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School of Hotel Administration

Raising Capital: the Process, the Players, and Strategic Considerations

Jun 19
Online
USD 769
Jul 17
Online
USD 769
Aug 14
Online
USD 769
+19 more options

How it works

Disclaimer

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Description

Learn about the decision frameworks financial professionals use to arrive at the company's optimal capital structure. Obtain a thorough understanding of the strategic considerations involved in raising funds for the purpose of investing in projects. Find out how capital structure decisions at the company level influence project decisions at the departmental level.

Firms routinely require access to external capital markets in order to fund capital and operating investments. Making complete, well-informed financing decisions at the corporate level requires a thorough understanding of capital markets. This course provides an introduction to the issues surrounding the debt-equity decision. It explains how decisions at the department or division level are influenced by capital structuring decisions at the company level and why changes in the industry and in the economy are important to investment and financing decisions in your organization.

This course goes beyond a standard theoretical treatment of capital structure to explain fully how characteristics of capital markets impact the process and prospects of raising capital. Through an exploration of the strategic considerations involved in creating an optimal mix of debt and equity, this course addresses questions about the process of raising funds and the appropriate amounts of debt and equity to raise.

Through it, you gain the insight you need to contribute to decisions in your own firm and obtain a more complete understanding of corporate restructuring, mergers, acquisitions, and bankruptcy.

Key Benefits

Participants who complete this course will be able to...

  • View the process of raising capital in a broad context of capital-related decisions regarding the mix of capital and the process of entering into capital markets
  • Explain how decisions in your department or division are influenced by capital structuring decisions
  • Explain why changes in the industry and in the economy are important to capital budgeting decisions in your organization
  • Contribute to decisions in your own firm more meaningfully with a good understanding of corporate restructuring, mergers, acquisitions, and bankruptcy

Topics Include

Module 1 - Financing Choices and the Debt-Irrelevance Proposition

  • The Optimal Mix of Debt and Equity
  • Debt vs. Equity

Module 2 - Factoring Taxes into the Financing Decision

  • How Debt Creates Benefits for the Firm
  • Factoring Taxes into the Financing Decision

Module 3 - Financial Distress Costs

  • Costs Due to Liquidation, Reorganization, and Shareholder Perceptions
  • Structuring Debt to Mitigate Financial Distress Costs
  • Fixed Rate vs. Floating Rate

Module 4 - Factoring Transaction Costs into the Financing Decision

  • Underpricing and the Cost of IPOs
  • Weigh the Costs for IPOs

Module 5 - Key Theories of Capital Structure

  • The Pecking Order Theory Defined
  • Introduction to the Trade-Off Theory
  • Reconciling the Pecking Order Theory and the Trade-Off Theory

Who should attend

This course is designed for non-financial managers who are responsible for making integrated financial decisions and need a fundamental understanding of the process, players, and strategic considerations of raising capital.

Experts

Dr. Steven Carvell, a professor of finance at the School of Hotel Administration, has 30+ years of extensive service at the School and University including: Associate Dean of Academic Affairs, Academic Director of the Pillsbury Institute of Entrepreneurship, and the Cornell University Internation...
Scott Gibson is the J.E. Zollinger Professor of Finance at the College of William and Mary Mason School of Business. His current research interests include optimal financing strategies for hospitality firms and the effect of institutional investor trading behavior on securities prices. His resear...

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Next dates

Jun 19
Online
USD 769
Jul 17
Online
USD 769
Aug 14
Online
USD 769
+19 more options

How it works

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