Ab dem kommenden SoSe 2018 haben Studierende die Möglichkeit, die kleine Mastervertiefung Corporate & Entrepreneurial Finance zu belegen. Das Modul setzt sich aus der Vorlesung Corporate Finance III von Prof. Schiereck und Entrepreneurial Finance von Prof. Bock zusammen. Eine Anmeldung zu dieser Veranstaltung ist zum SoSe 2018 möglich. Für weitere Details kontaktieren Sie bitte Daniel Dilmetz vom FG Gründungsmanagement (Dilmetz@ent.tu-darmstadt.de).
Corporate Finance III: In this lecture, the interplay of strategic management decisions, corporate finance, and corporate governance is demonstrated from two aspects in terms of content, namely, mergers and acquisitions (M&As) and capital structures. In terms of empirical methodology, the standard event study is explained by differ-ent examples. In the first part, M&As are illustrated from the perspective of market for corporate control, which starts with an analysis of takeover motives, extended by the valuation methods used for corporate appraisals, and ending with the discussion of different finance and governance structures in M&As. In the second part, on the premises of an efficient market, the event study methodology is exhibited in different forms, which is the most widely used method for assessing the success of M&As. In the third part, a discussion of corporate capital struc-tures in consideration of taxes, insolvency costs, and incentive problems extends the Bachelor lecture Investment and Finance (I&F) in various ways.
Entrepreneurial Finance: In the course, special attention is put on sources of financing which are relevant in different development stages of start-ups. Students get an overview of different sources of funding available for young companies and discuss the advantages and disadvantages of each. This part also provides a broad overview of the private equity industry including both early stage venture capital funds and buyout funds. Further, the busi-ness model of private equity firms and the relationship between an equity investor and an entrepreneurial firm are analyzed in more detail. Based on a general understanding of the private equity industry, the refinancing and investment process of a private equity firm will be discussed intensively. Further, possible exit possibilities are discussed.