Advanced Corporate Finance

2019-2020
Dit vak wordt in het Engels aangeboden. Omschrijvingen kunnen daardoor mogelijk alleen in het Engels worden weergegeven.

Doel vak

This course is an advanced course in Corporate Finance. This course has
three main learning objectives.

1. Extending academic/ professional knowledge in Corporate Finance:
learning about academic concepts in Corporate Finance (Technical
knowledge).
2. Understanding the origin and empirical strength of academic concepts
in Corporate Finance: (Critical skills; Conceptual reasoning).
3. Applying academic concepts in Corporate Finance in real life cases:
confrontation of academic concepts in Corporate Finance with real life
situations (Problem-solving skills; Conceptual reasoning).

After following this course, you:
- Understand Corporate Finance academic concepts, including their
strengths and limitations in application in Corporate Finance practice.
- Are able to apply these basic concepts in real life cases
(professional practice), i.e. being able to choose between various
concepts.

More specific learning objectives for the working classes and case
solving are:
- Ability to analyze and solve real life cases in Corporate Finance;
- Being able to report on a case in Corporate Finance;

Inhoud vak

This course is an advanced course in Corporate Finance.
Corporate Finance discipline is about matching companies’ assets
with investor’s preferences. It has both a micro perspective on CFO
decision making and a macro perspective on the functioning of Corporate
Financial Markets.

This course gives an overview of academic knowledge in corporate finance
relevant for corporate finance professionals.

As this course is an advanced course most relevant theories will be
briefly reviewed. Specific attention is given to the application of
corporate finance theories in practice: do assumptions hold? Which
theory fits best in which specific circumstances? ¶

This course requires basic knowledge from standard textbooks on
Corporate Finance, like the book written by Brealey and Myers or the
book authored by Berk and DeMarzo.¶

Main topics in this advanced course are:
- leverage decision;
- dividend decision;
- relevance of risk management in corporate finance;
- corporate debt market;
- structured corporate finance (project finance, asset securitization,
LBO);
- credit risk measurement (including rating agencies) and credit risk
pricing;
- equity risk measurement and pricing;
- valuation of equity and debt in distress situations and convertible
debt valuation.

Onderwijsvorm

Lectures and working classes

Toetsvorm

TBA

Vereiste voorkennis

This advanced course is elaborating on classical text books like
Corporate Finance (Berk and DeMarzo) and Principles of Corporate Finance
(Brealey, Myers and Allen).
Students are expected to be familiar with chapters in these books on
capital structure, payout policy, cost of capital, CAPM, capital
budgeting, time value of money, option valuation, working capital
management. These chapters mark the entry knowledge level of this
course. Students not very familiar with these books are advised to have
a look at these books or even buy it for (required) background knowledge
needed in this course.

Literatuur

TBA

Algemene informatie

Vakcode E_FIN_ACF
Studiepunten 6 EC
Periode P1
Vakniveau 400
Onderwijstaal Engels
Faculteit School of Business and Economics
Vakcoördinator prof. dr. ir. H.A. Rijken
Examinator prof. dr. ir. H.A. Rijken
Docenten prof. dr. ir. H.A. Rijken

Praktische informatie

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