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Высшая школа экономики
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Course Syllabus

2023/2024

Корпоративные финансы

Статус: Маго-лего
Кто читает: Школа финансов
Когда читается: 1 модуль
Охват аудитории: для своего кампуса
Преподаватели: Ованесова Юлия Сергеевна
Язык: английский
Кредиты: 3
Контактные часы: 24

Course Syllabus

Full Syllabus

Abstract

The course introduces the basic concepts for understanding and analysing major financial problems as well as decisions of modern company in market environment. The course covers risk-return trade off framework, basic models of valuation of corporate capital, including pricing models for primary financial assets (corporate bonds and equity), investment projects analysis and methods of financing, capital structure and various types of corporate capital employed, derivative assets and contingent claims on assets. It provides the necessary knowledge background framework for evaluating different management decisions and develops a vision of their impact on over corporate performance and value. The course requires the knowledge of principles of microeconomic analysis and financial reporting in accounting and banking. The course is based on lectures, seminars and self-study
Learning Objectives

Learning Objectives

  • The purpose of this corporate finance course is to provide necessary knowledge for evaluating management decisions and develop a vision of their impact on corporate performance and value.
Expected Learning Outcomes

Expected Learning Outcomes

  • - Be able to compute payback and discounted payback and understand their shortcomings - Understand accounting rates of return and their shortcomings - Be able to compute internal rates of return (standard and modified) and understand their strengths and weaknesses - Be able to compute the net present value and understand why it is the best decision criterion - Be able to compute the profitability index and understand its relation to net present value
  • - Be able to compute the future value of an investment made today - Be able to compute the present value of cash to be received at some future date - Be able to compute the return on an investment (ROI) - Be able to compute the number of periods that equates a present value and a future value given an interest rate
  • - Be able to compute the future value of multiple cash flows - Be able to compute the present value of multiple cash flows - Be able to compute loan payments - Be able to find the interest rate on a loan - Understand how interest rates are quoted - Understand how loans are amortized or paid off
  • - Know how to calculate expected returns - Understand the impact of diversification - Understand the systematic risk principle - Understand the security market line - Understand the risk-return trade-off
  • - Know how to determine relevant planning cycle to run the business - Understand the importance of S&OP process & IBP for the company - Understand different types of financial planning activities
  • - Know the basic types of financial management decisions and the role of the financial manager - Know the financial implications of the different forms of business organization - Know the goal of financial management - Understand the conflicts of interest that can arise between owners and managers - Understand the various types of financial markets
  • - Know three key financial statements and their main purposes - Know the difference between book value and market value - Know the difference between accounting income and cash flow - Know how to determine a firm’s cash flow from its financial statements
  • - Understand forecasting risk and sources of value - Understand and be able to conduct scenario and sensitivity analysis - Understand the various forms of break-even analysis - Understand operating leverage - Understand capital rationing and its effects
  • - Understand how stock prices depend on future dividends and dividend growth - Understand how corporate directors are elected - Understand how stock markets work - Understand how stock prices are quoted
  • - Understand how to determine the relevant cash flows for various types of proposed investments - Understand the various methods for computing operating cash flow - Understand how to set a bid price for a project - Understand how to evaluate the equivalent annual cost of a project
  • Be able to compute internal rates of return (standard and modified) and understand their strengths and weaknesses
  • Be able to compute loan payments
  • Be able to compute payback and discounted payback and understand their shortcomings
  • Be able to compute stock prices using the dividend growth model
  • Be able to compute the future value of an investment made today
  • Be able to compute the future value of multiple cash flows
  • Be able to compute the net present value and understand why it is the best decision criterion
  • Be able to compute the number of periods that equates a present value and a future value given an interest rate
  • Be able to compute the present value of cash to be received at some future date
  • Be able to compute the present value of multiple cash flows
  • Be able to compute the profitability index and understand its relation to net present value
  • Be able to compute the return on an investment
  • Be able to find the interest rate on a loan
  • Be able to use a financial calculator and a spreadsheet to solve time value of money problems
  • Be able to use the Capital Asset Pricing Model
Course Contents

Course Contents

  • Introduction to Corporate Finance
  • Financial Statements, Taxes, and Cash Flow
  • Introduction to Valuation: The Time Value of Money
  • Discounted Cash Flow Valuation
  • Interest Rates and Bond Valuation
  • Stock Valuation
  • Net Present Value and Other Investment Criteria
  • Making Capital Investment Decisions
  • Project Analysis and Evaluation
  • Return, Risk, and the Security Market Line
  • Planning cycles, Integrated business planning, S&OP
  • Financial Statements
Assessment Elements

Assessment Elements

  • non-blocking Activity
    Class contribution 10%
  • non-blocking Group work (case assignments) 25%
  • non-blocking Real case of a company restructuring 25%
  • non-blocking Final exam 30%
  • non-blocking Essay “My future in corporate finance” 10% (max 3 pages)
Interim Assessment

Interim Assessment

  • 2023/2024 1st module
    0.1 * Activity + 0.1 * Essay “My future in corporate finance” 10% (max 3 pages) + 0.3 * Final exam 30% + 0.25 * Group work (case assignments) 25% + 0.25 * Real case of a company restructuring 25%
Bibliography

Bibliography

Recommended Core Bibliography

  • Ross, S. A., Westerfield, R., & Jordan, B. D. (2012). Fundamentals of corporate finance. Slovenia, Europe: McGraw-Hill. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.D5D5B17E

Recommended Additional 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