f423outl08 - UNIVERSITY OF ROCHESTER William E Simon...

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UNIVERSITY OF ROCHESTER William E. Simon Graduate School of Business Administration Finance 423 Professor G. William Schwert Corporate Financial Policy & Control CS3-110L, 275-2470 Winter 2008 Fax: 461-5475 Tu 5:50-8:50 email: [email protected] Secretary: Kathleen Madsen CS3-110M, 585-275-8127 email: [email protected] This course will cover the theory and evidence concerning major corporate financial policy decisions. FIN 423 discusses alternative methods of issuing and retiring securities, mergers and acquisitions, and the market for corporate control. The required text for this course is J. Fred Weston, Mark L. Mitchell, and Harold Mulherin, Takeovers, Restructuring, and Corporate Governance , (4 th ed.), Prentice-Hall, New York, 2004 [referred to as WMM ” in the reading assignments]. Some of the required and supplemental articles are contained in the book edited by Donald Chew, The New Corporate Finance: Where Theory Meets Practice , (3 rd ed.), McGraw-Hill, 2001. If you do not already own this book (which has been required for FIN 413 in recent years), you should try to purchase a copy. Articles in the Chew book are indicated by “( DC )” in the list below. Required readings are indicated by an asterisk “*”. You will be provided with copies of those required readings that are not included in DC . In addition, the relevant sections from the book, R. Brealey, S. Myers, and F. Allen, Principles of Corporate Finance , (8 th ed.), McGraw- Hill, New York, 2006, are listed as supplemental readings. This book has been used in most recent offerings of FIN 402, Capital Budgeting and Corporate Objectives, which is a prerequisite for FIN 423. Finally, and perhaps most important, I would like all of the students in the class to read the Wall Street Journal or some similar publication on a regular basis since the topics covered in this course are discussed regularly in this newspaper. The discussion of “current events” will be a major part of some lectures.
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FIN 423 -- Corporate Financial Policy & Control Professor G. William Schwert Winter 2008 2 Relation to Other Finance Courses In addition to FIN 402, FIN 411 (Investments) is a prerequisite for this course. FIN 411 teaches students how to evaluate the response of security prices to information (“event studies”). Since much of the evidence in FIN 423 depends on understanding event study methods, it is important that you have satisfied the FIN 411 prerequisite. FIN 413 (Corporate Finance) is a co-requisite for FIN 423. FIN 413 covers topics such as bankruptcy costs and agency costs that relate to capital structure and dividend policy. If you have not already taken FIN 402, 411, and 413 (or you are not simultaneously taking 413), you are responsible for making up these deficiencies in your background. Many of you may have already taken FIN 433 (Issues in Corporate Control) with Gregg Jarrell,
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f423outl08 - UNIVERSITY OF ROCHESTER William E Simon...

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