COURSE OUTLINE1

CAPITAL MARKETS AND ADVANCED CORPORATE FINANCE

ADM997D
(Ph.D. course) online
Winter 2022

Professeur : Maher Kooli, Ph.D. Office: R-2340

E-mail: kooli.maher@uqam.ca Phone: 514 987 3000, 2082#

Office hours: send me an email if you wish to make an appointment

Join Zoom Meeting : https://uqam.zoom.us/j/8516065026

Objectives
This seminar has the objective of introducing doctoral students to theoretical and empirical
research in corporate finance and capital markets. Students should at the end of the course be able
to present a research proposal on one of the discussed seminar topics.

Course description
The emphasis of this course will be on the following topics: initial public offerings, the choice
between SEOs and private placements, the role of venture capital, efficiency market concept,
behavioral finance, the choice between stock repurchases and dividends, mergers and acquisitions,
international cross-listing, hedge funds, mutual funds, FinTech, and the role of media in finance. In
the presentation of each topic, various econometric techniques will be discussed, including Logit,
Nested Logit, GMM, 2SLS, self-selection bias, endogeneity, etc.

Seminar philosophy
The seminar philosophy is to help Ph.D. students to become active researchers, who can propose
new research questions and are able to suggest theoretical or empirical solutions to these
questions. I’ll start each session by presenting the topic and the theory, while students will present
related empirical papers. Each student must make at least six presentations. Non-presenters should
read the papers scheduled and be able to participate in the discussion.

Course materials
Unfortunately, there are not many Ph.D. level textbooks which cover the different topics of this
seminar. Instead, all of the main readings will be academic journal articles and working papers.
See below, however, a suggested list of textbooks that could be helpful and provides at least some
coverage of the main topics.

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This outline is a general guideline subject to possible changes. I’ll let you know in case of changes.
• Handbook of Corporate Finance, Volume 1: Empirical Corporate Finance (Handbook of
Corporate Finance) (Handbooks in Finance) by B. Espen Eckbo. North-Holland. ISBN-13:
978-0-444-50898-0.
• Handbook of Corporate Finance, Volume 2: Empirical Corporate Finance (Handbook of
Corporate Finance) (Handbooks in Finance) by B. Espen Eckbo. North-Holland. ISBN-13:
978-0-444-53090-5.
• The Econometrics of Financial Markets, by Campbell, John Y., Andrew W. Lo and A. Craig
MacKinlay, 1997. Princeton University Press. ISBN: 0691043019.
• Financial Theory and Corporate Policy, 4/E by Thomas E. Copeland, J. Fred Weston and
Kuldeep Shastri. Pearson Addison Wesley Publishing Co. ISBN-10: 0321127218 | ISBN-13:
9780321127211.
• A Guide for the Young Economist, William Thomson, The MIT Press, 2001.
• Writing tips for Ph.D. students , John H. Cochrane, May 2005.

Evaluation
- Class presentations 40%
- Critiques and referee reports (2) 20%
- Research papers 40%
100%
- (40%) Each student will be expected to make at least 6 presentations. Each presentation must
address the following aspects: (1) motivation, research question and contribution of the paper; (2)
brief review of the literature; (3) hypothesis highlighted (4) data used and explanation of the model
considered (for theory papers) or empirical methodology; (5) summary of main results (important
tables and figures); (6) conclusion and discussion of the paper; (7) suggestions of several extensions
to the paper with possible solution techniques or empirical innovations. Note that suggesting
another sample period as an extension to the paper will not be accepted if it is not very well justified!
Extra credit will be given to students who achieve successfully point (7). Remember, do not read
your slides word-for-word. Each presentation must be both informative and diverting.

- (20%) Critiques and referee reports (2 reports) must be between two and five pages in length
(depending on the paper). The format of the report should address the following sections: (1)
presentation of the research question and the main results; (2) overall view of the paper: motivation
and contribution, what you like or dislike in the paper, and what major concerns you have; (3) Main
part of the report: How to improve the paper (be very constructive when you ask questions to
authors); (4) Recommendation to the editor. Critique- writers should be prepared to present their
work at the presentation day of the scheduled paper.
Report (1)’s deadline:
Report (2)’s deadline:

- (40%) Research paper: it should be an empirical paper on one of the topics discussed during the
seminar. Students will present their research paper in class at the end of the semester. More details
will be provided as the term progresses.

Topics covered and reading list

The main papers that will be used in the discussion of each topic are listed below. Most of the
articles can be downloaded from the UQAM’s library website. The articles marked with a * are
required readings while those without a * are recommended.

