中国经济与管理研究院
2009年10月27日至11月6日 Yuliy Sannikov教授课程预告
美国麻省理工学院经济系教授Yuliy Sannikov将于2009年10月27日-11月6日在中国经济与管理研究院讲授《公司财务》(Corporate Finance) 课程，请中国经济与管理研究院各年级研究生做好准备，同时也欢迎本校其他院系以及其他高校感兴趣的师生免费参加。
课程简介：
This short course focuses on informational problems in corporate finance and includes topics such as contracts, capital structure and financial intermediation, with some connections to the business cycle. The goal is to develop modeling skills and understanding of how results are derived from assumptions. There will be in-class group problem-solving exercises to understand the papers better. Also the second week will include several student presentations (see papers marked by ‘*’below). The overall objective is to develop theoretical research skills.
阅读书目：
The Irrelevance of Capital Structure
1. Modigliani, F. and M. Miller (1958) “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review, Vol. 48, No. 3 (Jun., 1958), pp. 261-297
Asymmetric Information and Signaling
2. Ross, S. (1977) “The Determination of Financial Structure: The Incentive-Signaling Approach,” Bell Journal of Economics
3. Leland, H. and Pyle, D. (1977) “Informational Asymmetries, Financial Structure, and Financial Intermediation,” Journal of Finance
4. Myers, S. and Majluf, N. (1984) “Corporate Financing and Investment Decisions When Firms Have Information That Investors do not Have,” Journal of Financial Economics
5. DeMarzo, P. and D. Duffie (1999) “A Liquidity-Based Model of Security Design” Econometrica
Financial Intermediation and the Business Cycle
6. Townsend, R. (1979) “Optimal Contracts and Competitive Markets with Costly State Verification,” Journal of Economic Theory
* 7. Diamond, D. (1984) “Financial Intermediation and Delegated Monitoring,” Review of Economic Studies.
* 8. Diamond, D. and P. Dybvig (1983) “Bank Runs, Deposit Insurance and Liquidity,” Journal of Political Economy
9. Bernanke, B. and Gertler, M. (1989) “Agency Costs, Net Worth and Business Fluctuations,American Economic Review.
* 10. Kiyotaki, N. and J. Moore (1997a) ``Credit Cycles’’, Journal of Political Economy
11. Brunnermeier, M. and Y. Sannikov (2009) “A Macroeconomic Model with a Financial Sector,” working paper
Dynamics of Conflicts between Debt and Equity
12. Leland H. (1994) “Corporate Debt Value, Bond Covenants, and Optimal Capital Structure,” Journal of Finance
Incentives and Moral Hazard
13. Bolton, P. and Sharfstein, D. (1990) “A Theory of Predation Based on Agency Problems in Financial Contracting,” American Economic Review
14. DeMarzo P. and Y. Sannikov (2006) “Optimal Security Design and Dynamic Capital Structure in a Continuous-Time Agency Model,” Journal of Finance
* 15. Edmans, Gabaix, Sannikov and Sadzik (2009) “Dynamic Incentive Accounts.”
课程简介和阅读书目下载：
Yuliy Sannikov - 2009 syllabus.pdf
上课时间、地点：
序号 | 日期 | 上课时间 | 上课地点（中央财经大学校内） |
第1次课 | 10月27日 星期二 | 晚上 6：30-9：30 | 中财大厦三层通1 |
第2次课 | 10月28日 星期三 | 晚上 6：30-9：30 | 中财大厦三层通1 |
第3次课 | 10月29日 星期四 | 下午 2：00-5：00 | 中财大厦三层通1 |
第4次课 | 10月30日 星期五 | 下午 2：00-5：00 | 主教217 |
周末休息 |
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第5次课 | 11月2日 星期一 | 晚上 6：30-9：30 | 中财大厦三层通1 |
第6次课 | 11月3日 星期二 | 晚上 6：30-9：30 | 中财大厦三层通1 |
第7次课 | 11月4日 星期三 | 晚上 6：30-9：30 | 中财大厦三层通1 |
第8次课 | 11月5日 星期四 | 下午 2：00-5：00 | 中财大厦三层通1 |
第9次课 | 11月6日 星期五 | 下午 2：00-5：00 | 主教217 |
中央财经大学地址：北京市海淀区学院南路39号。乘坐16路、645路、651路、849路公共汽车均可到达。
欢迎各院校相关专业感兴趣的师生免费参加！
中国经济与管理研究院
2009年10月20日
