課程資訊
課程名稱
公司理財專題研討
Semimar Ini Corporate Finance 
開課學期
103-2 
授課對象
管理學院  財務金融學研究所  
授課教師
 
課號
Fin7046 
課程識別碼
723 M8500 
班次
 
學分
全/半年
半年 
必/選修
選修 
上課時間
星期四2,3,4(9:10~12:10) 
上課地點
 
備註
限碩士班以上
總人數上限:10人
外系人數限制:3人 
Ceiba 課程網頁
http://ceiba.ntu.edu.tw/1032Fin7046_ 
課程簡介影片
 
核心能力關聯
核心能力與課程規劃關聯圖
課程大綱
為確保您我的權利,請尊重智慧財產權及不得非法影印
課程概述

Research questions frequently arise as a result of an in-depth examination of an area of research that has already received attention in the finance literature. The research questions take many forms:

(1)investigating previously unanswered questions, perhaps with new data, new techniques, or new models,
(2)corrections of flawed methods,
(3)investigating new phenomena,
(4)new approaches to old problems,

(5)testing implications of theories,
(6)synthesizing previously unconnected research areas,
(7)investigating public policy issues,
(8)improving the measurement of variables, etc.

I believe that by examining how the research has developed in several areas in corporate finance, you can learn how to identify research questions. I also hope that in the process you learn how to decide which research questions merit further consideration and which ones should be dropped.


Spring 2010


Lecturer: Professor Sheng-Syan Chen
Office: 管二館603
Tel: 33661083
E-mail: fnschen@mba.ntu.edu.tw
Consultation Hours: By appointment


I. Course Objectives:

The primary objective of the course is to exchange ideas in corporate finance. I hope that doing this will help you meet several other objectives, namely,

(1) Improve your ability to formulate viable research topics. The means of doing this are to examine a number of research areas in corporate finance to see how they developed, to practice by suggesting lines of research in areas that we discuss, to select areas for discussion, to prepare literature searches, and to engage in discussions of research.
(2) Improve your understanding of current areas of research in corporate finance. The means of doing this is to examine a sampling of current research areas in corporate finance.
(3) Improve your ability to discuss, comment upon, and referee the work of others. The means of doing this are class discussions of papers.
(4) Improve your ability to conduct research in corporate finance. The means of doing this is to conduct a literature search on a topic, formulate a summary of extant research, devise testable hypotheses, and design experiments for future research in corporate finance.


II. Some Philosophy:

Research questions frequently arise as a result of an in-depth examination of an area of research that has already received attention in the finance literature. The research questions take many forms:

(1) investigating previously unanswered questions, perhaps with new data, new techniques, or new models,
(2) corrections of flawed methods,
(3) investigating new phenomena,
(4) new approaches to old problems,
(5) testing implications of theories,
(6) synthesizing previously unconnected research areas,
(7) investigating public policy issues,
(8) improving the measurement 

課程目標
The primary objective of the course is to exchange ideas in corporate finance. I hope that doing this will help you meet several other objectives, namely,

(1)Improve your ability to formulate viable research topics. The means of doing this are to examine a number of research areas in corporate finance to see how they developed, to practice by suggesting lines of research in areas that we discuss, to select areas for discussion, to prepare literature searches, and to engage in discussions of research.
(2)Improve your understanding of current areas of research in corporate finance. The means of doing this is to examine a sampling of current research areas in corporate finance.
(3)Improve your ability to discuss, comment upon, and referee the work of others. The means of doing this are class discussions of papers.
(4)Improve your ability to conduct research in corporate finance. The means of doing this is to conduct a literature search on a topic, formulate a summary of extant research, devise testable hypotheses, and design experiments for future research in corporate finance.  
課程要求
(1)Class Participation: 50%.

To get us started, I have selected several subject areas for class discussion. These papers will get us started and illustrate how the research process works. Your responsibility during these and the remaining class discussions is to be prepared to discuss the papers, so that you can exchange ideas. You will have to read the papers very carefully, criticize them, explain their purposes, hypotheses, methods, findings, importance, etc., and suggest future research.

(2) Research Proposal: 50%.

You are required to submit and present your own research proposal. Your research topic should be in corporate finance. To find a topic, take recent journal issues and inspect the publications. Then, decide a topic that is most interesting to you and potentially has significant contribution to the literature. Your proposal should include two parts:

• Provide, in detail, previous theoretical and/or empirical studies related to your research topic.

• Propose future theoretical and/or empirical research work.

