Finance 594: CORPORATE FINANCE
|
|
- Rodney Garrett
- 6 years ago
- Views:
Transcription
1 UNIVERSITY OF ILLINOIS AT URBANA-CHAMPAIGN College of Business DEPARTMENT OF FINANCE Finance 594: CORPORATE FINANCE Professor: Heitor Almeida Class Time: Wednesday, 12:00 2:50 Class Location: BIF Phone: Office: BIF 4037 Office Hours: by appointment, open door policy Website: on compass: Course Description A thorough doctoral level class on corporate finance, covering both theory and empirical work. In the first part of the course we will cover corporate financing decisions, with an emphasis on the interactions between financing and real investment decisions. We will try to discuss several approaches to corporate financing decisions, including agency- and information-based theories, behavioral finance, and static trade-off arguments (taxes and financial distress). In the second part of the course we will study some topics in corporate governance and control, including executive compensation, and ownership structure. In the third part of the course we will study the theory of financial intermediation (banking) and some benchmark empirical papers. Finally, we will study equilibrium interactions among firms, and the macroeconomic implications of corporate financing frictions. If we don t have time to cover a specific topic that you might become interested in, you can use the reading list as a platform to approach that topic. Intended Audience This course is largely intended to help prepare students for research in the area of Corporate Finance. Hopefully, this course will be stimulating enough that you will become interested in writing a thesis in Corporate Finance. Course Requirements
2 Students are required to do the assigned readings prior to class, and participate in the class discussion. Readings marked with * are required, while the other readings are recommended but not required. I will cold-call students to answers questions about the readings, and if it becomes obvious that you have not done the readings, it will affect your participation grade. Students are required to hand in the solutions to the problem sets that I will distribute during the year. In some cases the problem sets will involve empirical work. I recommend that you use Stata to do your homework, but any software is fine as long as you deliver the correct result. I will give you the data that you need for these empirical problems. All students will be required to write referee reports on two papers that I will distribute later. Students are encouraged to work in groups to do the problem sets, but the referee reports are individual work. Students need to present an individual final project, which is described below. Final Project The final project will consist of a written report and a presentation. Each student is expected to replicate the results of an empirical paper which was published in a top Finance journal. I will provide you with a list of empirical papers to select from. Papers are available on a first-come-first-served basis. I will also provide you with a list of tables from each paper that you should attempt to replicate, and general instructions on what to do in each paper. Each paper should require approximately the same amount of work. Besides the replication, each student must prepare a critical discussion of the paper. The student must explain the key motivation for the paper, and discuss why the paper was successful in reaching a top journal. Then, each student should briefly discuss the key hypotheses that the paper tests, and explain the data collection and methodology for the replication exercise. After presenting the replication, the student should present a critical discussion of the results in the paper. In particular, do the results support the hypotheses and interpretation suggested by the authors? What is the contribution of the paper to the literature? What are the potential problems with the paper, and which questions does the paper leave open? Finally, try to formulate a couple of follow up ideas that stem from your analysis of the paper. These ideas could be extensions of the paper s analysis, or additional tests to prove or disprove the paper s main thesis. Each student should prepare a presentation of his or her work, and present to the entire class at the last day of classes (to be determined later). I will try to allocate 30 minutes for each paper, including questions from the audience. Presentation skills are absolutely essential in our profession, and so you really need to start practicing as early as possible. The final grade will be based both on the written report and the presentation, 50% for each. Grading Policy The final grade will be constructed as follows:
3 Class participation 20% Problem sets 30% Referee reports 20% Final project and presentation 30% Reading List We will cover several articles and working papers. Most are available from journal web pages, NBER, SSRN, and JSTOR. See reading list below. We will also use the following textbook for several class topics. Tirole, J., The Theory of Corporate Finance, Princeton University Press, I refer to this book below as Tirole s TCF. I think it is a good idea to purchase this textbook, since it is a useful reference to most (though not all) important corporate finance topics. It focuses mostly on theory, so we will complement the textbook with discussion of several empirical papers. In addition, Tirole s book leaves out several important topics, which we will try to discuss as well. The book s website ( contains some useful information including an errata, teaching transparencies and problem solutions. BIF Emergency Procedures Because BIF is not a designated tornado shelter, in the event of a tornado warning please seek shelter in the Wohlers Hall basement or the Armory (the nearest designated University tornado shelters). If a tornado is imminent, the BIF basement stairwells can be used on an emergency basis. In the event of a fire in BIF, exit BIF and proceed to 141 Wohlers Hall. In the event of threat from a shooter on campus, lock down the classroom and move to a place of safety within the classroom. If you encounter a suspicious package, do not touch the package, alert campus security, and refrain from cell phone usage until the situation is resolved. More detailed information and action instructions are available in the BIF Building Emergency Action Plan. List of Topics 1. Financial Policy, Capital Structure, and Corporate Investment 1.1 Some stylized facts, and the M&M theorem * Tirole s TCF chapter 2. Modigliani, Franco and Merton H. Miller (1958), The Cost of Capital, Corporation Finance, and the Theory of Investment, American Economic Review 48:
