Finance 866 Spring 2013 Jean Helwege
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1 Finance 866 Spring 2013 Jean Helwege Office/Phone: 486/ Office Hours: Mon and Wed 10:00-11:30 a.m. Course Outline This is a Ph.D. course in corporate finance. We will cover important articles in corporate finance, with a special emphasis on empirical corporate studies. There is no required text for the course, but Copeland, Shastri and Weston s Financial Theory and Corporate Policy is recommended (any edition, but latest is 4 th and it has the most up to date references to papers). The course outline lists the articles we will be covering each day. The format of this class will be discussion and students are expected to participate actively, which requires a thorough read of the papers before class. To ensure that students do this work, part of the grade depends on summaries. Students will write a one-page summary for each article to be handed in the day before class (by COB - 5 pm). Students must hand in hard copy, not electronic versions of their summaries. In addition, starting with the third class, students will present one of the four papers. The last paper listed for each week will involve a student presentation. There is a midterm and a final. The final is not cumulative. Because students are required to write summer papers and because writing papers is ultimately what Ph.D.s do with their training, a portion of the grade for this course is a research idea. Unlike a paper, there is no requirement that the author obtains or analyzes data although the idea must involve the beginnings of an empirical paper. An idea is always better if it can actually be implemented so papers that have a data source described in detail will receive higher grades, but the most important element of the paper is the idea and how it fits into the existing literature. It should be approximately 10 pages double-spaced. The paper should be written as if it is the first ten pages of an actual paper except for the handful of paragraphs in the introduction that describe the results. Your grade will be determined as follows: Summaries 8% Presentation 10% Midterm Exam 25% Final Exam 25% Class Participation 25% Paper on Research Idea 7% The following outline shows the topics to be covered and reading assignments. Readings will be posted on Blackboard. 1
2 Schedule of topics and reading assignments 1/16: 1. Ownership 1. Leland, Hayne E. and David H. Pyle, 1977, Informational Asymmetries, Financial Structure, and Financial Intermediation, Journal of Finance 32, Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, Management ownership and market valuation: An empirical analysis, Journal of Financial Economics 20, Helwege, Jean, Christo Pirinsky and Rene Stulz, 2007, Why do firms become widely held? An analysis of the dynamics of corporate ownership, Journal of Finance 62, Ronald C. Anderson and David Reeb, 2003, Founding family ownership and firm performance: Evidence from the S&P 500, Journal of Finance 58, /23: 2. Corporate Boards 1. Yermack, David, 1996, Higher market valuation of companies with a small board of directors, Journal of Financial Economics 40, Fich, Eliezer M. and Anil Shivdasani, 2006, Are Busy Boards Effective Monitors?, Journal of Finance 61, Boone, Audra, Laura Field, Jonathan Karpoff, and Charu Raheja 2007, The determinants of corporate board size and composition: An empirical analysis, Journal of Financial Economics 85, Guner, A. Burak, Ulrike Malmendier and Geoffrey Tate, 2008, Financial Expertise of Directors, Journal of Financial Economics 88, /30: 3. CEOs 1. Parrino, Robert, Richard W. Sias and Laura T. Starks, 2003, Voting with Their Feet: Institutional Ownership Changes around CEO Turnover, Journal of Financial Economics 68, Burns, Natasha and Simi Kedia, 2006, The Impact of Performance-based Compensation on Misreporting, Journal of Financial Economics 79, Denis, David J., Diane K. Denis and Atulya Sarin, 1997, Ownership structure and top executive turnover, Journal of Financial Economics 45, McNeil, Chris, Greg Niehaus and Eric Powers, 2004, Management turnover in subsidiaries of conglomerates versus stand-alone firms, Journal of Financial Economics 72, /6: 4. Corporate Structure 1. Lamont, Owen, 1997, Cash flow and investment: Evidence from internal capital markets, Journal of Finance 52, Berger, Philip G and Eli Ofek, 1995, Diversification s effect on firm value, Journal of Financial Economics 37, Dittmar, Amy and Anil Shivdasani, 2003, Divestitures and Divisional Investment Policies, Journal of Finance 58, Gertner, Robert, Eric Powers and David Scharfstein, 2002, Learning about internal capital markets from corporate spin-offs, Journal of Finance 57,
