Předmět Corporate Finance (JEM034)

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Materiál	Typ	Datum	Počet stažení

Sylabus

1. Capital structure in a perfect market: levered and unlevered equity, Modigliani-Miller propositions I and II, homemade leverage, weighted average cost of capital, traditional view on WACC, leveraged recapitalisation, equity dilution.2. Debt and taxes: tax shield, value of firm with taxes, WACC with taxes, leveraged recapitalisation with taxes, personal taxes, effective tax advantage of debt, imputation system.3. Financial distress: direct and indirect costs of distress and bankruptcy, limited liability, value of firm with financial distress, agency costs of leverage, over and under investment problem, agency benefits of leverage.4. Payout policy: types of dividends, dividends days, share repurchase, irrelevance of payout policy, optimal payout policy with taxes, payout versus retention of cash, signalling with payout policy, stock dividend.5. Equity financing: types of equity, initial public offering, determination of the offer price, seasoned equity offering, rights offer.6. Debt financing: differences between equity and debt, classification of debt, bond covenants, callable bond, sinking fund, convertible bond, warrant. 7. Leasing: classification of lease transactions, reasons for leasing, leasing versus borrowing and buying, lease-equivalent loan. 8. Short-term financing: net working capital, trade credit, accounts receivable and payable, factoring, bank loans, effective annual rate, inventory management, Baumol model, cash management.9. Mergers and acquisitions: reasons to acquire, acquisition premium, leveraged buyout, stock-swap transaction, takeover defences.10. Capital budgeting: incremental free cash flow, weighted-average-cost-of-capital method of valuation, adjusted-present-value method of valuation, flow-to-equity method of valuation, assessing uncertainty.11. Real options: decision tree analysis, waiting option, growth option, abandonment option.Part 1 Capital Structure and Dividend Policy

Literatura

The principal text for this course is: Jonathan Berk and Peter DeMarzo: Corporate Finance, Pearson Education, 2007. Students can also use the text-book Brealey, R.A., Myers, S.C.: Principles of Corporate Finance, sixth edition, Irwin McGraw-Hill, 2000.

Garant

prof. Ing. Oldřich Dědek, CSc.