Corporate Financial Strategy in Global Markets (CFSGM)
Présentation :
How much should I pay for a company? What is the best way to fight a hostile bid? How do I determine my long-term target capital structure? When and how should I go public? Is it better to take my company private in a leveraged buyout or to borrow money and repurchase stock? Can I use derivatives in structuring acquisitions and share buybacks? How do I account for the risk of doing business in other countries? Above all, how can I make sure that everyone in the company contributes to the common objective of maximising shareholder value?
These are some of the many questions that will be answered in the Corporate Financial Strategy in Global Markets (CFSGM) programme – designed specially for experienced financial services and corporate finance executives. In nine intensive days, INSEAD guarantees to sharpen the expertise of knowledgeable finance professionals.
Programme :
Focusing on the following topics, the programme will enhance your contribution to increasing shareholder value.
Valuation
Learn to value companies using the discounted cash flow method and to identify and discount relevant cash flows using Weighted Average Cost of Capital (WACC). Explore how capital structure decisions influence the cost of capital and discuss alternative valuation methods such as Adjusted Present Value (APV) and Real Options. One day is also devoted to the international dimension of valuation.
- Valuation of companies
- Forecasting cash flows and residual value
- Estimating the cost of capital
- International valuation, risk assessment and control
- Valuing flexibility as an option
Financing
Examine the impact of taxes, financial distress costs, agency costs and information asymmetries on your company’s financing decisions. Discuss how derivatives and hybrid financing instruments can improve capital structure. Evaluate whether going public is the best way to improve your capital and ownership structure.
- Optimal capital structure
- Initial public offerings
- Rights issues versus general cash offers
- Derivatives and financial innovation
Asset restructuring
Gain an extensive financial and strategic overview of mergers and acquisitions, including evaluating synergies, acquisition financing and takeover defences, as well as other forms of corporate restructuring.
- Mergers and acquisitions and general corporate strategy
- Mergers and acquisitions: motivations and consequences
- Acquisition financing
- Anticipating and evaluating takeover defences
- Equity carve-outs
- Spin-offs
Financial restructuring
More than ever companies are involved in leveraged buyouts and share buybacks. Find out what drives these trends.
- Leveraged buyouts and private equity
- Share repurchase: methods, motivations and consequences
- Leveraged recapitalisations
Value-based management and managerial incentives
Learn how to motivate managers to create shareholder value. Make sure that people who feel far removed from the stock price make decisions that are consistent with the overarching objective of maximising shareholder value.
- Value-based management
- Executive and managerial compensation
- Economic value added
Shareholder communication
Learn how to communicate with capital markets through actions rather than words. Gain insights into how the market responds to these actions.
- Credible information signalling: theory and evidence
- Market under-reaction to share buybacks and other information signals
Accessible en:
Formation continue
Durée:
9 jours
Contact:
Europe Campus
Boulevard de Constance
77305 Fontainebleau