金融学、公司金融参考阅读书目和论文
这是我学校一位教授（美国博士）介绍给我的参考书目(下面注释为该教授所写），主要是金融方面的，侧重Corporate Finance，不是简单的罗列，里面基本都是有价值的文章。主要提供给想做学术的朋友，做学术读大量的文章肯定是必须的，不是非学术所必须。
如果大家喜欢，麻烦顶一下，谢谢！
Books
Fama, Eugene. 1976. “Foundations of Finance”. New York: Basic Books. ( 个人认为是最经典的书。写得好，讲得很清晰，有条不紊，读起来有意思。特别是基础不太好的同学，不可不读。)
Fama, Eugene., and Miller, Merton. 1972. “The Theory of Finance”. Holt, Rinehart and Winston. (又是一本Fama的书。也很经典，但没什么印象了。) Campbell, J., Lo, A., and MacKinlay, A. 1997. “The Econometrics of Financial Markets”. Princeton: Princeton University Press.
Cochrane, John, 2001. “Asset Pricing”. Princeton: Princeton University Press. (这就是号称“平生不读Cochrane, 自称Finance 也枉然”的Cochrane的大作。其实，你要是不做Asset Pricing，看懂前几个Chapters足够了。不太明白为什么这本书在中国这么火，莫非中国学生都做Asset pricing? 希望不要弄得又像大炼钢铁一样的结果。)
R. Haugen. “Modern Investment Theory”. Upper Saddle River NJ: Prentice-Hall, Inc. （有一定难度的书，不知道现在出到几版了。）
Elton, E., and Gruber, M. 1995. “Modern Portfolio Theory and Investment Analysis”, 5th Edition. New York: John Wiley & Sons, Inc. (也不太容易。) Smith, C. 1990. “The Modern Theory of Corporate Finance”. 2nd-edition. McGraw-Hill. (对做corporate finance比较有用。这本书其实就是收录了比较早和比较经典的corporate finance方面的文章。有点像“XX文摘精华版”。现在价值不是很大，因为其中收录的许多文章后面的list里都有。)
Asset Pricing, Long-term Performance and Market Efficiency
（这个我不在行，拣我知道的写。）
Cochrane, John. “New Facts in Finance”. Federal Reserve Bank of Chicago. (这是个通俗易读版。适合想要了解一下这个area, 又不想读很多数学的人。)
Breeden, Douglas T. 1979. “An Intertemporal Asset Pricing Model with Stochastic Consumption and Investment Opportunities”. Journal of Financial Economics 7, 265-296. (看不懂数学没有关系，关键是看懂intuition.)
Merton, Robert. 1973. “An Intertemporal Capital Asset Pricing Model”. Econometrica 41, 265-296. (这篇也一样，注重模型的intuition.)
Ross, S. 1976, “The Arbitrage Theory of Capital Asset Pricing,”Journal of Economic Theory 13, 341-360.
Sharpe, W. 1964. “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”. Journal of Finance 19, 425-442.
Black, F. 1972. "Capital Market Equilibrium with Restricted Borrowing," Journal of Business 45, 444-455.
Fama, E. 1991. “Efficient Capital Markets: II”. Journal of Finance 46, 1575-1617. (很长一篇文章，内容又多，当时读得挺痛苦。)
Fama, E. 1970. “Efficient Capital Markets: A Review of Theory and Empirical Work”. Journal of Finance, 383-417.
Chordia, Tarun., and Swaminathan, Bhaskaran. 2000. “Trading Volume and Cross-autocorrelations in Stock Returns”. Journal of Finance 55, 913-935. Narasimhan, Jegadeesh., and Titman, Sheridan. 2001. “Profitability of Momentum Strategies: An Evaluation of Alternative Explanations”. Journal of Finance 56, 699-720.
Fama, E. and MacBeth, J. 1973. “Risk, Return, and Equilibrium: Empirical Tests”.Journal of Political Economy 91, 607-636. (大名鼎鼎的Fama-MacBeth regression 的出处。不过，Economists 好像并不买这个帐，觉得这种方法不make econometric sense. 吾也深有同感也。现在panel data等等都这么发达了，干嘛还死抱这种econometrics上面并不先进的方法不放呢？)
Chen, N., Roll, R., and Ross, S. 1986. “Economic Forces and the Stock Market: Testing the APT and Alternative Asset Pricing Theories”. Journal of Business 59, 383-403. (说是叫testing APT, 其实更像testing CAPM. 很有名的，看了就知道。) Fama, E. and French, K. 1989. “Business Conditions and Expected Returns on Stocks and Bonds”. Journal of Financial Economics 25, 23-50.
Fama, E. and French, K. 1992. “The Cross-Section of Expected Stock Returns”. Journal of Finance 47,? 427-465.
Fama, E. and French, K. 1993. “Common Risk Factors in the Returns on Stocks and Bonds”. Journal of Financial Economics 33, 3-56. (这三篇是Fama-French 的经典三部曲。Three-factor model, five-factor model 就是由此而来。Pontiff 曾经抱怨过，他在Rochester当学生的时候曾想过做个类似的paper, 但老师们告诉他“You can?t, because there is no theory...”直到看到Fama-French的paper, 才感叹到，“只要人有名，有没有theory并不重要啊”。)
Kothari, S.P., Shanken, J., and Sloan, R. 1995. “Another Look at the Cross-Section of Expected Stock Returns”. Journal of Finance 50, 185-224. Lakonishok, J., Shleifer, A., and Vishny, R. 1994. “Contrarian Investment, Extrapolation, and Risk”. Journal of Finance 49, 1541-1578.
Chan, L., Jegadeesh, N., and Lakonishok, J. 1995. “Evaluating the Performance of Value Versus Glamour Stocks: The Impact of Selection Bias”. Journal of Financial Economics 38, 269-296.
Lo, A. W., and MacKinlay, A. 1990. “Data-Snooping Biases in Tests of Financial Asset Pricing Models”. Review of Financial Studies, 3, 431-467.
