Corporate finance
 /  Corporate finance
Corporate finance

Responsable du cours : Pierre Bertrandias (Euronext) et Olivier Bouillaud (Albéa).

Contenu de l’enseignement :

Introduction: Going back to the basics from Capital Markets and Corporate Finance:

  • Efficient use of capital; lenders-savers vs borrowers-spenders;
  • Real Asset vs Financial Asset;
  • Direct Finance (Financial Markets) vs Indirect Finance (financial Intermediaries).

Primary Markets

  • Why going public?
  • What it means for the company?
  • Where can they go public?
  • Financing: from seed funding to the IPO;
  • IPO process;
  • Case study of listing (i.e., Coca Cola, Aston Martin).

Secondary market

  1. Infrastructure:
    • Primary Venues vs Multilateral Trading Facilities, vs Broker Crossing Network vs Systematic Internalizes;
    • Case study on Dark Pools and how Dark Pools landscape evolved since MiFID II;
    • Why liquidity matters?
  1. Main asset classes, how they trade, where they trade and settle?
    • Stock, bonds, derivatives, DR, IOBs;
    • Lit vs Dark vs OTC trading, vs Periodic Auctions;
    • Type of trading and execution:

Iceberg, Market orders, Limit orders;

VWAP, PWAP trading;

Best execution;

Latency and price discovery and the use of SOR (Smart Order Routers).

  1. Introduction to technical analysis:
    • Equities: how to read a chart? An order book? How the liquidity is spread across the day?
    • Equities: spreads and trading strategies.
  1. Clearing and post trade overview;

  5. Main Players and value chain: Buy Side vs. Sell Side + Brokers and execution tables.

If time, additional content:

  • HFTs, Focus on: Arbitrage strategy, Liquidity arbitrage, Statistical arbitrage, Risk arbitrage, Derivatives arbitrage;
  • Case study of Citadel, Virtu, ABC arbitrage;
  • Market Making.

Méthode de l’enseignement : Cours magistral (30 heures).


CONTACT

Adresse:

122, rue de Vaugirard
75006 Paris

L4 L6 L12 L13 Montparnasse
L10 L13 Duroc
L4 Saint-Placide
L12 Falguière

Téléphone:
+33 (0)1 53 63 80 76

Email:
secretairembf@u-paris2.fr

ADMISSIONS

Ouverture des candidatures
Mi-avril 2020

Épreuve écrite
16 Juin 2020

Entretien d’admission
29 et 30 juin 2020

Résultats communiqués par courriel
Fin juin 2020

Inscriptions administratives
Juillet 2020

fr_FRFrench
en_GBEnglish fr_FRFrench