Syllabus - סמינר במימון למצטיינים (55959)

חומר חובה לקריאה:
a) Cost of Capital and Capital Structure
1. Hirshleifer, J. “on the theory of optimal investment decision” Journal of Political Economy, August 1958,pp.329-352.
2. (NOBEL BOTH OF THEM)Modigliani, F., and Miller, M.H., “The cost of capital, corporation finance, and the theory of investment”, The American Economic Review, June 1958, pp.261-297.
3. Modigliani, F., and Miller, M.H , Corporate income tax and the cost of capital: A correction, The American Economic Review, June 1963, pp. 433-443.
4. Heins, A.J. and Sprenkle, C.M. “A comment of the Modigliani- Miller
Cost of capital thesis”, The American Economic Review, September 1969,pp. 590-592.
5. Modigliani, F., and Miller, M.H, “Reply to Heins and Sprenkle, The American Economic Review, September 1969,pp. 592-595.
6. Miller.M.H., “Debt and Taxes” ,The Journal of Finance,1977,pp.261-275.

b)The Mean –Variance and the CAPM
7.(NOBEL) Markowitz, H.M., “Portfolio Selection” Journal of Finance ,1952, pp.77-91.
8. (NOBEL) Sharp, W.F., “Capital Asset Prices: A theory of Market Equilibrium under Conditions of Risk” Journal of Finance, September 1964, pp. 425-442.
9. (Fama NOBEL) Fama.E.F., and French,K.R., “The cross section of expected stock returns” , The journal of Finance, June 1992,pp.427-465.
10. Roll, R., “A critique of the asset pricing theory’s test: part 1:past and potential testability of the theory” journal of Financial Economics, March 1977, pp.129-176.
11. Levy, H., “Equilibrium in an imperfect market: constraint on the number of securities in the portfolio” American Economic Review, September 1978, pp.643-658.
12. Levy, H., and P.A. Samuelson (Samuelson NOBEL) “The capital asset pricing model with diverse holing periods” Management Science,
Nov.1992, pp. 1529-1542.
c)Expected Utility,Pardoxes, Risk and Prospect Ordering
13.Hanoch, G., and Levy,H., “The Efficiency Analysis of Choices Involving Risk” Review of Economic Studies, 1969, pp.335-346.
14.Rothschild, M and J.Stiglitz,”Increasing Risk: A Definition” Journal of Economic Theory,1970,pp.305-360.
15. Levy, H., and H. Markowitz, “Approximating expected utility by a function of mean-variance” American Economic Review, 1979, pp.308-317.
16. Leshno, M. and H. Levy, “Preferred by “all” and preferred by “most” decision makers: almost stochastic dominance” Management Science, 2002, pp.
d. Behavioral Economics (Psychology and choices)
17. (NOBEL) Kahneman,D., and A.Tversky, “Prospect theory of decision under risk” Econometrica, 1979,pp.263-291.
18.Tversky A. and D. Kahneman, “Advances in prospect theory: Cumulative representation of uncertainty”, Journal of Risk and Uncertainty, 1992,pp.297-323.
19. Levy, M. and H. Levy, “Prospect theory: Much ado about nothing?”
Management Science, 2002, pp.1334-1349.
20.Benarzi, S., and R.Thaler, “Naïve diversification strategies in retirement saving plans” American Economic Review,2001, pp.79-98.
e)Options Valuation
21.Black, F. and M.Scholes (NOBEL) “The pricing of Option and Corporate Liabilities” ,Journal of Political Economy, May-June 1973, pp.649-653.
22.H. Levy and M. Levy, OPTION PRICING WITH THE LOGISTIC RETURN Distribution , 2014 , Working Paper (will be given to the students)

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