- 担当教員
- 井上 光太郎
- 使用教室
- 火1-2(W9-311)
- 単位数
- 講義：2 演習：0 実験：0
- 講義コード
- 67079
- シラバス更新日
- 2015年9月24日
- 講義資料更新日
- 2015年9月16日
- 学期
- 後期
講義概要
This is a graduate school course of corporate finance. Its goal is to bring master students to the fundamental of corporate finance study so that they can start their own research in this field and other related field such as investment, corporate management, and accounting. Participants are expected to have basic knowledge of finance such as capital assets pricing model (CAPM) beforehand. This course will follow recent literature in discussing central topics of corporate finance such as corporate governance, capital structure, IPO, mergers and acquisitions, and behavioral corporate finance. In particular, we will focus on empirical studies in these fields. All the participants are expected to read all the assigned papers. In addition, each participant will be assigned several papers in the following reading list. The number of assigned paper per student will depend on the class size. The assigned students are expected to read and analyze the paper deeply to prepare presentation about the paper and lead discussion on the paper in the classes. Other students are also expected to read the paper and prepare discussion in the class. In the last two classes, we will discuss cases to provide students a sense how implications from academic researched and real businesses interact.
講義の目的
Its goal is to bring master students to the fundamental of corporate finance study so that they can start their own research in this field and other related field such as investment, corporate management, and accounting.
講義計画
■Introductionary Lecture: Efficient market and Corporate Finance (Inoue)
(Reference Paper)
Fama (1991) Efficient Market ii
http://www.jstor.org/stable/2328565
Harvey, Liu, and Zhu (2014), “…and the Cross-section of Expected return, ” mimeo.
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2249314
■Long-term Performance (Ikeda)
(Assign paper)
Lyon, Barber and Tsai (1999), "Improved Methods for Tests of Long-Run Abnormal Stock Returns,'' Journal of Finance, 54 (1), 165-201.
http://www.jstor.org/stable/i302119
(Reference Paper)
Fama (1998), "Market efficiency, long-term returns, and behavioral finance,'' ournal of Financial Economics, 49 (3), 283-306.
http://www.sciencedirect.com/science/journal/0304405X/49/3
■Law and Finance（Inoue）
(Assigned Paper)
Spamann (2010), “The "Antidirector Rights Index" Revisited, ” Review of Financial Studies, 23 (2), 467-486.
http://www.jstor.org/stable/40468317
(Reference paper)
La Porta et al. (1998) Law and Finance
http://mba.tuck.dartmouth.edu/pages/faculty/rafael.laporta/docs/publications/LaPorta%20PDF%20Papers-ALL/Law%20and%20Finance-All/Law%20and%20Finance.pdf
La Porta et al. (2008) The Economic Consequences of Legal Origins
http://www.economics.harvard.edu/faculty/shleifer/files/consequences_JEL_final.pdf
■Corporate Governance (Inoue)
(Assign paper)
Gompers, P.A., J.L.Ishii, and A.Metrick (2003) Corporate Governance and Equity Prices
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=278920
(Reference paper)
Shleifer and Vishny (1997) A Survey of Corporate Governance
http://www.economics.harvard.edu/faculty/shleifer/files/SurveyCorpGov.pdf
■CEO（Inoue）
(Assign Paper)
Bertrand and Mullainathan (2003) Enjoying the Quiet Life? Corporate Governance and Managerial Preferences
http://dash.harvard.edu/bitstream/handle/1/3429713/Mullainathan_EnjoyingQuietLife.pdf?sequence=2
(Reference Paper)
Jensen (1986) “Agency Costs of Free Cash Flow and Corporate Control.”
http://www.sml.hw.ac.uk/ms75/GP%20Papers/G32.pdf
■Management and Firm Performance（Inoue）
(Assign Paper)
Nicholas Bloom and John Van Reenen, (2007) Measuring and Explaining Management Practices Across Firms and Countries, Quarterly Journal of Economics 122 (4): 1351-1408.
