<P>这是我学校一位教授（美国博士）介绍给我的参考书目(下面注释为该教授所写），主要是金融方面的，侧重Corporate Finance，不是简单的罗列，里面基本都是有价值的文章。主要提供给想做学术的朋友，做学术读大量的文章肯定是必须的，不是非学术所必须。<BR>如果大家喜欢，麻烦顶一下，谢谢！<BR><BR>Books<BR>Fama, Eugene. 1976. “Foundations of Finance”. New York: Basic Books. ( 个人认为是最经典的书。写得好，讲得很清晰，有条不紊，读起来有意思。特别是基础不太好的同学，不可不读。)<BR>Fama, Eugene., and Miller, Merton. 1972. “The Theory of Finance”. Holt, Rinehart and Winston. (又是一本Fama的书。也很经典，但没什么印象了。)<BR>Campbell, J., Lo, A., and MacKinlay, A. 1997. “The Econometrics of Financial Markets”. Princeton: Princeton University Press. <BR>Cochrane, John, 2001. “Asset Pricing”. Princeton: Princeton University Press. (这就是号称“平生不读Cochrane, 自称Finance 也枉然”的Cochrane的大作。其实，你要是不做Asset Pricing，看懂前几个Chapters足够了。不太明白为什么这本书在中国这么火，莫非中国学生都做Asset pricing? 希望不要弄得又像大炼钢铁一样的结果。)<BR>R. Haugen. “Modern Investment Theory”. Upper Saddle River NJ: Prentice-Hall, Inc. （有一定难度的书，不知道现在出到几版了。）<BR>Elton, E., and Gruber, M. 1995. “Modern Portfolio Theory and Investment Analysis”, 5th Edition. New York: John Wiley &amp; Sons, Inc. (也不太容易。)<BR>Smith, C. 1990. “The Modern Theory of Corporate Finance”. 2nd-edition. McGraw-Hill. (对做corporate finance比较有用。这本书其实就是收录了比较早和比较经典的corporate finance方面的文章。有点像“XX文摘精华版”。现在价值不是很大，因为其中收录的许多文章后面的list里都有。) <BR><BR>Asset Pricing, Long-term Performance and Market Efficiency<BR>（这个我不在行，拣我知道的写。）<BR>Cochrane, John. “New Facts in Finance”. Federal Reserve Bank of Chicago. (这是个通俗易读版。适合想要了解一下这个area, 又不想读很多数学的人。)<BR>Breeden, Douglas T. 1979. “An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities”. Journal of Financial Economics 7, 265-296. (看不懂数学没有关系，关键是看懂intuition.)<BR>Merton, Robert. 1973. “An Intertemporal Capital Asset Pricing Model”. Econometrica 41, 265-296. (这篇也一样，注重模型的intuition.)<BR>Ross, S. 1976, “The Arbitrage Theory of Capital Asset Pricing,” Journal of Economic Theory 13, 341-360.<BR>Sharpe, W. 1964. “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”. Journal of Finance 19, 425-442.<BR>Black, F. 1972. "Capital Market Equilibrium with Restricted Borrowing," Journal of Business 45, 444-455.<BR>Fama, E. 1991. “Efficient Capital Markets: II”. Journal of Finance 46, 1575-1617. (很长一篇文章，内容又多，当时读得挺痛苦。)<BR>Fama, E. 1970. “Efficient Capital Markets: A Review of Theory and Empirical Work”. Journal of Finance, 383-417.<BR>Chordia, Tarun., and Swaminathan, Bhaskaran. 2000. “Trading Volume and Cross-autocorrelations in Stock Returns”. Journal of Finance 55, 913-935. <BR>Narasimhan, Jegadeesh., and Titman, Sheridan. 2001. “Profitability of Momentum Strategies: An Evaluation of Alternative Explanations”. Journal of Finance 56, 699-720.<BR>Fama, E. and MacBeth, J. 1973. “Risk, Return, and Equilibrium: Empirical Tests”.Journal of Political Economy 91, 607-636. (大名鼎鼎的Fama-MacBeth regression 的出处。不过，Economists 好像并不买这个帐，觉得这种方法不make econometric sense. 吾也深有同感也。现在panel data等等都这么发达了，干嘛还死抱这种econometrics上面并不先进的方法不放呢？)<BR>Chen, N., Roll, R., and Ross, S. 1986. “Economic Forces and the Stock Market: Testing the APT and Alternative Asset Pricing Theories”. Journal of Business 59, 383-403. (说是叫testing APT, 其实更像testing CAPM. 很有名的，看了就知道。)<BR>Fama, E. and French, K. 1989. “Business Conditions and Expected Returns on Stocks and Bonds”. Journal of Financial Economics 25, 23-50. <BR>Fama, E. and French, K. 1992. “The Cross-Section of Expected Stock Returns”. Journal of Finance 47,? 427-465. <BR>Fama, E. and French, K. 1993. “Common Risk Factors in the Returns on Stocks and Bonds”. Journal of Financial Economics 33, 3-56. (这三篇是Fama-French 的经典三部曲。Three-factor model, five-factor model 就是由此而来。Pontiff 曾经抱怨过，他在Rochester当学生的时候曾想过做个类似的paper, 但老师们告诉他 “You can’t, because there is no theory...” 直到看到Fama-French的paper, 才感叹到，“只要人有名，有没有theory并不重要氨。)<BR>Kothari, S.P., Shanken, J., and Sloan, R. 1995. “Another Look at the Cross-Section of Expected Stock Returns”. Journal of Finance 50, 185-224. <BR>Lakonishok, J., Shleifer, A., and Vishny, R. 1994. “Contrarian Investment, Extrapolation, and Risk”. Journal of Finance 49, 1541-1578. <BR>Chan, L., Jegadeesh, N., and Lakonishok, J. 1995. “Evaluating the Performance of Value Versus Glamour Stocks: The Impact of Selection Bias”. Journal of Financial Economics 38, 269-296.<BR>Lo, A. W., and MacKinlay, A. 1990. “Data-Snooping Biases in Tests of Financial Asset Pricing Models”. Review of Financial Studies, 3, 431-467. <BR>Lewellen J. 1999. "The Time-Series Relations among Expected Returns". Journal of Financial Economics 54, 5-43. (Lewellen 是个美国帅哥, 在MIT做得不错。为人比较能和人交往，presentation 做得很好，属于那种交流表达能力都很出色的人。)<BR>Lewellen J., and Shanken, J. 2002. “Learning, Asset-Pricing Tests, and Market Efficiency”. Journal of Finance, 1113-1145.<BR>Miller, Edward. 