École du management et de l'innovation, Master Finance et stratégie
Prerequisite : Basic knowledge of corporate ﬁnance, corporate strategy, asset management, and economics is needed as well as a good understanding of entrepreneurship and strong interest in ﬁnancial news and economic and ﬁnancial history. Pedagogical format : Elective Course validation : 2 credits ; continuous assessment grade. Workload : Workload for students will mainly consist in preparing the presentations of case studies of family groups. It will imply extensive and intelligent research, notably in archives, paper and digital resources of the Sciences Po library. These business cases will lead us to understand why family ﬁrms can either prosper or decline. Pedagogical method : Seminar 6 x 2 hours : 12 hours. The Conference will rely on three pillars : a theoretical teaching on the role of families as business bodies, the challenges they are facing and how they respond to those, with the rising role of “family ofﬁces”, which constitute a credible alternative class of investors, differentiating themselves in a unique way ; case studies which will ﬁgure out how ﬂagships international family groups have been progressively built (leadership, strategy, major corporate ﬁnance transactions, philanthropic actions, etc.) ; the participation of external seasoned speakers with a deep knowledge and involvement in family affairs at various levels with especially representatives of the new generation of family ﬁrms, family ofﬁcers, entrepreneurs, and private and investment bankers. Course Description : It is commonly asserted that our modern economies have been profoundly shaped by entrepreneurs who envisioned the future of business, especially by focusing on longterm investment, innovating, and participating to the global social and economic progress. The Family Capitalism in the Digital Age ambitions to provide the students of the Master of Finance & Strategy with a holistic and comprehensive understanding of how and why family ﬁrms have thrived historically and especially demonstrated such a high level of resilience in facing the globalization in general and the great ﬁnancial crisis we have been through since 2008-2009 in particular. In order to achieve this ambition, we will
present the key forces fostering these family corporate successes as well as the major challenges they have to deal with in order to be efﬁciently managed, preserved, and grown over generations. Family Capitalism in the Digital Age will combine theoretical teaching and practical case studies, putting into perspective leading family companies in order to globally and transversally understand the key factors and values sustaining their successful history. We will understand that these powerful family ﬁrms often combined in an original way the charismatic leadership of a patriarch founder, an industrial vision and ambition, opportunistic boldness and a very strong ethic. We will try to analyze as well why several family ﬁrms collapsed whereas other fostered over time. We will also ﬁgure out why “Family Ofﬁces” are more and more considered as providers of capital alternatively to private equity ﬁrms, sovereign funds, ﬁnancial institutions, and corporate companies and why they are considered as “different”. "Family Capitalism in the Digital Age" is a transversal teaching which constitutes a crossroad between corporate ﬁnance, asset management, corporate strategy, ethics and economic and ﬁnancial history. The geographical scope will be global. Required reading : “Principles of Corporate Finance”, by Richard Brealey and Steward Meyers, Ed. Mc Graw Hill ; “Family Capitalism”, by Harold James, Ed. Belknap Harvard.
FINANCIAL COMMUNICATION - THE INTERSECTION BETWEEN STRATEGY, CORPORATE FINANCE AND MARKETS
Semester : Spring Number of hours : 24 Language of tuition : English
Teachers : Emmanuel TOUZEAU (Direction communication du groupe AXA). Prerequisite : Knowledge of ﬁnancial analysis, accounting. Pedagogical fo