sina博客容量太磕碜了。。。继续~~

sina博客容量太磕碜了。

继续~~
Corporate Finance:
Information, Investors and Corporate Policy
这⾥⾯有些不属于corporate finance 的范畴。

他⼭之⽯，可以攻⽟，知识⾯⼴⼀些对做research很有好处。

不同领域本来就有交叉，想分很清楚也不太容易。

Akerlof, George. 1970. “The market for “lemons”: Qualitative Uncertainty and the Market Mechanism”. Quarterly Journal of Economics, 89, 488-500. (要是让我列个My favorite Top 10 papers, 这篇⽂章绝对在其中。

Akerlof 居然⽤最最简单的model,来把⼀个最最复杂的理论解释得清清楚楚，难怪能得诺贝尔奖。

现在有些⼈正好相反，⽤最最复杂的model, 把⼀个最最简单的理论解释得晕头转向。

这些⼈其实不应该做finance, 应该去搞数学或物理。

)
Ross, S. 1977. “The Determinants of Capital Structure: The Incentive-signaling Approach”. Bell Journal of Economics 8, 23-40. (Ross的这篇也很经典。

提起他⼤多数⼈会想起APT, 其实他对corporate finance 贡献也很⼤。

这篇很有上⾯提到的Akerlof 的风格，都是⽤很简单的model阐述⼀个深奥的理论。

Ross这个⼈也很不错，平易近⼈，很幽默，健谈，没有⼀点架⼦，和谁都能见⾯熟。

⼈格魅⼒指数：100/100。

)
Myers, S.C., and Majluf, N.? 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 187-221. (影响很⼤的⼀篇⽂章。

后来的IPO underpricing 和Pecking order theory 等等许多都基于此。

可以说对corporate finance 各个领域都有影响。

）
Hart, O. 2001. “Financial Contracting”. Journal of Economic Literature 39, 1079-1100.
Thakor. 1989. “Strategic Issues in Financial Contracting: An Overview”. Financial Management, 39-58.
Spence, Michael. 1973. “Job market signaling”. Quarterly Journal of Economics, 87, 355-74.
Rothschild, Michael., and Stiglitz, Joseph. 1976. “Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information”. Quarterly Journal of Economics, 90, 629-649.
Grossman, Sanford., and Stiglitz, Joseph E. 1980. “On the Impossibility of Informationally Efficient Markets”. American Economic Review, 70, 393-408.
Merton, Robert C. 1987. “A Simple Model of Capital Market Equilibrium with Incomplete Information”. Journal of Finance, 483-510.
Corporate Finance:
Capital Structure, Financing Decisions, Investment and Taxes
Miller, M., and Modigliani, F. 1958.“The Cost of Capital, Corporation Finance, and the Theory of Investment”. American Economic Review, 261-297. (什么，没读过？你洗洗睡吧。

少数⼏篇做Finance⽽获诺贝尔经济学奖的⼤作，不读不⾏。

) Miller, M., and Modigliani, F. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction”. American Economic Review, 433-443. (这是他们AER1958⼤作的续篇。

那篇⼤作中有⼀处错误，但当时没有什么⼈能看得懂这篇划时代的巨作，就像爱因斯坦当年发表相对论⼀样。

直到5年后被他们⾃⼰发现，才有了这篇⽂章。

不过，原⽂的结论不受影响，所以他们才在30⼏年后得了诺贝尔奖。

)
Harris, M. and A. Raviv. 1991. “The Theory of Capital Structure”. Journal of Finance, 297-368. (MM之后capital structure基本上被做烂了，⽂章数量只能⽤汗⽜充栋来形容。

看这篇review paper 能让你少看不少papers.)
Baker, M., and Wurgler, J. 2002. “Market Timing and Capital Structure”, Journal of Finance, 1-32. (⼀篇很有创意的⽂章，算是behavioral corporate finance 最有代表性的佳作。