1977. “Risk, Uncertainty, and Divergence of Opinion”. Journal of Finance 32, 11651-1168. <BR>Jones, Charles M., and Lamont, Owen. 2002. “Short Sales Constraints and Stock Returns”. Journal of Financial Economics, 207-239.<BR>Chen, Joseph., Hong, H., and Stein, J. 2002. “Breadth of Ownership and Stock Returns” Journal of Financial Economics, 171-205.<BR>Dechow, Patricia., Hutton, A., Muelbroek, L., and Sloan, R. 2001. “Short Sellers, Fundamental Analysis, and Stock Returns”. Journal of Financial Economics 61, 77-106. (Dechow 和Sloan都是做Accounting的。据说因为合作得太多，两人走到了一起。)<BR>Dichev, Ilia D., and Piotroski, J. 2001. “The Long-run Stock Returns Following Bond Ratings Changes”. Journal of Finance 56, 173-203. <BR>Ikenberry, David., and Ramnath, Sundaresh. 2002, “Underreaction to Self-selected News Events: The Case of Stock-splits”. Review of Financial Studies 15, 489-526. <BR>Titman, Sheridan. 2002. “Discussion of ‘Underreaction to Self-selected News Events: The Case of Stock-splits”. Review of Financial Studies 15, 527-531. <BR>Lakonishok, J., and Smidt, S. 1988. “Are Seasonal Anomalies Real? A Ninety-Year Perspective”. Review of Financial Studies 1, 403-427.<BR>Lo, A., and MacKinlay, C. 1988. “Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test”. Review of Financial Studies 1, 41-66.<BR>Keim, D., and Stambaugh, R. 1986. “Predicting Returns in the Stock and Bond Markets”. Journal of Financial Economics 17, 357-390. <BR>Ferson, W., and Harvey, C. 1991. “The Variation of Economic Risk Premiums”. Journal of Political Economy 99, 385-415.<BR>Conrad, J., and Kaul, G. 1988, “Time Variation in Expected Returns”. Journal of Business, 409-426.<BR>Loughran, T., and Ritter, J. 1996, “Long-Term Market Overreaction: The Effect of Low-Priced Stocks”. Journal of Finance, 1959-1970.<BR>Boudoukh, J., Richardson, M., and Whitelaw, R. 1994. “A Tale of Three Schools: Insights on Autocorrelations of Short-Horizon Stock Returns”. Review of Financial Studies, 539-573.<BR>Jegadeesh, Narasimhan., and Titman, Sheridan. 1993, “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency”. Journal of Finance 48, 65-91.<BR>Daniel, K., and Titman, S. 1997. “Evidence of the Characteristics of Cross Sectional Variation in Stock Returns”. Journal of Finance, 1-33.<BR>Jegadeesh, N., and Titman, S. 2001. "Profitability of Momentum Strategies: An Evaluation of Alternative Explanations". Journal of Finance 56, 699-720.<BR>Lakonishok, J., Shleifer, A., and Vishny, R. 1994. “Contrarian Investment, Extrapolation, and Risk”. Journal of Finance 49, 1541-1578. <BR>Grinblatt, M., and Titman, S. 1989. “Portfolio Performance Evaluation: Old Issues and New Insights”. Review of Financial Studies 2, 393-422. <BR>Brown, S., Goetzmann, W., Ibbotson, R., and Ross, S. 1992. “Survivorship Bias in Performance Studies”. Review of Financial Studies 5, 553-580. <BR>Fama, Eugene., and French, Kenneth. 1996. “Multifactor Explanations of Asset-pricing Anomalies”. Journal of Finance 51, 55-84. <BR>Breeden, D., Gibbons, M., and Litzenberger, R. 1989. “Empirical Tests of the Consumption Oriented CAPM”. Journal of Finance 44, 231-262. <BR>Chan, K. C., Chen, N., and Hsieh, D. 1985. “An Exploratory Investigation of the Firm Size Effect”. Journal of Financial Economics 14, 451-471.<BR>Amihud, Y., and Mendelson, H. 1986. “Asset Pricing and the Bid-Ask Spread”. Journal of Financial Economics 17, 223-249. <BR>Ritter, J. 1991. “The Long-Run Performance of Initial Public Offerings”. Journal of Finance, 3-27. (Ritter 是long-term performance的开山祖师，提到long-term performance不能不提Ritter。另外，他也是IPO的大家，对IPO感兴趣的可去他的网站看看。)<BR>Loughran, T., and Ritter, J. 1995. “The New Issues Puzzle”. Journal of Finance, 23-51. (是上一篇的加强版。)<BR>Schultz, P. 2003. “Pseudo Market Timing and the Long-Run Underperformance of IPOs,” Journal of Finance 58, 483-518. (90年代中期，关于long-term performance measurement的问题吵得热火朝天，至到现在。)<BR>Barber, B., and Lyon, J. 1996. “Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics”. Journal of Financial Economics 41, 359-99.<BR>Banking<BR>Diamond, Douglas W., and Dybvig, Philip H. 1983. “Bank Runs, Deposit Insurance,and Liquidity”, Journal of Political Economy, 91, 401 - 419. (Banking中的经典，虽然我不是做banking的，但认为不可不读)<BR>Diamond, Douglas W. 1997. “Liquidity, Banks, and Markets”, Journal of Political Economy, 105, 928-956.<BR>Calomiris, Charles W., and Kahn, Charles. 1991. “The Role of Demandable Debt in Structuring Optimal Banking Arrangements”. American Economic Review 81, 497-513.<BR>Kashyap, Anil K., Rajan, Raghuram., and Stein, Jeremy C. 2002. “Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-taking”. Journal of Finance 57, 33-73.<BR>Allen, Franklin., and Gale, Douglas. 1998. “Optimal Financial Crises”. Journal of Finance, 53, 1245-1284.