Module Catalogue SUMMER SEMESTER Master of Arts International Finance and Economics. (SPO 2012)

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1 Master of Arts International Finance and Economics Module Catalogue (SPO 2012) SUMMER SEMESTER TH Nürnberg Georg-Simon-Ohm Bahnhofstraße 87 D Nürnberg Phone: +49-(0) Fax: +49-(0) Updated: March

2 Table of Contents 1. Overview: Modules, Sub modules and Examinations Study Plans Module Descriptions... Module 1 Global Management Foundations... Module 1 Global Management Foundations (continued)... 7 Module 1 Global Management Foundations (continued)... 8 Module 2 Applied Quantitative Methods... 9 Module 2 Applied Quantitative Methods (continued) Module 3 International Capital Markets Module 4 International Economics Module 5 Global Financial Management Module 5 Global Financial Management (continued) Module Applied Research Project Module 7 Master Thesis... 1 Module 8 Electives - M&A and Bank Management Module 8 Electives - M&A and Bank Management (continued) Module 8 Electives Equity and Bond Investments Module 8 Electives Corporate Valuation and Value Based Management Module 8 Electives Corporate Valuation and Value Based Management (continued) Module 8 Electives Finance, Capital Markets and Private Equity Module 8 Electives Finance, Capital Markets and Private Equity (continued) Module 8 Electives Fallstudien in Finanzierung und Kapitalmarkt Module 8 Electives Finanzderivate Module 8 Electives Beurteilung und Finanzierung des Mittelstandes

3 Module 8 Electives - Economics of European Integration Module 8 Electives Developing and Emerging Markets Economics Module 8 Electives - Public Sector Economics Module 8 Electives Behavioral Economics Module 8 Electives - Strategic Management in a Global Context Module 8 Electives Management of Foreign Trade Module 8 Electives Controlling I... 3 Module 8 Electives Controlling II

4 1. Overview: Modules, Sub modules and Examinations Modules 1. Global Management Foundations 1.1 International Financial Accounting Business Ethics 2 SWS Examination Weighting in case of Sub modules ECTS 1:1 2. Applied Quantitative Methods 3. International Capital Markets 4. International Economics 5. Global Financial Management. Applied International Research 7. Master Thesis 2. Applied Quantitative Methods 4 3. International Capital Markets 4 4. International Economics Global Financial Institutions and 4 Investment Banking. Applied Research Project Master Thesis MA Master Seminar Kol 9: Electives Students have to take modules of at least 12 ECTS in the area of Finance and 12 ECTS in the area of Economics Mergers & Acquisitions Mergers & Acquisitions and Bank Finance 4 and Bank Management Management Equity and Bond Equity and Bond Investments Finance 4 Investments Corporate Valuation Corporate Valuation and Value Based and Value Based Finance Management 4 Management Finance, Capital Markets and Private Equity Fallstudien in Finanzierung und Kapitalmarkt Finanzderivate Beurteilung und Finanzierung des Mittelstandes Economics of European Integration Developing and Emerging Markets Economics Public Sector Economics Behavioral Economics Finance Finance Finance Finance Finance, Capital Markets and Private Equity 4 Fallstudien in Finanzierung und Kapitalmarkt 4 Finanzderivate Beurteilung und Finanzierung des Mittelstandes 4 Economics Economics of European Integration 4 Economics Economics of International Cooperation and Development 2 International Trade 2 Economics Public Sector Economics 4 Economics Behavioral Economics Strategic Management Strategic Management in a Global General 4 in a Global Context Context Management of Foreign General Management of Foreign Trade 4 Trade Controlling I Controlling I General 4 Controlling II General Controlling II 4 4 1:1 Ábbreviations: Kl = Klausur / Examination StA = Studienarbeit / Assignment paper Kol = Kolloquium / Colloquium SWS = wochenstunden / Weekly hours per semester MA = Masterarbeit / Master Thesis TN = Teilnahmenachweis / Attendance required Ref = Referat / Presentation / = oder / or schrp = schriftliche Prüfung / Written Examination ; = und / and 4 Couse Catalogue: 4