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Sessions 1-2-3: Initial public offerings:

*Busaba, W. Y., and Restrepo, F., 2021. The “7% solution” and IPO (under)pricing. Journal of
Financial Economics, 22, 59. https://doi.org/10.1016/j.jfineco.2021.06.041

*Johannes Kolb, Tereza Tykvová, 2016, Going public via special purpose acquisition
companies: Frogs do not turn into princes, Journal of Corporate Finance 40, 80-96.

*Duong, H. N., Goyal, A., Kallinterakis, V., & Veeraraghavan, M. 2021. Democracy and the
pricing of initial public offerings around the world. Journal of Financial Economics.
https://doi.org/10.1016/j.jfineco.2021.07.010

*Aghamolla, C., and Thakor, R. T., 2021. IPO peer effects. Journal of Financial Economics.
https://doi.org/10.1016/j.jfineco.2021.05.055

Cumming, D., Haß, L. H., & Schweizer, D. 2014. The fast track IPO - Success factors for taking
firms public with SPACs. Journal of Banking and Finance 47(1), 198–213.
https://doi.org/10.1016/j.jbankfin.2014.07.003

Chemmanur, Thomas J., Shan He, and Gang Hu, 2009, The role of institutional investors in
seasoned equity offerings, Journal of Financial Economics 94, 384–411.

Banerjee, Shantanu, Ufuk Güçbilmez, and Grzegorz Pawlina, 2016, Leaders and followers in
hot IPO markets, Journal of Corporate Finance 37, 309–334.

Chemmanur, Thomas J., Imants Paeglis, and Karen Simonyan, 2010, Management Quality and
Equity Issue Characteristics: A Comparison of SEOs and IPOs, Financial Management 39, 1601–
1642.

Xiaohui Gao, Jay R. Ritter and Zhongyan Zhu, 2013. Where Have All the IPOs Gone? Journal of
Financial and Quantitative Analysis 48, pp 1663-1692.

Kevin K. Boeh, Craig Dunbar, 2016, Underwriter deal pipeline and the pricing of IPOs, Journal
of Financial Economics 120(2), 383-399.

Hsuan-Chi, C., C. Sheng-Syan, and H. Chia-Wei, 2012, Why do insiders sell shares following IPO
lockups? Financial Management 41, 813-847.

Ansley Chua, Tareque Nasser, 2016, Insider sales in IPOs: Consequences of liquidity needs,
Journal of Corporate Finance 39, 1-17.

Craig G. Dunbar, Stephen R. Foerster, 2008, Second time lucky? Withdrawn IPOs that return
to the market, Journal of Financial Economics 87(3), 610-635.

Chan, K., Cooney, J. W., Kim, J. and Singh, A. K. 2008, The IPO Derby: Are There Consistent
Losers and Winners on This Track? Financial Management, 37: 45–79.

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Elizabeth Demers, Katharina Lewellen, 2003, The marketing role of IPOs: evidence from
internet stocks, Journal of Financial Economics 68(3), 413-437.

Butler, A. W., Keefe, M. O., & Kieschnick, R. (2014). Robust determinants of IPO underpricing
and their implications for IPO research. Journal of Corporate Finance, 27, 367–383.

Boubakri N., M. Kooli, J.F. L’Her, 2003, Is there any life after going public, The Journal of Private
Equity (spring), 1-12.

Celikyurt U., Merih Sevilir, Anil Shivdasani, 2010, Going public to acquire? The acquisition
motive in IPOs, Journal of Financial Economics 96(3), 345-363.

Kim, Woojin, Michael S. Weisbach, 2008, Motivations for public equity offers: An international
perspective, Journal of Financial Economics 87(2), 281-307.

Kooli, M., J.F. L’Her et J.M. Suret, 2006. Do IPOs really underperform in the long-run? New
evidence from the Canadian market, The Journal of Private Equity, Fall 2006 .1-16.

Kooli, M., J.M. Suret, 2004, The aftermarket performance of initial public offerings in Canada,
Journal of Multinational Financial Management 14, 47-66.

Loughran, Tim, Jay R. Ritter, 2002, Why don’t issuers get upset about leaving money on the
table in IPOs?, Review of Financial Studies 15(2), 413-443.

Lyon, J., B. Barber, C. Tsai, 1999, Improved methods for tests of long-run abnormal stock
returns, Journal of Finance 54, 165-201.

Mitchell, M. L., E. Stafford, 2000, Managerial decisions and long-term stock price performance,
Journal of Business 73, 287-320.

Ritter, J.R., D. Zhang, 2007, Affiliated mutual funds and the allocation of initial public offerings,
Journal of Financial Economics 86(2), 337-368.

