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Seminar in Corporate Finance

Опубликовано на портале: 12-12-2002
Год: Fall 1999
Язык: Английский
Тематические разделы: Экономика, Финансовая экономика

Aннотация:
FIN 403:  Seminar in Corporate Finance   + denotes a primary reading * denotes a reading that appears in The Modern Theory of Corporate Finance   1. Theory of investment and financing under certainty (Week of Aug. 30) +Fama, E.F. and M.H.



FIN 403:  Seminar in Corporate Finance

 

+ denotes a primary reading

* denotes a reading that appears in The Modern Theory of Corporate Finance

 

1. Theory of investment and financing under certainty (Week of Aug. 30)

+Fama, E.F. and M.H. Miller, The Theory of Finance (Holt, Rinehart, and Winston, 1972), Chapters 1 and 2, excluding Appendices.

 

2. Theory of investment and financing under uncertainty (Week of Sept. 6)

+Fama and Miller, Chapter 4.

+Fama, E.F., 1978, "The Effects of a Firms Investment and Financing Decisions on the Welfare of its Security Holders," American Economic Review 68, 272-284.*

 

3. Background--Signaling

Akerlof, G., 1970, "The Market for Lemons: Qualitative Uncertainty and the Market Mechanism," Quarterly Journal of Economics 84, 488-500.

Spence, M., 1973, "Job Market Signaling," Quarterly Journal of Economics 87, 355-374.

 

4. Dividend policy (Week of Sept. 13)

+Black, F., 1976, "The Dividend Puzzle," Journal of Portfolio Management 2, 5-8.*

+Bhattacharya, S., 1979, "Imperfect Information, Dividend Policy and the Bird in the Hand Fallacy," Bell Journal of Economics 10, 259-270.

+Miller, M.H. and K. Rock, 1985, "Dividend Policy Under Asymmetric Information," Journal of Finance 40, 1031-1051.

Stephens, C.P. and M.S. Weisbach, 1998, "Actual Share Reacquisitions in Open-Market Repurchase Programs," Journal of Finance 53, 313-333.

 

5. Capital structure (Weeks of Sept. 20 and 27)

+Ross, S., 1977, "The Determination of Financial Structure: The Incentive Signalling Approach," Bell Journal of Economics 8, 23-40.

+Miller, M.H., 1977, "Debt and Taxes," Journal of Finance 32, 261-275.

+DeAngelo, H. and R. Masulis, 1980, "Optimal Capital Structure under Corporate and Personal Taxes," Journal of Financial Economics 8, 3-29.*

+Myers, S. and N.S. Majluf, 1984, "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics 13, 178-222.*

Myers, S., 1984, "The Capital Structure Puzzle," Journal of Finance 39, 575-592.

Harris, M. and A. Raviv, 1991, "The Theory of Capital Structure," Journal of Finance 46, 297-355.

Shyam-Sunder, L. and S.C. Myers, 1999, "Testing Static Tradeoff Against Pecking Order Models of Capital Structure," Journal of Financial Economics 51, 219-244.

 

6. Firm organization and agency costs (Weeks of Oct. 4 and 11)

+Coase, R., 1937, "The Nature of the Firm," Economica 4, 386-405, esp. pp. 386-398.

+Cheung, S., 1983, "The Contractual Nature of the Firm," Journal of Law and Economics 26, 1-21, esp. pp. 1-10, 16-21.

+Fama, E.F., 1980, "Agency Problems and the Theory of the Firm," Journal of Political Economy 88, 288-307.

+Jensen, M. and W. Meckling, 1976, "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics 3, 305-360, esp. pp. 305-333, 351-357.*

Fama, E.F. and M. Jensen, 1983a, "Separation of Ownership and Control," Journal of Law and Economics 26, 301-325.

Fama, E.F. and M. Jensen, 1983b, "Agency Problems and Residual Claims," Journal of Law and Economics 26, 327-349.

