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Antoine Hyafil

Professor, HEC School of Management, France
Antoine HyafilAntoine Hyafil

Antoine Hyafil is the Deloitte professor of finance and energy at HEC and a former dean of the faculty at the HEC School of Management, Paris. He has been on the visiting faculty at the Sloan School of Management, MIT, and at INSEAD in Singapore. He teaches both intermediate and advanced courses in corporate finance, and he has taught executives in Brazil, Bahrain, China, Lebanon, Lithuania, India, Japan, Poland, Russia, and the United States. More recently, he has been commissioned to develop a portfolio of courses linking financial and strategic issues in the field of energy within the context of climate change economics. Professor Hyafil has been an officer of the First National Bank of Chicago and an academic in residence with Merrill Lynch Investment Banking Department.

Articles by this Author

  • WACC versus APV Valuation: Financial Policy and the Discount Rate
    by Antoine Hyafil
    Franco Modigliani and Merton Miller’s (1958) Propositions I and II have generated two valuation methodologies, hereafter referred to as WACC (weighted average cost of capital) and APV (adjusted present value) valuation. Briefly, Proposition I states that the value of a firm does not depend on its capital structure, and Proposition II states that a firm’s value depends on three things: the required rate of return on its assets; its cost of debt;...

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