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AcF 702: Course Outline
1
Department of Accounting and Finance
Lancaster University Management School
AcF 702 (Advanced Topics in Corporate Finance)
Bank Loan Contracting
Mahmoud Gad
Summer 2021
MSc in Accounting and Financial Management
MSc in Finance
Course Outline
1. Contact details
Mahmoud Gad, m.gad1@lancaster.ac.uk
2. Course overview
During the summer term, you will participate in lectures and workshops designed to introduce
you to the key literature and research methods on which the standard dissertation topic is based.
Both during and following this taught component, you will be required to undertake
independent research that (i) reviews the academic literature relating to your chosen topic and
(ii) reports empirical evidence on the topic.
3. Key dates
5 July 2021: First draft of dissertation submitted for comments
Week commencing 2nd August 2021: Return of first draft of dissertation with comments.
Monday 6th September 2021: Deadline to submit final draft of dissertation.
4. Course objectives
The primary objective of the taught element of AcF 702 is to prepare you for the standard
dissertation topic on debt contracting. In particular, lectures and workshops aim to:
• Introduce the theoretical literature on debt contracting. This material will provide the
basis for the literature review section (Part 1) of the standard dissertation;
• Review the main data used in this research, including data collection and handling,
statistical analysis, and key research methods. This material will provide the basis for the
empirical analysis (Part 2) of the dissertation;
• Assist with the practical issues associated with producing a high quality MSc dissertation,
including dissertation content, structure and style, referencing rules, presentation of
results, etc.
5. Learning outcomes
Following completion of the taught component of AcF 702, you should:
AcF 702: Course Outline
2
1. Understand the significance of debt in capital structure.
2. Understand the key theories used in debt contracting literature.
3. Know the main features of debt contracts and the role of financial covenants.
4. Be able to understand, synthesise and critique key research papers.
5. Possess a good working knowledge of the data resources, statistical methods, and
computer software required to undertake empirical research.
6. Be able to understand and handle syndicated loan data.
7. Be able to design and undertake large-sample empirical tests on the topics discussed.
6. Taught course structure
The course will consist of a series of sessions in the Summer Term. Sessions will comprise a
mixture of lectures and online workshops.
Sessions 1.1, 2.1, 3.1 and 4.1 of the course deal primarily with the theoretical and empirical
literatures. Material covered in these sessions will provide the basis for the literature review
section of the dissertation (Part 1). In some sessions, student groups will present previously
assigned papers. Presentation time is 15 minutes. Sessions 1.2, 2.2,3.2,4.2 and 5 cover practical
aspects of the standard dissertation including data, computing skills (STATA, table creating)
and research methods. In Session 6 will we will focus on the dissertation structure, writing
skills and presentation of results.
7. Dissertation Synopsis
To many of you, identifying and refining research questions could be a significant hurdle in
the dissertation writing process. To help you to manage this and other challenges, you are
encouraged to prepare a one-page “Dissertation Synopsis”. It will summarise key aspects of
your dissertation, including key literature, research questions, hypotheses, methodology and
planned sequence of Tables/Figures.
The Dissertation Synopsis will help you in two major ways. First, it will help you to focus and
structure not only your dissertation but also your dissertation writing process. Second, it will
summarise the key aspects of your dissertation and therefore facilitate the process of discussing
your ideas and problems with the course director.
You are strongly encouraged to contemplate research questions as early as possible and you
should start working on the Dissertation Synopsis no later than Session 6, when we will have
covered the majority of the literature.
You are welcome to discuss a draft of the Dissertation Synopsis.
8. Readings
A detailed list of readings for each session is provided below. Much of the reading material for
this course consists of articles published in academic journals. You should note, however, that
these reading lists are not an exhaustive list of everything that you can or should read. In your
dissertation, you should ideally show that you have identified, read and understood a wider
selection of relevant literature than that covered in this course. You may be able to find articles
published in academic journals using e-journal sites available via the university library
AcF 702: Course Outline
3
http://onesearch.lancaster.ac.uk/primo_library/libweb/action/search.do?mode=Basic&vid=L
UL_VU1&tab=articles&.
