財務金融學系

教學目標
-------------------------------------------------------------------------------------- 視訊平台: Microsoft Teams URL: https://teams.microsoft.com/l/team/19%3arpUmqtvM3DX8yH0NY1TTzwFwp7S50i4Tt3tqyn6F2Ck1%40thread.tacv2/conversations?groupId=3c592d96-bf2d-455c-9719-8021b84de1a9&tenantId=5a484953-77ef-42ec-90cf-2f4e1037ffc7 -------------------------------------------------------------------------------------- This course on financial ethics will be taught from a global and multi-disciplinary perspective as it integrates philosophy with management, economics, strategy, law, and public policy. The objectives of this course are to: 1.) Introduce students to a conceptual framework that will facilitate the examination of the range of ethical issues that arise when conducting business in today’s global marketplace; 2.) Encourage student thinking, reasoning and decision making from the points of view of various stakeholders (customers, employees, suppliers, governments, society) as each of these relationships creates ethical challenges and responsibilities. Students should consider such ethical issues in terms of the type of life they themselves wish to lead and the type of public policy for governing business that they are willing to support.

授課形式
理論講述與討論-20.00%;個案分析或作品賞析-80.00%;專題實作與報告-0.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
1.) Course introduction 2.) Case 1: Monsanto attempts to balance stakeholder interests (Chapter 1) 3.) Case 2: Starbucks' mission: social responsibility and brand strength (Chapter 2) 4.) Case 3: Enron: questionable accounting leads to collapse (Chapter 3) 5.) Case 4: Tyco international: leadership crisis (Chapter 4) 6.) Case 5: Home depot implements stakeholder orientation (Chapter 5) 7.) Case 6: Arthur andersen: questionable accounting practices (Chapter 6) 8.) Enron (the movie) 9.) Midterm exam 10.) Case 7: Coping with financial and ethical risks at AIG (Chapter 7) 11.) Case 8: The fraud of the century: the case of bernard madoff (Chapter 8) 12.) Case 9: The coca-cola company struggles with ethical crises (Chapter 9) 13.) Case 10: BP focuses on sustainability (Chapter 10) 14.) Case 11: The american red cross (Chapter 11) 15.) Case 12: Countrywide financial: the subprime meltdown (Chapter 12) 16.) Final exam 17.) Course review 18.) Course review

教科書/參考書
1.) "Ethical Decision Making for Business" (8th edition), by John Fraedrich, OC Ferrell, and Linda Ferrell, South-Western Cengage Learning, 2011; 2.) The Wall Street Journal; 3.) Handouts and case studies, as directed.

評分標準
Major factors entering into grade determination will consist of: 1.) Class attendance and contribution to class discussion (20%); 2.) Participation in, and communication with respect to group/individual project (40%); 3.) Comprehensive final examination (40%). * NO extra credit allowed.

學分數
3

授課時數(周)
3

開課班級
A11032

修課人數
18

教學目標
從我國民事財產法於我國法律中之體系地位及與我國民法之各編章間之相互關係出發, 繼而對我國民事財產法各篇章之基本原則及其基本概念與制度進行概要性的講述, 以期初學者對我國民事財產法有基本之認知.

授課形式
理論講述與討論-70.00%;個案分析或作品賞析-30.00%;專題實作與報告-0.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
詳見民法概要授課講義

教科書/參考書


評分標準


學分數
2

授課時數(周)
2

開課班級
A11332

修課人數
65

教學目標
本課程的主要目標培養學生對於企業之國際競爭策略(包括多國籍企業的進入市場及直接投資策略,以及在地企業面臨國際企業競爭的因應策略)的分析能力,作為未來任職於多國籍企業或在地企業的策略管理能力的基礎。此外,本課程將邀請業界專家講授智慧財產權保護法及過際競爭法律兩週的實務課程. 國際競爭策略meeting 5月12日 星期四 • 09:00 – 12:00 如何加入 Google Meet 會議 視訊通話連結：https://meet.google.com/pvd-xgci-uoz 或撥打以下電話號碼：+1 641-732-2242，PIN 碼：548 149 617#

授課形式
理論講述與討論-25.00%;個案分析或作品賞析-75.00%;專題實作與報告-0.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
課程內容與進度 Week 1 Introduction/Syllabus/ Week 2 Strategizing Around the Globe/Textbook Ch 1 Week 3 Managing Industry Competition/Textbook Ch2 Week 4 Leveraging Resources and Capabilities /Textbook Ch3 Week 5 Emphasizing Institutions, Cultures, and Ethics /Textbook Ch4 Week 6 Growing and Internationalizing the Entrepreneurial Firm /Textbook Ch5 Week 7 Entering Foreign Markets /Textbook Ch6 Week 8 Making Strategic Alliances and Networks /Textbook Ch7 Week 9 Managing Global Competitive Dynamics /Textbook Ch8 Week 10 Diversifying, Acquiring, and Restructuring /Textbook Ch9 Week 11 Strategizing, Structuring, and Learning Around the /Textbook Ch10 Week 12 Law of Interlectual Property Right Week 13 Law of International Competition Week 14 Governing the Corporation Around the World /Textbook Ch11 Week 15 Strategizing with Corporate Social Responsibility /Textbook Ch12 Week 16 oral presentation Week 17 oral presentation Week 18 oral presentation

教科書/參考書
Global Strategic Management second edition (International Student Edition) 2014 Mike W. Peng, Southern-Western Cenerge Learning 高立圖書代理

評分標準
平時成績30% 期末報告70%

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
10

教學目標
The purpose of this course is to cultivate students with 1.the ability to reading the paper on international trade 2.the ability of solving an economic model. 3. ability of finding interesting issues on international trade.

