1、周业安 中国人民大学经济学院 http:/ Rights ReservedAdvanced Corporate Finance高级公司金融周业安Fall 2009SyllabusCourse Overview The content of the course combines of several strings of research in corporate finance. First, the course provides a theoretical and empirical introduction of the core topics in Corporate Finance
2、, including: corporate investment; capital structure and financial contracting; corporate governance ; mergers 20% for class participation;50% for the final exam;Required Background As a general rule, you should have any training in corporate finance, econometrics, contract theory and game theory(al
3、l are undergraduate courses). Schedule of classesClass Topic1 Overview: Topics and Tool2 Efficient market hypothesis , Behavioral corporate finance, and corporate financial decision3 Corporate Investment (I): Empirics; Financial Constraints4 Corporate Investment (II): Asymmetric Information and Agen
4、cy; Diversification and Internal Capital Markets5 Corporate Investment (III): Behavioral corporate finance6 Capital Structure (I): Modigliani-Miller Theorem, Trade-off7 Capital Structure (II): Financial Contracting周业安 中国人民大学经济学院 http:/ Rights Reserved8 Capital Structure (III): Asymmetric Information
5、 and Pecking Order9 Capital Structure (IV):Market Timing10 Investment Bank and Securities Issue-IPO and SEOs11 Corporate Governance(I): institutional arrangement and Voting Rule12 Corporate Governance (II): Boards13 Corporate Governance (III): Executive Compensation14 Corporate Governance(IV): Inves
6、tor protection15 M 1 edition.Eckbo, B. Espen (Ed.)，2008，Handbook of Corporate Finance, Volume 2: Empirical Corporate Finance，North Holland; 1 edition.Richard H. Thaler(ed.), 1993, Advances in Behavioral Finance, Russell Sage Foundation.Richard H. Thaler(ed.), 2005, Advances in Behavioral Finance,Vol
7、.II, Russell Sage Foundation.Shefrin, Hersh (ed.), 2001, Behavioral Finance, Vol.1-3, An Elgar Reference Collection. 四、研究方法：坎贝尔，2003， 金融市场计量经济学 ，上海财经大学出版社，中译本。迈克尔.J.塞勒，2004， 金融研究方法论大全必备 ，清华大学出版社，2005 年中译本。伍德里奇， 横截面与面板数据的经济计量分析 ，中国人民大学出版社， 2007 年。（美）卡梅隆，特里维迪， 微观计量经济学方法与应用（英文版） ，机械工业出版社，周业安 中国人民大学经济学院
8、 http:/ Rights Reserved2008 年。Kothari, S.P. and Jerold B.Warner, 2007, “The Econometrics of Event Studies”, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1 (Handbooks in Finance Series, Elsevier/North-Holland), Ch. 1, 2007.Stata的使用。比如A. Colin Cameron ，Pr
9、avin K Trivedi ，2009，Microeconometrics Using Stata，Stata Press，1 edition .五、相关综述：（一）公司金融的契约观基本讨论：1、朱民，刘俐俐，1989，“企业金融结构之谜现代企业金融资本结构理论简介”，载于汤敏、茅于轼（主编），现代经济学前沿专题 第一集，商务印书馆2、哈里斯和拉维，1991，“资本结构理论”，载于卢俊（编译），2003，资本结构理论研究译文集，上海三联书店，上海人民出版社，ISBN 7-208-04705-7。3、哈特，2000，“金融合同”，载于比较，第16辑，中信出版社，2005年1月。（二）公司金融的
10、契约观资本结构1.Murray Z. Frank and Vidhan K. Goyal，2008， “Trade-off and Pecking Order Theories of Debt”, i In The Handbook of Corporate Finance, Volume 2:Empirical Corporate Finance, Chp.12, edited by Espen Eckbo. New York: Elsevier/North Holland, 2008.2.Linda Schmid Klein,Thoas J. OBrien,Stephen R Peters
11、,2002, “DEBT vs. EQUITY AND ASYMMETRIC INFORMATION:A REVIEW”， The Financial Review37(3):317-349.3.John R. Graham,2008, “Taxes and Corporate Finance”, In The Handbook of Corporate Finance, Volume 2:Empirical Corporate Finance, Chp.11, edited by Espen Eckbo. New York: Elsevier/North Holland, 2008.4.Pa
12、rsons, Chris and Sheridan Titman, “Capital Structure and Corporate Strategy”, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2 (Handbooks in Finance Series, Elsevier/North-Holland), Ch. 13, 2008.5. Parsons ,Christopher and Sheridan Titman, 2008, “Empirica
