Advanced Corporate Finance

(ESC 2 Transcontinental Track)

Finance theory from Yale

http://www.youtube.com/course?list=ECEDC55106E0BA18FC

Corporate Finance by David Thesmar from HEC Paris

https://itunes.apple.com/fr/itunes-u/corporate-finance-david-thesmar/id489799136

**650 open courses

http://www.openculture.com/freeonlinecourses

Free Courses

http://www.openculture.com/freeonlinecourses

Financial Markets (2011) with Robert Shiller

http://www.youtube.com/course?list=EC8FB14A2200B87185

** Finance Theory I, Fall 2008, by Andrew Lo from MIT

http://ocw.mit.edu/15-401F08

The course will closely follow the book below. You can read it if you have time.

Jonnathan Berk and Peter DeMarzo, Corporate Finance,Global edition 2nd or 3rd edition, Pearson.

Course page at Moodle

http://v2.grenoble-em.com/course/view.php?id=566

Syllabus

https://sites.google.com/site/zhaoshan75/courses/acf/Acf_syllabus.pdf

Outline

https://sites.google.com/site/zhaoshan75/courses/acf/outline.pdf

Course Summary (largley based on Chapter 8, 9, 10, 12, 14-16 of Berk-DeMarzo book)

https://sites.google.com/site/zhaoshan75/courses/acf/Summary_ACF.pdf

Course Summary for Corporate Finance course last year (largely based onChapter 3-7 of Berk-DeMarzo book)

https://sites.google.com/site/zhaoshan75/courses/acf/Course_Summary_CF.pdf

Key concepts of the textbook

http://wps.pearsoned.co.uk/ema_ge_berk_cf_2/148/37902/9703132.cw/index.html

Session 1

Preclass assingment

Watch the video below to understand what is finance and why finance is fascinating.

http://v2.grenoble-em.com/mod/resource/view.php?id=21417

Have a quick look at the WSJ article below to see an example of arbitrage.

https://sites.google.com/site/zhaoshan75/courses/acf/Example_BMW_WSJ.pdf

Slides

https://sites.google.com/site/zhaoshan75/courses/acf/part_0.pdf

Problem set

https://sites.google.com/site/zhaoshan75/courses/acf/ps1.pdf

https://sites.google.com/site/zhaoshan75/courses/acf/ps1s.pdf

Additional explanation

https://sites.google.com/site/zhaoshan75/courses/acf/ses1.docx

the proof of perpetuity shortcut formular

https://sites.google.com/site/zhaoshan75/courses/acf/Perpetuity_Formula.pdf

Links

http://www.investopedia.com/terms/h/hedgefund.asp

http://en.wikipedia.org/wiki/Hedge_fund

http://en.wikipedia.org/wiki/James_Harris_Simons

http://en.wikipedia.org/wiki/Warren_buffet

The second use of the term "arbitrage"

http://riskencyclopedia.com/articles/arbitrage/

Session 2

Slides

https://sites.google.com/site/zhaoshan75/courses/acf/part_1.pdf

Problem set

https://sites.google.com/site/zhaoshan75/courses/acf/ps2.pdf

Additional examples on capital budegting

https://sites.google.com/site/zhaoshan75/courses/corpfinance_hr13/Exercise_2.docx

https://sites.google.com/site/zhaoshan75/courses/corpfinance_hr13/Exercise_2.xlsx

Links

The iBond by Apple

http://www.fool.com/investing/general/2013/05/06/apples-record-bond-issue.aspx

Session 3

Slides

https://sites.google.com/site/zhaoshan75/courses/acf/part_2.pdf

Problem sets

Exercise book: 8.1, 8.2 8.3 8.6 8.27, 9.2

Solution

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM08_final_sn_ge.pdf

Table 9.1

https://sites.google.com/site/zhaoshan75/courses/acf/table91.pdf

Session 4

Slides

https://sites.google.com/site/zhaoshan75/courses/acf/part_3.pdf

Additional explanation

https://sites.google.com/site/zhaoshan75/courses/acf/ses4.docx

Problem set

Exercise book: 9.8 9.15 9.18 9.22 9.25 10.2 10.24 10.35

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM09_final_sn_ge.pdf

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM10_final_sn_ge.pdf

Table 10.6

https://sites.google.com/site/zhaoshan75/courses/acf/table106.pdf

Session 5

Additional explanation

https://sites.google.com/site/zhaoshan75/courses/acf/ses5.pdf

Problem sets

Exercise book: 12.4 12.5 14.1 14.12

Solution

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM12_final_sn_ge.pdf

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM14_final_sn_ge.pdf

Session 6

Solution to continuous assessment

https://sites.google.com/site/zhaoshan75/courses/acf/assessment_s.pdf

Problem sets

Exercise book: 15.1 15.2 15.6 16.1 16.2

Solution

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM15_final_sn_ge.pdf

https://sites.google.com/site/zhaoshan75/courses/acf/BD_SM16_final_sn_ge.pdf

Final Exam

The exam will last 2 hours. It will be based on our lecture notes and exercise book. As the teaching, it will be divided into two parts (The first part is for Prof. Shan Zhao and the second part is for Prof. Michel Albouy). It is a close book exam. A calculator with exponential function can be used. But please write down the necessary steps clearly. Here is a sample final exam

https://sites.google.com/site/zhaoshan75/courses/acf/Sample_exam.docx

Solution

https://sites.google.com/site/zhaoshan75/courses/acf/Sample_exam_solution.docx

Useful Links

** Highly Recommended

* Recommended

1) Major Links

** http://www.ft.com (free registration using GEM email box)

*http://finance.yahoo.com

MarketWatch, a subsidiary of Dow Jones

http://www.marketwatch.com

http://www.reuters.com/finance/stocks