授課形式
理論講述與討論-50.00%;個案分析或作品賞析-50.00%;專題實作與報告-0.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
Week 1-5 Strategic Trade Policy 1 Brander, J. A. and B. J. Spencer (1985), Export Subsidies and International Market Rivalry, Journal of International Economics, 18,83-100. 2 Eaton, J. and G. M. Grossman (1986), Optimal Trade and Industrial Policy under Oligopoly, Quarterly Journal of Economic, 101, 383-406. 3 Krishna, K. (1989), “Trade Restrictions as facilitating Practices,” Journal of International Economics, 26, 251-270. 4 Neary, J. P. (1994), Cost Asymmetries in International Subsidy Games: Should Governments Help Winners or Losers? Journal of International Economics, 37, 197-218 5 Bernhofen, D.M. (1997), ‘Strategic Trade Policy in a Vertically-Related Industry’, Review of International Economics, 5, 429-433. Week 6-9 Certification and Policy 1 Baron, D. P. (2011), "Credence attributes, voluntary organizations, and social pressure," Journal of Public Economic, 95, 1331-1338. 2 Constantine Manasakis and Evangelos Mitrokostas and Emmanuel Petrakis, (2013), “Certification of corporate social responsibility activities in oligopolistic markets,”Canadian Journal of Economics, 46(1) 202-309. 3 Lucie Bottega and Jenny De Freitas, (2009), “Public, Private and Nonprofit Regulation for Environmental Quality,” Journal of Economics & Management Strategy, Volume 18, (1), p.105–123. Week 10-12 Pricing Strategy 1 Hong Hwang and Chao-Cheng Mai (1990), Effects of Spatial Price Discrimination on Output, Welfare, and Location, The American Economic Review Vol. 80, No. 3 pp. 567-575. 2 Takeshi Ikedaa, and Tsuyoshi Toshimitsub, (2010),” Third-degree price discrimination, quality choice, and welfare.” Economics Letters, Vol 106(1), P. 54–56 3 Hyunchul Kima, and Seung-Gyu Sim (2015), “Price discrimination and sequential contracting in monopolistic input Markets,” Economics Letters, 128, p.39–42 Week 13-15 Mixed Oligopoly 1 De Fraja, G., Delbono, F., 1989. Alternative strategies of a public enterprise in oligopoly. Oxford Economic Papers 41, 302–311. 2 Pal, D. (1998), “Endogenous Timing in a Mixed Oligopoly,” Economics Letters 61, pp.81-185. 3 Matsumura, T. (1998), “Partial Privatization in Mixed Duopoly,” Journal of Public Economics 70, p.473-483. Week 16 -18 Oral Presentation .

教科書/參考書
1.Oz Shy (1990) : Industrial Organization Theory and Applications 2.Paul Belleflamme and Martin Peitz (2015) : Industrial Organization: Markets and strategies

評分標準
Class Attending 30%, Paper Presentation 70%

學分數
3

授課時數(周)
3

開課班級
M11232

修課人數
15

教學目標
本課程旨在培養學生具備「職場需求為導向的專業能力」、「創新思維與主動學習的能力」及「以科學方法解決問題的能力」,並期望達成「人文素養與專業學理兼備」及「具備當代思維與國際視野」的教學目標.此外,本課程亦希望培養學生獨立分析與研究的能力,並透過各種主題的論文研讀與探討,養成財務論文寫作的技能.

授課形式
理論講述與討論-60.00%;個案分析或作品賞析-0.00%;專題實作與報告-40.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
(1) 本課程實施16+2(自主學習) (2) 學期報告請經由Moodel 4.0繳交, 繳交截止日當天會於Line群組公布未交(或未收到)報告的名單, 若於繳交截止日後三天仍未補交者, 視為未交(補交者須請自行連絡授課教師確定補交). 1.第1週(2/12): Kim, K. A. and S. G. Rhee, 1997. Price Limit Performance: Evidence from the Tokyo Stock Exchange, Journal of Finance, 52, 885-901. 2.第2週(2/19): Chang, C.-H. and S. Hsieh, 2008. Is the Daily Price Limit of the Taiwan Stock Exchange Effective? Fundamentals of Listed Stocks and Investors’ Perception of Fair Price, Asia-Pacific Journal of Financial Studies, 37, 675-726. 3.第3週(2/26): Li, J., Y. S. Shin, and W. T. Moore, 2006. Reactions of Japanese Markets to Changes in Credit Ratings by Global and Local Agencies, Journal of Banking & Finance, 30, 1007-1021. 4.第4週(3/5): Chang, C.-H. and K. C. Chan, 2011. Investment banks’ stock ratings, call warrant issuance, and responses from heterogeneous investors: Evidence from Taiwan, International Review of Economics & Finance, 20(4), 733-743. 5.第5週(3/12): Chang, C.-H., 2017. Exploring stock recommenders' behaviors and recommendation receivers’ sophistication, Journal of Economics and Finance, 41(1), 1-26. 6.第6週(3/19): Solt, M. E. and M. Statman, 1989. Good companies, bad stocks, Journal of Portfolio Management, 15(4), 39-44. 7.第7週(3/26): Chang, C.-H., H.-H. Huang, Y.-C. Chang, and, T.-Y. Lin, 2015. Stock characteristics and psychological pitfalls, Managerial Finance, 41(12), 1298-1317. 8.第8週(4/2):放假 9.第9週(4/9): 期中考 10.第10週(4/16): Hou, K., 2007. Industry Information Diffusion and the Lead-lag Effect in Stock Returns, Review of Financial Studies, 20, 1113-1138. 11.第11週(4/23): 指定論文研讀 <<自主學習>> 12.第12週: (4/30): Chang, C.-H., H.-I. Cheng, I.-H. Huang, and H.-H. Huang, 2011. Lead-lag relationship, volatility asymmetry, and overreaction phenomenon, Managerial Finance, 37(1), 47-71. 13.第13週(5/7): An, H. and K. C. Chan, 2008. Credit Ratings and IPO Pricing, Journal of Corporate Finance, 14(5), 584-595. 14.第14週(5/14): Chang, C.-H., 2011, IPO underpricing: A social comparison perspective, International Review of Economics & Finance, 20(3), 367-375., 15.第15週(5/21): T. C. Chiang and D. Zheng, 2010. An empirical analysis of herd behavior in global stock markets, Journal of Banking & Finance, 34(8), 1911-1921. 16.第16週(5/28): Chang, C.-H. and S.-J. Lin, 2015. The effects of national culture and behavioral pitfalls on investors’ decision-making: Herding behavior in international stock markets, International Review of Economics & Finance, 37, 380-392. 17.第17週(6/4): Dittmar, A.K., 2000. Why do firms repurchase stock? Journal of Business, 73(3), 331-355. 18.第18週(6/11): 完成論文研讀報告<<自主學習>>

