FIN 501. Part 2 of a PhD course taught at. Bergen, Norway December 17-20, 2007
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1 TOPICS IN CORPORATE FINANCE FIN 501 Part 2 of a PhD course taught at THE NORWEGIAN SCHOOL OF ECONOMICS AND BUSINESS ADMINISTRATION Bergen, Norway December 17-20, 2007 B. ESPEN ECKBO Tuck Centennial Professor of Finance Tuck School of Business Dartmouth College Hanover, NH USA b.espen.eckbo@dartmouth.edu DESCRIPTION Part II surveys important empirical regularities in corporate finance. There are five main themes: (1) Performance econometrics: event study techniques and portfolio performance evaluation procedures used to infer valuation impacts of corporate actions. (2) Raising capital: how transaction costs and asymmetric information between the firm and outside investors affects firms ability to raise cash in public securities markets and issuers choice of flotation method in both seasoned (SEO) and initial (IPO) public offerings of equity. (3) Capital structure and bankruptcy: how the structure of financial securities helps reduce agency costs and resolving managerial incentives to over- or under-invest, and a comparison of auctions and negotiations in bankruptcy. (4) Corporate takeovers: valuation effects of takeover activity, sources of takeover gains, and empirical investigations of optimal bidding theories for competition preemption, the payment method (cash versus stock), and bidder toeholds in the target. (5) Corporate Governance: evolution of governance systems around the world, the role of the board and board election procedures, executive compensation, the return to shareholder activism and governance investing. Spring 2006 Eckbo: Advanced Corporate Finance 1
2 TOPICS IN CORPORATE FINANCE FIN 501, PART 2 Professor B. Espen Eckbo December 2007 SESSION 2.1: Monday 12/17, 09:00-12:00 PERFORMANCE ECONOMETRICS Anomalies Performance econometrics Insider trading SESSION 2.2: Tuesday 12/18, 09:00-12:00 RAISING CAPITAL New issues puzzle IPO-underpricing Rights offer paradox SESSION 2.3: Tuesday 12/18, 13:00-16:00 CAPITAL STRUCTURE AND BANKRUPTCY Capital structure choice Dividends Bankruptcy auctions SESSION 2.4: Wednesday 12/19, 09:00-12:00 CORPORATE TAKEOVERS Sources of merger gains Mergers and competition Optimal bidding and the toehold puzzle SESSION 2.5: Thursday 12/20, 09:00-12:00 CORPORATE GOVERNANCE Governance systems around the world Takeover defenses Returns to shareholder activism 12/07 FIN501-II: Topics in Corporate Finance 2 (5)
3 LIST OF READINGS The readings refer to several journal articles as well as to two books, BEE-1 and BEE-2. The books are: BEE-1: Eckbo, B. Espen (ed.), 2007, Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1, (Elsevier/North-Holland Handbook of Finance Series), ISBN-13: (558 pages). BEE-2: Eckbo, B. Espen (ed.), 2008, Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2, (Elsevier/North-Holland Handbook of Finance Series), in progress. Note: BEE-1 must be purchased. Restricted access to selected chapters of BEE-2 are available at: Scroll down to Topics in Corporate Finance (PhD). Password for access will be given in class. Session 2.1: Performance Econometrics Eckbo, B. Espen, Vojislav Maksimovic and Joseph Williams, 1990, Consistent Estimation of Cross- Sectional Models In Event Studies, Review of Financial Studies 3, Eckbo, B. Espen and David Smith, 1998, The Conditional Performance of Insider Trades, Journal of Finance 53, Li, Kai and N.R. Prabhala, Self Selection Models in Corporate Finance, in BEE-1. Session 2.2: Raising Capital Eckbo, B. Espen and Øyvind Norli, 2005, Liquidity Risk, Leverage and Long-Run IPO Returns, Journal of Corporate Finance 11, Eckbo, B. Espen, Øyvind Norli and Ronald W. Masulis, Security Offerings, in BEE-1. Eckbo, B. Espen, Øyvind Norli and Ronald W. Masulis, 2000, Seasoned Security Offerings: Resolution of the New Issues Puzzle, Journal of Financial Economics 56, Ljungqvist, Alexander, 2005, "IPO Underpricing", in BEE-1. Session 2.3: Capital Structure and Bankruptcy Frank, Murray and Vidhan Goyal, 2005, Tradeoff and Pecking Order Theories of Debt, in BEE-2. 12/07 FIN501-II: Topics in Corporate Finance 3 (5)
4 DeAngelo, Harry, Linda DeAngelo and Douglas J. Skinner, 2004, Are Dividends Disappearing? Dividend Concentration and the Consolidation of Earnings, Journal of Financial Economics 72, Eckbo, B. Espen and Karin S. Thorburn, 2007, Automatic Bankruptcy Auctions and Fire-Sales, Journal of Financial Economics, forthcoming. Graham, J., 2005, Taxes and Corporate Finance, in BEE-2. Hotchkiss, Edith, Kose John, Robert Mooradian and Karin S. Thorburn, 2005, Bankruptcy and Financial Distress, in BEE-2. Eckbo, B. Espen and Karin S. Thorburn, 2005, Creditor Financing and Overbidding in Bankruptcy Auctions, Working Paper, Tuck School of Business at Dartmouth. Session 2.4: Corporate Takeovers Eckbo, B. Espen, 1983, Horizontal Mergers, Collusion and Stockholder Wealth, Journal of Financial Economics 11, Betton, Sandra, B. Espen Eckbo and Karin S. Thorburn, 2007, Merger Negotiations and the Toehold Puzzle, Working Paper, Tuck School of Business at Dartmouth. Betton, Sandra and B. Espen Eckbo, 2000, Toeholds, Bid-Jumps, and Expected Payoffs in Takeovers, Review of Financial Studies 13, Betton, Sandra, B. Espen Eckbo and Karin S. Thorburn, Corporate Takeovers, in BEE-2. Session 2.5: Corporate Governance Shleifer, Andrei, and Robert W. Vishny, 1997, A Survey of Corporate Governance, Journal of Finance, 52, Gompers, Paul A., Joy L. Ishi and Andrew Metrick, 2003, Corporate Governance and Equity prices, Quarterly Journal of Economics, Jensen, Michael C. and Kevin J. Murphy, 2004, Remuneration: Where We ve Been, How we Got to Here, What are the Problems, and How to Fix them, Working paper, HBS and USC. Eckbo, B. Espen, 2006, Corporate governance i et nøtteskall, Penger og Kreditt 34, /07 FIN501-II: Topics in Corporate Finance 4 (5)
5 La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 2000, Investor Protection and Corporate Governance, Journal of Financial Economics 58, Comment, Robert and G. William Schwert, 1995, Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures, Journal of Financial Economics 39, Jensen, Michael C., 1993, The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems, Journal of Finance 48, /07 FIN501-II: Topics in Corporate Finance 5 (5)
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