Current Issues in Empirical Finance

BMAN70162 Current Issues in Empirical Finance 15 Semester 2 Postgraduate Taught Level 7 Emiel Jerphanion Unit coordinator Wendi Huang Unit coordinator Alliance Manchester Business School 1 FHEQ level (Framework for Higher Education Qualifications) ' Masters/Integrated Masters P4 ' European Credit Transfer & Accumulation System Rating : 7.5 <div style="clear:both;">The course currently covers the following eight topics:<ul> <li>Proxy variables</li> <li>Event study analysis and assignment discussion</li> <li>Predictive models</li> <li>Qualitative research in finance</li> <li>Causation, endogeneity, and instrumental variable estimation</li> <li>Difference-in differences estimation</li> <li>Heterogeneity and self-selection</li> <li>Using micro data to test competing theories</li></ul></div>  <div style="clear:both;">The course currently covers the following eight topics:<ul> <li>Proxy variables</li> <li>Event study analysis and assignment discussion</li> <li>Predictive models</li> <li>Qualitative research in finance</li> <li>Causation, endogeneity, and instrumental variable estimation</li> <li>Difference-in differences estimation</li> <li>Heterogeneity and self-selection</li> <li>Using micro data to test competing theories</li></ul></div>  This course explains key research methods in empirical finance, using academic finance papers as illustrations. Each lecture examines a different research technique in current finance research, e.g., event study analysis, qualitative research, instrumental variables, self-selection problems, etc. The course material comprises a set of carefully selected, recent papers in finance from top journals, covering a wide range of topics (mergers and acquisitions, securities issues, investment banking, asset bubbles etc.). The course also gives you a chance to conduct your own empirical analysis, through teamwork focusing on a finance related question. The course therefore gives you crucial skills for conducting your MSc dissertation. For the longer term, the course enhances your employability by teaching you how to interpret research findings, use important financial databases, and handle data-related problems, and by making you aware of the most recent advances and findings in finance research. <div><div>On completion of this unit successful students will have achieved the following learning outcomes:•        A knowledge and understanding of research techniques in finance and financial econometrics•        A knowledge and understanding of selected empirical issues in finance•        A critical awareness of research issues, methodologies, and methods in finance•        Skills in collecting and analyzing empirical data and interpreting empirical results•        An enhanced ability to participate constructively in groups•        The methods of assessment for this unit allow students to demonstrate achievement of all intended learning outcomes.</div></div>  0 Other 100% Group Project (30%) Written Examination (70%)  Informal advice and discussion during a lecture.Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum.Specific course related feedback sessions.Written comments on assessed coursework.Generic feedback on Blackboard regarding overall examination performance. N Reading for the course consists of selected journal articles from top finance journals, which we will post on Blackboard. Two examples are:Bennedsen, M., Nielsen, K., Perez-Gonzalez, F., Wolfenzon, D., 2007. Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics 122, 647-691.Malmendier, U. and Tate, G., 2008. Who makes acquisitions? CEO overconfidence and the market's reaction. Journal of Financial Economics 89, 20-43. Assessment written exam 1.5 Lectures 30 0 118.5 Informal Contact MethodsOnline Learning Activities (discussion boards)Students can email the course lecturers to arrange an "office hour" meeting. Email addresses are in the course outline and on course slides. But we encourage students to post questions to relevant Blackboard discussion boards.Timetable: <a href="http://pgthandbook.portals.mbs.ac.uk/MyProgramme/Teachingtimetables.aspx">http://pgthandbook.portals.mbs.ac.uk/MyProgramme/Teachingtimetables.aspx</a>