教科書/參考書
JF、JFE、RFS、JFQA等期刊內容中與授課主題有關的論文。

評分標準
評分方式: 1. 平常成績 10%,平常成績計分方式將於課堂上宣布. 2. 期中考45% 3. 學期報告45%

學分數
3

授課時數(周)
3

開課班級
M11232

修課人數
17

教學目標
This program presents an integrated approach to management strategy by identifying both market opportunities and organizational abilities. Students can apply those concepts to understand how companies gain competitive advantage by effectively matching organizational abilities with market opportunities.

授課形式
理論講述與討論-50.00%;個案分析或作品賞析-20.00%;專題實作與報告-30.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
Introduction
Chap.1 Introducing Strategic Management
Chap.2 Leading Strategically through Effective Vision and Mission
Chap.3 Examining the internal Environment: Resources, Capabilities and Activities
Chap.4 Exploring the External Environment: Macro and Industry Dynamics
Chap.5 Creating Business
Chap.6 Crafting Business Strategies for Dynamics Contexts
Chap.7 Developing Corporate Strategy
Chap.8 Looking at International Strategies
Chap.9 Understanding Alliances and Cooperative Strategies
Chap.10 Studying Mergers and Acquisitions
Chap.11 Organizational Structure, System, and Processes
Chap.12 Considering New Ventures and Corporate Renewal
Chap.13 Corporate Governance in the Twenty-First Century
Final Presentation (1)
Final Presentation (2)


教科書/參考書
教科書：
Carpenter, M. A., and Wm. G. Sanders (2009) Strategic Management: A Dynamic Perspective Concepts, 2nd ed., NJ: Pearson Education.

參考書：
1. Grant, R. M.(2005), Contemporary Strategy Analysis, 5th ed., MA: Blackwell Publishing.
2. Hill, W. L. and G. R., Jones (2004), MA: Houghton Mifflin Company.
3. Spulber, D.F. (2004), Management Strategy, NY:McGraw-Hill.
4. 方至民，策略管理：建立企業永續競爭力，民99年，前程文化。

評分標準
上課表現(30%)、期末口頭報告(30%)、書面報告(40%)

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
10

教學目標
Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. It is also the management of resources and the distribution of goods and services to customers.
This program features the current and thorough introduction to the concepts, processes, and methods of managing and controlling operations in manufacturing and service settings. It also supports students in applying concepts and methods by providing comprehensive-covered solved problems, examples, questions, practice problems with a balanced treatment.

授課形式
理論講述與討論-60.00%;個案分析或作品賞析-20.00%;專題實作與報告-20.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
Chap. 1 Operations and Supply Chain Management Introduction
Chap. 2 Quality and Quality Management
Chap. 4 Designing Products
Chap. 5 Designing Services
Chap. 6 Process Design and Technology
Chap. 7 Capacity and Facilities Planning
Chap. 8 Human Resources in Operations Management
Chap. 9 Managing Projects
Chap. 10 Strategic Supply Chain Management and Design
Chap. 11 Supply Chain Procurement and Distribution Globalization
Chap. 13 Role of Inventory Management
Chap. 14 Aggregate Sales and Operations Planning
Chap. 15 Resource Planning Systems
Chap. 16 Lean System Methods
Chap. 17 Scheduling
-- Final Presentation

教科書/參考書
教科書：
Ruseell, R.S. and Taylor III B.W. 2011, Operations Management, 7th ed. John Wiley & Sons.

參考書：
1. Stevenson, W. J. 2007, Operations Management, 9th ed. McGraw-Hill
2. Chase, R. B., Jacobs, F. R., and Aquilano, N. J., 2007, Operations Management for Competitive Advantage, 11th ed. McGraw-Hill.
3. 李友錚，2007，作業管理：創造競爭優勢，三版，台北：前程。

評分標準
上課表現(20%)、期中報告(30%)、期末報告(50%)

學分數
3

授課時數(周)
3

開課班級
M11232

修課人數
8

教學目標
有關風險管理的議題日益重要，本課程以實務方向為主，旨在訓練學生金融創新及風險控管的能力的核心能力，課程中將教授學生風險管理理論與方法，其中包括各種市場風險風險值計算及避險工具，以利其未來就業或升學。

