DEPARTAMENTO

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DEPARTAMENTO....: CONTABILIDADE, FINANÇAS E CONTROLE (CFC)

CURSO.......................: CMA/CDA

DISCIPLINA..............: CORPORATE FINANCE

PROFESSOR..............: WESLEY MENDES DA SILVA

Contato: wesley.silva@fgv.br

Semestre: 2o./2013

Versao: Mar/2013

PROGRAMA

OBJETIVOS DO CURSO

O objetivo do curso é discutir os fundamentos teóricos da Corporate Finance.

Quais são evolução teórica e aspectos empíricos para três principais decisões financeiras: Financiamento, Investimento e Governança Corporativa? O enfoque do curso será a abordagem de criação de valor aos acionistas em todas as dimensões da moderna teoria financeira.

CONTEÚDO

Corporate Finance under Perfect Capital Markets: Modigliani-Miller

Taxes and Capital Structure

Agency problems and capital structure

Adverse Selection and Capital Structure

Dividend Policy

Initial Public Offerings (IPOs)

 Financing Constraints e Ciclo de negócio

 Governança Corporativa

Security Design/The Structure of Corporate Liabilities

Near-Rational Investors and Corporate Finance

METODOLOGIA

O programa será desenvolvido através de aulas-expositivas baseadas em discussões dos artigos que serão indicados para cada tópico do programa. Não temos um livro texto para o curso.

CRITÉRIOS DE AVALIAÇÃO

Participação nas discussões ............................................................... 20%

Prova Parcial .................................................................................. . 40%

Exame Final .............................................................................. 40%

BIBLIOGRAFIA

Modigliani, F. and M. Miller "The Cost of Capital, Corporation Finance and the Theory of Investment" American Economic Review, June 1958, 261-297.

Modigliani, F. and M. Miller "Corporate Income Taxes and the Cost of Capital"

American Economic Review, June 1963, 433-443.

Miller, M., "Debt and Taxes," Journal of Finance , June 1977, 32, 261-276.

Jensen, M. and W. Meckling, "Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure," Journal of Financial Economics , October 1976, 3, 305-

360.

Myers, S.C. "Determinants of Corporate Borrowing" Journal of Financial Economics,

November 1977, 147-176.

Jensen, M., "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,"

American Economic Review , May 1986, 76, 323-329.

Ross, S., "The Determination of Financial Structure: The Incentive Signalling Approach,"

Bell Journal of Economics , Spring 1977, 23-40.

Leland, H. and D. Pyle, "Information Asymmetries, Financial Structure, and Financial

Intermediation," Journal of Finance , 32, 1975 371-388.

Myers, S. and N. Majluf, "Corporate Financing and Investment Decisions When Firms

Have Information that Investors Do Not Have," Journal of Financial Economics , June

1984,187-221.

Bhattacharya, S., "Imperfect Information, Dividend Policy, and the 'Bird in the Hand'

Fallacy," Bell Journal of Economics , Spring 1979, 259-270.

John, K. and J. Williams, "Dividends, Dilution, and Taxes: A Signalling Equilibrium,"

Journal of Finance , September 1985, 40, 1053-1070.

Miller, M. and K. Rock, "Dividend Policy Under Asymmetric Information," Journal of

Finance , September 1985, 40, 1031-1051.

(CW chapters 15 and 16 respectively, provides some background reading, as well as a

Rock, K., 1986, Why new issues are underpriced, Journal of Financial Economics 15,

187-212.

Chemmanur, T., 1993, The pricing of initial public offerings: A dynamic model with information production, Journal of Finance 48, 285-304.

Chemmanur, T., and P. Fulghieri, Investment bank reputation, information production, and financial intermediation, Journal of Finance , 1994.

Allen, F. and G. Faulhaber, 1989, Signaling by underpricing in the IPO market, Journal of Financial Economics 23, 303-23.

Gale, David and Martin Hellwig (1985), "Incentive Compatible Debt Contracts: The One

Period Problem," Review of Economic Studies , 52, 646-663.

Harris, Milton and Artur Raviv (1989), "The Design of Securities," Journal of Financial

Economics , 24, 255-287.

Bolton, P. and D. Scharfstein, "Optimal debt structure and the number of creditors,"

Journal of Political Economy 104:1 (January 1996), 1-25.

Hart, O. and J. Moore (1989), "Default and Renegotiation: A Dynamic Model of Debt," mimeo, 1989.

Allen, F. and D. Gale (1988) "Optimal Security Design," Review of Financial Studies , 1,

229-263.

Townsend, R. (1979) "Optimal contracts and Competitive Markets with Costly State

Verification," Journal of Economic Theory , 21, 265-293.

Heaton, J. B., 1998, "Managerial optimism and corporate finance," working paper

De Meza, D., and C. Southey, 1996, "The borrower's curse: Optimism, Finance, and

Entrepreneurship," The Economic Journal.

Manove, M., 1998, "Entrepreneurs, optimism, and the competitive edge."

Manove, M., and J. Padilla, 1999, "Banking (conservatively) with optimists," Rand

Journal of Economics

Bernardo, A., and I. Welch., 2000, "On the evolution of overconfidence and entrepreneurs."

(+/T) Lombardo, D., and M. Pagano, 2000, "Legal Determinants of the return on

Equity," working paper.

(+/T) Du, J., 2000, "Government Business Relationship and International Corporate

Finance," working paper.

Shleifer, A., and R. Vishny, 1994, "Politicians and Firms," Quarterly Journal of

Economics.

La Porta, R, F. Lopez-de-silanes, A. Shleifer, and R. Vishny, 1997, "Legal Determinants of External Finance," Journal of Finance.

La Porta, R, F. Lopez-de-silanes, A. Shleifer, 1999, "Corporate Ownership around the world," Journal of Finance.

La Porta, R, F. Lopez-de-silanes, A. Shleifer, and R. Vishny, 1998, "Law and Finance,"

Journal of Political Economy.

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