Department of Finance

B400 Advanced Corporate Finance

Person responsible: Prof. Dr. Christian Koziol
Lecturer: Prof. Dr. Christian Koziol and Philipp Roßmann, M.Sc.
Language: English
Recommended for:

M.Sc., 1st year

Course type and number of hours: 2 hours lecture + 2 hours practice course
ECTS credits: 9 ECTS
Type of exam: Assignment
Time and place:

Lecture: on-demand teaching videos


Case studies: live sessions via Zoom 

  • Introductory session: Monday, November 23, 2020 (start: 4:00 pm)

  • 1st Q&A session: Monday, December 21, 2020 (start: 4:00 pm)

  • 2nd Q&A session: Monday, January 18, 2021 (start: 4:00 pm)


Students develop central factors that drive the optimal capital structure. They assess and analyze advanced theoretical models dealing with specific issues and problems in corporate finance. In the practice course students apply those models to real-world data and develop solutions for classical corporate finance problems.



The aim of the module is to introduce students to practical and theoretical factors driving capital structure decisions. Within advanced model frameworks students will be enabled to analyze the effects of corporate decisions on issued claims and develop solutions for classical incentive problems in corporate financing.



  • Grinblatt, Mark and Titman, Sheridan (2002): Financial Markets and Corporate Strategy, 2nd ed., Boston, McGraw-Hill.

  • Berk, Jonathan and DeMarzo, Peter (2017): Corporate Finance, 4th ed., Harlow, London, New York, Munich, Pearson.

  • Merton, Robert C. (1974): On the Pricing of Corporate Debt: The Risk Structure of Interest Rates, Journal of Finance 29, p. 449-470.

  • Leland, Hayne E. (1994): Corporate Debt Value, Bond Covenants, and Optimal Capital Structure, Journal of Finance 49, p. 1213-1252.