Ritter, J.R., I. Welch, 2002, A review of IPO allocation, pricing, and allocations, Journal of Finance
57, 1795-1828.

Yung, Chris, G. Çolak, W. Wang, 2008, Cycles in the IPO market, Journal of Financial Economics
89(1), 192-208.

Zhang, Donghang, 2004, Why do IPO underwriters allocate extra shares when they expect to
buy them back?, Journal of Financial and Quantitative Analysis 39(3), 571-594.

Sessions 4 and 5: Venture capital

*Calder-Wang, S., & Gompers, P. A. 2021. And the children shall lead: Gender diversity and
performance in venture capital. Journal of Financial Economics, 142(1), 1–22.
https://doi.org/10.1016/j.jfineco.2020.06.026

*Gompers, P., Mukharlyamov, V., Weisburst, E., & Xuan, Y. 2021. Gender Gaps in Venture
Capital Performance. Journal of Financial and Quantitative Analysis, 1-29.
doi:10.1017/S0022109020000988

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*Chemmanur, Thomas J., Karthik Krishnan, and Debarshi K. Nandy, 2011, How does venture
capital financing improve efficiency in private firms? A look beneath the surface, Review of
Financial Studies 24, 4037–4090.

*Chemmanur, Thomas J., Elena Loutskina, and Xuan Tian, 2014, Corporate venture capital,
value creation, and innovation, Review of Financial Studies 27, 2434–2473.

Ball, Eric, Hsin Hui Chiu, and Richard Smith, 2011, Can VCs time the market? An analysis of exit
choice for venture-backed firms, Review of Financial Studies 24, 3105–3138.

Bayar, Onur, and Thomas J Chemmanur, 2011, IPOs versus acquisitions and the valuation
premium puzzle: A theory of exit choice by entrepreneurs and venture capitalists, Journal of
Financial and Quantitative Analysis 46, 1755–1793.

Lee, Peggy M., Sunil Wahal, 2004, Grandstanding, Certification and the Underpricing of
Venture Capital Backed IPOs, Journal of Financial Economics 73, 375-407.

Bottazzi, L., Marco Da Rin, Thomas Hellmann, 2008, Who are the active investors?: Evidence
from venture capital, Journal of Financial Economics 89(3), 488-512.

Andrej Gill, Uwe Walz, 2016, Are VC-backed IPOs delayed trade sales?, Journal of Corporate
Finance 37, 356-374.

C.N.V. Krishnan, Vladimir I. Ivanov, Ronald W. Masulis, Ajai K. Singh, 2011, Venture capital
reputation, post-IPO performance and corporate governance, Journal of Financial Quantitative
Analysis 46, 1295–1333.

Daniel Bradley, Incheol Kim, Laurie Krigman, 2015, Top VC IPO underpricing, Journal of
Corporate Finance 31, 186-202.

Bernstein, S., Giroud, X., Townsend, R. R. 2016, The Impact of Venture Capital Monitoring. The
Journal of Finance, 71, 1591-1622.

Paul A. Gompers, 1996, Grandstanding in the venture capital industry, Journal of Financial
Economics 42(1), 133-156.

Black, Bernard S., Ronald J. Gilson, 1998, Venture Capital and the Structure of Capital Markets:
Banks versus Stock Markets, Journal of Financial Economics 47, 243-277.

Cochrane, John H, 2005, The Risk and Return of Venture Capital, Journal of Financial Economics
75, 3-52.

Gompers, Paul A, 1995, Optimal Investment, Monitoring, and the Staging of Venture Capital,
Journal of Finance 50, 1461-1489.

Benson, D., & Ziedonis, R. H. 2010. Corporate venture capital and the returns to acquiring
portfolio companies☆. Journal of Financial Economics, 98(3), 478–499.

Ritter, J. R. 2015, Growth Capital-Backed IPOs. Financial Review, 50(4), 481–515.

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Paul Gompers, Anna Kovner, Josh Lerner, David Scharfstein, 2008, Venture capital investment
cycles: The impact of public markets, Journal of Financial Economics 87(1), 1-23.

Rajarishi Nahata, 2008, Venture capital reputation and investment performance, Journal of
Financial Economics 90(2), 127-151.

Session 6: International cross-listings

*Hanselaar, R. M., Stulz, R. M., & Van Dijk, M. A. (2019). Do firms issue more equity when
markets become more liquid?. Journal of Financial Economics, 133, 64–82.

*Cecilia Caglio, Kathleen Weiss Hanley, Jennifer Marietta-Westberg, 2016, Going public
abroad, Journal of Corporate Finance 41, 103-122.