Easterbrook, F., 1984, "Two Agency-Cost Explanations of Dividends," American Economic Review 74, 650-659.*

 

7. Security issuance

(a) Initial public offerings (Week of Oct. 18)

+Ibbotson, R.G., J.L. Sindelar and J.R. Ritter, "Initial Public Offerings," Journal of Applied Corporate Finance, Summer 1988, 37-45.

+Rock, K., 1986, "Why New Issues are Underpriced," Journal of Financial Economics 15, 187-212.

+How, J.C.Y. and J.S. Howe, 1999, "Warrants in Initial Public Offerings: Empirical Evidence," working paper, University of Missouri-Columbia, February.

(b) Secondary offerings (Week of Oct. 25)

+Mikkelson, W. and M. Partch, 1986, "Valuation Effects of Security Offerings and the Issuance Process," Journal of Financial Economics 15, 31-60.

+Loughran, T. and J. Ritter, 1995, "The New Issues Puzzle," Journal of Finance 50, 23-51.

Smith, C., 1986, "Investment Banking and the Capital Acquisition Process," Journal of Financial Economics 15, 3-29.*

Kothari, S.P. and J.B. Warner, 1997, "Measuring Long-Horizon Security Price Performance," Journal of Financial Economics 43, 301-339.

Barber, B.M. and J.D. Lyon, 1997, "Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics," Journal of Financial Economics 43, 341-372.

 

8. Corporate governance

(a) Boards of directors, compensation, and turnover (Week of Nov. 1)

+Jensen, M. and K. Murphy, 1990, "Performance, Pay and Top Management Incentives," Journal of Political Economy 98, 225-264.

+Yermack, D., 1996, "Higher Market Valuation of Companies with a Small Board of Directors," Journal of Financial Economics 40, 185-211.

Vafeas, N., 1999, "Board Meeting Frequency and Firm Performance," Journal of Financial Economics 53, 113-142.

Denis, D. and D. Denis, 1995, "Performance Changes Follow Top Management Dismissals," Journal of Finance 50, 1029-1057.

(b) Ownership (Weeks of Nov. 8 and 15)

+Shleifer, A. and R. Vishny, 1986, "Large Shareholders and Corporate Control," Journal of Political Economy 95, 461-488.

+Stulz, R., 1988, "Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control," Journal of Financial Economics 20, 25-54.*

+Denis, D., D. Denis, and A. Sarin, 1997, "Ownership Structure and Top Executive Turnover," Journal of Financial Economics 45, 193-221.

+Cho, M.-H., 1998, "Ownership Structure, Investment, and the Corporate Value: An Empirical Analysis, Journal of Financial Economics 47, 103-121.

Loderer, C. and K. Martin, 1997, "Executive Stock Ownership and Performance: Tracking Faint Traces," Journal of Financial Economics 45, 223-255.

(c) The market for corporate control (Week of Nov. 29)

+Jensen, M., 1986, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review 76, 323-329.*

+Comment, R. and W. Schwert, 1995, "Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures," Journal of Financial Economics 39, 3-43.

Roll, R., 1986, "The Hubris Hypothesis of Corporate Takeovers," Journal of Business 59, 197-216.

Bradley, M., A. Desai, and E. Kim, 1988, "Synergistic Gains from Corporate Acquisitions and Their Division between the Stockholders of Target and Acquiring Firms," Journal of Financial Economics 21, 3-40.

(d) Other

Karpoff, J., P. Malatesta, and R. Walkling, 1996, "Corporate Governance and Shareholder Initiatives: Empirical Evidence," Journal of Financial Economics 42, 365-395.

 

9. Corporate focus (Week of Dec. 6)

+Berger, P. and E. Ofek, 1995, "Diversifications Effect on Firm Value," Journal of Financial Economics 37, 39-65.

+Denis, D., D. Denis, and A. Sarin, 1997, "Agency Problems, Equity Ownership, and Corporate Diversification," Journal of Finance 52, 135-160.

Berger, P.G. and E. Ofek, 1999, "Causes and Effects of Corporate Refocusing Programs," Review of Financial Studies 12, 311-345.


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