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1、精品文档就在这里-各类专业好文档,值得你下载,教育,管理,论文,制度,方案手册,应有尽有-財務管理理論與策略2001年春季馬黛教授Office hour: 星期二、五下午2:00- 4:30 90/2/22一.目的:本課程主要在進一步討論財務管理理論中的幾個重要課題,並輔以有關財務決策上的實務探討。理論方面包括資本結構、資本預算、代理理論、股利決策、租賃理論、選擇權之應用、公司控制(corporate control)等課題,策略方面則包括資金籌措、創業投資、資本結構、公司重整(corporate restructuring)、風險管理等主題。上課係以研討方式進行,學生須在課堂上做口頭報告。二

2、.教科書:(教1) Donald H. Chew, Jr., “The New Corporate Finance-Where Theory Meets Practice,” 2nd edition, 1999. (McGraw Hill)(教2) Joel M. Stern and Donald H. Chew, Jr., “The Revolution in Corporate Finance,” 1998. (Blackwell)(教3) Donald H. Chew, Jr., “The New Corporate Finance-Where Theory Meets Practice

3、,” 1st edition, 1993. (McGraw Hill)三.參考書目:(1)Clifford W. Smith, Jr., “The Modern Theory of Corporate Finance,” McGraw-Hill, 1990. (華泰)(2)Robert L. Kuhn, ed., “Capital Raising and Financial Structure,” Homewood: Dow Jones-Irwin, 1990.(3)Robert L. Kuhn, ed., “Mergers, Acquisitions, and LBO, Homewood,”

4、 Dow Jones-Irwin, 1990.(4)Robert L. Kuhn, ed., “Investing and Risk Management,” Homewood, Dow Jones-Irwin, 1990.(5)Robert L. Kuhn, ed., “International Finance and Investing,” Homewood: Dow Jones-Irwin, 1990.四.大綱進度:主題指定(Readings)參考(Readings)n公司財務理論基礎( 1 ) Introduction1.市場效率性(教2) Part I 2(教3) Part I 1

5、,2,3( P ) 1,4,62.資本預算與公司策略(教3) Part II 3 (教1) Part II 11,12( P ) 1,7,8,93.資本結構與股利政策(教1) Part III 15-17(教2) Part III 13,15( P ) 1,3,7,8,10,11,12,15, 20-24,28,36,38,39,42(1) Part Three(1) Part 3 Dividend Puzzle4.資金籌措(教1) Part IV 21,23,25,27,32(教2) Part IV 18( P ) 1,5-10,12,17,18( 2 ) Ch.2,11( 4 ) Ch.8

6、5.風險管理(教1) Part V 36,40, Part IV 30(教2) Part V 25( P ) 1-3(4)6.公司重組與公司控制(教1) 45,49,51-54( P ) 1-4,9,12,14,15,17,20,24, 28,31(2) Ch. 23-26(3) Ch. 6,8,117.員工股票選擇權( P )2,39.其他(公司失敗與重整, 法人/外國股權, 庫藏股, etc.)( P )1,7,(教1) Part VII五.作業:學生須1. 於課堂上就指定範圍為口頭報告(2次),必須做扼要投影片。2. 參與教材討論(6次,事前分配好,並繳書面問題,交由口頭報告者連同其報告

7、一併繳給老師),每篇文章有3位評論。3. 繳書面報告8篇(包括2篇口頭報告)4. 期末報告及作業六.評分: 類 別分數說 明n上課參與討論18%每次滿分3分,由教師視其表現給予0-3分,6次滿分為18分。n口頭報告(1)口頭報告(投影片)(2)書面報告35%20%15%每次滿分10分每篇滿分7.5分,必須有其他相關文獻之補充。n書面報告24%每篇滿分4分,必須有心得。n期末報告15%滿分15分(可以三人一組)n其他8%References1. 市場效率性1-1.Rau R., Dimitrov O. and Cooper M., “A R by Any Other Name”, SSRN_Eu

8、ropean Financial Management1-2Schilta P. H. and Zaman M. A., Oct 2000 , Do the Individuals Closes to Internet Firms Believe They Are Overvalued?, SSRN_Capital Markets , Vol. 3 No. 221-3.Schwartz E. S. and Moon M., May-Jun 2000, Rational Pricing of Internet Companies, Financial Analysts Journal, 62-7

9、51-4Easterwood, John C. and Nutt, Stacey R. 1999. Inefficiency in analysts earnings forecasts: Systematic misreaction or systematic optimism? The Journal of Finance, Vol. LIV, No.5, 1999, 1777-1797.1-5Bernstein, Peter L. 1999. Why the efficient market offers hope to active management. Journal of App