4 Miller, Merton H. (1988), The M-M Propositions After 30 Years, Journal of Economic Perspectives 2 (no. 4): Booth, L., V. Aivazian, A. Demirguc-Kunt, and V. Maksimovic, 2001, Capital structures in developing countries, Journal of Finance 56, * Rajan, R. and L. Zingales, 1995, What do we know about capital structure? Some evidence from international data, Journal of Finance 50, * Frank, M. and V. Goyal, 2004, Capital Structure Decisions: Which Factors are Reliably Important? Working paper. * Lemmon, M., M. Roberts and Jaime F. Zender, Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure Journal of Finance, 2008, 63: Trade-off theory Graham, John R. (2000), How Big Are the Tax Benefits of Debt?, Journal of Finance 55: * (Section 1) Graham, John (2003), Taxes and Corporate Finance, A Review, Review of Financial Studies. Altman, Edward, 1984, A Further Empirical Investigation of the Bankruptcy Cost Question, Journal of Finance 39, * Andrade, Gregor and Steven Kaplan, 1998, How Costly is Financial (not Economic) Distress? Evidence from Highly Leveraged Transactions that Become Distressed, Journal of Finance 53, Opler, Tim and Sheridan Titman, 1994, Financial Distress and Corporate Performance, Journal of Finance 49, * Almeida, Heitor and Thomas Philippon, 2007, The Risk-Adjusted Cost of Financial Distress, Journal of Finance, December. 1.3 Financing capacity and investment-cash flow sensitivities * Tirole s TCF chapters 3.1, 3.2, 3.4.1, 3.4.2, * Erickson, T., and T. Whited, 2000, ``Measurement Error and the Relationship between Investment and Q, Journal of Political Economy 108, * Fazzari S., R. G. Hubbard, and B. Petersen, 1988, ``Financing Constraints and Corporate Investment, Brooking Papers on Economic Activity 1,
5 Hubbard, R. G., 1998, ``Capital Market Imperfections and Investment,'' Journal of Economic Literature 36, * Kaplan, S., and L. Zingales, 1997, ``Do Financing Constraints Explain why Investment is Correlated with Cash Flow?'' Quarterly Journal of Economics 112, * Rauh, J., 2006, ``Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans,'' Journal of Finance 61, * Almeida, Heitor, and Murillo Campello, 2007, ``Financing Constraints, Asset Tangibility, and Corporate Investment,'' Review of Financial Studies 20, Cummins, J., K. Hasset, and S. Oliner, 2006, ``Investment Behavior, Observable Expectations, and Internal Funds,'' American Economic Review 96, Stein, J., 2003, Agency Information and Corporate Investment,'' in G. Constantinides, M. Harris, and R. Stulz (eds.), Handbook of the Economics of Finance, Elsevier/North-Holland, Amsterdam (part A). 1.4 Debt versus outside equity: incentives and investment distortions * Tirole s TCF 3.3, Jensen, Michael C. and William H. Meckling (1976), Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 3: Myers, S., Determinants of corporate borrowing. Journal of Financial Economics 5, * Lang, L., E. Ofek, and R. Stulz, 1996, Leverage, Investment and Firm Growth, Journal of Financial Economics 40, * Rauh, Joshua, 2009, ``Risk Shifting versus Risk Management: Investment Policy in Corporate Pension Plans,'' Review of Financial Studies. * Eisdorfer, A., 2008, ``Empirical Evidence of Risk-Shifting in Financially Distressed Firms,'' forthcoming, Journal of Finance. * Hennessy, C., 2004, Tobin s Q, Debt Overhang, and Investment, Journal of Finance 59, Corporate diversification and internal capital markets * Tirole s TCF Chapters 4.2 and 10.5
6 Stein, J., 2003, ``Agency Information and Corporate Investment,'' in G. Constantinides, M. Harris, and R. Stulz (eds.), Handbook of the Economics of Finance, Elsevier/North-Holland, Amsterdam (part B). * Stein, Jeremy C., 1997, Internal Capital Markets and the Competition for Corporate Resources, Journal of Finance, 52: Rajan, Raghuram, Henri Servaes and Luigi Zingales (2000), The Cost of Diversity: The Diversification Discount and Inefficient Investment, Journal of Finance, 55: * Duchin, R., 2010, Cash Holdings and Corporate Diversification, Journal of Finance 65, Long term finance and corporate liquidity management * Tirole TCF Chapter 5 * Almeida, H., M. Campello, and M. Weisbach, 2004, ``The Cash Flow Sensitivity of Cash,'' Journal of Finance 59, * Froot, K., D. Scharfstein, and J. Stein, 1993, ``Risk Management: Coordinating Corporate Investment and Financing Policies, Journal of Finance 48, * Sufi, Amir, 2009, ``Bank Lines of Credit in Corporate Finance: An Empirical Analysis,'' Review of Financial Studies. Jensen, Michael C., 1986, Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review 76: * Acharya, V., H. Almeida, and M. Campello, 2007, Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies,'' Journal of Financial Intermediation. Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson, 1999, ``The Determinants and Implications of Corporate Cash Holdings,'' Journal of Financial Economics 52, Almeida, H., Murillo Campello and Michael Weisbach, 2009, Corporate Financial and Investment Policies when Future Financing is not Frictionless, Journal of Corporate Finance. 1.7 Asymmetric information and corporate financing * Tirole s TCF chapter 6 Myers, Stewart C. (1984), The Capital Structure Puzzle, Journal of Finance 39:
