Lehrinhalte
The course discusses major ways companies employ to finance their operations via capital markets. Equity financing is the focus of this course. Students learn about the mechanism and reasoning behind Initial Public Offerings (IPO). In particular, the course examines conceptual and application perspectives related to initial underpricing of IPOs, the valuation of IPOs, and different allocation procedures of shares. Theoretical discussions are followed by empirical findings to each topic. Then, the rational of seasoned equity offerings (SEO) is analyzed. Topics include the legal framework in different countries, cycles, undepricing, and performance of SEOs. The rational of corporate cross-listing decisions is examined as well. The second part of the course focuses on debt financing. Students are introduced to bond markets. The emphasis is on bond pricing as well as reasons, characteristics and types of corporate bonds.
Literature
To be announced in class.
Voraussetzungen
No prerequisites. A working knowledge of topics covered in the introductory course "Finanzierung" are helpful.
Official Course Description
The course discusses major ways companies employ to finance their operations via capital markets. Equity financing is the focus of this course. Students learn about the mechanism and reasoning behind Initial Public Offerings (IPO). In particular, the course examines conceptual and application perspectives related to initial underpricing of IPOs, the valuation of IPOs, and different allocation procedures of shares. Theoretical discussions are followed by empirical findings to each topic. Then, the rational of seasoned equity offerings (SEO) is analyzed. Topics include the legal framework in different countries, cycles, undepricing, and performance of SEOs. The rational of corporate cross-listing decisions is examined as well. The second part of the course focuses on debt financing. Students are introduced to bond markets. The emphasis is on bond pricing as well as reasons, characteristics and types of corporate bonds.
Online-Angebote
moodle
The course discusses major ways companies employ to finance their operations via capital markets. Equity financing is the focus of this course. Students learn about the mechanism and reasoning behind Initial Public Offerings (IPO). In particular, the course examines conceptual and application perspectives related to initial underpricing of IPOs, the valuation of IPOs, and different allocation procedures of shares. Theoretical discussions are followed by empirical findings to each topic. Then, the rational of seasoned equity offerings (SEO) is analyzed. Topics include the legal framework in different countries, cycles, undepricing, and performance of SEOs. The rational of corporate cross-listing decisions is examined as well. The second part of the course focuses on debt financing. Students are introduced to bond markets. The emphasis is on bond pricing as well as reasons, characteristics and types of corporate bonds.
Literature
To be announced in class.
Voraussetzungen
No prerequisites. A working knowledge of topics covered in the introductory course "Finanzierung" are helpful.
Official Course Description
The course discusses major ways companies employ to finance their operations via capital markets. Equity financing is the focus of this course. Students learn about the mechanism and reasoning behind Initial Public Offerings (IPO). In particular, the course examines conceptual and application perspectives related to initial underpricing of IPOs, the valuation of IPOs, and different allocation procedures of shares. Theoretical discussions are followed by empirical findings to each topic. Then, the rational of seasoned equity offerings (SEO) is analyzed. Topics include the legal framework in different countries, cycles, undepricing, and performance of SEOs. The rational of corporate cross-listing decisions is examined as well. The second part of the course focuses on debt financing. Students are introduced to bond markets. The emphasis is on bond pricing as well as reasons, characteristics and types of corporate bonds.
Online-Angebote
moodle
- Lehrende: Dirk Schiereck
Semester: WT 2021/22