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Бакалавриат 2021/2022

Введение в корпоративные финансы

Статус: Курс по выбору
Направление: 41.03.05. Международные отношения
Когда читается: 4-й курс, 1, 2 модуль
Формат изучения: без онлайн-курса
Охват аудитории: для своего кампуса
Преподаватели: Фокин Антон Валерьевич, Хромова (Фокина) Элла Павловна
Язык: английский
Кредиты: 5
Контактные часы: 32

Course Syllabus

Abstract

The Corporate finance course is an intermediary two-module course for four-year undergraduate students. It is focusing on corporate applications in the international environment. The course develops theoretical and practical frame works for understanding and analyzing major financial problems of modern firm in the market environment. The course is taught in English. Russian is used as supplementary language to explain basic concepts and introduce some Russian terminology. The first part of the course is devoted to principles of accounting. By the end of this part of a course, students are expected to be able to apply a set of accounting concepts to read annual financial report of a corporation and financial ratios to assess its financial position. The second part deals with principles of company valuation and covers the essentials of capital structure and methods of company valuation. It is focused on estimating and forecasting cash flow of a firm in order to calculate its market value.
Learning Objectives

Learning Objectives

  • To prepare and analyze companies’ financial statements and financial ratios for decision-making purposes and perform financial planning, applying various models
  • To conduct quantitative and qualitative research to find and analyze stock information
  • To perform valuation of a company through multiples and discounted cash flows models
  • To evaluate the optimal capital structure of a company and analyze its leverage
  • To make a justified investment decision applying project analysis and evaluation of multiple investment criteria
Expected Learning Outcomes

Expected Learning Outcomes

  • To develop skills in analyzing corporate behavior in capital markets and the relationship of agent, and principal of raising funds, allocating capital and distributing returns. The course provides necessary knowledge in evaluating different management decisions and their influence on corporate performance and value. It helps develop a strategic understanding of key financial decisions faced by organizations today by putting them into an international context.
Course Contents

Course Contents

  • Basic Accounting Equation and Balance Sheet
  • Profit and Loss statement
  • Cash Flow Statement and the link between 3 statements
  • Company Valuation Approaches
  • DCF Model: Cash Flows
  • Capital Structure Choice
  • DCF Model: Discount rate
  • DCF Model: Construction
Assessment Elements

Assessment Elements

  • non-blocking Home assignments
  • non-blocking Participation during lectures and classes
    Students are expected to attend every lecture and class and participate by contributing to the in-class discussions and problem solving. Students may prepare to their in-class problems by reading the materials provided at the end of each lecture.
  • non-blocking Group project
    At the end of the course, before the exam week, students are expected to make a group project. Students are subdivided into groups of 4-6 people. Each group illustrates buy side or sell side in an M&A deal.
  • non-blocking Final written exam
    Final written exam is held during an exam week. The exam is obligatory and cannot be covered by the cumulative grade. The exam lasts 120 minutes and contains 8 problems that include some essays and problem- solving tasks similar to home assignments and class problems.
Interim Assessment

Interim Assessment

  • 2021/2022 2nd module
Bibliography

Bibliography

Recommended Core Bibliography

  • Accounting : understanding and practice, Leiwy, D., 2013
  • Financial markets and corporate strategy, Hillier, D., 2012
  • Principles of corporate finance, Brealey, R. A., 2017

Recommended Additional Bibliography

  • Cost accounting : a managerial emphasis, Horngren, C. T., 2015