Empirical Methods for Corporate Finance


Content, progress and pedagogy of the module

The objective of this module is to introduce students to empirical research and methods in corporate finance. During the module, students will develop an understanding of how to use STATA and EViews software for data science. The empirical methods that will be addressed in the module include event studies, instrumental variables, panel data, and difference‐in‐differences estimations, among others. All empirical methods will be applied to the topics in corporate finance such as corporate investment decisions, capital structure, internal and external financing, internal corporate governance, the market for corporate control, and initial public offerings. During the module, students will learn how to work with worldwide company and financial data by using open data and software solutions. The information and skills acquired in this course will enable students to develop novel research questions and outline future research directions.

This module will provide a review of topics and empirical methods essential for the students wishing to do a Master dissertation in Corporate Finance. However, the methods taught in the course can be applied to other areas.

Learning objectives


The objective is that the student after the module possesses the necessary knowledge on:

  • critically analysing the utilization of data sources and data issues in empirical corporate finance.
  • the application of econometric methods to analyse problems within corporate finance.
  • generalising of the results from empirical analyses to corporate finance theories.


The objective is that the student after the module possesses the necessary skills in:

  • collecting relevant data and evaluation of data quality.
  • providing a solid motivation and econometric analysis for the chosen problem.
  • evaluating and reflecting upon empirical studies using relevant data to empirical corporate finance.


The objective is that the student after the module possesses the necessary competences in:

  • implementing models and econometric techniques within the area of empirical corporate finance.
  • discussing the strengths and weaknesses of a proposed model and/or econometric technique and providing a relative assessment of the model/technique chosen to other alternatives
  • formulating and presenting the results of the analysis in a written report.

Type of instruction

For information see § 17.



Name of examEmpirical Methods for Corporate Finance
Type of exam
Oral exam based on a project
Group examination with max. 3 students. The student may also choose to write the project alone
AssessmentPassed/Not Passed
Type of gradingInternal examination
Criteria of assessmentThe criteria of assessment are stated in the Examination Policies and Procedures

Facts about the module

Danish titleEmpiriske metoder til selskabsfinansiering
Module codeKAFIN202210
Module typeProject
Duration1 semester
Language of instructionEnglish
Location of the lectureCampus Aalborg
Responsible for the module


Study BoardStudy Board of Economics and Business Administration
DepartmentAalborg University Business School
FacultyFaculty of Social Sciences and Humanities