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Course Guide
1. Subject description
NAME

Corporate Finance

DEGREE

Business
Administration
(ADE)

TYPE

Compulsory

PERIOD

ONE SEMESTER
COORDINATOR

Francisco Gonzlez Rodrguez

LECTURERS

GROUP 1

GROUP

ENGLISH

Fernando Gascn Garca-Ochoa

Vctor Manuel Gonzlez Mndez
Francisco Gonzlez Rodrguez
Susana Menndez Requejo

TE
PA1
TGA

TE
PA1
PA2
TGA
TGB

GROUP 2

TGC
TE
PA1
PA2
TGA
TGB

GROUP 7

TGC
TE
PA1
PA2
TGA
TGB
TGC

CODE
LOCATION

School of Economics and Business

N CREDITS

6
ENGLISH

LANGUAGE

PHONE /EMAIL

LOCATION

985103698 / fgonzale@uniovi.es
PHONE /EMAIL

LOCATION

985 103701 / fgascon@uniovi.es

985 102826 / vmendez@uniovi.es
985 103698 / fgonzale@uniovi.es
985 103912 / srequejo@uniovi.es

TIME SCHEDULE (from second week)

Wednesday: 9-10.30
Tuesday: 9-10.30
9-Feb (13.30), 1-March (13.30), 12-April
(13.30), 3-May (13.30)

ROOM
06
06
84

Wednesday: 9-10.30
Tuesday: 9-10.30
Monday: 10.45-12.15
9-Feb. (13.30), 1-March (13.30),
(13.30), 3-May (13.30)
10-Feb. (12.30), 2-March (12.30),
(12.30), 4-May (12.30)
9-Feb. (12.30), 1-March (12.30),
(12.30), 3-May (12.30)
Wednesday: 10.45-12.15
Tuesday: 10.45-12.15
Monday: 9-10.30
13-Feb. (13.30), 5-March (13.30),
(13.30), 7-May (13.30)
14-Feb. (12.30), 6-March (12.30),
(12.30), 8-May (12.30)
13-Feb. (12.30), 5-March (12.30),
(12.30), 7-May (12.30)
Wednesday: 15.30-17
Tuesday: 15.30-17
Monday: 17.15-18.45
7-Feb., 28-Feb., 11-April, 3-May
8-Feb., 29-Feb, 12-April, 4-May
6-Feb., 27-Feb, 10-April, 2-May

12-April

06
46
47
45

13-April

45

12-April

45

16-April

52
46
47
53

17-April

53

16-April

53

Facultad de Economa y Empresa

3rd Floor. Corridor 7.N # 6

32
06
07
44
44
44

3rd Floor. Corridor 7.N # 14

3rd Floor. Corridor 7.N # 5
3rd Floor. Corridor 7.N # 6
3rd Floor. Corridor 7.N # 7

LECTURERS
Fernando
Gascn
GarcaOchoa
Francisco Gonzlez Rodrguez
Vctor M. Gonzlez Mndez
(TE, PA1, TG)
Susana Menndez Requejo
(PA2)