Doidge, Craig, G. Andrew Karolyi, and René M. Stulz, 2017, The U.S. listing gap, Journal of
Financial Economics 123, 464–487.

Doidge, C., 2004, U.S. cross-listings and the private benefits of control: evidence from dual-
class firms, Journal of Financial Economics 72, 519-553.

Craig Doidge, G. Andrew Karolyi, René M. Stulz, 2013, The U.S. left behind? Financial
globalization and the rise of IPOs outside the U.S., Journal of Financial Economics 110(3), 546-
573.

Alexander, G., Eun, C., S. Janakiramanan, 1987. Asset pricing and dual listing on foreign capital
markets: a note, Journal of Finance 42, 151-158.

Bailey, W., A., Karolyi, C. Salva, 2006, The economic consequences of increased Disclosure:
evidence from international cross-listings, Journal of Financial Economics 81(1), 175-213.

Craig Doidge., G. Andrew. Karolyi, R.M. Stulz, 2009, Has New York become less competitive
than London in global markets? Evaluating foreign listing choices over time, Journal of Financial
Economics 91(3), 253-277.

Doidge, C., A. Karolyi, R. Stulz, 2004, Why are foreign firms listed in the U.S. worth more?,
Journal of Financial Economics 71, 205-238.

Fernandes, N., M.A. Ferreir, 2008, Does international cross-listing improve the information
environment, Journal of Financial Economics 88(2), 216-244.

Foerster S., A. Karolyi, 1999, The effects of market segmentation and investor recognition on
asset prices: evidence from foreign stocks listing in the U.S., Journal of Finance 54, 981-1014.

Lang, M., K. Lins, D. Miller, 2003, ADRs, analysts, and accuracy: does cross-listing in the U.S.
improve a firm’s information environment and increase market value?, Journal of Accounting
Research 41, 317-345.

Lins, K., D. Strickland, M. Zenner, 2005, Do non-U.S. firms issue equity on U.S. exchanges to
relax capital constraints? Journal of Financial and Quantitative Analysis 40, 109-133.

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Pagano, J.; Roel, A., J. Zechner, 2002, The geography of equity listing. Why do companies list
abroad?, Journal of Finance 57(6), 2651-2694.

Session 7 : Share repurchases versus dividends

*David J. Denis, Igor Osobov, 2008, Why do firms pay dividends? International evidence on
the determinants of dividend policy, Journal of Financial Economics 89(1), 62-82.

*Bharat A. Jain, Chander Shekhar, Violet Torbey, 2009, Payout initiation by IPO firms: The
choice between dividends and share repurchases, The Quarterly Review of Economics and
Finance, 49(4), 1275-1297.

Grennan, J. (2019). Dividend payments as a response to peer influence. Journal of Financial

Economics, 131(3), 549–570. https://doi.org/10.1016/j.jfineco.2018.01.012

Grullon, Gustavo, Roni Michaely, 2004, The information content of share repurchase
programs, Journal of Finance 59(2), 651-680.

Baker, Malcolm, Jeffrey Wurgler, 2004, Appearing and disappearing dividends: The link to
catering incentives, Journal of Financial Economics 73 (2), 271-288.

Thomas David, Edith Ginglinger, 2016, When cutting dividends is not bad news: The case of
optional stock dividends, Journal of Corporate Finance 40, 174-191.

Fama, Eugene F, Kenneth R French, 2001, Disappearing dividends: changing firm

characteristics or lower propensity to pay?, Journal of Financial Economics 60(1),3-43.

Brav, Alon, John R. Graham, Campbell R. Harvey, Roni Michaely, 2005, Payout policy in the 21st
century, Journal of Financial Economics 77(3), 483-527.

DeAngelo, Harry, Linda DeAngelo et Douglas J. Skinner. 2004. Are dividends disappearing?
Dividend concentration and the consolidation of earnings, Journal of Financial Economics 72(3),
425-456.

Grullon, Gustavo, David Ikenberry, 2000, What do we know about stock repurchases?, Bank
of America – Journal of Applied Corporate Finance 13(1), 31-49.

Grullon, Gustavo, Roni Michaely, 2002, Dividends, share repurchases and the substitution
hypothesis, Journal of Finance 57(4), 1649-1684.

Grullon, Gustavo, Roni Michaely, Shlomo Benartzi, Richard H. Thaler, 2005, Dividend changes
do not signal changes in future profitability, Journal of Business 78 (5), 1659-1682.

