Finance - 1re année de master en alternance

Ects : 3

Enseignant responsable :

• Mattia GIROTTI

Volume horaire : 24

Description du contenu de l'enseignement :

This is a graduate-level course aimed at providing tools to conduct a rigorous financial analysis of non-financial corporations and an application of these to design leveraged buyouts. In the first part, the course describes financial statements: the income statement, the balance sheet, and the cash flow statement. In the last part, the course presents company valuation techniques and the mechanics of leveraged buyouts.

Each of the following chapters involves a 3h teaching session and a 1h30min practice session:

1 Introduction / Income Statement

2 Balance Sheet / Credit Risk

3 Cash Flow Statement

4 Company Valuation

5 Leveraged Buyouts

Pré-requis recommandés :

Basic knowledge of accounting and corporate finance is recommended.

Compétences à acquérir :

By the end of the course, students should be able to achieve a comprehensive analysis of a company’s financial information, and gauge the economic and financial reality of a company.

Mode de contrôle des connaissances :

The final grade is based on a midterm exam (30%), a final exam (60%), and participation in class (10%).

Bibliographie-lectures recommandées

Lecture notes are the main course material. In addition, this optional textbook is recommended for this course:

- Vernimmen P., P. Quiry, M. Dallocchio, Y. Le Fur, and A. Salvi. Corporate Finance: Theory and Practice. Wiley.

Ects : 6

Enseignant responsable :

• CAROLE GRESSE

Volume horaire : 36

Description du contenu de l'enseignement :

Le cours présente les principes fondamentaux de la gestion obligataire. Il commence par un descriptif des titres de dette, des marchés de taux d’intérêt, et des risques associés à l’investissement obligataire. Le cours rappelle les principes du modèle traditionnel d’évaluation des obligations et explique comment mesurer la rentabilité d’un investissement obligataire. Il explique les relations liant les taux de rendement actuariels, les taux zéro-coupon et les taux à terme en se référant à l’évaluation par absence d’opportunité d’arbitrage, pour ensuite présenter la structure à terme des taux d’intérêt. Le cours analyse également le risque de taux d’intérêt, ses mesures, et l’impact du risque de crédit sur l’évaluation des obligations du secteur privé.

Coefficient : 1

Pré-requis recommandés :

Mathématiques financières au niveau Licence

Pré-requis obligatoire :

Mathématiques financières en L3 pour les étudiants de la licence "Management et gestion des organisations" de Dauphine.

Compétences à acquérir :

A la fin de ce cours, les étudiants devraient : - savoir évaluer des obligations classiques par l’actualisation traditionnelle et par application du principe d’absence d’opportunité d’arbitrage, - connaître les principaux risques affectant la valeur d’un portefeuille obligataire et savoir les apprécier, - savoir mesurer le risque de taux par la duration et la convexité, - savoir établir les taux zéro-coupon et les taux à terme à partir de taux de rendement actuariels, et inversement, - connaître les principales théories expliquant la structure à terme des taux d’intérêt.

Mode de contrôle des connaissances :

Participation en TD : 20% Examen final : 80%

En savoir plus sur le cours :

moodle.psl.eu

Bibliographie-lectures recommandées

Gresse, Carole, Marchés de Taux d’Intérêt, 2e édition, 2025, Economica.

Ects : 6

Enseignant responsable :

• FABRICE RIVA

Volume horaire : 36

Description du contenu de l'enseignement :

The objective of this course is to introduce students to the key concepts required to understand how capital markets (primarily equity markets) function. The course is organized into five parts.

Part 1 examines the organization of trading. The structure of European stock exchanges has evolved significantly over the past 20 years, driven by advances in information technology and changes in the European regulatory environment. Open-outcry systems have gradually been replaced by computer-assisted, continuously operating trading platforms. New trading protocols such as Multilateral Trading Facilities (MTFs) and Dark Pools have emerged; real-time remote access has become standard; high-frequency trading has grown rapidly with latency now below 1 millisecond, while trading costs have fallen sharply.

Financial intermediation has also evolved. The Investment Services Directive (ISD) reshaped the European regulatory landscape by ending the mandatory concentration of orders on a single exchange. Former national monopolies now compete with new entrants, and Euronext’s market share has fallen from 100% to less than 50%. Major European companies are now traded across multiple venues. To understand these developments, students must first grasp the sources of transaction costs (both explicit and implicit) and the concept of liquidity. These topics will be covered in detail, with a particular focus on the evolution of Euronext.

Part 2 introduces the core concepts of return, risk, and the optimization of the risk-return trade-off through efficient portfolios. After defining returns (discrete and continuous) and presenting common risk measures (such as volatility and Value at Risk), the course studies the joint behavior of assets within portfolios. This leads to an understanding of diversification benefits and forms the basis for computing efficient portfolios using Markowitz’s program and tracing the efficient frontier.