Fernando
Gascn
GarcaOchoa
Francisco Gonzlez Rodrguez

Fernando
Gascn
GarcaOchoa
Francisco Gonzlez Rodrguez

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2. Context (in the case of shared subjects, differences among degrees should be specified
if they exist).
Corporate Finance is one of the three compulsory subjects of the Finance module of the Degree
in Business Administration. It is also the first subject related to Finance that students must study,
and it provides fundamental knowledge, as it provides students with the basic tools to make
investment decisions, financing and distribution of dividends in business.
This subject is coordinated with the other subjects of the Finance module and multiple interactions
exist among them. Thus, Markets and Financial Institutions (compulsory subject of the 1st
semester of third year) analyzes the different agents, markets and financial system assets, which
constitute the financial environment in which firms make their financial decisions. The subject
Financial Investments (compulsory subject of the 2nd semester of third year) shows the different
methods of valuation of equity, debt and financial derivatives in the context of portfolio
management. All these aspects are related to the design of investment and financing policies. In
addition, Corporate Finance is also related to other Finance elective modules (Financial Risk
Management and Financial Analysis and Planning) to develop in depth issues related to financial
management of enterprises.
3. Prerequisites (in the case of shared subjects, differences among degrees should be
specified if they exist).
There are no mandatory requirements to take this subject but it is considered appropriate to be
able to master the content of the subject Business Economics, first-year core subject in the
Degree in Business Administration, as this subject gives the student an overview of the company,
presenting the different functional areas and their interrelationships. On the other hand, it is
advisable to have knowledge of the financial information prepared by the company as well as
knowledge of financial mathematics. Also, as an instrumental aid, it is recommended some
training in the management of basic computer programs, internet, as it facilitates reference
consultation, organization, processing and presentation of information to be managed by
students.
4. Competencies and learning outcomes (in the case of shared subjects, differences
among degrees should be specified if they exist).
The aim of this subject is the study of investment decisions, financing and dividend distribution
policy, adopted by companies given the financial objective of creating value in the company. This
means knowing not only the variables that characterize investment projects, and possible funding
sources or dividends, but also taking into account the influence of those decisions on issues such
as the institutional environment, ownership structure of companies, incentives or informational
asymmetries. The key criterion in making financial decisions will be to maximize value creation in
the company, considering relevant conflicts of interest that may exist between different groups of
stakeholders with interests in the company. Thus, the valuation carried out by financial markets

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will be the reference indicator used to assess the choice of each investment, financing and
dividend policy decisions.
Generic skills the student acquires in the subject Corporate Finance are:
- Ability to analyse and synthesize
- Learning ability
- Ability to communicate (orally and written) fluently in the English language
- Knowledge and understanding of other languages, mainly Spanish
- Ability to search for and analyze information sources in the workplace
- Ability to work as a team
- Ability to make decisions
- Ability to apply knowledge to practice
- Ability to find creative new ideas and solutions
- Initiative and entrepreneurial spirit
- Ability to organize and plan
- Ability to adapt to new situations
- Concern for quality and a well done job
- Values and ethical behaviour
Specific skills a student will acquires in the Corporate Finance subject:
- Manage and interpret specific software for data processing
- Assess the suitability of investment projects and the most appropriate funding
- Design, develop and analyze business plans
- Transfer information, ideas, problems and solutions in the field of business management to
an audience both skilled and unskilled
- Issue advisory reports on specific situations of companies and markets
Learning Outcomes. At the end of the module the student should be able to:
- Identify the relevant parameters for the valuation of assets.
- Estimate the NPV (Net Present Value) and be able to calculate the profitability of business
investment projects.
- Identify the determinants of corporate financing decision.
- Plan the dividend distribution policy.
- Calculate the cost of different funding sources and estimate the cost of capital of the
company.
- Understand the financial decision-making by economic agents.
In short, this subject not only provides a specialized training in business and financial aspects and
the basis for understanding other Finance related subjects, but it also promotes employment in a
professional career connected to the financial decisions in the company and interaction with
financial markets. The ultimate goal of the present subject is for students to reach their jobs in the
best conditions to make contributions that will improve corporate financial performance.

