- Class Number 6969
- Term Code 3360
- Class Info
- Unit Value 6 units
- Mode of Delivery In Person
- AsPr Xianming Zhou
- AsPr Xianming Zhou
- Class Dates
- Class Start Date 24/07/2023
- Class End Date 27/10/2023
- Census Date 31/08/2023
- Last Date to Enrol 31/07/2023
This course introduces students to the academic research in corporate finance. Corporate finance theory deals with the roles of corporations in the capital market and the interactions between investors, managers, regulators and other stakeholders. The objectives of this course are to learn the theories of corporate finance, analyse the research questions, and critically evaluate the academic papers.
This course focuses on selected classic and contemporary theoretical and empirical academic papers and provides students with an advanced and rigorous background in mainstream issues in modern corporate finance research.
At the end of the course, it is expected that the students have developed an appreciation of the role of theory in corporate finance research, an in-depth knowledge of the research methods and philosophies employed in researching a wide range of corporate finance problems and issues, and an ability to critically analyse, and evaluate the literature in corporate finance.
Upon successful completion, students will have the knowledge and skills to:
- Use an appropriate framework for considering corporate finance problems and issues;
- Develop and test corporate finance research questions and communicate the results; and,
- Critically analyse, and evaluate the corporate finance literature.
Based on selected classic and contemporary papers published in top academic journals, this course is to lead students to walk into the world of research in corporate finance, acquire relevant knowledge from both theoretical and empirical perspectives, and develop important research capabilities with regard to communication, presentation, analysis, writing, and critical thinking.
All required readings can be accessed via Wattle.
Whether you are on campus or studying online, there are a variety of online platforms you will use to participate in your study program. These could include videos for lectures and other instruction, two-way video conferencing for interactive learning, email and other messaging tools for communication, interactive web apps for formative and collaborative activities, print and/or photo/scan for handwritten work and drawings, and home-based assessment.
ANU outlines recommended student system requirements to ensure you are able to participate fully in your learning. Other information is also available about the various Learning Platforms you may use.
Students will be given feedback in the following forms in this course:
- Comments and corrections to each group assignment;
- Discussion of general issues in class for each assignment;
- Discussion with group members during consultations.
ANU is committed to the demonstration of educational excellence and regularly seeks feedback from students. Students are encouraged to offer feedback directly to their Course Convener or through their College and Course representatives (if applicable). Feedback can also be provided to Course Conveners and teachers via the Student Experience of Learning & Teaching (SELT) feedback program. SELT surveys are confidential and also provide the Colleges and ANU Executive with opportunities to recognise excellent teaching, and opportunities for improvement.
Announcements: Students are expected to check the Wattle site for announcements about this course, e.g. changes to timetables or notifications of cancellations.
Support for Students: The University offers a number of support services for students. Information on these is available online from http://students.anu.edu.au/studentlife/.
|Summary of Activities
|Lecture (Topic: Introduction - Theory)
|Lecture (Topic: Introduction - Empirical Method)
|Lecture (Topic: Capital Structure); Group Presentation
|Lecture (Topic: Equity and Debt Financing); Group Presentation
|Lecture (Topic: Payout Policy); Group Presentation
|Lecture (Topic: Corporate Governance); Group Presentation
|Replication Assignment Due
|Lecture (Topic: Managerial Compensation); Group Presentation
|Lecture (Topic: Ownership Structure); Group Presentation
|Lecture (Topic: Mergers and Acquisitions); Group Presentation
|Lecture (Topic: Innovation); Group Presentation
|Lecture (Topic: Multiple Testing Problem); Group Presentation
|Lecture: Course Review; Group Presentation
|Term Paper Due
There are no tutorials.
|Return of assessment
* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details
ANU has educational policies, procedures and guidelines , which are designed to ensure that staff and students are aware of the University’s academic standards, and implement them. Students are expected to have read the Academic Integrity Rule before the commencement of their course. Other key policies and guidelines include:
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. For additional information regarding Turnitin please visit the Academic Skills website. In rare cases where online submission using Turnitin software is not technically possible; or where not using Turnitin software has been justified by the Course Convener and approved by the Associate Dean (Education) on the basis of the teaching model being employed; students shall submit assessment online via ‘Wattle’ outside of Turnitin, or failing that in hard copy, or through a combination of submission methods as approved by the Associate Dean (Education). The submission method is detailed below.
Moderation of Assessment
Marks that are allocated during Semester are to be considered provisional until formalised by the College examiners meeting at the end of each Semester. If appropriate, some moderation of marks might be applied prior to final results being released.
Course content delivery will take the form of weekly lectures on campus (recorded and available via echo360 on Wattle). There are no tutorials nor workshops.
There is no final examination.
Assessment Task 1
Learning Outcomes: 1,2,3
Assessment Tasks 1 will be completed in a group containing 3-4 students. Each group member will be responsible for the assigned task required to complete the group assignment.
Starting from week 3, there will be presentations by two student groups each week. Students of each group are required to evaluate an academic paper by summarising and commenting on the paper and discussing the paper’s weaknesses and possible directions of improvement or extension (in aspects such as motivation, contribution, and research design). The instructor will decide on the assignment of presentation topics among study groups and announce on Wattle each week's presentation groups two weeks in advance. Each group need to submit their presentation slides, by email to the instructor, one day before the scheduled presentation by one group member, with an included cover sheet noting the group members. The file name should be labelled as "Article Presentation Slides - Group XX". All members need to participate in the presentation. The instructor will explain the marking scheme for presentations in week 1.
