The subject Economic Environment covers, in the first place, the study of statistical sources and basic instruments for the analysis of the economic situation; secondly, the aspects of the international and European economic environment such as the benefits from the economic integration, the European integration process and the main community policies are studied. Thirdly, the Spanish economy within the European context is studied, focusing on aspects such as the Spanish growth model and competitiveness of the Spanish economy. Finally, the study of macroeconomic unbalances in the Spanish economy and the macroeconomic policies used for its correction, in the framework of the Economic and Monetary Union will be approached.

In the subject Corporate transactions and insolvency situations the legal framework of society’s financing through capital increase (preferential stock issue, with bonus, callable, non-voting, multilateral netting, etc.); bonds issue; structure modifications (merger, division and sale of assets and liabilities); shareholders loans; funding through financial markets, and the pre-bankruptcy and bankruptcy solutions that give the right to companies in difficulties is studied.

The subject Taxation of business financial transactions focuses on different tax issues that arise during a company’s life cycle: building the company, corporate transactions, distribution and settlement. It is about the most influential aspects of the Spanish Taxation System on corporate funding decisions, both from the perspective of the company and from that of the stockholders: self-funding vs external funding, deductibility of financial expenditures and problems of double taxation; acquisition of fixed assets, forms of financing and depreciation; financing operations in general (contributions in kind, capital increase, preferred shares, subordinated debt, bond issue, convertible bonds, leasing, renting, factoring...) and tax incentives for investment. These contents are analysed taking into account the different tax issues involved, mainly focusing in the in the Individual Income Tax on Natural Persons, the Corporation Tax and the Value Added Tax.