PONTIFICIA UNIVERSIDAD CATOLICA DE PUERTO RICO

COLEGIO DE ADMINISTRACION DE EMPRESAS

ESCUELA GRADUADA

PROGRAMA DOCTORAL EN ADMINISTRACIN DE EMPRESAS

PRONTUARIO

CURSO BUAD 803-Teora Avanzada de las Decisiones

Financieras

HORAS CONTACTO 4 horas por semana

PREREQUISITOS Curso de finanza a nivel graduado

PROFESOR Ismael Torres-Pizarro, PE, ESQ.

TELEFONO/EMAIL (787) 315-5636/ ismaeltorres2002@yahoo.com

TEXTOS Financial Management: Theory and Practice. 14th Ed

SUGERIDOS Eugene F. Brigham, Michael C. Earhardt
South-Western: Thomson Learning, 2015
ISBN: 978-1111972202
Financial Theory and Corporate Policy. 4th Ed
Thomas E. Copeland , J. Fred Weston, Kuldeep
Shastri
Addison Wesley, 2004
ISBN-13: 978-0321127211
A Random Walk Down Wall Street: The Time-Tested
Strategy for Successful Investing (Completely
Revised and Updated)
Burton G. Malkiel
W. W. Norton & Company; 2015 (LASTEST ED.)
ISBN-13: 978-0393246117

ALTERNO:
The Physics of Wall Street: A Brief History of
Predicting the Unpredictable. (2014) James Owen
Weatherall. Mariner Books

I. Descripcin del curso:

Discusin y anlisis de cmo los individuos y las empresas distribuyen

sus recursos econmicos a travs del tiempo. Se discute dentro de un
marco terico y prctico para la toma de decisiones ptimas de inversin
en situaciones de certidumbre e incertidumbre.
AE 803 2
Pgina

II. Propsito del curso:

Este curso es de nivel doctoral. Est diseado para darle al estudiante

las destrezas y herramientas analticas de las finanzas, a travs de un
estudio balanceado de material terico y emprico. Los requisitos
principales del curso son la preparacin y presentacin de anlisis crticos
de artculos y la preparacin y presentacin de varios trabajos de
investigacin.

III. Objetivos Generales del Curso:

1. Conocer y analizar el ambiente terico y prctico en que se

desenvuelven las finanzas.
2. Conocer la disciplina de las finanzas desde un punto de vista
estratgico.
3. Familiarizarse y aplicar las tcnicas analticas necesarias para
tomar decisiones ptimas en el campo de las finanzas.
4. Desarrollar y aplicar destrezas de investigacin en el campo de las
finanzas.
5. Familiarizar al estudiante con algunos temas de nuevo desarrollo
en las finanzas.

IV. Objetivos Terminales (T) y Capacitantes (C) del curso:

T.1 Describir los conceptos bsicos de la administracin financiera y

del ambiente financiero.
C1.1 Conocer los conceptos bsicos de los mercados financieros
de los Estados Unidos.
C1.2 Conocer los conceptos bsicos de las instituciones
financieras en los Estados Unidos.
C1.3 Identificar los mercados primarios y secundarios para el
intercambio de activos financieros en los Estados Unidos

T.2 Aplicar los conceptos del valor del dinero en el tiempo.

C2.1 Computar el Valor Futuro de una cantidad de dinero y de
una anualidad.
C2.2 Computar el Valor Presente de una cantidad de dinero y de
una anualidad.
C2.3 Aplicar los conceptos de Valor Futuro y Valor Presente para
tomar decisiones ante diversas situaciones.

T.3 Describir los Reportes Financieros bsicos.

C3.1 Identificar los Reportes Financieros.
C3.2 Describir los componentes del Estado de Situacin.
C3.3 Describir los componentes del Estado de Ingresos y Gastos.
C3.4 Describir el balance de Ganancias Retenidas
C3.5 Describir los componentes del Estado de Flujo de Efectivo.
AE 803 3
Pgina

T.4 Analizar el riesgo y el rendimiento de un activo financiero.

C4.1 Explicar los diferentes tipos de riesgo presentes en una
inversin financiera.
C4.2 Calcular el riesgo de una inversin en activos financieros.
C4.3 Calcular el riesgo presente en una cartera de inversiones.
C4.4 Analizar la relacin entre el riesgo y el rendimiento de una
inversin.

T.5 Analizar el riesgo y el rendimiento una cartera de inversiones.

C5.1 Calcular el riesgo de una cartera de inversiones.
C5.2 Escoger la mejor opcin en una cartera de inversiones.

T.6 Estudiar las caractersticas de los bonos y su valoracin.

C6.1 Explicar los diferentes tipos de bonos que existen.
C6.2 Explicar las caractersticas de los bonos.
C6.3 Computar el valor y el rendimiento de los bonos.

T.7 Estudiar las caractersticas de las acciones y su valor en el

mercado.
C7.1 Explicar los diferentes tipos de acciones que existen.
C7.2 Comparar los derechos de los accionistas de acuerdo al tipo
de accin.
C7.3 Conocer los mercados para las acciones comunes.
C7.4 Interpretar el valor de las acciones comunes en el mercado
de valores.
C7.5 Comparar los precios en el mercado con el rendimiento de
las acciones.
C7.6 Describir las caractersticas de las acciones preferidas.

T.8 Analizar informes financieros.

C.8.1 Calcular las razones financieras de liquidez, administracin
de activos, administracin de deuda y de rentabilidad.
C.8.2 Realizar un anlisis de tendencias, anlisis de tamao
comn y anlisis de cambio porcentual.
C.8.3 Utilizar la Internet para investigar informacin financiera.

T.9 Estudiar las teoras sobre estructura de capital.

C.9.1 Explicar los conceptos bsicos sobre estructura de capital.
C 9.2 Estudiar los conceptos de business risk, operating leverage,
financial risk y financial leverage.
C.9.3 Estudiar la teora de estructura de capital: Modigliani y Miller
C.9.4 Estimar la estructura ptima de capital.
C.9.5 Estudiar otros conceptos sobre estructura de capital.

T.10 Estudiar los conceptos de distribucin de ganancias.

C.10.1Estudiar los conceptos de distribucin de ganancias
mediante dividendos.
AE 803 4
Pgina

C.10.2Estudiar los conceptos de distribucin de ganancias

mediante readquisicin de acciones.
C.10.3Comparar la distribucin de ganancias mediante dividendos
con la distribucin de ganancias mediante readquisicin de
acciones.
C.10.4Estudiar otros conceptos obre distribucin de ganancias.

