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PA - C3B - ECO554 : Corporate Finance

Domaine > Economie.

Descriptif

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 – Olivier Gossner

  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

Le rattrapage est autorisé (Note de rattrapage conservée)
    L'UE est acquise si note finale transposée >= C
    • Crédits ECTS acquis : 4 ECTS

    La note obtenue rentre dans le calcul de votre GPA.

    Pour les étudiants du diplôme Echanges PEI

    Le rattrapage est autorisé (Note de rattrapage conservée)
      L'UE est acquise si note finale transposée >= C
      • Crédits ECTS acquis : 5 ECTS

      Pour les étudiants du diplôme Titre d’Ingénieur diplômé de l’École polytechnique

      Le rattrapage est autorisé (Note de rattrapage conservée)
        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 Economics for Smart Cities and Climate Policy

        Le rattrapage est autorisé (Note de rattrapage conservée)
          L'UE est acquise si note finale transposée >= C
          • Crédits ECTS acquis : 4 ECTS

          La note obtenue rentre dans le calcul de votre GPA.

          Pour les étudiants du diplôme Non Diplomant

          Le rattrapage est autorisé (Note de rattrapage conservée)
            L'UE est acquise si note finale transposée >= C
            • Crédits ECTS acquis : 5 ECTS
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