Public University of Navarre

Academic year: 2019/2020 | Previous academic years:  2018/2019  |  2017/2018  |  2016/2017  |  2015/2016 
Master of Science in Management, Organization and Business Economics
Course code: 71837 Subject title: Seminar in Finance and Markets
Credits: 1 Type of subject: Mandatory Year: 1 Period: 2º S
Department: Gestión de Empresas

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Module/Subject matter




Research on capital structure. Credit risk.


General proficiencies

  1. GP1 Develop a critical and a constructive attitude to one's work and that of others
  2. GP2 Make use of quantitative documentary sources that are significant for the economic analysis of organisations from a critical perspective


Specific proficiencies

  1. SP1 Analyse the behavior and the interrelationships among the different agents interested in the company`s future
  2. SP2 Display knowledge of the economic and institutional environment in which the economic agents interact within, or though, economic organisations
  3. SP3 Understand qualitative models of the firm and interpret their results


Learning outcomes

  1. 3. Explain and motivate the analyses, interpret the results and present all these clearly and concisely in English
  2. 4. Identify the characteristics of the different agents linked to the company
  3. 5. Identify the relevant sources of information and their content for subsequent analysis
  4. 10. Present research results to various audiences using the different media available



Methodology-Activity Classroom Teaching Non-Classroom Teaching
A-1 Regular Participative Sessions 60  
A-2 Practice 10 15
A-3 Discussion and group tutorials 25  
A-4 Assignments   30
A-5 Reading assigned material   40
A-6 Individual Study   50
A-7 Exams, evaluation exercises 10  
A-8 Individual tutorials   10
Total 105 145
Total 250


Relationship between formative activities and proficiencies

Proficiency Activity
GP1 GP2 SP1 SP2 SP3 A-1 A-2 A-3 A-4 A-5 A-6 A-7






Activity Weight
Reading assigned material 20%
Practice 20%
Discussion and group tutorials 30%
Exams, evaluation exercises 30%



During this course we will tackle different key issues related with financial economics. The main goal is to provide students an overall picture of what does behavioral finance and credit risk. In order to reach that goal we have designed the course as two research seminars. This means that sessions will essentially evolve around the presentation and discussion of some selected key papers. Students are expected to play an active role in the seminar. Consequently students are asked to present the papers and to participate in the subsequent discussion.



Seminar in Finance and Markets

  • Research on Capital Structure. Determinants of Capital Structure. Relationship with Ownership Structure. Cost of debt.
  • Risk Management in banking. Market Risk and Credit Risk. Evidence from the CDS market.



Acceda a la bibliografía que su profesor ha solicitado a la Biblioteca.

  • Brealey, R.A., and S.C. Myers, 2003, Principles of Coporate Finance, McGraw-Hill, 7 ed.
  • Ross, S.a., R.W., Westerflied, and B.D. Jordan, 2000, Fundamentals of Corporate finance, McGraw-Hill, 5 ed.
  • Hull, J.C., 2012, Risk management and financial institutions. Ed. Pearson

Research Papers.

  • Du, J., Dai, Y., 2005. Ultimate corporate ownership structures and capital structures: evidence from East Asian economies. Corp. Gov. Int. Rev. 13, 60¿71.
  • Hillier, D.; Martínez, B.; Patel, P.; Pindado, J.; Requejo, I. (2018). Pund of flesh? Debt contract strictness and family firms. Entrepreneurship theory and practice, 42: 259-282.
  • Keasey, K.; Martínez, B.; Pindado, J. (2015). Young family firms: Financing decisions and the willingness to dilute control. Journal of corporate finance, 34: 47-63
  • Rajan, R., Zingales, L., 1995. What do we know about capital structure? Some evidence from international data. J. Financ. 50, 1421¿1460.
  • Schmid, T., 2013. Control considerations, creditor monitoring, and the capital structure of family firms. J. Bank. Financ. 37, 257¿272.
  • Ballester, L., Casu, B., & Gonzalez-Urteaga, A. (2016). Bank fragility and contagion: Evidence from the CDS market. Journal of Empirical Finance, 38, 394-416



Public University of Navarre.