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5. Content.
The course guide is divided into 7 chapters grouped into three parts. A first introductory chapter is
aimed at defining the objective to pursue in making financial decisions. The second part includes
chapters 2 to 4 and it is focused on the analysis of investment decision. Finally, the third part
includes chapters 5 to 7, and it is devoted to analyzing financing decisions and dividend
payments, together with the estimation of the opportunity cost of capital.
5.1. Abbreviated Program:
Part I: Introduction
Chapter 1. The finance function
Part II: The investment decision
Chapter 2. Information to evaluate investment projects
Chapter 3. Investment valuation methods
Chapter 4. The risk and uncertainty in the investment decision
Part III: Capital Structure and Financial Policies
Chapter 5. The capital structure decision
Chapter 6. The dividend decision
Chapter 7. The cost of capital
5.2. Detailed program and learning objectives
Chapter 1 .- THE FINANCE FUNCTION
1.1.
Financial Theory
1.2.
Theoretical foundations of financial economics
1.3.
The financial goal of the company
1.4.
The company's financial management
This chapter tries to identify the firm's financial decisions, evaluate their importance in the
business environment and define the objective in terms of value creation in the company. It will
assess the potential influence of conflicts of interest, especially regarding the relationship between
managers and shareholders. In addition, it sets forth the theoretical foundations of financial
economics, which are then developed in the subject.
Objectives:
- Know the purpose and the specific duties of the Financial Management of the company.
- Understand the Value Creation as both the corporate objective and the financial objective.
- Identify the firm's financial decisions.
- Understand the theoretical foundations of financial economics.
- Understand the importance of the conflict of interest between shareholders and managers in
making financial decisions.
Bibliography:

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BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapter 1 and and Chapter 2 Section 2.3 ).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Part One: Introduction).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapter 1).

Chapter 2 - INFORMATION TO EVALUATE INVESTMENT PROJECTS

2.1. Allocation of resources between consumption and investment
2.2. Financial dimension of productive investment
2.3. Estimating cash flows
2.4. The cost of capital in the investment decision
This chapter deals with investment decisions based on review of the balanced relationship
between consumption and investment and the criteria for the allocation of financial resources over
time. It also shows the variables needed to analyze the investment decision, such as the
estimated cash flows and payments and the opportunity cost of capital as a minimum return that
must provide the entire investment project.
Objectives:
- Analyze investment decisions based on review of the balanced relationship between
consumption and investment.
- Define the variables and data that define an investment project.
- Estimate the cash flows of an investment project
- Understand the importance of the opportunity cost of capital for making investment decisions.
Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapters 2 & 3).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapters 5 & 6).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapters 2 & 3).

Chapter 3.- INVESTMENT VALUATION METHODS

3.1. Approximate criteria for assessing investment projects
3.2. Traditional criteria of evaluation of investment projects
3.3. Relationship between the criteria of net present value and internal rate of return
3.4. Abandonment of some restrictive assumptions
3.5. Investment selection with limited resources
The aim of this chapter is the study of the fundamental criteria to evaluate investment projects
under certainty. We study the criteria of net present value (NPV) and internal rate of return (IRR),
analyzing in detail when both criteria are or are not equivalent in terms of selection and
prioritization of investment projects. Emphasis is placed on the evaluation of heterogeneous
projects, in particular, comparing projects of different duration and appropriate time decision for

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the renewal of productive assets. It analyzes the influence of inflation and the term structure of
interest rates on the investment decision.
Objectives:
- Know the methodologies to properly evaluate investment projects under certainty.
- Know the type of decision criteria that should be followed.
- Assess the contribution to the creation of enterprise value of investment projects.
- Correctly estimate the NPV and IRR of conventional and unconventional investment projects
(both independent and mutually exclusive).
- Understand the similarities and differences between the dynamic criteria to evaluate investment
projects.
Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapters 5 & 6).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapters 8, 9 & 10).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapters 5, 6 & 9).

Chapter 4 .- THE RISK AND UNCERTAINTY IN THE INVESTMENT DECISION

4.1. Uncertainty and risk in selecting investment projects
4.2. Information required for the evaluation of investment projects at risk
4.3. Selection methods at risk
4.4. Sensitivity analysis of investment decisions
4.5. Evaluation of investments under uncertainty
This chapter deals with appropriate methodologies to evaluate investment projects under
conditions of risk and uncertainty. It also analyzes the sensitivity analysis to assess the suitability
of investment projects, depending on variations in the concepts that determine the net value of a
project.
Objectives
- Analyze decision making in situations of risk and uncertainty.
- Identify the elements and characteristics that define the investment projects under uncertainty.
- Know and apply the methodologies to evaluate investment projects when they are developed in
contexts of risk.
- Use sensitivity analysis to analyze the influence of the estimates on the investment decision.
- Analyze investment decision making under uncertainty.
Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapters 5, 6 & 7).