<BR>Allen, Franklin. 2001. “Presidential Address: Do Financial Institutions Matter?”. Journal of Finance, 56, 1165 - 1175.<BR>Allen, Franklin., and Santomero, Anthony M. 1998. “The Theory of Financial Intermediation”, Journal of Banking and Finance, 21, 1461-1485.<BR>Billett, Matthew T., Flannery, Mark J., and Garfinkel, Jon A. 1995. “The Effect of Lender Identity on a Borrowing Firm's Equity Return”. Journal of Finance, 50, 699-718. <BR><BR>Behavioral Finance<BR>这是finance新兴的一个方向。主要是结合Asset Pricing 和Corporate Finance的理论加进心理学的一些东西进行empirical 方面的研究。其在Asset Pricing 这个方面主要是mispricing 的研究，Corporate Finance这个方面可就多了。这里面的大家当然要属老当益壮的Richard Thaler, 和后起之秀Jeffery Wurgler. 大名鼎鼎的Shleifer也做不少这方面的研究。读了下面的几篇papers你应该能感觉到Behavioral Finance 是做什么的。感兴趣的，自已去他们的website把他们的papers都读一遍吧。<BR>Barberis, Nicholas and Thaler, Richard H. 2003. "A Survey of Behavioral Finance". Handbook of the Economics of Finance. <BR>Baker, Malcolm., Ruback, Richard., and Wurgler, Jeffery. 2004. “Behavioral Corporate Finance: A Survey”. Handbook of Empirical Corporate Finance.<BR>Hirshleifer, D. 2001. “Investor Psychology and Asset Pricing”. Journal of Finance, 1533-1597.<BR>Fama, E. 1998. “Market Efficiency, Long-term Returns, and Behavioral Finance”. Journal of Financial Economics, 283-306. (该文曾获JFE大奖。Fama 是个死忠 “Market is efficient” 的人，应此对他的观点要持一定的怀疑态度。)<BR>Shleifer, Andrei and Vishny, Robert W. 1997. “The Limits of Arbitrage”, Journal of Finance, 52, 35-55.<BR>Malmendier, U., and Tate, G. 2005. “CEO Overconfidence and Corporate Investment”. Journal of Finance, 2661-2700. (这两个人都挺有个性。Malmendier 是个欧洲女孩，一头金发。听说以前是练体操的，难怪身材特像小女孩。加上说话又快，往前面一站就像个高中生。Tate 是个美国帅哥，Wharton的教授。很儒雅，说话也有板有眼。应该是许多女生的偶像。)<BR>Barberis, N., Shleifer, A., and Vishny, R. 1998. “A Model of Investor Sentiment”. Journal of Financial Economics, 307-343. <BR>Baker, M., and Wurgler, J. 2000. “The Equity Share in New Issues and Aggregate Stock Returns”. Journal of Finance 55, 2219-2257. (Wurgler的处女作，也是这篇文章开始引起人们的注意。)<BR>Heaton, J. 2002. “Managerial Optimism and Corporate Finance”. Financial Management, 33-45.<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; <BR>Introduction and Overview of Corporate Finance<BR>Brennan, 1995, “Corporate finance over the past 25 years”, Financial Management 24, Summer, 9-22.<BR>Hart, O., 1989, “An economist’s perspective on the theory of the firm”, Columbia Law Review 89, 1757-1774.<BR>Williamson, O., 1981, “The modern corporation: origins, evolution, attributes”, Journal of Economic Literature 1537-1568.<BR>Graham, J. and Harvey, C. 2000. “The Theory and Practice of Corporate Finance: Evidence from the Field”. Journal of Financial Economics 60, 187-244.<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; Agency Theory and Ownership<BR>Fama, E., and Jensen, M. 1983. “Agency Problems and Residual Claims”. Journal of Law and Economics, 327-349.<BR>Fama, E., and Jensen, M. 1983. “Separation of Ownership and Control”. Journal of law and economics, 301-325.（美国现代金融Agency Theory 的开山之作。不过这两篇写得不是很好。非要两篇一起看才看得明白。） <BR>Fama, E. 1978. “The Effects of a Firm’s Investment and Financing Decisions on the Welfare of Its Securityholders”. American Economic Review 68, 272-284. (这其实不完全算Agency theory, 但他用很通俗的英语解释了一个有意思的问题。)<BR>Jensen, M., and Meckling, W. 1976. "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure," Journal of Financial Economics, 305-360. (这么经典的paper 就不用多介绍了吧。)<BR>Demsetz. 1983. “The Structure of Ownership and the Theory of the Firm”. Journal of Law and Economics 26, 375-390. (Demsetz关于ownership的看法别具一格。和上面的Jensen-Meckling对照着读更有体会。)<BR>Jensen, M. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”. American Economic Review, 323-329. (在Corporate Finance领域家喻户晓的paper. 其他Finance的人没读过也基本上听说过。)<BR>Myers, S. 1977. “The Determinants of Corporate Borrowing”. Journal of Financial Economics 5, 146-175. (将agency problem between bondholders and stockholders 与firm’s investment strategy 联系起来的经典文章。)<BR>Parrino, R., and Weisbach, M. 1999. “Measuring Investment Distortions Arising from Stockholder-bondholder Conflict”. Journal of Financial Economics 53, 3-42 (也是获奖之作。方法很新颖，有创意，居然能想出用simulation来做corporate finance。不过，如果不是Weisbach, 估计也不好发。做research 就是这样，名人尝试新东西叫有创意，不出名的人尝试新东西叫冒险。)<BR>Harford, J. 1999. “Corporate Cash Reserves and Acquisitions”. Journal of Finance 54, 1969-1997. (Jarrad 也是少年成名，是Rochester毕业，JFE的嫡系部队。大概是JFE最年轻的Associate Editor. 目前corporate finance领域最出名的年轻俊杰之一。)<BR>Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. 1999. “The Determinants and Implications of Corporate Cash Holdings”. Journal of Financial Economics, 52, 3-46.<BR>Lie, E. 2000. “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements”. Review of Financial Studies 13, 219-248.