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Financial Markets and Institutions (5155300) Page 1 of 4 Financial Markets and Institutions (5155300) Graduate School of Finance National Chung Cheng University Syllabus 2007 Pei-Hsuan Lee Tel: (05) 2720411 ext. 34208 E-mail: firstname.lastname@example.org Time: Thursdays 14:10-17:00 Venue: Room 359, College of Management Course Description: This course presents the development of financial markets and explores the role of financial institutions in the financial system. Topics covered in this course will include financial development, financial liberalization, financial integration, and the topics relative to the financial institutions or financial markets. Week Date Topics 01 09/13 Introduction 02 09/20 Financial Development 03 09/27 Financial Development 04 10/04 Financial Liberalization 05 10/11 Financial Liberalization 06 10/18 Asymmetric Information 07 10/25 Conflicts of Interest 08 11/01 Theory of Financial Intermediation 09 11/08 FDI v.s. Financial Services 10 11/15 Mid-term Exam 11 11/22 Mortgage Market 12 11/29 Mortgage Market 13 12/06 Financial Integration 14 12/13 Foreign Bank Entry 15 12/20 Relationship Banking 16 12/27 Banking Regulation 17 01/03 Mutual Fund Industry 18 01/10 Final Exam Financial Markets and Institutions (5155300) Page 2 of 4 Readings: 1. F. Mishkin and S. Eakins (2006), Financial Markets & Institutions 5th Edition, Addison Wesley Publisher. 2. A list of papers which can be found in the course outline. Evaluation: Based on discussion of journal articles in class (30%), two exams (30% each), and class participation (10%). Course outline: 1. Financial Development Video: 張紹台(2005)，台灣金融發展史話，臺北市，台灣金融研訓院。 Mishkin and Eakins (2006), Chapters 1-2 2. Financial Liberalization Bonghoon Kim and Lawrence Kenny (2007), Explaining when developing countries liberalize their financial equity markets, Journal of International Financial Markets, Institutions & Money, 17, 387-402. Charles Wyplosz (2002), How risky is financial liberalization in the developing countries? Comparative Economic Studies, 44, 2/3, 1-26. Geert Bekaert, Campbell Harvey and Christian Lundblad (2001), Emerging equity markets and economic development, Journal of Development Economics, 66, 465-504. Geert Bekaert, Campbell Harvey and Christian Lundblad (2006), Growth volatility and financial liberalization, Journal of International Money and Finance, 25, 370-403. 3. Asymmetric Information: Adverse Selection and Moral Hazard Mishkin and Eakins (2006), Chapter 15 Paul Calem, Michael Gordy and Loretta Mester (2006), Switching costs and adverse selection in the market for credit cards: New evidence, Journal of Banking & Finance, 30, 6, 1653-1685. 4. Conflicts of Interest Mishkin and Eakins (2006), Chapter 16 Roni Michaely and Kent Womack (1999), Conflict of interest and the credibility of underwriter analyst recommendations, Review of Financial Studies, 12, 4, Financial Markets and Institutions (5155300) Page 3 of 4 653-686. 5. Theory of Financial Intermediation Franklin Allen and Anthony Santomero (1998), The theory of financial intermediation, Journal of Banking & Finance, 21, 1461-1485. Janet Mitchell (2005), Financial intermediation theory and implications for the sources of value in structured finance markets, National Bank of Belgium Working Paper No. 71. 6. FDI v.s. Financial Services Michael Keren and Gur Ofer (2002), The role of FDI in trade and financial services in transition: What distinguishes transition economies from developing economies? Comparative Economic Studies, 44, 1, 15-45. Claudia Buch and Alexander Lipponer (2007), FDI versus exports: Evidence from German banks, Journal of Banking & Finance, 31, 805-826. 7. Mortgage Market Mishkin and Eakins (2006), Chapter 12 David Reiss (2006), Subprime Standardization: How Rating Agencies Allow Predatory Lending to Flourish in the Secondary Mortgage Market, Florida State University Law Review, 33, 985-1066. Paul S. Calem, Kevin Gillen and Susan Wachter (2003), The Neighborhood Distribution of Subprime Mortgage Lending, University of Pennsylvania, Institute for Law and Economics Research Paper No. 03-39. John Kiff and Paul Mills (2007), Money for Nothing and Checks for Free: Recent Developments in US Subprime Mortgage Markets, IMF Working Paper No. 07/188. Alexander Belikoff, Kirill Levin, Harvey Stein and Xusheng Tian (2007), Analysis of Mortgage Backed Securities, Bloomberg Financial Market Working Paper Series. 8. Financial Market Integration Claudia Buch (2002), Financial market integration in the US: Lessons for Europe? Comparative Economic Studies, 44, 1, 46-71. James Lothian (2006), Institutions, capital flows and financial integration, Journal of International Money and Finance, 25, 358-369. Financial Markets and Institutions (5155300) Page 4 of 4 9. Foreign Bank Entry Mishkin and Eakins (2006), Chapter 18 Allen Berger, Claudia Buch, Gayle DeLong, and Robert DeYoung (2004), Exporting financial institutions management via foreign direct investment mergers and acquisitions, Journal of International Money and Finance, 23, 333-366. Hidenobu Okuda and Suvadee Rungsomboon (2007), The effects of foreign bank entry on the Thai banking market: Empirical analysis from 1990 to 2002, Review of Pacific Basin Financial Markets and Policies, 10, 1, 101-126. 10. Relationship Banking Mishkin and Eakins (2006), Chapters 17-18 Mitchell Petersen and Raghuram Rajan (1994), The benefits of lending relationships: Evidence from small business data, Journal of Finance, 49:1, 3-37. Ivan Brick and Darius Palia (2007), Evidence of jointness in the terms of relationship lending, Journal of Financial Intermediation, 16, 452-476. Allen Berger, Leora Klapper, Maria Soledad Martinez Peria and Rida Zaidi, Bank ownership type and banking relationships, Journal of Financial Intermediation, Article In Press. 11. Banking Regulation Mishkin and Eakins (2006), Chapters 17, 18, 20 James Barth, Gerard Caprio Jr. and Ross Levine (2004), Bank regulation and supervision: what works best? Journal of Financial Intermediation, 13, 205-248. 12. Mutual Fund Industry Mishkin and Eakins (2006), Chapters 20-21 Xuanjuan Chen, Tong Yao and Tong Yu (2007), Prudent man or agency problem? On the performance of insurance mutual funds, Journal of Financial Intermediation, 16, 175-203.
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