Key Highlights
- Repo Rate increased to 7.25% from 7.0 %
- Reverse Repo Rate, Bank Rate & Cash reserve ratio (CRR) kept unchanged
- To conduct overnight repo or longer-term repo including the right to accept or reject tender(s)under the LAF
Tuesday, October 31, 2006
Wednesday, October 04, 2006
Reading list on Theories of Capital Structure
I. MM Propositions and Trade-off Theory
☆ 1. RWJ Chapter 15 and 16 (or BM Chapter 18)
☆ 2. Miller, Merton, 1988, "The Modigliani-Miller Propositions after Thirty Years," Journal
of Economic Perspectives, 2, 99-120.
☆ 3. Berens, James L., and Charles J. Cuny, 1995, "The Capital Structure Puzzle Revisited,"
Review of Financial Studies, 8, 1185-1208.
4. DeAngelo, Harry and Ronald Masulis, 1980, “Optimal Capital Structure Under
Corporate and Personal Taxation,” Journal of Financial Economics, 8, 3-30.
5. Fama, Eugene F., and Kenneth R. French, 1998, “Taxes, Financing Decisions, and
Firm Value,” Journal of Finance, 53, 819-843.
△ 6. Graham, John R., 2000, “How Big Are the Tax Benefits of Debt,” Journal of Finance,
55, 1901-1941.
II. Capital Structure: Information Asymmetry
☆ 1. Leland, Hayne, and David Pyle, 1977, "Information Asymmetries, Financial Structure,
and Financial Intermediation," Journal of Finance, 32, 371-387.
☆ 2. Myers, Stewart C., and Nicholas Majluf, 1984, "Corporate Financing and Investment
Decisions When Firms Have Information that Investors Do Not Have," Journal of
Financial Economics, 13, 187-222.
☆ 3. Myers, Stewart C., 1984, "The Capital Structure Puzzle," Journal of Finance, 39, 575-
592.
★ 4. Shyam-Sunder, Lakshmi, and Stewart C. Myers, 1999, "Testing Static Tradeoff against
Pecking Order Models of Capital Structure," Journal of Financial Economics, 51,
219-244.
Chirinko, Robert S., and Anuja R. Singha, 2000, " Testing static tradeoff against
pecking order models of capital structure: A critical comment," Journal of Financial
Economics, 58, 417-425.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
3
5. Akerlof, George, 1970, "The Market for ‘Lemons’: Quality Uncertainty and the Market
Mechanism," Quarterly Journal of Economics, 84, 488-500.
6. Ross, Stephen, 1977, "The Determinants of Financial Structure: The Incentive
Signalling Approach," Bell Journal of Economics, 8, 23-40.
III. Capital Structure: Agency Costs
☆ 1. Jensen, Michael, 1986, "Agency Costs of Free Cash Flow, Corporate Finance,
Takeovers," American Economic Review, 76, 323-29.
☆ 2. Harris, Milton, and Arthur Raviv, 1991, "The Theory of Capital Structure," Journal of
Finance, 46, 297-355.
★ 3. Rajan, Raghuram, and Luigi Zingales, 1995, "What Do We Know about Capital
Structure? Some Evidence from International Data," Journal of Finance, 50, 1421-
1460.
△ 4. Parrino, Robert, and Michael S. Weisbach, 1999, "Measuring Investment Distortions
Arising from Stockholder-Bondholder Conflicts," Journal of Financial Economics,
53, 3-42.
5. Jensen, Michael, and William Meckling, 1976, "Theory of the Firm: Managerial
Behavior, Agency Costs, and Ownership Structure," Journal of Financial Economics,
3, 305-360.
6. Myers, Stewart C., 1977, "The Determinants of Corporate Borrowing," Journal of
Financial Economics, 5, 146-175.
7. Myers, Stewart C., 1993, "Still Searching for Optimal Capital Structure," Journal of
Applied Corporate Finance, 6, 4-14.
