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FIE 402N Corporate Finance, fall 2015 PRELIMINARY

Professor Thore Johnsen (C311)


Tue and Thu 10:15-12:00 in Jan Mossin
TA sessions are held by Jens Kvrner Srlie on indicated topics & exam problems; Terje Hansen Aud. 16.15 18.00
Readings:
Berk and DeMarzo (BD); Corporate Finance, 3rd edition. Course package (A) consisting of articles and case-materials
#
1

Tue

Date Topic
18/8 Introduction

Note

Readings
BD ch. 1-2
A.1-2
BD ch. 3-5, 7-8
A.3-4

2, 3 Thu
Tue

20/8 Capital budgeting


25/8

4, 5 Thu
Tue

27/8 Valuation of shares and firms


1/9

BD ch. 9

6, 7 Thu
Tue

3/9
8/9

BD ch. 10-13
BD ch. 18-19

Thu

Thu

Cost of capital
WACC from comparable companies

Valuation using options and forwards


10/9 Pricing of options and forward
contracts
10/9 TA session 1: Valuation

BD ch. 20-21

Practice problems
2: 8,10,13,20,22

Due date
12/9

7: 7,13,22
8: 10,19,23

12/9

9: 8,9,15,19,25,30

12/9
26/9

Marriott Corp.*
(8/9)

11: 48,50
12: 17-19, 22,25,27
18: 4,8,12,14

Bruce Honiball
(10/9)

20: 5,16,19,22
21: 12,26

26/9

Reeby Sport*(1/9)

(16.15 18.00)

Exam 2006 Q2, 2007 Q2

Fri

11/9 TA session 2: Cost of Capital (16.15 18.00)

Tue

15/9 Real options

BD ch. 22
A.5

10 Tue

22/9 Equity as an option

BD ch. 6.1-2,
6.4-5, 20.6

11 Thu

Capital structure and payout policy


24/9 The debt-equity choice: taxes vs.
bankruptcy costs

Case*/Mini-case

Exam 2003 Q1

BD ch. 14-16
A.6-7

Mr Thorndike
(22/9)

22: 7,12,15

26/9

8: 3,11
20: 28,30

26/9

14: 3,5,9,14,21
15: 6,7, 18,22
16: 9,12,17

10/10

12 Thu

1/10 Pecking order

13 Tue

6/10 Debt capacity

14 Thu

8/10 Dividend policy

15 Tue

13/10 Equity offerings

Thu 15/10 TA session 3: Options


Fri
16 Tue

BD ch. 24
A. 8-9

16: 29,33
24: 12

10/10

BD ch. 9.3, 17
A.10-11

9: 17
17: 2,6,9,16,22

24/10

BD ch. 23
A.12

23: 9,13,17

24/10

(16.15 18.00)

Exam 2008 Q4, 2006 Q3

16/10 TA session 4: Convertibles (16.15 18.00)


Special topics and course review
20/10 M&A

17 Thu 22/10 Valuation II


Fri

Crown*
(6/10)

Exam 2008 Q3, 2009 Q4


BD ch. 28
A.13

28: 4,9,14,18

24/10

BD ch. 29
A.14-15

23/10 TA session 5: equity offering / dividends

Exam 2004 Q3, 2010 Q5

GUEST LECTURES 26 29 Oct


Mon 26/10 16.15 - 18.00, Mossin: Anders Misund (NHH 98); Head of EQT Partners Norway

- Private Equity

Tue 27/10 10.15 12.00, Mossin:Peter Hermanrud (NHH 82), Head of Strategy, Swedbank Sec.

Valuation

16.15 - 18.00, Mossin: Are Andersen (NHH 93); Partner, ABG Sundal Collier

- Investment Banking

Thu 29/10 10.15 12.00 Mossin: Herleif Haavik (NHH 96), Head of Credit Trading, Nordea Markets - Credit markets
16.15 18.00 Mossin:McKinsey Norway

M&A

18 Tue

3/11 Course review I

Fall 2013 exam*

19 Thu

5/11 Course review II

Fall 2014 exam*

Man 16/11 FINAL EXAM


A star (*) indicates a case eligible for one course credit (vs. a mini-case, counting for course credit). Case write-ups are due before the start of class or, if indicated, the
date in parenthesis. Practice problems should be solved in MyFinanceLab, with at least 50% of the answers correct. Each home work set carries equal weight, i.e. if you
miss one practice problem set, you need 100% correct on the next practice problem set for an average of 50%. The last column shows the due date for the respective
practice problem set. See the course description for a detailed review of the course requirements. The course code in MyFinanceLab is XL21-I1YR-2020-3M02.