该⽂引起很⼤争议，到今天批它的⽂章恐怕只有⽤过江之鲫来形容。

到不是这俩⼈对头多，只是这篇⽂章影响太⼤，批它⽐批⼀篇不出名的⽂章更容易引起⼈们的兴趣，和⽅⾈⼦打假有点相似。

) Frank, M., and Goyal, V. 2003. “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics 67, 217-248. (很有名的⼀篇paper, 虽然我不太喜欢。

该⽂曾获JFE的奖，是近年来在capital structure这个领域有影响的⽂章。

) Mehrotra, V., Mikkelson, M., and Partch, M. 2003. “The Design of Financial Policies in Corporate Spin-offs”. Review of Financial Studies 16, 1359-1388. (Idea有新意。

Mikkelson 曾报怨这篇paper被under appreciated。

)
Berger, P., Ofek, E., and Yermack, D. 1997. “Managerial Entrenchment and Capital Structure Decisions”. Journal of Finance, 1411-1437.
Masulis, R., 1980. “The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers”. 1980. Journal of Financial Economics, 139-178.
Chemmanur, T., and Paolo, F. 1999. “A Theory of the Going-Public Decision”. Review of Financial Studies 12, 249-279. Dunbar, C. 1995. “The Use of Warrants as Underwriter Compensation in Initial Public Offerings”. Journal of Financial Economics 38, 59-78.
DeAngelo, H., and Masulis, R. 1980. “Optimal Capital Structure under Corporate and Personal Taxation”. Journal of Financial Economics 8, 3-29.
Miller, M. 1977. “Debt and Taxes”. Journal of Finance 32, 261-275.
Graham, J. 2000. “How Big are the Tax Benefits of Debt?”. Journal of Finance 55, 1901-1941. (Graham 是个很能想很有创意的⼈。

本来这个topic都被做烂了，但他能想出⼀些个很新奇很有创造性的⽅法去做。

佩服ing. )
Graham, J. 2003. “Taxes and Corporate Finance: A Review”. Review of Financial Studies 16, 1075-1129.
Kaplan, S., and Stromberg, P. 2003. “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts”. Review of Economic Studies, 285-315.
Andrade, G., and Kaplan, G. 1998. “How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged
Transactions that Became Distressed”. Journal of Finance 53, 1443-1493. (题⽬是不是不好懂？Kaplan的⼀贯风格是⽤data 来轰炸你，弄得你晕头转向。

看过这篇就有体会了。

)
Kaplan, S., and Zingales, L. 1997. “Do Financing Constraints Explain Why Investment Is Correlated With Cash Flow?”. Quarterly Journal of Economics, 169-215. (Cash flow sensitivity 的争论就是他们搞起来的。

)
Gertner, R., and Scharfstein, D. 1991. “A Theory of Workouts and the Effects of Reorganization Law”. Journal of Finance 46, 1189-1222.
Froot, K., Scharfstein, D., and Stein, J. 1993. “Risk Management: Coordinating Corporate Investment and Financing Policies”. Journal of Finance 48, 1629-1658.
Fama, E., and French, K. 2005. “Financing Decisions: Who Issues Stock”. Journal of Financial Economics, 549-582. Fama, E., and French, K. 2002. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt". Review of Financial Studies, 1-37. (读Fama-French的⽂章有时候并不⼀定因为是篇好⽂，只是因为别⼈都读。

)
Corporate Finance:
Corporate Governance
Shleifer, A., and Vishny, R. 1997. “A Survey of Corporate Governance”. Journal of Finance, 737- 783. (做corporate governance 的如何能够不读这篇paper. Corporate governance 这个词就是他们定义出来的。