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BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapter 11).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapters 10 & 11).

Chapter 5 .- THE CAPITAL STRUCTURE DECISION

5.1. The capital structure in perfect capital markets
5.2. The effect of taxes
5.3. The effect of asymmetries and agency costs
5.4 The effect of insolvency costs
5.5. Financial flexibility. Operating and financial leverage
This chapter analyzes the determinants of capital structure or company funding. Based on the
classical theory of irrelevance of the debt decision, set forth by Miller and Modigliani, we study the
influence that market imperfections (such as taxes, bankruptcy costs, information asymmetries
and conflicts of interest) have on the capital structure and their influence on the value of the
Company. It also deals with the analysis of alternative financing of the company by analyzing its
effect on profitability and risk.
Objectives:
- Analyze the relationship between capital structure and firm value.
- Understand the assumption of irrelevance of capital structure in the context of perfect capital
markets.
- Know the market imperfections that cause the relevance of capital structure.
- Identify the implications of trade-off theory and the hierarchy of preferences for the decision of
corporate debt.
- Analyze the effect of funding on the profitability and business risk.
- Recognize and analyze the determinants of corporate borrowing decision.

Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapters 17 & 18).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapter 14 & 16).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapters 15 & 16).

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Chapter 6 .- THE DIVIDEND DECISION

6.1. Distribution of funds to shareholders and dividend rates
6.2. The dividend policy in perfect capital markets
6.3. The effect of transaction costs and taxes
6.4. The effect of agency costs
6.5. The choice of dividend policy
In this chapter we analyze the determinants of the dividend decision in the company. Based on
the theory of irrelevance of dividend decision in the context of perfect capital markets, set forth by
Miller and Modigliani, we analyze the influence that market imperfections, such as taxes,
transaction costs, information asymmetry, conflict of interests have on the decision of dividends
and their relevance for the valuation of the company.
Objectives:
- Analyze the relationship between the decision of dividends and firm value.
- Understand the assumption of irrelevance of dividend policy in the context of perfect capital
markets.
- Know the market imperfections that cause the relevance of the dividend decision.
- Recognize and analyze the determinants of the decision to pay dividends in business firms.
Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapter 16).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapter 17).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapter 17).

Chapter 7.- THE COST OF CAPITAL

7.1. The cost of capital in the company
7.2. The current cost of the different sources of funds
7.3. The weighted average cost of capital
7.4. The money supply curve
7.5. The separation of investment and financing decisions

The chapter is aimed at studying the opportunity cost of capital of the company. The cost of
capital, established as the minimum return that must be required of an investment project, links
investment decisions and financing decisions in the company. The estimation of the cost of capital
is assessed by calculating the cost of debt and the estimated cost of equity, using different
methodologies to their approach.
Objectives:

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- Understand the value of the opportunity cost of capital: as the primary mechanism for evaluating
investment projects, as a determinant of the decision of indebtedness of the company and
as a factor that relates investment decisions and financing decisions.
- Knowledge of methodologies to estimate the cost of various sources of corporate funds.
- Calculate the weighted average cost of capital.
- To present different methodologies to approximate the opportunity cost of capital.
- Use the money supply curve as a tool to make investment decisions.
Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition (Chapters 3, 4 & 9).
BREALEY, R.; MYERS, S.; MARCUS, A. (2009): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill. (Chapter 11 & 12).
ROSS, S.A.; WESTERFIELD, R.W. & JORDAN, B.D. (2010): Fundamentals of Corporate
Finance, 9/e. Ed. McGraw-Hill (Chapter 14).