Lewellen J. 1999. "The Time-Series Relations among Expected Returns". Journal of Financial Economics 54, 5-43. (Lewellen 是个美国帅哥, 在MIT做得不错。为人比较能和人交往，presentation 做得很好，属于那种交流表达能力都很出色的人。) Lewellen J., and Shanken, J. 2002. “Learning, Asset-Pricing Tests, and Market Efficiency”. Journal of Finance, 1113-1145.
Miller, Edward. 1977. “Risk, Uncertainty, and Divergence of Opinion”. Journal of Finance 32, 11651-1168.
Jones, Charles M., and Lamont, Owen. 2002. “Short Sales Constraints and Stock Returns”. Journal of Financial Economics, 207-239.
Chen, Joseph., Hong, H., and Stein, J. 2002. “Breadth of Ownership and Stock Returns” Journal of Financial Economics, 171-205.
Dechow, Patricia., Hutton, A., Muelbroek, L., and Sloan, R. 2001. “Short Sellers,
Fundamental Analysis, and Stock Returns”. Journal of Financial Economics 61, 77-106. (Dechow 和Sloan都是做Accounting的。据说因为合作得太多，两人走到了一起。)
Dichev, Ilia D., and Piotroski, J. 2001. “The Long-run Stock Returns Following Bond Ratings Changes”. Journal of Finance 56, 173-203.
Ikenberry, David., and Ramnath, Sundaresh. 2002, “Underreaction to Self-selected News Events: The Case of Stock-splits”. Review of Financial Studies 15, 489-526.
Titman, Sheridan. 2002. “Discussion of …Underreaction to Self-selected News Events: The Case of Stock-splits”. Review of Financial Studies 15, 527-531. Lakonishok, J., and Smidt, S. 1988. “Are Seasonal Anomalies Real? A Ninety-Year Perspective”. Review of Financial Studies 1, 403-427.
Lo, A., and MacKinlay, C. 1988. “Stock Market Prices Do Not Follow Random Walks: Evidence from a Simple Specification Test”. Review of Financial Studies 1, 41-66.
Keim, D., and Stambaugh, R. 1986. “Predicting Returns in the Stock and Bond Markets”. Journal of Financial Economics 17, 357-390.
Ferson, W., and Harvey, C. 1991. “The Variation of Economic Risk Premiums”. Journal of Political Economy 99, 385-415.
Conrad, J., and Kaul, G. 1988, “Time Variation in Expected Returns”. Journal of Business, 409-426.
Loughran, T., and Ritter, J. 1996, “Long-Term Market Overreaction: The Effect of Low-Priced Stocks”. Journal of Finance, 1959-1970.
Boudoukh, J., Richardson, M., and Whitelaw, R. 1994. “A Tale of Three Schools: Insights on Autocorrelations of Short-Horizon Stock Returns”. Review of Financial Studies, 539-573.
Jegadeesh, Naras imhan., and Titman, Sheridan. 1993, “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency”. Journal of Finance 48, 65-91.
Daniel, K., and Titman, S. 1997. “Evidence of the Characteristics of Cross Sectional Variation in Stock Returns”. Journal of Finance, 1-33.
Jegadeesh, N., and Titman, S. 2001. "Profitability of Momentum Strategies: An Evaluation of Alternative Explanations". Journal of Finance 56, 699-720. Lakonishok, J., Shleifer, A., and Vishny, R. 1994. “Contrarian Investment, Extrapolation, and Risk”. Journal of Finance 49, 1541-1578.
Grinblatt, M., and Tit man, S. 1989. “Portfolio Performance Evaluation: Old Issues and New Insights”. Review of Financial Studies 2, 393-422.
Brown, S., Goetzmann, W., Ibbotson, R., and Ross, S. 1992. “Survivorship Bias in Performance Studies”. Review of Financial Studies 5, 553-580.
Fama, Eugene., and French, Kenneth. 1996. “Multifactor Explanations of Asset-pricing Anomalies”. Journal of Finance 51, 55-84.
Breeden, D., Gibbons, M., and Litzenberger, R. 1989. “Empirical Tests of the Consumption Oriented CAPM”. Journal of Finance 44, 231-262.
Chan, K. C., Chen, N., and Hsieh, D. 1985. “An Exploratory Investigation of the
Firm Size Effect”. Journal of Financial Economics 14, 451-471.
Amihud, Y., and Mendelson, H. 1986. “Asset Pricing and the Bid-Ask Spread”. Journal of Financial Economics 17, 223-249.
Ritter, J. 1991. “The Long-Run Performance of Initial Public Offerings”. Journal of Finance, 3-27. (Ritter 是long-term performance的开山祖师，提到long-term performance不能不提Ritter。另外，他也是IPO的大家，对IPO感兴趣的可去他的网站看看。)
Loughran, T., and Ritter, J. 1995. “The New Issues Puzzle”. Journal of Finance, 23-51. (是上一篇的加强版。)
Schultz, P. 2003. “Pseudo Market Timing and the Long-Run Underperformance of IPOs,”Journal of Finance 58, 483-518. (90年代中期，关于long-term performance measurement的问题吵得热火朝天，至到现在。)
Barber, B., and Lyon, J. 1996. “Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics”. Journal of Financial Economics 41, 359-99.
Banking
Diamond, Douglas W., and Dybvig, Philip H. 1983. “Bank Runs, Deposit Insurance,and Liquidity”, Journal of Political Economy, 91, 401 - 419. (Banking 中的经典，虽然我不是做banking的，但认为不可不读)
Diamond, Douglas W. 1997. “Liquidity, Banks, and Markets”, Journal of Political Economy, 105, 928-956.
Calomiris, Charles W., and Kahn, Charles. 1991. “The Role of Demandable Debt in Structuring Optimal Banking Arrangements”. American Economic Review 81, 497-513.
Kashyap, Anil K., Rajan, Raghuram., and Stein, Jeremy C. 2002. “Banks as Liquidity Providers: An Explanation for the Coexistence of Lending and Deposit-taking”. Journal of Finance 57, 33-73.