T.11 Estudiar temas especiales en el rea de finanzas gerenciales.

C.11.1 Estudiar el proceso de tomar la decisin de convertirse en
una empresa pblica (Initial Public Offerings).
C.11.2 Estudiar las caractersticas de diferentes instrumentos
financieros hbridos.
C.11.3 Estudiar el proceso de manejo de riesgos.
C.11.4 Estudiar el impacto de las fusiones comerciales en el
proceso de tomar decisiones gerenciales.
C.11.5 Estudiar otros temas especiales en el rea de finanzas
gerenciales.
AE 803 5
Pgina

V. Bosquejo del curso

Fecha Temas y su relacin con los objetivos especficos del

curso
AE 803 6
Pgina

VI. Requisitos del curso

Se espera que el estudiante tenga un conocimiento bsico pero slido

de trminos de Contabilidad, Economa, Finanzas y Estadsticas; que
sepa utilizar adecuadamente una calculadora financiera y una hoja
electrnica de cmputos como Excel u otra similar; que pueda buscar
informacin a travs del Internet y que tenga cuenta de correo electrnico.
Tambin se espera que el estudiante pueda analizar casos aplicando los
conocimientos obtenidos en estas disciplinas, adems de los
desarrollados en el curso.

Cada estudiante participar activamente en clase. El estudiante

demostrar su preparacin mediante la discusin en clase. La discusin
de los temas girar principalmente en torno a la lectura del material
asignado, incluyendo los libros de texto, artculos, casos y otro material
pertinente.

Aunque el curso cuenta con libros de texto, stos se utilizarn

principalmente como gua del curso. Por ser un curso de nivel doctoral,
se espera que el estudiante se prepare mediante la lectura del material
asignado y la investigacin sobre el tema previo a la clase.

VII. BOOK REPORT, EXAMEN FINAL & DEBATE:

Random Walk, Malkiel

El primer da de clase se proveern preguntas guas sobre este texto, las que
deber contestar en forma de reporte escrito al finalizar el curso.

Estas preguntas sern las bases para el debate del fin de curso.

Examen Final: Take Home

Durante las primeras semanas de clase se proveern diferentes ejercicios

matemticos de los textos asignados que deber contestar en forma de reporte
escrito al finalizar el curso. Se espera el uso de Excel en la gran mayora de los
problemas asignados a resolver as como detalles paso a paso de cmo se
resolvieron.
AE 803 7
Pgina

VIII. Criterios de evaluacin

Cada estudiante ser evaluado a base del total de puntos obtenidos en el curso,
de un mximo de puntos que se pueden obtener, de acuerdo al peso de cada
criterio en la nota final.

1) TAKE HOME MIDTERM: 100 puntos 20%

2) BOOK REPORT: Random Walk

a. Reporte escrito individual 100 puntos 20%

3) TAKE HOME FINAL TEST

a. Reporte escrito individual 100 puntos 20%

4) DEBATE (GRUPAL) 100 puntos 20%

5) Participacin individual 50 puntos 10%

6) Asistencia individual 50 puntos 10%

Total 500 puntos 100%

IX. Referencias

RECURSOS DE INTERNET PARA EL CURSO

DESCRIPTION INTERNET ADDRESS

Accounting Technology, www.electronicaccounting.com
Accounting Today
American Instituted of CPAs www.aicpa.org
(AICPA)
American Accounting www.aaa-edu.org
Association
Association of Government
Accountants (AGA) www.rutgers.edu/accounting/raw/aga/home.htm
Controller Magazine www.controllermag.com
CPA Exam Information www.cpavision.org
CPA Vision Project www.fastcompany.com
Fast Company www.fastcompany.com
Federation of Schools of www.usc.edu/dept/accounting/FSA/
Accountancy
Financial Accounting www.fasb.com
Standards Boards
Fortune www.forturne.com
Harvard Business Review www.hbsp.harvard.edu
Institute of Internal Auditors www.imanet.org
(IIA)
Institute of Management www.imanet.org
AE 803 8
Pgina

DESCRIPTION INTERNET ADDRESS

Accountants
Internal Revenue Service www.irs.ustreas.gov
National Association of www.jobweb.org
Colleges and Employers
National Association of State www.nasba.org
Boards of Accountancy
New York Times www.nytimes.com
PCWeek www.pcweek.com
Robert Half and Accountemps www.roberthalf.com
Salary Guide
Securities and Exchange www.sec.gov
Commission
Wall Street Journal www.wjs.com

OTROS PORTALES DE INTERNET SUGERIDOS PARA EL CURSO

1. The Economist: www.economist.com (library)

2. E-Line Financials: www.financials.com

3. Investopedia: www.investopedia.com

4. Invest-o-Rama: www.investorama.com

5. Investor guide: www.investorguide.com

6. Tax free bond: www.taxfreebond.com

7. The Bank of Canada: www.bank-banque-canada.ca/english/intro-e.htm

8. Federal Reserve Board: www.ny.frb.org/pihome

9. The fund library: www.fundlib.com

10. The financial Network: www.tfn.com

11. The Wall Street City: www.wallstreetcity.com

12. Info-Fund: www.infofund.com

13. Yahoo Finance: finance.yahoo.com

14. Federal Reserve Board: www.bog.frb.feb.us//

15. Carrers in Finance: http://ea/gedreau

AE 803 9
Pgina

16. Information and investment planning tools: http://funds.scuder.com,

www.montgomeryfunds.com, www.americancentury.com,

www.franklin-templeton.com, www.fidelity.com (for both mutual

funds and common stock investments)

17. Mutual Fund Magazine: www.mfmag.com

18. IRS-Homepage: www.irs.ustreas.gov

19. NYSE: www.nyse.com

20. NASDAQ: www.nasdaq.com

21. AMEX: www.amex.com

22. U.S. Code of Ethics: www.aimr.com/aimr.html

23. Standard Portfolio Analysis of Risk (SPAN):

www.cme.com/span/span.html

24. Industry Overview: www.investorsquare.com

25. Emerging Markets for 21 century: www.stat-usa.gov/itabems.html

26. Country Risk Analysis:

www.duke.edu/~charvey/country_risk/country_idx.html

27. Directory of technical analysis: www.e-analytics.com/techdir.html

28. Investments Glossary: www.investorwords.com

29. Estimation of risk using P/E ratio: www.eduvest.com/vparisk.html

30. Undervalued stock investments strategy:

www.geocities.com/wallstreet/floor/6300/

31. GDP: www.1p-11c.com/cents/gdp.shtml

AE 803 10
Pgina

32. Financial Ratio and commonsized statement analysis:

http://edgeonline.com/main/buizbuilders/BIZ/financialmgt/ratios.shtm

33. Sources of information of ratio analysis:

http://dodona.lib.sfu.ca.kiosk/efairey/ratioan.html

34. Futures Contract: www.lectlaw.com//files/inv12

OTRAS FUENTES DE INFORMACIN EN INTERNET PARA EL CURSO

General

Wall Street Journal

Barrons
Investors Daily
Business Week
Forbes
Fortune
Duns review
Financial World
Institutional Investor
Pensions and Investments Age

