EmpiricalCorporateFinance（PPT113）

1、Empirical Corporate FinancePrepared by Xue Shuang （薛爽） Zhu Kai（朱凯）cn中国最大的资料库下载Grade Class participation (20%) Proposal (30%) Final Examination (50%)cn中国最大的资料库下载Requirement for Participation Ordinary participation Presentation for the selected papers Capital Structure (3 topics) IPO (1 topics) SEO (1 topics) Dividends (1 topics) Takeover (1 topics)cn中国最大的资料库下载 Sheridan Titman; Roberto Wessels, The Determinants of Capital Structure Choice, The Journal of Finance Vol. 43, No. 1 (Mar., 1988), pp. 1-

2、19 Owen Lamont, Cash Flow and Investment: Evidence from Internal Capital Markets, The Journal of Finance ,Vol. 52, No. 1 (Mar., 1997), pp. 83-109 Tim Loughran; Jay R. Ritter, The New Issues Puzzle, The Journal of Finance, Vol. 50, No. 1 (Mar., 1995), pp. 23-51. Roni Michaely; Wayne H. Shaw, The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories, The Review of Financial Studies, Vol. 7, No. 2 (Summer, 1994), pp. 279-319 Shlomo Benartzi. et., 1997 Do changes in

3、dividends signal the future or the past. The Journal of Finance,vol52. Healy, Paul,1992,Does corporate performance improve after mergers? JFE 31,135-175. cn中国最大的资料库下载Requirement for Proposal Database Main findings Procedure of programming (SAS is prefered)cn中国最大的资料库下载References Main: Advanced Corporate Finance Other: Empirical Corporate Finance(Vol I-IV) Handbook of Economics of Finance, 1(A+B) Copeland,Weston, Shastri, Financial Theory and Corporate Policycn中国最大的资料库下载Journals in Finance Tops Jo

4、urnal of Finance (Jstor) Journal of Financial Economics Review of Financial Studies (Jstor) B Journals Journal of Corporate Finance Journal of Financial Research Financial Management Journal of Quantitative and Financial Analysis (Jstor) Journal of Banking and Financecn中国最大的资料库下载Related Journals American Economic Review (Jstor) Quarterly Journal of Economics (Jstor) Journal of Law and Economics Journal of Business (Jstor)cn中国最大的资料库下载Working Papers on NET www.nber.orgcn中国最大的资料库下载Journals in Chin

5、ese 经济研究 经济学季刊 金融研究 会计研究 中国会计与财务研究（CAFR） 中国会计评论 上证研究 深圳交易所研究报告（ ）cn中国最大的资料库下载 There is no fact, But interpretationcn中国最大的资料库下载An Examplecn中国最大的资料库下载抗日战争期间国民党军队弹药 消耗统计（歼灭日军100万）品名总消耗量年均消耗量 枪弹.1亿粒.亿粒迫击炮弹.8万颗.6万颗 山野榴炮弹.9万颗.5万颗 枪榴弹.9万颗 .万颗 消灭1名日军所 消耗的弹药量1850 发cn中国最大的资料库下载百团大战期间八路军弹药消耗 与歼灭敌军统计 共毙伤日伪军25799人（其中日军20636 人）。 共消耗子弹401370发，各种炮弹19130 发，手榴弹126602发。 平均每27.19发子弹毙伤一个日伪军cn中国最大的资料库下载车桥战役期间弹药消耗 与歼灭敌军统计 毙伤俘日军465人，伪军483人，总计为 948人。 消耗子弹共9993发，手榴弹2144发。 平均每13.2发子弹毙伤一个敌人，每 21.5发子弹消灭一个日军。cn中国最大的资料库下载晋察冀边

6、区抗战七周年统计 作战次数达22554次，毙伤敌伪军 214027名，俘虏敌军560名，俘虏伪军 40147名，反正的伪军18294名。 消耗的炮弹6549发，掷弹21265发，手 榴弹322691发，子弹7501750发。 晋察冀根据地军民七年来每毙伤一名敌 伪军耗弹35发，每毙伤俘一名日伪军耗 弹27.48发。cn中国最大的资料库下载结论 共军每2050发子弹毙伤一个敌人的结 论是可信的。有较大的可信度的，符合 战场上的实际情况。 国民党部队的作战效率远低于共产党部 队，如果国民党更慷慨地提供共产党弹 药的话，抗日战争的胜利会来得更大。cn中国最大的资料库下载cn中国最大的资料库下载Financial Decisions in Different InstitutionsUSA and Chinacn中国最大的资料库下载Number of US Nonfinancial Firms 1980-2000cn中国最大的资料库下载The Evolution of US Firms Publicly traded firms increased from 3,561 in 1980 to

7、6,146 in 2000 Only about one-third of the 3,561 firms remained alive in 2000 A total of 7,355 firms IPOed during this period What happened to the other firms? M 1990 Noble Prize winner) MM on capital structure, (1958,1961; 1985 1990 Noble Prize winner) Option Pricing Theory, Black-Scholes- Merton,(1973; 1996 Noble Prize winner) cn中国最大的资料库下载ASSUMPTIONS Capital market are frictionless All participants share same expectations All participants are atomistic The firms investment program is fixed and

8、know The firms financing is fixedcn中国最大的资料库下载Why do we care the unrealistic (ideal) capital market? Of course, it is never claimed that the real world follows these assumptions. What is hoped is that by modeling the universe of the firms in such a way, and by relaxing the assumptions one by one, it is possible to identify and discuss the weight or relevance of each of the different factors in the search for the optimal financial 中国最大的资料库下载Why We Care about Capital Structure? The value of project

9、 is determined by the cash flow and the intertemporal cost of money available for the project. Cost of money is an opportunity cost. Different type of money maybe have different opportunity cost. Does mixture of different source of money have additional value for optimization of investment?cn中国最大的资料库下载Source of Money Internal vs. External Debt vs. Equitycn中国最大的资料库下载Classical Capital Structure Perspectives Durant(1952) summarized current perspectives on capital structure: Net Profit Approach Operating Profit Approach Trade-off Approachcn中国最大的资料库下载 Net Profit Approach Net profit belongs to shareholders, and the more net profit, the more wealth of shareholders. So optimal structure is to maximize the net profit.B/S100KeKbK

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