Handbooks in Finance: Empirical Corporate Finance

3478.rar (408.4 KB) 本附件包括：

• 公司风险管理.pdf

2004-11-20 08:29:00 上传

Handbooks in Finance: Empirical Corporate Finance

Managing Corporate Risk Theory and Evidence Clifford W. Smith, Jr.

Risk management by firms has expanded substantially over the past two decades. This expansion has produced both a more sophisticated understanding of the benefits of an appropriate risk-management program as well as a material reduction in the cost of risk-management products. Much of the risk-management literature focuses on the use of derivatives—forwards, futures, swaps, and options—in hedging corporate exposures to interest rates, foreign exchange rates, and commodity prices. But the array of riskmanagement instruments is much broader. Both financially engineered hybrid instruments as well as engaging in specific real production activities represent important alternative methods of managing risk.

Much of my discussion focuses on the underlying theory of the mechanisms through which risk management can increase the value of the firm. This is a critical step in the design of an effective corporate risk-management strategy. For example, there is apparent disagreement on how one should measure a firm’s risk exposures: Should management focus on cash flows, firm value, or reported earnings? I would argue that

why a firm hedges has direct implications for how one should measure these corporate exposures as well as what instruments the firm should employ to hedge. Finally, I summarize the evidence on the use of risk-management instruments.

3906.rar (618.57 KB) 本附件包括：

• 税收和资本结构.pdf

2004-11-24 09:54:00 上传

Handbooks in Finance: Empirical Corporate Finance

“Taxes and Corporate Finance” by John R. Graham B. Espen Eckbo (ed.), Handbook of Empirical Corporate Finance (Elsevier/North-Holland), Chapter 5, forthcoming.

Abstract: This paper reviews tax research related to domestic and multinational capital structure, debt maturity, payout policy, compensation policy, risk management, earnings management, leasing, pensions, R&D partnerships, tax shelters, transfer pricing, and organizational form. For each topic, the theoretical arguments explaining how taxes can affect corporate decision-making and firm value are reviewed, followed by a summary of the related empirical evidence and a discussion of unresolved issues. Tax research generally supports the hypothesis that high-tax rate firms pursue policies that provide tax benefits. Many issues remain unresolved, however, including understanding whether tax effects are of first-order importance, why firms do not pursue tax benefits more aggressively, and whether corporate actions are affected by investor-level taxes.

鉴于楼上的mylist朋友在本版发了一群无聊回帖，特意删除其中5个，保留一个，同时扣除相应积分。如果楼上真诚到本版访问，请积极参与讨论，本版同时也是重奖，如果有一个好贴，奖励50－100分。敬请楼上谅解

Corporate Finance的手册有多少本？

我也来发四篇，我在微观上传中文的平狄克作业也没什么分，我都没精神了。还望闲人版主多多加分。

4行为公司金融；11风险资本；12IPO折价；7交易和债务啄序理论

9027.rar (510.39 KB) 本附件包括：

• 4行为公司金融.pdf

2005-2-20 21:59:00 上传

9028.rar (497.05 KB) 本附件包括：

• 7交易和债务啄序理论.pdf

2005-2-20 22:00:00 上传

9029.rar (329.83 KB) 本附件包括：

• 11风险资本.pdf

2005-2-20 22:00:00 上传

9030.rar (406.12 KB) 本附件包括：

• 12IPO折价.pdf

2005-2-20 22:00:00 上传

[此贴子已经被作者于2005-2-20 22:05:13编辑过]

这四篇依次是：

Malcolm Baker，Richard S. Ruback，Jeffrey Wurgler，October 9, 2004，Behavioral Corporate Finance: A Survey

Paul Gompers，“Venture Capital”，2005，Chapter 11

Murray Z. Frank and Vidhan K. Goyal，2005，Trade-off and Pecking Order Theories of Debt

IPO折价俺已经贴出了。行为公司金融准备贴，被楼上抢了先。后两篇俺还真没有。

鉴于楼上贡献较大，奖励积分200，金钱200。如果楼上继续找到其它的，还要给予重奖。

呵呵，谢啦，俺们大家一起努力阿

。您贴IPO折价是不是隐藏了，我没有看到阿。

[此贴子已经被作者于2005-2-21 9:23:25编辑过]

BE is a wonderful area. You can get a lot from it.

的确很多资料 省下了很多 盲目的时间

我要是学了一些定来交流

哪位能搞到8 Leverage and Industrial Competition (Titman, Dasgupta) ，很希望看到