Vorlesung + Übung: WIW-5341 Advanced Corporate Finance - Details

Vorlesung + Übung: WIW-5341 Advanced Corporate Finance - Details

Allgemeine Informationen

Veranstaltungsname Vorlesung + Übung: WIW-5341 Advanced Corporate Finance
Semester WS 2026/27
Aktuelle Anzahl der Teilnehmenden 20
Heimateinrichtung Prof. Dr. Sebastian Utz - Finanzwirtschaft mit dem Schwerpunkt Climate Finance
Beteiligte Einrichtungen Institut für Betriebswirtschaftslehre, Wirtschaftswissenschaftliche Fakultät
Veranstaltungstyp Vorlesung + Übung in der Kategorie Lehre
Nächster Termin Mittwoch, 14.10.26, 12:15 - 13:45 Uhr J 1101/1102
Teilnehmende This module is aimed at Master's students who wish to deepen their knowledge of corporate finance, with a focus on capital structure and financing decisions.
Voraussetzungen Students should be familiar with the basics of corporate finance. In particular, the content of the 'Corporate Finance' lecture is assumed to be known, such as discounting, the cost of capital and the CAPM. Basic knowledge of statistics is also helpful.
Lernorganisation A detailed overview of the content, the exercises and the files for download can be found under "Courseware".

The module consists of a lecture and accompanying exercise sessions.

On-site sessions:
- Lecture and exercise class (90 minutes per week)

Self-study:
- Working through the exercise sheets and the recommended readings
Leistungsnachweis Written exam (60 points, 100%)
Veranstaltung findet in Präsenz statt / hat Präsenz-Bestandteile Ja
Hauptunterrichtssprache englisch
Literaturhinweise Hillier, David / Grinblatt, Mark / Titman, Sheridan (2023): Financial Markets and Corporate Strategy, 3rd European edition, McGraw-Hill.
Berk, Jonathan / DeMarzo, Peter (2023): Corporate Finance, 6th edition, Pearson.
Further literature references will be provided in the course materials.
ECTS-Punkte 6

Räume und Zeiten

J 1101/1102,

  • Mittwoch, 12:15 - 13:45, Wöchentlich (ab dem 14.10.26)

Modulzuordnungen

Kommentar/Beschreibung

This module develops corporate finance from the perspective of the firm and its capital providers. The central question is how a firm chooses its capital structure and how that choice affects firm value. Students learn to treat equity and debt as contingent claims on firm value, to determine optimal leverage within a formal model, and to interpret observed financing behaviour in the light of the empirical evidence. The module enables them to analyse financing decisions on a sound theoretical basis, to assess critically the assumptions of the underlying models, and to quantify the effects of taxes, bankruptcy costs, conflicts of interest and asymmetric information on capital structure.

The course covers the following topics:
• Capital structure in perfect capital markets as the benchmark (Modigliani/Miller)
• Debt and taxes: the interest tax shield, investor taxes and the Miller equilibrium
• Bankruptcy costs and financial distress
• Trade-off theory in an option pricing framework: the Merton and Leland models
• Financing instruments: debt, equity, hybrid securities and the issuance process
• Conflicts between shareholders and creditors and the mechanisms that mitigate them
• Asymmetric information: signalling, the pecking-order theory and event studies
• Capital markets and capital structure: market timing, competitive strategy and empirical evidence