lr dsf173 course llm

7/27/2019 Lr Dsf173 Course Llm

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Course Descr iptions Risk Management // for leaders in nance 1

Course Descriptions Finance and Law, Legal trackConversion courses

Advanced Computational Boot Camp

Credits: 1 ECTS

Course Objectives:The aim of this course is to obtain an advanced knowledge of Excel, so that the assignments in the Duisenberg programme

worksheet functions, manipulating text, counting andsumming techniques, lock-up functions, goal seek/solver,array formulas, conditional formatting and data validation,debugging formulas, macros, and VBA.

Learning outcomes:At the end of the course, students are able to Do a regression analysis in Excel and report the outcomes

in Word with the appropriate formatt ing; Transform large datasets into a usable format for analysis; Perform a por tfolio analysis in Excel for a given time-series

of return data; Create macros to perform a rolling portfolio analysis and

Monte-Carlo simulation.

Law Refresher

Credits : 0.5 ECTS

Course Objectives:The purpose of the course is to obtain an understanding of thefoundations of corporate law.

Learning Outcomes:At the end of this course students will have an understandingof: The foundations of corporate law; Key corporate governance issues such as the role of

the Board of Directors; Basic principles of Mergers & Acquisitions; Foundations of contract law.

Quantitative Methods in Finance

Credits: 0.5 ECTS

Course Objectives:This course covers basic quantitative and conceptual

and compounding, interest rates, and loan amortisation. It alsoreviews key concepts in statistics and probability, and providesan introduction to regression techniques.Learning Outcomes:At the end of this course, students are able to:

Use quantitative tools of investment decision analysis;Select the appropriate tools in statistics depending on the

Block I

Core Courses

Finance and Financial Markets

Credits: 3.5 ECTS

Course Objectives:This course offers a blend of lectures, case study discussions,and hands-on exercise sessions to enhance our understanding

include net present value & capital budgeting, discounted cash

The course is intended to provide 39

Learning Objectives:At the end of this course students are able to:

Arbitrage and the law of one price Time value of money

Capital budgeting and company valuation Valuation of stocks and bonds Optimal portfolio selection Relationship between risk and return


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Course Descr iptions Risk Management // or leaders in fnance 2

Financial Econometrics

Credits: 3.5 ECTS

Course Objectives:This course aims to provide an introduction to moderneconometric and time series techniques that are relevant forthe analysis of nancial data. It not only cover the necessaryeconometric theory, but also teaches the students how toapply the models and techniques to empirically relevant

nancial decision-making problems in portfolio management,

asset allocation, and risk management.In the rst part of the course, we focus on modeling andforecasting the conditional mean of asset returns. We discussrelevant issues in backtesting of forecasting models, includingrecursive estimation, variable selection, selection among(and combination of) competing forecasting models, andthe evaluation of forecasts. We cover regression models fordescribing returns on a single asset, as well as factor models fordescribing (the relations between) returns on multiple assets.In the second part of the course, we discuss GARCH models forasset return volatility, from both a theoretical and empiricalperspective. In addition to univariate models, we also considermultivariate models that describe the correlation amongdifferent asset returns. The use of high-frequency data tomeasure and forecast volatility and correlation is discussed aswell.

Learning Outcomes:At the end of this course students are able to: Understand (univariate and multivariate) econometric

models for modeling and forecasting asset returns andvolatility;

Implement these models using standard packages or self developed code;

Assess the quality of return and volatility forecasts,in particular in the context of risk management;

Maintain a critical attitude towards the limitations of models used for modeling and forecasting returns andvolatility.

Financial Accounting

Credits: 3.5 ECTS

Course Objectives:Financial statements are relevant to the decisions of many

individuals including investors, creditors, consultants,managers, auditors, directors, analysts, regulators andemployees. This course is a rigorous introduction to nancialaccounting designed for business students with no priorknowledge of the subject. A key purpose of this course is to

deal with the measurement of value (and value creation fromthe point of view of outside decision-makers) and the use of

nancial accounting information.

We adopt a user perspective, rather than a preparatory one,because most Masters students will become users of nancialstatements, internal (managers, executives) or external(investors, analysts etc.), rather than preparers of nancialstatements. However, in order to become users, students mustalso understand how the nancial statements are constructed.

