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Clarendon Lectures in Finance - Dynamic Financial Contracting26-28 October 2011Saïd Business School, University of OxfordDelivered by Peter M. DeMarzo, Mizuho Financial Group Professor of Finance at the Stanford Graduate School of BusinessWednesday 26 October Lecture 1: Compensation and Investment Dynamics in Discrete-Time ModelsIntroduces the basic long-term dynamic contracting problem in a discrete time setting. Introduces recursive methods for exploring these problems and develops several general results regarding compensation, renegotiation, and investment dynamics.Thursday 27 October Lecture 2: Continuous-Time
Contracting, Optimal Capital Structure, and the Q-theory of InvestmentDevelops continuous-time methods for analysing dynamic contracting problems. Derives implications for capital structure, and the mix between hard claims and financial slack. Considers optimal investment dynamics and contrasts them with the q-theory of investment.Friday 28 October Lecture 3: Learning and Risk-Taking in Optimal ContractsConsiders implications of learning in optimal contracting models, and derives implications for corporate pay-out policy. We will also explore the impact of exogenous and endogenous shocks. We show that it may be optimal to 'pay for luck' as well as to allow managers to 'gamble for
resurrection'.All lectures will start at 5.30pm. The first lecture will be followed by a drinks reception. All lectures are open to the public and admission is free.All Lectures will be held in:Lecture Theatre 5, Saïd Business School, University of OxfordFor more information please contact Michael Burt: michael.burt@oup.com
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