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Corporate Finance (MScF)

  • Enseignant(s):   T.Dimopoulos  
  • Titre en français: Finance d'entreprise
  • Cours donné en: anglais
  • Crédits ECTS: 6 crédits
  • Horaire: Semestre d'automne 2022-2023, 2.0h. de cours + 2.0h. d'exercices (moyenne hebdomadaire)
  •  séances
  • site web du cours site web du cours
  • Formations concernées:
    Maîtrise universitaire ès Sciences en finance, Orientation finance d'entreprise

    Maîtrise universitaire ès Sciences en finance : Entrepreneuriat financier et science des données

    Maîtrise universitaire ès Sciences en finance, Orientation gestion des actifs et des risques
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Objectifs

The aim of this course is to provide students with a thorough understanding of how corporate financial decisions are made in the presence of economic uncertainty.

In this course we will study the sources of corporate financing and the evaluation of alternative investment projects. This process will involve understanding principles of capital budgeting, measuring and projecting cash flows and computing the firm’s cost of capital. We will examine how taxation and bankruptcy costs affect corporate financing, and how ultimately those decisions shape the cost of firm financing. We will go through a variety of methods for valuing projects, equities or firms.

We will study how investment and financing decisions are distorted when conflicts of interest emerge between creditors and shareholders, or management and shareholders. We will see why valuable projects may not be undertaken, how debt financing may give rise to value destroying investments and excessive risk taking. Furthermore, we will see why firms may be cut off from financing (credit rationing), and how firms can navigate corporate bankruptcy. Finally, we will examine the challenges firms are facing in the contemporary world, as they are planning ahead for a promising yet complicated world.

Contenus

  1. Introduction to Finance
  2. Financial Statement Analysis
  3. Time value of money
  4. Capital Budgeting I
  5. Capital Budgeting II
  6. Capital Budgeting III
  7. Valuation I
  8. Valuation II
  9. Bankruptcy and the Trade-off Theory of Capital Structure
  10. Student Presentations
  11. Student Presentations
  12. Agency costs
  13. Asymmetric Information
  14. Payout Policy

Références

Evaluation

1ère tentative

Examen:
Ecrit 3h00 heures
Documentation:
Non autorisée
Calculatrice:
Autorisée avec restrictions
Evaluation:

  • Final exam format: written, 3 hours, closed book
  • The final grade for the course is:

Grade=0.2*Project Grade Average +0.8*Final Exam Grade.

The Project and the Final Exam are each graded on a 1-6 scale. A grade 0 will be assigned for late submissions/omissions/copying or any other breach of academic integrity.

Rattrapage

Examen:
Ecrit 3h00 heures
Documentation:
Non autorisée
Calculatrice:
Autorisée avec restrictions
Evaluation:

Retake exam: Integrative exam.



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