IV. Interaction between Product Markets and Capital Structure
☆ 1. Brander, James A., and Tracy R. Lewis, 1986, "Oligopoly and Financial Structure,"
American Economic Review, 76, 956-970.
☆ 2. Maksimovic, Vojislav, and Sheridan Titman, 1991, "Financial Policy and Reputation
for Product Quality," Review of Financial Studies, 4, 175-200.
★ 3. Chevalier, Judith, 1995, "Do LBO Supermarkets Charge More? An Empirical Analysis
of the Effects of LBOs on Supermarket Pricing," Journal of Finance, 50, 1095-1112.
4. Titman, Sheridan, 1984, "The Effect of Capital Structure on a Firm's Liquidation
Decision," Journal of Financial Economics, 13, 137-152.
5. Phillips, Gordon M., 1995, "Increased Debt and Product Market Competition: An
Empirical Analysis," Journal of Financial Economics, 37, 189-238.
V. Payout Policy
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
4
1. RWJ Chapter 18 (or BM Chapter 16)
☆ 2. Miller, Merton, and Kevin Rock, 1985, "Dividend Policy under Asymmetric
Information," Journal of Finance, 40, 1031-1052.
☆ 3. Bagwell, Laurie Simon, and John B. Shoven, 1989, "Cash Distributions to
Shareholders," Journal of Economics Perspectives, 3, 129-140.
★ 4. Ikenberry, David, Josef Lakonishok, and Theo Vermaelen 1995, "Market
Underreaction to Open Market Repurchases," Journal of Financial Economics, 39,
181-208.
△ 5. Fama, Eugene F., and Kenneth R. French, 2001, "Disappearing Dividends: Changing
Firm Characteristics or Lower Propensity to Pay," Journal of Financial Economics,
60, 3-43.
6. Stephens, Clifford P., and Michael S. Weisbach, 1998, "Actual Share Reacquisitions in
Open-Market Repurchase Programs," Journal of Finance, 53, 313-333.
7. Jagannathan, Murali, Clifford P. Stephens, and Michael S. Weisbach, 2000, "Financial
Flexibility and the Choice between Dividends and Stock Repurchases," Journal of
Financial Economics, 57, 355-384.
8. Chan, Konan, David Ikenberry, and Inmoo Lee, 2001, "Do Firms Knowingly
Repurchase Stock for Good Reason?" working paper.
VI. Initial Public Offerings
1. RWJ Chapter 19 (or BM Chapter 15)
☆ 2. Ritter, Jay R., 1998, "Initial Public Offerings," Contemporary Finance Digest, 2, 5-30.
☆ 3. Benveniste, Lawrence M, and Paul A. Spindt, 1989, "How Investment Bankers
Determine the Offer Price and Allocation of New Issues," Journal of Financial
Economics, 24, 343-361.
★ 4. Aggarwal, Reena, 2000, "Stabilization Activities by Underwriters after Initial Public
Offerings," Journal of Finance, 55, 1075-1103.
△ 5. Chen, Hsuan-Chi, and Jay R. Ritter, 2000, "The Seven Percent Solution," Journal of
Finance, 55, 1105-1131.
6. Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, "Earnings Management and the
Long-Run Market Performance of Initial Public Offerings," Journal of Finance, 53,
1935-1974.
7. Rock, Kevin, 1986, "Why New Issues Are Underpriced," Journal of Financial
Economics, 15, 187-212.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
5
8. Ritter, Jay R., 1991, "The Long-Run Performance of Initial Public Offerings," Journal
of Finance, 46, 3-27.
9. Brav, Alon, and Paul A. Gompers, 1997, "Myth or Reality? The Long-Run
Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure
Capital-backed Companies," Journal of Finance, 52, 1791-1822.
10. Krigman, Laurie, Wayne H. Shaw and Kent L. Womack, 2001, "Why Do Firms
Switch Underwriters?" Journal of Financial Economics, 60, 245-284.
