Zsuzsanna Fluck

Professeur de Finance, Michigan State University (Etats-Unis), Université de Paris Dauphine

Advanced Corporate Finance

Les objectifs du cours

Langue du cours : anglais

The main objective of the course is to familiarize students with advanced corporate finance, including valuation, capital structure, financial contracting, capital budgeting, coporate investment decisions, initial public offering and going-private decisions, mergers and acquisitions and bankruptcy. We will discuss the pricing of the securities, the timing of equity issues, the public-private transactions and the going-private transactions. The classes include lectures, student presentations and discussions of recent or contemporary events, decisions, deals and transactions from global corporate finance practice.
The course materials will be organized around 11 lectures. The instructor will use PowerPoint lecture notes and will assign readings. You are expected to read the assigned materials for class and solve the practice problems.

Plan du cours

  • Fundamentals of corporate finance
  • Valuation
  • Capital structure decisions
  • Corporate and Personal Taxes
  • Corporate Governance and the Financial Crisis
  • Corporate investment decisions
  • Initial Public Offerings (IPO) and Going-Private Decisions
  • Debt issues and Bond Covenants
  • Mergers and acquisitions
  • Corporate Restructuring and Bankruptcy

 

Bibliographie

Brealey, Myers and Allen: Principles of Corporate Finance, McGraw Hill, 10e.
Ross, Westerfield, Jafee: Corporate Finance, McGraw Hill, 2012.
Grinblatt, Titman: Financial Markets &Corporate Strategy, McGraw Hill, 2d ed.
Tirole: The theory of corporate finance, Princeton University Press, 2005.

Examen

Write-up and presentation: 30%
Exam: 60%
Class participation: 10%

Each team of students is asked to prepare a 5-page write-up of a corporate finance decision and/or transaction along the lines of questions given by the instructor. The list of possible recent transactions is distributed by the instructor. Each team is expected to gie a 15 minute presentation of thedecision/transaction the researched andexplain how the methods we learned on class apply to this specific case. The writeup and the presentation slides are due to the instructor by the beginning of the lecture the presentation is scheduled for. Non-presenting students are expected to ask questions and contribute with comments to the class discussion. The write-up and the slides represent the written part of the evaluation together with the exam.