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Accueil : iaelyon School of Management / Formation

06300128 - Corporate Finance and Accounting

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Crédits ECTS 3
Volume horaire total 32
Volume horaire CM 32

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Objectifs

The lectures have a strong focus on coporate finance and aim to provide students with theory and practice. Throughout the lectures, real world case studies and excercises are extensivley used for illustration pourposes. Group work and discussion are encouraged.

The module has the aim of giving students the confidence to apply and develop their financial understanding of published accounts and the skills and abilities required to interpret financial information in an international context.

Students will gain the knowledge and experience of techniques that will enable them to recommend strategic financial solutions and to implement them effectively. A range of financial theories and techniques combined with practical applications to assist the manager in the practice of financial strategy will be explored.

TARGETED KNOWLEDGE

  • Analyse financial statements and accounting principles
  • Know the main approach to investment and financial markets
  • Identify and contrast major asset classes
  • Recall the concept of value in corporate finance
  • Categorise capital structure policies
  • Reproduce financial management techniques
  • Asset/share valuation models
  • International risk management
  • Working Capital Management - Cash Operating Cycle


TARGETED SKILLS

 

  • Interpret financial statements and reproduce analysts' recommendations
  • Select investment decision rules, identify the risk of securities and the required rate of return
  • Identify the risk of securities and the required rate of return
  • Calculate WACC, reproduce DCF and multiples valuation
  • Know where to look for information on financial engineering
  • Managing cash flows, working capital and financial risks
  • Application of different techniques to value shares
  • Ability to use different hedging techniques to reduce risk
  • Use of Excel to value bonds

Contenu

1. Financial analysis
1.1 Fundamental concepts in Financial analysis
1.2 Financial analysis and forecasting

2. Investors and markets
2.1 Investment decision rules
2.2 The risk of securities and the required rate of return
2.3 Financial securities

3. Value
3.1 Measuring value creation
3.2 Cost of capital
3.3 Valuation techniques

4. Capital structure policies
4.1 Debt equity and options theory
4.2 Equity capital

5. Financial management
5.1 Corporate governance and financial engineering
5.2 Managing cash flows, working capital and financial risks

Course Aims:
This module aims to provide students with the ability to interpret accounting information and an understanding of the strategies that are taken by organisations to maximise shareholder wealth. Strategies that improve liquidity and minimise risk will be critically examined and applied. The particular problems facing organisations that trade internationally will be explored. It will show how to apply theories of finance to a variety of practical situations and enable the student to gain practical experience of research and analysis in a financial strategy context.

Course Objectives:
While financial theories are covered in the course the emphasis is on the practical application of the models encountered. The course leader will enable students to become financially literate in order that they can gain confidence in their understanding of finance and financial statements so that they can contribute to high level discussions on financial matters.

Assignments :
1) Students will form groups of 3 or 4. They will examine the Financial Statements of a French or international company and give advice to a potential investor. The group coursework will enable students to make practical use of the material learned in class to explore specified areas in depth. They will learn through discussion of their own ideas, and will be expected to assess the value and limitations of accounting information. In order to complete this assignment the coursework requires that a comparator company must be chosen (i.e. a company in the same industry sector so that comparisons can be made). The majority of the marks for this coursework will be given on the basis of the quality of the research carried out and how well the group's advice is supported by the research.
2) Group & Individual work on a business game. The students manage the enterprise over the course of five years and must make management decisions with the main goal of rapid development of the structure as well as the profitable growth of sales. This simulation allows the students to :
- Become aware of the complexity of management decisions,
- Measure the interactions between business decisions, production, investment, finance, and social aspects... as well as measuring the creation of value,
- Create competition between participants, the results obtained being measurable and comparable.

Assessment:
Individual presentation by the participants summarizing the 5 years, referring to the initial business

Contrôles des connaissances

Continuing Examination
Nature of student work and proportion weight:
Individual assignment (50%)
Group assignment (50%)

Bibliographie

BOOKS USED AS REFERENCE:
  • Arnold G Corporate Financial Management, London, Financial Times Prentice Hall 5th Edition (2013)
  • Berk, Jonathan B., and Peter M. DeMarzo. Corporate finance. Pearson Education, 2007.
  • Damodaran, Aswath. Corporate finance. Wiley, 1996.
  • Vernimmen, Pierre, et al. Corporate finance: theory and practice. John Wiley & Sons, 2014.

ADDITIONAL READINGS :
  • Collier, PM (2012) Accounting for Managers, Wiley
  • Copeland T, Koller T and Murrin J (2000) Valuation: Measuring and Managing the Value of
  • Companies, New York,John Wiley
  • Fraser L.M. and Ormiston A. Understanding Financial Statements, Pearson 2010
  • Hopper T, Northcott D and Scapens R (2007) Issues in Management Accounting, London, Financial
  • Times Prentice Hall
  • Martin J and Titman S (2008) Valuation: the Art & Science of Corporate Investment Decisions,
  • Boston, Pearson Addison Wesley
  • Rutterford, J , Upton, M and Kodwani, D (2006) (Eds) Financial Strategy, London, John Wiley
  • Watson, D & Head, A (2013), Corporate Finance, 6th Edition, FT/Prentice Hall

JOURNALS:
  • Management Accounting Research
  • Management Accounting
  • Journal of International Financial Management and Accounting
  • Financial Times
  • The Economist

EMBLEMATIC BOOKS OR RESEARCH PAPERS REGARDING THE SUBJECT OF THE COURSE
  • Tirole, Jean (2010), The theory of corporate finance, Princeton University Press.

PUBLICATIONS OF THE iaelyon FACULTY REGARDING THE SUBJECT OF THE COURSE
  • Marion, Alain (2015), Analyse Financière: Concepts et méthodes, Dunod.

Informations complémentaires

TEACHING METHODS
A mixture of lectures and seminars - run on a workshop style - will be used to introduce the topics and techniques. These topics and techniques will be explored further through the use of numerical examples and discussion. Case studies and videos will be used where appropriate and relevant. All relevant module information, required reading, lecture overheads, seminar questions etc are made available to the students.
A business game will close the program.

ADDITIONAL READINGS:
Financial pages of daily newspapers; FT.Com; WSJ.com; economist.com; Yahoo Finance.

Ce cours fait partie des formations suivantes :

International MBA (IMBA, Executive MBA)

Niveau d'entrée : Bac + 3
Semestre :  -  UFR : iaelyon School of management

International MBA (IMBA)

Niveau d'entrée : Bac + 3  |  Niveau de sortie : Bac + 5
Semestre :  -  UFR : iaelyon School of management


Renseignements pratiques

iaelyon School of management
Université Jean Moulin
6 cours Albert Thomas
BP 8242
69355 Lyon cedex 08

Tél. : (33) 04 78 78 70 66Site web

Equipe pédagogique

Responsable

M. Heimann Marco

Guy Fayolle

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Mise à jour : 14 novembre 2016