Checking date: 14/09/2020


Course: 2020/2021

Corporate Finance
(15909)
Study: Master in Finance (261)
EPE


Coordinating teacher: TOLDRA SIMATS, ANNA

Department assigned to the subject: Department of Business Administration

Type: Compulsory
ECTS Credits: 3.0 ECTS

Course:
Semester:




Students are expected to have completed
Financial Economics Financial Statement Analysis Profesor: Raúl Crespo (ADL Biopharma - Executive director (independent) and Chief Administrative Officer )
Competences and skills that will be acquired and learning results.
Students will develop the basic skills to value companies, focusing on the main concepts and methodologies: weighted average cost of capital, capital structure, comparables methodology and DCF methodology. Additionally they will get familiar with the basic concepts impacting valuations and transaction structuring from a corporate finance viewpoint: synergies, control premium, hybrid securities, etc.
Description of contents: programme
1) Main concepts in Finance 2)The cost of capital and capital structure -2.1. The cost of capital and WACC -2.2. Modigliani and Miller propositions -2.3. The Trade-off theory -2.4. The Pecking Order theory -2.5. Main empirical studies 3)Introduction to valuation 4)Comparables methodology 5)DCF methodology 6)Valuation in a M&A context 7)Financial instruments most widely used in Corporate Finance
Learning activities and methodology
The course is based on: 1) Slides and class discussions: theory and main concepts 2) Practical cases contained in the slides will be used as examples to facilitate learning 3) The two case studies which account for 50% of the final grade will be worked out in class the week after the delivery date to consolidate the key take-aways 4) As regards the two case studies, students will work in teams
Assessment System
  • % end-of-term-examination 50
  • % of continuous assessment (assigments, laboratory, practicals...) 50
Basic Bibliography
  • DAMODARAN, A.. Investment Valuation (http://pages.stern.nyu.edu/~adamodar/)). Wiley. 2006
  • GRINBLATT, M., & TITMAN, S. . Financial Markets and Corporate Strategy. Irwin/McGraw Hill, Boston.. 1998
Additional Bibliography
  • Harris, M. and Raviv, A.. The theory of capital structure. The Journal of Finance. 1991
  • John R. Graham, Campbell R. Harvey. The theory and practice of corporate finance: Evidence from the field. Journal of Financial Economics. 2001

The course syllabus and the academic weekly planning may change due academic events or other reasons.