ࡱ> [ R^bjbjIΐΐ*/ ==8\T=:www}}}TTTTTTT$V$YAT-'[["''AT==wnT...'Z=wi8wT.'T..nN[Qw*拧Q,O TT0TPY,*Y@QYQ(}2 H."$,}}}ATAT'.}}}T''''Y}}}}}}}}}  : TSINGHUA UNIVERSITY SCHOOL OF ECONOMICS AND MANAGEMENT Corporate Finance around the Globe Preliminary SYLLABUS (as of Apr 21, 2008) Professor Jun Qian ( Q) May 2008 Contact Information of the Instructor and Teaching Assistant (TA): Jun QJ Qian, Associate Professor of Finance, Carroll School of Management, Boston College Chestnut Hill, MA 02467; Email:  HYPERLINK "mailto:qianju@bc.edu" qianju@bc.edu; Webpage:  HYPERLINK "http://www2.bc.edu/~qianju" http://www2.bc.edu/~qianju. TA: Mr. Bibo Liu (Chinese name??), Tsinghua University; E-mail:  HYPERLINK "mailto:liubb@sem.tsinghua.edu.cn" liubb@sem.tsinghua.edu.cn. Course Description: This course covers theoretical and empirical research in the main areas of corporate finance and practices around the globe. Topics include (but not limited to) ownership structure and agency problems; project evaluation and risk management; financing choices including equity and debt (domestic and cross-listing), project finance, private equity and venture capital; governance mechanisms including board of directors, executive and employee compensation, mergers, acquisitions and corporate control. We will also compare the applications of various theories to the practice of corporate financing and governance around the globe, with a particular interest in emerging markets and especially corporate sectors in China. The prerequisites of the course are materials from a standard master-level corporate finance course and first-year master/doctoral level courses in microeconomics. Course Requirements and Grading: It is important that the students read all the assigned articles in advance (especially those not marked by an *). Class participation is strongly encouraged. I will call on students to answer questions during class. I will also ask students make a short presentation on assigned papers. Presentations can be done in groups (size of group depends on class size). Papers marked with an (*) in the reading list below are to be presented by students. If you know which paper you want to present before the course begins please contact me or the TA with your choice. Students are also strongly encouraged to present their own research (early stage or completed working papers) in class. There are also two written assignments for the course. Two case studies: The write-up of the case should be handed in for grading and groups should prepare for class discussions; A research proposal or term paper on any topic related to corporate finance. The course grade will be determined by the writeups and discussions of cases (20%), class participation and presentation of papers (30% weight), and the research proposal/term paper (50%). Textbook and Coursepack: Students should consult this book for a review of basic topics in corporate finance: Brealey, Myers, and Allen, Principles of Corporate Finance, 8th edition, McGraw-Hill, 2006; Coursepack of articles (reading list is provided below); Class notes for some lectures (these will be distributed before classes). Reading List: Articles from the following list will be covered in classes; articles marked with an (*) are papers to be presented by students in class; two case studies are also included. I. Overview of Corporate Finance and Governance Jensen, M., and W. Meckling, 1976. Theory of the Firm: Management Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics 3, 305-60. Fama, E., 1980. Agency Problems and the Theory of the Firm, Journal of Political Economy 88, 288-307. Fama, E., and M. Jensen, 1983. Separation of Ownership and Control, Journal of Law and Economics 26, 301-325. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, 1998, Law and Finance, Journal of Political Economy 106, 1113-1155. Allen, F., M. Chui, and A. Maddaloni (2004), Financial Systems in Europe, the USA, and Asia. Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer (DLLS, 2007), The Law and Economics of Self-Dealing, forthcoming, Journal of Financial economics. Allen, Franklin (2005), Corporate Governance in Emerging Economies. II. Corporate Valuation and Financing Choices Harvey, Campbell (2003), The International Cost of Capital and Risk Calculator. Koller, Tim, Marc Goedhart, and David Wessels (4th Edition, Chapter 25 of the McKinsey book Valuation), Valuing Financial Institutions. La Porta, R., F. Lopez-de-Silanes, A. Shleifer and Robert Vishny, 1997. Legal Determinants of External Finance, Journal of Finance 52, 1131-1150. La Porta, R., F. Lopez-de Silanes, A. Shleifer and R. Vishny, 2000. Agency Problems and Dividend Policies around the World, Journal of Finance 55, 1-33. Qian, Jun, and Phil Strahan, 2007. How Laws & Institutions Shape Financial Contracts: the Case of Bank Loans, Journal of Finance 62(6), 2803-2834. Doidge, Craig, Andrew Karolyi, and Rene Stulz (2004), Why are Foreign Firms Listed in the U.S. worth More? Journal of Financial Economics 71, 205-238. Esty, Benjamin (2006), An Overview of Project Finance and Infrastructure Finance, HBS Teaching Note 207-107. Case 1 (HBS Case 9-299-012, 2002), Petrolera Zuata, Petrozuata C.A. Lerner, Josh, and Antoinette Schoar (2005), Does Legal Enforcement Affect Financial Transactions? The Contractual Channel in Private Equity, Quarterly Journal of Economics 120, 223-246. Case 2, ICBCs Dual IPO (2008, written by Allen, Qian and Zhao and Wharton MBA students). III. Ownership Structure and Shareholder Activism La Porta, R., F. Lopez-de-Silanes, and A. Shleifer, 1999, Corporate Ownership around the World, Journal of Finance 54, 471-517. Claessens, S., S. Djankov, and L. Lang, 2000. The Separation of Ownership and Control in East Asian Corporations, Journal of Financial Economics 58, 81-112. (*) Claessens, S., S. Djankov, J. Fan, and L. Lang, 2002. Disentangling the Incentive and Entrenchment Effects of Large Shareholdings, Journal of Finance 57, 2741-2771. Gillan, S., and L. Starks, 2007. The Evolution of Shareholder Activism in the United States, Journal of Applied Corporate Finance 19 (1), 55-73. (*) Brav, A., W. Jiang, F. Partnoy, and R. Thomas, 2007. Hedge Fund Activism, Corporate Governance and Firm Performance, forthcoming, Journal of Finance. IV. Governance Board of Directors Hermalin, B., and M. Weisbach, 1998. Endogenously Chosen Boards of Directors and Their Monitoring of the CEO, American Economic Review 88, 96-118. Hermalin, B., and M. Weisbach, 2003. Boards of Directors as an Endogenously Determined Institutions: A Survey of the Economics Literature, Economic Policy Review 9, 7-26. (*) Bebchuk, L. and A. Cohen, 2005. The Costs of Entrenched Boards, Journal of Financial Economics 78, 409-433. (*) Fich, E., and A. Shivdasani, 2006. Are Busy Boards Effective Monitors? Journal of Finance 61 (2), 689-724. (*) Adams, R., D. Ferreira, 2007. A Theory of Friendly Boards, Journal of Finance 62 (1), 217-250. Boone, A., L. Field, C. Raheja, and J. Karpoff, 2006. The Determinants of Board Size and Composition: An Empirical Analysis, forthcoming, Journal of Financial Economics. V. Executive and Employee Compensation Holmstrm, Bengt, 1979, Moral Hazard and Observability, Bell Journal of Economics 10, 74-91. Jensen, M., and K. Murphy, 1990. Performance Pay and Top-management Incentives, Journal of Political Economy 98, 225-264. Hall, Brian and Jeffrey Liebman, 1998. Are CEOs Really Paid Like Bureaucrats? Quarterly Journal of Economics 113 (3), 653-691. Marcus, A., and N. Kulatilaka, 1994. Valuing Employee Stock Options, Financial Analysts Journal 50, 46-56. Prendergast, Canice, 2002, The Tenuous Tradeoff between Risk and Incentives, Journal of Political Economy 110, 1071-1102. Bebchuk, L., and J. Fried, 2005. Pay without Performance: