南山大学

文字サイズ
 
指定
 必
期間
 通年
単位
 ４
年次
担当者
 BREMER Marc
講義題目 Stock Repurchases, Corporate Governance and Capital Structure
開講キャンパス
講義内容 This advanced seminar will study payout policy, especially corporate stock repurchases, corporate governance and capital structure.
学修目標 This seminar is mainly intended to help refine a thesis proposal. In addition, participants in the seminar will read and discuss important recent financial research, some of which is listed below.
講義計画 The seminar will have three main parts:
1) Corporate Payout Policy and Stock Repurchases (April to May)
2) Corporate Governance in Developing Countries (June to October)
3) Capital Structure (November to January)
評価方法 Attendance/Presentation of Research Papers 50%; and Completion of Thesis 50%. Presentations will be made by students with Powerpoint.
テキスト Byrd, John, Robert Parrino and Gunnar Pritsch, (1998) Stockholder-Manager Conflicts and Firm Value,
　　　　　　　　　 Financial Analysts Journal, (May-June) 14-31.
Claessens, Stijn, Simeon Djankov, Joseph P. H. Fan and Larry H. P. Lang, (2000) Expropriation of Minority
　　 Shareholders in East Asia, Working Paper: World Bank.
Claessens, Stijn, Simeon Djankov, and Larry H. P. Lang, (2000) The Separation of Ownership and Control in
　　 East Asian Corporations, Journal of Financial Economics 58，81-112.
Dittmar, Amy, (2000) Why Do Firms Repurchase Stock?，Journal of Business 73，331-355.
Fama, Eugene and Kenneth French, (2001) Disappearing Dividends: Changing Firm Characteristics or Lower
　　 Propensity to Pay, Journal of Financial Economics 60，3-43.
Guay, Wayne and Jarrad Harford, (2000) The Cash Flow Permanence and Information Content of Dividend
　　 Increases versus Repurchases, Journal of Financial Economics 57，385-416.
Jagannathan, Murali, Clifford Stephens and Michael Weisback, (2000) Financial flexibility and the choice
　　 between dividends and stock repurchases, Journal of Financial Economics 57，355-384.
Jensen, Michael C. and William H. Meckling, (1976) Theory of the Firm: Managerial Behavior, Agency Costs
　　 and Ownership Structure, Journal of Financial Economics 3，305-360.
Jensen, Michael C.，(1986) Agency Costs of Free Cash Flow, Corporate Finance and Takeovers, American
　　Economic Review 76，323-329.
Jensen, Michael C.，(1993) The Modern Industrial Revolution, Exit, and Control Systems, Journal of Finance
　　 47，831-880.
Johnson, Simon, Peter Boone, Alasdair Breach and Eric Friedman, (2000) Corporate Governance in the Asian
　　 Financial Crisis, Journal of Financial Economics 58，141-186.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny, (2000) Investor Protection
　　 and Corporate Governance, Journal of Financial Economics 58，3-27.
Nohel, Tom and Vefa Tarhan, (1998) Share Repurchases and Firm Performance: New Evidence on the Agency
　　 Costs of Free Cash Flow, Journal of Financial Economics 49，187-222.
Wada, Kenji, (2002) Stock Repurchases in Japan, Keio University, Graduate School of Business Administration
　　Working Paper.
Weston, F. Fred, Juan A. Siu and Brian A. Johnson, (2001) Takeovers, Restructuring and Corporate Governance,
　　Prentice Hall: New York.
その他