<BR>Morck, R., Shleifer, A., and Vishny, R. 1988. “Management Ownership and Market Valuation: An Empirical Analysis”. Journal of Financial Economics, 293-315.<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; Information, Investors and Corporate Policy<BR>这里面有些不属于corporate finance 的范畴。他山之石，可以攻玉，知识面广一些对做research很有好处。不同领域本来就有交叉，想分很清楚也不太容易。<BR>Akerlof, George. 1970. “The market for “lemons”: Qualitative Uncertainty and the Market Mechanism”. Quarterly Journal of Economics, 89, 488-500. (要是让我列个My favorite Top 10 papers, 这篇文章绝对在其中。Akerlof 居然用最最简单的model, 来把一个最最复杂的理论解释得清清楚楚，难怪能得诺贝尔奖。现在有些人正好相反，用最最复杂的model, 把一个最最简单的理论解释得晕头转向。这些人其实不应该做finance, 应该去搞数学或物理。)<BR>Ross, S. 1977. “The Determinants of Capital Structure: The Incentive-signaling Approach”. Bell Journal of Economics 8, 23-40. (Ross的这篇也很经典。提起他大多数人会想起APT, 其实他对corporate finance 贡献也很大。这篇很有上面提到的Akerlof的风格，都是用很简单的model阐述一个深奥的理论。Ross这个人也很不错，平易近人，很幽默，健谈，没有一点架子，和谁都能见面熟。人格魅力指数：100/100。)<BR>Myers, S.C., and Majluf, N.? 1984. “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 187-221. (影响很大的一篇文章。后来的IPO underpricing 和 Pecking order theory 等等许多都基于此。可以说对corporate finance 各个领域都有影响。）<BR>Hart, O. 2001. “Financial Contracting”. Journal of Economic Literature 39, 1079-1100.<BR>Thakor. 1989. “Strategic Issues in Financial Contracting: An Overview”. Financial Management, 39-58.<BR>Spence, Michael. 1973. “Job market signaling”. Quarterly Journal of Economics, 87, 355-74.<BR>Rothschild, Michael., and Stiglitz, Joseph. 1976. “Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information”. Quarterly Journal of Economics, 90, 629-649.<BR>Grossman, Sanford., and Stiglitz, Joseph E. 1980. “On the Impossibility of Informationally Efficient Markets”. American Economic Review, 70, 393-408.<BR>Merton, Robert C. 1987. “A Simple Model of Capital Market Equilibrium with Incomplete Information”. Journal of Finance, 483-510.<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp;&nbsp;&nbsp;<BR>Capital Structure, Financing Decisions, Investment and Taxes<BR>Miller, M., and Modigliani, F. 1958.“The Cost of Capital, Corporation Finance, and the Theory of Investment”. American Economic Review, 261-297. (什么，没读过？你洗洗睡吧。少数几篇做Finance而获诺贝尔经济学奖的大作，不读不行。)<BR>Miller, M., and Modigliani, F. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction”. American Economic Review, 433-443. (这是他们AER1958大作的续篇。那篇大作中有一处错误，但当时没有什么人能看得懂这篇划时代的巨作，就像爱因斯坦当年发表相对论一样。直到5年后被他们自己发现，才有了这篇文章。不过，原文的结论不受影响，所以他们才在30几年后得了诺贝尔奖。) <BR>Harris, M. and A. Raviv. 1991. “The Theory of Capital Structure”. Journal of Finance, 297-368. (MM之后capital structure基本上被做烂了，文章数量只能用汗牛充栋来形容。看这篇review paper 能让你少看不少papers.) <BR>Baker, M., and Wurgler, J. 2002. “Market Timing and Capital Structure”, Journal of Finance, 1-32. (一篇很有创意的文章，算是behavioral corporate finance 最有代表性的佳作。该文引起很大争议，到今天批它的文章恐怕只有用过江之鲫来形容。到不是这俩人对头多，只是这篇文章影响太大，批它比批一篇不出名的文章更容易引起人们的兴趣，和方舟子打假有点相似。)<BR>Frank, M., and Goyal, V. 2003. “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics 67, 217-248. (很有名的一篇paper, 虽然我不太喜欢。该文曾获JFE的奖，是近年来在capital structure这个领域有影响的文章。)<BR>Mehrotra, V., Mikkelson, M., and Partch, M. 2003. “The Design of Financial Policies in Corporate Spin-offs”. Review of Financial Studies 16, 1359-1388. (Idea有新意。Mikkelson 曾报怨这篇paper被under appreciated。)<BR>Berger, P., Ofek, E., and Yermack, D. 1997. “Managerial Entrenchment and Capital Structure Decisions”. Journal of Finance, 1411-1437.<BR>Masulis, R., 1980. “The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers”. 1980. Journal of Financial Economics, 139-178. <BR>Chemmanur, T., and Paolo, F. 1999. “A Theory of the Going-Public Decision”. Review of Financial Studies 12, 249-279.<BR>Dunbar, C. 1995. “The Use of Warrants as Underwriter Compensation in Initial Public Offerings”. Journal of Financial Economics 38, 59-78.<BR>DeAngelo, H., and Masulis, R. 1980. “Optimal Capital Structure under Corporate and Personal Taxation”. Journal of Financial Economics 8, 3-29.<BR>Miller, M. 1977. “Debt and Taxes”. Journal of Finance 32, 261-275.<BR>Graham, J. 2000. “How Big are the Tax Benefits of Debt?”. Journal of Finance 55, 1901-1941. (Graham 是个很能想很有创意的人。本来这个topic都被做烂了，但他能想出一些个很新奇很有创造性的方法去做。佩服ing. )<BR>Graham, J. 2003. “Taxes and Corporate Finance: A Review”. Review of Financial Studies 16, 1075-1129.<BR>Kaplan, S., and Stromberg, P. 2003. “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts”. Review of Economic Studies, 285-315.<BR>Andrade, G., and Kaplan, G. 1998. “How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed”. Journal of Finance 53, 1443-1493. (题目是不是不好懂？Kaplan的一贯风格是用data来轰炸你，弄得你晕头转向。看过这篇就有体会了。)