授課形式
理論講述與討論-80.00%;個案分析或作品賞析-0.00%;專題實作與報告-20.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
課程內容與教學進度： 第一週 風險管理介紹 第二週 金融市場商品 第三週 避險理論: Hedge Ratio, Duration, Convexity, Delta, Gamma等 第四週 避險理論: Hedge Ratio, Duration, Convexity, Delta, Gamma等 第五週 風險管理方法: Monte Carlo Simulation, VaR, 壓力測試等 第六週 巴塞爾協議及市場風險 第七週 巴塞爾協議-市場風險 第八週 巴塞爾協議-市場風險及Risk Metrix 第九週 期中考 第十週 巴塞爾協議-信用風險 第十一週 巴塞爾協議-信用風險 第十二週 巴塞爾協議-信用風險 第十三週 Credit Metrix及KMV模型等 第十四週 巴塞爾協議-作業風險 第十五週 巴塞爾協議-作業風險 第十六週 巴塞爾協議-流動風險 第十七週 學生自主學習 第十八週 學生自主學習 　

教科書/參考書
教科書： 自編教材 參考書籍： 風險管理理論與方法-台灣金融研訓院 The Fundamentals of Risk Measurement, Chris Marrison，新陸代理 Value at Risk- The New Benchmark for Managing Financial Risk, Philippe Jorion，金融研訓中心

評分標準
平常表現：30% 期中考：50% 期末考或期末報告：20% 每次缺課扣總分5分,學生請假規定如下 1.事假需事先核可 2.臨時性狀況(如病假,生理假或不可抗力事件等),需於開始點名前告知(如:mail,請同學轉告,打給系辦等),事前告知後無需再上網請假 3.未事前告知之缺課,點完名後再補請,除了附證明之病假外,皆不核可

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
5

教學目標
The course provides an introduction to key concepts and models of financial markets. A set of basic analytical tools and their applications in financial markets will be offered so students can easily apply them for policy analyses. The purpose of the subject is to give students knowledge in the field of financial markets and their importance in every economic system. The subject makes it possible to obtain both theoretical and practical knowledge in all fields of financial market structure. It considers financial institutions, existing financial instruments, and all types of operations in financial markets.

授課形式
理論講述與討論-50.00%;個案分析或作品賞析-0.00%;專題實作與報告-50.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度

Course Outline:

Week	Date	Topic
1	02/10 - 02/14	Endnote X7、Word、Excel
2	02/17 - 02/21	2008金融海嘯源起
3	02/24 - 02/28	黑金風暴 Inside Job
4	03/03 - 03/07	台灣金融發展史
5	03/10 - 03/14	台灣金融發展史
6	03/17 - 03/21	Stata Programming I
7	03/24 - 03/28	Stata Programming II
8	03/31 - 04/04	Stata Programming III
9	04/07 - 04/11	台灣銀行家x 3
10	04/14 - 04/18	台灣銀行家 x 3
11	04/21 - 04/25	台灣銀行家 x 3
12	04/28 - 05/02	台灣銀行家 x 3
13	05/05 - 05/9	台灣銀行家 x 3
14	05/12 - 05/16	台灣銀行家 x 4
15	05/19 - 05/23	台灣銀行家 x 4
16	05/26 - 05/30	台灣銀行家 x 4
17	06/02 - 06/06	台灣銀行家 x 4
18	06/09 - 06/13	台灣銀行家 x 3

** The above is a tentative course schedule. Hopefully, we will get through all the listed topics

教科書/參考書
Supplemental Material: Some empirical studies will be assigned in class. Stata programming will also be demonstrated during the classes. We will also discuss the trend of Taiwan and the global financial in several recent issues of The Taiwan Banker.

評分標準

Course Evaluation Process:

Grading:    

Your final grade will be based on your performance in participation, assignments, and issue presentations of the Taiwan Banker. All grading is done on a percentage basis. The grading criteria are as follows.

Attendance                                   20%

Assignments                                  20%

Presentations                              60%

 All grading is done on a percentage basis.

Attendance Policy

Students are required to attend the class. Students are fully responsible for being in the class. If there is any excusable reason, you must notify me of the absence in advance. The participation score is calculated by the percentage of all classes held this semester. Your participation grade will be based on your performance and attendance in class. You earn 2 points for the roll call when you are in class. You get 1.5 points when you show up late after the roll call. You have 1 point when you are permitted to take a leave. You have no points when you miss the class. Therefore, the class participation score equals the sum of all points divided by 2N points (2 points * N weeks) and time 100. Students are fully responsible for the materials taught in the class.  Attendance accounts for 20% of the final grade.

Presentation

Students must present the assigned articles on the recent issues of The Taiwan Banker. Every student has a maximum of 30 minutes for the presentation. In the presentation, students should not only present the contents of the article but also define and extend the terms and issues of the article.

學分數
3

授課時數(周)
3

開課班級
M11232

修課人數
17

教學目標
世界經濟正朝全球化趨勢前進，而快速的遠離一個存在跨國貿易與投資障礙，有時間、空間、語言、文化、政治、經濟制度等差異所形成的經濟隔離的世界；此外，WTO致力於消除貿易障礙及提供一個安全穩定的國際經貿環境，更加速了全球化趨勢的發展。在全球化趨勢的帶動下，企業間的競爭早已超越了國界，多國籍企業在世界經濟舞台的影響力日益增加。 課程之目的是培養學生具備以下之能力:
（一） 掌握國際企業所面臨的政治、文化、社會等國際經營環境之變動；
（二） 瞭解國際企業經營之架構；
（三） 制定有效之國際經營策略。


授課形式
理論講述與討論-70.00%;個案分析或作品賞析-15.00%;專題實作與報告-15.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
Topics
Part 1 FOUNDATION CONCEPTS
1. INTRODUCTION: WHAT IS INTERNATIONAL BUSINESS?
2. GLOBALIZATION OF MARKETS AND THE INTERNATIONALIZATION OF THE FIRM

