Кто читает:: Факультет менеджмента (Нижний Новгород)

Статус:: Курс обязательный

Когда читается:: 1-й курс, 2 модуль

Преподаватель

Новак Анна Евгеньевна

Full Syllabus

Abstract

“Economics and Corporate Finance” is a two-month intensive course in financial management. The course builds basic conceptual and analytical framework focused on the financial analysis. It is specially designed for the 1st year Master Program “Management” students who need to study or to revise the basic concepts in order to take advanced courses on Finance and Management. The objective of this course is to introduce the students to the world of finance. This course will introduce students to frameworks and tools to measure value; both for corporate and personal assets. It will also help students in decision-making, again at both the corporate and personal levels. This course is intended to provide a framework for analyzing the major types of financial decisions made by economic agents. It is devoted to the fundamental principles of valuation and financial management. Students will learn and apply the concepts of time value of money and risk to understand the major determinants of value creation. This course consists of both theory and real world examples to demonstrate how to value any asset.

Learning Objectives

• To teach and review the fundamental methods and skills of finance vital for understanding valuation of any asset, personal or corporate • To prepare students to make sound personal and professional decisions • To provide students with a basic level of knowledge to enable them better understand the role of finance in debates over corporate and public policy • To prepare students to take more advanced courses in finance

Expected Learning Outcomes

Can analyze business risks of the corporation. Compare operational and financial risk. Understand company's capital structure and the characteristics of financial claims. Know the correlation between financial and investment decisions of the firm. Understand method of weighted average cost of capital WACC
Can analyze distributions to shareholders: dividends and repurchases. Know the Modigliani-Miller dividend irrelevance theorem. Understand the effect of market imperfections (taxes and transaction costs) on dividend policy.
Know methods of corporate restructuring: mergers and acquisitions (M&A), leveraged buyouts (LBOs), divestitures. Can compare different types of mergers; government control and regulation of M&A.
Know the basic of investment policy. Understand indicators in the evaluation of investment decisions. Understand methods of project analysis: internal rate of return (IRR), profitability index (PI), payback period (PBP) and the discounted payback period of the project (DPBP). Can calculate net present value of the investment. Can compare and choose investment project
Know the concept of uncertainty and risk in the modern theory of finance. Understand capital asset pricing model. Understand arbitrage theory of asset pricing. Can compare call and put options
Understand fundamentals of the theory of interest rates: the expectations hypothesis, market segmentation hypothesis, the hypothesis of liquidity preference. Know the concept of discounted cash flows. Can calculate discounted cash flows
Understand the concept of financial system, it's functions and instruments. Can analyze current trends in the financial system.Understand methods of financial management

Course Contents

FUNDAMENTAL CONCEPTS OF FINANCE
FIXED INCOME SECURITIES
STOCKS AND OPTIONS
PROJECTS AND THEIR VALUATION
CAPITAL STRUCTURE
CASH DISTRIBUTIONS
STRATEGIC AND FINANCIAL RESTRUCTURING

Assessment Elements

Home assignment
Class work
Case
Exam

Interim Assessment

2022/2023 2nd module
0.1 * Class work + 0.5 * Exam + 0.15 * Case + 0.25 * Home assignment

Bibliography

Recommended Core 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.

Recommended Additional Bibliography

Handbook of Corporate Finance Eckbo, Bjørn Espen; Eckbo, B. Espen Elsevier Science & Technology 2008

Магистерская программа «Управление бизнесом в глобальных условиях»

Financial Management