| Hafta | Konular | Ön Hazırlık |
| 1 |
Rekabetçi sermaye piyasaları altında Kurumsal Finansman: Modigliani-Miller'ın Sermaye Yapısı Önerileri |
Modigliani, F. and M. Miller "The Cost of Capital, Corporation Finance and the Theory of Investment" American Economic Review, June 1958, 261-297. Matos Bölüm 2.1 Tirole Bölüm 2 (CW, bölüm 15 tekrar için |
| 2 |
Vergiler ve Sermaye Yapısı |
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. Matos Bölüm 2.2. |
| 3 |
Temsil Sorunları ve Sermaye Yapısı |
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. Fama (1980): Agency Problems and the Theory of the Firm Fama and Jensen (1983): Separation of ownership and control 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. Holmstrom, B., "Moral Hazard and Observability," The Bell Journal of Economics, Spring 1979, 74-91. Matos Bölüm 2.2 Tirole, Bölüm 3, 4, 5, 6. |
| 4 |
Temsil Sorunları ve Sermaye Yapısı (Devam) |
(Devam) |
| 5 |
Asimetrik Bilgi ve Sinyal Ekonomisine Giriş; İşbirlikçi olmayan oyun teorisi. |
Ackerlof, G. A., "The market for lemons: Quality Uncertainty and the Market Mechanism," The Rand Journal of Economics. Rothschild, M. and Stiglitz, J., "Equilibrium in Competitive Insurance Markets: An Essay on the Economics of Imperfect Information", Quarterly Journal of Economics, 1976 (not to be discussed in class) Spence, M., "Job Market Signaling," Quarterly Journal of Economics, 1973, 355-374. Samuelson, L., 2016. Game theory in economics and beyond. Journal of Economic Perspectives, 30(4), pp.107-30. |
| 6 |
Olumsuz Seçim ve Sermaye Yapısı |
Myers, S. C., 1984. The capital structure puzzle. The Journal of Finance, 39(3), pp.574-592. Ross, S., "The Determination of Financial Structure: The Incentive Signalling Approach," Bell Journal of Economics, Spring 1977, 23-40. 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. Giammarino, R. M. and Lewis, T., 1988. A theory of negotiated equity financing. The Review of Financial Studies, 1(3), pp.265-288. Galai, D. and Masulis, R. W., 1976. The option pricing model and the risk factor of stock. Journal of Financial Economics, 3(1-2), pp.53-81. Matos Bölüm 3 Tirole Bölüm 6 |
| 7 |
Olumsuz Seçim ve Sermaye Yapısı (Devam |
(Devam) |
| 8 |
Ara sınav |
- |
| 9 |
İflas Maliyeti ve Sermaye Yapısı |
Branch, B., 2002. The costs of bankruptcy: A review. International Review of Financial Analysis, 11(1), pp.39-57. Senbet, L. W. and Wang, T. Y., 2010. Corporate financial distress and bankruptcy: A survey. Foundations and Trends in Finance, 5(4). Chemmanur, T. J., Cheng, Y. and Zhang, T., 2013. Human capital, capital structure, and employee pay: An empirical analysis. Journal of Financial Economics, 110(2), pp.478-502. |
| 10 |
Rekabetçi Sermaye Piyasaları ve Asimetrik Bilgiler altında temettü politikası. |
Modigliani, F. and M. Miller, "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, October 1961, 411-433. Matos, Bölüm 4; and Bölüm 3.2.4 (stock repurchase as a signal); Ek B.2 (Informational Equilibrium) Tirole Bölüm 6, uygulama 7 (payout policy |
| 11 |
Halka Arz (IPO) |
Matos, Bölüm 6 Tirole, Bölüm 6, uygulama 9 (underpricing) Ritter, J. R., 1991. The Long-Run Performance of Initial Public Offerings, Journal of Finance, 46 (1), pp. 3-27. Rock, K., 1986. Why new issues are underpriced, Journal of Financial Economics 15, 187-212. Bajo, E., Chemmanur, T. J., Simonyan, K. and Tehranian, H., 2016. Underwriter Networks, Investor Attention, and Initial Public Offerings, Journal of Financial Economics, 122(2), pp.376-408. |
| 12 |
Enstitüler/Kurumlar ve Firmalar |
