Écoles, masters et doctorats / Schools, Masters and Doctorates / Enseignements / Teachings
Charge de travail : Basic reading is expected to take about 4 hours per week. In addition, each student will be asked to act three times as expert : twice for smaller subjects, once for a larger subject (involving a paper). Méthode pédagogique : Students will be asked to prepare speciﬁc, well-deﬁned, topics on which they will be called to talk as “experts”. There will be several experts appointed for each class, each with a smaller or larger subject. The format will be based on discussions, not “exposés”. For larger subjects, a paper will have to be prepared. Students will always have the option to use English or French. Descriptif du cours : Who should have the power in large corporations ? How should it be organized ? This is an old question and there are many possible answers. The course will analyze various legal systems (USA, UK, France, Germany, EU, etc.), but will also look at history, philosophy, economics and ﬁnance, in order to understand the bases of the various systems. Students will be asked to think as legislators and to design alternative solutions. Various personalities are invited to meet students during the course (chairman of a listed company, general counsel of an investment bank, European politicians, etc.). Lectures principales demandées : Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure, M.C. Jensen, W.H Meckling, Journal of Financial Economic, V.3, No. 4, pp. 305-360, 1976 ; A Team Production Theory of Corporate Law, Margaret M. Blair, Lynn A. Stout, Virginia Law Review, Vol. 85, No. 2, pp. 248328 ; Who Writes the Rules for Hostile Takeovers, and Why ? The Peculiar Divergence of US and UK Takeover Regulation, J. Armour and D. A. Skeel, CBR Working Paper n° 331, 2006 ; John Locke, Traité du gouvernement civil (notion de propriété) (chapitre V).
Prerequisite : Accounting, Financial Analysis, Modeling cash ﬂow forecasts on an excel spreadsheet. Pedagogical Format : Elective Course validation : A ﬁnal exam in class - 50% ; continuous assessment (quiz and participation in class) – 25% ; individual homework - 25%. Workload : 6 seminars of two hours each (12 hours). Credits : 2. Pedagogical Method : Several case studies selected out of various sectors (Power generation, Infrastructure & Public Private Financing, Natural resources). Course Description : The aim of this course is to provide each student with a practical view on Project Finance structuring. We will start by highlighting the speciﬁcs of Project Finance versus Corporate ﬁnance (or public funding) of infrastructure projects. We will then move on understanding the methodology applicable in Project Finance : how to allocate risks between the parties, how to size debt for the project. Practical case studies in the infrastructure, power (renewables and thermal) as well as oil & gas will illustrate the presentation. Return on experience will be presented with a focus on what can go wrong in a project. Required reading : Rating Criteria for Infrastructure and Project Finance (www.ﬁtchresearch. com) ; or equivalent document from Standard & Poors, Moody's ; Robert Bain "Toll road trafﬁc & revenue forecasts".
PRACTICE AND PROCEDURE OF INTERNATIONAL COURTS AND TRIBUNALS
Semester : Spring Number of hours : 8 Language of tuition : English
PRACTICAL GUIDE TO PROJECT FINANCE (A)
Semester : Autumn Number of hours : 12 Language of tuition : English
Opened to the exchange program
Teachers : Romilly HOLLAND (Avocat), Ryland William THOMAS (Avocat associé), Alexandra VAN DER MEULEN (Avocate). Pedagogical Format : Workshop Course validation : Preparation for practical exercises ; oral participation during the workshops. Workload : The students will be expected to prepare each workshop, by reading (i) the workshop outline, and (ii) the various articles/cases referred 1631
Teachers : Virginia WRIGHT BELOUZE (Teacher - Business Management, Ermitage International School of France