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Course Syllabus

Master 2023/2024

Investment Management

Category 'Best Course for Broadening Horizons and Diversity of Knowledge and Skills'
Category 'Best Course for New Knowledge and Skills'
Type: Elective course (Financial Economics)
Area of studies: Economics
Delivered by: International College of Economics and Finance
Where: International College of Economics and Finance
When: 2 year, 3 module
Mode of studies: offline
Open to: students of one campus
Instructors: Maria S. Kokoreva
Master’s programme: Financial Economics
Language: English
ECTS credits: 3
Contact hours: 32

Course Syllabus

Full Syllabus

Abstract

Investment Analysis is a one-semester elective course designed for the first- or second-year students of the ICEF Master of Science program in Financial Economics. The course is taught in English. The course provides an overview and analysis of key valuation methods. The course is expected to help students to develop problem solving skills and apply numerical skills to the analysis of commercial problems by simplifying complex ideas in an accessible way.The course also explores the best practices of financial modelling according to the existent modelling guidelines. Students will learn how to build a financial model, how to create a correct system of financial statements and forecast the changes in firm’s future cash flows under different scenarios. Using practical cases, students will find out how to build financial models that are flexible, appropriate, transparent and structured and correspond to the specific financial question.
Learning Objectives

Learning Objectives

  • - teach how to choose methods for asset valuation;
  • - explain pros and cons of each method; and
  • - apply valuation methods in practice.
Expected Learning Outcomes

Expected Learning Outcomes

  • Be able to choose the valuation method.
  • Be able to calculate FCFE and FCFF.
  • Be able to interpret the multiples.
  • Be able to test the correspondence of a financial model to the financial modelling standards.
  • Be able to choose the inputs of a financial model.
  • Be able to develop the forecast part of the financial model.
  • Be able to audit a financial model.
Course Contents

Course Contents

  • 1. Valuation methods. Introduction. FCFF & FCFE.
  • 2. Multiples.
  • 3. Introduction to Financial modelling.
  • 4. Building a model. Financial statements.
  • 5. Forecasting. Financing, discount rate and DCF.
  • 6. Model analysis and auditing.
Assessment Elements

Assessment Elements

  • non-blocking Final exam
  • non-blocking Home Assignment 1
  • non-blocking Home assignment 2
  • non-blocking Model development task
  • non-blocking Case (team project)
Interim Assessment

Interim Assessment

  • 2023/2024 3rd module
    0.15 * Case (team project) + 0.3 * Final exam + 0.2 * Home Assignment 1 + 0.15 * Home assignment 2 + 0.2 * Model development task
Bibliography

Bibliography

Recommended Core Bibliography

  • Financial modeling : with a section on Visual Basic for Applications, Benninga, S., 2000
  • Investment valuation : tools and techniques for determining the value of any asset, Damodaran, A., 2012

Recommended Additional Bibliography

  • Ian Beaman, Erwin Waldmann, & Peter Krueger. (2005). The impact of training in financial modelling principles on the incidence of spreadsheet errors. Accounting Education, (2), 199. https://doi.org/10.1080/0963928042000229699
  • Pereiro, L. E. (2006). The practice of investment valuation in emerging markets: Evidence from Argentina. Journal of Multinational Financial Management, (2), 160. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.eee.mulfin.v16y2006i2p160.183

Authors

  • KOKOREVA MARIYA SERGEEVNA