Магистратура
2020/2021
Корпоративные финансы
Лучший по критерию «Полезность курса для Вашей будущей карьеры»
Лучший по критерию «Полезность курса для расширения кругозора и разностороннего развития»
Статус:
Курс обязательный (Финансовый аналитик)
Направление:
38.04.08. Финансы и кредит
Кто читает:
Банковский институт
Где читается:
Банковский институт
Когда читается:
1-й курс, 1 модуль
Формат изучения:
без онлайн-курса
Преподаватели:
Димова Елена Анатольевна
Прогр. обучения:
Финансовый аналитик
Язык:
английский
Кредиты:
4
Контактные часы:
44
Course Syllabus
Abstract
The course develops theoretical framework for understanding and analyzing major financial problems of modern firm in the market environment. The course covers basic models of corporate capital valuation, including pricing models for primary financial assets, real assets valuation and investment projects analysis, capital structure. The course is focused on developing skills in analyzing corporate behavior in capital markets and the relationship of agent and principal in raising funds, allocating capital, distributing returns. It provides necessary knowledge in evaluating different management decisions and their influence on corporate performance and value.
Learning Objectives
- The main objective of the course is to provide the conceptual background for corporate financial analysis from the point of corporate value creation. The course aims to develop an understanding of the theoretical foundations and practical aspects of the decisions made by the financial managers of a corporation.
Expected Learning Outcomes
- students should be able to: • Define the role and responsibilities of a firm's financial manager. • Explain how firms interact with the financial markets. • Know how to calculate all of the measures used to evaluate capital projects and the decision rules associated with them. Evaluate and rank alternative investment projects. • Understand weighted average cost of capital and be able to calculate the costs of common equity, preferred stock, and the after-tax cost of debt.
- • Define and calculate various measures of leverage and the firm characteristics that affect the levels of operating and financial leverage. Calculate the breakeven quantity of sales is that quantity of sales for which total revenue just covers total costs. • Estimate a firm's cost of capital in relation to risk and leverage. • Explain the factors that affect a firm's choice of capital structure.
- • Explain the factors that affect a firm's choice of payout policy. Know the terminology and mechanics of dividend payments. Calculate the EPS and book value of a firm after a share repurchase, given the relevant information about the firm and the source of the funds. • Assess the value of a firm's stock based on fundamental information. • Assess the sensitivity of project value to changes in parameters.
- • Analyze the trade-off between current earnings and future growth prospects. • Understand and apply the approaches to the management of current assets and liabilities, including short-term bank financing, and the receivables aging schedule. • Evaluate a firm's short-term investment policies and short-term funding strategy. Understand why the management of inventory, receivables, and payables is important to a firm's overall profitability and value.
Course Contents
- Introduction to Corporate Finance
- Corporate Performance, Governance and Business Ethics
- Capital Budgeting
- Cost of Capital
- Measures of Leverage
- Capital Structure
- Dividends and Share Repurchases
- Working Capital Management
- Stock valuation
- Mergers and Acquisitions
Assessment Elements
- Attendance and participation in class discussions
- Individual presentations and home assignments
- Final exam
Interim Assessment
- Interim assessment (1 module)0.2 * Attendance and participation in class discussions + 0.6 * Final exam + 0.2 * Individual presentations and home assignments
Bibliography
Recommended Core Bibliography
- Jansen, E. (2019). Corporate finance : key concepts & principles. Amsterdam: VU University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edshbo&AN=edshbo.sharekit.fontys.oai.surfsharekit.nl.f4ce5539.733c.4aec.918d.a67f5b8ebb07
Recommended Additional Bibliography
- Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, & Antonio Salvi. (2018). Corporate Finance : Theory and Practice. Post-Print. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hal.journl.hal.02298273
- Tse, T. C. M. (2018). Corporate Finance: The Basics. Abingdon, Oxon: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1588504