△ 11. Field, Laura C., and Gordon Hanka, 2001, "The Expiration of IPO Share Lockups,"
Journal of Finance, 56, 471-500.
VII. Security Offerings
☆ 1. Ritter, Jay R., 2002, "Investment Banking and Securities Issuance," Chapter 9 in
Constantinides, Milton and Stulz ed.: Handbook of the Economics of Finance
☆ 2. Stein, Jeremy C., 1989, "Efficient Capital Markets, Inefficient Firms: A Model of
Myopic Corporate Behavior," Quarterly Journal of Economics, 15, 655-669.
☆ 3. Lucas, Deborah J., and Robert McDonald, 1990, "Equity Issues and Stock Price
Dynamics," Journal of Finance, 45, 1019-1043.
★ 4. Alon Brav, Christopher Geczy, and Paul A. Gompers, 2000, "Is the Abnormal Return
Following Equity Issuances Anomalous? " Journal of Financial Economics, 56, 209-
249.
5. Loughran, Tim, and Jay R. Ritter, 1995, "The New Issues Puzzle," Journal of Finance,
50, 23-51.
6. Stein, Jeremy, 1992, "Convertible Bonds as Backdoor Equity Financing," Journal of
Financial Economics, 32, 3-21.
7. Lee, Inmoo, 1997, "Do Managers Knowingly Sell Overvalued Equity," Journal of
Finance, 42, 1439-1466.
8. Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, "Earnings Management and the
Underperformance of Seasoned Equity Offerings," Journal of Financial Economics,
50, 63-99.
VIII. Corporate Control and Corporate Governance
1. RWJ Chapter 30 (or BM Chapter 33)
☆ 2. Shleifer, Andrei, and Robert Vishny, 1986, "Large Shareholders and Corporate
Control," Journal of Political Economy, 94, 461-488.
☆ 3. Shleifer, Andrei, and Robert Vishny, 1997, "A Survey of Corporate Governance,"
Journal of Finance, 52, 737-783.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
6
★ 4. Loughran, Tim, and Anand M. Vijh, 1997, "Do Long-Term Shareholders Benefit From
Corporate Acquisitions," Journal of Finance, 52, 1765-1790.
5. Grossman, Sanford, and Oliver D. Hart, 1980, "Takeover Bids, the Free Rider Problem,
and the Theory of the Corporation," Bell Journal of Economics, 11, 42-64.
6. Jensen, Michael C., and Richard S. Ruback, 1983, "The Market for Corporate Control:
The Scientific Evidence," Journal of Financial Economics, 11, 5-50.
7. Jensen, Michael C., and Kevin J. Murphy, 1990, "Performance Pay and Top
Management Incentives: Historical Evidence," Journal of Political Economy, 98,
225-264.
8. Weisbach, Michael, 1988, "Outside Directors and CEO Turnover," Journal of
Financial Economics, 20, 431-460.
△ 9. Weisbach, Michael, 1995, "CEO Turnover and the Firm’s Investment Decisions,"
Journal of Financial Economics, 37, 159-188.
10. Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, "Management Ownership
and Market Valuation: An Empirical Analysis," Journal of Financial Economics, 20,
293-315.
IX. Financial Distress and Restructuring
☆ 1. Senbet, Lemma, and James Seward, 1995, "Financial Distress, Bankruptcy and
reorganization," Chapter 26 in Jarrow, Maksimovic and Ziemba ed.: Handbooks in
Operations Research and Management Science, Vol 9.
☆ 2. Gertner, Robert, and David Sharfstein, 1991, "A Theory of Workouts and the Effects of
Reorganization Law," Journal of Finance, 46, 1189-1222.
★ 3. Andrade, Gregor, and Steven Kaplan, 1998, "How Costly Is Financial (Not Economic)
Distress? Evidence from Highly Leveraged Transactions That Became Distressed,"
Journal of Finance, 53, 1443-1493.
△ 4. Pulvino, Todd C., 1998, "Do Asset Fire Sales Exist? An Empirical Investigation of
Commercial Aircraft Transactions," Journal of Finance, 53, 939-978.