Part 3 explores how investors incorporate risk into their decisions. It explains how to measure risk aversion and how it influences market equilibrium. This section derives the Capital Asset Pricing Model (CAPM) and, after discussing its limitations, introduces multi-factor pricing models, notably the Fama–French three-factor model.

Part 4 is more applied. It shows how the concepts developed in the earlier parts can be used for stock selection and for evaluating the performance of portfolio managers.

Part 5 studies how information is incorporated into asset prices. The seemingly erratic behavior of stock prices may raise doubts about their informational content: Do prices truly convey valuable information? Why should firms choose to be publicly traded? In an informationally efficient market, the expected gain from price forecasting is zero, but is this actually the case? Although market anomalies (abnormal returns) do exist, closer examination shows that many can be interpreted as compensation for hidden costs (e.g., transaction or information costs) or for bearing additional risks.

Coefficient : 1

Compétences à acquérir :

Analyze the functioning of markets, trading costs, and liquidity.

• Apply the concepts of risk, diversification, and portfolio theory to real situations.
• Develop and work with asset pricing models.
• Examine how information is incorporated into prices and evaluate price behavior in efficient markets.
• Use asset pricing models for stock selection, asset allocation and fund performace measurement

Mode de contrôle des connaissances :

Midterm exam (40%), final exam (60%)

Bibliographie-lectures recommandées

• Berck J. et DeMarzo P., "Finance d'entreprise", Pearson (5ème édition)
• Hamon J., "Bourse et Gestion de Portefeuille", Economica (5ème édition)
• Le Saout E., "Introduction aux Marchés Financiers", Economica (5ème édition)

Ects : 3

Enseignant responsable :

• MARIE-AUDE LAGUNA

Volume horaire : 18

Coefficient : 0.5

Ects : 6

Enseignant responsable :

• JUAN RAPOSO

Volume horaire : 36

Coefficient : 1

Ects : 6

Enseignant responsable :

• SABRINA BUTI

Volume horaire : 36

Description du contenu de l'enseignement :

This course covers the analysis of derivative instruments such as forwards, futures, swaps and options. By the end of the course, students will have good knowledge of how these contracts work, how they are used and how they are priced.

Coefficient : 1

Compétences à acquérir :

• Be able to describe and explain the fundamental features of a range of key financial derivative instruments
• Be able to decide which securities to use for hedging and/or speculative purposes
• Understand the no-arbitrage principle and its role in pricing financial forwards and futures
• Understand the binomial approach in pricing European and American options
• Understand the Black-Scholes option formula for the price of a European option
• Define and interpret the different Greek measures used to define the risk of options
• Understand the idea of delta-hedging

Mode de contrôle des connaissances :

Midterm exam (40% of the final grade) and Final exam (60% of the final grade).

Bibliographie-lectures recommandées

- Options, Futures, and Other Derivatives, 11th Edition, Hull, John C., Pearson-Prentice Hall (2021). - Student Solutions Manual for Options, Futures, and Other Derivatives, 11th Edition, Hull, John C., Pearson-Prentice Hall (2021).

Ects : 3

Enseignant responsable :

• Arnaud SIMON

Volume horaire : 21

Description du contenu de l'enseignement :

Fondamentaux des marchés immobiliers : résidentiel, bureaux, commerces, logistique. Introduction aux déterminants démographiques et économiques, introduction à la géographie des marchés immobiliers.

Coefficient : 0.5

Compétences à acquérir :

Introduction à une analyse rigoureuses des marchés immobiliers.

Ects : 3

Enseignant responsable :

• ZORAN FILIPOVIC

Volume horaire : 24

Description du contenu de l'enseignement :

(Subject to adjustments) 1. Financial Analysis (review) Value creation, WACC, DCF 2. Valuation Techniques Valuation with changing capital structure, Adjusted Present Value (APV), Economic Value Added (EVA), Venture Capital Method, Valuation by parts, Real options, Earnouts 3. Applications and special situations Leveraged Buyouts (LBO), Mergers and acquisitions (M&A), Private companies, High-growth companies, Emerging markets, Cyclical companies

Coefficient : 0.5

Pré-requis recommandés :

This is a master-level course that assumes students have had prior exposure to basic corporate finance principles, cash-flow discounting techniques and introductory accounting. Students should also be able to proficiently use Microsoft Excel and be able to access .pdf documents.

Compétences à acquérir :

This course introduces advanced valuation techniques for analysis of a business, with focus on their usefulness in valuing and financing companies and in the evaluation of corporate performance. We will apply the techniques on real world cases such as leveraged buyouts (LBO) and mergers and acquisitions (M&A) and analyse several special situations like high-growth companies, emerging markets and private companies. Throughout the semester we will make extensive use of case studies so that you can gain the knowledge of the relevant theory and techniques and an ability to use them in actual situations. The course will combine traditional lectures, exercise sessions and case method teaching. You will be working individually and in groups.

Mode de contrôle des connaissances :

• Final written exam • Group work The numerical grade distribution will dictate the final grade. The passing grade for a course is 10/20. Class participation: Active class participation is encouraged thus all students should be able to verbally participate in class discussions. Class participation is based on quality of comments, not quantity. Come on time and prepared.