Useful e-journal sites are ABI/INFORM GLOBAL, Business Source Premier, ScienceDirect,
JSTOR and main journals whose articles are available in full text are as follows:
E-journal sites:
ABI/INFORM GLOBAL
- The Accounting Review
Business Source Premier
- Journal of Accounting Research
- The Journal of Finance
ScienceDirect
- Journal of Accounting and Economics
- Journal of Financial Economics
- Journal of Monetary Economics
JSTOR (www.jstor.org)
- Journal of Political Economy
Furthermore, Google Scholar (http://scholar.google.co.uk) is a powerful tool to search for
academic articles. In addition to e-journal sites for published articles, you should also use the
Social Sciences Research Network website (www.ssrn.com) to source relevant unpublished
material. Browsing through the hard-copy journals in the library is also a potential fruitful way
of identifying relevant literature.
Moodle/Teams:
Some course materials and links to useful web sites (including financial databases) will be
made available via Teams/Moodle. Materials will be available to students registered for the
AcF 702 dissertation. You will need your university network username and password to access
the site.
9-Lecture outline
The following section provides a detailed overview of the topics covered in each session,
together with a selection of useful readings. Please remember that the readings provided here
represent only a selection of the relevant material. One of the features of a good literature
review (Part 1) will be evidence that you have independently sourced, read, and understood
material not covered in class.
AcF 702: Course Outline
4
Week 1
Session 1.1
In this session, I will introduce the course and key dates. In addition, we will discuss some
practical tips on how to manage your time. We will also discuss your presentations.
Session 1.2
In this session, I will introduce you to working with Stata. More specifically, we will cover
some basic Stata commands and data management.
Week 2
Session 2.1
Introduction to the syndicated loan market
An important literature in accounting and finance examines the design of debt contracts and
debt contract terms (e.g. loan price, maturity, collateral, etc.). In addition, prior research focuses
on the determinants of syndicated loan structure (i.e. number of lenders and fraction of loan
retained by each bank). We will focus, in this session, on the theoretical framework that
explains variations in loan terms and syndicate structure.
Katerina Simons, 1993. Why do banks syndicate loans? New England Economic Review,
Federal Reserve Bank of Boston, 45-52.
Armstrong, C.S., Guay, W.R., Weber, J.P., 2010. The role of information and financial reporting in
corporate governance and debt contracting. Journal of Accounting and Economics 50 (2/3), 179–
234. (Section 5 only).
Shivakumar, L. 2013. The role of financial reporting in debt contracting and
stewardship, Accounting and Business Research, 43(4), pp. 362–383.
Examples of empirical papers:
Costello, A., Wittenberg-Moerman, R. (2011) The impact of financial reporting quality on debt
contracting: evidence from internal control weakness reports. Journal of Accounting
Research 49 (1), 97–136
Kim, J., Song, B. and Zhang, L. (2011) internal control weakness and bank loan contracting:
Evidence from SOX section 404 disclosures. The Accounting Review, 86(4), pp. 1157-
1188.
Jeong-Bon Kim and Byron Y. Song 2011. Auditor quality and loan syndicate structure.
AUDITING: A Journal of Practice & Theory: 30 (4): 71-99.
AcF 702: Course Outline
5
Session 2.2
Advanced data management
In this session, we will cover some advanced data management issues e.g. duplicates, missing
data, outliers. In addition, we will have a look at merging and appending data.
Week 3
Session 3.1
Literature review and presentation
This session aims at providing a useful framework for evaluating research papers and thinking
about designing research that will provide compelling evidence on any research question. In
addition, these papers provide a guide on how to structure and to write a research dissertation.
Gordon, T. P., Porter, J. C., 2009. Reading and understandings academic research in
accounting: A guide for students. Global Perspective on Accounting Education 6, 25-45.
Evans III, J. H., M. Feng, V. B. Hoffman, D. V. Moser, and W. A. Van der Stede. 2015. Points
to consider when self-assessing your empirical accounting research. Contemporary
Accounting Research 32 (3):1162-1192.
Group presentations of previously assigned research papers:
Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial
Intermediation, 9, 404-426.
