If you are an executive who participates in strategic decisions such as capital budgeting, mergers and acquisitions, and financial planning, this program is designed for you. It is also beneficial for executives in financial advisory functions such as consultants, accountants, commercial bankers, and investment bankers.

During this course, you will:

1. Measure the impact of major strategic and operating decisions on shareholder value 
2. Value potential merger and acquisition targets more precisely
3. Determine the consequences of financing strategies for value creation
4. Accurately estimate firms’ and divisions’ cost of capital and its relation to financial structure
   
   

Creating Shareholder Value: Evaluation of Investments

1. Analytical techniques
2. Common mistakes made in the evaluation process
3. Financial reporting and resource allocation decisions
4. Modern approaches for the determination of cost of capital
5. Divisional cost of capital
6. Evaluating strategies using real options

Financing Decisions

1. Determinants of financial structure: Is debt good for your firm?
2. Cash distribution strategy: dividends and stock repurchases
3. Stock market reactions to changes in financial policy: the scientific evidence
4. Impact of financing strategies on your firm’s cost of capital
5. Innovative financial instruments

Interaction of Investment and Financing

1. Techniques for the evaluation of value created by investment and financing strategies
2. Design of consistent investment and financial strategies

Corporate Financial Strategies

1. Valuation of merger and acquisition targets
2. Ownership restructuring: leveraged buyouts
3. Valuation of international investments
4. Value-based management (EVA, CFROI, SVA)

Aharon Ofer - Academic Director; Visiting Professor of Finance

Artur Raviv - Academic Director; Alan E. Peterson Professor of Finance

Mitchell A. Petersen - Glen Vasel Professor of Finance; Director of the Heizer Center for Private Equity and Venture Capital

Sergio Rebelo - Tokai Bank Professor of Finance

Continuing Education Credit
This program is registered with the National Association of State Boards of Accountancy and is recommended for 34.5 CPE credits.


Continuing Professional Education Information
The Kellogg School of Management, Northwestern University is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of Continuing Professional Education (CPE) Sponsors. State boards of accountancy have final authority on acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North Suite 700, Nashville, TN 37219-2417.
Web site: www.nasba.org

All Kellogg programs that qualify for CPE credits do not have pre-requisites. Advanced readings and case preparation is required. A packet of course materials is mailed to all participants before the program begins.

All Kellogg programs are group-live. Program level: Advanced.

For more information regarding administrative policies such as complaints and refunds, please contact our office at 847-467-7000.