5. Opler, Tim C., and Sheridan Titman, 1994, "Financial Distress and Corporate
Performance," Journal of Finance, 49, 1015-1040.
X. Event Study Issues
☆ 1. Campbell, John Y., Andrew W. Lo, and A. Craig Mackinlay, 1997, The Econometrics
of Financial Markets, Chapter 4.
★ 2. Loughran, Tim, and Jay R. Ritter, 2000, "Uniformly Least Powerful Tests of Market
Efficiency," Journal of Financial Economics, 55, 361-389.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
7
★ 3. Lyon, John D, Brad M. Barber, and Chih-ling Tsai, 1999, "Improved Methods for Tests
of Long-Run Abnormal Stock Returns," Journal of Finance, 54, 165-201.
4. Brown, Stephen J., and Jerold B. Warner, 1985, "Using Daily Stock Returns: The Case
of Event Studies," Journal of Financial Economics, 14, 3-31.
5. Barber, Brad M., and Lyon, John D, 1996, "Detecting Long-Run Abnormal Stock
Returns: The Empirical Power and Specification of Test-Statistics," Journal of
Financial Economics, 41, 359-399.
6. Fama, Eugene, 1998, "Market Efficiency, Long-Term Returns, and Behavioral
Finance," Journal of Financial Economics, 49, 283-306.
XI. Others
☆ 1. Anderson, Ronald W., and Suresh Sundaresan, 1996, "Design and Valuation of Debt
Contracts," Review of Financial Studies, 9, 37-68.
★ 2. La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 1999, "Corporate
Ownership Around the World," Journal of Finance, 54, 471-517.
★ 3. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny,
2000, "Investor Protection and Corporate Governance," Journal of Financial
Economics, 58, 3-27.
★ 4. Chance, Don M., Raman Kumar, and Rebecca B. Todd, 2000, "The ‘Repricing’ of
Executive Stock Options," Journal of Financial Economics, 57, 129-154.
☆ 1. RWJ Chapter 15 and 16 (or BM Chapter 18)
☆ 2. Miller, Merton, 1988, "The Modigliani-Miller Propositions after Thirty Years," Journal
of Economic Perspectives, 2, 99-120.
☆ 3. Berens, James L., and Charles J. Cuny, 1995, "The Capital Structure Puzzle Revisited,"
Review of Financial Studies, 8, 1185-1208.
4. DeAngelo, Harry and Ronald Masulis, 1980, “Optimal Capital Structure Under
Corporate and Personal Taxation,” Journal of Financial Economics, 8, 3-30.
5. Fama, Eugene F., and Kenneth R. French, 1998, “Taxes, Financing Decisions, and
Firm Value,” Journal of Finance, 53, 819-843.
△ 6. Graham, John R., 2000, “How Big Are the Tax Benefits of Debt,” Journal of Finance,
55, 1901-1941.
II. Capital Structure: Information Asymmetry
☆ 1. Leland, Hayne, and David Pyle, 1977, "Information Asymmetries, Financial Structure,
and Financial Intermediation," Journal of Finance, 32, 371-387.
☆ 2. Myers, Stewart C., and Nicholas Majluf, 1984, "Corporate Financing and Investment
Decisions When Firms Have Information that Investors Do Not Have," Journal of
Financial Economics, 13, 187-222.
☆ 3. Myers, Stewart C., 1984, "The Capital Structure Puzzle," Journal of Finance, 39, 575-
592.
★ 4. Shyam-Sunder, Lakshmi, and Stewart C. Myers, 1999, "Testing Static Tradeoff against
Pecking Order Models of Capital Structure," Journal of Financial Economics, 51,
219-244.
Chirinko, Robert S., and Anuja R. Singha, 2000, " Testing static tradeoff against
pecking order models of capital structure: A critical comment," Journal of Financial
Economics, 58, 417-425.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
3
5. Akerlof, George, 1970, "The Market for ‘Lemons’: Quality Uncertainty and the Market
Mechanism," Quarterly Journal of Economics, 84, 488-500.