<BR>Kaplan, S., and Zingales, L. 1997. “Do Financing Constraints Explain Why Investment Is Correlated With Cash Flow?”. Quarterly Journal of Economics, 169-215. (Cash flow sensitivity 的争论就是他们搞起来的。)<BR>Gertner, R., and Scharfstein, D. 1991. “A Theory of Workouts and the Effects of Reorganization Law”. Journal of Finance 46, 1189-1222.<BR>Froot, K., Scharfstein, D., and Stein, J. 1993. “Risk Management: Coordinating Corporate Investment and Financing Policies”. Journal of Finance 48, 1629-1658.<BR>Fama, E., and French, K. 2005. “Financing Decisions: Who Issues Stock”. Journal of Financial Economics, 549-582.<BR>Fama, E., and French, K. 2002. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt". Review of Financial Studies, 1-37. (读Fama-French的文章有时候并不一定因为是篇好文，只是因为别人都读。)<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; Corporate Governance<BR>Shleifer, A., and Vishny, R. 1997. “A Survey of Corporate Governance”. Journal of Finance, 737- 783. (做corporate governance 的如何能够不读这篇paper. Corporate governance 这个词就是他们定义出来的。)<BR>La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Investor Protection and Corporate Governance”. Journal of Financial Economics, 3-27.<BR>Brickley, J., Coles, J., and Terry,R. 1994. “Outside Directors and the Adoption of Poison Pills”. Journal of Financial Economics 35, 371-390.<BR>Byrd, J., and Hickman, K. 1992. “Do Outside Directors Monitor Managers? Evidence from Tender Offer Bids”. Journal of Financial Economics 32, 195-222.<BR>Core, J., Holthausen, R., and Larcker, D. 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”. Journal of Financial Economics 51, 371-406.<BR>Cotter, J., Shivdasani, A., and Zenner, M. 1997. “Do Independent Directors Enhance Target Shareholders Wealth During Tender Offers?”. Journal of Financial Economics 43, 195-218.<BR>Harford, J. 2003. “Takeover Bids and Target Directors’ Incentives: The Impact of a Bid on Directors’ Wealth and Board Seats”. Journal of Financial Economics, 51-83.<BR>Denis, D., and Sarin, A. 1999. “Ownership and Board Structures in Publicly Traded Corporations”. Journal of Financial Economics 52, 187-224.<BR>Del Guercio, D., Dann, L., and Partch, Megan. 2003. “Governance and Boards of Directors in Close-end Investment Companies”. Journal of Financial Economics 69, 111-152. <BR>Gompers, P., Ishii, J., and Metrick, A. 2003. “Corporate Governance and Equity Prices”. Quarterly Journal of Economics 118, 107-155. (这篇文章也有些争议，不过现在是被引用得越来越多了。)<BR>Hermalin, B., and Weisbach, M. 1988. “The Determinants of Board Composition”. RAND Journal of Economics 19, 589-606.<BR>Hermalin, B., and Weisbach, M. 2003. “Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature”. Federal Reserve Bank at New York, Economic policy review, April 2003. (一篇survey paper，虽然不是发表在学术期刊上，但值得一读。)<BR>Jensen, M. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”. Journal of Finance, 831-880. (记得是Jensen在某一年的讲话，读一下吧。)<BR>Mikkelson, W., and Partch, M. 1997. “The Decline of Takeovers and Disciplinary Managerial Turnover”. Journal of Financial Economics 44, 205-228. (1997年获JFE大奖的文章。觉得还是挺有创意的。)<BR>Weisbach, M. 1988. “Outside Directors and CEO Turnover”. Journal of Financial Economics 20, 431-460. (最早的一篇研究board composition 对corporate policy影响。)<BR>Yermack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”. Journal of Financial Economics 40, 185-211. (最早研究board size对firm value的影响。Yermack很会充分利用data，他用这套数据写了好几篇文章。)<BR>Shivdasani, A., and Yermack, D. 1999. “CEO Involvement in the Selection of New Board Member: an Empirical Analysis”. Journal of Finance 54, 1829-1853.<BR>Yermack, D. 2004. “Remuneration, Retention, and Reputation Incentives for Outside Directors”. Journal of Finance 59, 2281-2308. <BR>Rosenstein, S., and Wyatt, J. 1997. “Inside Directors, Board Effectiveness, and Shareholder Wealth”. Journal of Financial Economics 44, 229-248. <BR>Shivdasani, Anil. 1993. “Board Composition, Ownership Structure and Hostile Takeovers”. Journal of Accounting and Economics, 167–198. (忘了这篇文章为什么有名，好像是找到了关于busy directors 的什么，引起后来的争论。)<BR>Fich, E., and Shivdasani, A. 2006. “Are Busy Boards Effective Monitors”. Journal of Finance, 689-724. (Shivdasani 是个印度人，但英语说得基本上没什么口音。应该什么时候把他请过来教一教如何练口语。)<BR>Ferris, S., Jagannathan, M., and Pritchard, A. 2003. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments”. Journal of Finance, 1087-1112. <BR>Vafeas, Nikos. 1999. “Board Meeting Frequency and Firm Performance”. Journal of Financial Economics, 113–142. (这是一篇典型的data mining的文章。其实hypothesis一点都不make sense, 但结果够噱头，就可在JFE上发。我们从中要学到的是先要看data, 如果结果够interesting, 再来写文章。)<BR>Perry, Tod., and Peyer, Urs. 2005. “Board Seat Accumulation by Executives: A Shareholder's Perspective”. Journal of Finance, 2083–2123. (算是the board of directors 比较新的研究了。