Corporate Management and Financial Decision

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Lecturer: Inoue Kotaro

Place: Tue1-2(W9-311)

Credits: Lecture2 Exercise0 Experiment0

Code: 67079

Syllabus updated: 2013/9/20

Lecture notes updated: 2013/9/20

Semester: Fall Semester

Outline & Syllabus

Outline of lecture

縺薙�遘醍岼縺ｯ縲∵怙霑代�繧ｳ繝ｼ繝昴Ξ繝ｼ繝医ヵ繧｡繧､繝翫Φ繧ｹ縲√さ繝ｼ繝昴Ξ繝ｼ繝医ぎ繝舌リ繝ｳ繧ｹ縺ｮ荳ｻ隕∬ｫ夜｡後↓髢｢縺吶ｋ蝓ｺ譛ｬ逧�↑遏･隕九∫�皮ｩｶ蜍募髄繧定ｫ匁枚霈ｪ隱ｭ縺ｧ蟄ｦ縺ｳ縲√＆繧峨↓縺昴％縺ｧ蠕励◆繧｢繧ｫ繝�Α繝�け縺ｪ遏･隕九ｒ縲∽ｼ∵･ｭ雋｡蜍吶�螳溷漁縺ｮ荳ｭ縺ｧ豢ｻ縺九☆縺薙→縺悟�譚･繧九ｈ縺�↓縲∵怙蠕後↓Case 繧剃ｽｿ逕ｨ縺励◆險手ｫ悶ｒ陦後≧縲ゅさ繝ｼ繧ｹ縺ｮ繧ｴ繝ｼ繝ｫ縺ｯ縲∝ｭｦ逕溘′閾ｪ繧峨さ繝ｼ繝昴Ξ繝ｼ繝医ヵ繧｡繧､繝翫Φ繧ｹ縺ｾ縺溘�髢｢騾｣蛻�㍽�域兜雉�∫ｵ悟霧邂｡逅�∽ｼ夊ｨ茨ｼ峨�遐皮ｩｶ繧定｡後＞縲∬ｫ匁枚縺ｫ蜿悶ｊ邨�ａ繧九ｈ縺�↓縺吶ｋ縺薙→縺ｧ縺ゅｋ縲ゅヵ繧｡繧､繝翫Φ繧ｹ縺ｮ蝓ｺ遉守衍隴假ｼ井ｾ九∴縺ｰCAPM: Capital Asset Pricing Model縺ｫ髢｢縺吶ｋ遏･隴假ｼ峨�蠢�ｦ√→縺ｪ繧九◆繧√∝�蟄ｦ閠��豈主屓縺ｮ繝��繝槭ｒ謨咏ｧ第嶌縺ｧ莠句燕蟄ｦ鄙偵☆繧九％縺ｨ縺瑚ｦ∵ｱゅ＆繧後ｋ縲ょ�縺ｦ縺ｮ蜿苓ｬ帷函縺ｯ縲∝推蝗槭�蜈ｨ縺ｦ縺ｮ隲匁枚繧定ｪｭ繧薙〒縺上ｋ縺薙→縲∬�蛻��諡�ｽ薙�隲匁枚縺ｮ2繝壹�繧ｸ縺ｮ闍ｱ隱槭�繝ｬ繧ｸ繝｡繧呈ｺ門ｙ縺励※繧ｯ繝ｩ繧ｹ蜀�〒蝣ｱ蜻翫＠縲∬ｭｰ隲悶ｒ繝ｪ繝ｼ繝峨☆繧九％縺ｨ縲√↑繧峨�縺ｫ繧ｱ繝ｼ繧ｹ縺ｮ險手ｫ悶↓遨肴･ｵ逧�↓蜿ょ刈縺吶ｋ縺薙→縺瑚ｦ∵ｱゅ＆繧後ｋ縲ょ推蟄ｦ逕溘′諡�ｽ薙☆繧玖ｫ匁枚縺ｮ謨ｰ縺ｯ縲∝盾蜉�閠��謨ｰ縺ｫ蠢懊§縺ｦ豎ｺ螳壹☆繧九ゅ↑縺翫∬ｬ帷ｾｩ縲∬ｨ手ｫ悶�荳ｻ縺ｨ縺励※譌･譛ｬ隱槭□縺後∫蕗蟄ｦ逕溘�闍ｱ隱槭〒蝣ｱ蜻翫∬ｨ手ｫ悶ｒ縺励※濶ｯ縺�ゅこ繝ｼ繧ｹ險手ｫ悶�逡吝ｭｦ逕溘�譌･譛ｬ隱槫鴨繧定ｸ上∪縺医※縲∬恭隱槭°縲∵律譛ｬ隱槭°繧呈ｱｺ螳壹☆繧九よ�邵ｾ隧穂ｾ｡縺ｯ縲∵球蠖薙☆繧玖ｫ匁枚縺ｮ繝ｬ繝昴�繝医→蝣ｱ蜻雁�螳ｹ縺ｨ繧ｯ繝ｩ繧ｹ險手ｫ門盾蜉�轤ｹ��80��ｼ峨√♀繧医�繧ｱ繝ｼ繧ｹ險手ｫ門盾蜉�轤ｹ��20��ｼ峨↓繧医ｋ縲�

