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1、周业安 中国人民大学经济学院 http:/ 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, including: corporate i
2、nvestment; capital structure and financial contracting; corporate governance ; mergers & acquisitions, and so on. Second, the course puts a major emphasis on empirical methodology , especially on some papers based on the Chinese financial market data. Third, the course emphasizes research in underst
3、anding of financial decision-making in firms by traditional model and behavioral corporate finance.Course Assignments and Grading There will be a few longer theoretical & empirical assignments. I will count class participation (including evidence of intelligently reading the required papers and disc
4、ussing them), and you may write a working paper according to theoretical & empirical assignments before this term ending. This paper must model or give some empirical evidences on listed companies in China. The grade composition will be as follows:30% for a working paper;20% for class participation;
5、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(all are undergraduate courses). Schedule of classesClass Topic1Overview: Topics and Tool2Efficient market hypothesis , Behavioral corporate f
6、inance, and corporate financial decision3Corporate Investment (I): Empirics; Financial Constraints4Corporate Investment (II): Asymmetric Information and Agency; Diversification and Internal Capital Markets5Corporate Investment (III): Behavioral corporate finance6Capital Structure (I): Modigliani-Mil
7、ler Theorem, Trade-off7Capital Structure (II): Financial Contracting8Capital Structure (III): Asymmetric Information and Pecking Order9Capital Structure (IV):Market Timing10Investment Bank and Securities Issue-IPO and SEOs11Corporate Governance(I): institutional arrangement and Voting Rule12Corporat
8、e Governance (II): Boards13Corporate Governance (III): Executive Compensation14Corporate Governance(IV): Investor protection15M&A 16Dividends and Repurchases17Final examReadings（阅读材料）： 一、国外教材：科普兰，温斯顿和萨斯特里，2007，金融理论与公司政策，上海财经大学出版社，中译本。让梯若尔，2007，公司金融理论，中国人民大学出版社，中译本。威斯通，米切尔和马尔赫林，2006，接管、重组与公司治理，北京大学出版
9、社，中译本。哈特，1998，企业、合同与财务结构，上海三联书店，上海人民出版社，中译本蒙蒂尔，2003，行为金融:洞察非理性心理和市场，中国人民大学出版社，中译本。赫什舍夫林，2007，行为公司金融创造价值的决策，中国人民大学出版社，中译本。de Matos， Joao Amaro ，2001，“Theoretical Foundations of Corporate Finance”， Princeton University Press .二、国内教材：张春，2008，公司金融学，中国人民大学出版社。朱武详等，2006，中国公司金融学，上海三联书店。汪昌云，2006，公司财务政策与公司治理
10、：中国的实践，中国人民大学出版社。刘力等，2007，信念、偏好与行为金融学，北京大学出版社。三、论文集：马斯科西莫维，津巴，2007，金融经济学手册，世纪出版集团，上海人民出版社，中译本。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。丘和思腾斯特公司（主编），新公司金融：理论与实践，中信出版社，中译本。Michael J. Brennan, 1996, The Theory of Corporate Finance, Vol.1,2,and 3, An Elgar Reference Collection.Constanti
11、nides ,G.M. , M. Harris, R.M. Stulz (Eds.)，2003，Handbook of the Economics of Finance: Corporate Finance Volume 1A，North Holland.Eckbo, B. Espen (Ed.)，2007，Handbook of Corporate Finance, Volume 1: Empirical Corporate Finance，North Holland; 1 edition.Eckbo, B. Espen (Ed.)，2008，Handbook of Corporate Fi
12、nance, 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.II, Russell Sage Foundation.Shefrin, Hersh (ed.), 2001, Behavioral Finance, Vol
13、.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，2008年。Kothari, S.P. and Jerold B.Warner, 2007, “The Econometrics of Event Studies”, in B. Espen Eckbo (e
14、d.), 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 ，Pravin 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
15、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,2002, “DEB
