Магистратура
2021/2022
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
Охват аудитории:
для своего кампуса
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
- • Analyze the trade-off between current earnings and future growth prospects.
- • Assess the sensitivity of project value to changes in parameters.
- • Assess the value of a firm's stock based on fundamental information.
- • 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.
- • Define the role and responsibilities of a firm's financial manager.
- • Describe the sources of value creation in mergers and acquisitions. Assess the gains or losses to both acquiring and target firm in a merger.
- • Estimate a firm's cost of capital in relation to risk and leverage.
- • 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.
- • Explain how firms interact with the financial markets.
- • 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.
- • 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 and apply the approaches to the management of current assets and liabilities, including short-term bank financing, and the receivables aging schedule.
- • Understand the specific issues that are covered under the heading of "corporate governance" and which practices are considered good. You should know the characteristics of an independent and effective board of directors. Much of the rest of the material has to do with shareholder interests and whether a firm's actions and procedures promote the interests of shareholders.
- • 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.
Course Contents
- Introduction to corporate finance. Corporation as a form of business. The purpose of corporate management.
- 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
- participation in class discussions
- Individual presentations and home assignments with the submission deadline
- final test
Interim Assessment
- 2021/2022 1st module0.6 * final test + 0.2 * participation in class discussions + 0.2 * Individual presentations and home assignments with the submission deadline
Bibliography
Recommended Core Bibliography
- Berk, J. B., & DeMarzo, P. M. (2017). Corporate Finance: The Core, Global Edition: Vol. Fourth edition. Pearson.
- Corporate finance, Berk, J., 2007
- Corporate finance, Berk, J., 2011
- Corporate finance, Berk, J., 2014
- Richard Brealey, Stewart Myers, & Franklin Allen. (2020). ISE EBook Online Access for Principles of Corporate Finance: Vol. Thirteenth edition. McGraw-Hill Education.
Recommended Additional Bibliography
- Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191