7 Asquith, P. and D. Mullins (1986), Seasoned Equity Offerings, Journal of Financial Economics 15: Fama, Eugene and Kenneth French (2002), Testing Tradeoff and Pecking Order Predictions About Dividends and Debt, Review of Financial Studies 15: * Frank, Murray, and Vidhan Goyal, 2003, ``Testing the Pecking Order Theory of Capital Structure, Journal of Financial Economics 67, * Shyam-Sunder, Lakshimi, and Stewart Myers, 1999, Testing Static Tradeoff against Pecking Order Models of Capital Structure,'' Journal of Financial Economics 51, Myers, Stewart C. and N. Majluf (1984), Corporate Financing and Investment Decision when Firms Have Information that Investors Do Not Have, Journal of Financial Economics 13: Almeida, H. and Campello, M., 2010, Financing Frictions and the Substitution Between Internal and External Funds, with Murillo Campello. Forthcoming, Journal of Financial and Quantitative Analysis. 2. Corporate Governance and Ownership Concentration * Tirole s TCF Chapter 1 Shleifer, A. and R. Vishny, (1997) "A Survey of Corporate Governance," Journal of Finance 52, International comparisons Dyck, Alexander and Luigi Zingales (2004) Private Benefits of Control: An International Comparison, Journal of Finance, 59, 2(April), * La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R., 1997, Legal determinants of external finance, Journal of Finance 52, * La Porta, R., Lopez-De-Silanes, F., Shleifer, A., Vishny, R., 1998, Law and finance, Journal of Political Economy 106, Shleifer, A., Wolfenzon, D., 2002, Investor protection and equity markets, Journal of Financial Economics 66, Executive compensation * Jensen, M. and K. Murphy (1990) "Performance Pay and Top-Management Incentives," Journal of Political Economy, 98,
8 Hall, B. and J. Liebman (1998) Are CEOs Really Paid Like Bureaucrats? Quarterly Journal of Economics, 113, Yermack, D., 1997, "Good Timing: CEO Stock Option Awards and Company News Announcements," Journal of Finance 52, Active monitoring and ownership concentration * Tirole s TCF Chapters 9.2, Demsetz, H., and K. Lehn, 1985, ``The Structure of Corporate Ownership: Causes and Consequences,'' Journal of Political Economy, 93, * Morck, R., Shleifer, A. and R. Vishny (1988) "Management Ownership and Market Valuation: An Empirical Analysis," Journal of Financial Economics. * La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 1999, Corporate ownership around the world, Journal of Finance 54, Claessens, Stijn, Simeon Djankov, and Larry H.P. Lang, 2000, The separation of ownership and control in East Asian Corporations, Journal of Financial Economics 58, Faccio, Mara, and Larry H.P. Lang, 2002, The ultimate ownership of Western European corporations, Journal of Financial Economics 65, * Bertrand, Marianne, Paras Metha and Sendhil Mullainathan Ferreting out Tunneling: An Application to Indian Business Groups, The Quarterly Journal of Economics, February * Almeida, H. and D. Wolfenzon, 2006, "A Theory of Pyramidal Ownership and Family Business Groups", with Daniel Wolfenzon, Journal of Finance 61, p Almeida, H., Sang Yong Park, Marti Subrahmanyam, and Daniel Wolfenzon, 2010, The Structure and Formation of Business Groups: Evidence from Korean Chaebols, Forthcoming, Journal of Financial Economics. 3. Financial intermediation * Note: This is a new section of the course. Required readings to be determined. I may also assign additional readings. Tirole s TCF Chapter 12
9 Diamond, Douglas and Philip Dybvig (1983), Bank Runs, Deposit Insurance and Liquidity, Journal of Political Economy, 91, Diamond, Douglas (1984), Financial Intermediation and Delegated Monitoring, Review of Economic Studies, 51, Gorton, Gary and George Pennacchi (1990), Financial Intermediaries and Liquidity Creation, Journal of Finance 45, No. 1, March. Diamond, Douglas (1991), Monitoring and Reputation: The Choice Between Bank Loans and Directly Placed Debt, Journal of Political Economy 99, Rajan, Raghuram (1992), Insiders and Outsiders: The Choice Between Informed and Arm s Length Debt, Journal of Finance, 47, Petersen, Mitchell and Raghuram Rajan (1994), The Benefits of Lending Relationships: Evidence from Small Business Data, Journal of Finance 49: Petersen, Mitchell and Raghuram Rajan (1995), The Effect of Credit Market Competition on Lending Relationships, Quarterly Journal of Economics 110: Kashyap, A., R. Raghuram, and J. Stein, 2002, Banks as Liquidity Providers: An Explanation for the Co-Existence of Lending and Deposit-Taking, Journal of Finance 57, Gatev, E., and P. Strahan, 2006, Banks' Advantage in Hedging Liquidity Risk: Theory and Evidence from the Commercial Paper Market, Journal of Finance 61, Pennacchi, G., 2006, Deposit Insurance, Bank Regulation, and Financial System Risks, Journal of Monetary Economics 53, Corporate finance in equilibrium macroeconomics and interactions among firms 3.1 The financial accelerator and the lending channel * Tirole s TCF Chapter 13.1, , , Holmstrom, B., and J. Tirole, 1997, Financial Intermediation, Loanable Funds and the Real Sector,'' Quarterly Journal of Economics 112, * Bernanke, B., M. Gertler, and S. Gilchrist, 1996, ``The Financial Accelerator and the Flight to Quality,' Review of Economics and Statistics 78, 1-15.
10 Bernanke, B. and M. Gertler, 1989, ``Agency costs, net worth, and business fluctuations,'' American Economic Review 79, * Gertler, M., and S. Gilchrist, 1994, ``Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms,'' Quarterly Journal of Economics 109, * Kashyap, Anil K and Jeremy C. Stein (2000), What Do a Million Observations on Banks Say About the Transmission of Monetary Policy?, American Economic Review, 90, Equilibrium interactions among firms * Tirole s TCF chapter 14.1, , , Kiyotaki, N., and J. Moore, 1997, ``Credit Cycles,'' Journal of Political Economy 105, Almeida, H., and D. Wolfenzon, 2005, The effect of external finance on the equilibrium allocation of capital, Journal of Financial Economics 75, Shleifer, A., and R. Vishny, 1992, ``Liquidation Values and Debt Capacity: A Market Equilibrium Approach, Journal of Finance 47, Almeida, H., D. Wolfenzon, 2006, Should Business Groups Be Dismantled? The Equilibrium Costs of Efficient Internal Capital Markets", Journal of Financial Economics 79, p * Almeida, H., M. Campello and D. Hackbarth, Liquidity Mergers. Working paper. 3.3 Aggregate liquidity * Tirole s JCF chapter 15 Holmstrom, B., and J. Tirole, 1998, Private and Public Supply of Liquidity,'' Journal of Political Economy 106, * Acharya, V., H. Almeida and Murillo Campello, Aggregate Risk and the Choice Between Cash and Lines of Credit, working paper.
