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Course Description
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International Finance 2
Ecole Supérieure du Commerce Extérieur (ESCE Paris)
Paris, France

Subject Area(s) Level(s) Instruction in Credits Contact Hours Prerequisites
Finance 200 English 3 39 None

The overall objectives of this course are as follows:
- To present the financing of companies on the financial markets
- To provide intervention techniques for the international financial markets
- To know how to use the financial hedging markets, the derivatives markets
- To know the working principles of financial markets
- To understand the methods and the stakes in mergers, acquisitions, divisions
- To understand the listing of securities on the markets
- To understand the leverage operations of companies on the market
- To understand the intervention techniques on international financial markets
- To understand the operations of financial directors on the futures market and on the options markets in order to take precautions against the risk of change in the interest rate or the exchange rate.

Teaching Methods:
Lectures illustrated with theoretical examples or topical subjects

40% continuous assessment (weekly press review, commentary on financial publications)
60% final examination

M. DEBEAUVAIS et E. MANA La gestion obligataire Revue Banque Éditeur 1996
R. FERRANDIER et V. KOEN Marchés de capitaux et techniques financières Economica 1997
J.O. GRABBE International Financial Markets, Prentice-Hall 1995
P.J. LEHMANN Bourse et marchés financiers Dunod 2002
Y. SIMON Les marchés dérivés Economica 1997

Course Plan:

Part 1 - The principal financial markets in the world

Chapter 1 - The primary markets
A - Equity securities
    1 - The different laws on equity
    2 - The valorization of equity
B - Debt securities
    1 - The different values of investment bonds
    2 - The different remunerations of obligations

Chapter 2 - Secondary markets
A - National markets
    1 - The different compartments of the markets
    2 - The quotation methods and indexes
B - International markets
    1 - The Eurocurrency markets
    2 - The euro-bond markets

Part 2 - The upper balance sheet operations of companies

Chapter 1 - The increases in capital
A - The immediate increases in capital
    1 - The different forms of increase in capital
    2 - Rights issue and share premiums
B - Deferred increases in capital
    1 - The reasons for deferred increases in capital
    2 - The financial products used

Chapter 2 - Modifications in company shareholders
A - Merger acquisitions
    1 - The reasons for mergers
    2 - Transactions outside the stock market
B - Public offers
    1 - Public offering of shares
    2 - Public exchange offerings

Chapter 3 - Compulsory loans
A - Liability analysis
    1 - Choice between increase in capital or increase in debt
    2 - The leverage effect of getting into debt
B - The characteristics of compulsory loans
    1 - Methods of emission
    2 - Methods of reimbursement

Part 3 - The derivatives markets

Chapter 1 - The futures market for financial products
A - Characteristics of the futures markets
    1 - Buying and selling operations
    2 - The role of the clearing house
B - The different futures markets throughout the world
    1 -The futures markets for foreign exchange
    2 - The forward interest rate markets

Chapter 2 - The options markets
A - Characteristics of the options markets
    1 - Operations on the options markets
    2 - The different options markets for interest rates and foreign exchange
B - Strategies on the options markets
    1 - Simple strategies
    2 - Complex strategies

European Credit Transfer and Accumulation System:
This course is worth 5 ECTS credits.

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