Part 2 THE ENVIRONMENT OF INTERNATIONAL BUSINESS
3. THE CULTURAL ENVIRONMENT OF INTERNATIONAL BUSINESS
4. ETHICS, CORPORATE SOCIAL RESPONSIBILITY, SUSTAINABILITY AND GOVERNANCE IN INTERNATIONAL BUSINESS
5. THEORIES OF INTERNATIONAL TRADE AND INVESTMENT
6. POLITICAL AND LEGAL SYSTEMS IN NATIONAL ENVIRONMENTS
7. GOVERNMENT INTERVENTION AND REGIONAL ECONOMIC INTEGRATION
8. UNDERSTANDING EMERGING MARKETS
9. THE INTERNATIONAL MONETARY AND FINANCIAL ENVIRONMENT
10. FINANCIAL MANAGEMENT AND ACCOUNTING IN THE GLOBAL FIRM

Part 3 STRATEGY AND OPPORTUNITY ASSESSMENT
11. STRATEGY AND ORGANIZATION IN THE INTERNATIONAL FIRM
12. GLOBAL MARKET OPPORTUNITY ASSESSMENT

Part 4 ENTERING AND WORKING IN INTERNATIONAL MARKETS
13. EXPORTING AND GLOBAL SOURCING
14. FOREIGN DIRECT I

教科書/參考書
教科書：
Cavusgil, S. T., Knight, G., and Riesenberger, J. 2017, International Business: The New Realities, 4th ed., Pearson Education.
參考書：
1. Griffin, R. W. and Pustay, M. W., 2017, International Business: A Managerial Perspective, 8th ed. Pearson Education. Pearson Education.(華泰文化代理）
2. 方至民，2013，國際企業管理: 建構全球營運優勢，台北: 前程。


評分標準
上課表現(20%)、期中書面報告(40%)、期末書面報告(40%)


學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
11

教學目標
國際金融市場的自由化與企業營運的國際化提供企業更多的利益與機會，與此同時，企業經營者也必須要考慮更多的複雜因素以分散投資風險，例如: 利用國際資本市場的不完全性以降低資金成本，或透過資金調度以節稅等。本課程目標在於使學生對全球化的財務管理問題有著深入的理解，瞭解國際財務金融理論，進而建立多國企業財務管理以及國際證券投資的分析決策能力。

授課形式
理論講述與討論-50.00%;個案分析或作品賞析-0.00%;專題實作與報告-50.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
1. 多角化與公司價值、公司風險 2. 海外直接投資 3. 匯率與與政治風險對企業經營的影響 4. 跨國企業融資決策 5. 跨境上市 6. 其他混合性議題

教科書/參考書
☆ 主要教材： 財務期刊論文。 (參考書籍)Bekaert, G., & Hodrick, R. (2018). International financial management 3/e. Cambridge University Press.

評分標準
1. Paper Presentation (50%) 2. Class Discussion and Participation (Asking questions is required) (30%) 3. Final Report (20%)

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
15

教學目標
本課程為金管系碩士班學生必修課目，適合已修習會計學、經濟學、統計學及微積分之學生修課。投資學的主題在探索資產的報酬與價格之決定，本課程將重心置於股票報酬與價格之決定因素與相關議題，並訓練修習的學生具備碩士等級的投資學相關基礎理論和實證方法與成果之知識。

授課形式
理論講述與討論-40.00%;個案分析或作品賞析-30.00%;專題實作與報告-30.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
課程內容包括以下幾個部分: (1) 系統性風險 (1-2週) (2) 非系統性風險 (3-6週) (3) 流動性風險 (7-9週) (4) 價值與成長型投資 (10-13週) (5) 短期價格記憶 (short-run price momentum) (14-16週) (6) 股價的預期因子 (predictability) (17週) (7) 資產評價之新發展 (18週)。詳細的章節將安排在課程內容中列示。