Economic Data

Federal Reserve Bulletin

Survey of Current Business
Business Conditions Digest
Economic Report of the President
Statistical Abstract of the United States

Industry Data

Survey of Current Business

Moodys Investor Services
Industry Review
Industry Survey
Investment Survey

Company Data
AE 803 11
Pgina

Value Line Investments Survey

Individual Annual Company Reports
Moodys Manuals
Standard and Poors Corporation Records
Standard and Poors Stock Reports

BIBLIOGRAPHY (latest edition of the following books).

En orden sugerido de estudio.

1) Textos bsicos:

A. Fundamental of Financial Management by Eugene Brigham.

Dryden Press. Este libro es super-buensimo!!! Es de hecho, la base-gua
de mi curso de finanzas MBA bsico cubriendo el equivalente a los
primeros 7 u 8 captulos ms o menos. Es a nivel subgraduado pero el
autor tiene otros 2 textos (titulados similarmente) pero uno a nivel mas
avanzando (pero todava subgraduado) y otro a nivel MBA de contenido al
mismo nivel que el de Van Horne. Hay varias ediciones por ah, si
consigue la ultima bien; he visto ediciones viejitas que, para este curso,
estn muy bien todava.

B. Financial Management: Principles & Applications by Arthur J.

Keown, John D. Martin, J. William Petty & David F. Scott, Jr. Prentice
Hall. Buen texto, fcil lectura. Es texto bsico usado en muchos
programas graduados-MBA para este curso.

C. Fundamentals of Corporate Finance by Brealey, Myers & Marcus.

Irwin-McGraw-Hill. Buen texto, fcil lectura. Es texto bsico usado en
muchos programas graduados-MBA para este curso. Junto con Martin, et
al se podra decir que a nivel de este curso es este o ese en todos los
programas MBA del pas.

2) Engineering Economy by Blank & Tarquin. McGraw-Hill. Excelente libro, a

nivel ms avanzado (algunas secciones un poquito matemticas). Tiene muy
buenos ejemplos (muchos y variados) las ltimas ediciones tienen ejemplos
utilizando Excel.

3) A Random Walk Down Wall Street by Burton Makiel. Este es un libro a

modo de divulgacin cientfica. No es un texto, esta excelentemente redactado y
les da un "background" slido sobre las finanzas, su historia, describe en
trminos sencillos las teoras mas "modernas" de las finanzas. Es fantstica
lectura; est asignado para hacer Book report.

4) Financial Management & Policy by James C. Van Horne. Prentice Hall.

Texto a nivel MBA-avanzado, junto con el de Brigham de ese nivel (no el bsico,
sino el ms avanzado de los 3 textos de Brigham) se podra decir que son las
mejores referencias antes de entrar a nivel doctoral.
AE 803 12
Pgina

5) Financial Theory and Corporate Policy by Copeland & Weston. Addison-

Wesley. Es excelente texto a nivel graduado-avanzado. Es bastante avanzado
en uso de modelos matemticos y requiere calculo, algebra matricial y teora de
optimizacin para entenderlo bien. Muy usado como referencia en el primer
curso a nivel doctoral en finanzas para cubrir en forma profunda (pero por su
cuenta) aquellos temas que el estudiante no ha tratado antes.

6) Finance: a Theoretical Introduction by David E, Allen. Palgrave

Macmillan (1983). Su autor reclama que es texto nivel subgraduado, pero en
realidad est casi al mismo nivel que Copeland graduado avanzado. Bastante
matemtico requiere calculo, algebra matricial y teora de optimizacin para
entenderlo bien.

7) Theoretical Foundations of Corporate Finance by Joao Amaro de Matos.

Princeton University Press (2001). Uno de los muy pocos textos a nivel PhD.
Utiliza teora de juegos, optimizacin, clculo y algebra matricial como base.

8) The Theory of Corporate Finance by Jean Tirole. Princeton University

Press (2005). Texto a nivel PhD ms reciente disponible hasta donde s.

9) Handbook of Corporate Finance. VOL 1 & 2. Ed by Espen Ecko North-

Holland. 2007 & 2008. Referencia esencial para el estudiante y profesional de
las finanzas corporativas pero no es un texto. Es bueno como research starting
point hasta esa fecha, pues contiene los puntos ms importantes resumidos de
los varios papers ms importantes publicados hasta esa fecha.

10) The Modern Theory of Corporate Finance. byClifford W. Smith. Mc Graw

Hill (1990). Otra excelente referencia; contiene muchos de los ms importantes
papers publicados hasta ese momento. No es texto, es una compilacin de
papers.

Otros libros cuya lectura recomendara:

A) Capital Ideas. Peter Berstein. Temas similares al de Makiel.

B) Against the Gods. Peter Berstein. Se podra decir complementa a Capital

Ideas.

C) A Mathematician Plays the Stock Market. John Allen Paulos. Temas

similares al de Makiel, pero con un poquitico mas de matemtica...pues claro.