Allen, Franklin., and Gale, Douglas. 1998. “Optimal Financial Crises”. Journal of Finance, 53, 1245-1284.
Allen, Franklin. 2001. “Pres idential Address: Do Financial Institutions Matter?”. Journal of Finance, 56, 1165 - 1175.
Allen, Franklin., and Santomero, Anthony M. 1998. “The Theory of Financial Intermediation”, Journal of Banking and Finance, 21, 1461-1485.
Billett, Matthew T., Flannery, Mark J., and Garfinkel, Jon A. 1995. “The Effect of Lender Identity on a Borrowing Firm's Equity Return”. Journal of Finance, 50, 699-718.
Behavioral Finance
这是finance新兴的一个方向。主要是结合Asset Pricing 和Corporate Finance的理论加进心理学的一些东西进行empirical 方面的研究。其在Asset Pricing 这个方面主要是mispricing 的研究，Corporate Finance这个方面可就多了。这里面的大家当然要属老当益壮的Richard Thaler, 和后起之秀Jeffery Wurgler. 大名鼎鼎的Shleifer也做不少这方面的研究。读了下面的几篇papers你应该能感觉到Behavioral Finance 是做什么的。感兴趣的，自已去他们的website把他们的papers都读一遍吧。
Barberis, Nicholas and Thaler, Richard H. 2003. "A Survey of Behavioral
Finance". Handbook of the Economics of Finance.
Baker, Malcolm., Ruback, Richard., and Wurgler, Jeffery. 2004. “Behavioral Corporate Finance: A Survey”. Handbook of Empirical Corporate Finance. Hirshleifer, D. 2001. “Investor Psychology and Asset Pricing”. Journal of Finance, 1533-1597.
Fama, E. 1998. “Market Efficiency, Long-term Returns, and Behavioral Finance”. Journal of Financial Economics, 283-306. (该文曾获JFE大奖。Fama 是个死忠“Market is efficient”的人，应此对他的观点要持一定的怀疑态度。)
Shleifer, Andrei and Vishny, Robert W. 1997. “The Limits of Arbitrage”, Journal of Finance, 52, 35-55.
Malmendier, U., and Tate, G. 2005. “CEO Overconfidence and Corporate Investment”. Journal of Finance, 2661-2700. (这两个人都挺有个性。Malmendier 是个欧洲女孩，一头金发。听说以前是练体操的，难怪身材特像小女孩。加上说话又快，往前面一站就像个高中生。Tate 是个美国帅哥，Wharton的教授。很儒雅，说话也有板有眼。应该是许多女生的偶像。)
Barberis, N., Shleifer, A., and Vishny, R. 1998. “A Model of Investor Sentiment”. Journal of Financial Economics, 307-343.
Baker, M., and Wurgler, J. 2000. “The Equity Share in New Issues and Aggregate Stock Returns”. Journal of Finance 55, 2219-2257. (Wurgler的处女作，也是这篇文章开始引起人们的注意。)
Heaton, J. 2002. “Managerial Optimism and Corporate Finance”. Financial Management, 33-45.
Corporate Finance:
Introduction and Overview of Corporate Finance
Brennan, 1995, “Corporate finance over the past 25 years”, Financial Management 24, Summer, 9-22.
Hart, O., 1989, “An economist?s perspective on the theory of the firm”, Columbia Law Review 89, 1757-1774.
Williamson, O., 1981, “The modern corporation: origins, evolution, attributes”, Journal of Economic Literature 1537-1568.
Graham, J. and Harvey, C. 2000. “The Theory and Practice of Corporate Finance: Evidence from the Field”. Journal of Financial Economics 60, 187-244. Corporate Finance:
Agency Theory and Ownership
Fama, E., and Jensen, M. 1983. “Agency Problems and Residual Claims”. Journal of Law and Economics, 327-349.
Fama, E., and Jensen, M. 1983. “Separation of Ownership and Control”. Journal of law and economics, 301-325.（美国现代金融Agency Theory 的开山之作。不过这两篇写得不是很好。非要两篇一起看才看得明白。）
Fama, E. 1978. “The Effects of a Firm?s Investment and Financing Decisions on the Welfare of Its Securityholders”. American Economic Review 68, 272-284. (这其实不完全算Agency theory, 但他用很通俗的英语解释了一个有意思的问题。) Jensen, M., and Meckling, W. 1976. "Theory of the Firm: Managerial Behavior,
Agency Costs and Ownership Structure," Journal of Financial Economics, 305-360. (这么经典的paper 就不用多介绍了吧。)
Demsetz. 1983. “The Structure of Ownership and the Theory of the Firm”. Journal of Law and Economics 26, 375-390. (Demsetz关于ownership的看法别具一格。和上面的Jensen-Meckling对照着读更有体会。)
Jensen, M. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers”. American Economic Review, 323-329. (在Corporate Finance领域家喻户晓的paper. 其他Finance的人没读过也基本上听说过。)
Myers, S. 1977. “The Determinants of Corporate Borrowing”. Journal of Financial Economics 5, 146-175. (将agency problem between bondholders and stockholders 与firm?s investment strategy 联系起来的经典文章。)
Parrino, R., and Weisbach, M. 1999. “Measuring Investment Distortions Arising from Stockholder-bondholder Conflict”. Journal of Financial Economics 53, 3-42 (也是获奖之作。方法很新颖，有创意，居然能想出用simulation来做corporate finance。不过，如果不是Weisbach, 估计也不好发。做research 就是这样，名人尝试新东西叫有创意，不出名的人尝试新东西叫冒险。)
Harford, J. 1999. “Corporate Cash Reserves and Acquisitions”. Journal of Finance 54, 1969-1997. (Jarrad 也是少年成名，是Rochester毕业，JFE的嫡系部队。大概是JFE最年轻的Associate Editor. 目前corporate finance领域最出名的年轻俊杰之一。)
Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. 1999. “The Determinants and Implications of Corporate Cash Holdings”. Journal of Financial Economics, 52, 3-46.