教科書/參考書
上課參考用書為 “Bodie, Zvi, Alex Kane, and Alan J. Marcus, 2007, Investment, The Mcgraw-Hill Companies Inc.” [新陸書局: 02-23512587] (1) 系統性風險 (1-2週) 黃一祥，2009，「系統性風險之估計及對橫斷面股票報酬之解釋能力- 投資組合重構頻率之影響」，《證券市場發展季刊》，第21卷第3期，107-142頁。 黃一祥，2009，「人力所得、條件資本資產評價模式、及橫斷面股票報酬」，《財務金融學刊》，第17卷第1期，41-74頁。 黃一祥、王元章、何加政、許嘉惠，2003，「台灣股市系統性風險之估計及橫斷面預期報酬之分析」，《財務金融學刊》，11(3)，1-33。 Fama, Eugene F., and Kenneth R. French, 1992, The cross-section of expected stock returns, Journal of Finance 47, 427-465. (2) 非系統性風險 (3-6週) 黃一祥、呂耿光、黃旭輝、張志向，2010，「公司特有風險與橫斷面股票預期報酬-台灣股市之實證」，《經濟論文》，第38卷第3期，503-542頁。 Ang, A. R.J. Hodrick, Y. Xing, and X. Zhang, 2006, The cross-section of volatility and expected returns, Journal of Finance, 61, 259-299. Ang, A. R.J. Hodrick, Y. Xing, and X. Zhang, 2009, High idiosyncratic volatility and low returns: International and further U.S. evidence, Journal of Financial Economics, 91, 1-23. Bali, T. G., N. Cakici, X. Yan, and Z. Zhang. 2005. Does idiosyncratic risk really matter? Journal of Finance 60, 905–29. Bali, T. G., and N. Cakici, 2008. Idiosyncratic volatility and the cross section of expected returns, Journal of Financial and Quantitative Analysis, 43, 29-58. Bodnaruk, A. and P. Ostberg, 2009, Does investor recognition predict returns? Journal of Financial Economics, 91, 208-226. Gaspar, Jose´-Miguel and Massimo Massa, 2006. Idiosyncratic Volatility and Product Market Competition, Journal of Business, 79, 3125-3152. Goyal, A., and P. Santa-Clara, 2003, Idiosyncratic Risk Matters! Journal of Finance 58, 975–1007. Wei, S. X., and C. Zhang. 2006. Why did individual stocks become more volatile? Journal of Business 79:259–292. Mashruwala, Christina, Shivaram Rajgopal and Terry Shevlin, 2006. Why is the accrual anomaly not arbitraged away? The role of idiosyncratic risk and transaction costs. Journal of Accounting and Economics, 42, 3-33. Xu, Yexiao, and Burton G. Malkiel, 2003. Investigating the behavior of idiosyncratic volatility, Journal of Business, 76, 613-644. (3) 流動性風險 (7-9週) Acharya, V.V., and L. H. Pedersen, 2005. Asset pricing with liquidity risk, Journal of Financial Economics, 77,375–410. Amihud, Y., 2002. Illiquidity and Stock Returns: Cross Section and Time Series Effects, Journal of Financial Markets, 5, 31-56. Barclay, M.J., and T. Hendershott, 2004. Liquidity externalities and adverse selection: evidence from trading after hours, Journal of Finance, 58, 681–710. Bekaert Geert, Harvey Campbell R. and Christian Lundblad, 2007, Liquidity and Expected Returns: Lessons from Emerging Markets, Review of Financial Studies, 20, 1-49. Chan, Wesley S., 2003, Stock price reaction to news and no-news: Drift and reversal after headlines, Journal of Financial Economics, 70, 223–260. Garfinkel, Jon A., and Jonathan Sokobin, 2006, Volume, Opinion Divergence, and Returns: A Study of Post–Earnings Announcement Drift, Journal of Accounting Research, 44,85-112. Gervais, Simon, Ron Kaniel, and Dan H. Mingelgrin, 2001, The High-Volume Return Premium, Journal of Finance, 56, 877–919. Korajczyk, R. A. , and R. Sadka, 2008, Pricing the commonality across alternative measures of liquidity, Journal of Financial Economics, 87, 45-72. Lesmond, D. A., 2005, Liquidity of Emerging Markets, Journal of Financial Economics, 77, 411-452. Pastor, L. and R.F. Stambaugh, 2003, Liquidity Risk and Expected Stock Returns, Journal of Political Economy, 111, 642-685. (4) 價值與成長型投資 (10-12週) Ali, A., Hwang, L., and M. Trombley, 2003, Arbitrage risk and the book-to-market anomaly, Journal of FinancialEconomics, 69, 355–373. Bansal, Ravi, and Amir Yaron, 2004, Risks for the long-run: A potential resolution of asset pricing puzzles, Journal of Finance, 59, 1481-1509. Desai, H., Rajgopal, S., and M. Venkatachalam, 2004, Value glamour and accrual mispricing, One anomaly or two? The Accounting Review 79, 355–385. Cohen, Randolph B., Christopher Polk, and Tuomo Vuolteenaho, 2003, The value spread, Journal of Finance, 58, 609-641. Conrad, Jennifer, Michael Cooper, and Gautam Kaul, 2003, Value versus Glamour, Journal of Finance, 58, 1969-1995. Fama, Eugene F., and Kenneth R. French, 2006, The value premium and the CAPM, Journal of Finance, 61, 55-84. Fama, Eugene F., and Kenneth R. French, 2008, Average returns, B/M, and share issues, Journal of Finance, 63, 2971-2995. Huang, I-Hsiang, 2011, “The cyclical behavior of the risk of value strategy: Evidence from Taiwan,” Pacific-Basin Finance Journal, 19, 404-419. Patkova, Ralitsa, and Lu Zhang, 2005, Is value riskier than growth? Journal of Financial Economics, 78, 187-202. Zhang, Lu, 2005, The value premium, Journal of Finance, 60, 67-103. Lettau, martin, and Jessica A. Wachter, 2007, Why is long-horizon equity less risky？A duration-based explanation of the value premium, Journal of Finance, 62, 55-92. Penman, Stephen H., Scott A. Richardson, and irem Tuna, 2007, The book-to-price effect in stock returns: Accounting for leverage, Journal of Accounting Research, 45, 427-467. (5) 短期價格動能 (price momentum) (13-15週) Badrinath, S., and S. Wahal, 2002, Momentum trading by institutions, Journal of Finance, 57(6), 2449–2478. Chordia, Tarun and Lakshmanan, Shivakumar, 2006, Earnings and price momentum, Journal of Financial Economics, 80, 627-656. Cooper, M., Gutierrez Jr., and R.C., A. Hameed, 2004, Market states and momentum, Journal of Finance, 59, 1345–1365. Griffin, J. M. X. Ji, and J. S. Martin, 2003, Momentum investing and business cycle risk: Evidence from pole to pole, Journal of Finance, 58, 2515-2547. Grinblatt, M., and T. J. Moskowitz, 2004, Predicting stock price movements from past return: The role of consistency and tax-loss selling, Journal of Financial Economics, 71(3), 541–579. Grinblatt, Mark, and Bin Han, 2005, Prospect theory, mental accounting, and momentum, Journal of Financial Economics, 78, 311–339. Heston, S.L., and R. Sadka, 2008, Seasonality in the cross-section of stock returns, Journal of Financial Economics, 87, 418-445. Hvidkjaer, Soeren , 2006, A Trade-Based Analysis of Momentum, The Review of Financial Studies, 19, 457-491. Jegadeesh, N., and S. Titman, 2001, Profitability of momentum strategies: an evaluation of alternative explanations, Journal of Finance, 56, 699–720. Korajczyk, R., Sadka, R., 2004, Are momentum profits robust to trading costs? Journal of Finance, 59,1039–1082. Lesmond, D., Schill, M., and C. Zhou, 2004, The illusory nature of momentum profits, Journal of Financial Economics, 71, 349–380. Sadka Ronnie, 2006, Momentum and post-earnings-announcement drift anomalies: The role of liquidity risk, Journal of Financial Economics, 80, 309-349. (6) 可預期股價 (predictability) (16週) Ang A., and G. Bekaert, 2007, Stock return predictability: Is it there ? Review of Financial Studies, 20,651-707. Bhojraj, S., and B. Swaminathan, 2004, Macromomentum: Returns Predictability in International Equity Indices, Journal of Business, 79(1), 429–451. Cohen, R., P. Gompers, and T. Vuolteenaho, 2003, Who underreacts to cash-flow news? Evidence from trading between Individuals and Institutions, Journal of Financial Economics, 66, 409–462. Goyal, A., and I. Welch, 2003, Predicting the equity premium with dividend ratios. Management Science, 49, 639-654. Hanna, J. Douglas, and Mark J. Ready, 2005, Profitable predictability in the cross section of stock returns, Journal of Financial Economics, 78, 463–505 Hecht, Peter. And Tuomo Vuolteenaho, 2006, Explaining Returns with Cash-Flow Proxies, The Review of Financial Studies, 19,159-194. Lettau, Martin., and Sydney C. Ludvigson, 2005, Expected returns and expected dividend growth. Journal of Financial Economics,76,583–626. Lewellen, J., 2003, Predicting returns with financial ratios, Journal of Financial Economics, 74, 209–235. Menzly, L., Santos, T., and P. Veronesi, 2004, Understanding predictability, Journal of Political Economy, 112 (1), 1–47. (7) Currency risk (17週) Brennan, Michael J., and Yihong Xia, 2006, International capital markets and foreign exchange risk, Review of Financial Studies, 19, 753-795. Carrieri, Francesca, Vihang Errunza, and Basma Majerbi, 2006, Does emerging market exchange risk affect global equity prices? Journal of Financial and Quantitative Analysis, 41, 511-540. Kolari, james W., Ted C. Moorman, and Sorin M. Sorescu, 2008, Foreign exchange risk and the cross-section of stock returns, Journal of International Money and Finance, 27,1074-1097. (8) New development in asset pricing (18週) Grout, P. A. and A. Zalewska, 2006, The impact of regulation on market risk, Journal of Financial Economics, 80, 149-184. Jagannathan, R. and Y. Wang, 2007, Lazy investors, discretionary consumption, and the cross-section of stock returns, Journal of Finance, 62, 1623-1661. Lemmon, M., and E. Portniaguina, 2006, Consumer confidence and asset prices: Some empirical evidence, Review of Financial Studies, 19, 1499-1529. Larrain, B., and M. Yogo, 2008, Does firm value move too much to be justified by subsequent changes in cash flow? Journal of Financial Economics,87, 200-226. Yogo, Motohiro, 2005, A consumption-based explanation of the cross section of expected stock returns, Journal of Finance, 60, 539-580. Santa-Clara, P., and R. Valkanov, 2003, Political cycles and the stock market, Journal of Finance, 58, 1841-1872.