D) My Life as a Quant. Emmanual Derman. Este es mas "tcnico", es por as

decirlo autobiogrfico. Derman es uno de los primeros QUANTS, uno de los
"pioneros" que luego de un PhD en matemtica-fsica cambia de rumbo y trabaja
en Goldman Sasch & Salomon Brothers...
AE 803 13
Pgina

E) Corporate Finance: An Introduction, Ivo Welch. Lo puede accesar gratis

(no download pero si leerlo) en http://book.ivo-welch.info. Es muy bueno y
updated (versin Mayo 2011 online), nivel subgraduado. Excelente para
subsanar dudas o deficiencias.
AE 803 14
Pgina

VIII. ARTICLES

Theory of the firm:

Coase, R.H., 1937, The nature of the firm, Economica 16, 386-405.
Grossman, Sanford, and Oliver Hart, 1986, The costs and benefits of
ownership: a theory of vertical and lateral ownership, Journal of
Political Economy 94, 691-719.
Other References:
o Alchian, Armen, and Harold Demsetz, 1972, Production,
information costs and economic organization, American Economic
Review 62: 777-795.
o Berle, A, and G. Means, 1932, The modern corporation and private
property, New York: Macmillan.
o Cheung, Steven, 1983, The contractual nature of the firm, Journal
of Law and Economics 26, 1-22.
o Fama, Eugene, 1980, Agency problems and the theory of the firm,
Journal of Political Economy 88, 288-307.
o Fama, Eugene, and Michael Jensen, 1983, Separation of
ownership and control, Journal of Law and Economics, 26, 301-
325.
o Demsetz, Harold, 1988, The theory of the firm revisited, Journal of
Law, Economics, and Organization 4, 141-163.
o Grossman, Sanford, and John Moore, 1990, Property rights and the
nature of the firm, Journal of Political Economy 98, 1119-1158.
o Hart, Oliver, 2001, Financial contracting, Journal of Economic
Literature 39, 1079-1110.
o Holmstrom, Bengt, and Paul Milgrom, 1994, The firm as an
incentive system, American Economic Review 84, 972-991.
o Holmstrom, Bengt, and John Roberts, 1998, The boundaries of the
firm revisted, Journal of Economic Perspectives 12, 73-94.
o Holmstrom, Bengt, and Jean Tirole, 1989, The theory of the firm,
Chapter 2 in R. Shmalensee and R. Willig (eds.) Handbook of
Industrial Organization, Amsterdam: North Holland.
o Rajan, Rahgurham, and Luigi Zingales, 1998, Power in a theory of
the firm, Quarterly Journal of Economics 113, 387-432.
o Rajan, Raghuram, and Luigi Zingales, 2002, The firm as a
dedicated hierarchy: a theory of the origins and growth of firms.
o Williamson, Oliver, 1979, transaction cost economics: the
governance of contractual relations, Journal of Law and Economics
22, 233-261.
o Zingales, Luigi, 2000, In search of new foundations, Journal of
Finance 55, 1623-1653.
AE 803 15
Pgina

Corporate Governance: Ownership

Jensen Michael and William Meckling,1976, Theory of the firm:
managerial behaviour, agency costs and capital structure, Journal of
Financial Economics 3, 305-360.
Morck, Randall, Andrei Schleifer, and Robert Vishny, 1988,
Management ownership and market valuation, Journal of Financial
Economics.
Core, John and David Larcker, 2002, Performance consequences of
mandatory increases in executive stock ownership Journal of Financial
Economics 64, 317-340.
Burkhart, Mike, Denis Gromb, and Fausto Panunzi, 1997, Large
shareholders, monitoring, and the value of the firm, Quarterly Journal
of Economics 112, 693-728.
Smith, Michael, 1996, Shareholder activism by institutional investors:
evidence from CALPERS, Journal of Finance 52, 227-252.
Rafael La Porta, Florencio Lopez de Silanes, Andrei Schleifer, and
Robert W. Vishny, 1999, Corporate ownership around the world,
Journal of Finance 54, 471-517.
Other References:
o Demsetz, H. and K. Lehn, 1985, The structure of corporate
ownership: causes and consequences, Journal of Political
Economy 93., 1155-1178.
o Shleifer, Andrei, and Robert Vishny, 1986, Large shareholders and
corporate control, Journal of Political Economy 94, 461-488.
o Holderness, Cliff, Randy Kroszner, and Dennis Sheehan, 1999,
Were the good old days that good? Changes in managerial stock
ownership since the great depression, Journal of Finance 54, 435-
469.
o Ki C. H., and David Suk, 1998, The effect of ownership structure on
firm performance: Additional evidence, Review of Financial
Economics 7, 143-155.

Corporate Governance: Boards of Directors

Hermalin, Benjamin, and Michael Weisbach, 1998, Endogenously
chosen boards of directors and their monitoring of the CEO, American
Economic Review 88, 96-118.
Yermack, David, 1996, Higher market valuation of companies with a
small board of directors, Journal of Financial Economics, 40, 185-211.
Other References:
o Fich, Eliezer, and Anil Shivdasani, 2004, Are busy boards effective
monitors? Drexel University working paper.
o Raheja, Charu G., 2004, Determinants of board size and
composition: a theory of corporate boards, Journal of Financial and
Quantitative Analysis, forthcoming.
AE 803 16
Pgina

Corporate Governance: CEO Turnover

Weisbach, Michael, 1988, Outside directors and CEO turnover, Journal
of Financial Economics.
Denis, D., Denis, D., Sarin, A., 1997. Ownership structure and top
executive turnover. Journal of Financial Economics 45, 193-221.
McNeil, Chris, Greg Niehaus, and Eric Powers, 2004, Management
Turnover in Subsidiaries of Conglomerates Versus Stand-Alone Firms,
Journal of Financial Economics 72, 63-96.
Zajac, Edward J., and James D. Westphal, 1996, Who Shall Succeed?
How CEO/board Preferences and Power Affect the Choice of New
CEOs, Academy of Management Journal 39, 64-91.
Other References:
o Warner, J., Watts, R., Wruck, K., 1988. Stock prices and top
management changes. Journal of Financial Economics 20, 461-
492.
o Denis, D., Kruse, T. 2000. Managerial discipline and corporate
restructuring following performance declines. Journal of Financial
Economics, 55, 391-424.
o Dahya, Jay, John J. McConnell, and Nicklaos G. Travlos, 2002, The
Cadbury Committee, Corporate Performance, and Top
Management Turnover, Journal of Finance 57, 461-483.
o Goyal, V.,Park, C., 2002. Board leadership structure and CEO
turnover. Journal of Corporate Finance 8, 49-66.
o Volpin, P., 2002. Governance with poor investor protection:
evidence from top executive turnover in Italy. Journal of Financial
Economics 64, 61-90.