Session 3.2
Regressions
In this session, we will cover regression analysis in Stata. We will go through the idea of
conditional distribution and regression assumptions. Finally, we will discuss panel data
structure and fixed effects regressions.
Week 4
Session 4.1
Corporate misreporting
In this session we will focus on the issue of misreporting
Core reading:
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting.
Journal of Financial Economics 89 (1): 44–61.
AcF 702: Course Outline
6
Amiram, D., Bozanic, Z., Cox, J.D. et al. 2018. Financial reporting fraud and other forms of
misconduct: a multidisciplinary review of the literature. Rev Account Stud 23, 732–783
Dyck,A. Morse, A. and Zingales, L. 2021. How pervasive is corporate fraud? Available at:
https://ssrn.com/abstract=2222608
https://www.ft.com/content/765fc482-68db-11e8-b6eb-4acfcfb08c11
https://www.ft.com/content/5823a7cc-4279-11e4-9818-00144feabdc0
Additional reading: Please read (1) Section 5 from Armstrong et al (2010) and (2) Shivakumr
(2013)
Session 4.2
Compustat and DealScan
In this session, we will download data from Compustat and DealScan. Then, we will apply
some of the skills learned in the previous weeks.
Group presentations:
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting.
Journal of Financial Economics 89 (1): 44–61.
Week 5
Session 5.1
General advice
Practical dissertation advice: Writing and presentation skills
In this session, we will review some of the key issues associated with writing and presenting
an MSc dissertation. Topics covered include: the features of a good literature review; linking
the literature review and empirical analyses; structuring the empirical analysis chapters;
referencing; presenting tables and discussing results; using footnotes and appendices; general
presentational matters including spelling and grammar. Particular emphasis will be put on how
to effectively use MS Word.
Session 5.2
Replication
In this session, we will try to replicate parts of Graham et al. (2008)
AcF 702: Course Outline
7
Group presentations:
Jeong-Bon Kim and Byron Y. Song 2011. Auditor quality and loan syndicate structure.
AUDITING: A Journal of Practice & Theory: 30 (4): 71-99.
学霸联盟
1
Department of Accounting and Finance
Lancaster University Management School
AcF 702 (Advanced Topics in Corporate Finance)
Bank Loan Contracting
Mahmoud Gad
Summer 2021
MSc in Accounting and Financial Management
MSc in Finance
Course Outline
1. Contact details
Mahmoud Gad, m.gad1@lancaster.ac.uk
2. Course overview
During the summer term, you will participate in lectures and workshops designed to introduce
you to the key literature and research methods on which the standard dissertation topic is based.
Both during and following this taught component, you will be required to undertake
independent research that (i) reviews the academic literature relating to your chosen topic and
(ii) reports empirical evidence on the topic.
3. Key dates
5 July 2021: First draft of dissertation submitted for comments
Week commencing 2nd August 2021: Return of first draft of dissertation with comments.
Monday 6th September 2021: Deadline to submit final draft of dissertation.
4. Course objectives
The primary objective of the taught element of AcF 702 is to prepare you for the standard
dissertation topic on debt contracting. In particular, lectures and workshops aim to:
• Introduce the theoretical literature on debt contracting. This material will provide the
basis for the literature review section (Part 1) of the standard dissertation;
• Review the main data used in this research, including data collection and handling,
statistical analysis, and key research methods. This material will provide the basis for the
empirical analysis (Part 2) of the dissertation;
• Assist with the practical issues associated with producing a high quality MSc dissertation,
including dissertation content, structure and style, referencing rules, presentation of
results, etc.
5. Learning outcomes
Following completion of the taught component of AcF 702, you should:
AcF 702: Course Outline
2
1. Understand the significance of debt in capital structure.
2. Understand the key theories used in debt contracting literature.
3. Know the main features of debt contracts and the role of financial covenants.
4. Be able to understand, synthesise and critique key research papers.
5. Possess a good working knowledge of the data resources, statistical methods, and
computer software required to undertake empirical research.
6. Be able to understand and handle syndicated loan data.
7. Be able to design and undertake large-sample empirical tests on the topics discussed.
6. Taught course structure
The course will consist of a series of sessions in the Summer Term. Sessions will comprise a
mixture of lectures and online workshops.
