FIN 540 Discussion Assignments

FIN 540 - Fall 2016
Wednesdays & Fridays 1:00 - 4:00 p.m. (adjustable/flexible -- see below)
G120
Discussion Assignments
Date Paper Time/Place Name*
Sep. 07, 2016 Introduction G120, 1-1:30 Bill Schwert
Sep. 14, 2016 no class
Sep. 21, 2016 Background info on IPOs G120, 3-5 Bill Schwert
Sep. 21, 2016 Lowry, Michelle and G. William Schwert, “IPO Market Cycles: Bubbles or Sequential Learning?” Journal of Finance, 57 (June 2002) 1171-1200 G120, 3-5 Bill Schwert
Sep. 23, 2016 Lowry, Michelle and G. William Schwert, “Is the IPO Pricing Process Efficient?” Journal of Financial Economics, 71 (January 2004) 3-26 G120, 1-4 Bill Schwert
Sep. 23, 2016 Lowry, Michelle Micah S. Officer, and G. William Schwert, “The Variability of IPO Initial Returns,” Journal of Finance, 65 (April 2010) 425–465 G120, 1-4 Bill Schwert
Sep. 28, 2016 no class
Sep. 30, 2016 *Sørensen, Morten, “How Smart Is Smart Money? A Two-Sided Matching Model of Venture Capital,” Journal of Finance, 62 (December 2007) 2725–2762. G120, 3-5 Rob Arscott
Sep. 30, 2016 *Aggarwal, Reena, Nagpurnanand R. Prabhala, and Manju Puri, “Institutional Allocation in Initial Public Offerings: Empirical Evidence,” Journal of Finance, 57 (June 2002) 1421–1442. G120, 3-5 Pingle Wang
Oct. 05, 2016 *Dambra, Michael, Laura Casares Field, and Matthew Gustafson, "The JOBS Act and IPO volume: Evidence that disclosure costs affect the IPO decision," Journal of Financial Economics, 116 (April 2015) 121-143. G120, 3-5 Hunter Land
Oct. 05, 2016 *Da, Zhi, Joseph Engelberg, and Pengjie Gao, "In Search of Attention," Journal of Finance, 66 (October 2011) 1461-1499. G120, 3-5 Hunter Land
Oct. 12, 2016 *Abrahamson, Mark, Tim Jenkinson, and Howard Jones, “Why Don't U.S. Issuers Demand European Fees for IPOs?” Journal of Finance, 66 (December 2011) 2055–2082. G120, 3-5 Rob Arscott
Oct. 12, 2016 *Cliff, Michael T., and David J. Denis, “Do Initial Public Offering Firms Purchase Analyst Coverage with Underpricing?” Journal of Finance, 59 (December 2004) 2871–2901. G120, 3-5 Biwen Zhang
Oct. 21, 2016 *Ljungqvist, Alexander, Felicia Marston, and William J. Wilhelm Jr., “Competing for Securities Underwriting Mandates: Banking Relationships and Analyst Recommendations,” Journal of Finance, 61 (February 2006) 301–340. G120, 1-4 Biwen Zhang
Oct. 21, 2016 *Smart, Scott B., and Chad J Zutter, “Control as a motivation for underpricing: a comparison of dual and single-class IPOs,” Journal of Financial Economics, 69 (July 2003) 85-110. G120, 1-4 Arthur Kim
Oct. 21, 2016 Background info on SEOs G120, 1-4 Bill Schwert
Oct. 26, 2016 *Bernstein, Shai. "Does going public affect innovation?" Journal of Finance, 70 (2015) 1365-1403. G120, 3-5 Silver Chung
Oct. 26, 2016 *Chemmanur, Thomas J., Shan He, Gang Hu, “The role of institutional investors in seasoned equity offerings,“ Journal of Financial Economics, 94 ( December 2009) 384-411. G120, 3-5 Pingle Wang
Oct. 26, 2016 Background info on bond financing G120, 3-5 Bill Schwert
Oct. 28, 2016 Background info on recapitalizations G120, 1-4 Bill Schwert
Oct. 28, 2016 *Brown, Stephen J., Bruce D. Grundy, Craig M. Lewis, and Patrick Verwijmeren, “Convertibles and Hedge Funds as Distributors of Equity Exposure," Review of Financial Studies, 25 (2012) 3077-3112. G120, 1-4 Shuaiyu Chen
Oct. 28, 2016 Background info on repurchase tender offers G120, 1-4 Bill Schwert
