorials)

Office hour

M.Sc. Djarban Waning

Raum 215 / 2. Etage / WiSo-Gebäude

Thursday, 14:30-15:30

 

Course description and objectives

This course focuses on empirical methods applied widely in financial research as well as in practice.  Students will learn how to use the statistic tool SAS and how to handle data sets in order to conduct own empirical work and to critically analyze empirical studies. Instead of focusing on data preparation and initial steps, this course quickly recapitulates the OLS estimator and focusses on more advanced estimation techniques such as working with the panel structure of the data, dealing with outlying observations, etc.  The main purpose, however, is to learn how to apply – rather than how to derive – these econometric techniques. At the end, each student should be able to apply these methods to specific practical problem sets.

 

Attendance

60 hours. Throughout the course, we expect that you will attend class regularly and on time.

 

Schedule

Lecture: Wednesday, 14:00-15:30 in Seminar Room 6.224 and Wednesday, 16:00-17:30 in Seminar Room 6.224

Tutorial: Monday, 8:00-9:30 in PC-Pool B III and Monday, 10:00-11:30 in PC-Pool B III

 

Course material

Required reading and slides will be announced via the E-Learning platform ILIAS.

 

Outline

  1. The OLS estimator
  2. Panel Models
  3. Robust regression
  4. Probability Models

 

Grades

Your grade is based on 60 points. In general, the course is passed with 30 points. There is a final exam which is a closed book written exam lasting 60 minutes.

The exam will be given to you in English and you also have to answer in English. The exam is likely to take place in the last week of lectures.

 

Literature

  • Delwiche, L. D., Slaughter, S. J. (2012): “The Little SAS book: a primer”, SAS Institute, 2012.
  • Urban, D., Mayerl, J. (2006): “Regressionsanaylse: Theorie, Technik und Anwendung”, 2. Auflage, VS Verlag.
  • Verbeek, M. (2008): „A Guide to Modern Econometrics“, 3rd edition, Wiley.
  • Wooldridge, J. M. (2000): „Introductory Econometrics: A Modern Approach.“, South-Western College Publishing.

 

 

Schwerpunktmodul Finance 6

Empirical Finance

 

Module code 1259SMFi06
Course number

14259.0302 (Lecture)

14259.0303 (Tutorial)

Module availability Summer term
Language English
ECTS 6 Credit points
Workload 180 h 
Independent studies 120 h
Instructors

Univ. Prof. Dr. Dieter Hess (Lectures)

M.Sc. Tim Vater (Tutorials)

Office hour

M.Sc. Tim Vater

Raum 211 / 2. Etage / WiSo-Gebäude

Tuesday, 10:00-11:00

 

Course description and objectives

This course focuses on essential empirical methods applied widely in financial research as well as in practice.  Students will learn how to use the statistic tool SAS and how to handle data sets in order to conduct own empirical work and to critically analyze empirical studies. In particular, after a recap of the OLS estimator, the basics of data preparation and model specification will be covered. The main purpose, however, is to learn how to apply – rather than how to derive – these econometric techniques. Thus, the course is completed with the discussion of selected applications and typical problems a researcher faces. At the end, each student should be able to apply the taught concepts to specific practical problem sets.

 

Attendance

60 hours. Throughout the course, we expect that you will attend class regularly and on time.

 

Course material

Required reading and slides will be announced via the E-Learning platform ILIAS. You should register in KLIPS 2.0 in order to get access to ILIAS.

 

Outline

  1. OLS estimator
  2. Data preparation
  3. Model specification
  4. Selected applications
  5. Typical problems

 

Grades

Your grade is based on 60 points. In general, the course is passed with 30 points. There is a final exam which is a closed book written exam lasting 60 minutes.

The exam will be given to you in English and you also have to answer in English. The exam is likely to take place in the last week of lectures.