5 2. Study Plans 5

6 3. Module Descriptions Module 1 Global Management Foundations 1. or 2. ECTS None Mandatory Sub module 1 International Financial Accounting Sub module responsibility Prof. Dr.René Heelein 3 ECTS 90 hrs. English Contribution to the goals of the Provision of advanced knowledge and analytical capabilities in International Accounting for combined entities. Students can describe the fundamental principles, assumptions and constraints of the accounting of combined entities. They understand and are able to explain the annual report of an international combined entity (global player). Course participants are able to analyze consolidated financial statements and can draw practice oriented conclusions from their analysis. They can present and evaluate relevant information in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships. The course covers the following topics: - IFRS 3: Business combinations - IFRS 8: Operating Segments - IFRS 10 Consolidated Financial Statements - IFRS 11 Joint Arrangements - IAS 7 Statements of Cash flows - IAS 12: Income taxes - IAS 21:The effects of changes in foreign exchange rates - IAS 28: Investments in associates - IAS 39/IFRS 9 Financial Instruments This module consists of a lecture part and an independent research part. In the lecture part the students will be endowed with the necessary knowledge of the rules and techniques to understand and to analyze an annual report. Current reports of international companies will be provided for independent research by the students. Students are to present their findings in a seminar paper and an oral presentation. Type of Examination Final Exam (90 min) Basics in Financial Accounting Literature (Excerpt) Wiecek/Young: IFRS Primer, International GAAP Basics Mirza/Orrell/Holt: IFRS, Practical Implementation Guide and Workbook, Wiley 23 hrs. Preparations of classes, 15 hrs. mandatory reading Preparation for examinations/of 29 hrs. seminar papers/presentations Post processing of the lecture 23 hrs. 90 hrs.

7 Module 1 Global Management Foundations (continued) Sub module 2 Sub module responsibility Work load Contribution to the goals of the Business Ethics Prof. Dr. Bernd Hümmer and/or Prof. Dr. Margo Bienert ECTS 90 hrs English Understanding moral and ethical concepts and conduct options; Improving the quality of (business) decisions and enhancing long-term business success through understanding ethical dilemma, moral philosophy, social responsibility, organizational culture, and special issues in a global economy; communicative ethics and modern practical philosophy Students will be able to recognize and (re-)evaluate the ethical dimensions of business decisions in our competitive global business world. By applying various ethical theories and processes of decision making, students are able to understand, structure and to evaluate the complexity of typical ethical dilemmas in business decisions of our global and multicultural business world. Students are trained to present and evaluate complex topics and sophisticated theories in oral presentation and in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships. The course covers the following topics: Definition of good as a basis concept of all moral discussions (as discussed by Plato, Aristotle, Kant, Descartes, Moore) Ethics in Business: Globalization and the role of Business Ethics Corporate social responsibility, Corporate Accountability and Corporate Citizenship Ethical theories: Teleological, Deontological, Meta, Descriptive, Normative and other ethical theories; alternative perspectives and pragmatic use of ethical theory Ethical decision making example model Ethical Model of discursive and communicative ethics Managing Business ethics codes of ethics, social accounting, organizing for ethics, codes of conduct Managing stakeholder relations Corruption and bribery Introductory lectures, group works and presentations of students, classroom discussions and joint evaluations of ethical dilemmas. Students work out the presentations of the various topics of the lecture and are assisted here by lecturer in individual group by group coachings. Case studies (as suitable) will be applied throughout the class to further access and understanding Type of Examination Exam (0 min) and Presentation (20 min) (weight 50:50) None Literature (Excerpt) Crane, A./Matten, D.: Business Ethics, 3rd ed., Oxford Plato; Kant; Descartes; Mill; Moore; Rorty; Lay; Enderle further literature by own research 7

8 Module 1 Global Management Foundations (continued) Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for examinations/of seminar papers/presentations 22hrs. 28 hrs. 10 hrs. 30 hrs. 90 hrs. 8