Corporate Governance Overview (The top two articles should be read

concurrently with the rest of the governance stuff.)
Shleifer, Andrei, and Robert Vishny, 1997, A survey of corporate
governance, Journal of Finance 52, 737-783.
Denis, Diane and John McConnell, 2005, International Corporate
governance, Journal of Financial and Quantitative Analysis,
forthcoming.
Other References:
o Jean Tirole, 2001, Corporate governance, Econometrica 69, 1-35.
o Hermalin, Benajmin, Trends in corporate governance, Journal of
Finance, forthcoming.
o Bebchuk, Lucian, Alma Cohen, and Allen Ferrel, 2004, What
matters in corporate governance?, Harvard University working
paper.
AE 803 17
Pgina

Capital Structure: Overview

Harris, M. and A. Raviv, 1991, The theory of capital structure, Journal
of Finance 46, 297-335.
Ragurham Rajan, and Luigi Zingales, 1995, What do we know about
capital structure? Some evidence from international data, Journal of
Finance 50, 1421-1460.
Graham, John, and Campbell Harvey, 2001, The theory and practice of
corporate finance: evidence from the field, Journal of Financial
Economics, 60, 187-243.

Capital Structure: Static Capital Structure:

Modigliani, Franco, and Merton Miller, 1958, The cost of capital,
corporation finance and the theory of investment, American Economic
Review 48, 261-297.
Modigliani, Franco, and Merton Miller, 1963, Corporate income taxes
and the cost of capital: a correction, American Economic Review 53,
433-443.
Miller, Merton H., 1977, Debt and taxes, Journal of Finance 32, 261-
275.
Myers, Stewart C., 1977, Determinants of corporate borrowing, Journal
of Financial Economics 5, 147-175.
Mackie-Mason, Jeffrey, 1990, Do taxes affect corporate financing
decisions? Journal of Finance 45, 1471-1493.
Graham, John R., 2000, How big are the tax benefits of debt?, Journal
of Finance 55, 1901-1941.
Molina, Carlos, 2005, Are firms underleveraged?, an examination of
the effect of leverage on default probabilities, Journal of Finance,
forthcoming.
Other References:
o Stiglitz, Joseph, 1969, A re-examination of the Modigliani-Miller
Theorem, American Economic Review 59, 784-793.
o Joseph E. Stiglitz, 1974, On the irrelevance of corporate financial
policy, American Economic Review 64, 851-866.
o DeAngelo, Harry, and Ronald Masulis, 1980, Optimal capital
structure under corporate and personal taxation, Journal of
Financial Economics 8, 3-29.
o Fama, Eugene, and Kenneth French, 1998, Taxes, financing
decisions, and firm value, Journal of Finance 53, 819-843.

Capital Structure: Asymmetric Information, the Pecking Order, and Market

Timing:
Stewart C. Myers, and Nicholas S. Majluf, 1984, Corporate
financing and investment decisions when firms have information
that investors do not have, Journal of Financial Economics 13, 187-
221.
AE 803 18
Pgina

Myers, Stewart, 1984, The capital structure puzzle, Journal of

Finance 39, 575-592.
Shyam-Sunder, Lakshmi, and Stewart Myers, 1999, Testing static
tradeoff against pecking order models of capital structure, Journal
of Financial Economics 51, 219-244.
Baker, Malcolm, and Jeffrey Wurgler, 2002, Market timing and
capital structure, Journal of Finance 57, 1-32.
Kayhan, Ayla and Sheridan Titman, 2005, Firms histories and their
capital structures, Journal of Financial Economics forthcoming.
Laura Liu, 2005, Do Firms Have Target Leverage Ratios? Evidence
from Historical Market-to-Book and Past Returns, Hong Kong
University of Science and Technology working paper.
Other References:
o Ross, Steven, 1977, The determinants of financial structure: the
incentive signalling approach, Bell Journal of Economics 8, 23-
40.
o Frank, Murray, and Vidhan Goyal, 2003, Testing the pecking
order theory of capital structure, Journal of Financial Economics
67, 217-248.
o Lemmon, Michael, and Jaime Zender, 2004, Debt capacity and
tests of capital structure theories, University of Utah working
paper.
o Huang, Rongbing, and Jay Ritter, 2004, Testing the market
timing theory of capital structure, University of Florida working
paper.

Capital Structure: Agency Costs:

Peter Mackay and Gordon M. Phillips, How Does Industry Affect Firm
Financial Structure?, Review of Financial Studies, Winter 2005, 1433-
1466.
Jianjun Miao, Optimal Capital Structure and Industry Dynamics,
Journal of Finance, December 2005, 2621-2659.
Matthew Spiegel and Heather Tookes, Dynamic Competition,
Innovation and Strategic Financing, 2006, Yale Working Paper.
Stultz, Rene, 1990, Managerial discretion and optimal financing
policies, Journal of Financial Economics, 3-27.
Zweibel, Jeffery, 1996, Dynamic capital structure under managerial
entrenchment, American Economic Review 86, 1197-1215.

Capital Structure: Debt Structure:

Allen N. Berger, Marco A. Espinosa-Vega, W. Scott Frame, and Nathan
H. Miller, Debt Maturity, Risk, and Asymmetric Information, Journal of
Finance, December 2005, 2895-2923
Arturo Bris and Ivo Welch, The Optimal Concentration of Creditors,
Journal of Finance, October 2005, 2212.
A. Burak Gner, Loan Sales and the Cost of Corporate Borrowing,
Review of Financial Studies, Summer 2006, 687-716.
AE 803 19
Pgina

Banerjee, Priyodorshi, Information Acquisition Under Uncertainty in

Credit Markets, Review of Financial Studies, Fall 2005, 1075-1104.
Cantillo, Miguel, A Theory of Corporate Capital Structure and
Investment, Review of Financial Studies, Winter 2004, 1103-1128.
Diamond, Douglas, 1991, Debt maturity structure and liquidity risk,
Quarterly Journal of Economics 106, 709-737.
Hotchkiss, Edith and Tavy Ronen, The Informational Efficiency of the
Corporate Bond Market: An Intraday Analysis, Review of Financial
Studies, Winter 2002, 1325-1354.
Rajan, Raghuram, 1992, Insiders and outsiders: the choice between
informed and arm's length debt, Journal of Finance 47, 1367-1400.
Diamond, Douglas, 1993, Seniority and maturity of debt contracts,
Journal of Financial Economics, 341-368.
Other References:
o Bergloff, Erik, and Ernst-Ludwig von Thadden, 1994, Short term
versus long term interests, capital structure with multiple investors,
Quarterly Journal of Economics, 439, 1055-1084.
o Winton, Andrew, 1995, Costly state verification and multiple
investors: the role of seniority, Review of Financial Studies 8, 91-
123.
o Bolton, Patrick, and David Scharfstein, 1996, Optimal debt structure
with multiple creditors, Journal of Political Economy 104, 1-25.
o Welch, Ivo, 1997, "Why is Bank Debt Senior? A Theory of Priority
Based on Influence Costs." The Review of Financial Studies 10-4,
1203-1236.