6. Ross, Stephen, 1977, "The Determinants of Financial Structure: The Incentive
Signalling Approach," Bell Journal of Economics, 8, 23-40.
III. Capital Structure: Agency Costs
☆ 1. Jensen, Michael, 1986, "Agency Costs of Free Cash Flow, Corporate Finance,
Takeovers," American Economic Review, 76, 323-29.
☆ 2. Harris, Milton, and Arthur Raviv, 1991, "The Theory of Capital Structure," Journal of
Finance, 46, 297-355.
★ 3. Rajan, Raghuram, and Luigi Zingales, 1995, "What Do We Know about Capital
Structure? Some Evidence from International Data," Journal of Finance, 50, 1421-
1460.
△ 4. Parrino, Robert, and Michael S. Weisbach, 1999, "Measuring Investment Distortions
Arising from Stockholder-Bondholder Conflicts," Journal of Financial Economics,
53, 3-42.
5. Jensen, Michael, and William Meckling, 1976, "Theory of the Firm: Managerial
Behavior, Agency Costs, and Ownership Structure," Journal of Financial Economics,
3, 305-360.
6. Myers, Stewart C., 1977, "The Determinants of Corporate Borrowing," Journal of
Financial Economics, 5, 146-175.
7. Myers, Stewart C., 1993, "Still Searching for Optimal Capital Structure," Journal of
Applied Corporate Finance, 6, 4-14.
IV. Interaction between Product Markets and Capital Structure
☆ 1. Brander, James A., and Tracy R. Lewis, 1986, "Oligopoly and Financial Structure,"
American Economic Review, 76, 956-970.
☆ 2. Maksimovic, Vojislav, and Sheridan Titman, 1991, "Financial Policy and Reputation
for Product Quality," Review of Financial Studies, 4, 175-200.
★ 3. Chevalier, Judith, 1995, "Do LBO Supermarkets Charge More? An Empirical Analysis
of the Effects of LBOs on Supermarket Pricing," Journal of Finance, 50, 1095-1112.
4. Titman, Sheridan, 1984, "The Effect of Capital Structure on a Firm's Liquidation
Decision," Journal of Financial Economics, 13, 137-152.
5. Phillips, Gordon M., 1995, "Increased Debt and Product Market Competition: An
Empirical Analysis," Journal of Financial Economics, 37, 189-238.
V. Payout Policy
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
4
1. RWJ Chapter 18 (or BM Chapter 16)
☆ 2. Miller, Merton, and Kevin Rock, 1985, "Dividend Policy under Asymmetric
Information," Journal of Finance, 40, 1031-1052.
☆ 3. Bagwell, Laurie Simon, and John B. Shoven, 1989, "Cash Distributions to
Shareholders," Journal of Economics Perspectives, 3, 129-140.
★ 4. Ikenberry, David, Josef Lakonishok, and Theo Vermaelen 1995, "Market
Underreaction to Open Market Repurchases," Journal of Financial Economics, 39,
181-208.
△ 5. Fama, Eugene F., and Kenneth R. French, 2001, "Disappearing Dividends: Changing
Firm Characteristics or Lower Propensity to Pay," Journal of Financial Economics,
60, 3-43.
6. Stephens, Clifford P., and Michael S. Weisbach, 1998, "Actual Share Reacquisitions in
Open-Market Repurchase Programs," Journal of Finance, 53, 313-333.
7. Jagannathan, Murali, Clifford P. Stephens, and Michael S. Weisbach, 2000, "Financial
Flexibility and the Choice between Dividends and Stock Repurchases," Journal of
Financial Economics, 57, 355-384.
8. Chan, Konan, David Ikenberry, and Inmoo Lee, 2001, "Do Firms Knowingly
Repurchase Stock for Good Reason?" working paper.
