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Course Syllabus

Master 2021/2022

International Finance (advanced level)

Category 'Best Course for Career Development'
Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Type: Elective course (Master of International Business)
Area of studies: Management
Delivered by: Магистерская программа "Международный бизнес", направление подготовки "Менеджмент"
Where: Faculty of World Economy and International Affairs
When: 2 year, 1, 2 module
Mode of studies: offline
Open to: students of one campus
Instructors: Irina Kratko
Master’s programme: International Business
Language: English
ECTS credits: 4
Contact hours: 40

Course Syllabus

Full Syllabus

Abstract

The course syllabus sets minimal requirements for student’s knowledge and skills and determines the content and forms of study and performance evaluation. International Finance (Advanced) is a second and advanced step in studying and exploring the principles of corporate financial management in multinational corporations. Prior to attending to the course, it is compulsory to attend International Corporate Finance and Introduction to Financial and Managerial Accounting with minimum score of 50 out 100 in both disciplines. The syllabus is developed according to the standard educational requirements of the Federal State Autonomous Educational Institution of Higher Education «National Research University «Higher School of Economics» (HSE) for the Degree code 38.04.02 Management. Pre-requisites: Introduction to Financial and Managerial Accounting, International Corporate Finance.
Learning Objectives

Learning Objectives

  • To provide students with the advanced understanding of principles of financial management in multinational corporations and the role of financial manager in a multinational corporation
  • To describe the concepts of key risks of the multinational corporation. Country risks, macroeconomic risks, currency / exchange rate risks, industry specific risks. Risk management in corporations and insurance. Special focus on currency risks and their mitigation tools. Translation risks and transaction risks, hedging instruments and policies. Commodities cost exposures and related hedging policies. Application of options in corporate finance
  • Advanced analysis of financial statements. Concepts of organic growth and adjusted earnings. Reconciliation of organic and reported growth, adjusted and reported earnings. Consolidation of financial statements in different currencies. Asset valuation and impairment concepts. Business analysis, consumption drivers analysis in connection to financial statements
  • Advanced study of the key sources of value creation in multinational corporations. BCG matrix in product portfolio analysis. Focus on mergers and acquisitions as value creation activities. Internal drivers of growth and value creation. To introduce students to real cases of acquisitions with detailed analysis of value creation drivers
  • Long-term financing decisions. Raising equity capital, venture capital participation, joint ventures, going to IPO. Debt financing, bank loans and syndicated credits, convertible bonds, foreign currency bonds. Capital structure and payout policy.
Expected Learning Outcomes

Expected Learning Outcomes

  • know the definition of public corporations
  • learn how to do the advanced analysis of financial statements
Course Contents

Course Contents

  • International (multinational) public corporations
  • Risk management
  • Currency risks and mitigation policies and tools
  • Advanced analysis of financial statements
  • Business analysis
  • Value creation
  • Mergers & acquisitions
  • Cost of equity capital
  • Capital structure and long-term financing decisions
Assessment Elements

Assessment Elements

  • non-blocking Final exam
  • non-blocking Intermediary test
  • non-blocking Class participation
  • non-blocking Cases
  • non-blocking Final exam
  • non-blocking Intermediary test
  • non-blocking Class participation
  • non-blocking Cases
Interim Assessment

Interim Assessment

  • 2021/2022 2nd module
    0.2 * Intermediary test + 0.3 * Class participation + 0.2 * Cases + 0.3 * Final exam
Bibliography

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

Recommended Additional Bibliography

  • Advances in Mergers and Acquisitions Cooper, Cary L.; Finkelstein, Sydney Emerald Publishing Limited 2015 ISBN: ISBN number:9781785600913, ISBN number:9781785600906 SERIES: Advances in Mergers and Acquisitions Ser.