Payout Policy:
Bechmann, Ken L. and Johannes Raaballe (2010a), Taxable Cash
Dividends A Money-Burning Signal, European Journal of Finance,
16, 1-26.
Bechmann, Ken L. and Johannes Raaballe (2010b), Payout to
Shareholders What Do We Mean and How to Measure It?, Working
paper.
Miller, Merton, and Kevin Rock, 1985, Dividend policy under
asymmetric information, Journal of Finance 40, 1031-1051.
La Porta, Rafael, F. Lopez de Silanes, Andrei Shleifer, and Robert
Vishny, 2000, Agency problems and dividend policy around the world,
Journal of Finance 55, 1-33.
Allen, Franklin, and Roni Michaely, 2002, Payout policy, University of
Pennsylvania working paper.
Brav, Alon, John Graham, Campbell Harvey, and Roni Michaely, 2004,
Payout policy in the 21st century, Duke University working paper.
Other References:
o Lintner, J., 1956, Distributions of incomes of corporations among
dividends, retained earnings, and taxes, American Economic
Review 46, 97-113.
AE 803 20
Pgina

o Miller, Merton, and Myron Scholes, 1978, Dividends and taxes,

Journal of Financial Economics 6, 333-364.
o Easterbrook, F., 1984, Two agency cost explanations of dividends,
American Economic Review, 650-659.
o Healy, Paul, and Krishna Palepu, 1988, Earnings information
conveyed by dividend initiations and omissions, Journal of
Financial Economics, 149-175.
o Allen, Franklin; Bernardo, Antonio; and Ivo Welch. 2000, A Theory
of Dividends Based on Tax Clienteles." The Journal of Finance 55-
6, 2499-2536.
o Jagannathan, Murali, Clifford Stephens, and Michael Weisbach,
2000, Financial flexibility and the choice between dividends and
stock repurchases, Journal of Financial Economics 57, 355-384.
o Fama, Eugene, and Ken French, 2001, Disappearing dividends:
changing firm characteristics or increasing reluctance to pay?
Journal of Financial Economics 60, 3-43.

Capital Budgeting and Investments.

Fazzari, Steven, Glenn Hubbard, and Mitchell Petersen, 1988,
Financing constraints and corporate investment, Brookings Papers on
Economics Activity 141-195.
Harris, Milton, and Artur Raviv, 1996, The capital budgeting process,
incentives and information, Journal of Finance
Marino, Anthony and John Matsusaka, Decision Processes, Agency
Problems, and Information: An Economic Analysis of Capital Budgeting
Procedures, Review of Financial Studies, Spring 2005, 301-326
Stein, Jeremy, 2002, Agency, information and corporate investment,
Handbook of the Economics of Finance, George Constantinides, Milton
Harris, and Rene Stulz editors, Amsterdam: North-Holland.
Other References:
o Stein, Jeremy, 1989, Efficient capital markets, inefficient firms: a
model of myopic corporate behavior, Quarterly Journal of
Economics 104, 655-669.
o Scharfstein, David, and Jeremy Stein, 1990, Herd behavior and
investment, American Economic Review.
o Bebchuk, Lucian, and Lars Stole, 1993, Do short-term objectives
lead to under or over-investment?, Journal of Finance 48, 719-729.
o Lang, Larry, Eli Ofek, and Rene Stulz, 1996, Leverage, investment,
and firm growth, Journal of Financial Economics 40, 3-30.
o Hubbard, Glenn, 1998, Capital market imperfections and
investment, Journal of Economic Literature 36, 193-225.

Diversification and Internal Capital Markets

Berger, Philip, and Eli Ofek, 1995, Diversification's effect on firm value,
Journal of Financial Economics 3, 39-66.
AE 803 21
Pgina

Biais, Bruno, Larry Glosten, and Chester Spatt, Market Microstructure:

A Survey of Microfoundations, Empirical Results, and Policy
Implications, Journal of Financial Markets, May 2005, 217-264.
Lamont, Owen, 1997, Cash flow and investment: evidence from
internal capital markets, Journal of Finance 52, 83-109.
Gertner, Robert, Eric Powers, and David Scharfstein, 2002, Learning
About Internal Capital Markets from Corporate Spin-offs, Journal of
Finance 57, 2479-2506.
Other References:
o Lang, Larry, and Rene Stulz, Tobins Q, 1994, Corporate
diversification and firm performance, Journal of Political Economy
o Stein, Jeremy, 1997, Internal capital markets and the competition
for corporate resources, Journal of Finance 52, 111-133.
o Stein, Jeremy, and David Scharfstein, 1998, The dark side of
internal capital markets: divisional rent-seeking and inefficient
investment, Journal of Finance 53, 2537-2564.
o Rajan, Ragurham, Henri Servaes, and Luigi Zingales, 2000, The
cost of diversity: the diversification discount and inefficient
investment, Journal of Finance
o Maksimovic, Vojicslav, and Gordon Phillips, 2002, Do conglomerate
firms allocate resources efficiently across industries? Theory and
evidence, Journal of Finance 57, 721-767.

IPOs
Andrew Ellul and Marco Pagano, IPO Underpricing and After-Market
Liquidity, Review of Financial Studies, Summer 2006, 381-422.
Alti, Aydogan, IPO Market Timing, Review of Financial Studies, Fall
2005, 1105-1138
Corwin, Shane, and Paul Schultz, The Role of IPO Underwriting
Syndicates: Pricing, Information Production, and Underwriter
Competition, Journal of Finance, February 2005, 443-486
Kevin Rock, 1986, Why new issues are underpriced, Journal of
Financial Economics 15, 187-212.
Jay Ritter, 1987, The costs of going public, Journal of Financial
Economics, 19, 269-281.
Jay Ritter, 1991, The long-run performance of initial public offerings,
Journal of Finance 46, 3-27.
Katharina Lewellen, Risk, Reputation, and IPO Price Support, Journal
of Finance, April 2006, 613-653.
Loughran, Timothy, and Jay Ritter, 1995, The new issues puzzle,
Journal of Finance 50, 23-51.
Other References:
o Asquith, Paul, and David Mullins, 1986, Equity issues and offering
dilution, Journal of Financial Economics 15, 61-89.
AE 803 22
Pgina

o Allen, Franklin, and Gary Faulhaber, 1989, Signaling by

underpricing in the IPO market, Journal of Financial Economics 23,
303-323.
o Benveniste, Lawrence, and Paul Spindt, 1989, How investment
bankers determine the offer price and allocation of new issues,
Journal of Financial Economics 24, 343-361.
o Welch, Ivo, 1992, Sequential sales, learning and cascades, Journal
of Finance 47, 695-732.
o Teoh, Siew-Hong, Ivo Welch, and T.J. Wong, 1998, Earnings
Management and The Long-Run Market Performance of Initial
Public Offerings." The Journal of Finance 53-6, 1935-1974.
o Chen, Hsuan-Chi, and Jay Ritter, 2000, The seven percent solution,
Journal of Finance 55, 1105-1131.
o Ritter, Jay and Ivo Welch., 2002, A Review of IPO Activity, Pricing
and Allocations." Journal of Finance 57-4, 1795-1828.

