Écoles, masters et doctorats / Schools, Masters and Doctorates / Enseignements / Teachings
CORPORATE FINANCE WORKSHOP
Semester : Autumn Number of hours : 13 Language of tuition : English
Teachers : Patrick LEGLAND (Global Head of Research and Member of Global Capital Market Executive Committee in a leading Investment Bank, Afﬁliate Professor HEC Paris – Finance Department). Prerequisite : To beneﬁt from the workshops, it is recommended that students have a background in accounting, corporate ﬁnance and economics, as demonstrated by course transcripts. Pedagogical Format : Workshop Course validation : Pass/fail based on attendance. Workload : Two workshops of 6 hours (12 hours). Credits : 2 Estimated time required preparing for each workshop is of around 2 hours to read the case study and the article provided. Pedagogical Method : The class will be mainly based on real and recent case studies. For all the case studies, the professor, Patrick LEGLAND has been involved directly or indirectly in the transactions. He will share his experience. Students will be required to take the most appropriate decision in the context of an M&A transaction. A detailed corrected version of the case study will be handed out at the end of each Corporate Finance workshop. Course Description : The two Corporate Finance workshops will combine fundamental leanings and real recent case studies. Students will have the opportunity to analyse how an M&A transaction works and beneﬁts for the key stakeholders. The main techniques studied will include : ﬁnancing, earn-out, Equity or cash ﬁnancing, potential hostile bids, takeover defences, and mergers restructurings. Learning will be based on very recent and popular situations, in which the Professor has been directly involved through his career in Investment Banking. After these workshops, students will understand the key variables involved in M&A decisions : target selection and analysis, deal ﬁnancing, offering implementation, negotiation, value creation analysis, deal
modelling and simulation. Participants will have the opportunity to build up ready-to-use Mergers and Acquisitions spread sheet Excel model on their own computers. The model will allow modelling the impact of Acquisitions ﬁnancing on a deal structure, on the new group's governance, and the sensitivity of the indicators to a change in share price of the bidder or the target company. The workshop will be based on a recent M&A transaction. Required reading : Vernimmen, P., Quiry, P., Le Fur, Y., “Corporate Finance : Theory and Practice”, Wiley, 2014.
CORPORATE SOCIAL RESPONSABILITY : A STRATEGY TO REINVENT COMPANIES AND BUSINESS ?
Semester : Autumn Number of hours : 12 Language of tuition : English
Opened to the exchange program
Teachers : Claire MARTIN (Managing Director VP - of Renault-Nissan Consulting). Prerequisite : None Pedagogical Format : Elective Course validation : Class participation (10%), Presentation of a reading (30%), Case studies (group preparation, personal oral presentation & written report) (60%). Workload : 6 seminars of two hours each (12 hours). Credits : 2. Preparation time : 1 hour of reading for each seminar. Group work on a case to present to the class : 4 hours. Pedagogical Method : Lectures, case presentations and case preparations, discussions. Course Description : Corporations can deeply impact their environment positively or not. Expectations towards companies are growing from various stakeholders ; therefore CSR is constantly changing. Companies are expected : to create value by contributing to the common good, to propose solutions to solve complex challenges including those to limit the negative impacts of their activities, to improve business practices in a fair and responsible way. CSR is not an additional constraint but an opportunity to rejuvenate company's strategy, reputation, and 1153