Purpose of lecture

隰帷ｾｩ讎りｦ√ｒ蜿ら�

Plan of lecture

蜷�屓縺ｮ繝医ヴ繝�け縺ｯ莉･荳九�騾壹ｊ縲ょ�蝗槭�繧､繝ｳ繝医Ο繝繧ｯ繧ｷ繝ｧ繝ｳ縲よｯ主屓縺ｮReading List縺ｯ莠穂ｸ顔�皮ｩｶ螳､縺ｮHP縺ｫ謗ｲ霈峨�

�托ｼ� Corporate Finance: Theory and Practice (Inoue)

�抵ｼ� Efficient Market (Inoue)

�難ｼ� Behavioral Finance (Inoue, Nara)

�費ｼ� Corporate Governance (Inoue)

�包ｼ� Law and Finance��Inoue��

�厄ｼ� Capital Structure Theory��Inoue��

�暦ｼ� Valuation��Inoue縲¨ara��

�假ｼ� Board of Directors��Inoue��

�呻ｼ� Large Shareholders and Shareholder Activism��Inoue��

�托ｼ撰ｼ� Initial Public Offering��Inoue, Nara��

�托ｼ托ｼ� Mergers and Acquisitions��Inoue��

�托ｼ抵ｼ� Corporate Restructuring��Inoue��

�托ｼ難ｼ� Corporate Disclosure and Analyst Information��Inoue縲¨ara��

�托ｼ費ｼ� Case 1: HBS9-201-063: Seagate Technology Buyout��Inoue��

�托ｼ包ｼ� Case 2: KBS20-08-11256: Competitive Strategy and Anti-takeover Tactics of Nippon Steel �域眠譌･驩��遶ｶ莠画姶逡･縺ｨ雋ｷ蜿朱亟陦幢ｼ会ｼ域律譛ｬ隱樒沿繝ｻ闍ｱ險ｳ迚医≠繧奇ｼ�(Inoue)

Textbook and reference

隲匁枚縺ｯ蜷��Web縺九ｉ繝繧ｦ繝ｳ繝ｭ繝ｼ繝峨よ怙蠕鯉ｼ貞屓縺ｮ謗域･ｭ縺ｧ謇ｱ縺�こ繝ｼ繧ｹ縺ｯ繧ｯ繝ｩ繧ｹ蜀�〒蠕梧律驟堺ｻ倥�

謨咏ｧ第嶌縺ｯ縺ｪ縺�′縲∝盾閠�嶌縺ｨ縺励※縺ｯ蛻晏ｭｦ閠��莉･荳九�繧ゅ�繧呈耳阮ｦ縺吶ｋ縲�
繧ｳ繝ｼ繝昴Ξ繝ｼ繝医ヵ繧｡繧､繝翫Φ繧ｹ�井ｸ翫�荳具ｼ峨Μ繝√Ε繝ｼ繝峨�繝悶Μ繝ｼ繝ｪ繝ｼ縲√せ繝√Η繧｢繝ｼ繝医�繝槭う繝､繝ｼ繧ｺ縲√ヵ繝ｩ繝ｳ繧ｯ繝ｪ繝ｳ繝ｻ繧｢繝ｬ繝ｳ�域律邨沓P遉ｾ��

Related and/or prerequisite courses

縺ｪ縺励ゅ◆縺�縺励∫ｵ悟霧雋｡蜍吶�蛻晏ｭｦ閠��莠句燕縺ｫ荳願ｨ倥�蜿り�嶌繧剃ｸ隱ｭ縺吶ｋ縺薙→縲�

Evaluation

謌千ｸｾ隧穂ｾ｡縺ｯ縲∵球蠖薙☆繧玖ｫ匁枚縺ｮ繝ｬ繝昴�繝医→蝣ｱ蜻雁�螳ｹ縺ｨ繧ｯ繝ｩ繧ｹ險手ｫ門盾蜉��80��ｼ峨√こ繝ｼ繧ｹ險手ｫ門盾蜉�轤ｹ��20��ｼ峨↓繧医ｋ縲�

Comments from lecturer

邨悟霧雋｡蜍吶↓髢｢縺吶ｋ譛驥崎ｦ√�遐皮ｩｶ繧呈枚迪ｮ縺ｧ謚代∴縺ｾ縺吶ら嶌蠖馴㍼縺ｮ闍ｱ隱樊枚迪ｮ繧定ｪｭ繧蠢�ｦ√′縺ゅｊ縺ｾ縺吶′縲∬ｲ｡蜍吝�驥弱�遐皮ｩｶ閠�ｒ逶ｮ謖�☆縺溘ａ縺ｮ蝓ｺ譛ｬ縺ｨ縺ｪ繧九ｂ縺ｮ縺ｰ縺九ｊ縺ｧ縺吶