Écoles, masters et doctorats / Schools, Masters and Doctorates / Enseignements / Teachings
Teachers : Guillaume PLANTIN (Professor, Department of Economics, Sciences Po). Prerequisite : Students should be able to read and understand corporate balance sheets and income statements. They should also be able to compute the net present value of a project for a given cost of capital. Pedagogical Format : Elective Course validation : Credits : 4. Continuous assessment grade. Workload : The course devotes equivalent amounts of time to lectures and case discussions. Each case will give rise to a group presentation before a general class discussion. Students' evaluation is based on a ﬁnal exam in class, a case presentation grade, and a participation grade. Pedagogical Method : 12 seminars of two hours each (24h). Course Description : Financing decisions are an important component of corporate strategy. These decisions may signiﬁcantly increase (or reduce) the value that a corporation creates by efﬁciently using its assets. The objective of the course is to provide a solid grounding in the principles and practice of corporate ﬁnance. The course covers four themes : ﬁnancial forecast, capital structure, corporate payout policy, and corporate risk management. It aims at guiding the students through the essential logic linking ﬁnancing decisions, corporate risk management, and ﬁrm value. The focus is on a rigorous economic analysis of the ﬁnancing frictions facing the CFO in practice. The course is comprised of a mix of lectures and practical case discussions. Required reading : - Read in detail the ﬁrst case (Cartwright Lumber Company) and make sure you understand all the concepts.
Prerequisite : Financial Markets, Financial Analysis, Accounting, Economy. Pedagogical Format : Elective Course validation : Continuous assessment including a mid-term exam in class (1/3 of the ﬁnal grade) and ﬁnal exam in class (2/3 of the ﬁnal grade). The ﬁnal exam will based on a case study, based on a true and recent market transaction. Workload : 12 seminars of two hours each (24 hours). Credits : 4. An equivalent amount of time to each session is required to prepare the case studies and read the articles distributed in class and the recommended chapters within the Vernimmen 4th edition book. Pedagogical Method : The class will combine reminders about fundamental techniques, compulsory readings, and mainly real case studies. Students will work on recent M&A, and market transactions, from the US, Asia, and Europe. Teaching will be put in the context of the current economic and ﬁnancial environment. Teaching relies on a wide range of learning methods including fundamental knowledge, lectures supplemented by real life case studies, and in-class problems to sustain the learning curve. Participants will be also provided with short and concise articles, summarizing the fundamental concepts and providing concrete examples. Course Description : The course focuses mainly on real and recent case studies. The approach is highly concrete and easily actionable in the real word. This course aims at understanding how to execute M&A, ECM, and IPOs transactions. The course provides real world expertise on best practices used by Investment Bankers' professionals. A practical approach : how to originate, negotiate and execute proﬁtable deals ; the keys to being successful and adding value ; advice on job opportunities and challenges in Corporates & IBs. The class teaches students to adapt to a multicultural environment addressing cross-continental issues, providing exposure to Europe, Asia, and America. Learning will include developing ﬁnancial risk awareness and spreadsheet modelling. Understanding how to identify potential opportunities stemming either from market volatility changes in business cycles, or swings in shareholders' conﬁdence, are also parts of the class. Required reading : Corporate ﬁnance, Pierre Vernimmen, Pascal Quiry, Yann Le Fur, John 1095
CAPITAL STRUCTURE ISSUES IN CORPORATE FINANCE