Mandatory Taught Courses (Theory)
FAMS 850 — Research Methods
7.5 ECTS · Mandatory · Theory
The course aims to provide the necessary training in research methods, so that students are prepared to embark on a high level of research contributing to their doctoral thesis. The course provides students the opportunity to develop the skills that are required for carrying out structured research projects by addressing research design, methodological approaches, critical literature review and statistical data analysis.
FAMS 852 — Capital Markets Topics I
7.5 ECTS · Mandatory · Theory
The goal is to discuss the latest developments in empirical research on key topics in corporate finance. A special focus will be placed on motivating and gaining insights into the empirical approaches commonly used in corporate finance research, with the hope of developing a promising research agenda for the PhD. The syllabus covers a comprehensive set of topics aimed at exposing students to the theory and methods necessary for conducting research in the field of corporate finance. The first part introduces the application of these methods through a study of the existing literature. The second part will be dedicated to the presentation and discussion of the students' research proposals.
FAMS 853 — Capital Markets Topics II
7.5 ECTS · Mandatory · Theory
This doctoral-level course examines critical theories and empirical research in corporate finance and accounting. We will delve into seminal works shaping our understanding of dividend policy, earnings management, capital structure, accounting conservatism, the burgeoning field of corporate social responsibility (CSR) and market anomalies. The course aims to equip students with a sophisticated understanding of these core concepts and their interrelationships, fostering critical analysis of contemporary research and the development of original research ideas within these areas. Students will hone their skills in evaluating methodologies, interpreting empirical findings, and formulating insightful arguments.
FAMS 854 — Empirical Corporate Finance (Empirical Financial Business Management)
7.5 ECTS · Mandatory · Theory
The primary objective of the finance workshops is to equip students with the necessary, theoretical framework in order to understand the underlying, economic underpinnings of equity selling mechanisms. The topics will include: a) the meaning of a signal as an action taken by the more informed agents that provides credible information to the less informed, b) the concept of agency costs as the conflicting interests between management and investors that can lead to suboptimal allocation of resources within the firm. Agency costs will be analyzed as a mechanism to reach equilibrium solutions in choosing optimal capital structure levels. The issues of information asymmetry and agency costs will be revisited in the context of equity issuances. Counting primarily on the recent empirical academic literature, we will review well-cited studies explaining a) the levels of underpricing, the benefits from the services of underwriting and the long-term underperformance (Initial Public Offerings), b) the discounts and the underpricing of seasoned equity offerings, the positive wealth effects and the discounts' trends in private placements of equity, the stock performance and the life cycle of Special Purpose Acquisition Companies (Seasoned Equity Offerings, Private Placements (Reg D offerings) and SPACs) and c) the timing, the stock performance and the levels of disclosure pertaining to share repurchases (Share repurchases).
FAMS 855 — Econometric Methods
7.5 ECTS · Mandatory · Theory
Much finance research is concerned with causation: whether a change in some input (for example corporate governance) causes a change in some output (for example firm performance). To provide a credible basis for causal inference a research design must address multiple econometric concerns where some of these are referred to as endogeneity. This course surveys the common methodologies used in empirical finance, including seminal papers on the field. The course is designed to help students to learn how to do empirical research in finance via lectures, literature reviews, student presentations and Stata lab applications. The purpose of this course is to provide students with a comprehensive understanding of causal inference techniques and their application in empirical research, particularly within the context of finance. Throughout the course, students will develop the ability to critically evaluate and apply advanced econometric techniques to real-world data. They will learn how to address common challenges such as endogeneity, omitted variable bias, and reverse causality, and acquire practical skills in the use of software tools like Stata for empirical analysis.
Elective Taught Courses (Theory)
FAMS 856 — Asset Valuation and Investments
7.5 ECTS · Elective · Theory · First Semester option
This module aims to provide a thorough exploration of asset pricing and valuation, merging theoretical foundations with practical applications relevant to the financial markets. It is designed to equip students with a deep understanding of a range of valuation methods, including Discounted Cash Flow (DCF) Analysis for intrinsic value estimation, Discounted Dividend Valuation for future dividend payment valuation, Price Multiples for comparative company analysis, Residual Income Valuation for equity value assessment, specific approaches for valuing private firms and considering the impact of credit risk on valuation. The course content is delivered through a combination of lectures, interactive discussions, and case studies, ensuring that students not only grasp the theoretical aspects but also how these concepts are applied in real-world scenarios. By the end of this module, students will possess the financial tools and knowledge necessary to perform comprehensive asset valuations, preparing them for a successful career in the finance industry.
FAMS 857 — Financial Business Management
7.5 ECTS · Elective · Theory · Second Semester option
The purpose of the course is to provide a comprehensive picture of Corporate Finance on a theoretical and practical level in restructuring matters. The course starts with proper valuation methods and covers issues of corporate takeovers, buyouts, collapsing / bankruptcies, etc. The course studies and develops the theory of best strategic decisions by providing the necessary knowledge on how to deal with the corporate restructuring. Furthermore, the empirical study provides an opportunity for students to undertake high-level in-depth research of an object that will be relevant and applicable to the financial industry.
FAMS 858 — Financial Models
7.5 ECTS · Elective · Theory · Second Semester option
The course aims to offer the students the required knowledges to apply financial theory in practice, using real examples and Microsoft Excel.
Research Stages
FAMS 800 — Comprehensive Examination
32 ECTS · Research
The comprehensive examination assesses the candidate's specialised knowledge in their field of study on the basis of the research literature, and their ability to synthesise this knowledge toward new research questions. Written examinations are coordinated by the programme coordinators together with the supervising professor.
FAMS 801 — Dissertation Proposal Submission
32 ECTS · Research
Preparation and submission of the doctoral research proposal, setting out the research idea or question, its significance, and the expected contribution to the relevant literature.
FAMS 802 — Thesis Development
32 ECTS · Research
Supervised development of the doctoral thesis.
FAMS 803 — Thesis Development
32 ECTS · Research
Continued supervised development of the doctoral thesis.
FAMS 804 — Thesis Development
32 ECTS · Research
Continued supervised development of the doctoral thesis.
FAMS 805 — Writing, Submission, Public Presentation and Defence of the Thesis
32 ECTS · Research
Final writing and submission of the doctoral thesis, followed by its public presentation and defence.