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W. Vishny, 1998, Law and Finance, Journal of Political Economy, 1113-1155. Alesina, A., and P. Giuliano. 2013. Culture and Institutions. Working paper, Harvard University and UCLA. Guiso, Luigi, Paola Sapienza and Luigi Zingales, 2004, The Role of Social Capital in Financial Development,” The American Economic Review, 94(3), pp. 526-556. Philippon, Thomas, and Ariell Reshef. 2012. Wages and Human Capital in the US Finance Industry:1909–2006." The Quarterly Journal of Economics 127, 1551-1609. Philippon, Thomas, and Ariell Reshef. "An International Look at the Growth of Modern Finance." The Journal of Economic Perspectives 27.2 (2013): 73-96. |
| 13 |
Firmaların sınırları /Yöneticiler |
Tirole bölüm 7, 8, 9, 10 Andrade, Gregor; Mitchell, Mark and Stafford, Erik. “New Evidence and Perspective on Mergers.” Journal of Economic Perspectives, Spring 2001, 15(2), pp. 103–20. Brav, A., Jiang, W., Partnoy, F. and Thomas, R. (2008), Hedge Fund Activism, Corporate Governance, and Firm Performance. The Journal of Finance, 63: 1729-1775. Schoar, Antoinette, 2002, The Effect of Diversification on Firm Productivity, Journal of Finance 57, 2379-2403. Bertrand, M. and Schoar, A., 2003, Managing with Style: The Effect of Managers on Firm Policies, Quarterly Journal of Economics,1169-1208. |
| 14 |
Konu tekrarı |
- |
Kadir Has Üniversitesi'nde bir dönem 14 haftadır, 15. ve 16. hafta sınav haftalarıdır.
Ek akademik makaleler ve temel olarak ek kitap: R. A. Brealey, S. C. Myers, and F. Allen, Principles of Corporate Finance, 9th Edition (New York, McGraw Hill-Irwin, 2008).
Miller, M. H., 1988. The Modigliani-Miller propositions after thirty years. The Journal of Economic Perspectives, 2(4), pp.99-120. Graham, J. R., 2000. How big are the tax benefits of debt?. The Journal of Finance, 55(5), pp.1901-1941. Gompers, P., Kaplan, S. N. and Mukharlyamov, V., 2016. What do private equity firms say they do?. Journal of Financial Economics, 121(3), pp.449-476. Frank, M. Z. and Goyal, V. K., 2007. Trade-off and pecking order theories of debt. Cadsby, Frank, and Maksimovic, “Pooling, Separating, and Semiseparating Equilibria in Financial Markets: Some Experimental Evidence”, Review of Financial Studies, 1990, 315-342. Cadsby, Frank, and Maksimovic, “Equilibrium Dominance in Experimental Financial Markets”, Review of Financial Studies, 1998, 189-232. (not to be discussed in class) Leland, H. and Pyle, D., "Information Asymmetries, Financial Structure, and Financial Intermediation," Journal of Finance, 1975, 32, pp. 371-388. Grinblatt, M., and Hwang, C., "Signalling and the Pricing of New Issues", Journal of Finance, 1989, 44(2), pp. 393-420. Chemmanur, T., and Fulghieri, P., "Why Include Warrants in New Equity Issues? A Theory of Unit IPOs", Jounal of Financial and Quantitative Analysis, 1997, 32(1), pp. 1-24. Harris, M. and Raviv, A., 1991. The theory of capital structure. the Journal of Finance, 46(1), pp.297-355. Graham, J. R. and Leary, M. T., 2011. A review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3(1), pp.309-345. Jovanovic, B., Braguinsky, S., 2004. Bidder discounts and target premia in takeovers. American Economic Review 94, 45–56. Berger, Philip G. and Eli Ofek, 1995, Diversification’s effect on firm value, Journal of Financial Economics, 39-65. Malmendier, U., G. Tate. 2005. CEO overconfidence and corporate investment. J. Finance 60, 2661–2700. |
PROGRAM YETERLİLİKLERİ (PY) ve ÖĞRENME ÇIKTILARI (ÖÇ) İLİŞKİSİ
| # |
PY1 |
PY2 |
PY3 |
PY4 |
PY5 |
PY6 |
PY7 |
PY8 |
PY9 |
| OC1 |
|
|
|
|
|
|
|
|
|
| OC2 |
|
|
|
|
|
|
|
|
|
| OC3 |
|
|
|
|
|
|
|
|
|
| OC4 |
|
|
|
|
|
|
|
|
|
| OC5 |
|
|
|
|
|
|
|
|
|
Katkı Düzeyi: 1 Düşük, 2 Orta, 3 Yüksek
