RESULTS OF THE LEARNING PROCESS

• Identification of sources of funds.

• Analysis of the economic and financial characteristics of these sources.

• Evaluation and selection among alternative sources of corporate funds.

• Analysis and evaluation of short- and long-term consequences of financing decisions.



SPECIFIC COMPETENCIES

• Analyze the economic and financial problems stemming from the choice among corporate financing alternatives (CE1).

• Evaluate and select corporate funding sources according to the state and needs of a company, considering financial criteria (CE2).

• Analyze and evaluate the financial consequences of corporate financing decisions (CE3).

Part I: INTRODUCTION

Chapter 1. Sources of Corporate Financing

Part II: SHORT-TERM CORPORATE FINANCING

Chapter 2. Payments to Suppliers

Chapter 3. Short-term Bank Loans

Chapter 4. Bank Discounting

Chapter 5. Factoring

Chapter 6. Credit Lines

Part III: LONG-TERM CORPORATE FINANCING

Chapter 7. Long-term Bank Loans

Chapter 8. Leasing

Chapter 9. Cost of Equity

Part IV: WEIGHTED AVERAGE COST OF CAPITAL

Chapter 10. Average Cost of Financing: Weighted Average Cost of Capital



At the beginning of the semester the students will receive (through the web) a detailed schedule of the different topics. Exercises and notes will be uploaded to eGela for the students to work on them.

A mixture of teaching methodologies is scheduled:

LECTURE CLASS. This is a teaching method in which there are no splits; it thus corresponds to large groups. It encompasses both theoretical and practical classes.

COMPUTER PRACTICE. It is a teaching method applicable in small groups. It can be based on case studies or be oriented toward project-based learning. It will be use different programs such as Excel.

SEMINARS. This teaching method is applicable in small groups since it allows greater interaction between professors and students. The work will be supervised by the Professor.

OUT-OF-CLASSROOM WORK. In addition to class hours, materials will be provided for the students to complete their training; they can be assisted during tutorial hours.



The teachers who explain this subject promote academic ethics by encouraging sensitivity and perception of the ethical aspects of students, both in their attitude within the classroom and in the performance of individual or team work and various tasks and practices throughout the course.



Teaching will be done in person (or bimodally, if the size of the group does not make it possible for all the students to attend the classroom in person). If for health reasons classroom attendance is not allowed in the classroom, it will go to online teaching and assessment. All information will be upload in eGela.

The evaluation method will be mixed. It comprises two parts.

• Continuous evaluation (3 points out of 10)

The activities will combine individual and collective tasks, both in and out of the classroom. Sometimes they will be theoretical for the most part, whereas they will relate to corporate practice in other instances. The active and positive participation, the collaboration with other students and with the professor in the classroom will be positively valued and graded. Specific dates for the development of the work and the deadline for delivery will be announced at the beginning of the course.

• Final examination (7 points out of 10)

Here both the theoretical knowledge and the applied one will be assessed.

The final grade will be a weighted average of the continuous evaluation and the final exam, provided the grade of the latter surpasses 50% of its total value; otherwise the grade of the exam will apply.

Students can renounce the continuous, mixed grading and opt instead for the final exam. For this purpose they must state it clearly in writing and pass it on to the Professor during the first 9 weeks of the course. The specific procedure will be posted on the university’s e-Gela platform. Those students that have opted for the final evaluation will sit an exam that will provide 100% of the final grade or a final exam and other marking issues equivalent to those asked at continues students.

The students that do not sit for the final exam will be graded as “Not turned up” whatever the grading system that applies to them. Should there be evidence of copy in any of the aforementioned tests the student will be graded “Failed” in that call.



If, due to the circumstances related to the health crisis, the evaluation cannot be carried out in person on the scheduled dates, it will be carried out following the indications and tools provided by the UPV/EHU for these purposes, and the students will be adequately informed through the channels usual (e-mail, eGela ...).

BREALEY R.A., MYERS S.C. & ALLEN, F. (2013): Principles of corporate finance. 11th ed., McGraw Hill, Boston.
ROSS S.A., WESTERFIELD R.F. & JAFFEE J. (2012): Corporate Finance. 10th ed. McGraw Hill, New York.

Oinarrizko bibliografia

BREALEY R.A., MYERS S.C. & ALLEN, F. (2013): Principles of corporate finance. 11th ed., McGraw Hill, Boston.

ROSS S.A., WESTERFIELD R.F. & JAFFEE J. (2012): Corporate Finance. 10th ed. McGraw Hill, New York.

Gehiago sakontzeko bibliografia

ANDRIEU, G., STAGLIANÒ, R., & VAN DER ZWAN, P. (2018). Bank debt and trade credit for SMEs in Europe: firm-, industry-, and country-level determinants. Small Business Economics, 51(1), 245-264.
COWTON, CH. & SAN-JOSE, L. (2017). On the Ethics of Trade Credit: Understanding Good Payment Practice in the Supply Chain. Journal of Business Ethics 104(4), 673-685.
CRUNDWELL, F. K. (2008): Finance for engineers: evaluation and funding of capital projects. Springer-Verlag, London.
EHRHARDT, M.C. &. BRIGHAM E. F. (2008): Corporate finance. A focused approach. 3rd ed. Thomson. New Jersey.
HILLIER D., GRINBLATT M. & TITMAN S. (2011): Financial markets and corporate strategy. Second European edition. McGraw Hill
SAN-JOSE, L.; ITURRALDE, TX. & MASEDA, A. (2009). ICTs influence on Cash Management and on the Performance of Financial Department: Explanatory Model, Canadian Journal of Administrative Science. Vol. 26, N 2, 150-169.
SAN-JOSE, L.; RETOLAZA, J.L. & GUTIERREZ-GOIRIA, J. (2011). Are ethical banks different? A comparative analysis using the Radical Affinity Index, Journal of Business Ethics 100(1): 151-173.

Aldizkariak

Harvard Business Review
Journal of Applied Corporate Finance
Journal of Corporate Finance
European Financial Management