Modulhandbuch (Module manual)

M.184.5235 Disclosure Theory
(Disclosure Theory)
Unterrichtssprache (teaching language): English
Koordinator (coordinator): Prof. Dr. Ebert, Michael
Lehr- und Forschungseinheit (teaching unit): K.184.52351 Disclosure Theory
Auskünfte (information): Ebert, Michael (
Credits/ ECTS: 5
Zeitmodus (semester): Sommersemester (summer semester)
Kurzbeschreibung (short description):
This seminar deals with disclosure games in the context of voluntary disclosure by companies towards investors. We discuss seminal papers of the field with a particular focus on the models used and the conclusions drawn from these models. The seminar aims at providing participants with an overview of the economic literature on voluntary disclosure and with the necessary skills to tackle analytical literature in their final theses.

In an additional writing lab we practice the handling of scientific literature in own writings such as final theses. Exercises cover for example analyzing the structure of papers, the use of figures of speech, how to deal with analytical versus empirical research papers, how to cluster literature.
Lehrveranstaltungen - Teilmodule (courses - module elements):
a) K.184.52531 Disclosure Theory
b) K.184.52531 Disclosure Theory – writing lab
Empfohlene Voraussetzungen (prerequisites):
Die Inhalte der folgenden Module werden für dieses Modul vorausgesetzt (the following modules are prerequisites):

M.184.4235 Theorie der Rechnungslegung I
M.184.2441 Game Theory
Voraussetzungshinweise (prerequisite suggestions):
Participants should have a sound basis in economic theory, especially microeconomics. They should be comfortable with simple models of game theory.
Kombinationshinweise - Überschneidungen (overlapping modules):
Die Kombination mit folgenden Modulen ist nicht zulässig. (it is not feasible to combine with these modules):

Zur Zeit sind keine Überschneidungen bekannt. (No overlaps are known.)
Prüfungsmodalitäten (assessments):
Written assignemt I 10%
Written assignemt II 30%
Written assignemnt III 30%
Presentation 30%
Lernziele (learning objectives):
(factual knowledge):
1.1 develop a comprehensive understanding of disclosure games, especially with respect to the formation of rational expectations based on disclosure incentives.
1.2 are able to identify driving assumptions of disclosure models and to understand how they affect the external validity of model outcomes.
1.3 learn to explore and structure a topical stream of literature, identify common themes as well as substantial differences between strands of a literature.
(methodic competence):
2.1 are able to formally describe the solution of disclosure games.
2.2 are able to grasp the economic intuition behind disclosure equilibria and transfer this intuition to new settings.
2.3 develop the ability to assess the necessity of disclosure regulation. They are able to extract and analyze incentives in non-cooperative games and derive rational expectations from them. They can apply these abilities to the discussion of empirical phenomena, such as voluntary disclosures by firms or disclosure regulation put forward by capital markets.
(transfer competence):
3.1 form study groups and support each other in understanding the assigned readings.
3.2 take an active part in class, presenting and discussing the assigned papers.
Normativbewertendes Wissen
(normative competence):
4.1 are able to assess the necessity and the effects of disclosure regulation.
4.2 know how to structure and undertake a comperehensive literature review, especially when dealing with demanding analytical models.
Schlüsselqualifikationen (skills):
Learning strategies: individual preparation and reflection of seminar meetings, i.e. reading the assigned seminal papers and working through their main arguments
Extracting the core arguments of research papers and explaining their economic intuition in single or two-page extended abstracts

Scientific writing

Constructive criticism of research papers
Methodische Umsetzung (methodic implementation):
Weekly reading course. For each meeting students have to have read a seminal paper and be prepared to discuss it actively in class. The discussions are guided by the lecturer.

Periodically, students write short discussions of specially assigned papers in order to practice scientific writing.
Unterrichtssprache (teaching language):
Ablaufinformationen, Terminplan, etc. (practical implementation, schedule):
Organizational information will be given during the initial session
Bemerkungen (remarks):
This course has a limited capacity of up to 20 participants. Sign-up is only possible during the first application phase.
Lernmaterialien, Literaturangaben (learning material, literature):
Reading list will be announced at the start of the semester
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