This course will cover a wide range of topics in empirical corporate finance. The material covered in this course will provide students with: (i) rigorous understanding and ability to apply various empirical methods used in corporate finance research; and (ii) interesting and exciting topics to consider for their dissertation.

Learning Outcomes

Upon successful completion, students will have the knowledge and skills to:

1. Describe the current state of findings in main topics of corporate finance;
2. Critically analyse the utilisation of the main data sources and data issues in empirical corporate finance;
3. Use the main econometric techniques used in empirical corporate finance; and
4. Evaluate and develop research ideas in empirical corporate finance.

Research-Led Teaching

Students will be introduced to research through the use of readings from academic journals. Students will be engaged in discuss the topics, present in their own format, and propose their comments and thoughts. Each topic will require 3 hours.

Required Resources

A reading list will be posted on the wattle site of this course. All papers in the list can be freely downloaded at ANU campus or available through ANU library online.

Recommended Resources

Whether you are on campus or studying remotely, 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.

Staff Feedback

Students will be given feedback in the following forms in this course:

• written comments
• verbal comments
• feedback to whole class, groups, individuals, focus group etc

Student Feedback

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.

Class Schedule

Week/Session	Summary of Activities	Assessment
1	Introduction
2	Corporate Governance I: Difference-in-Difference.
3	Corporate Governance II: Regression Discontinuity Design.	Assignment 1 Due
4	Corporate Governance III: Instrumental Variables.
5	Capital Structure: Structural Estimation.
6	Payout policy.	Assignment 2 Due
7	Investments.
8	Taxation.
9	Labor and Finance.
10	Innovation/Private Equity/Venture Capital.
11	Network/Peer Effects.
12	Media.

Tutorial Registration

There is no tutorial for this course.

Assessment Summary

Assessment task	Value	Due Date	Return of assessment	Learning Outcomes
Assignments	20 %	08/03/2024	15/03/2024	4
Presentations	30 %	29/03/2024	05/04/2024	1, 2, 3
Class Project	50 %	31/05/2024	28/06/2024	1, 2, 3, 4

* If the Due Date and Return of Assessment date are blank, see the Assessment Tab for specific Assessment Task details

Policies

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:

• Academic Integrity Policy and Procedure
• Student Assessment (Coursework) Policy and Procedure
• Special Assessment Consideration Guideline and General Information 
• Student Surveys and Evaluations
• Deferred Examinations
• Student Complaint Resolution Policy and Procedure
• Code of practice for teaching and learning

Assessment Requirements

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.

Participation

The teaching format will be in person.

Examination(s)

No examination is held in this course.

Assessment Task 1

Assignments

Data Assignments: There are two data assignments, and each assignment accounts for 10% of the grade. For each assignment, students need to turn in the input file, codes with detailed comments, and output file(s). Each assignment will be made available no later than 1 week before the due date. The due date for the two assignments are Friday 10am at week 3 and week 6, respectively.

Assessment Task 2

Presentations

These are individual presentations about published papers from the reading list. Students are expected to present at least once during the semester. Presentations will start from Week 6 so students have at least five weeks to prepare the presentation. The students are expected to lead the discussion of the chosen topic through the presentation while the lecturer provides assistance with leads, directions, clarification, and supplements when the student's performance is below expectation. Presentations will be recorded and students will be given feedback on presentations and discussions on a regular basis. More information will be provided on the presentation criteria either in the Week 1 lecture. Note that 2024-03-29 is the due date of the first presentation. The due date of the other presentations will be discussed in class.

Assessment Task 3

Class Project

This is a write-up of the student’s own research proposal. The page limit will depend on the chosen format, but the suggested limit is between 5-10 pages. The topic will be discussed with each student. The topic and format will be decided by week 6, the draft can be submitted no later than Friday at 10 am in week 10, to receive feedback within 1 week. The final version is due by 10 am on 31 May, 2024. Marks will be awarded for the final submission, not the draft submission. The write-up will be submitted via Wattle.

Academic Integrity

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.

Online Submission

You will be required to electronically sign a declaration as part of the submission of your assignment. Please keep a copy of the assignment for your records. Unless an exemption has been approved by the Associate Dean (Education) submission must be through Turnitin.

Hardcopy Submission

For some forms of assessment (hand written assignments, art works, laboratory notes, etc.) hard copy submission is appropriate when approved by the Associate Dean (Education). Hard copy submissions must utilise the Assignment Cover Sheet. Please keep a copy of tasks completed for your records.

Late Submission

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

Referencing Requirements

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.

Returning Assignments

Reports will be returned with comments during the lecture time

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.

Resubmission of Assignments

No resubmission of assignments is allowed.

Privacy Notice

The ANU has made a number of third party, online, databases available for students to use. Use of each online database is conditional on student end users first agreeing to the database licensor’s terms of service and/or privacy policy. Students should read these carefully. In some cases student end users will be required to register an account with the database licensor and submit personal information, including their: first name; last name; ANU email address; and other information.
In cases where student end users are asked to submit ‘content’ to a database, such as an assignment or short answers, the database licensor may only use the student’s ‘content’ in accordance with the terms of service – including any (copyright) licence the student grants to the database licensor. Any personal information or content a student submits may be stored by the licensor, potentially offshore, and will be used to process the database service in accordance with the licensors terms of service and/or privacy policy.
If any student chooses not to agree to the database licensor’s terms of service or privacy policy, the student will not be able to access and use the database. In these circumstances students should contact their lecturer to enquire about alternative arrangements that are available.

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 undergraduate and ANU College students
• PARSA supports and represents postgraduate and research students