The course focuses on capital raising in the United States and international markets and has as its ultimate goal a greater understanding of the capital acquisition process while it emphasizes capital raising in public markets. The course covers the institutional process of security issuance—the formal rules and regulations as well as the informal norms and practices of the marketplace. Issuance in public security markets entails strict adherence to these rules and regulations that govern the marketplace. While these rules place more limitations on managers’ actions than private placements, the United States and the developed world’s capital markets offer firms the broadest array of possible funding sources at the lowest cost. Students will survey a number of commonly used financing arrangements, such as follow-on equity issues, initial public offerings, ADRs, and several forms of straight and convertible debt. The course targets students with professional interests in corporate finance, commercial and investment banking, financial services, and management consulting.


Academic course objectives:


·         Provide the terminology and basic features of the range of securities

·         Understand the appropriate context for when a particular security should be used

·         Examine the ways firms ensure adequate funding and on-going access to the capital markets

·         Examine financial structure and how individual securities work together within a firm’s overall capitalization

·         Develop greater theoretical understanding of topics in advanced corporate finance


Elements of the course grade:


Class contribution                   35%

Final examination                    65%


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