Corporate Finance - David Thesmar (audio)
by HEC Paris
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Description
This course has 12 lectures of 3 hours each. Lectures will be a mix of conceptual issues and lots of exercises in class to illustrate the concepts. There will be 4 case studies. The first one will be on financial analysis and will be solved in the classroom (lectures 1 and 2). Then, there will be three cases (financial analysis, valuation, M&A) that will have to be solved and handed over to the teacher (in lectures 4, 8 and 12) for grading.
| Name | Description | Released | Price | ||
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1 |
The Mannesmann and Vodaphone Case | In this very last video, a famous acquisition case: the Mannesmann Vodaphone case. Different aspects of an acquisition process are explored, beginning with a way to estimate the probability of success of the deal. Then, the speaker explains how the German | 3/14/12 | Free | View In iTunes |
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2 |
The Eutelsat case | New case study: the Eutelsat case. It is the occasion to perform a new financial analysis(4 step method). A valuation using the DCF approach is also done. | 3/11/12 | Free | View In iTunes |
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3 |
Financial communication: Alternative capital structure theory | -- | 3/7/12 | Free | View In iTunes |
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4 |
Citeaux exercise: Payout policy | This video is a case study used to discuss the aspect of payout policy. The speaker performs another financial analysis (4 step method). Also, the reactions to dividend announcements and share repurchases are exposed. | 3/4/12 | Free | View In iTunes |
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5 |
Morisso exercise | This second case is about restructuring, taking into account different stakeholders. The goal is to calculate the market value of the company in different settings. | 2/29/12 | Free | View In iTunes |
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6 |
Mensac exercise | This first of two exercises is about cost of capital (WACC calculation, calculations of betas, determination of the value of the company...) | 2/26/12 | Free | View In iTunes |
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7 |
The shareholder/debt holder conflict, debt overhang | This video is mainly about debt overhang. It enables the viewer to follow the calculations related to two examples. It stresses the different perception of risk from shareholders and debt holders. | 2/19/12 | Free | View In iTunes |
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8 |
Cost of financial Distress | This session is about financial distress. Linked to the cost of financial distress is the cost of debt. The speaker goes through an example to demonstrate the interest of these considerations. | 2/8/12 | Free | View In iTunes |
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9 |
Other Valuation techniques : FTE, APV, and Multiple Valuation | This video consists of a presentation of the alternatives to the WACC : Flow To Equity (FTE), the Adjusted Present Value (APV) and the Multiples valuation. The speaker discusses each of these techniques. | 2/5/12 | Free | View In iTunes |
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10 |
Valuation : Weighted Average Cost of Capital (WACC), Part 3 | Example of application of the two step method to get the cost of equity, in the scope of the calculation of the WACC. Then, the example of banks is taken, to see why their case is specific. | 2/1/12 | Free | View In iTunes |
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11 |
Valuation : Weighted Average Cost of Capital (WACC), Part 2 | This video comes as a continuation of the previous one. The WACC formula is given once again. Then the speaker shows an example of its computation. Then, a two step method to get the returns on equity is explained. A full application is given through the | 1/29/12 | Free | View In iTunes |
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12 |
Valuation : Weighted Average Cost of Capital (WACC), Part 1 | In this video, the WACC is defined and the reasons for the existence of such a concept are explained. He mentions it's links to debt levels, equity levels, tax shielde | 1/25/12 | Free | View In iTunes |
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13 |
Valuation : Cash flow exercise | M. Thesmar goes through an example of calculations related to cash flows. This appears as an application of the concepts explained in the previous video. | 1/22/12 | Free | View In iTunes |
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14 |
Valuation : From the NPV Formula to the valuation of a firm | This video is an introduction to firm valuation. the speaker talks about of the Net Present Value (NPV), and explains how to adapt this formula in order to make it closer to the reality of firm valuation. An explanation of the way to handle cash flows is | 1/18/12 | Free | View In iTunes |
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15 |
Review of a case : 1855, Part 2 | Application of some concepts about capital structure. Then, the case enables to go through a financial analysis. | 1/15/12 | Free | View In iTunes |
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16 |
Review of a case : 1855, Part 1 | Application of some concepts about capital structure. Then, the case enables to go through a financial analysis. | 1/11/12 | Free | View In iTunes |
