Seminar in Corporate Finance (B ), Empirical issues in corporate finance.
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1 Seminar in Corporate Finance (B ), Empirical issues in corporate finance. New York University, Stern School of Business. Spring 2004 Eli Ofek Tel: Course website: Organization of the class: The class will cover a wide range of topics in empirical corporate finance. The material covered in this course will help the students in several respects: (i) understand the current state of findings in main topics of corporate finance; (ii) understand the main data sources and data issues in empirical corporate finance; (iii) cover the main econometric techniques used in empirical corporate finance; (iv) and hopefully help students who want to work in this area find interesting and exiting topics for their dissertation. To this effect I have asked other faculty at Stern to join us when topics in their areas are covered. In some cases the faculty member will present one of his/her papers. In the first session we will go over the main data sources and how to access them. In the following ten weeks we will cover 2-3 papers per class. Papers will be in the same general area and often will be directly related to each other. Each paper will be presented either by an assigned student or by a faculty member. An important part of the class is the research discussion so all students are expected to carefully read all the assigned papers and actively participate in the discussion. The student discussion of papers should include: (1) motivation of the research and how it fits with the theory and empirical findings at the time (2) The tested hypothesis (3) discussion of the data (4) discussion of the main findings (5) discussion of the econometric methods used in the paper (6) possible future research. The last two sessions will be devoted for student presentation of their projects. Class project Each student is required to complete a class project and present it. For most students the project will involve replicating the main findings of a paper with some modification (you do need to replicate every test and table but you must capture the main results of the paper). A student can chose to replicate an older paper with new data and see if results continue to hold, or use international data to replicate US findings. Alternatively, students can replicate a paper using the same data but applying improved tests (different statistical techniques, different measures for variables, or correcting for other problems in the original work). 1
2 Student should select an original paper in empirical corporate finance that they find interesting or believe that they can improve upon. (I recommend that you stay away from paper that required intense hand collection of data). If you prefer to work on your own project in empirical corporate finance then can use it as your class project providing you finish on time! After selecting the original paper (or their own project) the students should consult with me and get my approval. 2
3 Reading list: Interaction of financing and real investment decision (1.5 sessions) (3) Almeida, Heitor, Murillo Campello, and Michael Weisbach, "Corporate Demand for Liquidity", Journal of Finance, forthcoming. o Erickson, Timothy; Whited, Toni M. Measurement Error and the Relationship between Investment and q, Journal of Political Economy, October 2000; 108(5): (1) Fazzari, Steven M., Robert Glenn Hubbard, and Bruce C. Petersen, Financing Constraints and Corporate Investment, Brookings Papers on Economic-Activity 1988; 0(1): (1) Fazzari, Steven M., Glenn R. Hubbard, and Bruce C. Petersen, Investment- Cash Flow Sensitivities are Useful: A Comment, Quarterly Journal of Economics, May 2000; 115(2): o Hennessy, Christopher Tobin s Q, Debt Overhang, and Investment Journal of Finance, forthcoming o Hoshi, Takeo, Anil Kashyap, and David Scharfstein, Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups, Quarterly Journal of Economics, February 1991; 106(1): o Hubbard, Glenn R. Capital Market Imperfections and Investment, Journal of Economic Literature, March 1998; 36(1): (1) Kaplan, Steven N., and Luigi Zingales, Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints, Quarterly Journal of Economics, February 1997; 112(1): (1) Kaplan, Steven N., and Luigi Zingales, Investment Cash Flow Sensitivities are Not Valid Measures of Financing Constraints, Quarterly Journal of Economics, May 2000; 115(2): (2) Lamont, Owen Cash Flow and Investment: Evidence from Internal Capital Markets, Journal of Finance; 52(1), March 1997, pages o Lang, Larry, Eli Ofek,Eli and Rene M. Stulz, Leverage, Investment, and Firm Growth, Journal of Financial Economics, 40(1), January 1996, pages o Moyen, Nathalie Investment-cash Flow Sensitivities: Constrained versus Unconstrained Firms Journal of Finance, forthcoming 3