Lie, E. 2000. “Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements”. Review of Financial Studies 13, 219-248. Morck, R., Shleifer, A., and Vishny, R. 1988. “Management Ownership and Market Valuation: An Empirical Analys is”. Journal of Financial Economics, 293-315.
Corporate Finance:
Information, Investors and Corporate Policy
这里面有些不属于corporate finance 的范畴。他山之石，可以攻玉，知识面广一些对做research很有好处。不同领域本来就有交叉，想分很清楚也不太容易。
Akerlof, George. 1970. “The market for “lemons”: Qualitative Uncertainty and the Market Mechanism”. Quarterly Journal of Economics, 89, 488-500. (要是让我列个My favorite Top 10 papers, 这篇文章绝对在其中。Akerlof 居然用最最简单的model, 来把一个最最复杂的理论解释得清清楚楚，难怪能得诺贝尔奖。现在有些人正好相反，用最最复杂的model, 把一个最最简单的理论解释得晕头转向。这些人其实不应该做finance, 应该去搞数学或物理。)
Ross, S. 1977. “The Determinants of Capital Structure: The Incentive-signaling Approach”. Bell Journal of Economics 8, 23-40. (Ross的这篇也很经典。提起他大多数人会想起APT, 其实他对corporate finance 贡献也很大。这篇很有上面提到的Akerlof的风格，都是用很简单的model阐述一个深奥的理论。Ross这个人也很不错，平易近人，很幽默，健谈，没有一点架子，和谁都能见面熟。人格魅力指数：100/100。) Myers, S.C., and Majluf, N.? 1984. “Corporate Financing and Investment
Decisions When Firms Have Information That Investors Do Not Have”. Journal of Financial Economics, 187-221. (影响很大的一篇文章。后来的IPO underpricing 和Pecking order theory 等等许多都基于此。可以说对corporate finance 各个领域都有影响。）
Hart, O. 2001. “Financial Contracting”. Journal of Economic Literature 39, 1079-1100.
Thakor. 1989. “Strategic Issues in Financial Contracting: An Overview”. Financial Management, 39-58.
Spence, Michael. 1973. “Job market signaling”. Quarterly Journal of Economics, 87, 355-74.
Rothschild, Michael., and Stiglitz, Joseph. 1976. “Equilibrium in Competitive Insurance Markets: an Essay on the Economics of Imperfect Information”. Quarterly Journal of Economics, 90, 629-649.
Grossman, Sanford., and Stiglitz, Joseph E. 1980. “On the Impossibility of Informationally Efficient Markets”. American Economic Review, 70, 393-408. Merton, Robert C. 1987. “A Simple Model of Capital Market Equilibrium with Incomplete Information”. Journal of Finance, 483-510.
Corporate Finance:
Capital Structure, Financing Decis ions, Investment and Taxes
Miller, M., and Modigliani, F. 1958.“The Cost of Capital, Corporation Finance, and the Theory of Investment”. American Economic Review, 261-297. (什么，没读过？你洗洗睡吧。少数几篇做Finance而获诺贝尔经济学奖的大作，不读不行。)
Miller, M., and Modigliani, F. 1963. “Corporate Income Taxes and the Cost of Capital: A Correction”. American Economic Review, 433-443. (这是他们AER1958大作的续篇。那篇大作中有一处错误，但当时没有什么人能看得懂这篇划时代的巨作，就像爱因斯坦当年发表相对论一样。直到5年后被他们自己发现，才有了这篇文章。不过，原文的结论不受影响，所以他们才在30几年后得了诺贝尔奖。)
Harris, M. and A. Raviv. 1991. “The Theory of Capital Structure”. Journal of Finance, 297-368. (MM之后capital structure基本上被做烂了，文章数量只能用汗牛充栋来形容。看这篇review paper 能让你少看不少papers.)
Baker, M., and Wurgler, J. 2002. “Market Timing and Capital Structure”, Journal of Finance, 1-32. (一篇很有创意的文章，算是behavioral corporate finance 最有代表性的佳作。该文引起很大争议，到今天批它的文章恐怕只有用过江之鲫来形容。到不是这俩人对头多，只是这篇文章影响太大，批它比批一篇不出名的文章更容易引起人们的兴趣，和方舟子打假有点相似。)
Frank, M., and Goyal, V. 2003. “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics 67, 217-248. (很有名的一篇paper, 虽然我不太喜欢。该文曾获JFE的奖，是近年来在capital structure这个领域有影响的文章。) Mehrotra, V., Mikkelson, M., and Partch, M. 2003. “The Design of Financial Policies in Corporate Spin-offs”. Review of Financial Studies 16, 1359-1388. (Idea有新意。Mikkelson 曾报怨这篇paper被under appreciated。)
Berger, P., Ofek, E., and Yermack, D. 1997. “Managerial Entrenchment and Capital Structure Decisions”. Journal of Finance, 1411-1437.
Masulis, R., 1980. “The Effects of Capital Structure Change on Security Prices: A Study of Exchange Offers”. 1980. Journal of Financial Economics, 139-178. Chemmanur, T., and Paolo, F. 1999. “A Theory of the Going-Public Decision”. Review of Financial Studies 12, 249-279.
Dunbar, C. 1995. “The Use of Warrants as Underwriter Compensation in Initial Public Offerings”. Journal of Financial Economics 38, 59-78.
DeAngelo, H., and Masulis, R. 1980. “Optimal Capital Structure under Corporate and Personal Taxation”. Journal of Financial Economics 8, 3-29.
Miller, M. 1977. “Debt and Taxes”. Journal of Finance 32, 261-275. Graham, J. 2000. “How Big are the Tax Benefits of Debt?”. Journal of Finance 55, 1901-1941. (Graham 是个很能想很有创意的人。本来这个topic都被做烂了，但他能想出一些个很新奇很有创造性的方法去做。佩服ing. )
Graham, J. 2003. “Taxes and Corporate Finance: A Review”. Review of Financial Studies 16, 1075-1129.
