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IESEG School of Management ( IÉSEG )

Code Cours :



Niveau Année de formation Période Langue d'enseignement 
Professeur(s) responsable(s)J.LEFEBVRE
Intervenant(s)Trevor CHAMBERLAIN

Pré requis

Knowledge of present value and future value, risk assessment and measurement, basic familiarity with balance sheets and income statements. Typically a student taking this course will have previously taken introductory level courses in financial accounting, managerial finance and statistics.

Objectifs du cours

At the end of the course, the student should be able to:
*Analyze the effects of working capital policies on equity value and default risk
*Design asset-specific working capital policies (cash, inventory, etc), given the characteristics of the industry and firm
*Determine the best ways to raise and invest short-term funds
*Design an overall optimal working capital management policy for the firm

Contenu du cours

This course examines the various components of working capital (cash, receivables, payables, inventory), how they interact with one another, and how they affect (i) firm liquidity and default risk, and (ii) shareholder wealth. The course will build on the principles of financial management that students will have learned in earlier courses, and will apply the principles and concepts of financial theory to problems and decisions associated with short-term (working) capital. The course will focus on using working capital optimally, so that funds are not tied up in unproductive assets and, at the same time, the risk of illiquidity (and related default risk) does not exceed desired limits. The ultimate objective, as always, is to maximize shareholder wealth. This course includes both theoretical and applied components. Practical applications are useful, but cannot be studied fruitfully without a sound knowledge of the underlying theory. Hence there will be some emphasis on the theory. Numerical examples will be very important in illustrating the concepts and applications to be covered in this course. The course should be of interest to students planning careers in corporate finance and financial management.

Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
lecture16,00   Attendance and class participation expected
Independent work
Research6,00   Project research (per person, in groups)
Independent study
Estimated personal workload10,00   Lecture preparation, team assignments and project write-up, exam preparation
Group Project10,00  
Charge de travail globale de l'étudiant42,00  

Méthodes pédagogiques

  • Presentation
  • E-learning
  • Research
  • Project work
  • Interactive class


Type de ContrôleDuréeNombrePondération
Final Exam
Written exam2,00140,00
Individual Project0,00120,00
Case study0,00230,00
TOTAL     100,00


  • Short-Term Financial Management, 5th Edition, John T. Zietlow, Matthew Hill and Terry S. Maness. Cognella Academic Publishing, 2017, ISBN 978-1-5165-0822-8 -

  • A course package will be provided to students. - -


Ressources internet

* Informations non contractuelles et pouvant être soumises à modification
Vidéo : Un campus à vivre
Notre chaîne Youtube