Nov. 02, 2016 *Grundy, Bruce D., and Patrick Verwijmeren, "Disappearing Call Delay and Dividend-Protected Convertible Bonds," Journal of Finance, 71 (2016) 195-224. G120, 1-4 Silver Chung
Nov. 02, 2016 *Hong, Harrison, Jiang Wang, Jialin Yu, “Firms as buyers of last resort,“ Journal of Financial Economics, 88 ( April 2008) 119-145. G120, 1-4 Shuaiyu Chen
Nov. 02, 2016 Background info on M&A G120, 1-4 Bill Schwert
Nov. 04, 2016 *Schwert, G. William, “Markup Pricing in Mergers and Acquisitions,” Journal of Financial Economics, 41 (June 1996) 153-192. G120, 1-4 Bill Schwert
Nov. 04, 2016 *Kaplan, Steven N., “The Effects of Management Buyouts on Operating Performance and Value,” Journal of Financial Economics, 24 (October 1989) 217-254. G120, 1-4 Zhao Jin
Nov. 09, 2016 *Schwert, G. William, “Hostility in Takeovers: In the Eyes of the Beholder,” Journal of Finance, 55 (December 2000) 2599-2640. G120, 1-4 Bill Schwert
Nov. 09, 2016 *Bharath, Sreedhar T., and Amy K. Dittmar, “Why Do Firms Use Private Equity to Opt Out of Public Markets?” Review of Financial Studies, 23 (2010) 1771-1818. G120, 1-4 Zhao Jin
Nov. 09, 2016 *Phalippou, Ludovic, and Oliver Gottschalg, “The Performance of Private Equity Funds,” Review of Financial Studies, 22 (2009) 1747-1776. G120, 1-4 Robert Gholson
Nov. 16, 2016 *Moeller, Sara B., Frederik P. Schlingemann and René M. Stulz, “Firm Size and the Gains from Acquisitions” Journal of Financial Economics, 73 (August 2004) 201-228.  G120, 1-4 Yihua Nie
Nov. 16, 2016 *Safieddine, Assem and Sheridan Titman, “Leverage and Corporate Performance: Evidence from Unsuccessful Takeovers,” Journal of Finance, 54 (April 1999) 547-580. G120, 1-4 Yihua Nie
Nov. 16, 2016 *Morellec, Erwan, Alexei Zhdanov, “Financing and takeovers,“ Journal of Financial Economics, 87 ( March 2008) 556-581. G120, 1-4 Tianchi Gao
Nov. 18, 2016 *Duchin, Ran, Breno Schmidt, “Riding the merger wave: Uncertainty, reduced monitoring, and bad acquisitions,“ Journal of Financial Economics, 107 ( January 2013) 69-88. G120, 1-4 Tianchi Gao
Nov. 18, 2016 Background info on Defensive Tactics G120, 1-4 Bill Schwert
Nov. 18, 2016 *Comment, Robert and G. William Schwert, “Poison or Placebo?  Evidence on the Deterrence and Wealth Effects of Modern Antitakeover Measures,” Journal of Financial Economics, 39 (September 1995) 3-43. G120, 1-4 Bill Schwert
Nov. 30, 2016 *Garvey, Gerald T. and Gordon Hanka, “Capital structure and corporate control: The effect of antitakeover statutes on firm leverage,” Journal of Finance, 54 (April 1999) 519-546. G120, 1-4 Arthur Kim
Nov. 30, 2016 Background info on the Value of Corporate Control G120, 1-4 Bill Schwert
Nov. 30, 2016 *Barclay, Michael J. and Clifford G. Holderness, “Private Benefits from Control of Public Corporations,” Journal of Financial Economics, 25 (December 1989) 371-395. G120, 1-4 Boyong Shang
Dec. 02, 2016 *Doidge, Craig, “U.S. Cross-Listings and the Private Benefits of Control: Evidence from Dual-Class Firms,” Journal of Financial Economics, 72 (June 2004) 519-533. G120, 1-4 Boyong Shang
Dec. 02, 2016 *Schipper, Katherine and Abbie Smith, “A Comparison of Equity Carve-outs and Seasoned Equity Offerings,” Journal of Financial Economics, 15 (January 1986) 153-186. G120, 1-4 Robert Gholson
Dec. 07, 2016 Syndicated Angel Investments G120, 1-4 Olga Itenberg and Erin Smith
*NOTE:  Please email your paper to schwert@schwert.ssb.rochester.edu at least one week before your presentation.   Your slides or handouts, if any, will be posted on this website. 
Last updated: 11/28/2016