SEOs
Spiess, K. and J. Affleck-Graves, 1995, Underperformance in long run
stock returns following seasoned equity offering, Journal of Financial
Economics 38, 243-267.
Bayless, M. and S. Chaplinsky, 1996, Is there a window of opportunity
for seasoned equity issuance?, Journal of Finance 51, 253-278.
Teoh, S., I. Welch, and T. Wong, 1998, Earnings management and the
underperformance in seasoned equity offerings, Journal of Financial
Economics 50, 63-99.
Eberhart, Allan, Akhtar Siddique, 2002, The Long-Term Performance of
Corporate Bonds (and Stocks) Following Seasoned Equity Offerings,
Review of Financial Studies 15, 5, 1385-1406.
Other References:
o Masulis, R. and A. Korwar, 1986, Seasoned equity offerings: an
empirical investigation, Journal of Financial Economics 15, 91-118.
o Loughran, T. and J. Ritter, 1997, The operating performance of
firms conducting seasoned equity offerings, Journal of Finance 52,
1823-1850.
o Clarke, Jonathan, Craig Dunbar, and Kathleen Kahle, 2001, Long-
Run Performance and Insider Trading in Completed and Canceled
Seasoned Equity Offerings, Journal of Financial and Quantitative
Analysis 36, 4, 415-30
o Corwin, Shane, 2003, The Determinants of Underpricing for
Seasoned Equity Offers, Journal of Finance 58, 5, 2249-79
o Gibson, Scott, , Assem Safieddine, and Ramana Sonti, 2004, Smart
Investments by Smart Money: Evidence from Seasoned Equity
Offerings, Journal of Financial Economics, 72, 3, 581-604

Financial Distress
AE 803 23
Pgina

Asquith, Paul, Robert Gertner, and David Scharfstein, 1993, Anatomy

of financial distress, an examination of junk-bond issuers, Quarterly
Journal of Economics 109, 625-658.
Driessen, Joost, Is Default Event Risk Priced in Corporate Bonds?,
Review of Financial Studies, Spring 2005, 165-196.
Pulvino, Todd, 1998, Do asset fire-sales exist? An empirical
investigation of commercial aircraft transactions, Journal of Finance
Andrade, Gregor. and Steven Kaplan, 1998, How costly is financial
(not economic) distress? Evidence from highly levered transactions
that became distressed, Journal of Finance 53, 1443-1493.
Other References:
o Cutler & Summers, 1988, The costs of conflict resolution and
financial distress: evidence from the Texaco-Pennzoil litigation,
Rand Journal of Economics 29, 157-172.
o Gilson, Stuart, Kose John, and Larry Lang, 1990, Troubled debt
restructurings: an empirical study of private reorganization of firms
in default, Journal of Financial Economics 27, 315-353.
o Gertner, Robert, and David Scharfstein, 1991, A theory of workouts
and the effect of reorganization law, Journal of Finance 48, 1189-
1221.
o Shleifer, Andrei, and Robert Vishny, 1992, Liquidation value and
debt capacity: a market equilibrium approach, Journal of Finance
o Brown, David, Chris James, and Robert Mooradian, 1994, Asset
sales by financially distressed firms, Journal of Corporate Finance

Effects of Chapter 11 on Private Workouts and Investment Decisions

o Bergman, Yaacov and Jeffrey Callen, 1991, Opportunistic
Underinvestment in Debt Renegotiation and Capital Structure,
Journal of Financial Economics 29, 137-71.
o Bernardo, Antonio E. and Eric L. Talley, 1996, Investment Policy
and Exit-Exchange Offers Within Financially Distressed Firms,
Journal of Finance 51, 871-888.
o Cornelli, Francesca and Leonardo Felli, 1997, Ex-ante Efficiency of
Bankruptcy Procedures, European Economic Review 41, 475-485.
Gertner, Robert and David Scharfstein, 1991,A Theory of
Workouts and the Effects of Reorganization Law, Journal of
Finance 46, 1189-1222.
o Giammarino, Ronald, 1989, The Resolution of Financial Distress,
Review of Financial Studies 2, 25-47.
o Mooradian, Robert M., 1994, The Effect of Bankruptcy Protection
on Investment:Chapter 11 as a Screening Device, Journal of
Finance 49, 1403-1430.

Restructuring:
Slovin, Myron B., Marie Sushka, and Steven Ferraro, 1995, A
Comparison of the Information Conveyed by Equity Carve-outs, Spin-
offs, and Asset Sell-offs, Journal of Financial Economics, 37, 1, 89-104
AE 803 24
Pgina

Daley, Lane, Vikas Mehrotra, Vikas, and Ranjini Sivakumar, 1997,

Corporate Focus and Value Creation: Evidence from Spinoffs, Journal
of Financial Economics 45, 2, 257-81.
Vijh, Anand, 2002, The Positive Announcement-Period Returns of
Equity Carveouts: Asymmetric Information or Divestiture Gains?,
Journal of Business 75, 1, 153-90.
Lamont, Owen A, and Richard Thaler, 2003, Can the Market Add and
Subtract? Mispricing in Tech Stock Carve-Outs, Journal of Political
Economy 111, 2, 227-68.
Other References:
o Cusatis, Patrick J., James Miles, Randall Woolridge, 1993,
Restructuring through Spinoffs: The Stock Market Evidence,
Journal of Financial Economics 33, 3, 293-311
o Desai, Hemang, and Prem Jain, 1999, Firm Performance and
Focus: Long-Run Stock Market Performance Following Spinoffs,
Journal of Financial Economics 54, 1, 75-101.
o Vijh, Anand 1999, Long-Term Returns from Equity Carveouts,
Journal of Financial Economics 51, 2, 273-308.
o Schlingemann, Frederik, Rene Stulz, and Ralph Walkling, 2002,
Divestitures and the Liquidity of the Market for Corporate Assets,
Journal of Financial Economics, 64, 1, 117-44.
o Powers, Eric A. 2003, Deciphering the Motives for Equity Carve-
Outs,
Journal of Financial Research 26 1, 31-50.