評分標準
本課程之評分項目包括期中考、期末考以及平常查考等三部分，其佔學期總成績比重分別為20%、20%及60%，總成績最高為100分，70分及格。 平常查考成績分為兩部分: (1)上課參與情形 (2) 學生的文獻報告與評論，其分別各佔平常查考成績的35%和65%。上課參與情形項目包括出席上課、課堂的教學回應與參與情形，上課表現良好和不佳的情形，每次加(或減) 上課參與情形之成績5分(即總分1.05分=35%*60%*5分)，上課參與情形的基本分數以80分計算 (即總分16.8分=35%*60%*80分)。基本上，第一次、第二次、第三次無故缺席扣上課參與情形的30%、35%、35%。若有超過三次以上之無故缺席，其每超過一次 (即第四次以後) 的無故缺席則另外加扣總學期成績7分。第一次、第二次、第三次無故遲到早退扣上課參與情形的8%、12%、15%。若有超過四次之無故遲到早退者，其每超過一次則另外加扣總學期成績2分。上課未帶課本者每次扣總成績2分。 若上課參與情形項目的總分已被扣完，但仍有缺曠課或上課表現不好等情事，則倒扣其他項目分數。即平常查考雖已被扣至零分，仍有缺曠課者將另外倒扣其他總分。例如，四次無故缺席者被扣總成績為28分 (=35%*60%*100+7分)，此時即使您的其他項目都得滿分，學期總成績亦只有72分 (=100分-28分)。請勿穿拖鞋上課。

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
15

教學目標
有關期貨與選擇權的議題日益重要，尤其在利率期貨與選擇權的商品，更為學習財務金融的學生所必需了解。本課程旨在訓練學生金融創新及風險控管的能力的核心能力，課程中首先將教授學生初級的期貨與選擇權理論與方法，更進一步的，將介紹一些常用的利率理論，並深入的討論期貨與選擇權的商品，以利其未來就業或升學。