Jagannathan, Murali, Clifford P. Stephens, Michael S. Weisbach, 2000, Financial flexibility and
the choice between dividends and stock repurchases, Journal of Financial Economics 57, 355-
384.

Kooli, M., J.F. L’Her, 2010, Dividends vs. Share Repurchases Evidence from Canada: 1985-2003,
The Financial Review 45(1), 57-81.

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Skinner, Douglas J, 2008, The Evolving Relation between Earnings, Dividends, and Stock
Repurchases, Journal of Financial Economics 87(3), 508-609.

Session 8: Endogeneity problem in finance

*Fernandes, N., Miguel A. Ferreira, 2008, Does international cross-listing improve the
information environment, Journal of Financial Economics 88(2), 216-244.

*Habib, Michel A, Alexander Ljungqvist, 2001, Underpricing and entrepreneurial wealth losses
in IPOs: theory and evidence, Review of Financial Studies 14(2), 433-458.

Cheng, Shijun, 2008, Board size and the variability of corporate performance, Journal of
Financial Economics 87(1), 157-176.

Cliff, Michael T., David J. Denis, 2004, Do initial public offering firms purchase analyst coverage
with underpricing?, Journal of Finance 59(6), 2871-2901

Heckman, James J, 1979, Sample selection bias as a specification error, Econometrica 47(1),
153-162.

Lamont, Owen, 1997, Cash Flow and Investment: Evidence from Internal Capital Markets,
Journal of Finance 52(1), 83-109.

Lamont, Owen, Christopher Polk, 2002, Does Diversification Destroy Value? Evidence from
Industry Shocks, Journal of Financial Economics 63(1), 51-77.

Loughran, Tim, Jay R. Ritter, 2004, Why Has IPO Underpricing Changed Over Time?, Financial
Management 33(3), 5- 37.

Villalonga, Belen, 2004, Diversification discount or premium? New evidence from the business
information tracking series, Journal of Finance 59(2), 479-506.

Session 9 : Mergers and acquisitions

*Bonaime, A., Gulen, H., & Ion, M. 2018. Does policy uncertainty affect mergers and
acquisitions? Journal of Financial Economics, 129(3), 531–558.
https://doi.org/10.1016/j.jfineco.2018.05.007

*Rossi, S., P. Volpin, 2004, Cross-country determinants of mergers and acquisitions, Journal of
Financial Economics 74, 277-304.

*Nguyen, N., Phan, H. 2017, Policy Uncertainty and Mergers and Acquisitions. Journal of
Financial and Quantitative Analysis, 52(2), 613-644.

Dai, Rui, Nadia Massoud, Debarshi K Nandy, and Anthony Saunders, 2017, Hedge funds in
M&A deals: Is there exploitation of insider information?, Journal of Corporate Finance 47, 23–
45.

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Massimo Massa and Moqi Xu, 2013, The Value of (Stock) Liquidity in the M&A Market. Journal
of Financial and Quantitative Analysis, 48, pp 1463-1497.

Andrade, G., M. Mitchell, E. Stafford, 2001, New evidence and Perspectives on Mergers, Journal
of Economic Perspectives 15(2), 103-120.

André, P., M. Kooli, J.F. L'Her, 2004, The long-run Performance of Mergers and Acquisitions:
Evidence from the Canadian Stock Market, Financial Management 33(4), 27-43.

Bargeron, L., Frederik P. Schlingemann, R. M. Stulz, Chad J. Zutter, 2008, Why do private
acquirers pay so little compared to public acquirers?, Journal of Financial Economics 89(3), 375-
390.

Aktas, Nihat, Eric de Bodt, Richard Roll, 2011, Serial acquirer bidding: An empirical test of the
learning hypothesis, Journal of Corporate Finance, 17(1), 2011, 18-32.

Boubakri, Narjess, Andrew Chan, Maher Kooli, 2012, Are the busiest really the best? Further
evidence from frequent acquirers, Journal of Multinational Financial Management, 22(1-2), 1-23.

Betton, Sandra, B. Espen Eckbo, Karin S. Thorbur, 2009, Merger negotiations and the toehold
puzzle, Journal of Financial Economics 91(2), 158-178.

Moeller, S.B., F.P. Schlingeman, R.M. Stulz, 2004, Firm size and the gains from acquisitions,
Journal of Financial Economics 73, 201-28.

Shleifer, A., R. Vishny, 2003, Stock market driven acquisitions, Journal of Financial Economics
70, 295–311.

Sessions 10 and 11: Behavioral of institutional investors: the case of mutual funds and
hedge funds

*Wahal, Sunil, and Albert (Yan) Wang, 2011, Competition among mutual funds, Journal of
Financial Economics 99, 40–59.

