《
财务管理专题 》教学大纲
课程名称：财务管理专题
课程英文名称：Empirical Research in Corporate Finance
课内学时：32
课程学分：2
课程性质：选修课
开课学期：每学年第一学期
教学方式：课堂讲授
考核方式：考试
大纲执笔人：吕鹏
主讲教师：吕鹏
师资队伍：王震、吕鹏
一、课程内容简介
This course is designed to examine a variety of research methods for addressing important
empirical issues in corporate finance research. It builds on published journal articles and working
papers. A deeper purpose of this course is to prepare students to perform creditable dissertation
research in corporate finance.
二、课程目的和基本要求
This course acquaints students with the logistical difficulties of collecting and analyzing a
data set by requiring them to replicate and test a model or hypothesis in one of the papers studied
in this course to the case of China. I will ask each student who is registered for the course to be
responsible for leading the discussion of one related papers during part of the course. Each student
must choose a different paper and clear his or her choice with me in advance.
三、教学内容及学时安排
1.
2.
3.
4.
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7.
8.
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10.
11.
An Overview of the Theory of Corporate Finance
Valuation
Initial Public Offerings
Capital Structure
Dividend Policy
Corporate Control and Restructuring
Corporate Governance
Corporate Diversification
Incentive and Management Compensation
Earnings Management
Intangible Assets
四、推荐教材及主要参考书
教材 ： 无教材，自选经典文献
部分文献列表
Corporate Finance Theory:

Jensen, M.C., and W.H. Meckling, 1976, Theory of the firm: Managerial behavior, agency
costs and ownership structure, Journal of Financial Economics 3, 305-360.

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Luigi Zingales, 2000, In search of new foundations, Journal of Finance 55, 1623-1653.
Myers, Stewart and Nicholas Majluf, 1984, Corporate financing and investment decisions
when firms have information that investors do not have, Journal of Financial Economics
13, 187-221.

Schmidt, Klaus, 2003, Convertible securities and venture capital finance, Journal of
Finance 58, 1139-1166.

Sunder, Shyam, 2001, Knowing what others know: Common knowledge, accounting, and
capital markets, Working paper, Yale University.
Valuation:

Chan, Louis K.C., Karceski Jason and Josef Lakonishok, 2003, The level and persistence
of growth rates, Journal of Finance 58, 643-684.

Ofek, Eli and Matthew Richardson, 2003, DotCom Mania: The rise and fall of internet
stock prices, Journal of Finance 58, 1113-1137.

Sunder, Shyam, 2001, Value of the firm: Who gets the goodies? Working paper, Yale
University.
IPO:

Paul Schultz, 2003, Pseudo market timing and the long-run underperfromance of IPOs,
Journal of Finance 58, 483-517.

Eun, Cheol and Sanjin Sabherwal, 2003, Cross-border listings and price discovery:
Evidence from US-listed Canadian stocks, Journal of Finance 58, 549-575.

Ljungqvist Alexander and William Wilhelm Jr., 2003, IPO Pricing in the dot-com bubble,
Journal of Finance 58, 723-752.

Lowry, Michelle and William Schwert, 2002, IPO market cycles: Bubbles or sequential
learning? Journal of Finance 57, 1171-1200.

Ritter, Jay, 1991, The long-run performance of initial public offerings, Journal of Finance
46, 3-28.

Datta, Sudip, Mai Iskandar-Datta, and Ajay Patel, 2000, Some evidence on the uniqueness
of initial public debt offerings. Journal of Finance 55, 715-743.

Aggarwal, Reena, Nagpurnanand Prabhala, and Manju Puri, 2002, Institutional allocation
in IPOs: Empirical evidence, Journal of Finance 57, 1421-1442.
Capital Structures:

Graham, John and Campbell Harvey, 2001, The theory and practice of corporate finance:
Evidence from the field, Journal of Financial Economics 60, 187-243.

Graham, John and Campbell Harvey, 2003, The theory and practice of corporate finance:
The data, Working paper, Duke University.

Graham, John, 2000, How big are the tax benefits of debt? Journal of Finance 55,
1901-1941.

