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.