Mergers and Acquisitions

Grossman, Sandy, and Oliver Hart, 1980, Takeover bids, the free rider
problem, and the theory of the corporation, Bell Journal of Economics.
Hartzell, Jay, Eli Ofek, and David Yermack, Whats In It for Me? CEOs
Whose Firms are Acquired, Review of Financial Studies, Spring 2004,
37-62
Moeller, Sara, Frederik Schlingemann, and Rene Stulz, Wealth
Destruction on a Massive Scale? A Study of Acquiring-Firm Returns in
the Recent Merger Wave, Journal of Finance, April 2005, 757-782
Jarrel, G., J. Brickley, and J. Netter, 1988, The market for corporate
control: the empirical evidence since 1980, Journal of Economic
Perspectives
Schlingemann, Frederik, 2004, Financing Decisions and Bidder Gains,
Journal of Corporate Finance 10, 5, 683-701.

Law and Finance

Laporta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and
Robert Vishny, 1997, Legal determinants of external finance, Journal
of Finance 52, 1131-1150.
Laporta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and
Robert Vishny, 2000, Investor protection and corporate governance,
Journal of Financial Economics 58, 3-28.
AE 803 25
Pgina

Laporta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and

Robert Vishny, 2000, Investor protection and corporate valuation,
Journal of Finance 57, 1147-1170.
Doidge, Craig, Andrew Karolyi, and Rene Stulz, 2004, Why do
countries matter so much for corporate governance?, University of
Toronto working paper.
Other References:
o Demirguc-Kunt, Asli, and Vojislav Maksimovic, 1997, Law, Finance,
and Firm Growth, Journal of Finance 53, 2107-2137.
o Johnson, Simon, Rafael La Porta, Florencio Lopez de Silanes, and
Andrei Schleifer, 2000, Tunneling, American Economic Review, 90,
22-27.
o Pistor, Katharina, Martin Raiser, and Stanislaw Gelfer, 2000, Law
and finance in transition economies, Economics of Transition 8,
325-368.
o Tadesse, Solomon, 2002, Financial Architecture and economic
performance: international evidence, University of South Carolina
working paper.

Behavioural Finance:
Kahneman, Daniel, and Amos Tversky, 1979, Prospect theory: an
analysis of decision making under risk, Econometrica 47, 263-291.
Barberis, Nicholas, and Richard Thaler, 2003, A survey of behavioral
finance, in Handbook of the Economics of Finance Constantinides,
Harris, and Stulz editors, North-Holland.

Mechanism Design and the Revelation Principle

Myerson, R., Mechanism Design, a Review, Unpublished Working

paper
Myerson, R., Nobel Memorial Lecture, reprinted in the American
Economic Review, 2008.

Game Theory
Thakor, Anjan "Game Theory in Finance," Financial Management,
Spring 1991, 71-94.

Cho, In-Koo and David Kreps "Signaling Games and Stable Equilibria,"
Quarterly Journal of Economics, 102(2), May 1987, 179-221.

Banks, Jeffrey and Joel Sobel "Equilibrium Selection in Signaling

Games," Econometrica, 55(3), May 1987, 647-661.

Event Study Methodology

Eberhart, Allan and Richard Sweeney Does the Bond Market Predict
Bankruptcy Settlements?, Journal of Finance, 47, July 1992, 943-980.
 AE 803 26
Pgina

Byun, Jinho and Michael Rozeff, Long-run Performance After Stock

Splits: 1927-1996, Journal of Finance, June 2003, 1063-1086.
Schultz, Paul, Pseudo Market Timing and the Long-Run
Underperformance of IPOs, Journal of Finance, April 2003, 483-518.
Butler, Alexander, Gustavo Grullon and James Weston, Can
Managers Forecast Aggregate Market Returns? Journal of Finance,
April 2005, 963-986.
Prabhala, N.R., Conditional Methods in Event Studies and an
Equilibrium Justification for Standard Event-Study Procedures,
Review of Financial Studies, 10(1), Spring 1997, 1-38.
Berk, Jonathan, "A Critique of Size-Related Anomalies ," Review of
Financial Studies, 8(2), Summer 1995, pages 275-86.

INTERNET (Additional references and connections to internet would be given during the
semester). En orden sugerido para investigacin.

http://en.wikipedia.org/wiki/Financial_mathematics
http://www.careers-in-finance.com/
http://orfe.princeton.edu
http://en.wikipedia.org/wiki/Chartered_Financial_Analyst
http://www.princeton.edu/~bcf/
http://www.orie.cornell.edu/
http://www.financeprofessor.com/
http://www.iafe.org/ (Organizacin Int. de Ing Financieros)

http://en.wikipedia.org/wiki/Chartered_Financial_Analyst

http://en.wikipedia.org/wiki/Annual_percentage_rate
http://en.wikipedia.org/wiki/Mortgage_loan

http://math.nyu.edu/faculty/avellane/index.html (Profesor Marcos Avellana del Int.

Courant en NY City)
http://www.exinfm.com/training/miscfiles.html (Algunos notas de cursos varios)
http://investmentscience.com/Content/newsArticles/news3.html
http://www.nuclearphynance.com/default.aspx (FORO DE FINANZAS...MUY
BUEN MATERIAL)
www.wilmott.com (FORO DE FINANZAS..MUY BUEN MATERIAL)
http://www.unifr.ch/econophysics/
http://www.ge.infm.it/~ecph/index.php
http://fisher.osu.edu/fin/journal/jofsites.htm
http://www.investopedia.com/university/bonds/
http://www.fenews.com/
http://www.behaviouralfinance.net/
http://en.wikipedia.org/wiki/Financial_mathematics
http://www.careers-in-finance.com/
AE 803 27
Pgina

Este es de estadsticas para su futuras clases puede ser til

http://www.edustatspr.com/index.htm

Este es un website de un profesor de Gerencia y Estadsticas de las UPREs

bastante bueno.
http://www.geocities.com/drcordova/