Economics 234C. Financial Decision-Making in Firms Spring 2007 Tuesday 10-12, 289 Cory Hall
Economics 234C Financial Decision-Making in Firms Spring 2007 Tuesday 10-12, 289 Cory Hall Instructor Ulrike Malmendier, 643 Evans Hall, ulrike@econ.berkeley.edu Syllabus Course Overview The content of
More informationEconomics 234C. Financial Decision-Making in Firms Spring 2007 Tuesday 10-12, 289 Cory Hall
Economics 234C Financial Decision-Making in Firms Spring 2007 Tuesday 10-12, 289 Cory Hall Instructor Ulrike Malmendier, 643 Evans Hall, ulrike@econ.berkeley.edu Syllabus Course Overview The content of
More informationEconomics 235, Spring 2013
Economics 235, Spring 2013 Robert E. Hall and Pablo Kurlat rehall@stanford.edu pkurlat@stanford.edu 1 Hall My part of Economics 235 covers the modern macroeconomics of aggregate fluctuations in advanced
More informationEmpirical Methods in Corporate Finance Finance 926 (Tentative) 2010 Syllabus
Empirical Methods in Corporate Finance Finance 926 (Tentative) 2010 Syllabus INFORMATION Instructor: Michael Roberts Office: 2320 SH-DH Email: mrrobert@wharton.upenn.edu Course WebSite: http://finance.wharton.upenn.edu/~mrrobert/
More informationPyramids. Marianne Bertrand (University of Chicago, CEPR and NBER) Sendhil Mullainathan (MIT and NBER) September 25,2002
Pyramids Marianne Bertrand (University of Chicago, CEPR and NBER) Sendhil Mullainathan (MIT and NBER) JEL Code: J3, Keyword: Pyramids, Corporate Governance, Development September 25,2002 Communicating
More informationCORPORATE GOVERNANCE AND FIRM PERFORMANCE
CORPORATE GOVERNANCE AND FIRM PERFORMANCE Assistant PhD Claudiu G. BOCEAN Lecturer PhD Cătălin M. BARBU University of Craiova Abstract: Good corporate governance plays a crucial role in obtaining market
More informationCredit, Money and Banking: Syllabus
Credit, Money and Banking: Syllabus CERGE-EI, Fall 2003 Credit, Money and Banking Radim Boháček This course is the first part of the Credit and Money sequence. In the first year you learnt how to understand
More informationInternational Review of Business Research Papers Vol 4 No. 4 Aug Sept 2008 Pp
International Review of Business Research Papers Vol 4 No. 4 Aug Sept 2008 Pp.190-198 Corporate Governance, Performance and Management Turnover: An Empirical Analysis of Chinese Listed Companies Jane J.
More informationSyllabus and Reading list Graduate Macro 3 - (Macro Finance) Xavier Ragot
Syllabus and Reading list Graduate Macro 3 - (Macro Finance) Xavier Ragot xavier.ragot@sciencespo.fr Teaching Assistant: Thomas Bourany thomas.bourany@sciencespo.fr This course aims at introducing the
More informationAU Summer University Course Description. Title of the course: Corporate Governance. Teaching dates: July 2 July 22, 2015
AU Summer University Course Description Title of the course: Corporate Governance Teaching dates: July 2 July 22, 2015 Teaching time: Monday Friday 9:00 13:00 Exam date: July 30, 2015 Name of the lecturer:
More informationCorporate Governance
Corporate Governance Module 4, 2017-18 Carsten Sprenger New Economic School Email: csprenger@nes.ru Course description This course provides an introduction to Corporate Governance from an economic perspective.
More informationFIN 536 Corporate Governance Module III,
Course Information FIN 536 Corporate Governance Module III, 2017-2018 Instructor: Di Li Office: PHBS Building, Room 615 Phone: 86-755-2603-1509 Email: dili@phbs.pku.edu.cn Office Hour: Monday & Thursday
More informationCourse Syllabus. FIRN COURSE TITLE Corporate Governance
Course Syllabus FIRN COURSE TITLE Corporate Governance COURSE COORDINATOR Professor Michelle Lowry TD Bank Professor Finance Drexel University michelle.lowry@drexel.edu COURSE DESCRIPTION and OBJECTIVES
More informationMacro Finance Fall 2007
Macro Finance Fall 2007 Andrea Caggese Course Description In this course we will study dynamic general equilibrium models with financing frictions, heterogeneous agents and incomplete markets. We will
More informationLINKED CITATIONS -Page1of3- You have printed the following article: Credit Cycles Nobuhiro Kiyotaki; John Moore The Journal of Po
http://www.jstor.org LINKED CITATIONS -Page1of3- You have printed the following article: Credit Cycles Nobuhiro Kiyotaki; John Moore The Journal of Political Economy, Vol. 105, No. 2. (Apr., 1997), pp.
More informationThe Hong Kong Polytechnic University. Subject Description Form
The Hong Kong Polytechnic University Subject Description Form Subject Code Subject Title AF6304 Corporate Finance Credit Value 3 Level 6 Normal Duration Objectives One semester To expose students to important
More informationBPHD : Theory of Corporate Finance Fall Semester, 2017
BELK COLLEGE of BUSINESS BPHD 8230-001: Theory of Corporate Finance Fall Semester, 2017 Professor: David C. Mauer Office: Friday Building Room 349, phone (704) 687-7707 Email: dmauer@uncc.edu Class: Monday
More informationOWNERSHIP CONCENTRATION AND CAPITAL STRUCTURE: MALAYSIAN EVIDENCE
OWNERSHIP CONCENTRATION AND CAPITAL STRUCTURE: MALAYSIAN EVIDENCE By: NURELIANA BINTI BADERI Dissertation Submitted to Othman Yeop Abdullah Graduate School of Business, Universiti Utara Malaysia, in Fulfillment
More informationManagers versus students: new approach in improving capital structure education
MPRA Munich Personal RePEc Archive Managers versus students: new approach in improving capital structure education Anton Miglo University of Bridgeport 2012 Online at http://mpra.ub.uni-muenchen.de/46695/
More informationDeterminants of Ownership Structure: A Comparison of Common and Civil Law Countries
International Business Research; Vol. 7, No. 10; 2014 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education Determinants of Ownership Structure: A Comparison of Common and
More informationTopics in Financial Economics
Topics in Financial Economics Piero Gottardi European University Institute May 2017 Objectives of the course: The course will investigate the consequences of various kinds of frictions in nancial arrangements
More informationAdvanced Macroeconomic Theory I: Syllabus
CERGE-EI, Fall 2001 Advanced Macroeconomic Theory I Radim Boháček Advanced Macroeconomic Theory I: Syllabus This course is the first part of the advanced macroeconomic theory sequence. In the first year
More informationA study on effect of corporate diversification on information asymmetry using Bid- Ask: evidence from Tehran Stock Exchange
International Research Journal of Applied and Basic Sciences 2013 Available online at www.irjabs.com ISSN 2251-838X / Vol, 5 (5): 618-622 Science Explorer Publications A study on effect of corporate diversification
More informationDr. Robert Kieschnick. Office Hours: Tuesday, 1 to 5pm
SYLLABUS FOR FIN 7345 TOPICS IN EMPIRICAL CORPORATE FINANCE FIN 7345 Fall 2011 SOM 2.901 W 1-3:45 p.m. Dr. Robert Kieschnick Office: 3.710 SOM Office Hours: Tuesday, 1 to 5pm Email: rkiesch@utdallas.edu
More informationUniversity of Illinois at Urban-Champaign College of Business Department of Business Administration BA 549 Strategy Research Seminar.