Booth, Laurence, Varouj Aivazian, Asli Demirguc-Kunt, Vojislav Maksimovic, 2001,
Capital structures in developing countries: Journal of Finance 56, 87-130.

Titman, Sheridan and Roberto Wessels, 1984, The determinants of capital structure
choices. Journal of Finance 43, 1984, 1-19.

Noe, Thomas, Michael, Rebello, and Jun Wang, 2003, Corporate financing: An artificial
agent-based analysis, Journal of Finance 58, 943-973.

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Welch, Ivo, 2002, Capital structure and stock returns, Working Paper, Yale University.
Hadlock, Charles and Christopher James, 2002, Do banks provide financial slack?
Journal of Finance 57, 1383-1419.

Baker, Malcolm and Jeffrey Wurgler, 2002, Market timing and capital structure, Journal
of Finance 57, 1-32.

Faulkender, Michael and Mitchell Petersen, 2002, Does the source of capital affect capital
structure? Working paper, Northwestern University.

Granham, John and Daniel Rogers, 2002, Do firms hedge in response to tax incentives?
Journal of Finance 57, 815-839.
Dividend Policy:

Shefrin, Hersh and Meir Statman, 1984, Explaining investor preference for cash
dividends, Journal of Financial Economics 13, 253-282.

Charest Guy. Dividend information, stock returns and market efficiency. Journal of
Financial Economics 6, 297-330.

Conroy, Robert, Kenneth Eades, and Robert Harris, 2000, A test of relative pricing effects
of dividends and earnings: Evidence from simultaneous announcements in Japan. Journal
of Finance 55, 1199-1227.

Bell, Leonie and Tim Jenkinson, 2002, New evidence of the impact of dividend taxation
and on the identity of the marginal investor, Journal of Finance 57, 1321-1346.

Bartov, Eli, 1991, Open-market stock repurchases as signals for earnings and risk changes,
Journal of Financial Economics 14, 275-294.

Kallapur, Sanjay, 1994, Dividend payout ratios as determinants of earnings response
coefficients, Journal of Accounting and Economics 17, 359-375.

Boehme, Rodney and Sorin Sorescu, 2002, The long-run performance following dividend
initiations and resumptions: Underreaction or product of chance? Journal of Finance 57,
871-900.
Corporate Control and Restructuring:

Jensen, M.C. and Richard S. Ruback, 1976, The market for corporate control: The
scientific evidence. Journal of Financial Economics 3, 575-613.

Thomas Lys and Linda Vincent, 1995, An analysis of value destruction in AT&T
acquisition of NCR. Journal of Financial Economics 39, 353-378.

Healy, Paul, Krisna Palepu, and Richard Ruback, 1992, Does corporate performance
improve after mergers? Journal of Financial Economics 31, 135-175.

Datta, Sudip, Mai Iskandar-Datta and Kartik Raman, 2001, Executive compensation and
corporate acquisition decisions. Journal of Finance 56, 2299-2336.

Anderson, Ronald and David Reeb, 2003, Founding-family ownership and firm
performance: Evidence from the S&P 500, Journal of Finance 58, 1301-1328.

Field, Laura and Jonathan Karpoff, 2002, Takeover defense and IPO firms, Journal of
Finance 57, 1857-1889.
Corporate Governance:

Parrino, Robert, Richard Sias, and Laura T. Starks, 2002, Voting with their feet:
Institutional ownership changes around forces CEO turnover, Journal of Financial
Economics.

Ferris, Stephen, Murali Jagannathan, A.C. Pritchard, 2003, Too busy to mind the business?
Monitoring by directors with multiple board appointments, Journal of Finance 58,
1087-1111.
Porta, Rafael La, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert Vishny, 2002,
Investor protection and corporate valuation, Journal of Finance 57, 1147-1170.
Porta, Rafael La, Florencio Lopez-de-Silanes, and Andrei Shleifer, 2002, Government
ownership of banks, Journal of Finance 57, 265-301.
Porta, Rafael La, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert Vishny, 2000,
Investor protection and corporate governance, Journal of Financial Economics 58, 3-27.
Porta, Rafael La, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert Vishny, 1998,
Law and finance. Journal of Political Economy 106, 1113-1155.
Schipani, Cindy and Junhai Liu, 2002, Corporate governance in China, Working paper,
University of Michigan.
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Allen, Franklin, Jun Qian, and Meijun Qian, 2002, Law, finance, and economic growth in
China, Working paper, Wharton School.

