courses4

Corporate Finance

Syllabus

Other syllabus

Session 1: Difference in difference and Matching, see Duflo

Session 2 (May, 3rd) : Finance and growth, see Lecture1_296.pdf from Sraer

(*) King & Levine, “Finance and Growth: Schumpeter May be Right,” Quarterly Journal of Economics 108, 1993.

(*) Rajan & Zingales, “Financial Dependence and Growth,” American Economic Review 88, 1998

(*) Bertrand, Schoar & Thesmar, "Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985," Journal of Finance, 2007

(*) Jayaratne & Strahan, "The Finance‐Growth Nexus: Evidence from Bank Branch Deregulation," Quarterly Journal of Economics 111, 1996.

(*) Cetorelli & Strahan, “Finance as a Barrier to Entry: Bank Competition and Industry Structure in Local U.S. Markets”, Journal of Finance, 61, 2006

(*) Black & Strahan, “Entrepreneurship and Bank Credit Availability”, Journal of Finance, 57, 2002.

(*) Kalemli-Ozcan, Sørensen& Yosha, “Risk Sharing and Industrial Specialization: Regional and International Evidence” The American Economic Review, 93, 2003.

(*) Rauh “Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans”, Journal of Finance 61, 2006.

Public Policies: Improving Access to Finance

Banerjee & Duflo, “Do Firms want to borrow more ? Testing Credit Constraint Using a Directed Lending Program”, Mimeo, 2004.

Lelarge, Sraer & Thesmar, “Entrepreneurship and Credit Constraint: Evidence from a French Loan Guarantee Program”, Mimeo, 2008

Bilal, “Export incentives, financial constraints and the (mis)allocation of credit: micro‐level evidence from subsidized export loans”, Journal of Financial Economics, 2007.

Paravisini, “Local Bank Financial Constraints and Firm Access to External Finance”, Journal of Finance, Forthcoming.

Butler, A. W., and J. Cornaggia, 2009, Does Access to External Finance Improve Productivity? Evidence from a Natural Experiment, Journal of Financial Economics

Tor-Erik Bakke 2009 How does Finance Affect Growth? Evidence from a Natural Experiment in Venezuela

Vig, V., 2007, .Access to collateral and corporate debt structure: Evidence from natural experiment,.Working paper, London Business School.

Emerging market finance

AI Khwaja, A Mian - 2008 Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market American Economic Review,

AI Khwaja, A Mian 2005 Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market - The Quarterly Journal of Economics, 2005 - MIT Press

Chang, Chun

Session 2 (May, 24th) : Internal Investment (Review of the lecture)

Survey

Stein. (2003), “Agency, Information and Corporate Investment,” in: G. Constantinides, M. Harris and R. Stulz (eds.), Handbook of the Economics of Finance, Amsterdam, North‐Holland.

Fazzari, S. M., R. G. Hubbard and B.C. Petersen (1988), “Financing Constraints and Corporate Investment,” Brookings Papers on Economics Activity, pp. 141-195.

Papers

􀀹 Modigliani & Miller (1958), “The Cost of Capital, Corporation Finance, and the Theory of

Investment,” American Economic Review 48, pp. 261‐297.

􀀹 Miller (1977), “Debt and Taxes,” Journal of Finance 32, pp. 261‐275.

􀀹 Miller (1988), “The Modigliani‐Miller Propositions After 30 Years,” Journal of Economic

Perspectives 2, pp. 99‐120. Brookings Papers on Economics Activity, pp. 141‐195.

􀀹 (*) Kaplan & Zingales (1997), “Do Investment‐Cash Flow Sensitivities Provide Useful Measures of

Financing Constraints?” Quarterly Journal of Economics 112, pp. 159‐216.

􀀹 (*) Rauh (2006), “Investment and Financing Constraints: Evidence from the Funding of Corporate

Pension Plans,” Journal of Finance 61, pp. 33‐71.

􀀹 (*) Lamont (1997), “Cash Flow and Investment: Evidence from Internal Capital Markets,” Journal

of Finance 52, pp. 83‐109.

􀀹 Blanchard, Lopez‐de‐Silanes & Shleifer, Andrei (1994), “What do firms do with cas windfalls?”

Journal of Financial Economics 36, pp. 337‐360.

􀀹 (*) Chaney, Sraer & Thesmar (2008), “The collateral channel: how real estate shocks affect

corporate investment”, HEC working paper.

􀀹 (*) Malmendier, Ulrike and Geoffrey Tate (2005), “CEO Overconfidence and Corporate

Investment”, Journal of Finance 60, pp. 2661‐2700

􀀹 (*) Almeida, Campello & Weisbach, “The Cash Flow Sensitivity of Cash”, Journal of Finance, 52,

2004.

􀀹 Bates, Kahle & Stulz, “Why do US Firms hold so much more cash than they used to ?”, NBER

Working Paper 12534, 2006.

􀀹 (*) Riddick & Whited, “The Corporate Propensity to Save”, Mimeo, 2007.

Session 3 (June, 7th) : Corporate governance

Survey papers

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