6. Methodology and work plan.

The program structure of the subject is implemented through classroom activities as well as
distance learning work. Teaching is based on two types of activities: Lectures and classroom
practices, with weekly sessions which last an hour and a half. These activities are combined with
group tutoring sessions.
For the development of each topic of the subject, students may attend lectures, which will provide
the students with a first contact with the subject. Also in this first session a course guide of this
subject will be provided, including case studies, additional readings (articles of theoretical and
practical nature) and work plans to be performed by the student, individually and in teams. The
weight of each of these working activities will depend on the specific topic to be developed in the
class session. In any case, it is aimed at promoting practical learning for the acquisition of skills
described above. This practical training will take place through exercises and problems, focusing
on further study and understanding of financial decision making in the company, looking for
financial information about business decisions and conducting individual and group work on
investment decisions, financing and distribution of dividends in business firms.
In this context, the work plan classroom activities are structured as follows:
- Lectures: These classes will raise the motivation of the topic and give an overview of its
theoretical part. They are supported by the use of audio-visual media. Students have a
basic bibliography and other additional materials to acquire knowledge.
- Classroom practice: These sessions will solve theoretical and practical issues related to the
knowledge discussed in the lectures. Students participation is required, as they will solve
and discuss issues concerning the selection of investment projects, financing alternatives
and / or distribution of funds.
- Group tutorials: These tutorials will be based on the resolution of questions raised by
students. In the group tutorials proper development and understanding of content will be
supervised as well as monitoring of group work and further focus on literature sources and
reading materials to complement and extend knowledge on specific aspects of the subject.

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A closer proximity to students will allow attention to diversity and focus on initiative and
concerns in order to improve their analytical and critical.
Class work must be combined with the following activities:
- Autonomous work of the student mainly focused on the study of the contents taught in class
and in the preparation of classroom practices in advance.
- Team work on a topic or subject related to the contents of the subject which help students
improve their skills and abilities related to teamwork, the pursuit of information, analysis
and synthesis of content, argument and display capacity.
Students will be able to access teaching materials required for the development of these activities
at the Virtual Campus of the University of Oviedo. At the Virtual Campus students will find class
notes, readings, problems, practice exercises and other related materials.
The number of hours devoted to classroom activities (in class work) and to distance learning work
are shown in the following table.

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Individual work

Total

Total

Evaluation sessions

External practices

Group Tutorials

21

Clinical and hospital

practices

Classroom practices

28

Lab practice/ field/

informatics( languages

Lectures

Total hours

Chapters

Group work

DISTANCE
LEARNING
WORK

IN CLASS WORK

20

75

90

Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6
Chapter 7
Exam
Total

The following is an indicative distribution schedule of issues over the weeks of second semester:
Week
Week 1
Week 2
Week 3
Week 4

Week 5
Week 6
Week 7

IN CLASS WORK

DISTANCE LEARNING WORK

Introduction to the subject.

Chapter 1 Organization of practices
Chapter 2 (sections 1,2 & 3)
Discussion of readings. Chapter 1
Practices Chapter 1
Chapter 2 (section 4) y Chapter 3
(sections 1 & 2)
Solving Investment exercises: 1 to 3

Study of Chapter 1
Readings of Economic press.
Study of Chapter 2
Readings and preparatory work for calculating valuation
ratios of listed companies.
Study of Chapters 2 & 3
Interest rate curve construction
Study of Chapter 3
Readings and analysis of the Corporate Governance
Report of a listed Company. Analysis of the ownership
structure of listed companies.

Chapter 3 (section 3)
Solving Investment exercises: 4 to 6
Practice on interest rates
Chapter 3 (sections 4 & 5) y Chapter 4
(sections 1 y 2)
Solving Investment exercises: 7 to 9.
corporate governance report
Chapter 4 (sections 3,4 & 5)
Solving Investment exercises: 10 to 12.
Readings discussion
Chapter 5 (sections 1 & 2)
Solving Investment exercises: 13
Group Work: Investment project.

Study of Chapters 3 & 4

Solving proposed exercises
Study of Chapter 4
Group work: defining a corporate investment project.
Study of Chapter 5
Solving of proposed exercises.

