Bachelor of Science - International Business Administration

Corporate Finance (Joint with Prof. Dr. Christian Andres)

This course covers the basic principles of corporate finance and develops the necessary practical tools for financial decisions and corporate valuation. After a brief introduction, which motivates the goals of a firm against the background of different corporate governance regimes, we will take a closer look at the determinants that affect the debt/equity choice. In this context, we will discuss practical guidelines to derive the cost of capital for single projects and for the hole firm. In addition, the course will provide an overview of a firm's external financing alternatives (debt and equity), with a focus on the security issuance process (IPOs). Additional topics include payout policy (including the choice between stock repurchase and dividends), selected issues in corporate governance as well as a brief introduction into mergers and acquisitions.

Master of Science - Master in Finance/Master in Management

Financial Evaluation

The objective of this course is to provide an overview of different approaches to valuation, with a particular focus on Discounted Cash Flow (DCF) valuation. A special attention is given to the theoretical underpinnings of the discount rate used in the DCF approach (i.e., the cost of financing: from cost of equity to cost of capital) and to its derivation. In addition, relative valuation models (multiples) and specific topics such as valuing private company, takeover valuation, and event studies as a valuation tool will be discussed.

Mergers & Acquisitions

The objective of this course is to provide students general knowledge on mergers and acquisitions (M&As) from a corporate finance perspective. After completing successfully the course, students will have a solid understanding of the most fundamental issues and concepts in the M&A field. Without being exhaustive, the following topics will be covered during the course: wealth effect associated with M&As, motivations of companies to enter the M&A market, the role and value added of investment banks in the takeover process, choice of the sale process, merger arbitrage, the role of CEOs in large transactions, and further issues related to regulation and social utility associated with the existence of an active M&A market. Bridging the gap between research and practice, this course is ideal for those interested in M&As and/or willing to work in the M&A industry.

Final Theses

We offer dedicated students the possibility to write their bachelor or master thesis at the Chair of Finance and Capital Markets. Possible topics should be thematically linked to the research fields of the chair and could deal with mergers and acquisitions, the cost of capital, determinants of a firms risk profile, corporate rating, social responsible investments or executive compensation. The thesis supporting process includes the topic selection phase, talks about thesis structuring and advice about academic writing and empirical work. If you are interested in writing your thesis at the Chair of Finance and Capital Markets please contact a research assistant for a first meeting.

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