Universität Wien

040410 EK KFK CF: Corporate Finance (2014W)

8.00 ECTS (4.00 SWS), SPL 4 - Wirtschaftswissenschaften
Prüfungsimmanente Lehrveranstaltung

Ein Vorziehen dieser LV ist nur moeglich, wenn bereits Principles of Finance positiv absolviert wurde
Moodle

An/Abmeldung

Hinweis: Ihr Anmeldezeitpunkt innerhalb der Frist hat keine Auswirkungen auf die Platzvergabe (kein "first come, first served").

Details

max. 50 Teilnehmer*innen
Sprache: Englisch

Lehrende

Termine (iCal) - nächster Termin ist mit N markiert

  • Dienstag 07.10. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 14.10. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 21.10. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 28.10. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 04.11. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 11.11. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 18.11. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 25.11. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 02.12. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 09.12. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 16.12. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Mittwoch 07.01. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 13.01. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 20.01. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock
  • Dienstag 27.01. 11:30 - 16:00 Hörsaal 17 Oskar-Morgenstern-Platz 1 2.Stock

Information

Ziele, Inhalte und Methode der Lehrveranstaltung

The aim of the course is to develop a framework to think about how firms finance their activities. We will go back and forth between developing theories and confronting them to specific real life examples. We start by analyzing the firm’s financing decision in perfect markets. We outline the role of taxes in financing and project valuation. Incorporating the notion of financial distress and bankruptcy we draw the Static Trade-off Theory of Capital Structure. We then focus on the potential conflicts of interest between shareholders and debt holders and between shareholders and management, and their implication for the firm’s capital structure decision. We conclude this part by discussing dynamic considerations the firm might have when setting its capital structure.
Our second topic will focus on the firm’s payout policy, i.e., we will look at the question of when and how the firm is to distribute excess cash to shareholders. We show, that, as with capital structure, a firm can create value by its payout policy only in the presence of some market imperfection such as taxes, agency costs, transaction costs or asymmetric information between management and investors.
The third topic of the course discusses the motives for mergers, the cost and benefits of mergers, and possible takeover tactics.

Art der Leistungskontrolle und erlaubte Hilfsmittel

There will be a midterm and a final exam accounting for 40% and 50% percent of the final grade, respectively. Class participation is encouraged and contributes to 10% of the final mark.

Mindestanforderungen und Beurteilungsmaßstab

Discuss the financing decisions of corporations.
Understand the importance of asymmetric information and signaling in capital markets and financial decisions.
Critically discuss the question of the dividend policy a firm should follow.
Analyze the merits of mergers, acquisitions and other restructurings.

Prüfungsstoff

Lecture notes will be distributed on each lecture.

Literatur

Zuordnung im Vorlesungsverzeichnis

Letzte Änderung: Mo 07.09.2020 15:29