Kaplan, S., and Stromberg, P. 2003. “Financial Contracting Theory Meets the Real World: An Empirical Analysis of Venture Capital Contracts”. Review of Economic Studies, 285-315.
Andrade, G., and Kaplan, G. 1998. “How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed”. Journal of Finance 53, 1443-1493. (题目是不是不好懂？Kaplan的一贯风格是用data来轰炸你，弄得你晕头转向。看过这篇就有体会了。)
Kaplan, S., and Zingales, L. 1997. “Do Financing Constraints Explain Why Investment Is Correlated With Cash Flow?”. Quarterly Journal of Economics, 169-215. (Cash flow sensitivity 的争论就是他们搞起来的。)
Gertner, R., and Scharfstein, D. 1991. “A Theory of Workouts and the Effects of Reorganization Law”. Journal of Finance 46, 1189-1222.
Froot, K., Scharfstein, D., and Stein, J. 1993. “Risk Management: Coordinating Corporate Investment and Financing Policies”. Journal of Finance 48, 1629-1658.
Fama, E., and French, K. 2005. “Financing Decisions: Who Issues Stock”. Journal of Financial Economics, 549-582.
Fama, E., and French, K. 2002. "Testing Tradeoff and Pecking Order Predictions about Dividends and Debt". Review of Financial Studies, 1-37. (读Fama-French 的文章有时候并不一定因为是篇好文，只是因为别人都读。)
Corporate Finance:
Corporate Governance
Shleifer, A., and Vishny, R. 1997. “A Survey of Corporate Governance”. Journal of Finance, 737- 783. (做corporate governance 的如何能够不读这篇paper. Corporate governance 这个词就是他们定义出来的。)
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Investor Protection and Corporate Governance”. Journal of Financial Economics, 3-27. Brickley, J., Coles, J., and Terry,R. 1994. “Outside Directors and the Adoption of Poison Pills”. Journal of Financial Economics 35, 371-390.
Byrd, J., and Hickman, K. 1992. “Do Outside Directors Monitor Managers?
Evidence from Tender Offer Bids”. Journal of Financial Economics 32, 195-222. Core, J., Holthausen, R., and Larcker, D. 1999. “Corporate Governance, Chief Executive Officer Compensation, and Firm Performance”. Journal of Financial Economics 51, 371-406.
Cotter, J., Shivdasani, A., and Zenner, M. 1997. “Do Independent Directors Enhance Target Shareholders Wealth During Tender Offers?”. Journal of Financial Economics 43, 195-218.
Harford, J. 2003. “Takeover Bids and Target Directors? Incentives: The Impact of a Bid on Directors? Wealth and Board Seats”. Journal of Financial Economics, 51-83.
Denis, D., and Sarin, A. 1999. “Ownership and Board Structures in Publicly Traded Corporations”. Journal of Financial Economics 52, 187-224.
Del Guercio, D., Dann, L., and Partch, Megan. 2003. “Governance and Boards of Directors in Close-end Investment Companies”. Journal of Financial Economics 69, 111-152.
Gompers, P., Ishii, J., and Metrick, A. 2003. “Corporate Governance and Equity Prices”. Quarterly Journal of Economics 118, 107-155. (这篇文章也有些争议，不过现在是被引用得越来越多了。)
Hermalin, B., and Weisbach, M. 1988. “The Determinants of Board Composition”. RAND Journal of Economics 19, 589-606.
Hermalin, B., and Weisbach, M. 2003. “Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature”. Federal Reserve Bank at New York, Economic policy review, April 2003. (一篇survey paper，虽然不是发表在学术期刊上，但值得一读。)
Jensen, M. 1993. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems”. Journal of Finance, 831-880. (记得是Jensen在某一年的讲话，读一下吧。)
Mikkelson, W., and Partch, M. 1997. “The Decline of Takeovers and Disciplinary Managerial Turnover”. Journal of Financial Economics 44, 205-228. (1997年获JFE大奖的文章。觉得还是挺有创意的。)
Weisbach, M. 1988. “Outside Directors and CEO Turnover”. Journal of Financial Economics 20, 431-460. (最早的一篇研究board composition 对corporate policy 影响。)
Yermack, D. 1996. “Higher Market Valuation of Companies with a Small Board of Directors”. Journal of Financial Economics 40, 185-211. (最早研究board size对firm value的影响。Yermack很会充分利用data，他用这套数据写了好几篇文章。) Shivdasani, A., and Yermack, D. 1999. “CEO Involvement in the Selection of New Board Member: an Empirical Analysis”. Journal of Finance 54, 1829-1853. Yermack, D. 2004. “Remuneration, Retention, and Reputation Incentives for Outside Directors”. Journal of Finance 59, 2281-2308.
Rosenstein, S., and Wyatt, J. 1997. “Inside Directors, Board Effectiveness, and Shareholder Wealth”. Journal of Financial Economics 44, 229-248. Shivdasani, Anil. 1993. “Board Composition, Ownership Structure and Hostile Takeovers”. Journal of Accounting and Economics, 167–198. (忘了这篇文章为什么
有名，好像是找到了关于busy directors 的什么，引起后来的争论。)
Fich, E., and Shivdasani, A. 2006. “Are Busy Boards Effective Monitors”. Journal of Finance, 689-724. (Shivdasani 是个印度人，但英语说得基本上没什么口音。应该什么时候把他请过来教一教如何练口语。)
Ferris, S., Jagannathan, M., and Pritchard, A. 2003. “Too Busy to Mind the Business? Monitoring by Directors with Multiple Board Appointments”. Journal of Finance, 1087-1112.