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Week
Week 8
Week 9
Week 10
Week 11

IN CLASS WORK

DISTANCE LEARNING WORK

Chapter 5 (sections 3 & 4)

Solving exercises Chapter 5: 1 to 6
Chapter 5. (section 5)
Solving exercises Chapter 5: 4, 5 & 6
Chapter 6 (section 1,2,3 & 4)
Solving exercises Chapter 6: 1 to 3.
Chapter 6 (section 5) & Chapter 7
(section 1)
Solving exercises Chapter 6: 4

Study of Chapter 5
Look for financial information of unlisted companies.
Study of Chapter 5
Analysis of the financial structure of unlisted companies.
Study of Chapter 6
Readings on capital structure.
Study of Chapters 6 & 7
Solving proposed exercises.
Study of Chapter 7
Following the dividend policy of listed companies and
analyzing a dividend announcement in the stock market.

Week 12

Chapter 7 (sections 2 to 5)
Solving exercises Chapter 7: 1 to 5

Week 13

Chapter 7 (sections 4 & 5)

Solving exercises Chapter 7: 6

Week 14

Concluding remarks and overview of the

Sector by sector comparisons of debt and dividends
subject.

Study of Chapter 7
Solving proposed exercises.

7. Assessment of student learning.

The evaluation of the subject is based on two elements:
1) Continuous assessment, which is based on the effort and work of the student throughout the
subject through different types of individual activities. The weight of the final grade is 40%.
2) Final exam which consists of a test set by which the knowledge acquired by the student and
the ability to apply it to investment decisions, financing and dividends is assessed. The weight of
this test in the final grade is 60%.
Description of ongoing evaluation activities:
Continuous assessment is based on the following elements:
- Conducting a series of follow-up tests without prior notice, where aspects of the topic under
discussion in class will be asked or a practical exercise similar to those previously seen in class
will be proposed for resolution. Therefore, continuous assessments raise issues or practical
exercises discussed in previous sessions, which evaluate students. For this reason, these tests
cannot be retaken extraordinary exams. Scores obtained during unannounced continuous
assessments will be kept. Each unannounced assessment will be assigned a maximum score of
(1 point) one point, being three (3) the maximum possible total points obtained through this
continuous assessment.
It is possible to give students additional points based on students class participation that will be
added to those points obtained in the four surprise follow-up tests, to previously mentioned
maximum of three (3) points.
- Group work on issues or matters related to the contents of the subject to be proposed or agreed
with the teacher. This allows students to interact and discuss with other students and thus
improve their skills and abilities related to teamwork, the pursuit of information, analysis and
synthesis of content, argument and communication skills. The maximum score that each student
can get is one (1) point and this activity cannot be retaken in the extraordinary exams.

8. Resources, references and documentation.

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Basic Bibliography:
BREALEY, R.; MYERS, S.; ALLEN, F. (2011): Principles of Corporate Finance. Ed. McGraw Hill.
Tenth edition.
BREALEY, R.; MYERS, S.; MARCUS, A. (2006): Fundamentals of Corporate Finance, 6/e. Ed.
McGraw Hill.
PINDADO, J. (Director): Direccin Financiera, Ediciones Paraninfo, 2012, Madrid.
ROSS, S.A.; WESTERFIELD, R.W. y JAFFE, J.F. (2005): Finanzas Corporativas. Ed. McGrawHill.
VAN HORNE, J. C. y WACHOWICZ, J.M. (2002): Fundamentos de Administracin Financiera.
Ed. Pearson Educacin.
Exercise and practice manuals:
GOMEZ, S.; GONZLEZ, V.M. y MENNDEZ, S. (2000): Problemas de Direccin Financiera. Ed.
Civitas.
VALLELADO, E.; AZOFRA, V. (2002): Prcticas de Direccin Financiera. Ed. Pirmide.
Financial sites on the Internet
Bolsa de Madrid
Comisin Nacional del Mercado de Valores
Banco de Espaa
Fundacin de Cajas de Ahorros
Securities Exchange Commission (SEC)
Cinco Das
Expansin

13

www.bolsamadrid.es
www.cnmv.es
www.bde.es
www.funcas.ceca.es
www.sec.gov
www.cincodias.com
www.expansion.com