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CURRICULUM

for a course on

Corporate Governance and

Financial Market Regulation

 

 

 

Syllabus                                   [doc

        Required reading indicated with a + sign, recommended reading with a •

 

Lectures      

   1

   2

3-4

   5

   6

7-8

   9

 10

 11

SESSIONS:

  1. Corporate Governance: Organization Structure; Responsibility and Authority;

             Principal and Agent problem; monitoring costs.

                      + Smart, Megginson & Gitman:

                                  Chapters 1, 2 (recommended), 24, 25  (available on reserve)

                      + Whitman speech

                      •  Brealy and Meyers, Ch. 34, 33

  2. Corporate Governance:

             Market Forces and Corporate Governance

                      + Smart, Megginson & Gitman: Chapters  24 and 25  (available on reserve)

                      •  Brealy and Meyers, Ch. 33, 34

             Executive Compensation

                      + Collection of newspaper articles about Exec Comp and ESOs

                      + Institute for Policy Studies, “Executive Excess 2005”

                      + Primer: Employee Stock Options I: Basics

                      + Primer: Employee Stock Options II: Recent History

                                    - both found at   www.financialpolicy.org/dscprimers.htm

                      + Special Policy Brief 28: "Unlimited Greed: How Executives Used

                              Employee Stock Options to Raid the U.S. Treasury"

                              Randall Dodd, September 21, 2006  www.financialpolicy.org/dscbriefs.htm

  3. Corporate Governance: Sarbanes-Oxley

                       + CRS Summary of Legislation, April 23, 2003

                       + CRS Summary of Legislation, April 23, 2003

                       + Price Waterhouse Coopers Primer, 2003

                       + SEC Comm. Atkins lecture, 2003

                       + "The Deal" article on gatekeepers

                           •  CRS Report to Congress, February 3, 2003

                                  “Auditing and Its Regulators: Reforms after Enron”

                           •  “World According to Sarbanes-Oxley”

                           •  Houlihan & Lukey article (on Blackboard)

                           •  Brealy and Meyers, Ch. 34

                           •   Zoe-Vonna Palmrose, “The Future Role of Auditors as Financial

                             Gatekeepers (2005)

                           •  Leslie Boni, “Analyzing the Analysts after the Global Settlement” (2005)

  4. Economic Rationale for Prudential Regulation

                            + Dodd, Special Policy Report 12 “The Economic Rationale for

                                Financial Market Regulation”  www.financialpolicy.org/dscreports.htm

  5. Banking Sector:

                            + Spong: Intro, Chapter 1,5,6

                            + Mishkin and Eakins, Chapter 18 on Banking Regulation

                            + Kaufmann, first 14 pages

                            Recommended:

                            • CRS Fin Inst Mergers

                            • Mishkin, Chapters 2, 8, 9, 10 (History), 11, 12

  6. Banking Sector: continued…

    +  Case Study: Wal-Mart Applies for a Bank Charter

                                           (read Dodd, Special Policy Report 13)

                            + Dodd, Special Policy Report 13 at www.financialpolicy.org/dscreports.htm

                             • GAO: Bank Oversight, 1996

                             • GAO: Bank Oversight Structure, 1997

                             • Lown, Cara S., Carol L. Osler, Philip E Strahan, and Amir Sufi. 2000.

                                    “The Changing Landscape of the Financial Services Industry: What Lies Ahead.”

                                     Federal Reserve Bank of  New York,  Economic Policy Review. (October).

                            • Mishkin & Eakins, Chs. 6, 10, 21

                            • Chancellor, Devil Take The Hindmost

  7. Securities Sector:

                            + SIA Primer on Securities Acts

                            + Summary of Securities Act of 1933

                                (Sections 2A, 5 then read 4, 6 first part, 7, 10, 11, 27A)

                            + Summary of Securities Exchange Act of 1934

                                (Sections 2, 4a, 4A,5,6,7,8,9,10,12, 15(optional), 15C, 31

                            + Investment Company Act - Hedge Fund Regulation?

                            • Library of Congress, Summary of Government Securities Act of 1986

                            • Amendment to Gov Sec Act, 1993 (Title I only)

                            • Fed Board on Government Securities Act, 1994.

                            • Zipf, How the Bond Market Works, Chapters 4, 8

  8. Securities Sector: Continuation of session 7

  9. Derivatives Markets:

                + Financial Policy Forum: Primer on Derivatives

                + Financial Policy Forum: Primer on Derivatives Instruments

                + Financial Policy Forum: Primer Derivatives for Journalist

                + Financial Policy Forum: Primer Structure of OTC Derivatives Markets

                + Financial Policy Forum Special Policy Report 8: Derivatives Markets:

                            Sources of Vulnerability  in U.S. Financial Markets

                • Hull, Chapters 1, 31, 32

                • Mishkin: Ch. 13

                • Mishkin and Eakins, Chapters 23, 24

                • Liaw, Thomas and Ronald Moy. 2000. The Irwin Guide to Stocks, Bonds, Futures,

                              and Options: A Comprehensive Guide to Wall Street's Markets.  

  10. Derivatives Markets:

                • Brewer, Jackson and Moser: “The Value of Using Interest Rate Derivatives to

                          Manage Risk at U.S. Banking Organizations.”

                          www.chicagofed.org/publications/economicperspectives/2001/3qepart4.pdf

 

 

 


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