Programmes

Advanced Corporate Finance

  • Summer schools
  • Department of Finance
  • Application code SS-FM350
  • Starting 2019
  • Short course: Open
  • Location: Houghton Street, London

This course covers advanced theoretical and applied treatment of major issues in Corporate Finance.

The first part of the course is an in-depth exploration of advanced theories used to understand financial markets in the context of corporate borrowing and lending. Implicitly, we will discuss financing frictions that differentiate the functioning of perfect capital markets with imperfect capital markets. We then build on these theories to understand security design and the process of security issuance in equity markets. Next, we consider the role of corporate control, and the interaction of control rights and cash flow rights. Finally, we evaluate corporate risk management and hedging. 

The second part of the course will focus on the real-world applications of corporate finance tools to address issues commonly faced by corporate managers, investors, and entrepreneurs. Each week, we will focus on a particular issue facing practitioners.  Specifically, we will explore individual case studies of problems such as capital budgeting, the design of optimal capital structures, and the valuations of start-ups, mergers, and private equity buyouts.  We will also discuss the relevance of these tools for careers in finance, consulting, and other sectors. 


Session: Three
Dates: 29 July – 16 August 2019
Lecturers: Dr Juanita Gonzalez-Uribe and Dr Ashwini Agrawal


 

Programme details

Key facts

Level: 300 level. Read more information on levels in our FAQs

Fees: Click here for information

Lectures: 36 hours 

Classes: 18 hours

Assessment*:  Two written examinations

Typical credit**: 3-4 credits (US) 7.5 ECTS points (EU)


*Assessment is optional

**You will need to check with your home institution

More information on exams and credit

Prerequisites

Finance (to the level of FM250) OR introductory microeconomics (to the level of EC101).

Programme structure

  • A review of valuations
  • Modigliani and Miller
  • Taxes
  • Recapitalisation
  • Bankruptcy and distress
  • Private Information
  • Dividend policy
  • Optimal capital structure
  • Investment under constraints
  • Real options

Course outcomes

By the end of the course, students will be comfortable working with advanced theoretical models of corporate finance, and be able to apply these tools to perform corporate valuations, prepare capital budgets, and determine optimal capital structures.

Teaching

LSE’s Department of Finance enjoys a pre-eminent reputation for the excellence of their teaching and research, and for their leading role in public-policy issues. The Department of Finance has grown in recent years to become one of the largest and most highly-regarded finance groups in the UK and Europe.

LSE’s Department of Finance is closely associated with LSE’s Financial Markets Group and Systemic Risk Centre which regularly hosts a wide variety of seminars, conferences and public addresses by leading academics and practitioners. The Department, along with the Departments of Accounting and Management, was ranked as the UK leader for Business and Management Studies in the 2014 Research Excellence Framework. The Department’s excellence in research and world-class faculty set them apart as global leaders in the field of finance.

On this three-week intensive programme, you will engage with and learn from full-time lecturers from the LSE’s finance faculty.

Reading materials

These texts are recommended but not required:

Grinblatt M. and S. Titman, Financial Markets and Corporate Strategy, (2nd ed.), McGraw-Hill, (2001).

Brealey R. and Myers S. and Allen F., Principles of Corporate Finance, (12th ed.), McGraw-Hill, (2016).    

Berk J. and DeMarzo., Corporate Finance, Pearson International Edition, (2007). 

*A more detailed reading list will be supplied prior to the start of the programme

**Course content, faculty and dates may be subject to change without prior notice

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