9 Module 2 Applied Quantitative Methods Dr. Marco Rummer 1. or 2. ECTS English Contribution to the goals of the Provision of advanced knowledge and analytical capabilities in applied quantitative methods and research. This course will provide an introduction to quantitative methods in use in modern finance and economics. Emphasis will be placed on the practical use of empirical tools. This applied focus will be complemented by the investigation of assumptions and proofs that can improve the understanding of empirical results. Students will examine design issues in research, create data sets, develop research questions from data provided, use a variety of descriptive and inferential procedures to answer formulated research questions, interpret the results and write the results in the language of educational research. Additionally, in some of the seminars, selected papers in quantitative environmental economics will be critically discussed. Again the focus will be on relevant empirical papers published in the area. After completion of the course students are able to perform statistical and econometric research by using the software STATA. The course covers the following topics: Review in basic statistics Introduction to Stata The classical regression model Hypothesis testing Multiple regression Properties of the regression coefficient Dummy Variables Multicollinearity Heteroskedasticity Research project This module consists of a lecture part and an independent research part. In the lecture part the students will be endowed with the necessary knowledge and tools in applied quantitative methods. Students are to present their findings in a seminar paper and an oral presentation. Type of Examination Seminar paper, Presentation (20 min.) Basic statistics Mandatory Literature (Excerpt) G. S. Maddala (2001): Introduction to econometrics, Wiley, 3rd edition J. M. Wooldridge Introductory Econometrics: A Modern Approach, International Edition, Thomson. 9

10 Module 2 Applied Quantitative Methods (continued) Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for seminar papers/presentations 45 hrs. 30 hrs. 15 hrs. 90 hrs. 10

11 Module 3 International Capital Markets Prof. Dr. Felix Streitferdt 1. or 2. ECTS English Contribution to the goals of the Understanding international capital markets and capital market models. Students will be familiar with the most important institutions and participants on the international capital market. Moreover, they understand and are able apply the most broadly used capital market models. They have a deep understanding of the way capital market participants analyze different economic settings and they will be familiar with basic statistical analysis of capital market data. The course covers the following topics: Capital market institutions and participants Portfoliomanagement The CAPM and the tax CAPM Applying the CAPM Risk neutral valuation Information efficiency and capital markets Behavioural finance and capital market bubbles This module consists of lectures and case studies. In the lecture, students will be introduced to different theoretical economic concepts that they will apply at home on real world cases. The case preparation will take place in three steps: Individual preparation at home, a small group discussion in a group of students and a class room discussion that is moderated by the teacher. Type of Examination Exam (90 min.) None Mandatory Literature (Excerpt) Brealy, R.A./Myers, S.C/Allen, F.: Principles of Corporate Finance, 10 th edition, 2011, McGraw-Hill. Chisholm, A.A.: An Introduction to international capital markets, 2 nd edition, 2009, Wiley Sons. Fabozzi, J.F./Modigliani, F.P./Jones, F.J.: Foundations of Financial Markets and Institutions, 2007, Pearson. Forbes, W.: Behavioural Finance, 2009, Wiley & Sons. Shleifer, A.: Inefficient Markets, 2000, Oxford University Press Wiersema, U.F., Brownian Motion Calculus, 2008, Wiley & Sons. Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for examinations/of seminar papers/presentations 45 hrs. 30 hrs. 45 hrs. 0 hrs. 11

