《公司治理》课程教学大纲

1、公司治理（英）课程教学大纲一、课程基本信息课程名称：Corporate Governance课程代码：FIN915学 分：4周学时：总学时：51二、任课教师、助教、教室等情况(六)纪 律：.Attendance is required.Please respect everyone and be responsible. All cell phones and electronic devices must be turned off and out of sight during class.三、阅读材料.Corporate Governance and Accountability (4t

2、h Edition) by Jill Solomon, Wiley, Nov 2013, ISBN: 978-1-118-44910-3.Lecture notes.Papers discussed in class.四、课程内容概要(一)课程目标Corporate governance is the mechanisms, processes, and relations by which corporations are controlled and directed. Governance structures and principles identify the distributi

3、on of rights and responsibilities among different participants in the corporation. The objective of this course is to develop a solid understanding of theoretical perspectives influencing regulatory practices as well as recent trends related to corporate governance. The main topics cover many mechan

4、isms for corporate governance, and they include:legal requirements;board of directors;short selleranalyst coverageTakeoverThe concepts and methods introduced here are used heavily in both the practical and academic fields. This course is designed to help you advance your future career in finance, ei

5、ther in the industry or in academia. Critical thinking skills and effective oral communication skills will also be developed.通过这门课的学习，可以理解公司的治理水平影响公司资产价格的波动，从 而影响资本市场的稳定性与投资者的保护水平。这门课程的目的不仅要介绍科学 的公司治理的机制，还需要培养学生的职业道德，为经济开展提供兼备专业素质 与道德素质的公司管理人才，实现公司的良性开展，实现市场的公正性，提高投 资者的信心，为我国经济可持续开展注入血液。This course

6、help us to understand that the level of corporate governance affects the fluctuation of the companys asset price, thus affecting the stability of the capital market and the level of investor protection. The purpose of this course is not only to introduce the scientific mechanism of corporate governa

7、nce, but also to train students professional ethics, provide both professional and moral talents for economic development, and realize the sound development of the company. To keep a high level of confidence and market integrity. For the long run, it contributes to the sustainable development of Chi

8、nas economy.（二）教学内容序号题目知识点学时（课 堂教授）1Basic Theory（一）The definition：3（）Theory（三）implications of corporate governance2Corporate governance and cash holdingsEffect of corporate governance on cash holdings33Corporate governance and boards（一）The role of boards in corporate governance12（二）Chief executive o

9、fficer compensation（三）Board diversity and firm value（四）Analyst coverage4Corporate governance and short seller ,M&A（一）The role of short seller in corporate governance9（二）The effect of short seller on corporate governance: evidence from M&A（三）Merge and Acquisition5Mid-term Exam-36Corporation governanc

10、e and investor（*） Investor protection6（二）The role of institutional investors in corporate governance7Corporation governance and firm performance（） Firm structure and corporate governance9（二）The impact of corporate governance weakness and failure（三）Case study8The development of Corporation governance

11、（） Global corporate governance6（二）Future directions for corporate governanceTotal： 5748 （Course Teaching） +3（Mid-term Test）+6 (Paper)(三)课程要求The principal teaching method for this course is paper discussion. Questions are always welcome. Occasional Q&A will occur, and therefore the students should pr

12、eview the course materials before each class.（四）教学安排Wee kDateTopicReading19/14Introduction;The definition, theory, and implications of corporate governance.Jill Solomon Ch. 1Hart, Oliver. Corporate governance: some theory and implications. The Economic Journal 105.430(1995): 678-689.29/21Effect of c

13、orporate governance on cash holdingsDittmar, Amy, and Jan Mahrt-Smith, 2007, Corporate governance and the value of cash holdings, Journal of Financial Economics 83, 599-634.39/28The role of boards in corporate governanceJill Solomon Ch. 4Lorsch, J. W. and Khurana, R. (1999): Changing Leaders: The Bo

14、ards Role in CEO Succession”， Harvard Business Review, May/June, 96-105.410/5Chief executive officer compensationCore, John E., Robert W. Holthausen, and David F. Larckcr. Corporate governance, chief executive officer compensation, and firm performance!. Journal of Financial Economics 51.3 (1999): 3

