Corporate Finance and Equity valuation
Les objectifs du cours
This course presents up-to-date corporate finance concepts and applies them to the real company situations. You will study financial tools used by firms to determine their financial needs and to decide on their investment and financial policies. Beyond the theory, you will learn to use judgment and common sense to make major corporate finance decisions.
TEACHING METHODS AND ACTIVITIES
Teaching methods include lectures, complementary readings, case studies, and exercises. You will be working individually and in groups.
Plan du cours
1. Overview of Financial Statements
Applications: From financial statements to cash flows
2. Introduction to Financial Statement Analysis.
Assessing company’s financial health
Applications: Valuing a company using multiples
3. Valuing a company
In Practice: Valuing a young rapidly growing company in an IPO setting
4. Valuing a project
In practice: Evaluating a large long-term project
5. Financing Decisions :
An Overview of Capital Structure Theories
In practice: How Firms Set Capital Structure?
There is no all-inclusive textbook for the course. The course material is a selection of various sources. For your preparation use lecture materials and complementary readings. To enhance your understanding of a specific topic, refer to the textbooks recommended below.
Quick introduction to Financial Accounting:
McCallig J., Introductory Financial Reporting Standards, 2nd edition, 2008
Smith B., Introductory Financial Accounting and Reporting, 2010
Corporate Finance textbooks (recent editions):
Berk J., et P. Demarzo, Corporate finance, Pearson
Brealey R., S. Myers and F. Allen Principles of Corporate finance, McGraw-Hill Irwin, 12th Revised edition, 2016.
Vernimmen P., P. Quiry, M. Dallocchio, Y. Le Fur and A. Salvi, Corporate finance, Theory and Practice, John Wiley & Sons, 2014
Welch I., Corporate Finance: An Introduction, Prentice Hall, 2008.
Financial Statement Analysis:
Petersen C. and T. Plenborg, Financial Statement Analysis: Valuation - Credit Analysis - Executive Compensation, Pearson 2012
Bradshaw M., J. M. Wahlen, Financial Reporting, Financial Statement Analysis and Valuation: A Strategic Perspective, 8th Revised Edition, 2014.
Final written exam