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PA - C3B - ECO554 : Corporate Finance

Domaine > Economie.


The course is organised in two parts. The first one presents corporate finance concepts and provides practical tools for financial decisions and valuation. It is structured around principles that comprise corporate finance and focuses on decision making: analysis of financial statements, concept of NPV, valuation of assets, etc… The course enhances the student’s ability to understand the concepts and the behaviour of investors. It includes case studies and exercises in order to highlight how basic corporate finance concepts have to be applied in practice. The focus of the second part is on the difficulty for firms of raising external finance and what kinds of market friction prevent firms from using outside financing (debt or equity). These market frictions are associated with taxation and also with asymmetry of information, under the form of moral hazard or adverse selection. The course also considers the liquidity shortage problem and why firms should hedge their financial risks.

2. Content

Part 1 – Franck Bancel

  1. Understanding investors’ expectations
  2. Essentials in financial accounting
  3. Essentials in financial analysis
  4. Essentials in valuation techniques
  5. Investment analysis and decision


Part 2 – Pierre Picard

  1. Modigliani-Miller and the financial structure puzzle
  2. Two influential theories of debt
  3. Hedging risks
  4. Credit rationing and moral hazard
  5. Liquidity and risk management

Format des notes

Numérique sur 20

Littérale/grade réduit

Pour les étudiants du diplôme Economics, Data Analytics and Corporate Finance

L'UE est acquise si note finale transposée >= C
  • Crédits ECTS acquis : 4 ECTS

Pour les étudiants du diplôme Diplôme d'ingénieur de l'Ecole polytechnique

L'UE est acquise si note finale transposée >= C
  • Crédits ECTS acquis : 5 ECTS

La note obtenue rentre dans le calcul de votre GPA.

Pour les étudiants du diplôme Smart Cities and Urban Policy

L'UE est acquise si note finale transposée >= C
  • Crédits ECTS acquis : 4 ECTS
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