|Module / ECTS / Path / Specialisation||Module :International Corporate Finance : 10 ECTS.|
|Open for visitors||yes (4 ECTS)|
|Working language :||English|
|Volume of contact hours :||27 h|
|Workload to be expected by the student :||81 h|
Track : Attendance
|LEARNING GOAL 1 : Students will master state-of-the-art knowledge and tools in management fields in general, as well as in areas specific to the specialized field of management.|
|Students will identify a business organization’s operational and managerial challenges in a complex and evolving environment.|
|Students will understand state-of-the-art management concepts and tools and use them appropriately.|
|Students will implement appropriate methodologies to develop appropriate solutions for business issues.|
|LEARNING GOAL 2 : Students will develop advanced-level managerial skills.|
|Students will work collaboratively in a team.|
|Students will participate in a decision-making process in a critical way.|
|Students will communicate ideas effectively, both orally and in writing, in a business context.|
|LEARNING GOAL 4: Students will study and work effectively in a multicultural and international environment.|
|Students will demonstrate written and oral competency in two foreign languages.|
|Students will analyze business organizations and problems in a multicultural and international environment|
This course will examine both organizational and financial drivers of shareholder value. By offering examples of corporate actions and policies in different industries and countries it will illustrate the effects of competition and environment on financing choices. It will also offer insights into why companies do not always strive to maximize shareholder value.
- Explain the role of finance in an organization
- Describe what determines the value of a firm’s securities and how management can influence these values.
- Discuss the various methods for analyzing projects, how to apply them, and what to do if there are conflicting recommendations.
- Use excel to determine the beta of a firm
- Compute discount/hurdle rates.
- Apply basic valuation concepts to international firms
- Analyze the relationship between strategic decision making and corporate financing decisions.
- Formulate a firm’s risk, explain what determines this risk, and how this affects the value of a firm.
Part I: Investing decision
Ch I: WACC and hurdle rates (Marie-Hélène Broihanne)
• Section 1: The cost of equity
• Section 2: The cost of debt
• Section 3: WACC
Ch. II: Evaluation of investment projects (Hava Orküt)
Section 1: Time value of money
Section 2: Investment rules
Section 3: Evaluation of Cash flows
Part II: Financing decisions & Payout policy (Hava Orküt)
Ch.1: Financing decisions
Section 1: Raising capital
Section 2: Capital structure
Ch. 2: Payout policy
Basic courses in Microeconomics, Finance and Statistics are prerequisites. Introductory accounting is also needed.
CORPORATE FINANCE, Damodaran, ed. Wiley
CORPORATE FINANCE, Berk, DeMarzo, ed. Pearson
Principles of Corporate Finance, Brealey, Myers and Allen, ed MacGraw-Hill
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