Students should commence forming their own groups as soon as possible, and once decided upon, email the instructor with the details of their group (student names and IDs of all members), with all group members included as recipients to the email. To assist students in finding a group, a discussion forum will be available via Wattle where students may post their desire to find a group, and/or existing groups looking for additional members. Students who are unable to join a group by the end of week 1 will be assigned to a group by the instructor. Group formation is to be finalised in week 2. It is requested that any students intending to drop the course make their decision prior to group formation.
Assessment Task 2
Learning Outcomes: 1,2
This assignment task is compulsory and redeemable (against the term project) for students. It will count towards either 20% or 0% (if the assignment is redeemed or not submitted) of a student’s overall course grade.
Students will be required to conduct empirical analysis on the given dataset and submit their answers to the assigned questions. The answers should include necessary exhibits and a description of sample construction procedure. Instruction and data will be provided on Wattle in week 3.
The assignment will be submitted online via Wattle with the provided cover sheet. The file of submission should be named as “Replication - Student ID".
Assessment Task 3
Learning Outcomes: 1,2,3
The term paper will be an individual research proposal, which should include a research question, motivation for the question/contribution to extant literature, hypothesis development, sample selection, and detailed empirical research design. It needs to be written following the given instruction and submitted via Turnitin on Wattle with the provided cover sheet. The file name should be “Term Paper - Student ID".
Instruction for this assignment will be posted on Wattle in week 8. Students will be provided with further details regarding writing requirements and marking scheme for the term paper.
Assessment Task 4
Learning Outcomes: 1,2,3
This is a take-home test, to be submitted via Turnitin on Wattle within two days. The test is compulsory and redeemable (against the term project) for students. It will count towards either 15% or 0% (if the assignment is redeemed or not submitted) of a student’s overall course grade.
The test is designed to test the student’s understanding and comprehension of the course material. It will consist of discussion questions, focusing on issues covered by lecture notes or discussed in class regarding the presented articles. Students will be provided with further details about the test in week 10. The marking criteria will be based on answers prepared by the lecturer.
Academic integrity is a core part of the ANU culture as a community of scholars. The University’s students are an integral part of that community. The academic integrity principle commits all students to engage in academic work in ways that are consistent with, and actively support, academic integrity, and to uphold this commitment by behaving honestly, responsibly and ethically, and with respect and fairness, in scholarly practice.
The University expects all staff and students to be familiar with the academic integrity principle, the Academic Integrity Rule 2021, the Policy: Student Academic Integrity and Procedure: Student Academic Integrity, and to uphold high standards of academic integrity to ensure the quality and value of our qualifications.
The Academic Integrity Rule 2021 is a legal document that the University uses to promote academic integrity, and manage breaches of the academic integrity principle. The Policy and Procedure support the Rule by outlining overarching principles, responsibilities and processes. The Academic Integrity Rule 2021 commences on 1 December 2021 and applies to courses commencing on or after that date, as well as to research conduct occurring on or after that date. Prior to this, the Academic Misconduct Rule 2015 applies.
The University commits to assisting all students to understand how to engage in academic work in ways that are consistent with, and actively support academic integrity. All coursework students must complete the online Academic Integrity Module (Epigeum), and Higher Degree Research (HDR) students are required to complete research integrity training. The Academic Integrity website provides information about services available to assist students with their assignments, examinations and other learning activities, as well as understanding and upholding academic integrity.
Assignments (including the Test) for this course are submitted using Turnitin in the course Wattle site. You will be required to electronically sign a declaration as part of the submission of your assignment. Assignments must include the cover sheet provided on the course Wattle site. Please keep a copy of tasks completed for your records.
The ANU is using Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to
managing Academic Integrity. For additional information regarding Turnitin please visit http://online.anu.edu.au/turnitin.
No hardcopy submission is required.
No submission of assessment tasks without an extension after the due date will be permitted. If an assessment task is not submitted by the due date, a mark of 0 will be awarded.
The Academic Skills website has information to assist you with your writing and assessments. The website includes information about Academic Integrity including referencing requirements for different disciplines. There is also information on Plagiarism and different ways to use source material.
Extensions and Penalties
Extensions and late submission of assessment pieces are covered by the Student Assessment (Coursework) Policy and Procedure. Extensions may be granted for assessment pieces that are not examinations or take-home examinations. If you need an extension, you must request an extension in writing on or before the due date. If you have documented and appropriate medical evidence that demonstrates you were not able to request an extension on or before the due date, you may be able to request it after the due date.
Distribution of grades policy
Academic Quality Assurance Committee monitors the performance of students, including attrition, further study and employment rates and grade distribution, and College reports on quality assurance processes for assessment activities, including alignment with national and international disciplinary and interdisciplinary standards, as well as qualification type learning outcomes.
Since first semester 1994, ANU uses a grading scale for all courses. This grading scale is used by all academic areas of the University.
Support for students
The University offers students support through several different services. You may contact the services listed below directly or seek advice from your Course Convener, Student Administrators, or your College and Course representatives (if applicable).
- ANU Health, safety & wellbeing for medical services, counselling, mental health and spiritual support
- ANU Access and inclusion for students with a disability or ongoing or chronic illness
- ANU Dean of Students for confidential, impartial advice and help to resolve problems between students and the academic or administrative areas of the University
- ANU Academic Skills and Learning Centre supports you make your own decisions about how you learn and manage your workload.
- ANU Counselling Centre promotes, supports and enhances mental health and wellbeing within the University student community.
- ANUSA supports and represents all ANU students
Managerial Compensation, Corporate Governance, Capital Markets
AsPr Xianming Zhou