Vafeas, Nikos. 1999. “Board Meeting Frequency and Firm Performance”. Journal of Financial Economics, 113–142. (这是一篇典型的data mining的文章。其实hypothesis一点都不make sense, 但结果够噱头，就可在JFE上发。我们从中要学到的是先要看data, 如果结果够interesting, 再来写文章。)
Perry, Tod., and Peyer, Urs. 2005. “Board Seat Accumulation by Executives: A Shareholder's Perspective”. Journal of Finance, 2083–2123. (算是the board of directors 比较新的研究了。忘了好在哪里。)
Corporate Finance:
Mergers and Acquisitions
Mitchell, M. And Mulherin, J. 1996. “The Impact of Industry Shocks on Takeover and Restructuring Activity”. Journal of Financial Economics, 193-229. (这篇很经典，提出了M&A几个原因之一。)
Shleifer, A. and Vishny, R. 2003. “Stock Market Driven Acquisitions". Journal of Financial Economics, 295-311. (现代M&A理论中很有名的一篇，也和behavioral finance 沾边。但我觉得model并不很好反映他们的理论。Model 说的其实是mispricing driven acquisitions, 而他们想表达的意思应该比这广。)
Jensen, M., and Ruback, R. 1983. “The Market for Corporate Control: The Scientific Evidence”. Journal of Financial Economics, 5-50. (关于M&A最早，也是被研究的最多的观点–The market for corporate control. )
Harford, J. 2005. “What Drives Merger Waves?”. Journal of Financial Economics, 529-560.
Jarrell, G.A., Brickley, J. and Netta, J. 1988. “The Market for Corporate control: The Empirical Evidence Since 1980.”? Journal of Economic Perspectives, 2:49-68.
Travlos, Nickolaos. 1987. “Corporate Takeover Bids, Methods of Payment, and Bidding Firm?s Stock Returns”. Journal of Finance 42, 943-963.
Stulz, R. 1988. “Managerial Control of Voting Rights: Financial Policies and the Market for Corporate Control”. Journal of Financial Economics, 25-54. (我觉得还不错，但现在好像引用的少了。不过就冲Rene Stulz的大名，也值得一读。)
Healy, Paul., Palepu, Krishna., and Ruback, Richard. 1992. “Does Corporate Performance Improve after Mergers?”. Journal of Financial Economics 31, 135-175.
Halpern, Paul. 1982. “Corporate Acquisitions: A Theory of Special Cases? A Review of Event Studies Applied to Acquisitions”. Journal of Finance 38, 297-317.
Fuller, K., Netter, J., and Stegemoller, M. 2002. “What do Returns to Acquiring Firms Tell Us? Evidence from Firms That Make Many Acquisitions”. Journal of
Finance, 1763-1793.
Ecobo, Espen. 1983. “Horizontal Mergers, Collusion, and Stockholder Wealth”. Journal of Financial Economics 11, 241-273.
Roll, Richard. 1983. “The Hubris Hypothesis of Corporate Takeovers”. Journal of Business 59, 197-216. (都知道Roll对Asset Pricing 的贡献，却不知他对behavioral corporate finance 也有独到的眼光。)
Fama, E., Fisher, L., Jensen, M., and Roll, Richard. 1969. “The Adjustment of Stock Prices to New Information”. International Economic Review 1, 1-21. (Event studies 的始作俑者。)
Dodd, P., and Warner, J. 1983. “On Corporate Governance: a Study of Proxy Contests”. Journal of Financial Economics 11, 401 - 438. (Event studies 的名篇，不过到今天event studies 已经不是什么了不起的事，大家也渐渐的不引用这些文章了, 直接做就行了。下面三篇也是同样情况。)
Brown, Stephen., and Warner, Jerold. 1980. “Measuring Security Price Performance”. Journal of Financial Economics 8, 205-285.
Brown, Stephen., and Warner, Jerold. 1985. “Using Daily Stock Returns: The Case of Event Studies”. Journal of Financial Economics 14, 3-32. MacKinlay, C. 1997. “Event Studies in Economics and Finance”. Journal of Economic Literature 35, 13-39.
Dann, L.Y., and DeAngelo, H. 1983. “Standstill Agreements, Privately Negotiated Stock Repurchases and the Market for Corporate Control”. Journal of Financial Economics, 275-300.
Martin, K., and McConnell, J. 1991. “Corporate Performance, Corporate Takeovers, and Management Turnover”. Journal of finance, 671-687. Kaplan, S., and Weisbach, M. 1992. “The Success of Acquisitions: Evidence from Diverstitures”. Journal of Finance 47, 107-138.
Kaplan, S. 1989. “The Effects of Management Buyouts on Operating Performance and Value”. Journal ofFinancial Economics 24, 217-254. (Kaplan 就是搞这个起家的。他也带动了研究MBO的潮流。)
Kaplan, S., and Stein, J. 1990. “How Risky is the Debt in Highly Leveraged Transactions?”. Journal of Financial Economics, 215-246. (LBO也是他的最爱。) 下面几篇我都不太了解，都比较早了。有空就翻翻吧。
Agarwal, A., Jaffe, J., and Mandelker, G. 1992. “The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly.”? The Journal of Finance, 1605-1621.
Opler, T., and Titman, S. 1993. “The Determinants of Leveraged Buyout Activity: Free Cash Flow vs. Financial Distress Costs”. The Journal of Finance, 1985-1999. Comment, R. and Schwert, G. 1995. Poison or Placebo? Evidence on the Deterrence and Wealth Effects of Modern Antitakeovers Measures”, Journal of Financial Economics, 3-43.
Corporate Finance:
Payout Policy
Payout policy 本身并没什么有趣的，一般都是和Agency theory, Information asymmetry (Signaling) 或Mispricing 结合在一起才有意思。
Allen, F., and Michaelly, R. 2003. “Payout Policy”. Chapter 7, 337-430, in Handbook of the Economics of Finance, Edited by Constantindes et al, Elsevier North Holland. (这是篇review paper，看了就对这个领域有个大概的印象。) Fama, E., and French, K. 2001. “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?”. Journal of Financial Economics 60, 3-43. (Fama又一篇获奖之作，也很是有名。)
Baker, Malcolm., and Wurgler, Jeffrey. 2004. "A Catering Theory of Dividends". Journal of Finance, 1125-1165. (Payout policy 和Behavioral finance结合的代表作。)
Baker, Malcolm., and Wurgler, Jeffrey. 2004. "Appearing and Disappearing of Dividends: The Link to Catering Incentives". Journal of Financial Economics, 271-288. (感觉不如上面那篇JF。搞什么嘛，简直就是overkill.)