12 Module 4 International Economics Contribution to the goals of the Prof. Dr. Uwe Mummert 1. or 2. ECTS English Provision of advanced knowledge and analytical capabilities in international economics. Students can describe the fundamental components of the economic globalization process. They understand and are able to explain the constitutional complexity of the world economy. Course participants are able to analyze international economic developments and can draw practice oriented conclusions from their analysis. They can present and evaluate relevant information in written form. They are able to answer questions on this matter comprehensively and can explain relevant interrelationships. The course covers the following topics: Globalization in historical context Foreign exchange markets and exchange rate concepts Balance of Payments Mechanics Exchange Rate Dynamics Exchange Rate Arrangements Currency Crises Financial Market Globalization and Economic Growth Current Issues in International Economics This module consists of a lecture part and an independent research part. In the lecture part the students will be endowed with the necessary knowledge and analytical tools in international economics. Additionally topics on current issues in international economics will be provided for independent research by the students. Students are to present their findings in a seminar paper and an oral presentation. Type of Examination Exam (90 min.) (weight 50%) Seminar paper and Presentation (20 min.) (weight 50%) None Literature (Excerpt) Mandatory Feenstra, Robert C. and Alan M. Taylor (2008): International Economics, New York, Worth Publishers. Krugman, Paul R. and Maurice Obstfeld (200): International Economics, 7ed., Reading: Addison-Wesley. Additional reading is provided for each topic. All texts will be available via the intranet. Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for examinations/of seminar papers/presentations 45 hrs. 30 hrs. 15 hrs. 90 hrs. 12

13 Module 5 Global Financial Management Sub module Global Financial Institutions & Investment Banking Prof. Dr. Andreas Weese 1. or 2. ECTS SS: English, WS: German Contribution to the goals of the Understanding of types and business models of global financial institutions, with a particular focus on Investment Banking activities, and knowledge of regulatory requirements for banks and insurance companies Seminar participants will be familiar with the most important types and business models of global financial institutions such as banks, insurance companies and asset managers. They understand the institutional setup, purposes and challenges of these global financial institutions. Students are able to critically discuss benefits, constraints and problems regarding each single business model. In particular, students will gain an in-depth understanding of the areas of investment banking and capital markets activities of banks. Furthermore, seminar participants will have a broad understanding of different capital concepts for financial institutions and the respective impacts on their business decisions. In particular, students will gain a profound knowledge of regulatory requirements for banks under Basel III and get an overview of new capital requirements for insurance companies under Solvency II. The course covers the following topics: Banking business: retail banking, commercial banking and investment banking Insurance business: life insurance and non-life insurance Asset management business Capital concepts: IFRS capital, regulatory capital and economic capital Bank capital requirements under Basel III and capital requirements for insurance companies Equity & Debt Capital Markets Financial Advisory: M&A and Corporate Restructuring Sales & Trading and Research This module consists of a lecture part and an individual research part. In the lecture part, students will be introduced to the most important activities of global financial institutions and to regulatory requirements according to Basel III and Solvency II. In the individual research part, students will work on current issues related to banking, insurance business and regulatory capital requirements. Seminar participants have to produce a presentation and discuss their findings in a classroom presentation. Type of Examination Exam (90 min); Presentation (weight 51:49) None Mandatory 13

14 Module 5 Global Financial Management (continued) Literature (Excerpt) Bodie, Z., Kane, A., Marcus, A. (2011): Investments and Portfolio Management Choudhry/Landuyt: The Future of Finance: A New Model for Banking and Investment De Weert, F. (2011): Bank and Insurance Capital Management Hull, J. (2012): Risk Management and Financial Institutions Iannotta: Investment Banking A Guide to Underwriting and Advisory Services Liaw: The Business of Investment Banking: A Comprehensive Overview Mishkin,F., Eakins, S. (2012): Financial Markets and Institutions (Global Edition) Preparations of classes Post processing Preparation exams/ presentations 48 hrs. 20 hrs. 22 hrs. 90 hrs. 14

15 Module Applied Research Project Contribution to the goals of the Prof. Dr. Helen Rogers and Prof. Dr. Klaus Stocker 1.or 2. ECTS English Provision of applied research capabilities in international finance and economics. Develop skills on how to search for, evaluate and analyse primary and secondary information with the aim of arriving at meaningful, objective results for a realistic project, with a focus on finance and economics. Students carry out independent and applied research on a specific topic in the area of international finance and economics. The exact contents depend on the specific research stream selected but will include a critical review of the state of art information/literature sources on the chosen topic. Guided independent research on a small group basis Type of Examination Group report and presentation/discussion (weight 0:40) Module 2 Literature (Excerpt) Mandatory Literature on research and academic writing: Bailey, S. (2011) Academic Writing: A Handbook for International Students, Routledge. Müller, S. (2012) Leitfaden zum wissenschaftlichen Arbeiten, TH Nürnberg Ghauri, P and Gronhaug (2010) Research Methods in Business Studies, FT Pearson Additional topic specific literature will be discussed in class Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for examinations/of seminar papers/presentations 25 hrs. 155 hrs. 15