*Jordan, Bradford D., and Timothy B. Riley, 2015, Volatility and mutual fund manager skill,
Journal of Financial Economics 118, 289–298.

*Schaub, N., & Schmid, M. (2013). Hedge fund liquidity and performance: Evidence from the
financial crisis. Journal of Banking & Finance, 37(3), 671–692.

*Agarwal, Vikas, Stefan Ruenzi, and Florian Weigert, 2017, Tail risk in hedge funds: A unique
view from portfolio holdings, Journal of Financial Economics 125, 610–636.

Crane, A., & Crotty, K. (2020). How Skilled Are Security Analysts? Journal of Finance, 75(3), 1629–
1675. https://doi.org/10.1111/jofi.12890

Agarwal, V., Green, T. C., & Ren, H. (2018). Alpha or beta in the eye of the beholder: What drives
hedge fund flows? Journal of Financial Economics, 127(3), 417–434.
https://doi.org/10.1016/j.jfineco.2018.01.006

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Akbas, Ferhat, Will J Armstrong, Sorin Sorescu, and Avanidhar Subrahmanyam, 2015, Smart
money, dumb money, and capital market anomalies, Journal of Financial Economics 118, 355–
382.

Shive, Sophie, and Hayong Yun, 2013, Are mutual funds sitting ducks?, Journal of Financial
Economics 107, 220–237.

Huij, J., Verbeek, M. 2009, On the Use of Multifactor Models to Evaluate Mutual Fund
Performance. Financial Management, 38: 75-102.

Bali, T. G., Brown, S. J., Caglayan, M. O. 2014. Macroeconomic risk and hedge fund returns.
Journal of Financial Economics, 114(1), 1-19.

Jonathan B. Berk, Jules H. van Binsbergen, 2015, Measuring skill in the mutual fund industry,
Journal of Financial Economics, 118(1), 1-20.

Kosowski R. , Timmermann, A., Wermers, R., White, H., 2006, Can Mutual Fund “Stars” Really
Pick Stocks? New Evidence from a Bootstrap Analysis, The Journal of Finance 61(6), 2551-2595.

Aggarwal, R. K., Jorion, P. 2010. The performance of emerging hedge funds and managers,
Journal of Financial Economics, 96(2), 238–256.

Sheridan Titman, Cristian Tiu, 2011, Do the Best Hedge Funds Hedge?, Review of Financial
Studies, 24 (1), 123-168.

Kim, J.-M. 2016, Failure Risk and the Cross-Section of Hedge Fund Returns. Financial
Management, 45: 845–876.

Jiang, George J., Tong Yao, Tong Yu, 2008, Do mutual funds time the market? Evidence from
portfolio holdings, Journal of Financial Economics 86(3), 724-758.

Teo, Melvyn, 2011, The liquidity risk of liquid hedge funds, Journal of Financial Economics,
100(1), 24-44.

Kessler, Stephan, Bernd Scherer, 2011, Hedge fund return sensitivity to global liquidity, Journal
of Financial Markets, 14(2), 301-322.

Aragon. George O., Philip E. Strahan, 2012, Hedge funds as liquidity providers: Evidence from
the Lehman bankruptcy, Journal of Financial Economics, 103(3), 570-587.

Hamza, O., M. Kooli, M. Roberge, 2006, Further Evidence on Hedge Fund Returns
Predictability, Journal of Wealth Management (winter), 68-81.

Session 12 and 13 : FinTech

*D’Acunto, F., Prabhala, N., & Rossi, A. G. (2019). The Promises and Pitfalls of Robo-Advising.
The Review of Financial Studies, 32(5), 1983–2020. https://doi.org/10.1093/rfs/hhz014

*Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To FinTech and beyond. Review of Financial
Studies, 32(5), 1647–1661. https://doi.org/10.1093/rfs/hhz025

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*Hu, AS, Parlour, CA, Rajan, U. Cryptocurrencies: Stylized facts on a new investible
instrument. Financial Management. 2019; 48: 1049– 1068.
https://doi-org.proxy.bibliotheques.uqam.ca/10.1111/fima.12300

*Zhu, C. (2019). Big Data as a Governance Mechanism. The Review of Financial Studies, 32(5),
2021–2061. https://doi.org/10.1093/rfs/hhy081

Fisch, C. (2019). Initial coin offerings (ICOs) to finance new ventures. Journal of Business
Venturing, 34(1), 1–22. https://doi.org/10.1016/j.jbusvent.2018.09.007

Chen, M. A., Wu, Q., Yang, B., Robinson, J. M., Wu, Q., & Yang, B. (2019). How Valuable Is FinTech
Innovation? The Review of Financial Studies, 32(5), 2062–2106.
https://doi.org/10.1093/rfs/hhy130

Cong, L. W., & He, Z. (2019). Blockchain Disruption and Smart Contracts. The Review of Financial
Studies, 32(5), 1754–1797. https://doi.org/10.1093/rfs/hhz007

Session 14: The role of media in the capital market

*Tim Loughran, Bill McDonald, 2013, IPO first-day returns, offer price revisions, volatility, and
form S-1 language, Journal of Financial Economics, 109(2), 307-326.

