Corporate Finance II

 

Instructor:

Olga Makarova, Can.Sc, MBA, Sr.Lecturer, Department of Strategic and International Management, Graduate School of Management, St.Petersburg University

 

Elena Rogova, Professor, Dr of Economic Sciences, Higher School of Economics

 

Stuart Lawson, Director, Ernst & Young Russia and CIS

Workload:

6 ECTS,

45 contact hours

Prerequisites:

Corporate Finance I, Quantitative Methods in Finance

Course Description:

The goal of the course is to develop students’ competences in financial and investment decision-making, both strategic, aimed at value creation and maximization, and short-term, ensuring the sustainability and financial stability of a company. Special attention will be given to practical application of theory by doing case studies on buyouts and acquisitions as well as on liquidity management issues with implications from experienced business practitioners. To provide a basis for strategic tasks realization and ensure sustainability in its financial operations and liquidity position, a company should apply effective tactical, short-term financial and investment tools and elaborate models of short-term corporate financial management and financial modeling.

Course Content:

Topic 1. Corporate Capital Structure and Its Optimization
Topic 2. Corporate Dividend Policy
Topic 3. Mergers and Acquisitions as Strategic Financial Decisions
Topic 4. Structuring leveraged buyouts, negotiation, syndication
Topic 5. The restructuring process, standstill to completion, risks and opportunities
Topic 6. Dealing with banks, insider tips and pitfalls
Topic 7. Working Capital structure and Firm’s Liquidity position. Financial strategies
Topic 8. Funds analysis. Operating and financial cycles, optimizing inventory.
Topic 9. Cash Flow forecasting and short-term financing
Topic 10. Cash and Clients account management

Course Organization:

Lectures and Seminars, case studies, tests, in-class discussions, group projects etc.

Course Reading:

Core reading:

  • Brealey, R. , Myers, S. , and Allen F. Principles of Corporate Finance. Tenth Edition. McGraw Hill, 2011.
  • Ehrhardt, M.C., Brigham, E. F. Financial Management: Theory and Practice. 13th Edition. South Western Cengage Learning, 2011 

Supplementary reading:

  • Solutions Manual for use with Ehrhardt, M.C., Brigham, E. F. 
  • Perella. Investment banking, valuation leveraged buyouts and mergers and acquisitions. Wiley.
  • Harris seafood leveraged buyout. HBR case, Ref# 9 289 019
  • J.VanHorn, Wachowicz Fundamentals of Financial Management, 2008
  • Robert Alan Hill , Working Capital Management. Theory and Strategy, 2013

Exam format:

In-class. 90 minutes.

Grading Policy:

Course progress – 50 % (3 tasks), exam – 50 %.

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