JB CARTIER :

Part 1 : Organizational finance and legal structure :
1. Groups of companies : importance and role.
2. Legal structures in France and in Europe : importance and role.

Part 2 : The Stock Markets in Europe :
1. Origins : direct finance / intermediate finance;
2. Rating and evaluation;
3. Fundraising: types of markets, stocks, P to P, spin-off ...

Part 3 : Corporate finance and investment decisions :
1. Why finance matters ?
2. Present value and the opportunity of capital
3. How to calculate present value ?
4. The value of common stock
5. Why net present value ?

CORPORATE FINANCE - Aline Pündrich
This course will have as the main objective the study of corporate governance as a general issue taking into account a closer vision over European governance, its characteristics and cultural particularities. The main point of discussion considering these subjects are stakeholders and their different roles played during two specific situations inside organizational life: the sustainable process of value creation and the occurrence of events of crisis; being both situations possible triggers of important changes inside corporations that may affect stakeholders.

VALUE CREATION -  C. FAVERJON (8h) 

I - Value creation's concept

1°) Distinction between shareholder value and stakeholder value

2°) One measure of firm's value creation : EVA/MVA
- The measure of EVA/MVA
- Using CAPM to determine the cost of equity capital and the WACC

II - The maximisation of shareholder value in EC through strategic decisions : the case of a merger :
The aim of the case is to measure if the merger creates or not shareholder value by using EVA before and after the merger.
The aim of the case is also to present the mechanics of a merger (form, defensive action, anti-trust law,...) and to understand the motives, gains and risks of a merger.

• Written Exam: 3H
• In class Examination: Yes
  Nature of student work and proportion weight: 2 works with oral presentation and writen support

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• Perin, P.L., 2000, « La SAS, organisation des pouvoirs », édition Joly.
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• Saglietto L., 2000a et b, « A quoi sert la Société par Actions Simplifiée », L'Expansion Management Review, mars, p.84-90 et décembre, p.86-91.