Learning Outcomes:At the end of this course, the student will be able to read

nancial statements, make a judgement about the qualityof the accounting processes adopted, and then assessthe nancial performance of a rm in comparison with itscompetitors. The student will also be able to understand,analyse and evaluate a range of accounting and nance issuesrelating to the analysis of nancial statements and appreciatethe sources of data that may be useful in analysing the position,performance and future business prospects of rms. Also,the student will have knowledge of several advanced topicssuch as (detecting) earnings management, consolidation andaccounting for pensions.

used in the main part of this course.

Contract Law

TBA


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Block II

Core Courses

Corporate Financial Management

Credits: 3.5 ECTS

Course Objectives:

Students will learn to apply advanced corporate nance toolsand techniques to practical situations. Students are assumedto be familiar with (through previous study or professionalexperience) basic valuation methods (including the use of theCAPM for determining the cost of capital). As such, this courseis designed as a follow-up to core courses in nance. In thearea of valuation, the course explores advanced issues on howto value companies, using multiples and discounted cash owanalysis, investments in emerging markets, cost of capitalestimation in emerging markets, corporate governance andinformation risks at the country and rm level. In the area of corporate nancing decision-making, the course surveys anumber of key nancial decisions faced by companies, includingoptimal capital structure and the link to strategy, corporateliquidity issues, the use of project nance, and the use of realoptions.

Learning Outcomes:At the end of this course students are able to understand andanalyse: Advanced valuation models, including applications in

emerging markets contexts; Corporate nancial decisions, such as capital structure

decisions or payout decisions; The nance of projects using cash ow based valuation

methods; Valuations using real options methods.

Law o Banking and Financial Markets

Credits: 3.5 ECTS

Course Objectives:This course will examine the regulation of the banking and

nancial services industry in the EU. The lectures will offer anintroduction to the overall legal structure of nancial market

regulation, situating bank regulation in a broader context of other nancial institutions including investment funds, broker-dealers and insurance companies. In addition to coveringEU banking law, the lectures will consider issues in centralbanking, group of banks and nancial conglomerates, cross-

border regulatory cooperation, and regulating nance afterthe nancial crisis. Part two of the course will examine thecorresponding developments at the European and domesticlevel in commercial fundraising transactions, and how the legaland market principles shape and structure these transactions.The objective of this course will be to familiarise studentswith international and EU banking law and regulation andrecent international harmonisation efforts, along with thehow the contractual framework for different types of bankingtransactions are in uenced by these structures.

Learning Outcomes:By the end of the course, students are able to: Produce accounts for a variety of legal relationships,

including between domestic and EU banking law andinternational banking law and regulation;

Perform the major legal tasks required for both bankingand nancial market transactions;

Demonstrate an understanding of the role of nance withinbanking and nancial market transactions;

Articulate the sources of banking and nancial marketregulation and apply them to practical situations;

Articulate an understanding of the nature and purpose of particular banking and nancial market transactions;

Demonstrate an awareness of the regulatory frameworkfor addressing complex cross-border nancial transactions;

Articulate an awareness of the theor y informing thepractices of nancial conglomerates;

Articulate an awareness of the ethical issues facing thebanking and nancial market profession with respect tothe development of modern nancial transactions;

Articulate a conceptual basis for nancial marketregulation;

Articulate the role of theor y in informing the developmentof nancial market transactions and their regulation.

M&A Transactions and Law

Credits: 3.5 ECTS

Course Objectives:The focus of this course is the law of mergers and acquisitionsand alternatives to mergers. We will analyse how mergers andacquisitions are structured and why particular deals createvalue for rms. The course will examine the various techniquesand deal terms that have profound effects on both parties andthe outcome of the transaction. The course will include actual

transactions as well as drafting exercises. We will focus on thebarriers to optimal structuring and techniques for eliminatingdrafting problems. Emphasis will be given to understandingthe legal responsibilities of the buyer and seller, as well asthe legal, tax and regulatory treatment for the deal, the


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techniques for putting the deal together, corporate acquisitionagreements and securities and governance issues that arisein deals involving publicly listed companies. The course willencourage students to become familiar with the techniquesused in corporate acquisitions and joint venture deals. Guestspeakers from a top M&A law rm will also discuss recent M&Atransactions in the Netherlands and Europe.

