Spring 2012 Schedule
Week 1: Debt and Financing with Costly State Verification
Wednesday, 1/18, 9am-12pm.
Papers: Townsend (1979), Gale/Hellwig (1985).
Additional readings: Mookherjee/Png (1989), Webb (1992), Winton
(1995), Krasa/Villamil (2000), Lacker/Weinberg (1989).
Week 2: Financial Intermediaries
Wednesday, 1/25, 9am-12pm.
Papers: Diamond/Dybvig (1983), Jacklin (1987).
Additional readings: Diamond (1984), Morris/Shin (1998), Goldstein/Pauzner (2005).
Week 3: Debt and Liquidity
Wednesday, 2/1, 9am-12pm.
Papers: Dang/Gorton/Holmström (2010), Financial Crises and the Optimality of Debt for Liquidity Provision.
Additional readings: Gorton/Pennacchi (1990), Financial intermediaries and liquidity creation.
Week 4: Capital Reallocation: M&A, Takeovers, and Restructuring
Wednesday, 2/8, 9am-12pm.
Papers: Kurlat (2011), Lemons markets and the transmission of aggregate shocks
Additional readings: Eisfeldt/Rampini (2006), Gomes/Livdan (2004).
Week 5: Liquidity and Bubbles
Wednesday, 2/15, 9am-12pm.
Papers: Farhi/Tirole (2011), Bubbly liquidity.
Week 6: Liquidity, Financial Intermediation, and the Government
Wednesday, 2/22, 9am-12pm.
Papers: Holmström/Tirole (1998).
Additional readings: Holmström/Tirole (1997), Holmström/Tirole (2001), LAPM: A Liquidity-based Asset Pricing Model, Rampini/Viswanathan (2011b).
Week 7: Illiquidity and Search in Financial Markets
Wednesday, 2/29, 9am-12pm.
Papers: Duffie/Garleanu/Pedersen (2005).
Week 8: Dynamic Financing with Moral Hazard
Wednesday, 3/14, 9am-12pm.
Papers: DeMarzo/Sannikov (2006), DeMarzo/Fishman/He/Wang (2010).
Additional readings: Clementi/Hopenhayn (2006), DeMarzo/Fishman (2007a,b).
Week 9: Dynamic Financing with Limited Enforcement
Wednesday, 3/21, 9am-12pm.
Papers: Rampini/Viswanathan (2011a).
Additional readings: Albuquerque/Hopenhayn (2004), Cooley/Marimon/Quadrini (2004), Hopenhayn/Werning (2008).
Week 10: Financing Constraints and Business Cycles
Wednesday, 3/28, 9am-12pm.
Papers: Bernanke/Gertler (1989).
Additional readings: Scheinkman/Weiss (1986), Carlstrom/Fuerst (1997).
Week 11: Collateral and Asset Prices
Wednesday, 4/4, 9am-12pm.
Papers: Kiyotaki/Moore (1997).
Additional reading: Kiyotaki (1998), Kehoe/Levine (1993), Rampini/Viswanathan (2010).
Week 12: Collateral and Efficiency
Wednesday, 4/11, 9am-12pm.
Papers: Lorenzoni (2008), Inefficient credit booms.
Additional readings: Kilenthong/Townsend (2011), Market based, segregated exchanges with default risk.
Week 13: Collateral and Heterogeneous Beliefs
Wednesday, 4/18, 9am-12pm.
Papers: Geanakoplos (2003), Liquidity, default, and crashes; Geanakoplos (2010), The leverage cycle.
Additional readings: Simsek (2010), When optimists need credit.
Week 14: Discussion of Research Questions in Corporate
Finance Theory
Wednesday, 4/25, 9am-12pm.
Final Exam
Wednesday, 5/2, 9am-11:30pm.
Topics not covered this year
Financing and Control
Papers: Aghion/Bolton (1992).
Additional readings: Grossman/Hart (1986), Aghion/Tirole (1997), Tirole (1999), Hart/Moore (2008), Harris/Raviv (2005).
Financial Distress
Papers: Myers (1977), Shleifer/Vishny (1992).
Additional readings: Gertner/Scharfstein (1991), Bulow/Shoven (1978).
Multiple Financiers
Papers: Bolton/Scharfstein (1996), Berglöf/von Thadden (1994).
Additional readings: Berglöf/Roland/von Thadden (2007), Stulz/Johnson (1985).
Finance and Growth
Papers: Greenwood/Jovanovic (1990).
Additional readings: Castro/Clementi/MacDonald (2004, 2009).
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