忘了好在哪里。)<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; Mergers and Acquisitions<BR>Mitchell, M. And Mulherin, J. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity”. Journal of Financial Economics, 193-229. (这篇很经典，提出了M&amp;A几个原因之一。)<BR>Shleifer, A. and Vishny, R. 2003. “Stock Market Driven Acquisitions". Journal of Financial Economics, 295-311. (现代M&amp;A理论中很有名的一篇，也和behavioral finance 沾边。但我觉得model并不很好反映他们的理论。Model 说的其实是mispricing driven acquisitions, 而他们想表达的意思应该比这广。)<BR>Jensen, M., and Ruback, R. 1983. “The Market for Corporate Control: The Scientific Evidence”. Journal of Financial Economics, 5-50. (关于M&amp;A最早，也是被研究的最多的观点 –The market for corporate control. )<BR>Harford, J. 2005. “What Drives Merger Waves?”. Journal of Financial Economics, 529-560. <BR>Jarrell, G.A., Brickley, J. and Netta, J. 1988. “The Market for Corporate control: The Empirical Evidence Since 1980.”? Journal of Economic Perspectives, 2:49-68. <BR>Travlos, Nickolaos. 1987. “Corporate Takeover Bids, Methods of Payment, and Bidding Firm’s Stock Returns”. Journal of Finance 42, 943-963. <BR>Stulz, R. 1988. “Managerial Control of Voting Rights: Financial Policies and the Market for Corporate Control”. Journal of Financial Economics, 25-54. (我觉得还不错，但现在好像引用的少了。不过就冲Rene Stulz的大名，也值得一读。)<BR>Healy, Paul., Palepu, Krishna., and Ruback, Richard. 1992. “Does Corporate Performance Improve after Mergers?”. Journal of Financial Economics 31, 135-175. <BR>Halpern, Paul. 1982. “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”. Journal of Finance 38, 297-317.<BR>Fuller, K., Netter, J., and Stegemoller, M. 2002. “What do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions”. Journal of Finance, 1763-1793.<BR>Ecobo, Espen. 1983. “Horizontal Mergers, Collusion, and Stockholder Wealth”. Journal of Financial Economics 11, 241-273.<BR>Roll, Richard. 1983. “The Hubris Hypothesis of Corporate Takeovers”. Journal of Business 59, 197-216. (都知道Roll对Asset Pricing 的贡献，却不知他对behavioral corporate finance 也有独到的眼光。) <BR>Fama, E., Fisher, L., Jensen, M., and Roll, Richard. 1969. “The Adjustment of Stock Prices to New Information”. International Economic Review 1, 1-21. (Event studies 的始作俑者。)<BR>Dodd, P., and Warner, J. 1983. “On Corporate Governance: a Study of Proxy Contests”. Journal of Financial Economics 11, 401 - 438. (Event studies 的名篇，不过到今天event studies 已经不是什么了不起的事，大家也渐渐的不引用这些文章了, 直接做就行了。下面三篇也是同样情况。) <BR>Brown, Stephen., and Warner, Jerold. 1980. “Measuring Security Price Performance”. Journal of Financial Economics 8, 205-285.<BR>Brown, Stephen., and Warner, Jerold. 1985. “Using Daily Stock Returns: The Case of Event Studies”. Journal of Financial Economics 14, 3-32.<BR>MacKinlay, C. 1997. “Event Studies in Economics and Finance”. Journal of Economic Literature 35, 13-39. <BR>Dann, L.Y., and DeAngelo, H. 1983. “Standstill Agreements, Privately Negotiated Stock Repurchases and the Market for Corporate Control”. Journal of Financial Economics, 275-300.<BR>Martin, K., and McConnell, J. 1991. “Corporate Performance, Corporate Takeovers, and Management Turnover”. Journal of finance, 671-687. <BR>Kaplan, S., and Weisbach, M. 1992. “The Success of Acquisitions: Evidence from Diverstitures”. Journal of Finance 47, 107-138. <BR>Kaplan, S. 1989. “The Effects of Management Buyouts on Operating Performance and Value”. Journal ofFinancial Economics 24, 217-254. (Kaplan就是搞这个起家的。他也带动了研究MBO的潮流。)<BR>Kaplan, S., and Stein, J. 1990. “How Risky is the Debt in Highly Leveraged Transactions?”. Journal of Financial Economics, 215-246. (LBO也是他的最爱。)<BR><BR>&nbsp;&nbsp;<BR><BR>下面几篇我都不太了解，都比较早了。有空就翻翻吧。<BR>&nbsp;&nbsp;<BR><BR>Agarwal, A., Jaffe, J., and Mandelker, G. 1992. “The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly.”? The Journal of Finance, 1605-1621.<BR>Opler, T., and Titman, S. 1993. “The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs”. The Journal of Finance, 1985-1999.<BR>Comment, R. and Schwert, G. 1995. Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeovers Measures”, Journal of Financial Economics, 3-43.<BR><BR>Corporate Finance:<BR>&nbsp; &nbsp; Payout Policy<BR>Payout policy 本身并没什么有趣的，一般都是和Agency theory, Information asymmetry (Signaling) 或Mispricing 结合在一起才有意思。<BR>Allen, F., and Michaelly, R. 2003. “Payout Policy”. Chapter 7, 337-430, in Handbook of the Economics of Finance, Edited by Constantindes et al, Elsevier North Holland. (这是篇review paper，看了就对这个领域有个大概的印象。)<BR>Fama, E., and French, K. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?”. Journal of Financial Economics 60, 3-43. (Fama又一篇获奖之作，也很是有名。)<BR>Baker, Malcolm., and Wurgler, Jeffrey. 2004. "A Catering Theory of Dividends". Journal of Finance, 1125-1165. (Payout policy 和Behavioral finance结合的代表作。)