Corporate Finance
1. MODULE OVERVIEW
Over the past 15 years, managing the firm for value creation has become a key motto. At the end of the 1980s, the resurgence of hostile takeover activity in the USA exerted strong pressure on the top-management of public companies to maximize shareholder value. In the 1990s, calls for corporate governance reforms spread globally and reinforced the need for sound decision-making structures and processes leading to value creation. In this process, the link between strategy and financial performance has become more crucial than ever. It is the responsibility of every chief executives to develop an understanding of the way a company’s strategic decisions and operating activities affect its financial performance and its ultimate value.
Designed primarily from the perspective of chief executives seeking to understand the link between strategy and finance in their quest to create value, “Corporate Finance” will provide the concepts and tools to:
- Understand the nature of funds suppliers’ return requirements, and their articulation with financial markets
- Analyze past financial statements and use them to:
♦ measure return generated in excess of funds suppliers’ return requirements
♦ forecast future financing needs
- Identify and leverage value drivers as part of a Value-Based Management approach.
- Assess the value of the corporation
- Measure value created by investment projects
- Identify the contribution of financial decisions to value creation
2. FACULTY BIOGRAPHY
Professor Antoine Hyafil is currently Deloitte Professor of Finance & Energy at HEC School of Management, France leading “Ivy League” Business School, and according to the Financial Times Europe’s n°1 Business School. His areas of interest include corporate and financial strategy, corporate valuation, corporate governance, and corporate social responsibility. Carbon Financial Markets, Carbon Venture Capital, Mergers and Acquisitions and Corporate Restructuring in the Energy sector are now high on his agenda.
Professor Hyafil was HEC’s Dean of the Faculty twice, from 1984 to 1989, and more recently, from 2003 to 2007.
He has also been on the Visiting Faculty at the Sloan School, MIT. He taught or is teaching at various schools or institutes throughout the world, such as Insead in Singapore, Fundaçao Dom Cabral in Brazil, Bahrein Banking Training Center in the Emirates, the Baltic Institute of Management in Lithuania, Warsaw Institute of Technology Business School in Poland, Ecole Supérieure des Affaires in Lebanon, Global Business School Delhi in India, Nagoya University in Japan, Saint Petersburg State University in Russia.
Professor Hyafil has also developed and taught in a large number of custom made executive programs, all over the world. Clients have included American National Can, Amora-Maille, Faurecia, Gemplus, Pechiney, Pernod Ricard, Suez-Lyonnaise des Eaux, TotalFinaElf, Caisse des Dépôts et Consignations, AGF, SCOR and a few others. He also consults with small and large corporations throughout the world. He has been an officer of The First National Bank of Chicago and an Academic in Residence with Merrill Lynch Investment Banking Department. His various missions have led him to be involved in many financial assignments, such as financial planning, corporate valuation, and mergers and acquisitions.
Professor Hyafil holds a Masters degrees in Political Science (1968) from University of Paris and in Business Administration from INSEAD, Fontainebleau (1972). and a Joint Doctorate in Business Administration (1979) with Distinction from University of Orléans and HEC Doctoral Program.
Marc Bertoneche holds Masters degrees in Economics (1967) and Political Science (1969) from University of Paris and a Doctorate in Business Administration (1978) from University of Bordeaux (France). He received his MBA (1973) and his Ph.D. in Finance (1976) from Northwestern University Graduate School of Management, where he has been a Distinguished Scholar and a Beta-Gamma-Sigma.
An Adjunct Faculty at HEC, School of Management Paris, Marc Bertoneche holds a chair as Professor in Business Administration at the University of Bordeaux. In addition, he regularly teaches in various universities and business schools all over the world. Marc Bertoneche has been on the Faculty of INSEAD for more than twenty years. He was a Visiting Professor at the Graduate School of Management, Northwestern University in 1974 and, for more than ten years, a regular Faculty of the Advanced Management Program at Templeton College, University of Oxford. At this institute he was also a co-founder of the Oxford Senior Executive Finance Program, a Visiting Fellow in Finance in 1997 and has been an Associate Fellow since 2001. In 1986-1987, 1990-1991 and since 1998, he has been a Visiting Professor at the Harvard Business School where he teaches finance in the MBA program, in the Advanced Management Program (AMP) and in The General Manager Program (TGMP).
Marc Bertoneche has been elected best teacher on numerous occasions and has won several awards for excellence and innovation in the classroom. In 1999, 2000 and 2003, he received the Harvard Business School's Faculty Award.
He has also developed and taught in a large number of executive programs all over the world. Clients have included L'Air Liquide, AstraZenaca, Baxter International, Carrefour, Disneyland Paris, Electrolux, Goodyear, Hewlett-Packard, Honeywell, IBM, Kimberly-Clark, L'Oreal, Philips, Rhone-Poulenc, SAS International Hotels, St. Gobain, Schneider Electric and Unilever among others. He has been a consultant to a wide variety of organisations. Assignments have involved him in many different finance related topics including financial planning, working capital management, corporate valuation, mergers and acquisitions, value management, new ventures and hedging interest rate and foreign exchange exposures.
Professor Bertoneche's areas of interest include corporate and financial strategy, mergers and acquisitions, venture capital, financial markets, corporate ownership and governance, risk management and international finance. He is the author or co-author of six books and more than fifty published articles on various financial topics. He is a referee for several journals in the US and in Europe.