4 o Stein, Jeremy, Agency Information and Corporate Investment, forthcoming as a chapter of North Holland Handbook of the Economics of Finance edited by George Constantinides, Milton Harris, and René Stulz (2002).n Harris and Rene Stulz. o Whited, Toni M, Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data, Journal of Finance, September 1992; 47(4): Capital Structure (3 sessions) (2) Andrade, Gregor and Steven Kaplan, 1998, How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions That Became Distressed, Journal of Finance 53, (6) Baker, Malcolm and Jeffrey Wurgler, Market Timing and Capital Structure, Journal of Finance, February 2002; 57(1): (5) Berger, Philip G., Eli Ofek, and David L. Yermack, Managerial Entrenchment and Capital Structure Decisions, Journal of Finance, 52(4), September 1997, Pages o Fama, Eugene and Kenneth French, 2002, Testing Tradeoff and Pecking Order Predictions About Dividends and Debt, Review of Financial Studies, 1-33 (4) Frank, Murray and Vidham Goyal, 2003, Testing the Pecking Order Theory of Capital Structure, Journal of Financial Economics, 67(2), (1) Graham, John R., 2000, How Big Are the Tax Benefits of Debt?, Journal of Finance 55, o Mackie-Mason, Jeffrey, 1990, Do Taxes Affect Financing Decisions? Journal of Finance 45, o Ofek, Eli Capital Structure and Firm Response to Poor Performance: An Empirical Analysis, Journal of Financial Economics, 34(1), August 1993, pages o Rajan, Raghu and Luigi Zingales, 1995, What do We Know about Capital Structure,? Some Evidence from International Data, Journal of Finance 50, (4) Shyam-Sunder, Lakshmi and Stewart C. Myers, 1999, Testing Static Tradeoff against Pecking Order Models of Capital Structure, Journal of Financial Economics 51,
5 o Titman, Sheridan and Roberto Wessels, 1988, The Determinants of Capital Structure Choice, Journal of Finance 43, (3) Weisbach, Michael Measuring Investment Distortions Arising from Stockholder-Bondholder Conflicts, 1999, Journal of Financial Economics 53, (7) Welch, Ivo Capital Structure and Stock returns Journal of Political Economy, forthcoming. Executive Compensation ownership (No sessions Yermack next fall) Corporate governance Board of directors (2 sessions) (4) Cremers, Martijn and Vinay Nair, Governance Mechanisms and Equity Prices Working paper New York University. (3) Gompers, Paul A., and A. Metrick. "Corporate Governance and Equity Prices." Quarterly Journal of Economics, Feb 2003, (1) Himmelberg, Charles P., Glenn R. Hubbard, and Darius Palia, Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics, September 1999; 53(3): (1) Morck, Randall, Andrei Shleifer, and Robert W. Vishny, Management, Ownership and Market Valuation, Journal of Financial Economics, Jan/Mar. 1988, 20(1/2): o Shivdasani, Anil and David Yermack, CEO Involvement in the Selection of New Board Members: An Empirical Analysis, Journal of Finance, October 1999; 54(5): (2) Yermack, David, Higher Market Valuation of Companies with a Small Board of Directors, Journal of Financial Economics, February 1996; 40(2): o Yermack, David, Remuneration, retention and reputation incentives for outside directors, Working paper NYU. 5
6 Malmendier, Ulrike, and Jeffery Tate, CEO Overconfidence and Corporate Investment, WP Harvard. THE new ONE Conglomerate discount (2 sessions) o Lang, Larry H.P., and Rene M. Stulz, Tobin's q, Corporate Diversification, and Firm Performance, 102(6), Journal of Political Economy, December 1994, pages (1) Berger, Philip G., and Eli Ofek, Diversification's Effect on Firm Value, Journal of Financial Economics, 37(1), January 1995, pages o Berger, Philip G., Eli Ofek, Causes and Effects of Corporate Refocusing Programs, Review of Financial Studies,12(2), Summer 1999, pages (2) Campa, Jose and Simi Kedya, Explaining The Diversification Discount, Journal of Finance, August 2002, vol. 57, no. 4, pp (32). o Denis, David J., Diane K. Denis, and Atulya Sarin, Agency Problems, Equity Ownership, and Corporate Diversification, Journal of Finance, 52(1), March 1997, pages o Graham, John R., Michael L. Lemmon, and Jack G. Wolf, Does Corporate Diversification Destroy Value?, Journal of Finance, 57(2), April 2002, pages o Lamont, Owen A., Polk, Christopher The Diversification Discount: Cash Flows Versus Returns, Journal of Finance, 56: (3) Lamont, Owen A., and Christopher Polk, Does Diversification Destroy Value? Evidence from the Industry Shocks, Journal of Financial Economics, 63(1), January 2002, pages o Lins, Karl, and Henri Servaes, International Evidence on the Value of Corporate Diversification, Journal of Finance, 54(6), December 1999, pages o Rajan, Raghuram, Henri Servaes, and Luigi Zingales, The Cost of Diversity: The Diversification Discount and Inefficient Investment, Journal of Finance, 55, o Servaes, Henri The Value of Diversification during the Conglomerate Merger Wave, Journal of Finance, 51(4), September 1996, pages (5) Schoar Antoinette Effects of Corporate Diversification on Productivity, Journal of Finance, December 2002,