<BR>Baker, Malcolm., and Wurgler, Jeffrey. 2004. "Appearing and Disappearing of Dividends: The Link to Catering Incentives". Journal of Financial Economics, 271-288. (感觉不如上面那篇JF。搞什么嘛，简直就是overkill.)<BR>Miller, M., and Rock, K. 1985. “Dividend Policy under Asymmetric Information”. Journal of Finance, 1031-1051. (翻一下，记住结论即可。)<BR>Benartzi, S., Michaely, R., and Thaler, R. 1997. “Do Changes in Dividends Signal the Future or the Past?”. Journal of Finance, 1007-1033. (关于dividend signaling 的争论就一直没停过, 实在是让人感到有些疲劳。)<BR>Litner, J. 1956. “Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes,” American Economic Review, 97-113. （大概是第一个研究这个方面的paper，其model至到今天还在被用。）<BR>Grullon, G., and Michaely, R. 2002. “Dividends, Share Repurchases and the Substitution Hypothesis”. Journal of Finance 62, 1649-1684. (这两人原系师徒。这篇paper写的不是很好，但还算有名。)<BR>Vermaelen, T. 1981. “Common Stock Repurchases and Market Signaling: An Empirical Study”. Journal of Financial Economics, 139-183. (老文了。本来也被引用得不怎么多，但近年来人气很旺，不知何故。读读吧。)<BR>Dann, L. 1981. “Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders”. Journal of Financial Economics 9, 113-138. (老Larry也是有些点背，本来这篇paper比上面Vermaelen的那篇要引用的多，但不知何故近来少有人引用。)<BR>Easterbrook, Frank. 1984. “Two Agency-cost Explanations of Dividends”. American Economic Review, 650-659. （该人系lawyer出身，因此很遭某些人排斥。）<BR>Fenn, G., and Liang, N. 2001. “Corporate Payout Policy and Managerial Stock Incentives”. Journal of Financial Economics 60, 45-72. <BR>Bhattacharya, S. 1979. “Imperfect Information, Dividend Policy, and 'The Bird in the Hand Fallacy'”. Bell Journal of Economics 10, 259-270. (一篇老文，很多人引用。翻翻就可以了。)<BR>Guay, Wayne., and Harford, J. 2000. “The Cash-Flow Permanence and Information Content of Dividend Increases vs. Repurchases”. Journal of Financial Economics 57, 385-415.? (Guay是accounting 里的青年才俊，在Wharton做的不错. 和Harford以前读书时是同学，据说网球打得很好。)<BR>Jagannathan, M., Stephens, C., and Weisbach, M. 2000. “Financial Flexibility and the Choice between Dividends and Stock Repurchases”. Journal of Financial Economics 57, 355-384. (和上面那篇paper讲的是差不多的意思。这篇明显有些赶工的痕迹。大概是为了抢着发表。这两篇最后都在同一本杂志的同一期上发了，要是不抢，让上面那篇先发，这篇就发不了了。)<BR>DeAngelo, H., DeAngelo, L., and Skinner, D. 1996. “Reversal of Fortune, Dividend Signaling and the Disappearance of Sustained Earnings Growth”. Journal of Financial Economics 40, 341-371. (又是一篇signaling 的paper。DeAngelo两人对dividends情有独钟，大部分文章都和dividends 有关。感兴趣的可以去他们网页看看，这里就不多举了。)<BR>Kahle, K. 2002. “When a Buyback isn’t a Buyback: Open-market Repurchases and Employee Options”. Journal of Financial Economics 63, 235-261.<BR>Stephens, C., and Weisbach, M. 1998. “Actual Share Reacquisitions in Open-market Repurchase Programs”. Journal of Finance 55, 313-334.<BR>Ikenburry, D., Lakonishock, J. and Vermaelen, T. 1995. “Market Underreaction to Open Market Stock Repurshases”. Journal of Financial Economics, 405-435.<BR>Healy, P. and Palepu, K. 1988. “Earnings Information Conveyed by Dividend Initiations and Omissions”. Journal of Financial Economics, 149-175.<BR>Michaely, R., Thaler, R., and Womack, K. 1995. “Piece Reactions to Dividend Intention and Omissions: Overreaction or Drift?”.? Journal of Finance, 573-608.<BR>John, K., and Williams, J. 1985. “Dividends, Dilution, and Taxes: a Signaling Equilibrium”. Journal of Finance 40, 1053-1070. (老文，翻一下，记住结论即可。)<BR>Grullon, Gustavo., Michaely, Roni. 2004. “The Information Content of Share Repurchase Programs”. Journal of Finance, 651-680.<BR>Elton, E., and Gruber, M. 1970. “Marginal Stockholders’ Tax Rates and the Clientele Effect”. Review of Economics and Statistics 52, 68-74. (比较早的一篇关于clientele effects和dividends的文章。现在这种文章海量了，感兴趣的自己搜好了。) <BR><BR>International Finance<BR>这个我不太了解，推荐几篇我知道的吧。其实说穿了基本上也就是用international data来验证已有的theory, 不会去做些什么汇率之类啦，跨国银行之类啦，FDI等等。在美国，上面提到的那些东西可都是属于经济系(Economics), 和金融(Finance)不怎么沾边。<BR>Doidge, C. 2004. “US Cross-listing and the Private Benefits of Control: Evidence from Dual Class Firms”. Journal of Financial Economics, 519-554. (Craig 是加拿大帅哥，当年为了女友，毅然选择了去U of Toronto. 他应该是近几年来Ohio State 所毕业的最出色的学生之一。当年他选择这个dissertation topic 是冒了风险的，因为不是所有人对international data都是那么相信的。有句话怎么说的, “Great achievements involve great risk”. )<BR>Doidge, C., Karolyi, C., and Stulz, R. 2004. “Why are Foreign Firms that are Listed in the US Worth More?”. Journal of Financial Economics, 205-238.<BR>La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. “Corporate Ownership around the World”. Journal of Finance, 471-517.<BR>La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Agency Problems and Dividend Policies around the World”. Journal of Finance, 1-33. <BR>Morck, R., Yeung, B., and Wu, W. 2000. “The Information Content of Stock Markets: Why Do Emerging markets Have Synchronous Stock Price Movements?”