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Question 1
There is a substantial empirical literature that examines the sensitivity of investment to cash flow, much of it recent.
(a) What does it mean if investment is sensitive to cash flow?
(b) Why is this an important question?
(c) What do we know about this question? What are the various relevant results in the literature?
(d) In your opinion is there work left to do in this literature. If so, what?
In your answer be clear as to how tests本论文由英语论文网 www.51lunwen.org整理提供 
of this question have been conducted, what they found and what the controversies at hand are.

Question 2
In a recent working paper it was found that the presence of commercial bankers on boards of directors is associated with increased use of debt. This result was obtained via a pooled regression of corporate debt levels on an indicator as to whether the firm has a commercial banker on the board or not, plus Tobin’s Q; property, plant and equipment; stock volatility; board size; firm size; and board independence.
Comment on this choice of controls. What sign would you expect on the control variables, and why? Are there any additional controls that you would like to see in the regression? If so, why?
The authors wish to interpret the positive coefficient on the indicator for the presence of a commercial banker as evidence that a commercial banker on the board leads the firm to take on more debt. What alternative hypothesis or hypotheses can you think of?
Do you see an endogeneity problem with this regression? What is the problem that endogeneity causes in this empirical work? Be specific as to the source of any endogeneity in the current context. What alternatives do the authors have in this current setting to solve any potential endogeneity problem?
Question 3
The capital structure of a firm can affect a number of its decisions. It can explain how it prices its products, 本论文由英语论文网 www.51lunwen.org整理提供
whether or not it will choose to layoff its workers, and whether it should design its products so that they have open versus proprietary architecture (e.g., Macs versus PCs)
(a) Briefly explain and provide an answer illustrating each of these effects.
(b) Consider the layoff decision in more detail and discuss how the relationship between the layoff choice and the debt choice relate to Myers (1977) debt overhang story.
(c) Describe at least one empirical study that considers the effect of capital structure on product pricing.

可以选择以上3个问题中任意2个题目回答.In answering these questions empirical corporate finance studies as opposed to personal opinion. 每个问题回答1000字. 总共2000字.

论文题目：referees report
论文语种：英文
您的研究方向：finance
是否有数据处理要求：否
您的国家：澳大利亚
您的学校背景：Australian National University
要求字数：还不清楚
论文用途：硕士课程论文本论文由英语论文网 www.51lunwen.org整理提供 
Master Assignment
补充要求和说明：题目要求要6月2日才能提交，2 essay questions are based on two articles. one referee report on an article