Παρουσίαση/Προβολή

(MISC256) -  GIORGOS CHALAMANDARIS

Περιγραφή Μαθήματος

Course Objectives:
 
The course objective is to develop special issues in the field of corporate financing, covering the recent developments in the field of corporate finance. During the course certain subjects will be analyzed such as: Factoring, Venture Capital and Private Equity, Securities Issuing, Convertible Bonds, Bank Loans, Operating and Financing Lease, Mergers and Acquisitions and Securitization.
 
 
Learning Outcomes:
 
Students having successfully attended the course should be able to:  Discuss the patterns of corporate financing.  Explain the mechanisms used for factoring.  Define and explain the activities of venture capitalists.  Discuss differences between business angels and venture capitalists.  Identify and explain the organization structure of venture capital.  Describe the patterns of venture capital investment.  Calculate the cost of capital for venture capital.  Evaluate the timing for issuing new securities on the basis of market peers and best practices.  Define the optimal strategy for issuing new securities on the basis of market conditions.  Explain the design of convertible bonds.  Estimate the value of convertible bonds.  Review the most prominent theories of convertible debt financing.  Identify the main characteristics of a loan contract.  Measure the overall cost of the loan financing solution.  Evaluate the impact of contract features on the loan sustainability for the firm.  Define, compare, and contrast the types of leases.  Identify the reasons for leasing and the reasons for not leasing.  Calculate the net advantage of leasing and related issues.
 2
 Discuss the important differences of the leasing around the world.  Categorize merger and acquisitions (M&A) activities based on forms of integration and types of mergers.  Explain the common motivations behind M&A activity.  Calculate the estimated post merger value of an acquirer, and calculate the gains accrued to the target shareholders versus the acquirer shareholders.  Distinguish and describe pre-offer and post-offer takeover defence mechanisms.  Explain the mechanisms used to convert on-balance-sheet assets to a securitized asset.  Describe the key parties involved in a securitization and their roles.  Illustrate the major forms of asset securitization.  Understand the prepayment risk on pass-through securities.
 
 
Detailed Course Outline:
 
Week 1: An Overview of Corporate Financing and Factoring Reading: Brealey, Myers & Allen, Ch. 14 and Ch. 30.3 (795-796),
 
Week 2: Venture Capital and Securities Issuing Reading: Brealey, Myers & Allen, Ch. 15.1 (Venture Capital) and Ch. 32.3 (853-854) Ross, Westerfield, Jaffe & Jordan, Ch. 19.9 Gompers and Lerner (2001) JEP
 
Week 3: Securities Issuing Reading: Brealey, Myers & Allen, Ch. 15 Ross, Westerfield, Jaffe & Jordan, Ch. 19
 
Week 4: Convertible Bonds Reading: Brealey, Myers & Allen, Ch. 24.1-24.2 Ross, Westerfield, Jaffe & Jordan, Ch. 24 Dutordoir, Lewis, Seward, and Veld, (2014) JCF
 
Week 5: Bank Loans and Leasing Reading: Brealey, Myers & Allen, Ch. 24.3 Ross, Westerfield, Jaffe & Jordan, Ch. 20.7, and Ch. 26.6
 
Week 6: Leasing Reading: Brealey, Myers & Allen, Ch. 25 Ross, Westerfield, Jaffe & Jordan, Ch. 21
 
Week 7: Mergers & Acquisitions Reading: Brealey, Myers & Allen, Ch. 31 Ross, Westerfield, Jaffe & Jordan, Ch. 29 Andrade, Mitchell and Stafford (2001) JEP
 
 3
Week 8: Securitization Reading: Saunders and Cornett, Ch. 26
 
Textbooks and Materials
 
Required textbooks:  Brealey, R., S. Myers, and F. Allen, 2017, Principles of Corporate Finance, International Edition, 12th edition, McGraw-Hill/Irwin (ISBN 978-1-259-25333-1).  Ross, S.A., R.W. Westerfield, J.F. Jaffe, and B.D. Jordan, 2008, Modern Financial Management, 8th edition, McGraw-Hill/Irwin.  Saunders, A., and M. Cornett, 2011, Financial Institutions Management: A Risk Management Approach, 7th edition, McGraw-Hill/Irwin.
 

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Παρασκευή, 8 Δεκεμβρίου 2017