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Capital Structure: Optimizing debt & equity finance


Ruben D. Cohen (e-mail)





The Modigliani-Miller capital structuring theorems have for a long time dominated the thought process by which corporate and financial firms optimise their value or the weighted-average cost of capital (WACC).  With all the controversies and criticisms that surround them, the concepts underlying these theorems have still managed to become an integral part of the tools used by most financial institutions to develop, market and sell their products.


This practical 3-day course aims to (1) explain the notion behind these theorems in a simple and logical way, (2) demonstrate how their application differs in respect to corporate and financial entities, (3) outline a robust methodology for determining and locating the optimal capital structure and, finally, (4) extend the optimization procedure to the case where the firm faces balance-sheet constraints. Interactive spreadsheet examples, relating to hypothetical and real case studies, are provided for all the above.