Visualisation plan de cours
2026 / 2027
EM3E5MCF
Corporate Finance II
Programme
PGE PGE5 Finance
Semestre
A
Coefficient
5
Volume horaire
Face à face : 30 H
Travail personnel indicatif : 60 H
Discipline
Finance
Nombre de places
45
Cours ouvert aux étudiants visitants
Oui
Langue d'enseignement
Anglais
Responsable
BROIHANNE
Liste des intervenants
| Intervenant(s) | Volume horaire | ||
|---|---|---|---|
| Marie-Hélène BROIHANNE | marie-helene.broihanne@em-strasbourg.eu | 14 h CM | |
| Hava ORKUT | horkut@unistra.fr | 16 h CM |
Discipline
Finance
Descriptif
This course examines both organizational and financial drivers of shareholder value. It presents the main tools and concepts related to the investing and financing decisions of a firm. By offering examples of corporate actions and policies in different industries and countries it illustrates the effects of competition and environment on financing choices. It also offers insights into why companies do not always strive to maximize shareholder value.MAC
Développer une vision stratégique et managériale dans un contexte incertain/Develop a strategic and managerial vision in
13 ECTS
Contribution pédagogique du cours au programme
Develop impactful management using the latest knowledge and tools in the fields of management |
|---|
| Determine a strategic and managerial vision in a complex, uncertain and changing environment |
| Evaluate sustainable managerial practices using managerial concepts and instruments as well as digital tools |
| Design solutions adapted to organizational problems by applying relevant methodologies |
Develop advanced managerial skills for responsible leadership |
| Co construct a managerial and organizational culture through collaboration and team projects |
| Recommend critical decision making to drive change in organizations |
Practice impactful management in a multicultural and international environment, driven by a "European mindset" |
| Communicate in a professional context in (foreign) languages, in writing and/or orally |
| Formulate solutions to organizational challenges in a multicultural and international context, driven by a "European mindset" |
Organisation pédagogique
Face-to-face
- Lectures- E-learning
In group
- Projects- Case studies/texts
Objectifs pédagogiques - COGNITIVE DOMAIN
A l'issue du cours, l'étudiant(e) devrait être capable de / d'...
- discriminate the various methods for analyzing projects, how to apply them, and what to do if there are conflicting recommendations.
- analyze the relationship between strategic decision making and corporate financing decisions.
- appraise the role of finance in an organization
- determine the beta of a firm using Excel (OLS)
- evaluate discount/hurdle rates.
- recommend investment and financing decisions
- estimate the free cash flows of a company/project
- judge investment decision rules
- set up valuation methods to international firms
- synthesize what determines the value of a firm’s securities and how management can influence these values.
- formulate a firm’s risk, explain what determines this risk, and how this affects the value of a firm.
Objectifs pédagogiques — Objectifs de développement durable (ODD)
ODD portés par la politique RSO de l'EM.
Plan / Sommaire
Introduction and Principles of Corporate finance
Part I: Investment decisions
Ch I: WACC and hurdle rates (Marie-Hélène Broihanne)
Section 1: The cost of equity
- Risk and Return
- Capital Asset Pricing Model
- CAPM in practice (risk free rate, historical and implied equity premium, estimation using OLS in excel, interpretation (R squared, Jensen alpha, risk decomposition), country risk premium) and hurdle rates
Section 2: The cost of debt
- Various estimation methods (rating, synthetic rating, yield to maturity) and tax impact
Section 3: WACC
- Computation of WACC
- Weights ( from book value to market value)
Ch II: Investment decisions (Hava Orkut)
Section 1: Time value of money
Section 2: Evaluation of cash flows
Section 3: Investment decision rules
Part II: Financing decisions
Section 1: An overview of financing choices
Section 2: The financing process
Section 3: The financing mix: tradeoffs and theory
Section 4: The optimal financial mix
Part I: Investment decisions
Ch I: WACC and hurdle rates (Marie-Hélène Broihanne)
Section 1: The cost of equity
- Risk and Return
- Capital Asset Pricing Model
- CAPM in practice (risk free rate, historical and implied equity premium, estimation using OLS in excel, interpretation (R squared, Jensen alpha, risk decomposition), country risk premium) and hurdle rates
Section 2: The cost of debt
- Various estimation methods (rating, synthetic rating, yield to maturity) and tax impact
Section 3: WACC
- Computation of WACC
- Weights ( from book value to market value)
Ch II: Investment decisions (Hava Orkut)
Section 1: Time value of money
Section 2: Evaluation of cash flows
Section 3: Investment decision rules
Part II: Financing decisions
Section 1: An overview of financing choices
Section 2: The financing process
Section 3: The financing mix: tradeoffs and theory
Section 4: The optimal financial mix
Prérequis nécessaires
Connaissances en / Notions clés à maîtriser
Financial analysis Basic courses in Microeconomics, Finance and Statistics are prerequisites. Introductory accounting is also needed.Supports pédagogiques
Mandatory tools for the course
- ComputerDocuments in all formats
- Photocopies- Case studies/texts
Moodle platform
- Upload of class documents- Interface to submit coursework
Adossement à la recherche
Ce cours est adossé à la recherche.
- Research-led (par les contenus)Le cours mobilise des connaissances issues de la recherche académique récente.
Bibliographie/références académiques
Modigliani, F. & Miller, M. H. (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment.” American Economic Review, 48(3), 261–297. Jensen, M. C. & Meckling, W. H. (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure.” Journal of Financial Economics, 3(4), 305–360. Miller, M. H. (1977). “Debt and Taxes.” Journal of Finance, 32(2), 261–275. Myers, S. C. & Majluf, N. S. (1984). “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have.” Journal of Financial Economics, 13(2), 187–221. Graham, J. R. & Harvey, C. R. (2001). “The Theory and Practice of Corporate Finance: Evidence from the Field.” Journal of Financial Economics, 60(2–3), 187–243. Graham, J. R. (2022). “Presidential Address: Corporate Finance and Reality.” Journal of Finance, 77(4), 1975–2049.Travaux de recherche de l'EM
Johannes, P. & Lefebvre, V. (2025). “Higher agency costs in smaller firms? The role of size and reporting requirements in agency conflicts.” European Management Review, 22(2), 352–378.Modalités d'évaluation
Liste des modalités d'évaluation
Evaluation intermédiaire / contrôle continu 1
October 23th, 6 p.m.
Modalités de feedback
Written feedback
Compétence mesurée
ILO1.1-PGE, ILO1.3-PGE, ILO2.1-PGE, ILO2.2-PGE
Evaluation finale 2
Semaine d'examens
Compétence mesurée
ILO1.1-PGE, ILO1.2-PGE, ILO1.3-PGE, ILO2.1-PGE, ILO2.2-PGE, ILO4.1-PGE, ILO4.2-PGE
Seconde chance
Semaine d'examens
Compétence mesurée
ILO1.1-PGE, ILO1.2-PGE, ILO1.3-PGE, ILO2.1-PGE, ILO2.2-PGE, ILO4.1-PGE, ILO4.2-PGE