The emphasis in this paper should be on your own suggested future research. Be as definite as you can. Sketch out or even develop your ideas for a research paper that takes the literature one step beyond what you have reviewed. It would be better if you can also provide some preliminary results.
 
預期每週課後學習時數
 
Office Hours
 
指定閱讀
**: Papers that I will discuss in detail in the class.
* : Papers that students will present and criticize.

A. Intra-industry effects and supply chain effects:

**Lang, L. and R. Stulz, 1992, “Contagion and Competitive Intra-Industry Effects of Bankruptcy Announcements,” Journal of Financial Economics 32, 45-60.

*Shahrur, H., 2005, “Industry Structure and Horizontal Takeovers: Analysis of Wealth Effects on Rivals, Suppliers, and Corporate Customers,” Journal of Financial Economics 76, 61-98.

*Hertzel, M., Z. Li, M. Officer, and K. Rodgers, 2008, “Inter-Firm Linkages and the Wealth Effects of Financial Distress Along the Supply Chain,” Journal of Financial Economics 87, 374-387.

*Hsu, H., A Reed, and J. Rocholl, 2010, “The New Game in Town: Competitive Effects of IPOs,” Journal of Finance 46, 1537-1550.

* Cai, J., M. Song, and R. Walkling, 2011, “Anticipation, Acquisitions, and Bidder Returns: Industry Shocks and the Transfer of Information across Rivals,” Review of Financial Studies 24, 2242-2285.

*Bhattacharyya, S. and A. Nain, 2011, “Horizontal Acquisitions and Buying Power: A Product Market Analysis,” Journal of Financial Economics 99, 97-115.

B. Operating performance:

**Healy, P. and K. Palepu, 1990, “Earnings and Risk Changes Surrounding Primary Stock Offers,” Journal of Accounting Research 28, 25-48.

*Lie, E., 2005, “Operating Performance Following Open Market Share Repurchase Announcements,” Journal of Accounting and Economics 39, 411-436.

*Core, J., W. Guay, and T. Rusticus, 2006, “Does Weak Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investors’ Expectations,” Journal of Finance 61, 655-687.

*Gong, G., H. Louis, and A. Sun, 2008, “Earnings Management and Firm Performance Following Open-Market Repurchases,” Journal of Finance 63, 947-986.

*Boone, A. and V. Ivanov, 2012, “Bankruptcy Spillover Effects on Strategic Alliance Partners,” Journal of Financial Economics 103, 551-569.

C. Cash holdings:

**Lang, L., R. Stulz, and R. Walkling, 1991, “A Test of the Free Cash Flow Hypothesis: The Case of Bidder Returns,” Journal of Financial Economics 29, 315-335.

*Lie, E., 2000, “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements,” Review of Financial Studies 13, 219-248.

* Grullon, G. and R. Michaely, 2004, “The Information Content of Share Repurchase Programs,” Journal of Finance 59, 651-681.

*Bates, T., K. Kahle, and R. Stulz, 2009, “Why Do U.S. Firms Hold So Much More Cash than They Used To?” Journal of Finance 64, 1985-2021.

*Gao, H., J. Harford, and K. Li, 2013, “Determinants of Corporate Cash Policy: Insights from Private Firms,” Journal of Financial Economics 109, 623-639.

D. Corporate diversification:

**Berger, P. and E. Ofek, 1995, “Diversification’s Effect on Firm Value,” Journal of Financial Economics 37, 39-65.

*Schoar, A., 2002, “Effects of Corporate Diversification on Productivity,” Journal of Finance 57, 2379-2403.

*Thomas, S., 2002, “Firm Diversification and Asymmetric Information: Evidence from Analysts’ Forecasts and Earnings Announcements,” Journal of Financial Economics 64, 373-396.

*Ahn, S. and D. Denis, 2004, “Internal Capital Markets and Investment Policy: Evidence from Corporate Spinoffs,” Journal of Financial Economics 71, 489-516.

* Duchin, R., 2010, “Cash Holdings and Corporate Diversification,” Journal of Finance 65, 955-992.

*Hund, J., D. Monk, and S. Tice, 2010, “Uncertainty about Average Profitability and the Diversification Discount,” Journal of Financial Economics 96, 463-484.

*Hoechle, D., M. Schmid, I. Walter, and D. Yermack, 2012, “How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance?” Journal of Financial Economics 103, 41-60.

*Duchin, R. and D. Sosyura, 2013, “Divisional Managers and Internal Capital Markets,” Journal of Finance 68, 387-429.