Learning Objectives:At the end of this course students will be able to use the mainconcepts and theoretical tools of modern M&A analysis for use

in the: E Valuation of mergers; E Deal structuring; E Capital raising decisions; E Deal protection measures; E Spin-offs and res tructuring; E Private equity based acquisitions.

Electives

Dutch Corporate Law

TBA

Block III

Core Courses

Corporate and Tax Law

Credits: 3.5 ECTS

Course Objectives:This course will cover the legal and tax aspect s of businesstransactions. The course will examine how lawyers identify,assess and manage risk by ef cient contractual design, whileachieving the optimal legal, scal or regulatory treatment forthe transaction. The course will include actual transactions aswell as drafting exercises. The lectures will focus on the legaland nancial principles to represent privately held companies,

their founders and managers, and their investors. Emphasiswill be given to the organisation and nancing of start-ups, structuring buyout transactions, exit strategies, legalorganisation of hedge funds and other investment funds. Thecourse will encourage students to become familiar with the

main aspects of corporate law and the scal techniques thatguide the design and creation of limited liability companies,partnerships, and holding companies. A guest speaker froma top corporate law rm will also lecture on recent trends incorporate transactions.

Learning Outcomes:At the end of this course students will: E Understand the main corporate law rules and techniques

used in the EU and US; E Understand the main structure of corporate taxation in

the US; E Understand the legal concepts of partnership taxation

(Regulation K) in the US; E Understand the scal concepts used in structuring

investment funds in the EU and US; E Be able to write argumentative texts for use in structured

transactions.

Economics o En orcement

Credits: 3.5 ECTS

Course Objectives :This course introduces the economics of competition law andits enforcement. Most Western economies and increasinglyother countries worldwide have competition laws to controlcartels, monopolisation strategies, the abuse of dominance,large mergers and state aid for effects that are detrimentalto competition. To assure a continued compliance with theselaws in all business transactions, is an important corporateresponsibility. This is not always straightforward. It is oftenhotly debated what novel business strategies may potentiallyraise competition concerns. Increasingly, economic analysis isturned to for answers, which is sometimes referred to as themore economic approach to competition law. Economics alsoplays an increasingly important role in the shaping of toolsof enforcement, such as leniency programmes, detect ion,determination of nes and settlements, and alternativesanctions.

This course offers insight into the main processes of competition law enforcement. On a basic coverage of mainstream industrial organisation theory and competitionlaw, we study analytical tools to understand and ghtanticompetitive behaviour. Amongst other things, cartelbehaviour, the determination of corporate and criminal

sanctions, leniency programmes, and settlements andantitrust damages claims, are discussed. In this context, issuesof internal organisation, corporate governance and incentivecompensation are known to be essential. Principles on crimeand punishment from the area of law and economics can be


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applied to the competition law enforcement process. In thearea of merger control, we study market and ef ciency analysisand divestiture strategies. In European state aid control, weconsider the recent support that various Member States gaveto their nancial institutions.

The focus in this course will be on how EC competition law isinterpreted and enforced by national competition authorities,the European Commission and the courts. This course willenable students to familiarise themselves with the coreprinciples of competition law enforcement in Europe, and

in particular the use of economics therein. It aims to raiseawareness of the common good of our legal systems for aproper functioning of markets.

Learning Outcomes:At the end of this course students will be able to: De ne the main concepts of EC competition law and legal

rules used in EU level and national courts; Understand the main enforcement rules at the EU and

national levels; Understand the law and economics approach to analysing

the system of EC competition law; Understand the legal rules for private enforcement and

arbitration in the EU; Understand how competition law is interpreted and

enforced by national competition authorities and courts; Be able to write argumentative tests for use in enforcement

actions.