Sessions 1.1, 2.1, 3.1 and 4.1 of the course deal primarily with the theoretical and empirical
literatures. Material covered in these sessions will provide the basis for the literature review
section of the dissertation (Part 1). In some sessions, student groups will present previously
assigned papers. Presentation time is 15 minutes. Sessions 1.2, 2.2,3.2,4.2 and 5 cover practical
aspects of the standard dissertation including data, computing skills (STATA, table creating)
and research methods. In Session 6 will we will focus on the dissertation structure, writing
skills and presentation of results.
7. Dissertation Synopsis
To many of you, identifying and refining research questions could be a significant hurdle in
the dissertation writing process. To help you to manage this and other challenges, you are
encouraged to prepare a one-page “Dissertation Synopsis”. It will summarise key aspects of
your dissertation, including key literature, research questions, hypotheses, methodology and
planned sequence of Tables/Figures.
The Dissertation Synopsis will help you in two major ways. First, it will help you to focus and
structure not only your dissertation but also your dissertation writing process. Second, it will
summarise the key aspects of your dissertation and therefore facilitate the process of discussing
your ideas and problems with the course director.
You are strongly encouraged to contemplate research questions as early as possible and you
should start working on the Dissertation Synopsis no later than Session 6, when we will have
covered the majority of the literature.
You are welcome to discuss a draft of the Dissertation Synopsis.
8. Readings
A detailed list of readings for each session is provided below. Much of the reading material for
this course consists of articles published in academic journals. You should note, however, that
these reading lists are not an exhaustive list of everything that you can or should read. In your
dissertation, you should ideally show that you have identified, read and understood a wider
selection of relevant literature than that covered in this course. You may be able to find articles
published in academic journals using e-journal sites available via the university library
AcF 702: Course Outline
3
http://onesearch.lancaster.ac.uk/primo_library/libweb/action/search.do?mode=Basic&vid=L
UL_VU1&tab=articles&.
Useful e-journal sites are ABI/INFORM GLOBAL, Business Source Premier, ScienceDirect,
JSTOR and main journals whose articles are available in full text are as follows:
E-journal sites:
ABI/INFORM GLOBAL
- The Accounting Review
Business Source Premier
- Journal of Accounting Research
- The Journal of Finance
ScienceDirect
- Journal of Accounting and Economics
- Journal of Financial Economics
- Journal of Monetary Economics
JSTOR (www.jstor.org)
- Journal of Political Economy
Furthermore, Google Scholar (http://scholar.google.co.uk) is a powerful tool to search for
academic articles. In addition to e-journal sites for published articles, you should also use the
Social Sciences Research Network website (www.ssrn.com) to source relevant unpublished
material. Browsing through the hard-copy journals in the library is also a potential fruitful way
of identifying relevant literature.
Moodle/Teams:
Some course materials and links to useful web sites (including financial databases) will be
made available via Teams/Moodle. Materials will be available to students registered for the
AcF 702 dissertation. You will need your university network username and password to access
the site.
9-Lecture outline
The following section provides a detailed overview of the topics covered in each session,
together with a selection of useful readings. Please remember that the readings provided here
represent only a selection of the relevant material. One of the features of a good literature
review (Part 1) will be evidence that you have independently sourced, read, and understood
material not covered in class.
AcF 702: Course Outline
4
Week 1
Session 1.1
In this session, I will introduce the course and key dates. In addition, we will discuss some
practical tips on how to manage your time. We will also discuss your presentations.
Session 1.2
In this session, I will introduce you to working with Stata. More specifically, we will cover
some basic Stata commands and data management.
Week 2
Session 2.1
Introduction to the syndicated loan market
An important literature in accounting and finance examines the design of debt contracts and
debt contract terms (e.g. loan price, maturity, collateral, etc.). In addition, prior research focuses
on the determinants of syndicated loan structure (i.e. number of lenders and fraction of loan
retained by each bank). We will focus, in this session, on the theoretical framework that
explains variations in loan terms and syndicate structure.