7 Villalonga, Belen Diversification Discount or Premium? New Evidence from BITS Establishment-Level Data Journal of Finance, forthcoming. (4) Whited, Toni, Is It Inefficient Investment That Causes the Diversification Discount, 2001, Journal of Finance, 56: IPO and VC (1.5 sessions) (1) Field, Laura Casares; Gordan Hanka, The Expiration of IPO Share Lockups, Journal of Finance, April 2001; 56(2): (3) Kaplan, Steven and Antoinette Schoar, Private Equity Returns: Persistence and Capital Flows WP University of Chicago (2) Ljungqvist, Alexander and W.J. Wilhelm, "IPO Pricing in the Dot-com Bubble," Journal of Finance (April 2003). o Ljungqvist, Alexander L., W.J. Wilhelm Benveniste and X. Yu, "Evidence of Information Spillovers in the Production of Investment Banking Services," Journal of Finance, (April 2003). o Loughran, Tim and Jay R. Ritter, Why Don't Issuers Get Upset about Leaving Money on the Table in IPOs?, Review of Financial Studies, Special 2002; 15(2): o Ofek, Eli and Matthew Richardson "The IPO Lock-Up Period: Implications for Market Efficiency and Downward Sloping Demand Curves" Working paper, NYU Stern School of Business. o Ritter, Jay "Investment Banking and Securities Issuance," forthcoming as Chapter 9 of North Holland Handbook of the Economics of Finance edited by George Constantinides, Milton Harris, and René Stulz (2002). Event studies (1 sessions) o Stephen, Brown, Jerold Warner, Using Daily Stock Returns: The Case of Event Studies Journal of Financial Economics. March 1985; 14(1): (1) Boehmer, Ekkehart, Jim Musumeci, and Annette Poulsen, Event-Study Methodology under Conditions of Event-Induced Variance Journal of Financial Economics. December 1991; 30(2):
8 o Lyon, John D. and Brad M. Barber, and Chih Ling Tsai, Improved Methods for Tests of Long Run Abnormal Stock Returns, Journal of Finance, February 1999; 54(1): (2) Mitchell, Mark L. and Erik Stafford, Managerial Decisions and Long-Term Stock Price Performance, Journal of Business, July 2000; 73(3): Mergers and acquisitions o Andrade, Gregor, Mark Mitchell and Erik Stafford, New Evidence and Perspectives on Mergers, Journal of Economic Perspectives, Spring 2001; 15(2): o Berger, Philip G., and Eli Ofek, Bustup Takeovers of Value-Destroying Diversified Firms, Journal of Finance, 1996, volume 51, o Clark, Kent and Eli Ofek, Mergers as a Means of Restructuring Distressed Firms: An Empirical Investigation, Journal of Financial and Quantitative Analysis; 29(4), December 1994, pages o Hartzell, Jay, Ofek, Eli and David Yermack, "What's In It For Me? Personal Benefits Obtained By CEOs Whose Firms Get Acquired" Working paper, NYU Stern School of Business o Healy, Paul M., Krishna G. Palepu, and Richard S. Ruback, Does Corporate Performance Improve after Mergers?, Journal of Financial Economics, April 1992; 31(2): o Holmstrom, Bengt and Steven N. Kaplan, Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s, Journal of Economic Perspectives, Spring 2001; 15(2): o Jensen, Michael C; and Richard S. Ruback, The Market for Corporate Control: The Scientific Evidence, Journal of Financial Economics, April 1983; 11(1-4): o Mitchell, Mark L. and Kenneth Lehn, Do Bad Bidders Become Good Targets?, Journal of Political Economy, April 1990; 98(2): LBOs 8
9 o Chevalier, Judith A., 1995, Do LBO Supermarkets Charge More?: An Empirical Analysis of the Effects of LBOs on Supermarket Pricing, Journal of Finance 50: o Kaplan, Steven, The Effects of Management Buyouts on Operating Performance and Value, Journal of Financial Economics, October 1989; 24(2): o Kaplan, Steven, Management Buyouts: Evidence on Taxes as a Source of Value, Journal of Finance, July 1989; 44(3): o Kaplan, Steven N. and Jeremy C. Stein, The Evolution of Buyout Pricing and Financial Structure in the 1980s, Quarterly Journal of Economics, May 1993; 108(2): o Ofek, Eli, Efficiency Gains In Unsuccessful Management Buyouts, Journal of Finance, 1994, volume 49, Restructuring o Kaplan, Steven N. and Michael S. Weisbach, The Success of Acquisitions: Evidence from Divestitures, Journal of Finance, 47(1), March 1992, pages o John, Kose and Eli Ofek, Asset Sales and Increase in Focus, Journal of Financial Economics, 37(1), January 1995, pages b 9
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