Universidad Pública de Navarra - Nafarroako Univertsitate Publikoa

Module/Subject matter

Finance.

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Contents

During this course we will tackle different key issues related with financial economics. The main goal is to provide students an overall picture of what does behavioral finance and credit risk. In order to reach that goal we have designed the course as two research seminars. This means that sessions will essentially evolve around the presentation and discussion of some selected key papers. Students are expected to play an active role in the seminar. Consequently students are asked to present the papers and to participate in the subsequent discussion.

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General proficiencies

1. GP1 Develop a critical and a constructive attitude to one's work and that of others
2. GP2 Make use of quantitative documentary sources that are significant for the economic analysis of organisations from a critical perspective

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Specific proficiencies

1. SP1 Analyse the behavior and the interrelationships among the different agents interested in the company`s future
2. SP2 Display knowledge of the economic and institutional environment in which the economic agents interact within, or though, economic organisations
3. SP3 Understand qualitative models of the firm and interpret their results

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Learning outcomes

1. 3. Explain and motivate the analyses, interpret the results and present all these clearly and concisely in English
2. 4. Identify the characteristics of the different agents linked to the company
3. 5. Identify the relevant sources of information and their content for subsequent analysis
4. 10. Present research results to various audiences using the different media available

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Methodology

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Languages

English.

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Evaluation

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Agenda

Seminar in Finance and Markets

• Credit risk: Concept, relevance and alternatives for measurement.
• Other major research topics in Finance.

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Bibliography

Access the bibliography that your professor has requested from the Library.

Access the bibliography that your professor has requested from the Library.

• Hull, J.C. (2018). Risk management and financial institutions. Ed. Wiley, 5th edition.

Research Papers:

• Abinzano, I., Gonzalez-Urteaga, A., Muga, L., & Sanchez, S. (2020). Performance of default-risk measures: the sample matters. Journal of Banking and Finance, 120, 105959. https://doi.org/10.1016/j.jbankfin.2020.105959
• Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2): 802-830.
• Flamer, C. (2021). Corporate green bonds. Journal of Financial Economics, 142, 499-516.
• Hillegeist, S.A., Keating, E.K., Cram, D.P., Lundsted, K.G. (2004). Assessing the Probability of Bankruptcy. Review of Accounting Studies, 9, 5-34.
• Hull, J.C., Predescu, M., White, A. (2004). The relationship between credit default swap spreads, bond yields, and credit rating announcements. Journal of Banking and Finance, 28, 2789-2811.
• Lu, J., Boateng, A. (2018). Board composition, monitoring and credit risk: evidence from the UK banking industry. Review of Quantitative Finance and Accounting, 51, 1107-1128
• Ng, A.C., Anthony C. Nga, Rezaee, R. (2020). Business sustainability factors and stock price informativeness. Journal of Corporate Finance, 64, 101688. https://doi.org/10.1016/j.jcorpfin.2020.101688
• Vassalou, M., Xing, Y. (2004). Default risk in equity returns. Journal of Finance, 59, 2, 831-868.
• Zhao, R., Zhu, L. (2020). The externalities of credit default swaps on stock return synchronicity. Journal of Futures Markets, 40(1), 92-125.

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Location

Public University of Navarre.

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