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IESEG School of Management ( IÉSEG )

Code Cours :



Niveau Année de formation Période Langue d'enseignement 
MSc in Finance1S1English
Professeur(s) responsable(s)J.DESSAIN
Intervenant(s)Yacine BALGHGITAR

Pré requis

Students should have taken elementary courses in finance, and preferably one in corporate finance.

Objectifs du cours

At the end of the course, the student should be able to:
1/ explain how capital structure theories are related to financial practice.
2/ discuss, weigh and evaluate different factors that are considered by CEOs and/or CFOs when setting up their capital structure policy.
3/ understand the implications of various theories such as: the agency theory, the signalling theory, the trade-off theory, as well as firm- or industry-specific elements that influence the capital structure policy.

Contenu du cours

This course focuses on the main theories developped so far about the capital structure and the part of the equity within the financing of the company.
Starting from empirical evidences, the course confronts market practices with the main theories, starting with Modigliani & Miller and the various developments thereof and moves on through the signalling theory and the trade-off theories, towards the most recent theories that include a dynamic component.
The course also examines the firm- and industry-specific elements that will or should influence the firms' decisions.
Case studies will outline concrete strategies and confront them to theories.

Modalités d'enseignement

Organisation du cours

TypeNombre d'heuresRemarques
Face to face
Interactive class16,00  
Independent study
Group Project10,00  
Estimated personal workload10,00  
Independent work
Reference manual 's readings14,00  
Charge de travail globale de l'étudiant50,00  

Méthodes pédagogiques

  • Project work
  • Interactive class
  • Case study


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 exam2,00160,00
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
Vidéo : Un campus à vivre
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