Miller, M., and Rock, K. 1985. “Dividend Policy under Asymmetric Information”. Journal of Finance, 1031-1051. (翻一下，记住结论即可。)
Benartzi, S., Michaely, R., and Thaler, R. 1997. “Do Changes in Dividends Signal the Future or the Past?”. Journal of Finance, 1007-1033. (关于dividend signaling 的争论就一直没停过, 实在是让人感到有些疲劳。)
Litner, J. 1956. “Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes,” American Economic Review, 97-113. （大概是第一个研究这个方面的paper，其model至到今天还在被用。）
Grullon, G., and Michaely, R. 2002. “Dividends, Share Repurchases and the Substitution Hypothesis”. Journal of Finance 62, 1649-1684. (这两人原系师徒。这篇paper写的不是很好，但还算有名。)
Vermaelen, T. 1981. “Common Stock Repurchases and Market Signaling: An Empirical Study”. Journal of Financial Economics, 139-183. (老文了。本来也被引用得不怎么多，但近年来人气很旺，不知何故。读读吧。)
Dann, L. 1981. “Common Stock Repurchases: An Analysis of Returns to Bondholders and Stockholders”. Journal of Financial Economics 9, 113-138. (老Larry也是有些点背，本来这篇paper比上面Vermaelen的那篇要引用的多，但不知何故近来少有人引用。)
Easterbrook, Frank. 1984. “Two Agency-cost Explanations of Dividends”. American Economic Review, 650-659. （该人系lawyer出身，因此很遭某些人排斥。）Fenn, G., and Liang, N. 2001. “Corporate Payout Policy and Managerial Stock Incentives”. Journal of Financial Economics 60, 45-72.
Bhattacharya, S. 1979. “Imperfect Information, Dividend Policy, and 'The Bird in the Hand Fallacy'”. Bell Journal of Economics 10, 259-270. (一篇老文，很多人引用。翻翻就可以了。)
Guay, Wayne., and Harford, J. 2000. “The Cash-Flow Permanence and Information Content of Dividend Increases vs. Repurchases”. Journal of Financial Economics 57, 385-415.? (Guay是accounting 里的青年才俊，在Wharton做的不错. 和Harford以前读书时是同学，据说网球打得很好。) Jagannathan, M., Stephens, C., and Weisbach, M. 2000. “Financial Flexibility
and the Choice between Dividends and Stock Repurchases”. Journal of Financial Economics 57, 355-384. (和上面那篇paper讲的是差不多的意思。这篇明显有些赶工的痕迹。大概是为了抢着发表。这两篇最后都在同一本杂志的同一期上发了，要是不抢，让上面那篇先发，这篇就发不了了。)
DeAngelo, H., DeAngelo, L., and Skinner, D. 1996. “Reversal of Fortune, Dividend Signaling and the Disappearance of Sustained Earnings Growth”. Journal of Financial Economics 40, 341-371. (又是一篇signaling 的paper。DeAngelo两人对dividends情有独钟，大部分文章都和dividends 有关。感兴趣的可以去他们网页看看，这里就不多举了。)
Kahle, K. 2002. “When a Buyback isn?t a Buyback: Open-market Repurchases and Employee Options”. Journal of Financial Economics 63, 235-261. Stephens, C., and Weisbach, M. 1998. “Actual Share Reacquisitions in Open-market Repurchase Programs”. Journal of Finance 55, 313-334. Ikenburry, D., Lakonishock, J. and Vermaelen, T. 1995. “Market Underreaction to Open Market Stock Repurshases”. Journal of Financial Economics, 405-435. Healy, P. and Palepu, K. 1988. “Earnings Information Conveyed by Dividend Initiations and Omissions”. Journal of Financial Economics, 149-175. Michaely, R., Thaler, R., and Womack, K. 1995. “Piece Reactions to Dividend Intention and Omissions: Overreaction or Drift?”.? Journal of Finance, 573-608. John, K., and Williams, J. 1985. “Dividends, Dilution, and Taxes: a Signaling Equilibrium”. Journal of Finance 40, 1053-1070. (老文，翻一下，记住结论即可。) Grullon, Gustavo., Michaely, Roni. 2004. “The Information Content of Share Repurchase Programs”. Journal of Finance, 651-680.
Elton, E., and Gruber, M. 1970. “Marginal Stockholders?Tax Rates and the Clientele Effect”. Review of Economics and Statistics 52, 68-74. (比较早的一篇关于clientele effects和dividends的文章。现在这种文章海量了，感兴趣的自己搜好了。) International Finance
这个我不太了解，推荐几篇我知道的吧。其实说穿了基本上也就是用international data 来验证已有的theory, 不会去做些什么汇率之类啦，跨国银行之类啦，FDI等等。在美国，上面提到的那些东西可都是属于经济系(Economics), 和金融(Finance)不怎么沾边。Doidge, C. 2004. “US Cross-listing and the Private Benefits of Control: Evidence from Dual Class Firms”. Journal of Financial Economics, 519-554. (Craig 是加拿大帅哥，当年为了女友，毅然选择了去U of Toronto. 他应该是近几年来Ohio State 所毕业的最出色的学生之一。当年他选择这个dissertation topic 是冒了风险的，因为不是所有人对international data都是那么相信的。有句话怎么说的, “Great achievements involve great risk”. )
Doidge, C., Karolyi, C., and Stulz, R. 2004. “Why are Foreign Firms that are Listed in the US Worth More?”. Journal of Financial Economics, 205-238.
