This Summer School course provides you with an overview of the key factors that affect the cost of capital for corporations. You will develop an understanding of the capital structure and pay-out decisions for corporations and evaluate how investment and financing decisions are related. Emphasis will be placed on appreciating the limitations and challenges that are faced when applying the theoretical framework of corporate finance to real world problems. By the end of the course you will be able to evaluate, for any type of firm, the risk-adjusted returns of investment project, the optimal mix of debt and equity, the optimal instrument to return cash to shareholders, and the value of a business from the intrinsic and relative value approaches.
Topics covered will include:
- Fundamental principles of corporate finance
- Financial statements, objectives of the firm
- Capital Structure in a perfect market: debt vs. equity financing
- Financial distress and the optimal financial mix
- Dividends and share repurchases
- WACC, APV, alternative approaches
- Equity, firm value, and revenue multiples
- Raising equity capital, IPOs, SEOs
- Private firms, growth firms and acquisitions
Further information about Corporate Finance is available in the course outline.
Delivered by a mix of face-to-face lectures and classes, lecture content and class material will be made available through an interactive online teaching and learning hub – The Summer School Hub.
Workshops will use case studies, structured discussions and in-class exercises to demonstrate the application of concepts as you learn. You will also be expected to complete private study and exam preparation work outside of your scheduled classes.
A guest speaker programme, with presentations from high profile financial institutions, will put the course material into a practical context.
- Multiple choice question quizzes – (30% of final mark)
- One final individual examination – (70% of final mark)
Imperial College London will issue an official transcript with a final overall numerical mark – a breakdown of results will not be provided.
Imperial College London reserves the right to change or alter the courses offered without notice.
Guest speakers and trips
Guest speakers such as recent Business School alumni working in relevant industries will visit the Summer School. Trips will also be organised to compliment your learning, for example previous classes visited the Bank of England Museum. Guest speakers and trips will be confirmed nearer the time.
Course dates: 24 July – 11 August 2017
Direct contact hours: 45
Academic level: Equivalent to an undergraduate course
Entry requirement: A level maths or equivalent
Suggested credit level: 3 – 4 US / 7.5 ECTS credits. Your home institution will determine how much credit is awarded
Summer School Blog
Every firm, small or large, private or public, needs to deal with three fundamental issues: how to select profitable investments, how to finance them, and how to compensate the firm owners. Corporate Finance tackles all these questions and shows how managers can take concrete actions in each of them to maximize the firm value. It is in this sense the ultimate 'big picture’ business class. The course will introduce students to the modern theories in corporate finance and will emphasize the challenges that are faced when applying the theoretical framework to real world problems. The course will also introduce students to the main tools and techniques used in firm valuation.Emiliano PagnottaProgramme Director
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Summer School is a great taster of studying a Master’s