LWMTCF-International Corporate Finance and the Law

Module Provider: School of Law
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites: Registered for a postgraduate programme in Law or selected MA programmes or with permission of the Director of PGT Studies in Law.
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Dr Andrea Miglionico
Email: a.miglionico@reading.ac.uk

Type of module:

Summary module description:

The aim of the module is to analyse the different aspects of corporate finance from an international perspective. This will enable students to identify common aspects in the dynamics and mechanisms to obtain financing and discover innovative trends in a continuous developing area. From a practical standpoint, the module will provide the tools to recognize the key elements to implement a successful financing technique by means of the analysis of theoretical issues and actual case studies. The module will assess general corporate principles and financing techniques. It is a theoretical and practical module with case studies that will enable students to approach a corporation that needs capital (e.g. due to an enlargement of its business operations or because it facing a distressed situation) and understand the issues at stake and contribute in successfully obtaining the required financing.

Aims:
The aim of the module is to analyse the different aspects of corporate finance from an international perspective. This will enable students to identify common aspects in the dynamics and mechanisms to obtain financing and discover innovative trends in a continuous developing area. From a practical standpoint, the module will provide the tools to recognize the key elements to implement a successful financing technique by means of the analysis of theoretical issues and actual case studies.

The module will assess general corporate principles and financing techniques. It is a theoretical and practical module with case studies that will enable students to approach a corporation that needs capital (e.g. due to an enlargement of its business operations or because it facing a distressed situation) and understand the issues at stake and contribute in successfully obtaining the required financing.

Assessable learning outcomes:

On completion of the module, students will be expected to be able to:

• have an understanding of the basic corporate framework at the national, regional and trans-national level.


• have an extended knowledge of the internationalising and globalising context in which these corporations operate and the policies that are continuously being reformed.


• be aware of different financing techniques and an understanding of the capital markets.


• to perfect their powers of description and analysis and to handle comparative materials from legal and non-legal sources with confidence.


• have a theoretical and critical approach to the legal and policy issues relevant to the international corporate finance law field.


• have a broad comprehensive understanding of the theory and practice of financial regulation in a comparative context In summary, the module aims to provide students with a multi-dimensional understanding of the core issues in international corporate finance.

Through lectures, case study group work and other exercises it will help to provide students with the theoretical and practical building blocks and conceptual tools necessary for some of the more advanced intellectual tasks they will be called upon throughout the course

Additional outcomes:

In addition to those listed in the School’s "core skills statement", the module will encourage the development of:

• High-level oral communication skills through reflective, analytical class discussion


• High-level writing skills through close and critical analysis of both primary and secondary source material


• An ability to apply theoretical and contextual knowledge to practical problems that face people working in the field

Outline content:
Corporate Governance Structure: the roles, powers and responsibilities of directors, shareholders, auditors and regulators, and conflicts of interest
Sources of capital: equity, debt and the advantages and disadvantages of each, the Miller-Modigliani theory, methods of raising debt finance
The key players in financial transactions, and risk management
The capital markets, initial public offerings, the benefits of listing and the regulatory environment in the European Economic Area and in the United States, documentary requirements, market abuse and insider dealing
Public Disclosure of Information and accountability, the role of auditors, the Enron case and the post-Enron scenario in the UK and the US

Takeovers and Mergers: motivating factors, types of transaction, preparation, and regulation, subsequent effects

De-mergers and leveraged transactions: types of divestment in the stock market, motivation, and consequences. Private equitydeals.
Optional session on financial distress and bankruptcy, bankruptcy processes in the UK and US.

NB. Scheduling of lectures may be subject to change

Brief description of teaching and learning methods:

Teaching in this module is designed to provide students with a range of resources on which they can draw in their learning. The main elements are:

• A list of required and recommended readings, with notes and questions that will be used to guide class discussion and reflection.


• Ten weekly interactive lectures of 2 hours each.


• Optional non-assessed work that will be used to develop students’ skills and knowledge.


• An electronic discussion board will be available for students enrolled in this module.

Leading practitioners/competition authority officials specialising in the enforcement of competition law will be invited as guest lecturers. Students are encouraged to actively engage with the issues being addressed.

Contact hours:

Ìý	Autumn	Spring	Summer
Lectures		20
Guided independent study:		180
Ìý	Ìý	Ìý	Ìý
Total hours by term		200
Ìý	Ìý	Ìý	Ìý
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written assignment including essay	100

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:
1 assessed essay of 15 pages (formatted in accordance with the School of Law£s Assessed Work Rules)

Formative assessment methods:

Penalties for late submission:

The below information applies to students on taught programmes except those on Postgraduate Flexible programmes. Penalties for late submission, and the associated procedures, which apply to Postgraduate Flexible programmes are specified in the policy £Penalties for late submission for Postgraduate Flexible programmes£, which can be found here: /cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmissionpgflexible.pdf
The Support Centres will apply the following penalties for work submitted late:

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
• where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: /cqsd/-/media/project/functions/cqsd/documents/cqsd-old-site-documents/penaltiesforlatesubmission.pdf
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

Assessment requirements for a pass:
50% overall

Reassessment arrangements:
See School of Law PGT Programme Handbook

Additional Costs (specified where applicable):

1) Required text books:Ìý

2) Specialist equipment or materials:Ìý

3) Specialist clothing, footwear or headgear:Ìý

4) Printing and binding:Ìý

5) Computers and devices with a particular specification:Ìý

6) Travel, accommodation and subsistence:Ìý

Last updated: 22 September 2022