2020/2021

Финансовые решения в международных компаниях

Статус: Майнор

Кто читает: Департамент мировой экономики

Где читается: Факультет мировой экономики и мировой политики

Когда читается: 3, 4 модуль

Преподаватели: Дорохин Дмитрий Игоревич, Качибая Павел Сергеевич, Романиди Кристина Семеновна

Язык: английский

Кредиты: 5

Контактные часы: 76

Course Syllabus

Abstract

The aim of the course "International Corporate Finance" is to help students to develop an understanding of key financial decisions faced by companies by putting them into an international context. Students will be able to analyze advantages and disadvantages of the major forms of payment in international trade, identify the primary types of foreign-exchange risk faced by international business, describe the techniques used by firms to manage their working capital, evaluate the various capital budgeting techniques used for international investments, understand the primary sources of investment capital available to international companies. The course provides students with skills and knowledge to analyze different types of companies’ financial decisions making under risks of conducting business internationally – investment decisions, financing decisions and dividend decisions.

Learning Objectives

• Providing students with information on the financial aspects of the activities of modern international corporations, the principles and mechanisms of managing corporate financial flows, both from the point of view of operational activities and from the standpoint of attracting and further investing capital.

Expected Learning Outcomes

• Analyzes financial statements
• Compares investment projects according to the criteria of NPV, IRR, payback period, profitability index
• Formulates the main factors of the value of the company
• Formulates the principles of a financial approach to company analysis

Course Contents

• The types of corporations. International Finance Market. Stock Exchange
  The types of corporations. International Finance Market. Stock Exchange
• Financial decisions. Decision evaluation, interest rates and terms, Present Value, NPV, IRR
• Risks in International Business
• Balance. Profit and loss. Cash flow. Explanatory note. What is not visible in the balance sheet. Cases of misrepresentation and falsification of reporting in international practice, the difference between the laws of the Russian Federation and other countries
• Assessment of projects and firms. Application of the NPV rule, comparison with alternative methods. Application of the IRR rule. Payback rule and its application. The choice between projects.
• Interest rate. Effective interest rate. Discounted rates. Risks and rates. Bonds. Dynamics of interest rates on bonds. Corporate bonds.
• Fundamentals of Capital Budgeting. Capital markets and risk assessment. Optimal portfolio structure. Volatility. Cost of capital. Investor Behavior. Capital structure in the ideal market. Debt and taxation. Options. Long term financing. IPO. Debt financing. Short term financing
• Cross-border mergers and acquisitions

Assessment Elements

• Tests
• Exam

Interim Assessment

• Interim assessment (4 module)
  0.5 * Exam + 0.5 * Tests

Bibliography

Recommended Core Bibliography

• Baker, H. K., & Riddick, L. A. (2013). International Finance : A Survey. Oxford: Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=2096885
• Berk, J. B., & DeMarzo, P. M. (2014). Corporate Finance: The Core, Global Edition (Vol. Third edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1417990

Recommended Additional Bibliography

• Corporate Finance : Theory and Practice