This course's main objective is to understand how the different financial instruments used by the company to raise capital have an impact on the equilibra inside the firm among the different stakeholders. Also, issues of compensation as well as megers and acquisitions are considered.
To achieve this objectives, students must acquire a range of knowledge, skills and attitudes.
With regard to knowledge:
- Understanding that a company is a nexus of contracts between various stakeholders.
- Understand that a financial instrument not only serves to raise capital, but it alters the balance of power within the company.
- Understand that you can use the financial structure to reduce conflicts of interest among various stakeholders.
- Use an integrated manner the definition of a financing policy with the policy of compensation to shareholders.
- Be able to draw from observation of the capital structure of a company, the possibilities that this company should be subject to corporate mergers and acquisitions
As these capabilities can be classified into two groups one specific skills and a more generic abilities or skills.
As for specific skills, at the end of the course, students will be able to:
- Manage in an optimal way a firm's financial structure in order to minimize conflicts in the company.
- Reduce the cost of capital of the enterprise, integrating into the decisions to be taken by a financial director, the effects on the various stakeholders of using different financial instruments.
- Implement the most appropriate compensation policy, taking into account the existing financial structure.
- Make use of the financial structure to send signals to markets about the type of shareholder "choice."
- Recommend appropriate financial instruments to carry out takeovers through mergers and acquisitions.
- The capacity to use reasonable approximations for achieving a financial objective
- The ability to tackle uncertainty issues, while making sensibility analyses in such uncertain freameworks.
- The relevance of approaching a financial objective through different ways in order to have more sound financial results.
The attitudes that a student should acquire:
- A flexible view in order to change a decision if new information has arrived.
- A critical view of managers in order to understand that a firm value is not always what the managers pursue.
- A collaborative attitude in order to obtain from the different agents the information required for achieving difficult objectives.
- Understand that behind any managerial decision there is an ethical code.
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