)
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Investor Protection and Corporate Governance”. Journal of Financial Economics, 3-27.
Brickley, J., Coles, J., and Terry,R. 1994. “Outside Directors and the Adoption of Poison Pills”. Journal of Financial Economics 35, 371-390.
Byrd, J., and Hickman, K. 1992. “Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids”. Journal of Financial Economics 32, 195-222.
Core, J., Holthausen, R., and Larcker, D. 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”. Journal of Financial Economics 51, 371-406.
Cotter, J., Shivdasani, A., and Zenner, M. 1997. “Do Independent Directors Enhance Target Shareholders Wealth During Tender Offers?”. Journal of Financial Economics 43, 195-218.
Harford, J. 2003. “Takeover Bids and Target Directors’ Incentives: The Impact of a Bid on Directors’ Wealth and Board Seats”. Journal of Financial Economics, 51-83.
Denis, D., and Sarin, A. 1999. “Ownership and Board Structures in Publicly Traded Corporations”. Journal of Financial Economics 52, 187-224.
Del Guercio, D., Dann, L., and Partch, Megan. 2003. “Governance and Boards of Directors in Close-end Investment Companies”. Journal of Financial Economics 69, 111-152.
Gompers, P., Ishii, J., and Metrick, A. 2003. “Corporate Governance and Equity Prices”. Quarterly Journal of Economics 118, 107-155. (这篇⽂章也有些争议，不过现在是被引⽤得越来越多了。

)
Hermalin, B., and Weisbach, M. 1988. “The Determinants of Board Composition”. RAND Journal of Economics 19, 589-606. Hermalin, B., and Weisbach, M. 2003. “Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature”. Federal Reserve Bank at New York, Economic policy review, April 2003. (⼀篇survey paper，虽然不是发表在学术期刊上，但值得⼀读。

)
Jensen, M. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”. Journal of Finance, 831-880. (记得是Jensen在某⼀年的讲话，读⼀下吧。

)
Mikkelson, W., and Partch, M. 1997. “The Decline of Takeovers and Disciplinary Managerial Turnover”. Journal of Financial Economics 44, 205-228. (1997年获JFE⼤奖的⽂章。

觉得还是挺有创意的。

)
Weisbach, M. 1988. “Outside Directors and CEO Turnover”. Journal of Financial Economics 20, 431-460. (最早的⼀篇研究board composition 对corporate policy影响。

)
Yermack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”. Journal of Financial Economics 40, 185-211. (最早研究board size对firm value的影响。

Yermack很会充分利⽤data，他⽤这套数据写了好⼏篇⽂章。

) Shivdasani, A., and Yermack, D. 1999. “CEO Involvement in the Selection of New Board Member: an Empirical Analysis”. Journal of Finance 54, 1829-1853.
Yermack, D. 2004. “Remuneration, Retention, and Reputation Incentives for Outside Directors”. Journal of Finance 59, 2281-2308.
Rosenstein, S., and Wyatt, J. 1997. “Inside Directors, Board Effectiveness, and Shareholder Wealth”. Journal of Financial Economics 44, 229-248.
Shivdasani, Anil. 1993. “Board Composition, Ownership Structure and Hostile Takeovers”. Journal of Accounting and Economics, 167–198. (忘了这篇⽂章为什么有名，好像是找到了关于busy directors 的什么，引起后来的争论。

)
Fich, E., and Shivdasani, A. 2006. “Are Busy Boards Effective Monitors”. Journal of Finance, 689-724. (Shivdasani 是个印度⼈，但英语说得基本上没什么⼝⾳。

应该什么时候把他请过来教⼀教如何练⼝语。

)
Ferris, S., Jagannathan, M., and Pritchard, A. 2003. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments”. Journal of Finance, 1087-1112.
Vafeas, Nikos. 1999. “Board Meeting Frequency and Firm Performance”. Journal of Financial Economics, 113–142. (这是⼀篇典型的data mining的⽂章。

其实hypothesis⼀点都不make sense, 但结果够噱头，就可在JFE上发。

我们从中要学到的是先要看data, 如果结果够interesting, 再来写⽂章。

)
Perry, Tod., and Peyer, Urs. 2005. “Board Seat Accumulation by Executives: A Shareholder's Perspective”. Journal of
Finance, 2083–2123. (算是the board of directors ⽐较新的研究了。

忘了好在哪⾥。

)
Corporate Finance:
Mergers and Acquisitions
Mitchell, M. And Mulherin, J. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity”. Journal of Financial Economics, 193-229. (这篇很经典，提出了M&A⼏个原因之⼀。

