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International corporate finance for managers

This module introduces students to corporate finance: how firms fund themselves, how they choose between different types of finance and how those financing decisions influence investment decisions.

This is the only finance module that looks at finance from the perspective of the firm rather than the investor. It is a key module for those planning to work in the finance area of a firm or for those who wish to understand the relationship between firms and financial markets.

Topics covered

  • Investment Appraisal: Fundamentals
  • Investment Appraisal: Applications
  • Financing the Firm
  • Capital Structure 1: The CAPM and Modigliani Miller
  • Capital Structure 2: Real World Extensions
  • The Weighted Average Cost of Capital
  • Valuation
  • Valuation and real options
  • Mergers and Acquisitions
  • Corporate Governance

Learning outcomes

If you complete the course successfully, you should be able to:

  • Understand how firms finance themselves, the financial strategy of corporations, financial structures and its management
  • Articulate and evaluate the key financial concepts of: Net Present Value, the cost of capital, capital structure as well as the issues arising from the use of different capital structures
  • Reason critically with respect to alternative corporate finance strategies
  • Identify optimal financial strategies according to the set of information available
  • Adopt alternative financial strategies once the set of information changes
  • Calculate key information in the decision-making process.
  • Evaluate financial data to understand the financial strategy of corporations
  • Professional financial tool skills and case studies interpretation skills to support decisions
  • The ability to work both independently and in teams to create and manage financial strategies
  • The skills to present highly technical financial material to non-practitioners simply and clearly
  • The ability to synthesise and use information and materials from a variety of different sources to support an argument
  • Research skills into international corporate finance problems and the application of these in the assembling and analysis of financial strategies

Assessment

This module is assessed by:

Coursework (30% weighting):

  • There is one item of coursework for this module which contributes to the final assessment mark forthis module:
  • Coursework: a written essay of a maximum of 2,000 or 2,500 words (deadline – weeks 9-12) The coursework is designed to check student progress, extend and reinforce concepts covered and also test individual performance.

Examination (70% weighting):

  • The final piece of assessment will be an unseen written examination of 2 hours’ duration.

Essential reading

The following is provided as part of the course materials after you register:

  • Berk J. and DeMarzo P., Corporate Finance, Pearson, 2014

Module author

Professor Francis Breedon, module leader

Professor Francis Breedon

BSc Economics (QMUL), MPhil Economics (Cambridge)

Francis Breedon is Professor of Economics and Finance at Queen Mary. His research is primarily focussed on bond and foreign exchange markets, ranging from detailed microstructure and trading to broader macro policy questions.

He also has extensive industry experience both as an FX strategist and as a consultant to a number of hedge funds, investment banks, Central banks and Ministries of Finance.