Advanced Corporate Finance

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OBJECTIVE

Valuation

ADVANCED CORPORATE FINANCE

4-8 January 2010

Ilya Strebulaev PROGRAMME OUTLINE

Programme participants will learn to apply advanced corporate finance tools and techniques to practical situations. Advanced Corporate Finance uses lectures and case studies and focuses on two key topics: valuation and financing decisions. Participants are assumed to have good knowledge of valuation methods (including the use of the CAPM for determining the cost of capital), capital structure concepts and basic option pricing theory.

The programme explores how to value: • companies and projects, using discounted cash flow analysis • investments, using real options • investments in emerging markets • corporate governance and information risks at the country and firm level • firms in financial distress and bankruptcy Financing Decisions The programme surveys a number of key financial decisions faced by companies, including: • optimal capital structure • corporate liquidity issues • raising equity and debt capital in global markets; negotiating with capital suppliers • mergers and acquisitions • financial distress, default, and bankruptcy

CLASS PREPARATION This is a very intensive course. The course covers a large amount of material in significant depth over a very short period of time. It is important that students are well prepared for each class. We will cover a lot of cases in one week and students should spend sufficient time before the start of the course reading all the materials (including the cases) and attempting to solve the cases. Cold calling will be the main pedagogical method and will be used for all cases. We will be working through nine cases. To make these cases as informative as possible in a classroom setting, each student should read through all the cases and case questions (included in the folder) in advance of the programme. FIRST CLASS PREPARATION You should come to the first class fully prepared with your solutions for the...