16 Module 7 Master Thesis Language Type of Examination Contribution to the goals of the Type of Examination Literature (Excerpt) ECTS 540 hrs. English Master Thesis, Presentation Mandatory Students do not only apply and deepen their knowledge and understanding in international finance and economics by completing an independent research in this field but they also learn how to structure and carry out scientific work. Students deliver a paper that is on master level and of adequate content, structure and language. The paper is driven by the individual topic. Students design their research approach in cooperation with the respective supervisor. They present their findings in a research seminar. The independent research by the student results in a written thesis. Support in writing the paper as individually needed by the student; supported by the master-seminar presentation. Thesis paper, in two printed versions + two digital versions (CDs) Minimum 30 ECTS of Master studies acquired Writing of thesis 20 hrs. 520 hrs. 540 hrs. 1

17 Module 8 Electives - M&A and Bank Management Contribution to the goals of the Prof. Dr. Matthias Fischer 2. or 3. ECTS WS: German, SS: English Provision of knowledge and application capabilities of actual concepts and theories for mergers and acquisitions as well as bank management. Application of actual concepts and theories on mergers and acquisitions. The seminar participants are capable to evaluate a transaction with fundamental methods, to build the process of M&A-transactions with case examples and to critically evaluate the success of M&A-transactions. They can present and evaluate relevant information in written form. Students are able to answer questions on this matter comprehensively and can explain relevant interrelationships. Application of actual concepts and theories in value management of the financial sector. The participants should be able to critically evaluate and apply in case studies modern methods of bank management in financial services sales, M&A and risk management. Type of Examination The course covers the following topics: Strategies and process planning in M&A Valuation of companies in M&A Financing of M&A-transactions M&A with Management Buyout and Private Equity Legal and tax restrictions for M&A Success factors for M&A Post Merger Integration Case Studies for M&A-transactions Valuation of banks and insurance companies Value based steering of banks Risk management in banks M&A in the financial sector Financial Innovations in the Internet: E-Finance This module consists of a lecture part and an independent research part. In the lecture part the students will be endowed with the necessary knowledge and analytical tools Mergers & Acquisitions and Bank Management. Additionally topics on current issues in M&A and Bank Management will be provided for independent research by the students. Students are to present their findings in a seminar paper and an oral presentation. Exam (90 min.); Seminar paper, Presentation (20 min.) (weight 50:50) Basic knowledge in corporate finance concepts of risk and return Elective 17

18 Module 8 Electives - M&A and Bank Management (continued) Literature (Excerpt) Brealey/Myers/Allen: Principles of Corporate Finance Bruner: Cases in Finance, Managing for Corporate Value Creation Copeland/Koller/Murrin: Valuation Measuring and managing the value of companies Damodaran, A.: Investment Valuation Damodaran, A.: Applied Corporate Finance Ennew, C./Waite, N.: Financial Services Marketing Ernst, D./Haecker, J.: Applied International Corporate Finance Fischer, M.: Handbuch Wertmanagement in Banken und Versicherungen King Brett: Bank 2.0 How customer behaviour and technology will change the future of financial services Picot, G.: Handbook of International Mergers & Acquisitions Seppelfricke, P.: Handbuch Aktien- und Unternehmensbewertung: Bewertungsverfahren, Unternehmensanalyse, Erfolgsprognose Preparations of classes, mandatory reading Post processing of the lecture Tutorials Preparation for examinations/of seminar papers/presentations 45 hrs. 30 hrs. 15 hrs. 90 hrs. 18

