Международные корпоративные финансы

Магистратура 2020/2021

Лучший по критерию «Полезность курса для Вашей будущей карьеры»

Лучший по критерию «Полезность курса для расширения кругозора и разностороннего развития»

Лучший по критерию «Новизна полученных знаний»

Статус: Курс обязательный (Международный бизнес)

Направление: 38.04.02. Менеджмент

Кто читает: Магистерская программа "Международный бизнес", направление подготовки "Менеджмент"

Где читается: Факультет мировой экономики и мировой политики

Когда читается: 1-й курс, 2, 3 модуль

Формат изучения: без онлайн-курса

Охват аудитории: для своего кампуса

Преподаватели: Степанова Анастасия Николаевна

Прогр. обучения: Международный бизнес

Язык: английский

Кредиты: 5

Контактные часы: 48

Full Syllabus Ask Question

Abstract

This course is a corporate finance course of basic level. The aim of the course is to provide the student with sufficient knowledge to understand the logic of the modern financial analysis of strategic corporate decisions and it focuses mainly on financial decision- making process in corporations including investing, financing, payout policies. The course covers basic finance topics such as principles of equity and debt valuation, cost of capital, capital structure. The course covers such topics as debt and equity valuation; estimating the risk and the cost of capital; modelling the cash flows; optimization of capital structure; payout policy; and investment decisions.

Learning Objectives

know main features of multinational companies and explain why we should pay attention to international character of the company;
know core corporate finance concepts and theories
know the logic and the mechanism of raising the capital by large companies
know the logic and the mechanisms of payout policy of large corporations
be able to apply key corporate finance concepts to multinational companies
be able to estimate the cost of capital of a public corporation
be able to evaluate the efficiency of an investment project
be able to describe the process of decision-making in multinational companies and analyze agency problems inside
be able to apply classical models while making equity valuation

Expected Learning Outcomes

know the main features of multinational companies and explain why we should pay attention to international character of the company
know the logic and the mechanisms of payout policy of large corporations
be able to estimate the cost of capital of a public corporation
be able to describe the process of decision-making in multinational companies and analyze agency problems inside
be able to apply classical models while making equity valuation
be able to apply key corporate finance concepts to multinational companies
be able to evaluate the efficiency of investment project and cash flows

Course Contents

Introduction to Corporate Finance
What is modern financial analytical framework and how does finance contribute to corporate decision–making? Financial dimensions of the firm thru its life cycle: liquidity, risk and fundamental value. Financial dimensions of the firm: annual measures. Investment risk and hurdle rates. The types of cash flows in accounting model: cash flow from operating activity, from investing activity, from financing activity, the net cash flow. Free cash flow of the firm. Financial model of analytical framework versus accounting model of corporate decisions’ analysis. The role of CFO in the firm.
Measuring the Value. Debt Valuation
Intrinsic value. Key Value drivers. Corporate valuation framework: discounted cash flows. Free cash flows. Terminal cash flow. Present value of bond’s cash flows. Valuation of fixed income security. Measuring yield–to-maturity (YTM). Types of corporate debt financing instruments and measurement of their values. Practical tasks on debt valuation.
Risk and Return. Capital Asset Pricing Model
Types of risks. Systematic and specific risk. The principles of capital asset pricing theory (CAPM): how to measure expected return and required return on capital. The risk-free rate. How to measure the systematic risk of a firm: beta coefficient. Premium for risk. Country risk premium. Application of CAPM to real data.
Equity Valuation
How does equity valuation differ from bond’s valuation? Discounted dividends model (DDM): the cases for permanent and stable growing dividends. Free cash flow to firm. Free cash flow to equity. Practical tasks on debt valuation
Capital Structure and Overall Cost of Capital
What is capital structure of a firm and how it differs from financing structure of the firm. The cost of debt. The cost of equity. The weighted average cost of capital. The optimal capital structure of a firm. The weighted average cost of capital for the international firms.
Investment Decisions
How to evaluate the efficiency of investment project? Cash flows of an investment project. Net present value concept. NPV Decision rule. Limitations of NPV. Adjusted present value. Internal Rate of Return. Discounted Payback method. Profitability Index as a complement to NPV.
Payout Policy
Payout policy irrelevance. Dividend and Capital Gains Tax Rates. Market imperfections and dividend payouts. Cash dividend payout vs. stock repurchase. Clientele hypothesis. Signaling with payout policy.

Assessment Elements

Final exam in form of a case study
work & home assignments
Final exam in form of a case study
work & home assignments

Interim Assessment

Interim assessment (3 module)
0.4 * Final exam in form of a case study + 0.6 * work & home assignments

Bibliography

Recommended Core Bibliography

Berk, J., DeMarzo, P., & Harford, J. V. T. (2014). Fundamentals of Corporate Finance, Global Edition (Vol. Third edition). Harlow: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1419502
Butler, K. C. (2016). Multinational Finance : Evaluating the Opportunities, Costs, and Risks of Multinational Operations (Vol. Sixth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1221493
Damodaran, A. (2012). Investment Valuation : Tools and Techniques for Determining the Value of Any Asset (Vol. 3rd ed). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=442924
Principles of corporate finance, Brealey, R. A., 2017

Recommended Additional Bibliography

Corporate Finance : Theory and Practice Vernimmen, Pierre; Quiry, Pascal;and more John Wiley & Sons, Incorporated 2014 ISBN: ISBN number:9781118849330, ISBN number:9781118849323

Course Syllabus