Raising Capital and Financing in Global Financial Markets:



4. Financing choices
4.1. Introduction
 Berk and DeMarzo Chapter 14
 Berk and DeMarzo Chapter 15
 Berk and DeMarzo Chapter 16
 Berk and DeMarzo Chapter 17
4.2. Multinational corporations
 Desai, M.A., C.F. Foley, J.R. Hines (2004). A multinational perspective on capital structure choice and internal capital markets, Journal of Finance, vol. 59, pp. 2451-2486. (*)
 Beuselinck, C., M. Deloof, A. Vanstraelen (2010). Corporate Governance and Cash Policies of Multinational Corporations, Working Paper, University of Antwerp.
4.3. Small and medium sized enterprises (SMEs)
 Michaely, R, M.R. Roberts. (2012). Corporate Dividend Policies: Lessons from Private Firms. Review of Financial Studies, vol. 25 no. 3, pp. 711-746. (*)
 Vermoesen, V., M. Deloof, E. Laveren (2013), “Long-term debt maturity and financing constraints of SMEs during the Global Financial Crisis”, Small Business Economics, vol. 41 no. 2, pp 433-448.
4.4. Start-ups
 Cassar, G. (2004). The financing of business start-ups. Journal of Business Venturing, vol. 19, pp. 261-283. (*)
 Vanacker, T., M. Deloof (2014). The financial and real effects of credit availability for startup firms: Evidence from the recent financial crisis, Working Paper, University of Antwerp.



5. Corporate governance
5.1. Introduction
 Berk and DeMarzo Chapter 29
 Shleifer R. & R.W. Vishny (1997), 'A survey of corporate governance', Journal of Finance, vol. 52 no. 2, pp. 737-783
 Coffee, J.C. (2005), ‘A theory of corporate scandals: why the U.S. and Europe differ’, Oxford Review of Economic Policy, vol. 21 no. 2, 198-211.
 Hermalin B.E., M.S. Weisbach (2003), ‘Boards of directors as an endogenously determined institution: a survey of the economic literature’, Federal Reserve Bank of New York Economic Policy Review, April, pp. 7-26
 Core J.E., W.R. Guay, D.F. Larcker (2003), ‘Executive equity compensation and incentives: a survey’, Federal Reserve Bank of New York Economic Policy Review, April, pp. 27-50
5.2. Conflicts of interests between controlling and non-controlling shareholders
 Bebchuk L., R. Kraakman & G. Triantis (2000), ‘Stock pyramids, cross-ownership, and dual class equity: the creation and agency costs of separating control from cash flow rights’, in R. Morck (ed.), Concentrated Corporate Ownership, NBER: pp. 445-460.
 Bigelli, M., Mengoli, S. (2005), ‘Sub-Optimal Acquisition Decisions under a Majority Shareholder System’, Journal of Management and Governance 8, 373–405.
5.3. Corporate governance during financial crises
 Lemmon, M.L., K.V. Lins (2003), ‘Ownership structure, corporate governance and firm value: evidence from the East Asian financial crisis’, Journal of Finance, vol. 58 no. 4, pp. 1445-1468. (*)
 Lardon, A., M. Deloof, C. Beuselinck, 'The value of stable ownership during the global financial crisis', Working Paper, University of Antwerp.
 Beuselinck, C., L. Cao, M. Deloof, X. Xia, 'The value of government ownership during the global financial crisis', Working Paper, University of Antwerp
5.4. Director characteristics
 Fich, E.M., Shivdasani, A. (2006), ‘Are busy boards effective monitors?’, Journal of Finance 56, 689-724. (*)
 Adams, R.B., Ferreira, D. (2009), ‘Women in the boardroom and their impact on governance and performance’, Journal of Financial Economics 94, 291-309. (*)



6. Selected topics
6.1. Valuation
 Berk and DeMarzo Chapter 18
 Berk and DeMarzo Chapter 19
6.2. Initial public offerings
 Berk and DeMarzo Chapter 23
 Ljungqvist, A. (2004), ‘IPO Underpricing’, in Handbooks in Finance: Empirical Corporate Finance.
 Deloof M., W. De Maeseneire & K. Inghelbrecht (2009) ‘How do investment banks value initial public offerings (IPOs)?’, Journal of Business Finance and Accounting, vol. 36, pp. 130–160.
 Brau, J.C., S.E. Fawcett (2006) ‘Initial public offerings: an analysis of theory and practice’, Journal of Finance, vol. 56, pp. 399-436. (*)
 Gao, X., J.R. Ritter, Z. Zhu (2012) ‘Where have all the IPOs gone?’, Unpublished paper. (*)
6.3. Mergers and acquisitions
 Berk and DeMarzo Chapter 28
 Hazelkorn, T., M. Zenner & A. Shivdasani (2004), ‘Creating value with mergers and acquisitions’, Journal of Applied Corporate Finance, vol. 16 nos. 2-3, pp. 81-90.
 Campa J.M. & I. Hernando (2004), ‘Shareholder value creation in European M&As’, European Financial Management, vol. 10 no. 1, pp. 47-81.
 Moeller, S.B., F.P. Schlingemann & R.M. Stulz (2005), ‘Wealth destruction on a massive scale? A study of acquiring-firm returns in the recent merger wave’, Journal of Finance, vol. 60 no. 2, pp. 757-782.
 Jovanovic, B., P. Rousseau (2001), ‘Mergers and technological change: 1885-1998’, Working Paper, Vanderbilt University.
 Harford, J. (2005), ‘What drives merger waves?’, Journal of Financial Economics, vol. 77, pp. 529-560.
 Shleifer R. & R.W. Vishny (2003), ‘Stock market driven acquisitions’, Journal of Financial Economics, vol. 70, pp. 295-311.
 Roll, R. (1986), ‘The hubris hypothesis of corporate takeovers’, Journal of Business, vol. 59 no. 2, pp. 197-216.
6.4. Corporate restructurings
 Berk and DeMarzo Chapter 28
 Eckbo, B.E. & K.S. Thorburn (2008), ‘Corporate restructuring: breakups and LBOs’, in B.E. Ecbo (ed.), Handbook of Corporate Finance: Empirical Corporate Finance, vol. 2 (North-Holland/Elsevier, Handbooks in Finance Series)
6.5. The role of venture capital and private equity
 Metrick, A. & A. Yasuda (2011), ‘Venture Capital and Other Private Equity: a Survey’, European Financial Management, vol. 17 no. 4, pp. 619–654.
 Berger, A.N. & G.F. Udell (1998), ‘The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle’, Journal of Banking and Finance, vol. 22, pp. 613-673.
6.6. Business groups
 Khanna T., Yafeh, Y. (2007), ‘Business Groups in Emerging Markets: Paragons or Parasites?’, Journal of Economic Literature 45, 331–372.
 Buysschaert A., M. Deloof, M. Jegers, A. Rommens (2008), ‘Is group affiliation profitable in developed countries? Belgian evidence’, Corporate Governance: An International Review 16, pp. 504-518.
 Belenzon, S., T. Berkovitz, L. A. Rios (2013), ‘Capital Markets and Firm Organization: How Financial Development Shapes European Corporate Groups’, Management Science, vol. 59, no. 6, pp. 1326–1343.




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