Katerina Simons, 1993. Why do banks syndicate loans? New England Economic Review,
Federal Reserve Bank of Boston, 45-52.
Armstrong, C.S., Guay, W.R., Weber, J.P., 2010. The role of information and financial reporting in
corporate governance and debt contracting. Journal of Accounting and Economics 50 (2/3), 179–
234. (Section 5 only).
Shivakumar, L. 2013. The role of financial reporting in debt contracting and
stewardship, Accounting and Business Research, 43(4), pp. 362–383.
Examples of empirical papers:
Costello, A., Wittenberg-Moerman, R. (2011) The impact of financial reporting quality on debt
contracting: evidence from internal control weakness reports. Journal of Accounting
Research 49 (1), 97–136
Kim, J., Song, B. and Zhang, L. (2011) internal control weakness and bank loan contracting:
Evidence from SOX section 404 disclosures. The Accounting Review, 86(4), pp. 1157-
1188.
Jeong-Bon Kim and Byron Y. Song 2011. Auditor quality and loan syndicate structure.
AUDITING: A Journal of Practice & Theory: 30 (4): 71-99.
AcF 702: Course Outline
5
Session 2.2
Advanced data management
In this session, we will cover some advanced data management issues e.g. duplicates, missing
data, outliers. In addition, we will have a look at merging and appending data.
Week 3
Session 3.1
Literature review and presentation
This session aims at providing a useful framework for evaluating research papers and thinking
about designing research that will provide compelling evidence on any research question. In
addition, these papers provide a guide on how to structure and to write a research dissertation.
Gordon, T. P., Porter, J. C., 2009. Reading and understandings academic research in
accounting: A guide for students. Global Perspective on Accounting Education 6, 25-45.
Evans III, J. H., M. Feng, V. B. Hoffman, D. V. Moser, and W. A. Van der Stede. 2015. Points
to consider when self-assessing your empirical accounting research. Contemporary
Accounting Research 32 (3):1162-1192.
Group presentations of previously assigned research papers:
Dennis, S. A., and Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial
Intermediation, 9, 404-426.
Session 3.2
Regressions
In this session, we will cover regression analysis in Stata. We will go through the idea of
conditional distribution and regression assumptions. Finally, we will discuss panel data
structure and fixed effects regressions.
Week 4
Session 4.1
Corporate misreporting
In this session we will focus on the issue of misreporting
Core reading:
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting.
Journal of Financial Economics 89 (1): 44–61.
AcF 702: Course Outline
6
Amiram, D., Bozanic, Z., Cox, J.D. et al. 2018. Financial reporting fraud and other forms of
misconduct: a multidisciplinary review of the literature. Rev Account Stud 23, 732–783
Dyck,A. Morse, A. and Zingales, L. 2021. How pervasive is corporate fraud? Available at:
https://ssrn.com/abstract=2222608
https://www.ft.com/content/765fc482-68db-11e8-b6eb-4acfcfb08c11
https://www.ft.com/content/5823a7cc-4279-11e4-9818-00144feabdc0
Additional reading: Please read (1) Section 5 from Armstrong et al (2010) and (2) Shivakumr
(2013)
Session 4.2
Compustat and DealScan
In this session, we will download data from Compustat and DealScan. Then, we will apply
some of the skills learned in the previous weeks.
Group presentations:
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting.
Journal of Financial Economics 89 (1): 44–61.
Week 5
Session 5.1
General advice
Practical dissertation advice: Writing and presentation skills
In this session, we will review some of the key issues associated with writing and presenting
an MSc dissertation. Topics covered include: the features of a good literature review; linking
the literature review and empirical analyses; structuring the empirical analysis chapters;
referencing; presenting tables and discussing results; using footnotes and appendices; general
presentational matters including spelling and grammar. Particular emphasis will be put on how
to effectively use MS Word.
Session 5.2
Replication
In this session, we will try to replicate parts of Graham et al. (2008)
AcF 702: Course Outline
7
Group presentations:
Jeong-Bon Kim and Byron Y. Song 2011. Auditor quality and loan syndicate structure.
AUDITING: A Journal of Practice & Theory: 30 (4): 71-99.
学霸联盟