University of Illinois at Urban-Champaign College of Business Department of Business Administration BA 549 Strategy Research Seminar Fall 2018 Joseph T. Mahoney (Ph. D.) Website: http://www.business.illinois.edu/josephm
More informationCorporate governance, pyramid ownership, and firm value: Evidence from Vietnam
Journal of Asian Business and Economic Studies Volumn 25, Special Issue 01 (2018), 85-102 www.jabes.ueh.edu.vn Journal of Asian Business and Economic Studies Corporate governance, pyramid ownership, and
More informationTitle Doktorandenprogramme With an emphasis on The Interaction of Finance and Industrial Organization Lecturer Gordon M. Phillips (University of Southern California) gordon.m.phillips@gmail.com Date of
More informationDoes banking relationship configuration affect the risk-taking behavior of French SMEs?
Economics and Business Letters Does banking relationship configuration affect the risk-taking behavior of French SMEs? Ludovic Vigneron 1,* Ramzi Benkraiem 2 1 Université de Valenciennes et du Hainaut-Cambrésis,
More informationCourse Syllabus. International Macro. September January Professor Harald Hau, PhD
Course Syllabus International Macro September 2011 - January 2012 Professor Harald Hau, PhD Assistant: Nicolay Markov room M 5287 e-mail: Nicolay.Markov@unige.ch 1. Course Objectives This graduate level
More informationDETERMINANTS OF MANAGERIAL OWNERSHIP AND THE LINK BETWEEN OWNERSHIP AND PERFORMANCE; DEVELOPMENT OF TESTABLE HYPOTHESIS
BRAC University Journal, Vol. IV, No. 1, 2007, pp. 63-74 DETERMINANTS OF MANAGERIAL OWNERSHIP AND THE LINK BETWEEN OWNERSHIP AND PERFORMANCE; DEVELOPMENT OF TESTABLE HYPOTHESIS Anup Chowdhury BRAC Business
More informationCEO PAY LEVELS RESEARCH SPOTLIGHT. David F. Larcker and Brian Tayan Corporate Governance Research Initiative Stanford Graduate School of Business
CEO PAY LEVELS RESEARCH SPOTLIGHT David F. Larcker and Brian Tayan Corporate Governance Research Initiative Stanford Graduate School of Business KEY CONCEPTS CEO compensation is a highly controversial
More informationInformation Disclosure by Family-Controlled Firms: The Role of Board Independence and Institutional Ownership
Information Disclosure by Family-Controlled Firms: The Role of Board Independence and Institutional Ownership Salim Darmadi 1. Introduction In a modern corporation, where the separation between management
More informationIBUS 707 COMPARATIVE INSTITUTIONAL SYSTEMS SPRING 2011 Monday & Wednesday, 8:40AM- 9:55PM Room: BA 302
IBUS 707 COMPARATIVE INSTITUTIONAL SYSTEMS SPRING 2011 Monday & Wednesday, 8:40AM- 9:55PM Room: BA 302 Instructor: Dr. Omrane Guedhami Office: Office Hours: Room 570 Tuesday & Thursday: 10:30AM- 12:00PM
More informationHuman Capital, Capital Structure, and Employee Pay: An Empirical Analysis a Replicated Confirmation
Utah State University DigitalCommons@USU All Graduate Plan B and other Reports Graduate Studies 5-2015 Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis a Replicated Confirmation
More informationConsumers Some consumers choose to become entrepreneurs. Entrepreneurs. Firms. Markets and Organizations. Economic Equilibria
Introduction The purpose of this book is to present a general theory of the firm. The theory provides a microeconomic framework in which entrepreneurs, firms, markets, and organizations are endogenous.
More informationNo Code Course Title Course Descriptions Prerequisite*
1 AC201 Fundamental Accounting The basic principles, concepts, and procedures for collecting and recording accounting information; preparation and analysis of financial reports; accounting Cycle; accounting
More informationTrust and Customer-Supplier Relationships
Trust and Customer-Supplier Relationships *Preliminary and Incomplete* Douglas (DJ) Fairhurst * Daniel Greene January 16, 2018 Abstract We examine the role of trust in coordination between firms in the
More informationEvidence on the Dark Side of Internal Capital Markets
Evidence on the Dark Side of Internal Capital Markets Oguzhan Ozbas University of Southern California David S. Scharfstein Harvard Business School and NBER August 2008 Abstract This paper documents differences
More informationNational Culture and Corporate R&D Investment
Journal of Studies in Social Sciences ISSN 2201-4624 Volume 12, Number 2, 2015, 309-332 National Culture and Corporate R&D Investment Sanghoon Lee Department of Economics, Hannam University, 70 Hannamro,
More informationInternational Business & Economics Research Journal September 2005 Volume 4, Number 9
Corporate Governance Structure And Firm Performance: Empirical Evidence From Brusa Malaysia, Kuala Lumpur Huson Joher, (Email: halahmed@kaau.edu.sa), King Abdul Aziz university, Saudi Arabia Mohd Ali,
More information16DS000 Finance, Firm Dynamics and the Business Cycle: Theory and Empirical Evidence