19 Module 8 Electives Equity and Bond Investments Contribution to the goals of the Prof. Dr. Andreas Weese 1., 2. or 3. ECTS 180 hours WS in English, SS in German Knowledge of approaches for the management of financial investments and application of investment analysis Seminar participants will gain a profound understanding of equity and bond investments from an (institutional) investors perspective. They will be able to apply basic valuation and management techniques for the professional selection of individual equity and bond investments. Furthermore, students will be able to discuss investment decisions in a well-founded manner. In particular, they become also sensitive to the risks related to equity and bond investments. The course covers the following topics: Equity investment analysis and valuation approaches applied in practice Management and valuation of bonds in theory and practice Discussion of return and risk against the background of the most recent financial crisis Investment process in the institutional asset management business Discussion of benefits and limits of theoretical valuation models as well as discussion of the impact of market psychology Case study: preparation of own (simplified) equity investment analysis by the students and following presentation in the form of a simulated investor meeting (= part of the examination mark) This module consists of a lecture part and an individual research part. In the lecture part, students will be introduced to the most important concepts regarding equity and bond investments. High importance is given to discussions of risks and issues in the real world of equity and bond investments. In the individual research part, students will conduct an own analysis of a selected stock and discuss their findings in a classroom presentation. Type of Examination Exam (90 min); equity investment analysis & presentation (Weight 51:49) None Elective Literature (Excerpt) Fabozzi: Fixed Income Analysis Pinto et al.: Equity Asset Valuation Bodie/Kane/Marcus: Investments and Portfolio Management Brealey/Myers/Allen: Principles of Corporate Finance Damodaran: Investment Valuation Iannotta: Investment Banking Preparations of classes Post processing Preparation exams/ analysis 48 hrs. 22 hrs. 20 hrs. 90 hrs. 19

20 Module 8 Electives Corporate Valuation and Value Based Management (Unternehmensbewertung und wertorientierte Unternehmensführung) Prof. Dr. Dirk Honold 1., 2. or 3. semester ECTS 180 hrs WS in German, SS 2015 in German, from SS 201 in English Contribution to the goals of the Erklärung und Anwendung von Konzepten und Theorien zur Bewertung von Unternehmen sowie einzelner Perioden unter besonderer Berücksichtigung von Risikoaspekten und des Kapitalmarkts. Erklärung und Anwendung aktueller Konzepte und Theorien der wertorientierten Unternehmensführung und Unternehmensbewertung Analyse und Bewertung des Shareholder und Stakeholder Value Ansatzes Erklärung und Abgrenzung von Unternehmensbewertung und wertorientierter Unternehmensführung inkl. Performance- Messung Erklärung und Anwendung theoretischer Grundlagen Erklärung und Erstellung von Finanzplänen zur Bewertung Theoretische und praktische Bestimmung von Kapitalkosten unter Risiko und mit Steuern Analyse der verschiedenen Ansätze zur Unternehmensbewertung und wertorientierten Führung sowie ihrer Inputgrößen unter Berücksichtigung von Risiko und Steuern Anwendung von wertorientierten Führungskonzepten in der Theorie und Praxis sowie deren Grenzen Analyse von Unternehmensbewertungen in der Praxis anhand von aktuellen Beispielen Fallstudien Dieses Modul besteht aus einem Vortragsteils und eigenen Erarbeitungen im Rahmen der Präsentation. Im Vortrag werden sowohl die wesentlichen Konzepte der Unternehmensbewertung sowie der wertorientierten Unternehmensführung vorgestellt sowie angewandte Systeme aus der Praxis kritisch beleuchtet und an Fallstudien veranschaulicht. In dem Präsentationsteil werden die Kenntnisse zur Problemlösung oder Simulation einer praxisnahen Fragestellung genutzt, ggf. erweitert und diskutiert. Type of Examination Kl (90)/Ref (Gewichtung 50:50) Keine Elective 20

