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OEBU 2170A - Capital Structure Issues in Corporate Finance

Type d'enseignement : Elective

Semester : Autumn 2017-2018

Number of hours : 24

Language of tuition : English

Pre-requisite

Financial Markets, Financial Analysis, Accounting, Economy

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.

Teachers

LEGLAND, Patrick (Global Head of Research and Member of Global Capital Market Executive Committee in a leading Investment Bank, Affiliate Professor HEC Paris – Finance Department)

Pedagogical format

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 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.

Required reading

  • Corporate finance, Pierre Vernimmen, Pascal Quiry, Yann Le Fur, John Wiley & Sons
  • Financial Markets & Institutions: FS Mishkin, SG Eakins, Prentice Hall
  • Articles related to the class, and coming from Finance professional magazines, will be provided to the students. At least two compulsory readings will be required for each class.