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17 |
Wrap up about tax related considerations | Re-mentioning of tax effects on the capital structure decisions. Personal taxes are considered, as well the principle of imputed tax systems. Some example are given. | 1/8/12 | Free | View In iTunes |
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18 |
Study of an exercise | An exercise is done as an application of different concepts related to the Modigliani-Miller framework without taxes. | 1/4/12 | Free | View In iTunes |
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19 |
Accounting for taxes within the Modigliani-Miller framework | Discussion about the influence of the tax considerations in the capital structure decision. Computation of the tax shield, discussion on the effect of taking into account taxes in the Modigliani-Miller framework. | 1/1/12 | Free | View In iTunes |
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20 |
The reality of market inefficiency | Discussion about the reality of market inefficiency. How to account for it? How is the capital structure decision affected by this reality. | 12/28/11 | Free | View In iTunes |
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21 |
The Modigliani Miller Framework : Continued | The returns version of the Modigliani-Miller theorem and the influence the capital structure has on the way the firm is perceived. How can we valuate subscription rights in a SEO. Dilution and accretion are explained and used in an example. | 12/25/11 | Free | View In iTunes |
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22 |
The Modigliani Miller Framework : A first view | The Modigliani-Miller framework is exposed, it's linked theorem is exposed and a proof of that is provided. An example of the implications of this framework is presented. | 12/21/11 | Free | View In iTunes |
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23 |
Capital Structure decision : Sources of Financing | At the core of capital structure decisions are the ways a company can use to finance itself. These are exposed in this video. | 12/18/11 | Free | View In iTunes |
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24 |
Alternative Financial Analysis techniques. | The speaker introduces three other ratios commonly used by financial analysts to exploit data from the markets: Price Earnings Ratio (PER), Price to book and Dividend yield. | 12/14/11 | Free | View In iTunes |
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25 |
Financial Analysis, Step 4 : Profitability Analysis | Fourth step of a 4 step method for financial analysis : profitability analysis. In order to address this point, some important ratios are introduced : ROCE, NOPAT and ROE. Leverage effect is also defined and elaborated upon. | 12/11/11 | Free | View In iTunes |
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26 |
4 Step Method for financial analysis : Step 1: Value Creation | Introduction of a 4 step method for financial analysis. the speaker introduces the first step, value creation. He talks about the trends in EBITDA, and then explains the scissors effect and the breakeven point. Finally, the operating leverage is addressed | 5/26/11 | Free | View In iTunes |
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27 |
Financial Analysis, Step 3 : Financing Analysis | Third step of a 4 step method for financial analysis : financing analysis. The speaker addresses solvability and liquidity issues, and exposes some tools enabling to judge these aspects. | 5/26/11 | Free | View In iTunes |
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28 |
Financial Analysis, Step 2 : Investment Analysis | Second step of a 4 step method for financial analysis : investment analysis. Definition of working capital. The example of a retailer is presented. | 5/26/11 | Free | View In iTunes |
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29 |
Financial analysis : Definition and simple facts. | A definition of financial analysis and some words about how to do it? Some basics of accounting are exposed. | 5/26/11 | Free | View In iTunes |
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30 |
Operating capital, capital employed and calculations. | This video consists of a discussion of different examples showing the possible conflicts between shareholders and debt holders :and illustrating the principle of the cash in and run technique. | 5/26/11 | Free | View In iTunes |
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31 |
The shareholder/debt holder conflict, cash in and run | In this video, M. Thesmar gives different examples showing that important conflicts between shareholders and debt holders can arise and illustrating the principle of the cash in and run technique. | 5/14/11 | Free | View In iTunes |
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32 |
The shareholder/debt holder conflict, cash in and run | In this video, M. Thesmar gives different examples showing that important conflicts between shareholders and debt holders can arise and illustrating the principle of the cash in and run technique. | 5/14/11 | Free | View In iTunes |
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33 |
The shareholder/debt holder conflict, cash in and run | In this video, M. Thesmar gives different examples showing that important conflicts between shareholders and debt holders can arise and illustrating the principle of the cash in and run technique. | 5/14/11 | Free | View In iTunes |
| Total: 33 Episodes |