Professor(s) Prof. Andrea Caggese andrea.caggese@upf.edu University: UPF, Crei, and Barcelona GSE Overview and Objectives The course will cover recent research exploring the relation between financial
More informationDoctoral Seminar: Agency and Executive Compensation Fall 2004 Mondays 9:00-12:00, K-MEC 5-75
Doctoral Seminar: Agency and Executive Compensation Fall 2004 Mondays 9:00-12:00, K-MEC 5-75 Assoc. Prof. David Yermack Office: K-MEC 9-56, 998-0357 Office Hours: Mon. 1:30-3:00 E-mail: dyermack@stern.nyu.edu
More informationBachelor thesis: Equity-based managerial compensation: agency solution or problem
Bachelor thesis: Equity-based managerial compensation: agency solution or problem Jordi van Eck S448978 bedrijfseconomie Supervisor: Dhr. P.Geiler Coordinator: Dhr. J.Grazell Index: Chapter 1: Introduction
More informationFAMILY OWNERSHIP AND COMPANY PERFORMANCE: EVIDENCE FROM INDONESIA
FAMILY OWNERSHIP AND COMPANY PERFORMANCE: EVIDENCE FROM INDONESIA Vera Diyanti* Universitas Indonesia, Indonesia Luluk Widyawati Universitas Indonesia, Indonesia Nurul Husnah* Universitas Indonesia, Indonesia
More informationIMPACT OF OWNERSHIP STRUCTURE (CONCENTRATION) ON FIRM ACCOUNTING BASED AND MARKET BASED PERFORMANCE: EVIDENCE FROM IRAN
IMPACT OF OWNERSHIP STRUCTURE (CONCENTRATION) ON FIRM ACCOUNTING BASED AND MARKET BASED PERFORMANCE: EVIDENCE FROM IRAN VAHID NEGHABI*; DAVOOD MAHMOODNIA** *PhD Student, Payam Noor University, Tehran,
More informationMaster of Business Administration Program in the Faculty of Business Administration and Economics
Master of Business Administration Program in the Faculty of Business Administration and Economics The Faculty of Business Administration and Economics at Haigazian University offers a degree program leading
More informationCalifornia State University, Sacramento Department of Economics Spring 2005 ECON 290: INTERNATIONAL TRADE
California State University, Sacramento Department of Economics Spring 2005 ECON 290: INTERNATIONAL TRADE Instructor: Rossitza Wooster Office: Tahoe Hall 3020 Phone: 916.278.7078 E-mail: wooster@csus.edu
More informationAlex P. Tang ACADEMIC APPOINTMENTS EDUCATION & CERTIFICATION WORK EXPERIENCE TEACHING ACTIVITIES INTELLECTUAL CONTRIBUTION
Alex P. Tang Earl G. Graves of Business, Phone: (443) 885-3175 Accounting & Finance Department Fax: (443) 885-8251 1700 E. Cold Spring Lane Office#: MM 502-E Baltimore, MD 21251 Email: alex.tang@morgan.edu
More informationREQUIRED SYLLABUS ITEMS
REQUIRED SYLLABUS ITEMS Course Prefix Course Number Course Title Course/Catalog Description Name of College Course Pre or Co requisites Course Competencies Number of Credits Methods of Assessment Course
More informationDiscussion of Accounting Discretion, Corporate Governance, and Firm Performance
University of Pennsylvania ScholarlyCommons Accounting Papers Wharton Faculty Research 2008 Discussion of Accounting Discretion, Corporate Governance, and Firm Performance Wayne R. Guay University of Pennsylvania
More informationManagerial compensation
Bachelor thesis Finance Managerial compensation CEO compensation the optimal balance of fixed and variable compensation rewards Name: R.H.T. Knevels ANR: 306103 Supervisor: P. Geiler Coordinator: J. Grazell
More informationConflict of Interest in Director Remuneration by Remuneration Committee in Family Firm
American International Journal of Contemporary Research Vol. 5, No. 6; December 2015 Conflict of Interest in Director Remuneration by Remuneration Committee in Family Firm Dr. Syaiful Baharee Jaafaar Politeknik
More informationThe Economics of Entrepreneurship
The Economics of Entrepreneurship Rafael P. Ribas University of Amsterdam Description: Entrepreneurship is complex phenomenon that is in the heart of economic growth. With a growing amount of available
More informationA COMPUTATIONAL MODEL FOR INVENTORY MANAGEMENT AND PLANNING
A COMPUTATIONAL MODEL FOR INVENTORY MANAGEMENT AND PLANNING BY DR. AYUB MEHAR DEAN, MANAGEMENT SCIENCES INATITUTE OF BUSINESS AND TECHNOLOGY BIZTEK, KARACHI (PAKISTAN) 2002 Address: R-73 Block 7, Decent
More informationInternational Macroeconomics
Economics 246 Spring 2008 International Macroeconomics March 31, 2008 Instructor: Marc-Andreas Muendler Office: Economics 312 Office hours: Mon and Tue 10:15a - 11:15a (or by appointment) Phone: (858)
More information2 Grossman-Hart (1986) as a Theory of Markets
2 Grossman-Hart (1986) as a Theory of Markets Bengt Holmström It s a great pleasure to be celebrating Sandy and Oliver s landmark paper. I would like to do so by describing briefly how the paper has influenced
More informationCEO labor markets, incentives and the shape of managerial contracts. Mariassunta Giannetti Stockholm School of Economics, CEPR and ECGI
CEO labor markets, incentives and the shape of managerial contracts Mariassunta Giannetti Stockholm School of Economics, CEPR and ECGI 1 CEO compensation U.S. CEOs earn much more than (and differently
More informationCEO Compensation: Does Financial Crisis Matter?