VI. Initial Public Offerings
1. RWJ Chapter 19 (or BM Chapter 15)
☆ 2. Ritter, Jay R., 1998, "Initial Public Offerings," Contemporary Finance Digest, 2, 5-30.
☆ 3. Benveniste, Lawrence M, and Paul A. Spindt, 1989, "How Investment Bankers
Determine the Offer Price and Allocation of New Issues," Journal of Financial
Economics, 24, 343-361.
★ 4. Aggarwal, Reena, 2000, "Stabilization Activities by Underwriters after Initial Public
Offerings," Journal of Finance, 55, 1075-1103.
△ 5. Chen, Hsuan-Chi, and Jay R. Ritter, 2000, "The Seven Percent Solution," Journal of
Finance, 55, 1105-1131.
6. Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, "Earnings Management and the
Long-Run Market Performance of Initial Public Offerings," Journal of Finance, 53,
1935-1974.
7. Rock, Kevin, 1986, "Why New Issues Are Underpriced," Journal of Financial
Economics, 15, 187-212.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
5
8. Ritter, Jay R., 1991, "The Long-Run Performance of Initial Public Offerings," Journal
of Finance, 46, 3-27.
9. Brav, Alon, and Paul A. Gompers, 1997, "Myth or Reality? The Long-Run
Underperformance of Initial Public Offerings: Evidence from Venture and Nonventure
Capital-backed Companies," Journal of Finance, 52, 1791-1822.
10. Krigman, Laurie, Wayne H. Shaw and Kent L. Womack, 2001, "Why Do Firms
Switch Underwriters?" Journal of Financial Economics, 60, 245-284.
△ 11. Field, Laura C., and Gordon Hanka, 2001, "The Expiration of IPO Share Lockups,"
Journal of Finance, 56, 471-500.
VII. Security Offerings
☆ 1. Ritter, Jay R., 2002, "Investment Banking and Securities Issuance," Chapter 9 in
Constantinides, Milton and Stulz ed.: Handbook of the Economics of Finance
☆ 2. Stein, Jeremy C., 1989, "Efficient Capital Markets, Inefficient Firms: A Model of
Myopic Corporate Behavior," Quarterly Journal of Economics, 15, 655-669.
☆ 3. Lucas, Deborah J., and Robert McDonald, 1990, "Equity Issues and Stock Price
Dynamics," Journal of Finance, 45, 1019-1043.
★ 4. Alon Brav, Christopher Geczy, and Paul A. Gompers, 2000, "Is the Abnormal Return
Following Equity Issuances Anomalous? " Journal of Financial Economics, 56, 209-
249.
5. Loughran, Tim, and Jay R. Ritter, 1995, "The New Issues Puzzle," Journal of Finance,
50, 23-51.
6. Stein, Jeremy, 1992, "Convertible Bonds as Backdoor Equity Financing," Journal of
Financial Economics, 32, 3-21.
7. Lee, Inmoo, 1997, "Do Managers Knowingly Sell Overvalued Equity," Journal of
Finance, 42, 1439-1466.
8. Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, "Earnings Management and the
Underperformance of Seasoned Equity Offerings," Journal of Financial Economics,
50, 63-99.
VIII. Corporate Control and Corporate Governance
1. RWJ Chapter 30 (or BM Chapter 33)
☆ 2. Shleifer, Andrei, and Robert Vishny, 1986, "Large Shareholders and Corporate
Control," Journal of Political Economy, 94, 461-488.
☆ 3. Shleifer, Andrei, and Robert Vishny, 1997, "A Survey of Corporate Governance,"
Journal of Finance, 52, 737-783.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
6
★ 4. Loughran, Tim, and Anand M. Vijh, 1997, "Do Long-Term Shareholders Benefit From
Corporate Acquisitions," Journal of Finance, 52, 1765-1790.
5. Grossman, Sanford, and Oliver D. Hart, 1980, "Takeover Bids, the Free Rider Problem,
and the Theory of the Corporation," Bell Journal of Economics, 11, 42-64.
