Syllabus

Title
4945 Specialization Course - Corporate Governance
Instructors
Univ.Prof. Dr. Klaus Gugler
Contact details
klaus.gugler@wu.ac.at
Type
PI
Weekly hours
4
Language of instruction
Englisch
Registration
02/18/22 to 02/24/22
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Specialization Course - Corporate Governance
Course II - Economics Fields
Dates
Day Date Time Room
Wednesday 03/16/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 03/23/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 03/30/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 04/06/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 04/20/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 05/04/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 05/11/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 05/18/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 05/25/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 06/01/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 06/08/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 06/15/22 08:30 AM - 12:00 PM TC.5.04
Wednesday 06/22/22 08:30 AM - 12:00 PM TC.5.04

On this page:

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Contents
The module gives an overview over the literature on Corporate Governance with special emphasis on the relation between ownership structure and performance. Moreover, macroeconomic consequences are analysed by presenting the main literature on financial markets and economic development. The cash flow and investment literature will also be covered. The topics covered are: 1. The Principal-Agent problem; 2. Financial markets and economic development; 3. Ownership structure and performance; 4. Cash flow and investment;
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Learning outcomes
The course enables students to understand the main mechanisms of corporate control and their effects on financial market development.
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Attendance requirements

Attendance is mandatory, max. 2 absences without valid excuse

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Teaching/learning method(s)
The course surveys in the lecture part the main theoretical and empirical contributions in CG. The seminar part is on real world CG cases.
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Assessment

Exam (60%, minimum 40% at exam), Seminar presentation (20%), Short presentation of a firm ownership and control structure (10%); Work in class (10%)

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Readings
1 Author: Gugler Klaus
Title: Corporate Governance and Economic Performance

Publisher: Oxford: Oxford University Press
Year: 2001
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Book
2 Author: Mueller, Dennis C.
Title: The Corporation: Investment, Mergers, and Growth

Publisher: Routledge
Year: 2003
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Book
3 Author: Jensen, M.C., and W.H. Meckling
Title: Theory of the firm: managerial behavior, agency costs and ownership structure

Publisher: Journal of Financial Economics
Remarks: Volume 3, pp. 305 - 360
Year: 1976
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Journal
4 Author: Becht, Bolton, Roell
Title: Corporate Governance and Control

Publisher: ECGI WP
Year: 2005
Content relevant for diploma examination: No
Recommendation: Reference literature
5 Author: Levine, Ross
Title: Finance and Growth: Theory and Evidence

Publisher: The Netherlands: Elsevier Science
Remarks: in Handbook of Economic Growth, Eds: Philippe Aghion and Steven Durlauf
Year: 2005
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Book
6 Author: Shleifer/Vishny
Title: A Survey of Corporate Goverance

Publisher: Journal of Finance
Remarks: Vol. 52, 737-783
Year: 1997
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Journal
7 Author: Börsch-Supan Axel, Köke Jens
Title: An Applied Econometricians´ View of Ecmpirical Corporate Governace Studies

Publisher: German Economic Review
Remarks: Vol. 3 (3), pp. 295 - 326
Year: 2002
Content relevant for class examination: No
Content relevant for diploma examination: No
Recommendation: Reference literature
Type: Journal
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Availability of lecturer(s)

Office Hours: Thursday, 10.00 - 11.00

Department of Economics, Building D4, 1st floor (please note: the main entrance to the department is on the second floor!)

email: klaus.gugler@wu.ac.at

Tel: +43 (1) 31336 - 5444

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Unit details
Unit Date Contents
1 16.03.2022

Introduction

Principal agent: Jensen/Meckling
2 23.03.2022

Mechanisms of CG
3 30.03.2022

Mechanisms of CG
4 06.04.2022

Mechanisms of CG
5 20.04.2022

Presentations of an ownership and control structure
6 04.05.2022

Ownership structure and performance
7 11.05.2022

Ownership structure and performance
8 18.05.2022

Financial markets and economic development
9 25.05.2022

Test
10 01.06.2022

Seminar presentations
11 08.06.2022

Seminar presentations
12 15.06.2022

Seminar presentations
13 22.06.2022

Seminar presentations
Last edited: 2022-03-15



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