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IESEG School of Management ( IÉSEG )

Code Cours :



Niveau Année de formation Période Langue d'enseignement 
Professeur(s) responsable(s)J.DESSAIN
Intervenant(s)Jean DESSAIN

Pré requis

Financial Theory;
Corporate Finance Fundamentals or Capital Structure;
Strong interest for capital markets with preferably an introduction to Bloomberg

Objectifs du cours

At the end of this course, students will be able to:
a. Be familiar with the theories and the key elements to be considered for an international financing strategy;
b. Have a good understanding of the key players involved in capital markets and with fund & capital raising, their respective behaviors, targets and constraints, in a dynamic environment;
c. Understand the main instruments and sources of capital and funding, the characteristics, advantages and limits of each source of funds and the main processes to access them;
d. Assess the various routes a company might consider given its specific environment to optimize its financial flexibility and keep its cost of funds under strict control.

Contenu du cours

This course focuses on the key elements determining a financing strategy, with a theoretical part, then enriched with many case studies.
The introduction begins with the theoretical framework of typical capital structures and the main related theories (primarily Modigliani-Miller and various key developments thereof). The course analyses the debt-equity continuum, its main buckets and the way these buckets interacts dynamically.
The role and the characteristics of the main capital market players are examined from an issuer / fund raiser perspective.
The course examines then the raising processes of various elements of the debt-equity continuum, and the criteria and constraints for such capital / fund raising.
At the end of this course, students are expected to be able to (i) adequately assess the situation of a candidate issuer, (ii) analyze and evaluate a comprehensive financing strategy that incorporates the needs of the company, the dynamics of the capital markets and the possible role of the various players, and (iii) present the key elements of the processes to implement such strategy.

Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Independent work
Reference manual 's readings3,00  
Independent study
Group Project6,00  
Estimated personal workload6,00  
Charge de travail globale de l'étudiant36,00  

Méthodes pédagogiques

  • Lecture
  • Presentation


Assessment will be based on the course participation, on a case study to be presented to the class for discussion and on a final written exam mixing exercises and theoretical questions.

Type de ContrôleDuréeNombrePondération
Continuous assessment
Final Exam
Written exam3,00160,00
TOTAL     100,00

Ressources internet

  • IESEG Online

    Slides will be put on intranet during the week preceeding the course. Some nice-to-have articles will be added at the same time.

* Informations non contractuelles et pouvant être soumises à modification
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