International Business Research; Vol. 7, No. 4; 2014 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education CEO Compensation: Does Financial Crisis Matter? Prasad Vemala
More informationJordanian Evidence of the relationship between Agency Cost and Corporate Governance
Modern Applied Science; Vol. 10, No. 10; 2016 ISSN 1913-1844 E-ISSN 1913-1852 Published by Canadian Center of Science and Education Jordanian Evidence of the relationship between Agency Cost and Corporate
More informationPolish corporate groups in network industries. The development, restructuring and characteristics
Maria Aluchna, Ph.D. Associate Professor Warsaw School of Economics email: maria.aluchna@sgh.waw.pl Polish corporate groups in network industries. The development, restructuring and characteristics Corporate
More informationThe Analysis of Colleges and Universities Compensation System Reform Based on the Total Compensation Theory Bin DENG
2016 International Conference on Modern Economic Development and Environment Protection (ICMED 2016) ISBN: 978-1-60595-355-7 The Analysis of Colleges and Universities Compensation System Reform Based on
More informationCorporate Governance and Financial Analysis 38:578:538:01 Spring 2015
38:578:538:01 Spring 2015 Professor: Peter Rokkos Office Hours: Before and after class and otherwise by appointment. Email: peter.rokkos@rutgers.edu Cell Phone: 732 216 4209 Time: Monday 7:20 10:00pm Location:
More informationThe Impact of Different Stakeholders on Corporate Risk: The case of Germany
The Impact of Different Stakeholders on Corporate Risk: The case of Germany Comments Welcome Version August 2004 Abstract: By: Stephen Sapp * Richard Ivey School of Business University of Western Ontario
More informationand Executive Compensation. Meets Tuesdays GM 715 Winter 2009
CONCORDIA UNIVERSITY John Molson School of Business MSCA632K: Seminar in Corporate Governance and Executive Compensation Meets Tuesdays 17.45 20.15 GM 715 Winter 2009 Instructor: Maria Boutchkova, Ph.D.
More informationBachelor in Accounting and Finance
Bachelor in Accounting and Finance Course Descriptions Programme Compulsory Courses ACF 102 Principles of Accounting (II) E This course is a continuation of Principles of Accounting I. The topics covered
More informationAdvanced Macroeconomic Techniques
Advanced Macroeconomic Techniques Chris Edmond hcpedmond@unimelb.edu.aui July 2004 Prerequisites 316-403 Advanced Macroeconomics Contact Three hours of lectures and seminars per week Formal subject description
More informationLEVELS OF OWNERSHIP STRUCTURE, BOARD COMPOSI- TION AND BOARD SIZE SEEM UNIMPORTANT IN NEW ZEALAND
LEVELS OF OWNERSHIP STRUCTURE, BOARD COMPOSI- TION AND BOARD SIZE SEEM UNIMPORTANT IN NEW ZEALAND Trevor Chin, Ed Vos* and Quin Casey Abstract The relationship between firm performance and board composition,
More informationRESEARCH FRONTIER NO. 6
RESEARCH FRONTIER NO. 6 WPZ Wien St. Gallen www.fgn.unisg.ch/wpz www.wpz- fgn.com office@wpz- fgn.com The core mission of WPZ is to provide economic policy advice based on rigorous empirical evidence and
More informationOwnership structure and firm performance: Evidence from the Netherlands
Ownership structure and firm performance: Evidence from the Netherlands Author: Marinke Scholten University of Twente P.O. Box 217, 7500AE Enschede The Netherlands m.h.m.scholten@student.utwente.nl ABSTRACT
More informationWhat Motivates Managers? Evidence from Organizational Form Changes
Cornell University School of Hotel Administration The Scholarly Commons Articles and Chapters School of Hotel Administration Collection 2005 What Motivates Managers? Evidence from Organizational Form Changes
More informationPieter van Oijen. Department of Finance University of Amsterdam Roetersstraat WB Amsterdam The Netherlands
The Importance of Ownership Structure, One-Share-One- Vote and Bank Control for Corporate Governance: Evidence from Management Turnover in The Netherlands Pieter van Oijen Department of Finance University
More informationCode: ECTS Credits: 15. Degree Type Year Semester Economics and Business Administration OB 0 1
2017/2018 Fundamentals of Economics and Business I Code: 42140 ECTS Credits: 15 Degree Type Year Semester 4310025 Economics and Business Administration OB 0 1 Contact Use of languages Name: Guadalupe Souto
More informationGLOBAL EDITION. Managerial Economics. Economic Tools for Today s Decision Makers. Paul Keat Philip Young Stephen Erfle SEVENTH EDITION
GLOBAL EDITION Managerial Economics Economic Tools for Today s Decision Makers SEVENTH EDITION Paul Keat Philip Young Stephen Erfle Managerial Economics, Global Edition Table of Contents Cover Contents
More informationEugene F. Fama: Quantification of His Research Impact
Eugene F. Fama: Quantification of His Research Impact Since Gene Fama is undoubtedly the preeminent empiricist in the history of finance, it seems only natural to analyze the quantitative measures of his
More informationSpring Macroeconomics, sixth edition, Andrew B. Abel and Ben S. Bernanke, Pearson/Addison- Wesley 2005.
Macroeconomic Theory ECO 701 Section 1 MW 5:30 to 6:45 PM CBC C114 Stephen M. Miller BEH 508 (Office) (702) 895-3969 (Office) (702) 895-1354 (Fax) stephen.miller@unlv.edu (E-Mail) http://www.unlv.edu/faculty/smiller/
More informationSyllabus. Firms and Markets Professor Paul Scott Office: KMC Course description
Firms and Markets Professor Paul Scott Office: KMC 7-77 Email: ptscott@stern.nyu.edu Syllabus Course description The goal of this course is to give you some insight into how markets work. The first part
More informationProfitability, Inventory Volatility, and Capital Structure
Profitability, Inventory Volatility, and Capital Structure John R. Birge The University of Chicago Booth School of Business www.chicagobooth.edu/fac/john.birge JRBirge UNC KFBS, 21 Sep 2012 1 Themes The
More informationTHE UNIVERSITY OF NEW SOUTH WALES
Introduction THE UNIVERSITY OF NEW SOUTH WALES SCHOOL OF BANKING AND FINANCE FINS5514 CAPITAL BUDGETING AND FINANCIAL DECISIONS Course Outline, Session 2, 2003 Capital budgeting and financial decisions
More informationUltimate Ownership, Multiple Control Chains and Performance of Malaysian Firms
Ultimate Ownership, Multiple Control Chains and Performance of Malaysian Firms Hooy Guat Khim, Chee Hong Kok and Hooy Chee Wooi This study analyzes the effects of ultimate ownership on firm performance
More informationTopics in Monetary Economics
Topics in Monetary Economics Francesco Lippi University of Sassari and EIEF flippi at uniss.it September 30, 2009 In this class we study monetary models with a focus on money demand. In most of the models
More informationEndogeneity in Corporate Finance
Endogeneity in Corporate Finance JEFFREY L. COLES, MICHAEL L. LEMMON, and J. FELIX MESCHKE * First version: July 3, 2002 This version: September 25, 2002 * Corresponding author: Jeffrey L. Coles, Department
More informationOwnership Structure, Financial Policy and Performance of the Firm: US Evidence
Ownership Structure, Financial Policy and Performance of the Firm: US Evidence Nejla Ould Daoud Ellili Assistant Professor, Department of Finance College of Business Administration, Abu Dhabi University,
More information1 P a g e B a r t r a m T r a i l H S D. F r a n k. Krugman s Economics for AP*, Anderson and Ray, Worth Publishers 2 nd Edt.
