Seminar: Applied Corporate Finance (F) incl. summerschool 2019

Course content

The aim is for the students to take point of departure in a topic discussed in "Finance" and relate this to practice. It is not important that it is "corporate", but it is a condition that it is "finance". "Applied" means that the seminar paper must speak to someone practicing (a practitioner) finance and provide a recommendation based on the analysis carried out in the seminar paper.

Examples (only a few – opportunities are endless) of topics are:

  • Valuation of a firm
  • Optimal capital structure
  • Examples, consequences, (and solutions), of financial distress in practice
  • Asset specificity and capital structure
  • Industry comparisons
  • Strategic capital structure / finance
  • Qualitative research (e.g. interview) of CFO
  • Empirical test of e.g. ratings, D/E, liquidity, R&D, etc.
  • Simulations
  • Research note to employer

All topics using finance can be described.

 

This seminar in ACF should not be confused with the seminar Strategic Valuation of a Company (only available in Danish), although there obviously is room for some overlap.

Education

MSc programme in Economics

The seminar is primarily for students at the MSc of Economics

The course is a part of the financial line, signified by (F)

The course is also offered as a Summerschool.

Learning outcome

Additional for the learning outcome specified in the Curriculum, the learning outcome of the seminar is for the student to be able to

  • structure the paper,
  • argument and present the arguments through the seminar paper,
  • analyse theory and data,
  • apply the analysis in a real situation
  • extend the conclusion of the analysis so it is applicable and relevant for a practitioner of finance.

Kick-off meeting, research and writing process of the seminar project paper, presentation of own project, constructive feedback to another student´s project and actively participating in discussions at class.

The aim of the presentations is, that the student, who presents, uses the presentation as an opportunity to practice oral presentations skills and to receive feedback improving the seminar project.

Process:
It is strongly recommended that you start your search for a topic before the semester begins, as there is only a limited amount of weeks from the kick-off meeting to the first submission.

Before the presentations, your largely finished version of the seminar project paper must be uploaded in Absalon, as the opponents and the other seminar participants have to read and comment on the paper. It is important that you upload a nearly finished project due to the fact that the value of feedback and comments at the presentation is strongly associated with the skill of the seminar project paper.

After the presentations, you can make a light correction of the seminar project to include the feedback and comments emerged during the presentations. It is NOT intended that you rewrite or begin the writing of the full project AFTER the presentation has taken place.

The seminar project paper must be uploaded in the Digital Exam portal for assessment with in the deadline announced under Exam.

Will be decided by the teacher in collaboration with the students.

 

It is highly recommended that the students have had a basic finance subject such as "Corporate Finance & Incentives". I.e. know CAPM and stocks, Fixed Income and bonds, derivatives, real options, capital structure basics, and financial statement analysis basics.

From the Spring 2019:
It is highly recommended that the students have had a basic finance subject such as "Corporate Finance and Incentives" or similar. I.e. know CAPM and stocks, Fixed Income and bonds, derivatives, pricing methods, real options, capital structure basics, and financial statement analysis basics. It is expected that the students have had at least one further finance subject of a more advanced character.

BSc in Economics or similar

Schedule Autumn 2018:

• Kick-off meeting: September 4 2018, 18.30-20
• Deadline of project description: September 17, 2018
• Deadline of pre-paper uploaded to Absalon: 10 days before presentation.
• Sessions of presentations: Week 45-46. Precise dates for presentations are agreed on at the kick-off meeting.

Schedule spring 2019:
• Kick-off meeting: February 4, 17:30 – 19:00
• Deadline of project description/​commitmentpaper: February 18
• Deadline of pre-paper uploaded to Absalon: 8 days before presentations.
• Sessions of presentations: One or two days in the periode May 1st to 24th by agreement at the kick-off meeting.

Schedule Summerschool 2019:
• Intro meeting: beginning of June, 2019
• Deadline of commitmentpaper: June 21, 2019
• Deadline of pre-paper uploaded to Absalon: 8 days before presentation.
• Sessions of presentations: One or two days in week 33 or 34 (August 2019) by agreement at the kick-off meeting.

This structure is not final. There will with some probability be changes.

All information from the lecturer regarding the seminar is communicated through Absalon including venue.

ECTS
7,5 ECTS
Type of assessment
Written examination
- a seminar paper in English that meets the formal requirements for written papers stated in the curriculum of the Master programme and at KUNet for seminars.

If the student chooses to make a valuation of a company please note that this should be with a strong focus on finance rather than accounting. I.e. the strategy and reformulation of the P&L parts must attract minimal focus and cost of capital, risk (beta), capital structure etc. should attract maximum focus.
____
Aid
All aids allowed

for the project paper.

The supervisor defines the aids that must be used for the presentations.

____

Marking scale
7-point grading scale
Censorship form
External censorship
_____
Criteria for exam assessment

Students are assessed on the extent to which they master the learning outcome for the seminar and can make use of the knowledge, skills and competencies listed in the learning outcomes in the Curriculum of the Master programme.

To receive the top grade, the student must with no or only a few minor weaknesses be able to demonstrate an excellent performance displaying a high level of command of all aspects of the relevant material.

 

The student is in this seminar evaluated based on three criteria; structure, content / analysis and application. Structure is how well the argument is presented through the seminar paper. Contents / analysis is about how deeply theory and data is analyzed – it is the traditional concept of "academic rigor". Application is the degree to which the student is able to apply the analysis in a real situation / the extent the conclusion of the analysis is applicable and relevant for a practitioner of finance.

  • Category
  • Hours
  • Seminar
  • 20
  • Project work
  • 186
  • English
  • 206