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Política Financeira da Empresa e Estrutura de Capital

Código 13968
Ano 1
Semestre S1
Créditos ECTS 7,5
Carga Horária TP(30H)
Área Científica Gestão
Mode of delivery Face to face.
Learning outcomes The overall objective of UC is to analyze the impact that financial decisions are taken for the various stakeholders of the company.
i) Provide the students with analytical skills and decision-making in areas within the financial policy of companies, in general, and SMEs in particular.
ii) Analyze the impact of financial decisions in the context of the capital structure and dividends decisions;
iii) Identify the major theories of ownership and corporate governance;
iv) Develop practices of research and for obtaining information;
v) Developing autonomy in research, through the development of research, to be appreciated by students, teachers, and academic community in general, seeking the submission to conferences and journals.
Syllabus I. INTRODUCTION
1.1 Developments in Financial Theory
1.2 Financial Policy of the Company.
II. CAPITAL STRUCTURE DECISIONS
2.1 Perfect and imperfect Markets
2.2 Th Theorems of Modigliani and Miller
2.3 Theory of the static trade-off
2.4 Agency theory
2.5 Signalling Theory
2.6 Pecking Order Theory
2.7 Capital structure and corporate strategy
2.8 Other theories of capital structure
2.9 Empirical Evidence on capital structure
III. LONG TERM FINANCING
3.1 Equity
3.2 Debt
3.3 Cost of Capital
IV. DIVIDEND POLICY
4.1 Perfectly efficient markets and the irrelevance of dividend policy
4.2 Taxes on income and dividend policy
4.3 Signalling and Dividend Policy
4.4 Problems of agency and dividend policy
4.5 Empirical evidence on dividend policy
V. THEORY OF OWNERSHIP AND CORPORATE GOVERNANCE
Teaching Methodologies and Assessment Criteria Final Grade = [0.35*referee paper+ 0.45*paper proposal +0.1*PA]
i) Referee paper: consists of the critical analysis of a paper
ii) Paper proposal: it is not a paper that is required, but a proposal for a paper, whose structure: Introduction; definition of the research question; theoretical framework; presentation of the methodology to be used to answer the research question; expected results and main contributions
iii) PA: Participation and attendance
Main Bibliography BODIE, Z. e MERTON, R. (2000) “Finance”, Prentice-Hall.
BREALEY, R. A. e MYERS, S. C. (2008). Principles of Corporate Finance, 9ª edição. McGraw-Hill/Irwin.
CONSTANTINIDES, G., HARRIS, M. e STULZ, R. (2003) “Corporate Finance”, Elsevier, North Holland.
DAMODARAN, A. (2001) “Corporate Finance - Theory and Practice”, John Wikey and Sons Inc.
GRINBLATT, M. e TITMAN, S. (2002) Financial Markets and Corporate Strategy, 2.ª Edição, Irving-McGraw-HILL.
RAPPAPORT, A. (1999) Creating Shareholder Value: A Guide for Managers and Investors, Amazon.
ROSS, S. A., WESTERFIELD, R. W., e JAFFE, J. (2004) Corporate Finance, 6ª Edição, Irwin/ McGraw-Hill.
SHARPE, W. F.; GORDON J. A. e JEFFER, Y V. B. (2004) “Investments” 7th ed., Upper Saddle River, Prentice-
Hall.
Tirole, J. (2006) The Theory of Corporate Finance, Princeton University Press, New Jersey .
Language Portuguese. Tutorial support is available in English.
Data da última atualização: 2025-07-01
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