Financial and economic aspects of corporate mergers, asset restructuring, downsizing, and financial restructuring are examined. Particular attention is paid to valuation and shareholder wealth effects of mergers. Relations between corporate ownership and financial structure and performance are investigated. The course also examines anti-takeover devices and their effect on corporate performance. Finally, international mergers are examined from a strategic perspective. Prerequisite: FIN 412.Winter Term 2022
Fundamental concepts in asset valuation are discussed within the context of simple asset pricing models and efficient financial markets. This course introduces the valuation of financial assets such as bonds and stocks. Further topics include the issuing of financial securities, leverage, dividend policy, cash management, and derivative securities. Credit will not be given for FIN 501 when FIN 503 has been completed. Prerequisites: ACCTG 501, BUEC 503, and MGTSC 501.Winter Term 2022
Financial and economic aspects of corporate mergers, asset restructuring, downsizing, and financial restructuring are examined. Particular attention is paid to valuation and shareholder wealth effects of mergers. Relations between corporate ownership and financial structure and performance are investigated. The course also examines anti-takeover devices and their effect on corporate performance. Finally, international mergers are examined from a strategic perspective. Prerequisite: FIN 501 or FIN 503.Winter Term 2022
Financial and economic aspects of corporate mergers, restructuring, downsizing, and bankruptcy are examined. Relations between corporate structure and performance are investigated. Specific attention is paid to the roles of top management and boards of directors. Special issues relating to privatization and restructuring in former socialist economies are studied. Restricted to students registered in the MFM Program.Spring Term 2021
Chapter on Stakeholders and Governance, with Randall Morck. In the Handbook of Finance, (edited by Michael Weisbach), University of Chicago press, 2017.
Chapter on Entrepreneurship and the Family Firm in the Handbook of Finance (edited by Professor Rene Stulz) co-written by Randall Morck, 2011.
Restructuring and returns in Japan, 2000-2001. By Dick Beason, Ken Gordon, Vikas Mehrotra and Akiko Watanabe, in The Age of Globalization, Carin Holroyd and Ken Coates, editors, Routledge Comtemporary Japan Series, 2011.
Comment on Waiting for the Omelet to Set: Match-Specific Assets and Minority Oppression in the Close Corporation (by Edward B. Rock and Michael L. Wachter), in Concentrated Corporate Ownership, NBER, 2000
The Board and Beyond, report in “Corporate Decision-Making in Canada”, edited by Randall Morck and Ronald Daniels, Industry Canada Research Series, 1995
How institutional development news moves an emerging market, with Guzmán, A., Morck, R., Trujillo, M.-A., Journal of Business Research, 2020.
Location and Excess Comovement, with Aditya Kaul and Carmen Stefanescu, Journal of Empirical Finance, 2016.
When is Human Capital a Valuable Resource? With Danny Miller and Xiaowei Xu, Strategic Management Journal, 2014.
Adoptive Expectations: Rising Sons in Japanese Family Firms, with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang. Journal of Financial Economics, 2013.
Why are shareholders not paid to give up their voting privileges? Unique evidence from Italy, with Marco Bigelli and Raghu Rau. Journal of Corporate Finance, 2011.
Must Love Kill the Family Firm? with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang, Entrepreneurship Theory and Practice, 2011.
Creditor-Focused Corporate Governance: Evidence from Mergers and Acquisitions in Japan, with Dimitri van Schaik, Jaap Spronk and Onno Steenbeek. Journal of Financial and Quantitative Analysis, 2011.
Angel Agents: What We Can (and Cannot) Learn From Pierre Lefaucheux’s Stewardship of Regie Renault. Academy of Management Perspectives, 2011.
Restructuring and performance among Japanese firms after prudential policy reform, with Dick Beason, Ken Gordon and Akiko Watanabe. Asia-Pacific Journal of Business, 2010.
Quotes or Trades? How Prices Adjust in International Markets, with Aditya Kaul. Journal of Empirical Finance, 2007
Competition and Market Structure of National Association of Securities Dealers Automated Quotations, with Youngsoo Kim. International Review of Finance, 2007
Did Decimalization Benefit Members of the Toronto Stock Exchange? with Mark Huson and Youngsoo Kim. Quarterly Journal of Business and Economics, Summer/Autumn 2006
When Labor Has a Voice in Corporate Governance, with Olubunmi Faleye and Randall Morck. Journal of Financial and Quantitative Analysis, 2006
Is Employee Ownership Counterproductive? with Olubunmi Faleye and Randall Morck. Sloan Management Review, Summer 2005 (invited submission)
Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Journal of Applied Corporate Finance, Winter 2005 (invited submission)
The Design of Financial Policies in Corporate Spinoffs, with Wayne Mikkelson and Megan Partch. Review of Financial Studies, 2004
Layoffs, Shareholders’ Wealth, and Corporate Performance, with P. Chen, R. Sivakumar, and W. Yu. Journal of Empirical Finance, 2001
Demand Curves for Stocks Do Slope Down: New Evidence From An Index Weights Adjustment, with Aditya Kaul and Randall Morck, Journal of Finance, April 2000.
Market Reactions to the “Hot Stock” Column of the Financial Post, with Wayne Yu (Queen's University) and Chu Zhang (Hong Kong University of Science and Technology), Canadian Journal of Administrtive Sciences, 1999
Changes in Management Ownership and the Valuation Effects of Equity Offerings, with Marco Bigelli, Randall Morck, and Wayne Yu, Journal of Management and Governance, 1998
Corporate Focus and Value Creation: Evidence from Spinoffs, with Professor Lane Daley and Ranjini Sivakumar, Journal of Financial Economics, 1997
Decimal Quotes, Market Quality, and the Competition for Order Flow, with Mark Huson and Youngsoo Kim, Proceedings of the NYSE Conference on Global Equity Issuance and Trading, 1997Publications
Origins of Japanese Business Groups, with Randall Morck, Jungwook Shim, and Yupana Wiwattanakantang, 2011.
NYSE archival data project, with Randall Morck. This project is a very large undertaking involving price, dividends, and volume series for NYSE listed stocks dating back to 1851. This is a unique data set that is not replicated elsewhere.
Turn-of-the-Year Stock Returns in the U.S.: Early Evidence, with Aditya Kaul, Randall Morck and Blake Phillips.
Who is the boss? Family control without ownership in public traded Japanese corporations, with M. Bennedsen, J.W. Shim and Y. Wiwattanakantang.
Anatomy of Japanese Stock Returns from 1977-2017, with Yasuhiro Arikawa. Geopolitical Risk and Corporate Investment, with Ruchith Dissanayakea and Sean Wu.Working Papers