授課形式
理論講述與討論-60.00%;個案分析或作品賞析-0.00%;專題實作與報告-40.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
大抵跟隨著教科書的順序進行，但依同學學習狀況調整及補充教材。H表示John C. Hull的書，B表示Damiano Brigo的書 第一週　　Ch 1 Introduction 第二週　　Ch 2 Mechanics of Futures Markets 第三週　　Ch 2 Mechanics of Futures Markets 第四週　　Ch 3 Hedging Strategies Using Futures 第五週　　Ch 3 Hedging Strategies Using Futures 第六週　　Ch 5 The Determination of Forward and Futures Prices 第七週　　Ch 5 The Determination of Forward and Futures Prices 第八週　　Ch 5 The Determination of Forward and Futures Prices 第九週　　期中考 第十週　　Ch 10 Mechanics of Options Markets 第十一週　Ch 11 Properities of Stock Options 第十二週　Ch 12 Trading Strategies Involoving Options 第十三週　Ch 13 Introduction to Binomial Trees 第十四週　Ch 15 The Black-Scholes-Merton Model 第十五週　Ch 19 The Greek Letters 第十六週　期末考 第十七週　學生自主學習 第十八週　學生自主學習 　 其他：報告內容及型式於課堂宣佈。

教科書/參考書
教科書及參考書籍： 1. Options, Futures, and other derivatives, 9th edition, John C. Hull 2. 自編教材

評分標準
期中考：20% 課堂報告：10% 期末考：20% 平常成績:30% 自主學習書面報告：20% 每次缺課扣總分5分,學生請假規定如下 1.事假需事先核可 2.臨時性狀況(如病假,生理假或不可抗力事件等),需於開始點名前告知(如:mail,請同學轉告,打給系辦等),事前告知後無需再上網請假 3.未事前告知之缺課,點完名後再補請,除了附證明之病假外,皆不核可

學分數
3

授課時數(周)
3

開課班級
M11332

修課人數
14

教學目標
1. Provide diversified topics to graduate students 2. Interact with faculty in specific areas 3. Develop research interests 4. Improve the ability to applied foreign language 5. Create the initiative to learn and the motivation to innovate 6. Endow the ability to learn and solve the problems of the business

授課形式
理論講述與討論-30.00%;個案分析或作品賞析-30.00%;專題實作與報告-40.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
1. The topics will cover researches in the field of business administration. 2. Each week one guest speaker will be invited to provide a talk regarding his/her research interests, Sometimes the guest speaker could be a manager or CEO from a well known corporation for sharing his/her managerial experience.. 3. Students who are the second-year ones will also present their thesis proposals during the seminars. 4. If possible, visits to companies will be arranged 課程大綱 2/12 課程介紹 2/19 林志誠 首席顧問 (東方一品國際管理公司) 3/14 陳立文 教授 (中正大學財金系) 3/19 陳香蘭 教授 (高科大財管系) 3/21 陳立文 教授 (中正大學財金系) 3/26 陳志榮 董事總經理 (翰享實業) 4/9 自主學習週 4/16 楊雅博老師 當前經濟相關議題 4/23 楊雅博老師 國際經貿相關議題 4/30 鄭育仁老師 專案管理相關議題 5/7 楊雅博老師 產業經濟相關議題 5/14 財金組碩二 中文論文報告 5/21 周冠男教授 (政治大學財管系) 5/28 經管組碩二 中文論文報告 6/4 財金組碩二 中文論文報告 6/11 經管組碩二 中文論文報告

教科書/參考書
(no)

評分標準
Attendence 10% Disucssion 30% Presentation 60%

學分數
1

授課時數(周)
3

開課班級
M11232

修課人數
12

教學目標
本課程安排數場校外學者和專業人士演講，另安排四周為碩士班二年級學生進行論文報告。藉由邀請校外傑出學者演講，使學生了解最新之金融學術之研究成果與其他相關領域之議題。參與學生透過與各專業領域之研究學者的互動討論，將有助於金融相關課程的學習與研究，並且，培養邏輯思考方式與解決問題之科學方法，學生可從中瞭解如何完成嚴謹的碩士論文與財金專業知識的培養。

授課形式
理論講述與討論-50.00%;個案分析或作品賞析-0.00%;專題實作與報告-50.00%;田野調查-0.00%;實驗-0.00%;其他-0.00%

課程內容與進度
Course Outline (暫訂，演講者資料與演講題目隨時更新) Date 2/12 Introduction 2/19 林志誠 首席顧問 (東方一品國際管理公司) 3/14 陳立文 教授 (中正大學財金系) 3/19 陳香蘭 教授 (高科大財管系) 3/21 陳立文 教授 (中正大學財金系) 3/26 陳志榮 董事總經理 (翰享實業) 4/9 自主學習週 5/14 財金組碩二同學論文報告 5/21 周冠男教授 (政治大學財管系) 5/28 經管組碩二同學論文報告 6/4 財金組碩二同學論文報告 6/11 經管組碩二同學論文報告 Note: 每次上課時間約3小時，可能配合演講者時間而變動上課日期。

教科書/參考書
演講者之研究論文與演講資料。

評分標準
上課出席50% : 缺席率超過20%以上(含)，學期總成績70分以下。缺席包含曠課和請假情況，因事假、公假、病假、生理假、心理調適假而無法出席上課的同學，必須在當天上課早上9點之前到請假系統完成請假，並且上傳事假、公假、病假證明，超過當天早上9點之後，均不予以准假。請病假但當天無法上傳就醫證明的同學，必須在2天以內補上醫院或診所就醫證明。 書面報告50% : 校外學者和專業人士演講的書面心得報告，每一篇300-500字，繳交期限為當週演講結束隔天下午5點之前，報告請上傳至Moodle 4.0，逾期遲交報告不列入成績計算。

學分數
2

授課時數(周)
2

開課班級
M11332

修課人數
26