*Frank, M. Z., & Sanati, A. 2018. How does the stock market absorb shocks? Journal of Financial
Economics, 129(1), 136–153. https://doi.org/10.1016/j.jfineco.2018.04.002

Tetlock, Paul C., 2007, Giving Content to Investor Sentiment: The Role of Media in the Stock
Market, Journal of Finance 62(3), 1139-1168.

Laura Xiaolei Liu, Ann E. Sherman, Yong Zhang, 2014, The Long-Run Role of the Media:
Evidence from Initial Public Offerings, Management Science 60(8), 1945-1964.

Baloria, V. P., & Heese, J. (2018). The effects of media slant on firm behavior. Journal of Financial
Economics, 129(1), 184–202. https://doi.org/10.1016/j.jfineco.2018.04.004

Jiang, F., Lee, J., Martin, X., & Zhou, G. (2019). Manager sentiment and stock returns. Journal of
Financial Economics, 132(1), 126–149. https://doi.org/10.1016/J.JFINECO.2018.10.001

Fang LH, Peress J., 2009, Media coverage and the cross-section of stock returns. Journal of
Finance 64(5), 2023–2052.

Da, Z., Engelberg, J. and Gao, P. 2011, In Search of Attention. The Journal of Finance 66, 1461–
1499.

Emanuele Bajo, Thomas J. Chemmanur, Karen Simonyan, Hassan Tehranian, 2016,

Underwriter networks, investor attention, and initial public offerings, Journal of Financial
Economics, forthcoming

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Bhattacharya, U, N. Galapin, X. Yu, R. Ray, 2009, The Role of the Media in the Internet IPO
Bubble, Journal of Financial and Quantitative Analysis 44(3), 657-682.

Tetlock Paul C., 2010, Does public financial news resolve asymmetric information? Review of
Financial Studies 23(9), 3520-3557.

Tetlock Paul C., 2011, All the news that's fit to reprint: Do investors react to stale information?
Review of Financial Studies 24(5), 1481-1512.

Tetlock Paul C., Saar-Tsechansky M, Macskassy S., 2008, More than words: Quantifying
language to measure firms' fundamentals. Journal of Finance 63(3), 1437-1467.

Sessions 15: Round table: Student research presentations

Règles et politiques à
l’UQAM

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Politique no 16 visant à prévenir et à combattre le sexisme et les violences à caractère sexuel
Les violences à caractère sexuel se définissent comme étant des comportements, propos et
attitudes à caractère sexuel non consentis ou non désirés, avec ou sans contact physique, incluant
ceux exercés ou exprimés par un moyen technologique, tels les médias sociaux ou autres médias
numériques. Les violences à caractère sexuel peuvent se manifester par un geste unique ou
s’inscrire dans un continuum de manifestations et peuvent comprendre la manipulation,
l’intimidation, le chantage, la menace implicite ou explicite, la contrainte ou l’usage de force.
Les violences à caractère sexuel incluent, notamment :
• la production ou la diffusion d’images ou de vidéos sexuelles explicites et dégradantes, sans
motif pédagogique, de recherche, de création ou d’autres fins publiques légitimes;
• les avances verbales ou propositions insistantes à caractère sexuel non désirées;
• la manifestation abusive et non désirée d’intérêt amoureux ou sexuel;
• les commentaires, les allusions, les plaisanteries, les interpellations ou les insultes à
caractère sexuel, devant ou en l’absence de la personne visée;
• les actes de voyeurisme ou d’exhibitionnisme;
• le (cyber) harcèlement sexuel;
• la production, la possession ou la diffusion d’images ou de vidéos sexuelles d’une personne
sans son consentement;
• les avances non verbales, telles que les avances physiques, les attouchements, les
frôlements, les pincements, les baisers non désirés;
• l'agression sexuelle ou la menace d’agression sexuelle;
• l’imposition d’une intimité sexuelle non voulue;
• les promesses de récompense ou les menaces de représailles, implicites ou explicites, liées
à la satisfaction ou à la non-satisfaction d’une demande à caractère sexuel.