Financial Regulation

TBA

Electives

Entrepreneurial Finance

Credits: 3.5 ECTS

Course Objectives:The aim of the course is to present the theory and practice of the nancing of entrepreneurial rms. Special attention willbe devoted to understanding the motivations of the differentplayers (mainly nanciers and entrepreneurs) and how toreconcile their interests. The course is largely based on case

studies that will be discussed in class. Students will learn howto choose among different types of investors and to valuenew ventures. In particular, the course will focus on valuationmethods for innovative start-ups. Students will also get abetter understanding of various source of nance for start-up

rms and how deals are structured between investors andentrepreneurs to mitigate potential con icts and agency issuesinherent to young companies.

Learning Objectives: At the end of this course students will be able to: De ne the main concepts in entrepreneurial nance and

use the tools; Understand the nancing techniques used in new ventures; Understand the processes used in incubating and growing

a new venture;

Use the main strategy and tools of nancial forecasting andvaluation of new ventures;

Use the contractual tools to design optimal contractingstructures for new ventures.

Block IV

Core Courses

International Corporate Governance

Credits: 3.5 ECTS

Course Objectives:The focus of this course is on international corporate

nance. The current wave of nancial scandals in the U.S.,Europe, and elsewhere has alerted investors to the lack of ef cient mechanisms of transparency and corporate controlacross countries. To face these challenges, the course startsby addressing valuation in an international context andsetting up the framework for understanding how nancialcontracts are written around the world. Differences ininstitutional characteristics have recently been shown to bekey determinants of how corporations are owned and valued,as well as how they raise capital and give it back to investors.Therefore, in the second part of the course, we will analyse: (1)agency con icts; (2) corporate governance mechanisms; (3)corporate ownership and groups; (4) and the role of various

nancial contracts in mitigating opportunistic behaviour.

Learning Outcomes: At the end of this course students will be able to: De ne the main legal rules that protect investors and

assess their impact on investment banking and nancial

markets; Understand how shareholder protective mechanisms

affect how nancial contracts are written; Understand good investor protection and corporate

governance practices;


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Use the main components to mitigate opportunisticbehaviour;

Understand nancial intermediaries role in corporatenance and governance in many countries.

Securities Regulation

Credits: 3.5 ECTS

Course Objectives:

This course introduces students to the regulation of banksand nancial intermediaries. The rst part of the courseaddresses international aspects of banking regulation, capitaladequacy, and clearance settlement procedures. The secondpart examines the regulation of US and European securitiesmarkets.

Over the last few decades, nance has become a eld of seriousscienti c study. It has been increasingly used by scholarsas a method for analysing issues in securities regulation.Particularly in the United States, this trend has had a signi cantin uence on decisions relating to securities regulation madeby the legislature, the courts and the SEC. This course willexplore the use of nancial economics as a normative toolto suggest the best way to regulate securities transactions.Issues considered in the course in the rst week will include:(1) the implications of the ef cient market hypothesis, noisetheory and por tfolio theory for the regulation of disclosureby issuers making public offerings of securities and by issuerswhose shares are publicly traded; (2) the debate over the needfor mandatory disclosure; (3) the allocation of authority forregulating the disclosures of issuers whose shares are offered,or trade, in markets covering an area involving multiplecountries, with attention also paid to the questions of theappropriate role for regulatory competition and the optimalregulatory area (e.g. EU vs. member states); (4) the role of securities regulation in capital market development andeconomic growth; (5) the impact of securities regulation on theprivate generation of information and its re ection in price.

The last four classes will be devoted to using these tools tostudy two substantive areas of securities regulation. The

rst area will be the regulation of trading on non-publicinformation under the U.S. Rule 10b-5 . The second area will bethe regulation, through civil damages litigation, of corporatemisstatements by issuers that do not trade.

Learning Outcomes:At the end of this course students will be able to: Understand the main regulations of banks and nancial

intermediaries; Understand the capital adequacy rules and clearance

settlement procedures; Understand the main components of US securities

regulation; Understand the main concepts of EU securities market

regulation; Understand how nancial instruments are regulated by

banking and securities regulation regimes both onshoreand offshore.