21 Module 8 Electives Corporate Valuation and Value Based Management (continued) (Unternehmensbewertung und wertorientierte Unternehmensführung) Literature (Excerpt) Rappaport: Shareholder Value Copeland/Koller/Murrin: Unternehmenswert Ballwieser: Unternehmensbewertung Drukarczyk/Schüler: Unternehmensbewertung Damoderan: Investment Valuation Seppelfricke, P.: Handbuch Aktien- und Unternehmensbewertung: Bewertungsverfahren, Unternehmensanalyse, Erfolgsprognose Stewart: The Quest for Value Coenenberg/ Salfeld: Wertorientierte Unternehmensführung Knorren: Wertorientierte Gestaltung der Unternehmensführung Arbeitskreis Wertorientierte Führung in mittelständischen Unternehmen der Schmalenbachgesellschaft für Betriebswirtschaft e.v.: Möglichkeiten zur Ermittlung periodischer Erfolgsgrößen in Kompatibilität zum Unternehmenswert, in: FB, S , 2004 Richter/ Honold: Das Schöne, das Unattraktive und das Häßliche an EVA & Co., in FB, S , 2000 Preparations of classes, mandatory reading Postprocessing of the lecture Tutorials Preparation of presentations Preparation of exam 42 hrs. 30 hrs. 18 hrs. 45 hrs. 45 hrs 21

22 Module 8 Electives Finance, Capital Markets and Private Equity (Finanzierung, Kapitalmarkt und Private Equity) Contribution to the goals of the Prof. Dr. Dirk Honold 1., 2. or 3. semester ECTS 180 hrs WS in German; SS in English Erklärung und Anwendung von Konzepten und Theorien zur Finanzierung aus Sicht der Unternehmen unter besonderer Berücksichtigung von Risikoaspekten, sowohl bei der Finanzierung am Kapitalmarkt als auch für Private Equity finanzierte Wachstumsunternehmen. Studierende können die grundlegenden Komponenten der Finanzierung beschreiben. Sie verstehen und sind in der Lage, die Komplexität der Finanzierung und die spezifischen Strukturen in der Wachstumsfinanzierung zu erklären. Die Kursteilnehmer sind in der Lage, Unternehmen und ihre Finanzierungsverträge zu analysieren und daraus praxisorientierte Schlussfolgerungen ziehen. Sie können qualitativ und quantitativ bewerten und relevante Informationen präsentieren. Sie sind in der Lage, Fragen zu diesem Thema umfassend zu beantworten und können relevante Beziehungen und Ansprüche zwischen den Finanzierungsparteien und verträgen erklären. Analyse und Bewertung des Shareholder und Stakeholder Value Ansatzes Ausgestaltungsmöglichkeiten von Corporate Governance und deren Wirkung auf den Kapitalmarkt Übersicht und Analyse der Kapitalarten mit Berücksichtigung von Wachstumsoptionen und Insolvenztatbeständen Finanzierungsbedarf von Geschäftsmodellen mit, Innovationen, Internationalisierung und Wachstum sowie deren Werttreibern und Bewertungen Bestimmung von Kapitalkosten unter Risiko und mit Steuern unter besonderer Berücksichtigung der Portfoliotheorie Modigliani/Miller Thesen und Optimierung der Kapitalkosten unter Berücksichtigung von Steuern Möglichkeiten und Analyse der Finanzierung unterschiedlicher Geschäftsmodelle/ Branchen in Abhängigkeit der Unternehmensphase mit Wirkungen auf die Entscheidungs-, Kontroll- und Informationsprozesse Möglichkeiten und Analyse der Finanzierung unterschiedlicher Geschäftsmodelle/ Branchen in Abhängigkeit der Unternehmensphase Analyse und Ausgestaltung der Finanzierung von Technologieunternehmen von der Idee bis zum Markt Ausgestaltung von Finanzierungsverträgen mit Wirkungen auf die Entscheidungs-, Kontroll- und Informationsprozesse inklusive Exit-Optionen und Rechteverteilung Fallstudien 22