13、l Capital Structure: A Review”, Foundations and Trends in Finance,Vol. 3, No. 1 (2008) 193.http:/ Jay R. ,2003, “Investment Banking and Secrities”, in Constantinides ,G.M. , M. Harris, R.M. Stulz (Eds.)，2003，Handbook of the Economics of Finance: Corporate Finance Volume 1A，Chapter 5,North Holland.2、
14、Alexander Ljungqvist,2007, “IPO Underpricing”, In The Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1, Chp.7, edited by Espen Eckbo. New York: Elsevier/North Holland, 2007. 3. Eckbo, B. Espen, Ronald W.Masulis and Oyvind Norli, 2007, “Security Offerings” ,In The Handbook of Corp
15、orate Finance: Empirical Corporate Finance, Volume 1,Chp.6, edited by Espen Eckbo. New York: Elsevier/North Holland, 2007.（四）股利政策Allen, Franklin，Roni Michaely，2003, “Payout Policy”，in Constantinides , G.M. , M. Harris, R.M. Stulz (Eds.)，2003，Handbook of the Economics of Finance: Corporate Finance Vo
16、lume 周业安 中国人民大学经济学院 http:/ Rights Reserved1A，Chp.7,North Holland.Kalay, Avner and Michael Lemmon,2008, “Payout Policy”, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2 (Handbooks in Finance Series, Elsevier/North-Holland), Ch. 10, 2008.（五）公司投资：1.Stein, J
17、eremy C., 2003, “Agency, Information and Corporate Investment”, in Constantinides , G.M. , M. Harris, R.M. Stulz (Eds.)，2003，Handbook of the Economics of Finance: Corporate Finance Volume 1A, Chapter 2，North Holland.2.Maksimovic, Vojislav and Phillips, Gordon M.,2007, “Conglomerate Firms and Interna
18、l Capital Markets”, In The Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1, Chp.8, edited by Espen Eckbo. New York: Elsevier/North Holland, 2007.（六）公司治理1.Shleifer, Andrei, and Robert W. Vishny, 1997, “ A Survey of Corporate Governance”, Journal of Finance 52, 737-83.2. Becht, Ma
19、rco,Patrick Bolton and Alisa Rell,2003, “Corporate Governance and Control”, In Constantinides ,G.M. , M. Harris, R.M. Stulz (Eds.)，2003，Handbook of the Economics of Finance: Corporate Finance Volume 1A，Chp.1,North Holland.3. Tirole, Jean, 2001, “ Corporate Governance”, Econometrica, 69, 1-35.4. Zing
20、ales Luigi，1997, “Corporate Governance”, The New Palgrave Dictionary of Economics and the Law。（七）行为公司金融Baker, Malcolm, Richard Ruback and Jeffrey Wurgler,2007, “Behavioral Corporate Finance: A Survey.“ In The Handbook of Corporate Finance: Empirical Corporate Finance, Volume 1,Chp.4, edited by Espen
21、 Eckbo. New York: Elsevier/North Holland, 2007.（八）并购Betton, Sandra, B. Espen Eckbo, and Karin S.Thorburn, 2008, “Corporate Takeovers”, in B. Espen Eckbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, Volume 2 (Handbooks in Finance Series, Elsevier/North-Holland), Ch. 15, 2008.六、阅
22、读文献：1、 Overview: Topics and ToolA. Backgound巴金斯和小米兰蒂，2002，公司财政史，中国经济出版社。2、Efficient market hypothesis , Behavioral corporate finance, and corporate financial decisionA. Backgound 科普兰，温斯顿和萨斯特里，2007， 金融理论与公司政策 ，第1、10、11章。蒙蒂尔，2003， 行为金融:洞察非理性心理和市场 ，第1、2、7章。周业安 中国人民大学经济学院 http:/ Rights ReservedB. Effici
23、ent market hypothesis vs Behavioral corporate financeFama, Eugene F. 1970. “Efficient Capital Markets: A Review of Empirical Work,” Journal of Finance. 25, pp. 383-417.Fama, Eugene F. 1991. “Efficient Capital Markets II,” Journal of Finance 46(5):1575-1617.赫什舍夫林，2007， 行为公司金融 创造价值的决策 ，第2章3、Corporate
24、Investment (I): Empirics; Financial ConstraintsA. Backgound科普兰，温斯顿和萨斯特里，2007， 金融理论与公司政策 ，第2章。B. Investment-Cash Flow SensitivitiesFazzari, S.M., R.G. Hubbard and B.C. Petersen ,1988, “Financing Constraints and Corporate Investment,” Brookings Papers on Economic Activity, 141-195. Kaplan, Steven N. a