6. Jensen, Michael C., and Richard S. Ruback, 1983, "The Market for Corporate Control:
The Scientific Evidence," Journal of Financial Economics, 11, 5-50.
7. Jensen, Michael C., and Kevin J. Murphy, 1990, "Performance Pay and Top
Management Incentives: Historical Evidence," Journal of Political Economy, 98,
225-264.
8. Weisbach, Michael, 1988, "Outside Directors and CEO Turnover," Journal of
Financial Economics, 20, 431-460.
△ 9. Weisbach, Michael, 1995, "CEO Turnover and the Firm’s Investment Decisions,"
Journal of Financial Economics, 37, 159-188.
10. Morck, Randall, Andrei Shleifer, and Robert Vishny, 1988, "Management Ownership
and Market Valuation: An Empirical Analysis," Journal of Financial Economics, 20,
293-315.
IX. Financial Distress and Restructuring
☆ 1. Senbet, Lemma, and James Seward, 1995, "Financial Distress, Bankruptcy and
reorganization," Chapter 26 in Jarrow, Maksimovic and Ziemba ed.: Handbooks in
Operations Research and Management Science, Vol 9.
☆ 2. Gertner, Robert, and David Sharfstein, 1991, "A Theory of Workouts and the Effects of
Reorganization Law," Journal of Finance, 46, 1189-1222.
★ 3. Andrade, Gregor, and Steven Kaplan, 1998, "How Costly Is Financial (Not Economic)
Distress? Evidence from Highly Leveraged Transactions That Became Distressed,"
Journal of Finance, 53, 1443-1493.
△ 4. Pulvino, Todd C., 1998, "Do Asset Fire Sales Exist? An Empirical Investigation of
Commercial Aircraft Transactions," Journal of Finance, 53, 939-978.
5. Opler, Tim C., and Sheridan Titman, 1994, "Financial Distress and Corporate
Performance," Journal of Finance, 49, 1015-1040.
X. Event Study Issues
☆ 1. Campbell, John Y., Andrew W. Lo, and A. Craig Mackinlay, 1997, The Econometrics
of Financial Markets, Chapter 4.
★ 2. Loughran, Tim, and Jay R. Ritter, 2000, "Uniformly Least Powerful Tests of Market
Efficiency," Journal of Financial Economics, 55, 361-389.
Corporate Finance Seminar I National Taiwan University
Fall, 2001 Konan Chan
7
★ 3. Lyon, John D, Brad M. Barber, and Chih-ling Tsai, 1999, "Improved Methods for Tests
of Long-Run Abnormal Stock Returns," Journal of Finance, 54, 165-201.
4. Brown, Stephen J., and Jerold B. Warner, 1985, "Using Daily Stock Returns: The Case
of Event Studies," Journal of Financial Economics, 14, 3-31.
5. Barber, Brad M., and Lyon, John D, 1996, "Detecting Long-Run Abnormal Stock
Returns: The Empirical Power and Specification of Test-Statistics," Journal of
Financial Economics, 41, 359-399.
6. Fama, Eugene, 1998, "Market Efficiency, Long-Term Returns, and Behavioral
Finance," Journal of Financial Economics, 49, 283-306.
XI. Others
☆ 1. Anderson, Ronald W., and Suresh Sundaresan, 1996, "Design and Valuation of Debt
Contracts," Review of Financial Studies, 9, 37-68.
★ 2. La Porta, Rafael, Florencio Lopez-de-Silanes, and Andrei Shleifer, 1999, "Corporate
Ownership Around the World," Journal of Finance, 54, 471-517.
★ 3. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny,
2000, "Investor Protection and Corporate Governance," Journal of Financial
Economics, 58, 3-27.
★ 4. Chance, Don M., Raman Kumar, and Rebecca B. Todd, 2000, "The ‘Repricing’ of
Executive Stock Options," Journal of Financial Economics, 57, 129-154.
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