Corporate Governance

2023/2024

Academic Year

ENG

Instruction in English

3

ECTS credits

Delivered at:

Department of Economics

Course type:

Elective course

When:

1 year, 3 module

Instructor

Muravyev, Alexander

Course Syllabus

Abstract

The elective course “Corporate governance” is intended for master students following the program “Finance”.

Learning Objectives

• The main goal of the course is to give the students a firm grasp of corporate governance as an academic field, with emphasis on the agency (or finance) perspective (e.g. Shleifer and Vishny, JF 1997) as opposed to alternative theories (stakeholder, stewardship, resource-dependence theories, etc.). In addition, the course draws the students’ attention to modern methods of empirical analysis in the field of corporate governance, finance and economics.

Expected Learning Outcomes

• Be able to critically evaluate current research in this field
• Be able to recognize and take into consideration interests of various stakeholders when assessing corporate governance at the firm level
• Be able to take reasonable and responsible financial decisions aimed at addressing agency problems in firms
• Be familiar with modern methods of empirical research in the field of corporate governance
• Know the key theoretical concepts and main empirical results within the finance perspective on corporate governance
• Understand corporate governance as a rapidly developing field of research at the intersection of economics, finance and management

Course Contents

• Lecture 1
• Lecture 2
• Lecture 3
• Lecture 4
• Lecture 5

Assessment Elements

• final exam
  The final exam takes the form of a 2-hour closed book, closed notes written test
• presentation
  student’s presentation on a particular topic at the seminar
• written test
  closed book, closed notes written test
• class participation mark

Interim Assessment

• 2023/2024 3rd module
  0.15 * class participation mark + 0.4 * final exam + 0.25 * presentation + 0.2 * written test

Bibliography

Recommended Core Bibliography

• Corporate governance matters: a closer look at organizational choices and their consequences, Larcker, D.F., 2011
• International corporate governance, Goergen, M., 2012
• Olga Lazareva, Andrei Rachinsky, & Sergey Stepanov. (2007). A Survey of Corporate Governance in Russia. Working Papers. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.abo.neswpt.w0103

Recommended Additional Bibliography

• Becht, M., Bolton, P., & Roell, A. (2003). Corporate governance and control. Handbook of the Economics of Finance, 1. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.h.eee.finchp.1.01
• Ichiro Iwasaki. (2007). Enterprise Reform And Corporate Governance In Russia: A Quantitative Survey. Journal of Economic Surveys, (5), 849. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.bla.jecsur.v21y2007i5p849.902
• Michael C. Jensen, & William H. Meckling. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.608A4D5A
• Shleifer, A., & Vishny, R. W. (1997). A Survey of Corporate Governance. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x