25、nd Luigi Zingales ,1997, “Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?,” Quarterly Journal of Economics 112: 169-216.Kaplan, Steven N. and Luigi Zingales,2000, “Investment-Cash Flow Sensitivities Are Not Valid Measures of Financing Constraints”,Quarterly Jo
26、urnal of Economics, 115,707-712.Lamont, Owen ,1997, “Cash Flow and Investment: Evidence from Internal Capital Markets”, Journal of Finance 52, pp. 83-109.Moyen, Nathalie, 2004, Investment-cash flow sensitivities: Constrained versus unconstrained firms. Journal of Finance, 59(5), 2061-2092.Rauh, Josh
27、ua D., 2006, Investment and financing constraints: evidence from the funding of corporate pension plans, Journal of Finance 61, 33-71.Bushman, Robert M., Abbie Smith, and Frank Zhang,2008, “Investment-Cash Flow Sensitivities Are Really Investment-Investment Sensitivities,” Available at SSRN: http:/
28、Other Financial ConstraintsRhodes-Kropf ,Matthew, David T. Robinson,2008, “The Market for Mergers and the Boundaries of the Firm”, Journal of Finance,Volume 63, Issue 3，pp:1169 1211Maksimovic, Vojislav,Gordon Phillips,2008, “The Industry Life Cycle, Acquisitions and Investment: Does Firm Organizatio
29、n Matter?”, Journal of Finance, Volume 63, Issue 2，pp:673 708.Nini, Greg, David C. Smith, Amir Sufi, 2009, “Creditor control rights and firm investment policy”, Journal of Financial Economics, Volume 92, Issue 3, Pages 400-420 .4、Corporate Investment (II): Asymmetric Information and AgencyA. Backgou
30、nd 科普兰，温斯顿和萨斯特里，2007， 金融理论与公司政策 ，第12章。B. Asymmetric InformationMyers, Stewart and N. Majluf (1984), “Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have”, Journal of Financial Economics 13, pp. 周业安 中国人民大学经济学院 http:/ Rights Reserved187-222.C. AgencyJens
31、en, Michael C. and William H. Meckling ,1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3: 305-360. Jensen, Michael C. ,1986, “Agency Costs of Free Cash Flow, Corporate Finance, andTakeovers,” American Economic Review 76: 323-329.
32、 Fama, E., and M. Jensen, 1983, “Separation of Ownership and Control,” Journal of Law and Economics 26, 301-325.D. Diversity and Internal Capital MarketsLang, Larry H. P. and Rene M. Stulz, 1994，“Tobins q, Corporate Diversification, and Firm Performance,” Journal of Political Economy, Vol. 102, 1248
33、-1280.Stein, Jeremy C. ,1997, “Internal Capital Markets and the Competition for Corporate Resources,” Journal of Finance 52: 111-133.Scharfstein, David S. and Jeremy C. Stein,2000,“The Dark Side Of Internal Capital Markets: Divisional Rent-Seeking And Inefficient Investment,“ Journal of Finance55(6)
34、: 2537-2564.Rajan, Raghuram, Henri Servaes and Luigi Zingales ,2000, “The Cost of Diversity: TheDiversification Discount and Inefficient Investment”, Journal of Finance 55, pp. 35-80.Desai, Mihir A., C. Fritz Foley and James R. Hines, Jr. ,2004,“A Multinational Perspective On Capital Structure Choic
35、e And Internal Capital Markets,“Journal of Finance 59, no. 6, 2451-2488.Mehmet E. Akbulut and John G. Matsusaka,2008, “50+ Years of Diversification Announcements“ , University of Southern California. University of Southern California Law and Economics Working Paper Series. Working Paper 73. http:/ M
36、athews ,Richmond D. ,David T. Robinson,2008， “Market Structure, Internal Capital Markets, and the Boundaries of the Firm”, Journal of Finance, Volume 63, Issue 6，pp:2703 2736.Santalo, Juan ,Manuel Becerra, 2008, “Competition from Specialized Firms and the Diversification-Performance Linkage”, Journa