3 2/13: 5. Capital Structure 1. Frank, Murray Z. and Vidhan K. Goyal, 2003, Testing the pecking order theory of capital structure, Journal of Financial Economics 67, Rauh, Joshua and Amir Sufi, 2010, Capital Structure and Debt Structure 3. Chevalier, Judith, 1995, Do LBO Supermarkets charge more? An empirical analysis of the effects of LBOs on Supermarket pricing, Journal of Finance 50, Tsyplakov, Sergey, 2008, Investment frictions and leverage dynamics, Journal of Financial Economics 89, /20: 6. Bankruptcy 1. Wruck, Karen, 1990, Financial distress, reorganization, and organizational efficiency, Journal of Financial Economics 27, Shleifer, Andrei and Robert Vishny, 1992, Liquidation values and debt capacity: A market equilibrium approach, Journal of Finance 47, Hotchkiss, Edith, 1995, The post-bankruptcy performance of firms emerging from chapter 11, Journal of Finance 50, Andrade, Gregor and Steven N. Kaplan, 1998, How costly is financial (not economic) distress? Evidence from highly leveraged transactions that became distressed, Journal of Finance 53, /27: 7. Dividends and Repurchases 1. Easterbrook, Frank, 1984, Two agency-cost explanations of dividends, American Economic Review 74, Ikenberry David, Josef Lakonishok and Theo Vermaelen 1995, Market underreaction to open market share repurchases, Journal of Financial Economics 39, Brown, Jeffrey R., Nellie Liang and Scott Weisbenner, 2007, Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut, Journal of Finance 62, DeAngelo, Harry, DeAngelo, Linda and D. Skinner, 2004, Are dividends disappearing? Dividend concentration and the consolidation of earnings, Journal of Financial Economics 72, /6 Midterm Topics 1-7 3/13 Spring break 3/20: 8. Venture Capital and Private Equity 1. Maksimovic, Vojislav and Pegaret Pichler, 2001, Technological innovation and initial public offerings, Review of Financial Studies 14, Kerr, William, Joshua Lerner and Antoinette Schoar, 2011, The consequences of entrepreneurial finance: Evidence from angel financings, Review of Financial Studies, forthcoming 3. Hertzel, Michael and Richard L. Smith, 1993, Market Discounts and Shareholder Gains for Placing Equity Privately, Journal of Finance 48, Lerner, Joshua, 19948, Venture capitalists and the decision to go public, Journal of Financial Economics 35,
4 3/27: 9. IPOs 1. Busaba, Walid, Lawrence Benveniste and Re-Jin Guo, 2001, The option to withdraw IPOs during the premarket: empirical analysis, Journal of Financial Economics 60, Helwege, J. and N. Liang, 2004, Initial public offerings in hot and cold markets, Journal of Financial and Quantitative Analysis 39, Jegadeesh, Narisimhan, Mark Weinstein and Ivo Welch, 1993, An empirical investigation of IPO returns and subsequent equity offerings, Journal of Financial Economics 34, Ritter, Jay R. and Donghang Zhang, 2007, Affiliated mutual funds and the allocation of initial public offerings, Journal of Financial Economics 86, /3: 10. Cash Flow and Investment 1. Fazzari, Steven, Glenn Hubbard, and Bruce Petersen 1988, Financing constraints and corporate investment, Brookings Papers on Economic Activity 1988, Froot, Kenneth, David Scharfstein, and Jeremy Stein 1993, Risk management: Coordinating corporate investment and financing policies, Journal of Finance 48, Kaplan, Steven and Luigi Zingales, 1997, Do Investment Cash-Flow Sensitivities Provide Useful Measures of Financing Constraints?, Quarterly Journal of Economics, 112, Charles J. Hadlock and Joshua Pierce, 2010, New evidence on measuring financial constraints: Moving beyond the KZ index, Review of Financial Studies 4/10: 11. Mergers and Acquisitions 1. Officer, Micah S., Annette B. Poulsen and Mike Stegemoller, 2009, Target-firm information asymmetry and acquirer returns, Review of Finance, 13, Harford, Jarrad, 2005, What drives merger waves? Journal of Financial Economics 77, Fuller, Kathleen, Jeffry Netter and Mike Stegemoller, 2002, What do returns to acquiring firms tell us? Evidence from firms that make many acquisitions, Journal of Finance 57, Greenwood, Robin and Michael Schor, 2009, Investor activism and takeovers, Journal of Financial Economics 92, /17: 12. International Corporate Finance 1. Doidge, Craig, 2004, U.S.cross listings and the private benefits of control: Evidence from dual-class firms, Journal of Financial Economics 72, Aggarwal, Reena, Isil Erel, Miguel Ferreira and Pedro Matos, 2010, Does governance travel around the world? Evidence from institutional investors, Journal of Financial Economics forthcoming. 3. Megginson, William L., Robert C. Nash and Matthias Van Randenborgh, The financial and operating performance of newly privatized firms: An international empirical analysis, Journal of Finance 49, Faccio, Mara, Ronald W. Masulis and John J. McConnell, 2006, Political Connections and Corporate Bailouts, Journal of Finance 61,
5 4/24: 13. Corporate Bonds and Corporate Finance 1. Barnea, Amir, Robert Haugen and Lemma Senbet, 1980, A rationale for debt maturity structure and call provisions in the agency theoretic framework, Journal of Finance 35, Susan Chaplinsky and Latha Ramchand, 2004, The impact of SEC Rule 144a on corporate debt issuance by international firms, Journal of Business 77, Warga, Arthur and Ivo Welch, 1993, Bondholder losses in leveraged buyouts, Review of Financial Studies 6, Maxwell, William and Ramesh Rao, 2003, Do spin-offs expropriate wealth from bondholders? Journal of Finance 58, /8: Final Exam 5
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