Corporate Finance

2022/2023

Учебный год

ENG

Обучение ведется на английском языке

4

Кредиты

Автор программы

Россохин Владимир Валерьевич

Кто читает:

Кафедра финансового менеджмента (Нижний Новгород) (Факультет экономики НИУ ВШЭ (Нижний Новгород))

Статус:

Курс обязательный

Когда читается:

3-й курс, 3, 4 модуль

Преподаватели

Жарикова Екатерина Андреевна

Россохин Владимир Валерьевич

Ханина Екатерина Владимировна

Чапрак Нелли Валерьевна

Course Syllabus

Abstract

The course develops a theoretical framework for understanding and analysis of the major financial problems of the modern company. The course covers the basic models of valuation of capital, including the pricing model of financial and real assets, capital structure, and also involves the study of methods and models for the management of assets and liabilities of the company. This provides the necessary knowledge to assess different management decisions and their impact on the performance and value of the corporation.

Learning Objectives

• Know the basic concepts of corporate finance.
• Know the methods and models of corporate finance.
• To be able to use the basic concepts, methods and models in financial decisions making.
• To acquire the skills of analysis of the main factors of company value.
• To gain experience in evaluating various approaches to the justification of strategic and cur-rent financial decisions.
• To acquire skills of search and selection of effective investment projects.
• To acquire the skill of finding the optimal sources of financing.

Expected Learning Outcomes

• Able to apply the calculation of the present value to the valuation of financial assets.
• Able to apply the criterion of net present value in making investment decisions. Knows alternative criteria used in making investment decisions.
• Compares the impact of borrowing policies on company value based on various concepts. Knows the impact of corporate and personal taxes on management actions.Knows the concept of a tax shield.
• Knows the approaches to risk assessment in evaluating an investment project. Able to assess the sensitivity of the project. Able to manage risk.
• Knows the concept of capital structure. Compares the impact of dividend policy on the value of the company based on various concepts.
• Knows the concept of market rent. Knows the stages of the investment process. Owns methods for assessing the effectiveness of management using economic value added.
• Knows the concept of present and net present value. Able to calculate the present and net present value.
• Knows the concept of risk and return. Knows the methods of calculating systematic risk. Able to calculate the discount rate of the project using various models.
• Knows the definition of risk and the concept of opportunity costs of raising capital. Knows the methods of risk assessment based on statistical indicators.
• Knows the impact of operational and financial leverage on project risk. Able to determine the beta of the project when it is impossible to directly calculate it.
• Owns methods for calculating adjusted present value. He knows the methods of calculating the weighted average cost of capital.

Course Contents

• Present value and opportunity costs.
• Valuation of financial assets.
• Criterion of net present value in making investment decisions and its advantages.
• Risk, profitability and opportunity costs.
• The relationship between risk and profitability.
• Capital investment planning and risk assessment.
• Planning and analysis of capital investments.
• Investment process and maximization of net present value.
• Corporate Financing. Dividend policy and capital structure.
• Corporate borrowing policy.
• Financing and valuation.

Assessment Elements

• Control work №1
• Control work №2
• Homework
• Independent work
• Exam

Interim Assessment

• 2022/2023 4th module
  0.2 * Control work №2 + 0.1 * Independent work + 0.4 * Exam + 0.2 * Control work №1 + 0.1 * Homework

Bibliography

Recommended Core Bibliography

• Corelli, A. Analytical Corporate Finance / Angelo Corelli. – 2nd ed. – Cham, Switzerland: Springer Nature Switzerland AG, 2018. – (Springer Texts in Business and Economics). - Текст: электронный // DB Springer Books [сайт]. - URL: https://link.springer.com/book/10.1007/978-3-319-95762-3
• Thibierge, Ch. A Practical Guide to Corporate Finance: Breaking the Financial Ice / Christophe Thibierge, Andrew Beresford. – Basingstoke, Hampshire: Palgrave Macmillan, 2015. – Текст: электронный // DB Springer Books [сайт]. - URL: https://link.springer.com/book/10.1057/9781137492548

Recommended Additional Bibliography

• Corporate Finance: Theory and Practice / Pierre Vernimmen, Pascal Quiry, Maurizio Dal-locchio, Yann Le Fur, Antonio Salvi. – 5th ed. – Chichester: John Wiley & Sons Ltd, 2018. – 1010 p.

Authors

• Егорова Екатерина Игоревна
• ROSSOKHIN VLADIMIR VALEREVICH
• LUNINA EKATERINA ANDREEVNA
• PONOMAREVA ELENA ALEKSANDROVNA