Corporate Finance: European Case Studies

Semester & Location:	Spring 2026 - DIS Copenhagen
Type & Credits:	Elective Course - 3 credits
Major Disciplines:	Business, Finance, Management
Prerequisites:	One course each in macro- and microeconomics, and one course in finance, all at university level.
Faculty Member:	Clarissa Ann Berthoux - Contact via Canvas Inbox
Time & Place:	Tuesdays and Fridays: 8:30-9:50 Classroom: V10-A41

Description

This course introduces students to the core principles of corporate finance through a structured, concept-driven, and application-focused approach. Rather than emphasizing technical computation, the course prioritizes understanding how financial decisions are made in practice, how markets price risk, and how corporate finance concepts shape real-world business outcomes. 

The course progresses through four interconnected modules. It begins by examining how firms operate internally, using financial statements and cash flows to understand performance and business models. It then shifts to financial markets, exploring valuation, risk, and the frameworks investors use to determine required returns. These foundations are brought together in an integration module focused on mergers, acquisitions, and corporate control, where valuation, risk, and strategic considerations intersect. The course concludes by examining how firms finance themselves, including capital structure, payout policy, and capital-raising decisions. 

Throughout the course, students engage in active learning through case discussions, debates, field studies, and a semester-long project. Emphasis is placed on critical thinking, judgment, and the ability to synthesize financial information into coherent arguments. By the end of the course, students will have a practical, big-picture understanding of corporate finance and the role it plays in shaping firm strategy, governance, and value creation. 

Objective

To analyze and understand major corporate finance issues via a mixture of central theory, problem-solving and corporate case studies.

Business managers today are expected to work within a firm operating around the globe. A cross-border perspective is essential. All areas of major businesses have foreign participation, whether it involves operations, employees, regulators, customers, banks or investors.

The course strives to present major corporate finance issues which companies must deal with. Students will learn how to analyze and interpret company financial information and stock market ratios, appreciate the alternatives for financing a business and become aware of the motivations behind the corporate executives and major players in the financial market.

By reading about actual events and problems that companies must deal with on an ongoing basis, students will become familiar with not only the theoretical basis of corporate finance but with the practical problems and multiple consequences of financial decisions.

In addition, the course aims to teach students a methodology for analyzing conflicting points of view, formulating decisions despite imperfect information, working together in groups and presenting their results.

Faculty Member

Cassie Berthoux: External lecturer

Cassie Berthoux is a Lecturer in Corporate Finance in the International Business and Global Economics program at DIS.

She brings nearly 20 years of global experience across asset management, investment banking, and strategic marketing. As Head of Business Development at Seilern Investment Management, she scaled the firm’s European distribution and led a twenty-fold increase in assets under management. In addition to teaching, Cassie runs a boutique advisory practice supporting European asset managers and advises female founders launching and growing small businesses. She began her career in electronic trading at Goldman Sachs and later held leadership roles at BNP Paribas in London and New York.

Cassie holds a Postgraduate Diploma in Strategy & Innovation from Saïd Business School, University of Oxford, where her work focused on strategic growth models for financial boutiques.  She also holds dual Bachelor of Science degrees in Finance and Accountancy from Villanova University.

Field Studies 

During the course, students will participate in one or more field studies with organizations operating within the corporate finance ecosystem. These may include financial institutions, advisory firms, or corporate finance teams at Danish or international companies. 

Guest Lecturers 

Guest lecturers may include professionals from across the corporate finance ecosystem, such as investment bankers, asset managers and financial media.  

Guest lectures are intended to complement the academic material by showing how corporate finance concepts are used in professional decision-making environments. 

Approach to Teaching 

This course is taught in an experiential and hands-on format. Many classes are workshop-based and discussion-driven, using real-world cases, current events, and applied scenarios. 

Class time is primarily used to: 

• discuss and debate concepts, 

• interpret cases and real examples, 

• apply financial reasoning, 

• and practice explaining trade-offs clearly. 

Pre-class readings, videos, and podcasts introduce key concepts. Class sessions build on this material rather than repeat it. 

Expectations of Students 

This course requires a high level of motivation and active participation, both in class and during field studies. 

Attendance is mandatory. Students are expected to: 

• complete all assigned readings and pre-class materials; 

• come prepared to discuss and question the material; 

• engage actively and respectfully in discussions, workshops, and debates; 

• collaborate constructively within assigned groups; 

• articulate and defend ideas clearly. 

Corporate finance relies heavily on discussion, interpretation, and professional judgment. Passive attendance alone is not sufficient. 

Assessment Philosophy 

Corporate finance is a practical discipline that requires not only technical knowledge, but also judgment, interpretation, and the ability to communicate clearly under uncertainty. In professional settings, financial decisions are rarely made in isolation; they are made through discussion, debate, and the evaluation of imperfect information. 

Accordingly, assessment in this course places greater emphasis on applied understanding, active engagement, and the ability to explain financial reasoning, and less emphasis on rote calculation or formulaic execution. 

Students are evaluated through a combination of a semester-long project, a formal debate, sustained engagement in class, and a final exam designed to encourage consolidation of key concepts. 

Evaluation and Grading 

Course evaluation is based on the following components: 

• Class Engagement: 20% 

• Semester Project (written report and group presentation): 35% 

• Formal Debate (Oxford-style): 20% 

• Final Exam: 25% 

Class Engagement (20%) 

Because this course is discussion-based, class engagement is a core component of the assessment. 

A strong engagement grade reflects: 

• preparation for every class; 

• active and voluntary participation in discussions and workshops; 

• critical engagement with readings and cases; 

• analytical and concise oral contributions supported by evidence; 

• constructive collaboration with assigned groups; 

• active participation during field studies. 

To achieve an A-level engagement grade, students are expected to contribute regularly in class and/or submit short written reflections on selected class sessions or field studies via Canvas, as instructed. 

Use of Electronic Devices in the Classroom 

This course is designed to be highly interactive and discussion-based. To support active listening and engagement: 

• Laptops, tablets, and phones are not permitted during lectures, guest presentations, student presentations, debates, or any session where someone is presenting at the front of the room. 

• Students are expected to take notes by hand during these portions of class. 

• Electronic devices may be used during in-class group work and workshops. 

Lecture slides, pre-class recordings, and other materials will be provided to support review and consolidation of learning. 

Failure to comply with this policy may affect a student’s Class Engagement grade. 

Use of Artificial Intelligence (AI) 

Arttificial intelligence (AI) tools are increasingly used in academic and professional settings. When used appropriately, these tools can support learning and research. However, AI tools must support human judgment and critical thinking, not replace them. 

In this course, the use of AI tools (such as ChatGPT) is permitted within defined contexts, provided that usage is transparent and properly attributed. Use outside these contexts, or without attribution, will be considered a breach of the DIS Academic Honesty Policy. 

More information on DIS guidelines for AI use can be found here: 

https://www.disabroad.org 

Permitted Uses of AI 

• Structuring arguments or outlines 

• Summarizing background information 

• Clarifying concepts 

• Editing for clarity 

Prohibited Uses of AI 

• Generating analysis or conclusions the student does not understand 

• Producing calculations or outputs that cannot be explained 

• Replacing individual judgment or interpretation 

• Submitting AI-generated work without disclosure 

If AI tools are used, students must include a brief statement describing how they were used. 

Because this course emphasizes discussion and debate, students may be asked to explain or defend submitted work orally. 

Academic Regulations  

Please make sure to read the Academic Regulations on the DIS website. There you will find regulations on: 

• Course Enrollment and Grading  
• Academic Expectations and Honor Code 

DIS - Study Abroad in Scandinavia - www.DISabroad.org