Ph.D. Course Outline
Course: Capital Market Study
Level: Ph.D. Students in Business Administration, Management and Economics
Instructor: Prof. Wu Shinong (MBA/Ph.D.), Xiamen University
Time: Tuesday 8:30am-11:00am
Location: Room 410, Jiageng Building 1, Management School, Xiamen Universit
I. Course Objectives
Capital Market Study is a core course for Ph.D. students who specialize in financial subjects concerning business and economics. However, it is a selective course for students who are interested in but not specialized in this subject. The course is designed to equip Ph.D. candidates with a systematical knowledge and research skills on capital market theory and practices, to encourage them to apply what they have learnt from this course to review, examine and test theoretical, methodological and practical issues with national or international markets, and to promote them to understand, study and criticize what they have learnt for achieving some innovative or creative thoughts in their future research.
The students who apply to take this course are usually required to have taken postgraduate-level courses on Corporate Finance and Statistics for Management & Economics or
Basic Econometrics. Those who have little knowledge on corporate finance and quantitative analysis are suggested not to take this course or take or self-learn some introductory courses in Statistics and Corporate Finance before register to this course. The pre-required courses are or maybe available to the students in the Management School of Xiamen University.
II. Study Approaches and Plan
The different study approaches will be utilized in the three different learning stages.
1. Lecture and Discussion: 8 research topics will be selected and to be lectured and
discussed in the class, the lectures are expected to take 24 hours or 32 teaching hours. The topics in the lectures and discussions involve in a research overview on capital market and investment,
return and risk for investment, portfolio theory and mutual fund management, theory on market behaviors, theories and models on asset pricing, financial polices.
2. Referential Study and Presentation: The students are required to read the assigned
references, which include about 30 English-writing papers selected from the top journals in Finance, Accounting and Investment. Based on the reference readings, they are required to write Reference Study Report (RSR) on the reference readings for at least 3 papers.
A typical RSR’s format may include three key parts: Source of Reference (Title/Topic, Journal, Time, Author and About Author, Institution, and Why to select), Summarized Report (Abstract, Research Design and Research Procedure, Research Methodology and Data/Sample, Results of Empirical Study, Conclusions and Suggestions), and Comments and Implications for Future Research. However, the students are encouraged to selected papers from top journals of their interests and to create their own format for RSR in a logical route.
The students will be required to hand in their RSRs on time and then to present their RSRs in class, two in Chinese and one in English. The RSR’s presentation should be done in a PowerPoint
Version while submitted reports should be done in a Word Version. Usually, the students are
required to hand in the Word Version RSR before they present the PowerPiont Version SRS. The
class SRS presentation will be arranged by a lottery for the students.
3. Term Paper and Seminars: The students are required to finish a term paper, which
should be qualified for joining academic conferences or publication in the journals home or abroad. The final draft of the term papers will be called for a presentation in class and a deadline for submission of the term paper will be the second week in the next term.
Seminar will be conducted for completing their term papers or for completing their referential study. To prepare and complete the papers, the students will be organized for some seminars concerning how to review the study, to select research topics, to create a research plan, to select methodology, to sample, to conduct a proper empirical study, and to make reasonable conclusions and to propose relevant suggestions.
Seminar will also be conducted with the presentation of the selected referential study. After one student reports their referential study, others or other one will be called to make free comments to stimulate a discussion in the class, and a final summarization will be done by the instructor.
III. Selected Readings
1. Periodical Journals:
The students are required to read a collection of 30 periodical papers regarding capital market, corporate finance and investment from English journals, they are also encouraged to pick up some
papers they like from periodical journals in the INTENET (see from XMU Library) as an additional reading.
Some top journals in this field include: Journal of Finance, Journal of Financial Economics,
Journal of Financial and Quantitative Analysis, Journal of Accounting Research, The Accounting Review, Review of Financial Studies, The Journal of Financial Research, Financial Analysts Journal, and The Financial Management, some other excellent journals are: Goble Finance Journal, Financial Service Review, Journal of Empirical Finance, International Review of Economics and Finance, Pacific-Basin Finance Journal, Journal of Banking & Finance, Journal of Corporate Finance, and so on..
2. Recommended Books for Reading:
(1) Financial Theory and Corporate Policy by Thomas E. Copeland and J. Fred Weston;
(2) Finance edited by John Eatwell, Murray Milgate and Peter Newman;
(3) Modern Portfolio Theory and Investment Management Analysis by Elton and Gluber;
(4) Financial Statement Analysis by Geoge Foster;
(5) Investment by Sharp;
(6) Corporate Finance by Ross, Westerfield and Jaffe;
(7) Investments by Jack Clark Francis;
(8) The Econometrics of Financial Markets by Campbell and MacKinlay.
According to the regulations stated by the Graduate School of Xiamen University and by the
Management School, this course is a required course for Ph.D. candidates who specialize in the fields of finance and a selective course for the Ph. D. candidates who major in other subjects in management or major in economics.
The final score for the students who take this course will be assessed based on their performances, which usually include his or her RSRs, presentations, participation and term paper.