)
Shleifer, A. and Vishny, R. 2003. “Stock Market Driven Acquisitions". Journal of Financial Economics, 295-311. (现代M&A理论中很有名的⼀篇，也和behavioral finance 沾边。

但我觉得model并不很好反映他们的理论。

Model 说的其实是mispricing driven acquisitions, ⽽他们想表达的意思应该⽐这⼴。

)
Jensen, M., and Ruback, R. 1983. “The Market for Corporate Control: The Scientific Evidence”. Journal of Financial Economics, 5-50. (关于M&A最早，也是被研究的最多的观点 –The market for corporate control. )
Harford, J. 2005. “What Drives Merger Waves?”. Journal of Financial Economics, 529-560.
Jarrell, G.A., Brickley, J. and Netta, J. 1988. “The Market for Corporate control: The Empirical Evidence Since 1980.”? Journal of Economic Perspectives, 2:49-68.
Travlos, Nickolaos. 1987. “Corporate Takeover Bids, Methods of Payment, and Bidding Firm’s Stock Returns”. Journal of Finance 42, 943-963.
Stulz, R. 1988. “Managerial Control of Voting Rights: Financial Policies and the Market for Corporate Control”. Journal of Financial Economics, 25-54. (我觉得还不错，但现在好像引⽤的少了。

不过就冲Rene Stulz的⼤名，也值得⼀读。

) Healy, Paul., Palepu, Krishna., and Ruback, Richard. 1992. “Does Corporate Performance Improve after Mergers?”. Journal of Financial Economics 31, 135-175.
Halpern, Paul. 1982. “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”. Journal of Finance 38, 297-317.
Fuller, K., Netter, J., and Stegemoller, M. 2002. “What do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions”. Journal of Finance, 1763-1793.
Ecobo, Espen. 1983. “Horizontal Mergers, Collusion, and Stockholder Wealth”. Journal of Financial Economics 11, 241-273. Roll, Richard. 1983. “The Hubris Hypothesis of Corporate Takeovers”. Journal of Business 59, 197-216. (都知道Roll对Asset Pricing 的贡献，却不知他对behavioral corporate finance 也有独到的眼光。

)
Fama, E., Fisher, L., Jensen, M., and Roll, Richard. 1969. “The Adjustment of Stock Prices to New Information”. International Economic Review 1, 1-21. (Event studies 的始作俑者。

)
Dodd, P., and Warner, J. 1983. “On Corporate Governance: a Study of Proxy Contests”. Journal of Financial Economics 11, 401 - 438. (Event studies 的名篇，不过到今天event studies 已经不是什么了不起的事，⼤家也渐渐的不引⽤这些⽂章了, 直接做就⾏了。

下⾯三篇也是同样情况。

)
Brown, Stephen., and Warner, Jerold. 1980. “Measuring Security Price Performance”. Journal of Financial Economics 8, 205-285.
Brown, Stephen., and Warner, Jerold. 1985. “Using Daily Stock Returns: The Case of Event Studies”. Journal of Financial Economics 14, 3-32.
MacKinlay, C. 1997. “Event Studies in Economics and Finance”. Journal of Economic Literature 35, 13-39.
Dann, L.Y., and DeAngelo, H. 1983. “Standstill Agreements, Privately Negotiated Stock Repurchases and the Market for Corporate Control”. Journal of Financial Economics, 275-300.
Martin, K., and McConnell, J. 1991. “Corporate Performance, Corporate Takeovers, and Management Turnover”. Journal of finance, 671-687.
Kaplan, S., and Weisbach, M. 1992. “The Success of Acquisitions: Evidence from Diverstitures”. Journal of Finance 47, 107-138.
Kaplan, S. 1989. “The Effects of Management Buyouts on Operating Performance and Value”. Journal ofFinancial Economics 24, 217-254. (Kaplan就是搞这个起家的。

他也带动了研究MBO的潮流。

)
Kaplan, S., and Stein, J. 1990. “How Risky is the Debt in Highly Leveraged Transactions?”. Journal of Financial Economics, 215-246. (LBO也是他的最爱。

)。