37、l of Finance, Volume 63, Issue 2 ，pp:851 883.Fee ,C. Edward, Charles J. Hadlock, and Joshua R. Pierce ,2009, “Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms “,Review of Financial Studies 22: 2361-23925、Corporate Inve
38、stment (III): Behavioral Corporate FinanceA. Backgound赫什舍夫林，2007， 行为公司金融 创造价值的决策 ，第3章。B.Behavioral corporate financeStein, Jeremy C. ,1989, “Efficient Capital Markets, Inefficient Firms: A Model of Myopic Corporate Behavior,” Quarterly Journal of Economics 104: 655-669.Stein, Jeremy C.,1996, “Ration
39、al Capital Budgeting in an Irrational World,” Journal of Business 69: 429-455.Heaton, J.B. ,2002, “Managerial Optimism and Corporate Finance”, Financial Management 31, pp.33-45.周业安 中国人民大学经济学院 http:/ Rights ReservedMalmendier, Ulrike and Geoffrey Tate ,2005a, “CEO Overconfidence and Corporate Investm
40、ent”, Journal of Finance 60(6), pp. 2661-2700.Malmendier, Ulrike and Geoffrey Tate ,2005b, “Does Overconfidence Affect Corporate Investment? CEO Overconfidence Measures Revisited.” European Financial Management 11(5): 649-659.Polk, Christopher and Paola Sapienza , 2009, “The Stock Market and Corpora
41、te Investment: A Test of Catering Theory ”,Review of Financial Studies 22: 187-217.Friedman ,Henry,2007, “Does Overconfidence Affect Entrepreneurial Investment?”, Working Paper, Wharton Research Scholars Journal,The Wharton School, University of Pennsylvania.Baker, Malcolm,2009,“Market-Driven Corpor
42、ate Finance,“ Working Pape. Available at SSRN: http:/ Structure (I): Modigliani-Miller Theorem, Trade-offA. Backgound 科普兰，温斯顿和萨斯特里，2007， 金融理论与公司政策 ，第15章。让梯若尔，2007， 公司金融理论 ，第2章。张春，2008， 公司金融学 ，中国人民大学出版社，第 2 章。Miller, Merton H. ,1988, “The M-M Propositions After 30 Years,” Journal of Economic Perspect
43、ives 2: 99-120. B. Modigliani-Miller TheoremModigliani, Franco and Merton H. Miller ,1958, “The Cost of Capital, Corporation Finance, and the Theory of Investment,” American Economic Review 48: 261-297. Miller, Merton H. ,1977, “Debt and Taxes,” Journal of Finance 32: 261-275. Fama, Eugene F. ,1978,
44、“The effects of a firms investment and financing decision.” American Economic Review 68, 272-284. C. Trade-offWarner, Jerold,1977, “Bankruptcy costs: Some evidence.” Journal of Finance 32, 337-348. DeAngelo, Harry and Ron Masulis,1980, “Optimal capital structure under corporate taxes.” Journal of Fi
45、nancial Economics 8, 5-29. Graham, John R.,2000, “How big are the tax benefits of debt?” Journal of Finance 551901-1941. Strebulaev ,Ilya A.,2007, “Do Tests of Capital Structure Theory Mean What They Say?”，Journal of Finance,Volume 62， Issue 4，pp:1747 1787.Byoun, Soku, 2008， “How and When Do Firms A
46、djust Their Capital Structures toward Targets?”, Journal of Finance, Volume 63, Issue 6，pp:3069 3096.7、Capital Structure (II): Financial ContractingA. Backgound Harris, Milt and Athur Raviv ,1991, “The Theory of Capital Structure”, Journal of Finance 46, pp.297-355.张春，2008， 公司金融学 ，中国人民大学出版社，第 5 章。周业
47、安 中国人民大学经济学院 http:/ Rights ReservedB. Optimal Contracts with Costly State VerificationTownsend, Robert，1979, “Optimal Contracts and Competitive Markets with Costly State Verification”, Journal of Economic Theory 21, pp. 265-293.Gale, Douglas and Martin Hellwig ,1985, “Incentive-Compatible Debt Contr
48、acts: the One-Period Problem”, Review of Economic Studies 52, pp. 647-663.C. Incomplete Contracts哈特，1998， 企业、合同与财务结构,第5章。Aghion, Phillipe and Patrick Bolton ,1992, “An Incomplete Contracts Approach to Financial Contracting”, Review of Economic Studies 59, pp. 473-494.D. empirical evidenceKaplan, Steven and Per Stromberg ,2003, “Financial Contracting Theory Meets the Real World:An Empirical Anal