. Journal of Financial Economics, 2000, 58, 215-260.<BR><BR>Mutual Funds<BR>Johnson, Woodrow. 2003. “Predictable Investment Horizons and Wealth Transfers among Mutual Fund Shareholders”. 2004. Journal of Finance, 1979-2012. （Columbia 毕业的，和去Connell的那个中国女孩是同学。人很聪明，很有才华，但对学生很一般般。个人认为此文是econometrics 技巧在finance papers中的最完美应用之一篇经典。）<BR>Chan, Louis K. C., Chen, Hsiu-Lang., and Lakonishok, Josef. 2002. “On Mutual Fund Investment Styles”. Review of Financial Studies, 1407-1437. <BR>Hendricks, D., Patel. J., and Zeckhauser, R. 1993. “Hot Hands in Mutual Funds: Short-run Persistence of Relative Performance, 1974-1988”. Journal of Finance 48, 93-130. <BR>Grinblatt, M., and Titman, T. 1993. “Performance Measurement without Benchmarks: An<BR>Examination of Mutual Fund Returns”. Journal of Business 66, 47-68. <BR>Carhart, Mark. 1997. “On Persistence in Mutual Fund Performance”. Journal of Finance 52, 57-82. (Chicago 毕业的，好像是Fama的高足。该文是第一个提出survivorship bias的，非常之经典。) <BR>Del Guercio, D. 1996. "The Distorting Effect of the Prudent-Man Laws on Institutional Equity Investors," Journal of Financial Economics 40, 31-62. (Diane 对学生比较负责，愿意花很多时间指导学生。为人也很smooth，年轻时是美女，穿着也很有品。)<BR>Coval, Joshua D., and Moskowitz, T. 1999. “Home Bias at Home: Local Equity Preference in Domestic Portfolios”. Journal of Finance 54, 2045-2073.<BR>Gompers, Paul., and Metrick, A. 2001. “Institutional Investors and Equity Prices”. Quarterly Journal of Economics, 229-259.<BR>Jensen, Michael. 1968. “The Performance of Mutual Funds in the Period 1945-1964”.<BR>Journal of Finance, 23, 389-416. (Mutual funds 最早也是最有名的经典之一。Jensen’s Alpha 总该听说过吧？就是源自此处。)<BR>Zheng, Lu. 1999. “Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability”. Journal of Finance, 54, 901-933. (中国美女的大作，推一下。她是Yale毕业的，后来去了Michigan. 这篇文章好像得了个奖。)<BR>Edelen, Roger. 1999. “Investor Flows and the Assessed Performance of Open-end Mutual Funds”. Journal of Financial Economics 53, 439-466. (也很经典。好像就是他引起了flow 和 performance之间的热潮。)<BR>Edelen, Roger., and Warner, J. 2001. “Aggregate Price Effects of Institutional Trading: a Study of Mutual Fund Flow and Market Returns”. Journal of Financial Economics, 59, 195-220.<BR>Brown, Keith C., Harlow, W., and Starks, L. 1996. “Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry”. Journal of Finance, 51, 85-110.<BR>Chalmers, John., Roger, Edelen., and Kadlec, G. 2001. “On the Perils of? Financial Intermediaries Setting Security Prices: the Mutual Fund Wild Card Option”. Journal of Finance, 2209-2236. (算是近几年来mutual funds里比较有名的一篇。题目很古怪，其实就是说各个地方trading时间上的差异导致managers有机可乘。<BR>Chevalier, Judith., and Ellison, G. 1999. “A Career Concerns of Mutual Fund Managers”. Quarterly Journal of Economics 114, 389-432.<BR>Falkenstein, Eric G. 1996. “Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings”. Journal of Finance, 111-135.<BR>Warther, Vincent A. 1995. “Aggregate Mutual Fund Flows and Security Returns”. Journal of Financial Economics, 209-235.<BR>Sirri, Erik., and Tufano, P. 1998. “Costly Search and Mutual Fund Flows”. Journal of Finance 53, 1589-1622.<BR>Gruber, Martin. 1996. “Another Puzzle: the Growth in Actively Managed Mutual Funds.” Journal of Finance 51, 783-810.<BR>Reuter, J. 2006. “Are IPO Allocations for Sale? Evidence from Mutual Funds”. Journal of Finance, 2289-2324. (Jon毕业于MIT，大概是我见过的人当中最聪明的一个，虽然他现在还不怎么有名。为人超好, 非常非常nice， 也很正直。个人认为Jon是个很值得结交的人。如有机会当他学生，一定要选他当committee member. 好人指数：100/100。)<BR><BR>Market Microstructure<BR><BR>Kyle, Albert S. 1985. “Continuous Auctions and Insider Trading”. Econometrica, 53, 1315-1335.<BR>Glosten, Lawrence., and Milgrom, P. 1985. “Bid, Ask and Transcation Prices in a Dealer Market with Heterogenously Informed Traders”. Journal of Financial Economics, 14, 71-100.<BR>O'Hara, Maureen. 2003. “Presidential Address: Liquidity and Price Discovery”. Journal of Finance, 58, 1335-1354.<BR>Madhavan, A. 2002. “Market Microstructure: A Practitioner's Guide”. Financial Analysts Journal, 58, 28-42. <BR>Harriss, J. H., and Schultz, P. 1998. “The Trading Profits of SOES Bandits”. Journal of Financial Economics, 50, 39-62.<BR>Harris, Lawrence and Hasbrouck, J. 1996. “Market vs. Limit Orders: The Superdot Evidence on Order Submission Strategy”. Journal of Financial and Quantitative Analysis, 31, 213-231.<BR>Jones, Charles M., and Lipson, M. 2001. “Sixteenths: Direct Evidence on Institutional Execution Costs”. Journal of Financial Economics, 59, 253-278.<BR>Schultz, Paul. 2001. “Corporate Bond Trading Costs: a Peek Behind the Curtain”. Journal of Finance, 677-698.<BR></P>
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