Overview of the Issues, Journal of Corporation Law 37, 647-673. Weisbach, M., 2007. Optimal Executive Compensation vs. Managerial Power: A Review of Bebchuk-Frieds Pay without Performance, Journal of Economic Literature 45, 419-428. (*) Rajan, R., and J. Wulf, 2006. Are Perks Purely Managerial Excess? Journal of Financial Economics 79, 1-33. (*) Heron, R., and E. Lie, 2007. Does Backdating Explain the Stock Price Pattern around Executive Option Grants? Journal of Financial Economics 83, 271-295. Aragon, George, and Jun Qian, 2008. The Role of High-water Marks in Hedge Fund Compensation, working paper, Boston College. VI. Mergers, Acquisitions, and Corporate Control Grossman, S., and O. Hart, 1981. Takeover Bids, the Free-rider Problem and the Theory of the Corporation, Bell Journal of Economics 11, 42-64. Grossman, S., and O. Hart, 1986. The Costs and Benefits of Ownership: A Theory of Vertical and Lateral Integration, Journal of Political Economy 94 (4), 691-719. Shleifer, A., and R. Vishny, 1986. Large Shareholders and Corporate Control, Journal of Political Economy 94 (3), 461-488. Jensen, M. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review 76, 323-329. Holmstrom, B., and Kaplan, S., 2001. Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s, Journal of Economic Perspectives 15 (2), 121-144. Shleifer, A., and R. Vishny, 2003. Stock Market Driven Acquisitions, Journal of Financial Economics 70 (3), 295-311. Moeller, S., F. Schlingemann, and R. Stulz, 2005. Wealth Destruction on a Massive Scale? A Study of Acquiring-firm Returns in the Recent Merger Wave, Journal of Finance 60, 757-782. Jensen, M., 2005. Agency Costs of Overvalued Equity, Financial Management 34, 5-19. (*) Gompers, P., J. Ishii, and A. Metrick, 2003. Corporate Governance and Equity Prices, Quarterly Journal of Economics 118, 107-155. (*) Core, J., W. Guay, T. Rusticus, 2006. Does Weak Corporate Governance Cause Weak Stock Returns? An Examination of Firm Operating Performance and Investor Expectations, Journal of Finance 61 (2), 655-687. Kisgen, Darren, Weihong Song and Jun Qian, 2008. Are Fairness Opinions Fair? The Case of Mergers and Acquisitions, forthcoming, Journal of Financial Economics. VII. Corporate Finance in Asia and China Rajan, R., and L. Zingales, 1998. Which Capitalism? Lessons from the East Asian Crisis, Journal of Applied Corporate Finance 11(3), 40-48. (*) Morck, R., B. Yeung, and W. Yu, 2000. The Information Content of Stock Markets: Why do Emerging Markets Have Synchronous Stock Price Movement? Journal of Financial Economics 58, 215-260. Rajan, R., L. Zingales, 2003. The Great Reversals: The Politics of Financial Development of the Twentieth Century, Journal of Financial Economics 69 (1), 5-50. (*) Bai, C., Q. Liu, J. Lu, F. Song, and J. Zhang, 2004. Corporate Governance and Corporate Valuation in China, Journal of Comparative Economics 32 (4), 599-616. Allen, F., J. Qian, and M. Qian, 2005. Law, Finance, and Economic Growth in China, Journal of Financial Economics 77 (1), 57-116. Allen, F., J. Qian, and M. Qian, 2008. Chinas Financial System: Past, Present and Future, Chapter 14 in Chinas Great Economic Transformation, Cambridge University Press. Allen, F., R. Chakrabarti, S. De, J. Qian, and M. Qian, 2008. The Financial System Capacities of China and India, working paper, Wharton Financial Institutions Center. (*) Burkart, M., F. Panunzi, and A. Shleifer, 2003. Family Firms, Journal of Finance 58, 2167-2201. (*) Fan, J., T.J. Wong, and T. Zhang 2007. Politically-connected CEOs, Corporate Governance and Post-IPO Performance of Chinas Partially Privatized Firms, Journal of Financial Economics 84, 330-357. (*) K. Chan, K. A. Menkveld, and Z. Yang, 2007. Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount, forthcoming, Journal of Finance. (*) Du, J., O. Rui, S. Wong, 2008. 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