La Porta, R., Lopez-de-Silanes, F., and Shleifer, A. 1999. “Corporate Ownership around the World”. Journal of Finance, 471-517.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. 2000. “Agency Problems and Dividend Policies around the World”. Journal of Finance, 1-33. Morck, R., Yeung, B., and Wu, W. 2000. “The Information Content of Stock Markets: Why Do Emerging markets Have Synchronous Stock Price
Movements?”. Journal of Financial Economics, 2000, 58, 215-260.
Mutual Funds
Johnson, Woodrow. 2003. “Predictable Investment Horizons and Wealth Transfers among Mutual Fund Shareholders”. 2004. Journal of Finance, 1979-2012. （Columbia 毕业的，和去Connell的那个中国女孩是同学。人很聪明，很有才华，但对学生很一般般。个人认为此文是econometrics 技巧在finance papers中的最完美应用之一篇经典。）
Chan, Louis K. C., Chen, Hsiu-Lang., and Lakonishok, Josef. 2002. “On Mutual Fund Investment Styles”. Review of Financial Studies, 1407-1437. Hendricks, D., Patel. J., and Zeckhauser, R. 1993. “Hot Hands in Mutual Funds: Short-run Persistence of Relative Performance, 1974-1988”. Journal of Finance 48, 93-130.
Grinblatt, M., and Titman, T. 1993. “Performance Measurement without Benchmarks: An
Examination of Mutual Fund Returns”. Journal of Business 66, 47-68. Carhart, Mark. 1997. “On Persistence in Mutual Fund Performance”. Journal of Finance 52, 57-82. (Chicago 毕业的，好像是Fama的高足。该文是第一个提出survivorship bias的，非常之经典。)
Del Guercio, D. 1996. "The Distorting Effect of the Prudent-Man Laws on Institutional Equity Investors," Journal of Financial Economics 40, 31-62. (Diane 对学生比较负责，愿意花很多时间指导学生。为人也很smooth，年轻时是美女，穿着也很有品。)
Coval, Joshua D., and Moskowitz, T. 1999. “Home Bias at Home: Local Equity Preference in Domestic Portfolios”. Journal of Finance 54, 2045-2073. Gompers, Paul., and Metrick, A. 2001. “Institutional Investors and Equity Prices”. Quarterly Journal of Economics, 229-259.
Jensen, Michael. 1968. “The Performance of Mutual Funds in the Period 1945-1964”.
Journal of Finance, 23, 389-416. (Mutual funds 最早也是最有名的经典之一。Jensen?s Alpha 总该听说过吧？就是源自此处。)
Zheng, Lu. 1999. “Is Money Smart? A Study of Mutual Fund Investors' Fund Selection Ability”. Journal of Finance, 54, 901-933. (中国美女的大作，推一下。她是Yale毕业的，后来去了Michigan. 这篇文章好像得了个奖。)
Edelen, Roger. 1999. “Investor Flows and the Assessed Performance of Open-end Mutual Funds”. Journal of Financial Economics 53, 439-466. (也很经典。好像就是他引起了flow 和performance之间的热潮。)
Edelen, Roger., and Warner, J. 2001. “Aggregate Price Effects of Institutional Trading: a Study of Mutual Fund Flow and Market Returns”. Journal of Financial Economics, 59, 195-220.
Brown, Keith C., Harlow, W., and Starks, L. 1996. “Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry”. Journal of Finance, 51, 85-110.
Chalmers, John., Roger, Edelen., and Kadlec, G. 2001. “On the Perils of? Financial Intermediaries Setting Security Prices: the Mutual Fund Wild Card
Option”. Journal of Finance, 2209-2236. (算是近几年来mutual funds里比较有名的一篇。题目很古怪，其实就是说各个地方trading时间上的差异导致managers有机可乘。
Chevalier, Judith., and Ellison, G. 1999. “A Career Concerns of Mutual Fund Managers”. Quarterly Journal of Economics 114, 389-432.
Falkenstein, Eric G. 1996. “Preferences for Stock Characteristics as Revealed by Mutual Fund Portfolio Holdings”. Journal of Finance, 111-135.
Warther, Vincent A. 1995. “Aggregate Mutual Fund Flows and Security Returns”. Journal of Financial Economics, 209-235.
Sirri, Erik., and Tufano, P. 1998. “Costly Search and Mutual Fund Flows”. Journal of Finance 53, 1589-1622.
Gruber, Martin. 1996. “Another Puzzle: the Growth in Actively Managed Mutual Funds.” Journal of Finance 51, 783-810.
Reuter, J. 2006. “Are IPO Allocations for Sale? Evidence from Mutual Funds”. Journal of Finance, 2289-2324. (Jon毕业于MIT，大概是我见过的人当中最聪明的一个，虽然他现在还不怎么有名。为人超好, 非常非常nice，也很正直。个人认为Jon是个很值得结交的人。如有机会当他学生，一定要选他当committee member. 好人指数：100/100。)
Market Microstructure
Kyle, Albert S. 1985. “Continuous Auctions and Insider Trading”. Econometrica, 53, 1315-1335.
Glosten, Lawrence., and Milgrom, P. 1985. “Bid, Ask and Transcation Prices in a Dealer Market with Heterogenously Informed Traders”. Journal of Financial Economics, 14, 71-100.
O'Hara, Maureen. 2003. “Pres idential Address: Liquidity and Price Discovery”. Journal of Finance, 58, 1335-1354.
Madhavan, A. 2002. “Market Microstructure: A Practitioner's Guide”. Financial Analysts Journal, 58, 28-42.
Harriss, J. H., and Schultz, P. 1998. “The Trading Profits of SOES Bandits”. Journal of Financial Economics, 50, 39-62.
Harris, Lawrence and Hasbrouck, J. 1996. “Market vs. Limit Orders: The Superdot Evidence on Order Submission Strategy”. Journal of Financial and Quantitative Analysis, 31, 213-231.
Jones, Charles M., and Lipson, M. 2001. “Sixteenths: Direct Evidence on Institutional Execution Costs”. Journal of Financial Economics, 59, 253-278. Schultz, Paul. 2001. “Corporate Bond Trading Costs: a Peek Behind the Curtain”. Journal of Finance, 677-698.