15、71-406.张天舒、陈信元、黄俊，2018,独立茶事薪酬与 公司治理效率，金融研究第6期，第155-170 页。510/1 2Board diversity and firm valueCarter, David A., Betty J. Simkins, and W. Gary Simpson. Corporate governance, board diversity, and firm value. Financial Review 38.1 (2003): 33-53. Erhardt, Niclas L., James D. Werbel, and Charles B. Shrad

16、er. Board of director diversity and firm financial performance. Corporate governance: An international review 11.2 (2003): 102-111.610/1 9Analyst coverageFarrell, Kathleen A., and Philip L. Hersch. Additions (o corporate boards: the effect of gender. Journal of Corporate finance 11.1-2 (2005): 85-10

17、6.Chen, T., Harford, J., & Lin, C. (2015). Do analysts matter for governance? Evidence from natural experiments. Journal of Financial Economics, 115(2), 383-410.710/2 6Endogeneity issue;The role of short seller incorporategovernanceRoberts, Michael R., and Toni M. Whited. Endogeneity in empirical co

18、rporate finance 1. Handbook of the Economics of Finance. Vol. 2.Elsevier, 2013.493-572.Fang, Vivian W., Allen H. Huang, and Jonathan M. Karpoff. Short selling and earnings management: A controlled experiment. The Journal of Finance 71.3 (2016): 1251-1294.811/2The effect of shortCohen, D.A., Dey, A.,

19、 Lys, T.D., 2008. Real andseller on corporate governance: evidence from M&Aaccrual - based earnings management in the pre - and post - Sarbanes-Oxley periods. The Accounting Review 83, 757-787.Chang, Eric C. and Lin, Tse-Chun and Ma. Xiaorong, Does Short-selling Threat Discipline Managers in Mergers

20、 and Acquisitions Decisions? (April 24, 2018). Finance Down Under 2015 Building on the Best from the Cellars of Finance Paper. Available at SSRN: hltps:/ssrn /abstract=2348193 or 911/9Merge and AcquisitionMasulis, Ronald W., Cong Wang, and Fei Xie. Corporate governance and acquirer returns. The Jour

21、nal of Finance 62.4 (2007): 1851-1889.Masulis, Ronald W., Cong Wang, and Fei Xie. Corporate governance and acquirer returns. The Journal of Finance 62.4 (2007): 1851-1889.1011/16Investor protectionLa Porta, Rafael, et al. Investor protection and corporate valuation/ The journal of finance 57.3 (2002

22、): 1147-1170.1111/2 3Mid-term ExamPresent the progress has been made on your term paper1211/3 0Theroleofinstitutional investors incorporategovernanceJill Solomon Ch. 5Pozen, R. C. (1994): Institutional Investors: The Reluctant Activists”, Harvard Business Review, Jan/Feb, 140-149.1312/7Firm structur

23、e and corporate governanceAnderson, Ronald C., and David M. Recb. Founding family ownership and firm performance: evidence from the S&P 500.The journal of finance 58.3 (2003): 1301-1328.1412/1 4The impact of corporate governance weakness and failureJill Solomon Ch. 2Goel, Anand M., and Anjan V. Thak

24、or. Overconfidence, CEO selection, and corporate governance. The Journal of Finance63.6 (2008): 2737-2784.1512/2 1The impact of corporate governance weakness and failureCase study1612/2 8GlobalcorporategovernanceDenis, Diane K., and John J. McConnell. International corporate governance. Journal of f

25、inancial and quantitative analysis 38.1 (2003): 1-36. Bizjak, J. M., Lemmon, M. L. and Naveen, L. (2008): Has the Use of Peer Groups Contributed to Higher Levels of Executive Compensation?, Journal of Financial Economics, 90, 152-1681712/5Future directions for corporate governanceJill Solomon Ch. 11

26、18-1 9Present your term paperNote: The course schedule is extremely tentative, and subject to change. Any variations will be announced in the class or posted online.五、考核方式ListCategoryRatioClass participationListCategoryRatioAlClass Participation20%A2Mid-term Exam20%A2Paper Presentation20%A4Term Pape

27、r40%Total100%Active class participation is expected of each student. The class participation grade will be based primarily on your contribution to this class, including responding to questions, asking questions, providing answers to other students concerns, and clarifying the questions asked by the instructor. Your behavior should, however, show respect for your classmates desire to learn. Absences will hurt your participation grade.Mid-term ExamThe mid-term exam is a closed-book exam. Students are res