Syllabus - מימון חברות - המשך (55942)

חומר חובה לקריאה:
1. Liquidity Constraints
Blanchard, O. J., Lopez-de-Silanes, F., and A., Shliefer (1994), “What Do Firms Do
with
Cash Windfalls?” Journal of Financial Economics 36: 337-360.
* Fazzari, S.M., R.G. Hubbard and B.C. Petersen (1988), “Financing Constraints and
Corporate Investment,” Brookings Papers on Economic Activity, 141-195.
* Kaplan, Steven N. and Luigi Zingales (1997), “Do Investment-Cash Flow Sensitivities
Provide Useful Measures of Financing Constraints?,” Quarterly Journal of Economics 112: 169-
216.
* Kashyap, Anil, Takeo Hoshi, and David Scharfstein (1991), “Corporate Strcuture,
Liquidity and Investment: Evidence from Japanese Industrial Groups,” Quarterly Journal of
Economics 106: 33-60.
Stein, Jeremy C. (2003), “Agency, Information and Corporate Investment,” chapter 2 in
the Handbook of the Economics of Finance, edited by George Constantinides, Milton Harris and
Rene Stulz. Amsterdam: North-Holland. (READ PART A).
* Rauh, Joshua, (2006), “Investment and Financing Constraints: Evidence from the
Funding of Corporate Pension Plans,” Journal of Finance 61: 33-71.
2. Liquidation Values
* Benmelech, Efraim (2009), “Asset Salability and Debt Maturity: Evidence from 19th
Century American Railroads,” Review of Financial Studies 22: 1545-1583.
* Benmelech, Efraim, Mark Garmaise and Toby Moskowitz (2005), “Do Liquidation
Values Affect Financial Contracts? Evidence from Commercial Loan Contracts and Zoning
Regulation,” Quarterly Journal of Economics 120: 1121-1154.
* Benmelech, Efraim and Nittai Bergman (2008), “Liquidation Values and the Credibility
of Financial Contract Renegotiation: Evidence from U.S. Airlines,” Quarterly Journal of
Economics 123: 1635:1677.
Benmelech, Efraim and Nittai Bergman (2009), “Collateral Pricing,” Journal of Financial
Economics 91 (2009) 339-360.
* Shleifer, Andrei, and Robert Vishny (1992), “Liquidation Values and Debt Capacity: A
Market Equilibrium Approach,” Journal of Finance 47: 1343-1366.
Copyright © 2018 Efraim Benmelech. 3
3. Financial Distress + Bankruptcy
* Asquith, Paul, Robert Gertner and David Scharfstein (1994), “Anatomy of Financial
Distress: An Examination of Junk-Bond Issuers,” Quarterly Journal of Economics 109: 625-658.
* Andrade Gregor, and Steven N. Kaplan (1998), “How Costly is Financial (not
Economic) Distress? Evidence from Highly Leveraged Transactions that Become Distressed,”
Journal of Finance 53: 1443-1493.
* Stromberg, Per (2000), “Conflicts of Interest and Market Illiquidity in Bankruptcy
Auctions: Theory and Tests,” Journal of Finance 55: 2641-2692
Almeida, Heitor and Thomas Philippon, (2007), “The Risk-Adjusted Cost of Financial
Distress,” Journal of Finance 62: 2557-2586.
Baird, Douglas G., and Robert K. Rasmussen, (2002) “The End of Bankruptcy”,
Stanford Law Review, 751-789.
Benmelech, Efraim and Nittai Bergman (2011), “Bankruptcy and the Collateral
Channel,” Journal of Finance 66: 308-332.
Gertner, Robert and David Scharfstein (1991), “A Theory of Workouts and the Effects of
Reorganization Law,” Journal of Finance 46: 1189-1222.
Warner, Jerold, (1977) “Bankruptcy Cost: Some Evidence,” Journal of Finance 32: 337-
348
4. Internal Capital Markets
Background articles:
Stein, Jeremy C. (1997), “Internal Capital Markets and the Competition for Corporate
Resources,” Journal of Finance 52: 111-133.
Scharfstein, David S. and Jeremy C. Stein (2000), “The Dark Side of Internal Capital
Markets: Divisional Rent-Seeking and Inefficient Investment,” Journal of Finance 55: 2537-
2564.
Investment and internal capital market
Rajan, Raghuram, Henri Servaes and Luigi Zingales (2000), “The Cost of Diversity: The
Diversification Discount and Inefficient Investment,” Journal of Finance 55: 35-80.
Copyright © 2018 Efraim Benmelech.

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