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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/Holmstrom (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: Holmstrom/Tirole (1998).
Additional readings: Holmstrom/Tirole (1997),
Holmstrom/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), Berglof/von
Thadden (1994).
Additional readings: Berglof/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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