http://www.stanford.edu/~nbloom/MeasuringManagement.pdf
(Reference Paper)
S. N. Kaplan (1997) Corporate Governance and Corporate Performance: A Comparison of Germany, Japan and the U.S.
http://onlinelibrary.wiley.com/doi/10.1111/j.1745-6622.1997.tb00627.x/abstract
■Managerial Compensation
(Assign Paper)
Cai and Vijh (2007), Incentive Effects of Stock and Option Holdings of Target and Acquirer CEOs, Journal of Finance
http://faculty.lebow.drexel.edu/CaiJ/JF2007.pdf
(Reference Paper)
Core, J.E, W.R.Guay, and D.F. Larcher (2003), Executive Equity Compensation and Incentives: A Survey
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=794806
Frydman, C. (2007) Rising Through the Ranks: The Evolution of the Market for Corporate Executives, 1936-2003
http://web.mit.edu/frydman/www/frydman_market%20for%20executives.pdf
■Large Shareholders
(Assign Paper)
Jay Dahyaa, J., O. Dimitrovb, J.J. McConnell (2008) Dominant shareholders, corporate boards, and corporate value: A cross-country analysis
http://www.sciencedirect.com/science/article/pii/S0304405X07001389
■Managerial Overconfidence
(Assigned Paper)
Malmendier and Tate (2005), CEO Overconfidence and Corporate Investment, Journal of Finance, 2005, 60, 2261-2700
http://www.nber.org/papers/w10807
(Reference Paper)
Baker. M. Ruback, R. and Wurgler, J. Behavioral Corporate Finance
http://pages.stern.nyu.edu/~jwurgler/papers/wurgler_baker_ruback.pdf
■Cash Holdings（Ikeda）
(Assign Paper)
Opler, T., L. Pinkowitz, R. M. Stulz, and R. Williamson (1999), “The Determinants and Implications of Corporate Cash Holdings,”Journal of Financial Economics 52 (1), 3-46.
http://fisher.osu.edu/supplements/10/10402/Determinants-cash-holdings.pdf
(Reference Paper)
Bates, Kahle and Stulz (2009) "Why Do U.S. Firms Hold so Much More Cash than They Used To?'' Journal of Finance 64 (5), 1985-2021.
http://www.jstor.org/stable/i27735160
■Initial Public Offering（Ikeda）
(Assign Paper)
Derrien and Womack (2003), "Auctions vs. Bookbuilding and the Control of Underpricing in Hot IPO Markets,'' Review of Financial Studies, 16 (1), 31-61.
http://www.jstor.org/stable/i253959
(Reference Paper)
Kutsuna and Smith (2004), "Why Does Book Building Drive out Auction Methods of IPO Issuance? Evidence from Japan,'' Review of Financial Studies, 17 (4), 1129-1166.
http://www.jstor.org/stable/i278691
■Mergers and Acquisitions（Inoue）
(Assign Paper)
Jesse Ellis, Sara B. Moeller, Frederik P. Schlingemann, René M. Stulz (2012) Globalization, Governance, and the Returns to Cross-Border Acquisitions
http://www.erim.eur.nl/fileadmin/erim_content/documents/EMSS_May_31_Final.pdf
(Reference paper)
Andrade, Mitchell and Stafford (2001) New Evidence and Perspectives on
Mergers, JEP15(2)
http://www.people.hbs.edu/estafford/Papers/NewEvidence_PerspectivesOnMergers.pdf
■Theory and Practice
(Assign Paper)
Graham, J. and C. Harvey (2001) “The theory and practice of corporate finance: Evidence from the field” Journal of Financial Economics 60, 187-243
http://faculty.fuqua.duke.edu/~jgraham/website/SurveyPaper.PDF
■Case 1: HBS9-201-063: Seagate Technology Buyout（Inoue）
Topic: Efficient Market and Behavioral Corporate Finance
To be distributed in the class.
■Case 2: HOYA and Pentax (Inoue)
Topic: Mergers and Acquisitions, Board of Directors, Large Shareholders
To be distributed in the class.
教科書・参考書等
This class does not have "text book", but students who do not have sufficient knowledge about finance and corporate governance should read basic finance text book such as "Corporate Finance" by Jonathan Berks and Peter DeMarzo.
関連科目・履修の条件等
Finance, Accounting, Corporate Governance
成績評価
The grade of this course is based on the report for the assigned paper and discussion participation (80%), and class participation in the case study classes (20%).
