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About the course
Financial decisions such as Investments, Mergers and Acquisitions, Financing, Risk Management, Valuation and Payout Policy all have international dimensions. But in today’s constantly shifting global economy and turbulent business environment, such decisions are rendered more complex and challenging than ever before. In particular, global differences in regulation, taxation, exchange risk, political risk and governance quality all have an impact on the way financial decisions should be made. To succeed, and take their knowledge of corporate finance to the next level, finance professionals need a solid understanding of these international complexities.
The INSEAD Advanced International Corporate Finance programme will help you develop a strategic understanding of key financial decisions faced by organisations today by putting them into an international context. The programme will challenge existing frameworks and techniques and will help you to think beyond your national or regional context by studying advanced international case studies developed and written by INSEAD faculty.
INSEAD’s finance professors, who are responsible for designing and delivering the programme, are among the most highly ranked in the world for their research. And your peers in the INSEAD classroom will come from leading international companies. Together, they will challenge your preconceptions, broaden your global outlook and help take your performance to new levels.
HOW YOU BENEFIT
- Risk management. Be better prepared to deal with international challenges in corporate finance, in particular political, governance and currency risks
- Refreshed skill set. Make better investment, financing and pay-out decisions in an international context
- Analytical examination of return and risk. Accurately measure the impact of your strategic decisions on shareholder value as well as on risk
- Deeper understanding. Strengthen your knowledge of global financial markets
- Strategic planning. Increase your tactical finance capabilities and improve your valuation skills
- Master M&A. Improve your tactical skills in M&A, in particular anticipating takeover defences when you are a bidder
Through a blend of cutting-edge theory and hands-on experience with the concepts studied, this programme provides financial managers with the tools they need to drive return and minimise risk in international, corporate environments. The following topics are covered in depth.
COMPANY VALUATION, COST OF CAPITAL AND OPTIMAL CAPITAL STRUCTURE
A refresher on the fundamentals of company valuation, including: estimating free cash flows and the cost of capital; calculating discounted cash flows using the Weighted Average Cost of Capital (WACC) method; and an overview of optimal capital structure theory.
ADVANCED INTERNATIONAL PROJECT VALUATION AND PUBLIC-PRIVATE PARTNERSHIPS
An overview of international valuation methods for highly leveraged transactions, such as leveraged buyouts or project finance, where debt changes over time and the assumptions of the WACC do not hold.
VALUATION AND THE INTERNATIONAL DIMENSION OF RISK
A comprehensive session on currency and country risks – and the use of industrial and financial strategies to avoid exposure in a way that minimises the cost and creates value – by managing risk using the business plan and industrial policy of the company.
VALUE CREATION IN RAISING CAPITAL
An exploration of the main issues involved in raising equity capital and being publicly traded, including: the roles played by the different players; the impact on voting and control over the company; and the costs of raising equity from the public markets and incentives for different parties in equity financing.
DEALING WITH UNDERVALUATION
An intensive session on the options for companies that find themselves undervalued, including: when and how to signal undervaluation to the markets; when to increase dividend payments; and when to take advantage of the undervaluation to buy back shares and methods for doing so.
Who should attend
The programme is designed for CFOs, board members, investment bankers, consultants and other senior executives who want to deepen their knowledge of corporate finance.
Trust the experts
Theo Vermaelen is UBS professor of Investment Banking in honor of Henry Grunfeld at INSEAD and visiting Professor of Finance at Chicago Booth. Although he conducts research on a variety of topics in corporate finance such as mergers and acquisitions, CoCo bonds, floating priced convertibles, div...
Pierre Hillion is a Professor of Finance, de Picciotto Chaired Professor of Alternative Investments, and the Program Director of the INSEAD-Macquarie Master of Finance. From 1999 to 2004, he held the Shell Professorship in Finance. He serves as a visiting professor at the University of California...
Massimo Massa is the Rothschild Chaired Professor of Banking and a Professor of Finance at INSEAD. He teaches international finance, corporate finance, asset management, behavioural finance, and governance in MBA, EMBA, PhD and Executive Education programmes. He has an MBA from the Yale School of...