International Corporate Law

Credits: 3.5 ECTS

Course Objectives:This course will cover the major areas of corporate law,including an overview of key organs of the company; the dutiesand responsibilities of directors, including non-executives;the evolution of corporate law; capital maintenance rules;voting rules and the one share one vote controversy; the legalcontrol of insiders; regulation of takeover bids and regulatorycompetition in Europe. An important goal will be to familiarisestudents with the economic environment, legal rules andchallenges of corporate governance reform. Emphasis will begiven to the contemporary debates over the failure of Boards toprotect the interests of minority shareholders and the decliningimportance of the market for corporate control to restrainmanagers. The course will encourage students to use variousanalytical tools to deal with key governance issues that facemanagers, directors, and investors.

Learning outcomes:At the end of this course students are able to: Understand the main concepts in the area of company law; Understand the main legal systems of company law in

Europe and the US; Compare the different legal systems of company law in

Europe; Write argumentative texts in the area of company law; Participate in academic and professional debates in law and

economics of company law.


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Electives

Bankruptcy and Corporate Reorganisation

Credits: 3.5 ECTS

Course Objectives:The focus of this course is various corporate restructuringpolicies that rms carry on around the world. We will analysetheir motivation and consequences in an international

context. Besides small changes of operations, corporationsengage in 3 different major types of restructuring policies: (1)corporate transformations or asset s ales; (2) bankruptcy andreorganisation; and (3) mergers or large acquisitions. We willcover these three major policies with a focus on their nancialconsequences in various legal environments.

Learning Outcomes:At the end of this course students will be able to: E Understand the law and economics of bankruptcy,

corporate restructuring and takeovers in the US; E Understand the decision-making processes of corporate

managers, shareholders, creditors, unions and nancialspecialists;

E Understand the investment law and its potential decision-making process of corporate Boards;

E Understand raising capital on foreign markets.

US M&A Law

Credits: 3.5 ECTS

Course Objectives:An examination of the law relating to the acquisition of businesses through asset and stock acquisitions and corporatemergers. The course e xamines applicable state corporatelaw, federal securities law, and the structure of acquisitionagreements. We will focus on Delaware law relating tofriendly and hostile acquisitions, as well as control shareholdersqueeze-outs of minority shareholders. In addition, we discussthe federal Williams Act.

Learning outcomesAt the end of this course students will be able to: E Understand the law relating to Mergers and Acquisitions; E Understand the main concepts of corporate transactions

and the acquisition of businesses, particularly with respectto asset and stock acquisitions and corporate mergers;

E Understand state and federal law with respect tocorporate acquisitions;

E Understand the Delaware corporate law relating to

friendly and hostile takeovers, as well as shareholdersqueeze-outs.

Block V

Thesis

Credits: 10 ECTS

Course Objectives:All students need to write a Masters thesis, which requiresstudents to develop and show the ability to independentlyproduce a piece of innovative research. Prior to the writing thethesis, all students attend the Masters Thesis Seminar, wherethey learn how to develop research questions, how to nddata, how to structure a thesis and how to conduct empiricalanalysis. Moreover, all students need to present their ownthesis proposal and obtain/provide feedback.The thesis is written in an area related to the track of specialisation. The thesis has to satisfy the s tandards of anindependent academic piece of work, building on existingliterature and combining both a theoretical analysis andhypothesis development and an empirical analysis of real-world, survey or exper imental data.

Learning Outcomes:After nishing their theses, students will be able to: E Independently develop a research question; E Understand the academic literature in the area of the

Masters thesis; E Independently work on a clearly de ned research project; E Build on existing literature and combine theoretical

hypothesis development and an empirical analysis of data; E Analyse data using statistical methods.

Internship

Credits: 5 ECTS

Course Objectives: This internship is designed to provide an opportunity forstudents to develop practical skills in dealing with nancialissues related to the track of specialisation. It is also includedin the programme to allow students to develop professionalskills, such as presentation skills and interaction with clients

and higher management. Students may wish to combine themandatory internship with the writing of the nal thesis. DSFhas a number of partner institutions that are supportive of thesis work based on a students placement.


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Learning Outcomes:By the end of the internship, students will: Have applied their academic knowledge in a practical

context; Have learned institutional details in their speci c t rack

of specialisation; Have developed practical skills in dealing with nancial

issues related to the track of specialisation; Have developed professional skills, such as presentation

skills and interaction with clients and higher management.

lr dsf173 course llm

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