Gillan, Stuart, 2001, Option-based compensation: Panacea or Pandora’s box? Journal of
Applied Corporate Finance 14, 115-128.

Bhattacharya, Utpal and Hazem Daouk, 2002, The world price of insider trading, Journal
of Finance 57, 75-108.

Bai, Chong-En, Qiao Liu, Joe Lu, Frank Song, and Junxi Zhang, 2003, Corporate
governance and market valuation in China, Working paper, University of Michigan.
Corporate Diversification:

Denis, David, Diane Denis, and Keven Yost, 2002, Global diversification, industrial
diversification, and firm value, Journal of Finance 57, 1951-1979.

Mansi, Sattar and David Reeb, 2002, Corporate diversification: What gets discounted?
Journal of Finance 57, 2167-2183.

Graham, John, Michael, Lemmon, and Jack Wolf, 2002, Does corporate diversification
destroy value? Journal of Finance 57, 695-720.

Maksimovic, Vojislaw and Gordon Phillips, 2002, Do conglomerate firms allocate
resources inefficiently across industries? Theory and evidence, Journal of Finance 57,
721-767.
Incentive and Management Compensation

Begley,J., Feltham,G.A., 1999, An empirical examination of the relation between debt
contracts and management incentives, Journal of Accounting and Economics, 27:229-259.

Brick, I.E., Palmon, O., Wald J.K., 2002, CEO Compensation, Director Compensation,
and Firm Performance, working paper.
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Baker, G.P., Hall, B.J., 1998, CEO Incentives and Firm Size, working paper.
Hadlock, C.J., Lumer, G.B., 1997, Compensation, Turnover, and Top Management
Incentives: Historical Evidence, The Journal of Business, 70 (2): 153-187.

Gibbons, R., Murphy, K.J., 1992, Does Executive Compensation Affect Investment?
Working paper.

Jensen, M.C., Murphy, K.J., 1990, Performance Pay and Top-management Incentives,
Journal of Political Economy.
Earnings Management:

Teoh, S. H., I. Welch, and T.J. Wong, 1998a, Earnings management and the long-run
market performance of initial public offerings, Journal of Finance 53, 1953-1974.

Teoh, S. H., Welch, I., and T.J. Wong, 1998b, Earnings management and the
underperformance of seasoned equity offerings, Journal of Financial Economics 50, pp.
62-99.

Aharony, Joseph, Jevons C. Lee, and T.J. Wong, 2000, Financial packaging of IPO firms
in China. Journal of Accounting Research.

Marquardt, Carol and Christine Wiedman, 2002, How are earnings managed? An
examination of specific accruals, Working paper, New York University.

Ducharme Larry, Paul Malatesta, and Stephan Sefcik, 2002, Earnings management, stock
issues, and shareholder lawsuits, Working paper, University of Washington.
Intangible Assets:

Hirschey,M., Weygandt, J.J.,1985, Amortization Policy for Advertising and Research and
Developmnet Expenditures, Journal of Accounting Research, 23,1: 326-335.

Barth, M.E., Kasznik,R. and Mcnichols, M.F., 1999,Analyst Coverage and Intangible
Assets, Journal of Accounting Research, 39,1:1-34.

Barth, M.E. Celment, M.B., Foster,G., Kasznik,R.,1998, Brand Values and Capital Market
Valuation, Review of Accounting Studies,3,41-48.

Aboody,D., Lev,B.,2000,Information Asymmetry, R&D, and Insider Gains, The Journal
of Finance,15,6:2747-2766.

Chan, Louis K.C., Lakonishok,J.,1999, The stock Market valuation of research and
development expenditures,working paper.

Aboody, D.,Lev,B., 1998,The value relevance of intangibles: The case of software
Capitalization, Journal of Accounting Research, 36,supplement,161-191.