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040074 SE Seminar (MA) (2021W)

Ownership and Asset Pricing

4.00 ECTS (2.00 SWS), SPL 4 - Wirtschaftswissenschaften
Continuous assessment of course work
MIXED

Registration/Deregistration

Note: The time of your registration within the registration period has no effect on the allocation of places (no first come, first served).

Details

max. 24 participants
Language: English

Lecturers

Classes

Attendance at the introductory meeting at October 11th is mandatory. Topics will be allocated at October 18th.

The sessions on 11 and 18 October will take place ON-SITE at OMP1, HS 15.

All sessions will be held on site if possible. This will be communicated in the course.

Final presentations will take place ON-SITE in the afternoon of January 17th in the Skylounge (if possible).

MO 11.10.2021_15.00-16.30_HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 18.10.2021_15.00-16.30_HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 25.10.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 08.11.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 15.11.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 22.11.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 29.11.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 06.12.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 13.12.2021_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 10.01.2022_15.00-16.30_ HS 15 Oskar-Morgenstern-Platz 1 2nd floor
MO 17.01.2022_15.00-18.00_Skylounge Oskar-Morgenstern-Platz 1 12th floor


Information

Aims, contents and method of the course

Does the nature of ownership matter for asset pricing? Recent trends in the evolution of ownership structures seems to suggest a decidedly positive answer. Investor activism, the increasing role of (large) institutional investors as well as increasing trend towards common ownership of securities across actively as well as passively managed funds and ETFs suggest that standard assumptions of competitive pricing in asset markets could be jeopardized. Will increasing ownership, and, hence, improved coordination of business models, enhance investment returns, or will it also jeopardize the benefits of diversification at the same time? Will large common owners contribute to internalizing externalities, such as climate externalities or systemic risk, or will they contribute and amplify such risks?
These are pressing questions of current cutting-edge research in asset pricing. The seminar provides an introduction into and orientation within this rapidly expanding literature. As such it serves also as an introduction for topics that can be pursued in independent research while drafting a master thesis.

Assessment and permitted materials

Seminar thesis (50%)
Presentation (25%)
Active discussion of work of peers (25%)

Attendance mandatory. Course organization will be introduced and the presentation schedule will be arranged in the first meeting at October 11th. Failure to show up in the first meeting may result in the non-availability of presentation slots.

Minimum requirements and assessment criteria

This is an advanced master-level seminar. It also serves as a potential basis for the preparation of a master thesis or other advanced work. Therefore, having passed successfully the course "Basics of Finance" is a requirement as well as having successfully passed the course in “Asset Pricing I”.

Grading is based on three elements:

1.The worked out seminar paper (50 points).
Each candidate has to submit a single-authored paper not exceeding 15 pages.
The seminar draft has to be submitted one week prior to the presentation in electronic form. This version is distributed to seminar participants in order to allow them preparation. After the presentation the paper can still be improved.
Final submission for all papers is February 8th, 2022. Thereafter no corrections are possibly anymore.

2. Presentation of the seminar paper (25 points)
Presentations can be shared, but each candidate will be assessed on his/her own part.

3. Course participation (25 points)
Active preparation and participation are required as well as active reception and discussion of the work and presentations of peers. A seminar requires two-way communication, i.e. both a sender and a receiver. Accordingly, both roles will be relevant for grading.

Examination topics

n/a

Reading list

Will be introduced in the seminar.

Association in the course directory

Last modified: Th 16.09.2021 15:47