 

Literature

  • Delwiche, L. D., Slaughter, S. J. (2012): “The Little SAS book: a primer”, SAS Institute, 2012.
  • Urban, D., Mayerl, J. (2006): “Regressionsanaylse: Theorie, Technik und Anwendung”, 2. Auflage, VS Verlag.
  • Verbeek, M. (2008): „A Guide to Modern Econometrics“, 3rd edition, Wiley.
  • Wooldridge, J. M. (2000): „Introductory Econometrics: A Modern Approach.“, South-Western College Publishing.

 

 

Schwerpunktmodul Financial Theory, Part 2

Corporate Finance Theory

 

Module code 1259SFiTh0
Course numbers 14259.0300 & 14259.0301
Module availability Winter term
Language English
ECTS 12 Credit points for both parts of Financial Theory
Workload  180 h (for Corporate Finance Theory)
Independent studies 120 h (for Corporate Finance Theory)
Instructors

Univ. Prof. Dr. Dieter Hess (Lectures)

B.Sc. Simon Wolf (Tutorials)

Office hour

B.Sc. Simon Wolf

Raum 212 / 2. Etage / WiSo-Gebäude

by appointment

 

 

 

Course description and objectives

This course focuses on the valuation of companies and individual assets. The tools and techniques include preparation of a full financial model, estimation and forecasting of free cash flows and other valuation attributes. In general, students learn to analyze annual accounts in order to extract value relevant information. The course covers primarily equity valuation models, including discounted cash flow models, models of residual income and multiples approaches. Other important topics of the course are aspects of balancing of accounts and financial realization of M&As. Moreover, different theories explaining M&A activities and defense strategies will be discussed. Students should be able to analyze manager interests in mergers and acquisitions in a critical way.

 

Attendance

60 hours. Throughout the course, we expect that you will attend class regularly and on time.

 

Schedule

Lecture: Tuesday 12.00 - 15.30 in HS XXV 

Tutorial: Thursday 10.00 - 13.30 in HS XXV or Friday 12.00 - 15.30 in HS XXIV

 

Course material

Required reading and slides will be announced via ILIAS.

 

Grades

The final grade is determined through the points the student obtains in the final exam to the module “Financial Theory”. Within this exam, 60 points out of 120 possible points are determined by questions regarding this course (“Corporate Finance Theory”).

The exam will only be offered in English. You have to answer in English. The exam takes place on November 30th, 2019 or on March 25th, 2020. The room will be announced in KLIPS.

 

Literature

  • Copeland, Thomas E./Weston, John Fr./Shastri, Kuldeep: Financial Theory and Corporate Policy, 4th Edt., New York, 2005.
  • Ross, Stephan A./Westerfield, Randolph W./Jaffe, Jeffrey F.: Corporate Finance, 7th Edt., New York, 2005.
  • Hess, Dieter/Homburg, Carsten/Lorenz, Michael/Sievers, Soenke: Extended Dividend, Cash Flow and Residual Income Valuation Models - Accounting for Deviations from Ideal Conditions, forthcoming: Contemporary Accounting Research 2012, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1145201
  • Koller, Tim/Goedhart, Marc/Wessels, David: Valuation: Measuring and Managing the Value of Companies, 4th Edt., New York, 2005.
  • Damodaran, Aswath: Domodaran on Valuation, 2nd Edt., New Jersey, 2006.

 

 

Veranstaltung im Winter- und Sommersemester

Hauptseminar Kapitalmärkte und Unternehmensfinanzen (6 LP)

  • Sprache: Deutsch und Englisch
  • Aktuelle theoretische und empirische Fragestellungen
  • Abwechselnd aus den Gebieten Kapitalmärkte, Asset Management und Unternehmensfinanzen
  • Das Hauptseminar wird sowohl im Winter- als auch im Sommersemester angeboten. 

 

 

Bitte wenden Sie sich mit allen prüfungsrechtlichen Fragen an das Prüfungsamt, bzw. das Studienberatungszentrum, nur dort können Sie rechtlich verbindlich beraten werden.