Unit name | International Corporate Finance |
---|---|
Unit code | LAWDM0116 |
Credit points | 30 |
Level of study | M/7 |
Teaching block(s) |
Teaching Block 4 (weeks 1-24) |
Unit director | Professor. Albert Sanchez Graells |
Open unit status | Not open |
Pre-requisites |
None |
Co-requisites |
None |
School/department | University of Bristol Law School |
Faculty | Faculty of Social Sciences and Law |
This unit will explore the legal rules which govern the procedures followed by companies when they want to raise funds. It will be divided into two major parts: a) equity financing: the raising of capital following corporate law rules (minimum capital requirements, capital variations, the protection of shareholder rights when raising capital, the issuance of shares, financial assistance, etc.) and the raising of capital through the markets under securities regulations (IPOs, prospectus disclosure, ongoing disclosure of listed companies, market abuse, etc.) and b) debt financing, including banking and bankruptcy rules covering issues such as: debentures, fixed and floating charges, charges of book debts, specialised forms of finance such as project finance and trade finance, security, bonds, insolvency issues and priority for the payment, pari passu clauses, registration requirements, etc.
Through the examination of both equity and debt-based sources of financing, this module offers a fruitful combination of company law, securities regulation, banking and bankruptcy study, under both a national and international perspective. Applicable EU law will also be examined, and broader issues regarding the function of international capital markets will be discussed, particularly in relation to project finance of complex infrastructure.
Unit aims
- Enable students to identify various legal concepts and principles examined throughout the subject and designed to raise capital for companies and protect other related market actors affected by these kinds of strategies. - Enable students to apply theories and legal rules of corporate finance to practical situations. - Research sources of law and academic texts to identify the reasoning behind principles of corporate finance, as well as their impact on various legal provisions. - Enable students to confidently handle, analyse, summarise and apply the creation of the above principles.Unit aims
- Enable students to identify various legal concepts and principles examined throughout the subject and designed to raise capital for companies and protect other related market actors affected by these kinds of strategies. - Enable students to apply theories and legal rules of corporate finance to practical situations. - Research sources of law and academic texts to identify the reasoning behind principles of corporate finance, as well as their impact on various legal provisions. - Enable students to confidently handle, analyse, summarise and apply the above principles.Seminars
Seminar 1: Introduction to debt and equity finance
Seminar 2: Unsecured lending
Seminar 3: Secured lending I
Seminar 4: Secured lending II
Seminar 5:Internal equity finance
Seminar 6: External equity finance I (access to capital markets, equity offerings)
Seminar 7:External equity finance II (prospectus disclosure obligations)
Seminar 8: External equity finance III (periodic and episodic disclosure obligations)
Seminar 9: Corporate bonds
Seminar 10: Project finance
Seminar 11: Revision session
On the completion of this unit, students will be able to demonstrate:
11 x seminars = 22 hrs 20 x lectures = 20 hrs
Summative assessment 3-hour unseen written examination
Formative assessment 1 x 1500 essay in term 1 and 1 optional 1500 essay in term 2
Paul Davies and Sarah Worthington (eds.), Gower and Davies, Principles of Modern Company Law (Sweet & Maxwell, 9th ed., 2012).
Eilis Ferran and Look Chan Ho, Principles of Corporate Finance Law (Oxford, OUP, 2nd ed., 2014).
Louise Gullifer and Jennifer Payne, Corporate Finance Law: Principles and Policy (Oxford, Hart Publishing, 2011).
John Lowry and Arad Reisberg, Pettet's Company Law: Company Law and Corporate Finance (Longman, 4th ed., 2012).
Dan Prentice and Arad Reisberg (ed.) Corporate Finance Law in the UK and EU (Oxford, OUP, 2011).
Pierre Schammo, EU Prospectus Law: New Perspectives on Regulatory Competition in Securities Markets (Cambridge, CUP, 2011).
Graham Vinter, Gareth Price and David Lee, Project Finance (Sweet & Maxwell, 4th ed., 2013).