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Corporate Finance: Strategies for Creating Shareholder Value

Make Every Investment Decision Count

Professor Artur RavivIn this highly collaborative program, senior Kellogg faculty and other leading experts bring together academic and practical experience. Each day, you’ll join your peers in the classroom to learn the latest methodologies and frameworks in corporate finance; in the evening, you will transition to a study group setting to apply that learning to real-world situations.

Through lectures, cases, discussions and a review of current research, you will explore important questions and find answers as to what investments you should make, which should be divested and the impact financing strategy can have on your bottom line. In short, you’ll learn how to effectively integrate financing and investment decisions to maximize value creation.
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Upcoming Sessions

  • Apply Online
    September 18-23, 2016
    Fee includes lodging and most meals
  • Apply Online
    November 5-10, 2017
    Fee includes lodging and most meals
  1. Executives who participate in strategic decisions such as capital budgeting, financial planning and mergers and acquisitions
  2. Managers with profit and loss or balance sheet responsibilities
  3. Executives in financial advisory functions such as consultants, accountants, commercial bankers and investment bankers
  1. Measure the impact of major strategic and operating decisions on shareholder value
  2. Evaluate and prioritize strategic investments including capital expenditures, organic growth, mergers and acquisitions and restructuring alternatives
  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 analyzing 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; 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 Chair in International Finance; 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.
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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.

What Past Participants Say

  • "This program added clarity and depth on issues concerning capital structure, value enhancement and principal management."
    Finance Manager, Dabbagh Group Holdings
  • "Excellent overview with real world examples. The professors are great, and it was money and time well spent."
    Manager of Strategic Management, Eli Lilly & Co.

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