Магистратура
2023/2024
Корпоративные эмитенты
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:
3
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
- Define the role and responsibilities of a firm's financial manager.
- 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.
- 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
- Describe the sources of value creation in mergers and acquisitions. Assess the gains or losses to both acquiring and target firm in a merger
Course Contents
- Fundamentals of Corporate Finance.
- Corporate Governance and other ESG Considerations in Investments Analysis
- Capital Investments
- Cost of Capital
- Capital Structure & Financing Decisions
- Measures of Leverage
- Payout Policy
- Working Capital & Liquidity
- Company Valuation: Foundations
- Mergers and Acquisitions
Assessment Elements
- Attendance and participation in class discussions
- Individual class and home assignments
- Final examThe format of the exam: • written (open questions plus quiz including multiple choice questions and problems) • in class, off-line.
Interim Assessment
- 2023/2024 1st module0.1 * Attendance and participation in class discussions + 0.6 * Final exam + 0.3 * Individual class and home assignments
Bibliography
Recommended Core Bibliography
- 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
- Berk, J. B., & DeMarzo, P. M. (2017). Corporate Finance: The Core, Global Edition: Vol. Fourth edition. Pearson.
- Brealey, R. A., & Allen, F. (2015). Principles of corporate finance. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.BEEE7487
- DePamphilis, D. (2015). Mergers, Acquisitions, and Other Restructuring Activities. Elsevier. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.b.eee.monogr.9780128013908
- McKinsey & Company Inc, Tim Koller, Marc Goedhart, & David Wessels. (2020). Valuation : Measuring and Managing the Value of Companies, University Edition. Wiley.
- Richard Brealey, Stewart Myers, & Franklin Allen. (2020). ISE EBook Online Access for Principles of Corporate Finance: Vol. Thirteenth edition. McGraw-Hill Education.
- 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
- Aswath Damodaran. (2016). Damodaran on Valuation : Security Analysis for Investment and Corporate Finance. Wiley.