10、lied Corporate Finance, Vol. 12, No.2, 129-136.1-6Fama, Eugene F. 1998. Market efficiency, long-term returns, and behavioral finance. Journal of Financial Economics, 49:283-306.1-7Chen, Carl R., Lin, James Wuh and Sauer, David A. 1997. Earnings announcements, quality and quantity of information, and

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12、n abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43:341-372.1-10Porta, Rafael La. 1996. Expectations and the cross-section of stock returns. The Journal of Finance, Vol. LI, No.5, 1715-1741.1-11Haugen, Robert A. 1996. The effects of

13、intrigue, liquidity, imprecision, and bias on the cross-section of expected stock returns. The Journal of Portfolio Management, 8-17.1-12Fama, Eugene F. and French, Kenneth R. 1996. Multifactor explanations of asset pricing anomalies. The Journal of Finance, Vol. LI, No.1.1-13Pinches, George E. and

14、Lander, Diane M. 1996. The use of NPV in newly industrialized and developing countries: a.k.a What have we ignored?1-14Braun, Phillip A., Nelson, Daniel B. and Sunier, Alain M. 1995. Good news, bad news, volatility, and betas. The Journal of Finance, Vol.L, No.5, 1575-1603.1-15Bajaj, Mukesh and Vijh

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18、eal Options, (Dis) Investment Decision-Making and Accounting measures of Performance, Journal of Business Finance & Accounting, Vol. 27 No. 3-4, 283-3122-3Pierru A. and Babusiaux D., Capital Budgeting and Cost of Capital: A Unique Formulation of the Main Investment Decision Methods, European Financi

19、al Management,2-4Choi Y. K. and Lee S. W., Jan/Mar 2000, Investment and Abandonment Decisions with Uncertain Price and Cost, Journal of Business Finance & Accounting, Vol. 27 No. 1-2, 195-2142-5Luehrman, Timothy A. 1998. Strategy as a portfolio of real options. Harvard Business Review, 89-99.2-6Chil

20、ds, Paul D., Ott, Steven H. and Triantis, Alexander J. 1998. Capital budgeting for interrelated projects: A real options approach. Journal of Financial and Quantitative Analysis, Vol.33, No.3, 305-334.2-7Inselbag, Isik and Kaufold, Howard. 1997. Two DCF approaches for valuing companies under alterna

21、tive financing strategies(and how to choose between them). Journal of Applied Corporate Finance, Vol.10, No.1, 114-122.2-8Smith, Roy. 1996. Evaluating and financing foreign direct investment. Journal of Applied Corporate Finance, Vol.9, No.3, 64-79.2-9Godfrey, Stephen and Espinosa, Ramon. 1996. A pr

22、actical approach to calculating costs of equity for investments in emerging markets. Journal of Applied Corporate Finance, Vol.9, No.3, 80-89.3. 資本結構與股利政策3-1Ricci C. and Di Vito N., International Working Capital Practices in the UK, European Financial Management, Vol. 6 No. 1, 2000 Mar, 69-843-2Gelb

23、 S. David, Spring 2000, Corporate Signaling with Dividends, Stock Repurchases, and Accounting Disclosure: An Empirical Study, Journal of Accounting Auditing & Finance, Vol. 15 No. 2, 99-1203-3Jagannathan M., Stephens C. P. and Weisbach M. S., Sep 2000, Financial Flexibility and the Choice Between Di

24、vidends and Stock Repurchase, Journal of Financial Economics, Vol. 57 No. 3 , 355-3843-4Opler T., Stulz R. M., Pinkowitz L. and Williamson Rohan, 1999 Apr, The Determinants and Implications of Corporate Cash Holdings, Journal of Financial Economics, Vol. 52 No.1, 3-463-5Frank M. Z. and Goyal V. K.,

25、2001 Jan, Testing the Pecking Order Theory of Capital Structure, SSRN_Corporate Finance, Vol. 3 No. 263-6Ikenberry D., Lakonishik J., and Vermaelen T., Oct 2000, Stock Repurchases in Canada: Performance and Strategic Trading, The Journal of Finance, Vol. 55 No. 5, 2373-23983-7Liu Qiao, Feb 2001, Gro

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29、 Evidence from Korean chaebols. Journal of Corporate Finance 5, 169-191.3-13Berger, Allen N. and Udell, Gregory F. 1998. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle,” Journal of Banking & Finance 22, 613-673.3-14Erwin, Gayle R.

30、and Miller, James M. 1998. The intra-industry effects of open market share repurchases: Contagion or competitive? The Journal of Financial Research, Vol. XXI, No.4, 389-406.3-15Morgan, Gareth and Thomas, Stephen. 1998. Taxes, dividend yields and returns in the UK equity market. Journal of Banking &

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33、ction, and payout policy. Journal of Financial and Quantitative Analysis, Vol.33, No.2, 233-253.3-20Dewenter, Kathryn L. and Warther, Vincent A. 1998. Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and U.S. firms. The Journal

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