Toute personne membre de la communauté universitaire contribue à maintenir une culture du

respect et du consentement, notamment, en participant aux activités de formations obligatoires
sur le sexisme et les violences à caractère sexuel.

Pour plus d’information :

https://instances.uqam.ca/wp-content/uploads/sites/47/2019/04/Politique_no_16_2.pdf

Les personnes victimes, témoins ou informées d’une situation de sexisme, de violence à

caractère sexuel, ou pour en apprendre plus sur ces enjeux, peuvent consulter le
Bureau d’intervention et de prévention en matière de harcèlement (BIPH)
514 987-3000, poste 0886 ; harcelement@uqam.ca; harcelement.uqam.ca
Soutien psychologique (Services à la vie étudiante)
514 987-3185 ; vie-etudiante.uqam.ca
Service de la prévention et de la sécurité :
514 987-3131

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Politique no42 sur le respect des personnes, la prévention et l’intervention en matière de
harcèlement (extraits)

L’Université́ reconnaît à toutes les personnes membres de la communauté́ universitaire le droit d’être traitées
avec dignité, équité et respect mutuel.
L’Université considère le respect mutuel, l’égalité, l’écoute et l’entraide comme des valeurs importantes qui
favorisent l’épanouissement personnel ainsi que l’établissement de rapports harmonieux entre les personnes et
entre les groupes, et qui permettent la mise en place d’un milieu sain et propice à la réalisation individuelle ou
collective de sa mission universitaire.
L’Université est consciente que les situations de harcèlement ou pouvant mener à du harcèlement résultent de
l’interaction de facteurs individuels, sociaux et liés au milieu de travail et d’études. Compte tenu de ces facteurs,
l’Université croit que la prévention constitue le meilleur moyen pour assurer un milieu exempt de toute
manifestation de harcèlement et donne ainsi priorité à la prévention.

Le « harcèlement » inclut notamment : le harcèlement psychologique, le harcèlement discriminatoire et le

harcèlement sexuel.
Le harcèlement psychologique est une conduite vexatoire se manifestant par des comportements, des paroles,
des écrits, des actes ou des gestes répétés qui sont hostiles ou non désirés, blessants ou injurieux d’une personne
envers une autre et ayant pour effet de porter atteinte à la dignité ou à l’intégrité psychologique ou physique
d’une personne et pouvant entraîner pour celle-ci un milieu de travail ou d’études néfaste. Ces conduites
vexatoires peuvent être le fait d’une seule personne ou d’un groupe de personnes.
Le harcèlement discriminatoire est lié à l’un ou l’autre des motifs sur lesquels il est légalement interdit de
discriminer (le sexe, l’identité ou l’expression de genre, la grossesse, l’orientation sexuelle, l’état civil, l’âge, la
religion, les convictions politiques, la langue, l’origine ethnique ou nationale, la race, la couleur, la condition
sociale, le handicap ou l’utilisation d’un moyen pour pallier ce handicap) ou un motif analogue.
Une seule conduite grave peut aussi constituer du harcèlement si elle porte une telle atteinte et produit un effet
nocif continu pour cette personne.

Situation pouvant mener à du harcèlement

Situation problématique qui met en jeu la dignité ou l’intégrité physique ou psychologique d’une personne et qui
est susceptible de dégénérer jusqu’à devenir du harcèlement. C’est le cas notamment, mais non exclusivement,
de l’abus de pouvoir ou d’autorité, du conflit et de l’incivilité. Pour éviter qu’une telle situation ne dégénère, elle
doit être réglée de façon constructive, rapidement et avec respect afin de favoriser le mieux-être de chaque
personne.

La politique s'applique à toute la communauté universitaire et aux partenaires externes en lien direct avec
l’Université dans le cadre de leurs relations avec les membres de cette communauté. Elle s'applique à l’intérieur
et à l’extérieur du campus, incluant les interactions exercées ou exprimées grâce à des moyens technologiques,
tels les médias sociaux ou autres médias numériques. La politique vise également les personnes étudiantes dans
le cadre de leurs activités d’apprentissage hors campus approuvées telles que les stages, en tenant compte des
limites des capacités d’intervention de l’Université.

Pour plus d’information :

Bureau d’intervention et de prévention en matière de harcèlement (BIPH)
514 987-3000, poste 0886 ; harcelement@uqam.ca; harcelement.uqam.ca
Soutien psychologique (Services à la vie étudiante) Service de la prévention et de la sécurité :
514 987-3185 ; vie-etudiante.uqam.ca 514 987-3131

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