1 P a g e B a r t r a m T r a i l H S D. F r a n k Advanced Placement ECONOMICS SYLLABUS Instructor: Course: Contact Info: Planning Period: Text: Mr. Frank Social Studies Dept. Room: 635 AP Macroeconomics
More informationСофия 1700, Студентски град Христо Ботев, CURRICULUM MARKETS
София 1700, Студентски град Христо Ботев, CURRICULUM Academic subject: FORECASTING FINANCIAL MARKETS Subject code: В63830 O0880 Degree of Education and Qualification: Bachelor of Arts Status of the course:
More informationEquity Ownership and Firm Performance in Malaysia
Equity Ownership and Firm Performance in Malaysia Mohd Abdullah Jusoh Faculty of Management and Economics, Universiti Pendidikan Sultan Idris, Tanjong Malim, Perak. DOI: 10.6007/IJARBSS/v6-i11/2411 URL:
More informationNational Culture and the Choice between Bank and Bond Financing
National Culture and the Choice between Bank and Bond Financing We examine how cultural preferences impact the financing decision of firms. In particular, we hypothesize that firms in countries with a
More informationRESEARCH STATEMENT Lawrence J. Jin, Caltech November 2017
RESEARCH STATEMENT Lawrence J. Jin, Caltech November 2017 I am a theorist, working in the fields of behavioral finance and asset pricing. I am interested in models that feature less than fully rational
More informationIncomplete Contracts and the Role of Small Firms jeremy c. stein
17 Incomplete Contracts and the Role of Small Firms jeremy c. stein Let me begin by saying that it s a great pleasure to be able to take part in honoring Sandy and Oliver, and I m grateful to the organizers
More informationWallingford Public Schools - HIGH SCHOOL COURSE OUTLINE
Wallingford Public Schools - HIGH SCHOOL COURSE OUTLINE Course Title: Advanced Placement Economics Course Number: 3552 Department: Social Studies Grade(s): 11-12 Level(s): Advanced Placement Credit: 1
More informationThe Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance
The Joint Determinants of Managerial Ownership, Board Independence, and Firm Performance Jeffrey L. Coles W.P. Carey School of Business Arizona State University Jeffrey.Coles@asu.edu Tel: (480) 965-4475
More informationFINA Financial Theory I
FINA 7397 Financial Theory I Syllabus Fall 2017 Professor Praveen Kumar Office Hours: Monday 1:30 3:00 pm 220_H Melcher Hall pkumar@uh.edu 713-743-4770 1 I. Course Objectives and Overview This is the introductory
More informationLeverage and Corporate Performance: A Frontier Efficiency Analysis
Leverage and Corporate Performance: A Frontier Efficiency Analysis Laurent Weill 1 LARGE, Université Robert Schuman, Institut d Etudes Politiques, 47 avenue de la Forêt-Noire, 67082 Strasbourg Cedex, France.
More informationCourse Syllabus for ACCOUNTING 204 INTERMEDIATE ACCOUNTING II
Course Syllabus for ACCOUNTING 204 INTERMEDIATE ACCOUNTING II Instructor: Room: Telephone: E-Mail: COURSE OBJECTIVE: The student will be able to apply generally accepted accounting principles to the preparation
More informationFamily Ownership, Corporate Governance and Performance: Evidence from Saudi Arabia
International Journal of Economics and Finance; Vol. 7, No. 2; 2015 ISSN 1916-971X E-ISSN 1916-9728 Published by Canadian Center of Science and Education Family Ownership, Corporate Governance and Performance:
More informationEC 742: Applied Macroeconomics
EC 742: Applied Macroeconomics Jianjun Miao Spring 2004 Schedule Tu 5:30-8:00pm, CAS 318 Office Hours WF 2:30-4:00 pm or by appointment Contact Office: Room 309, 270 Bay State Road E-mail: miaoj@bu.edu
More informationSupply of Money. William A. Barnett University of Kansas. July 14, 2006
Supply of Money William A. Barnett University of Kansas July 14, 2006 Abstract: This short paper is the encyclopedia entry on Supply of Money to appear in the second edition of the International Encyclopedia
More informationLiang Wang University of Hawaii Manoa. Randall Wright University of Wisconsin Madison Federal Reserve Bank of Minneapolis
ECONOMIC POLICY PAPER 16-02 JANUARY 2016 EXECUTIVE SUMMARY Many economists believe that prices are sticky they adjust slowly. This stickiness, they suggest, means that changes in the money supply have
More informationLUNA COMMUNITY COLLEGE ACCOUNTING CURRICULUM PROFILE
LUNA COMMUNITY COLLEGE 2015-2018 ACCOUNTING CURRICULUM PROFILE LUNA COMMUNITY COLLEGE 2015-2018 ACCOUNTING CURRICULUM PROFILE Page 1 of 8 TABLE OF CONTENTS PROGRAM GOALS ASSESSMENT DEGREE/CERTIFICATE REQUIREMENTS
More informationSupplier-Customer Relationships and Corporate Hedging Policy
Supplier-Customer Relationships and Corporate Hedging Policy Jun-Koo Kang, Limin Xu, and Lei Zhang * Current draft: December, 2012 * All authors are from the Division of Banking and Finance, Nanyang Business
More informationThe relationship between capital structure and product markets: Evidence from New Zealand
The relationship between capital structure and product markets: Evidence from New Zealand David J. Smith, J.G.Chen, and Hamish Anderson Department of Economics and Finance, Massey University, Private Bag
More information