Multiple financial decisions require an overall vision and strategy. This program discusses the major variables and practices contributing to value creation through financial management.

We will start by analyzing value creation alternatives based on optimized financial strategies. The traditional premise that states that there is an optimum financial strategy based on minimizing average capital cost through an inexpensive resource -debt- has been widely accepted.

However, Modigliani and Miller have proven that, in specific conditions, indebtedness policies are irrelevant. Considering the differences between the hypothetical world of Modigliani and Miller and our current environment, we will assess the rationale that supports debt as a strategic tool to create value. Accordingly, we will discuss decisions involving dividend and IPO policies.

We will also explore the relevance of project financie techniques. As costumary, we will conclude by focusing on value creation through long-term financial management.

• Modigliani, Miller and Capital Structure.
• Dividend policy.
• IPOs.
• Project Finance.
• Debt instruments.
• Value creation – EVA.