Bibliographie-lectures recommandées

• Valuation: Measuring and Managing the Value of Companies, University Edition, by Tim Koller Marc Goedhart and David Wessels, McKinsey& Company, John Wiley & Sons, 2015, 6th edition • Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions, by Joshua Rosenbaum and Joshua Pearl, John Wiley & Sons, 2nd edition • Valuation: Mergers, Buyouts and Restructuring, by Enrique R. Arzac, John Wiley & Sons, 2nd Edition • Corporate finance, Theory and Practice, by Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur and Antonio Salvi, John Wiley & Sons, 5th edition • Vernimmen English website: www.vernimmen.com • Data sources: COMPUSTAT, Companies ’ websites

Ects : 3

Coefficient : 1

Ects : 6

Enseignant responsable :

• JACQUES AMAR

Volume horaire : 36

Description du contenu de l'enseignement :

Financement par les associés

Financement bancaire

Techniques de financement

Coefficient : 1

Pré-requis recommandés :

L’étude préalable du droit des obligations est recommandée.

Compétences à acquérir :

Connaissance des mécanismes juridiques permettant à l’entreprise de se financer.

Apprendre à identifier les différences juridiques entre les modes de financement

Apprendre à faire le lien entre techniques de financement et fiscalité

Mode de contrôle des connaissances :

L’enseignement fait l’objet d’un contrôle continu (50 %) et d’un examen en fin de semestre (50 %).

Bibliographie-lectures recommandées

- J. H. Larreur, Financements structurés, Ellipses, 2022 - A. Couret, H. Le Nabasque et alii, Droit financier, Dalloz, 4e édition, 2024 - Th. Bonneau, Droit bancaire, LGDJ, 13e édition, 2019

Ects : 3

Enseignant responsable :

• JEROME DUGAST

Volume horaire : 24

Description du contenu de l'enseignement :

The module begins with an overview of the institutional characteristics of the foreign exchange market and subsequently examines the fundamental determinants of exchange-rate dynamics. Emphasis will be given to the implications of these outcomes for exchange rate forecasting, international diversification and investment decisions.

Coefficient : 0.5

Compétences à acquérir :

The aim of this module is to provide a thorough foundation of the key concepts in international finance with a focus on exchange rate economics. By the end of the course the students will be familiar with both the theoretical models and the empirical evidence regarding exchange-rate behaviour.

Mode de contrôle des connaissances :

The module is assessed via an assignment (30%) and final exam (70%).

Bibliographie-lectures recommandées

Suggested Textbooks:

Bekaert, G. and R.J. Hodrick (2009). International Financial Management. New Jersey: Pearson Education.

Sarno, L. and M.P. Taylor, (2005), The Economics of Exchange Rates, Cambridge University Press.

Ects : 3

Enseignant responsable :

• PASCAL DUMONTIER

Volume horaire : 13

Description du contenu de l'enseignement :

Le cours recouvre 5 thèmes : les IFRS et la juste valeur, l'évaluation des immobilisations, les actifs et passifs financiers, les opérations de couverture, les provisions et avantages au personnel.

Coefficient : 0.5

Pré-requis recommandés :

Une bonne connaissance des modalités de l'enregistrement comptable et de la construction des états financiers ou la capacité/volonté de les assimiler rapidement

Compétences à acquérir :

Maitrise des règles d'évaluation et de comptabilisation préconisées par les normes comptables internationales (IFRS).

Mode de contrôle des connaissances :

CC (préparation des cas et participation aux cours) = 25%

CT (examen final écrit) = 75%

Bibliographie-lectures recommandées

Ramond-Paugam-Casta-Batsch, ‘Evaluation financière et normes IFRS’, Economica (2017) Raffournier, ‘Normes comptables internationales - IFRS’, Economica (2019)

Ects : 3

Enseignant responsable :

• JACQUES AMAR

Volume horaire : 18

Description du contenu de l'enseignement :

Présentation de l'articulation des règles en fiscalité

Distinction entre IS et IR

Distinction entre sociétés transparentes / sociétés opaques

Présentation des règles d'intégration fiscale, régime mère-fille, fusion

Présentation des techniques de contrôle fiscal

Coefficient : 0.5

Compétences à acquérir :

Comprendre le cadre de la fiscalité

Comprendre les mécanismes d'imposition IS-IR

Apprendre à identifier des montages

Mode de contrôle des connaissances :

Contrôle terminal

Ects : 6

Enseignant responsable :

• TRISTAN ROGER

Volume horaire : 36

Description du contenu de l'enseignement :

- La gouvernance d’entreprise - Les théories de la structure financière - Théorie des options et structure financière - Les choix d’investissement dans un contexte d’incertitude - La politique de rémunération des actionnaires

Coefficient : 1

Compétences à acquérir :

- Ce cours donne les bases théoriques sur lesquelles se fondent les principales décisions financières de l’entreprise.