E. Corporate investment decisions:

** Brailsford, T. and D. Yeoh, 2004, “Agency Problems and Capital Expenditures Announcements,” Journal of Business 77, 223-257.

*Masulis, R., C. Wang, and F. Xie, 2007, “Corporate Governance and Acquirer Returns,” Journal of Finance 62, 1851-1889.

*Malmendier, U. and G. Tate, 2008, “Who Makes Acquisitions? CEO Overconfidence
and the Market’s Reaction,” Journal of Financial Economics 89, 29-43.

*Hirshleifer, D., A. Low, and S. Teoh, 2012, “Are Overconfident CEOs Better Innovators?” Journal of Finance 67, 1457-1498.

*Cai, Y. and M. Sevilir, 2012, “Board Connections and M&A Transactions,” Journal of Financial Economics 103, 327-349.

*Harford, J. and R. Schonlau, 2013, “Does the Director Labor Market Offer Ex Post Settling-Up for CEOs? The Case of Acquisitions,” Journal of Financial Economics 110, 18-36.

*Deng, X., J. Kang, and B. Low, 2013, “Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers,” Journal of Financial Economics 110, 87-109.

*Harford, J. and V. Uysal, 2014, “Bond Market Access and Investment,” Journal of Financial Economics 112, 147-163.

*Ishii, J. and Y. Xuan, 2014, “Acquirer-Target Social Ties and Merger Outcomes,” Journal of Financial Economics 112, 344-363.

F. Corporate financing decisions:

** Graham, J. and C. Harvey, 2001, “The Theory and Practice of Corporate Finance: Evidence from the Field,” Journal of Financial Economics 60, 187-244.

*Lemmon, M., M. Roberts, and J. Zender, 2008, “Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure,” Journal of Finance 63, 1575-1608.

*Ovtchinnikov, A., 2010, “Capital Structure Decisions: Evidence from Deregulated Industries,” Journal of Financial Economics 95, 249-274.

*DeAngelo, H., L. DeAngelo, and R. Stulz, 2010, “Seasoned Equity Offerings, Market Timing, and the Corporate Lifecycle,” Journal of Financial Economics 95, 275-295.

*Malmendier, U., G. Tate, and J. Yan, 2011, “Overconfidence and Early-Life Experiences: The Effect of Managerial Traits on Corporate Financial Policies,” Journal of Finance 66, 1687-1733.

*McLean, R., 2011, “Share Issuance and Cash Savings,” Journal of Financial Economics 99, 693-715.

*Uysal, V., 2011, “Deviation from the Target Capital Structure and Acquisition Choices,” Journal of Financial Economics 102, 602-620.

*Denis, D., and S. McKeon, 2012, “Debt Financing and Financial Flexibility: Evidence from Proactive Leverage Increases,” Review of Financial Studies 25, 1897-1929.

*Graham, J., M. Leary, M. Roberts, 2015, “A Century of Capital structure: The Leveraging of Corporate America,” Journal of Financial Economics, forthcoming.

G. Corporate payout policy:

** DeAngelo, H., L. DeAngelo and D. Skinner, 2004, “Are Dividends Disappearing? Dividend Concentration and the Consolidation of Earnings,” Journal of Financial Economics 72, 425-456.

*Massa, M., Z. Rehman, and T. Vermaelen, 2007, “Mimicking Repurchases,” Journal of Financial Economics 84, 624-666.

*Skinner, D., 2008, “The Evolving Relation between Earnings, Dividends, and Stock Repurchases,” Journal of Financial Economics 87, 582-609.

*Peyer, U. and T. Vermaelen, 2009, “The Nature and Persistence of Buyback Anomalies,” Review of Financial Studies 22, 1693-1745.

*Becker, B., Z. Ivković, and S. Weisbenner, 2011, “Local Dividend Clienteles,” Journal of Finance 66, 655-683.

*Michaely, R., and M. Roberts, 2012, “Corporate Dividend Policies: Lessons from Private Firms,” Review of Financial Studies 25, 711-746.

*Dittmar, A. and L. Field, 2015, “Can Managers Time the Market? Evidence Using Repurchase Price Data,” Journal of Financial Economics 115, 261-282.

*Bliss, B., Y. Cheng, and David. Denis, 2015, “Corporate Payout, Cash Retention, and the Supply of Credit: Evidence from the 2008-2009 Credit Crisis,” Journal of Financial Economics, forthcoming.
 
參考書目
待補 
評量方式
(僅供參考)
   
課程進度
週次
日期
單元主題