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Бакалавриат 2020/2021

Корпоративные финансы

Лучший по критерию «Новизна полученных знаний»
Направление: 38.03.02. Менеджмент
Когда читается: 2-й курс, 2, 3 модуль
Формат изучения: без онлайн-курса
Язык: английский
Кредиты: 6

Course Syllabus

Abstract

This course gives students the opportunity to specialize in corporate finance, one of the most popular sectors of financial services and will give students the knowledge to successfully navigate the rapidly changing global landscape of corporate finance. On this programme students will develop the practical skills to understand and interpret complex valuations. Corporate finance course is intended to provide necessary knowledge and basic skills in evaluating financing and investment decisions and their influence on corporate performance and value.
Learning Objectives

Learning Objectives

  • To provide students with knowledge and skills in taking corporate financial and investment decisions, develop analytic instruments to assess the effectiveness and efficiency of such decisions, elaborate models of corporate financial management.
Expected Learning Outcomes

Expected Learning Outcomes

  • Students have knowledge in modern concepts of corporate finance; principles of the corporate financial policy; principles of investment decision-taking; methods of project efficiency measurement; basic principles of valuation; models of valuation
  • Students are able to apply modern models for the analysis of capital structure, dividend policy, the financial architecture of the company, financial corporate control and corporate governance; to reveal the fundamental factors affecting corporate financial and investment decisions; to evaluate the efficiency of investment projects of different types
  • Students are able to calculate the cost of capital, to analyze empirical data that determines risk factors; to build long-term and short-term financial models, describing the company's growth; to understand the principles of the credit policy of the company, the relationship of long-term and short-term decisions and their impact on the company’s value; to perform the company’s valuation based on different approaches.
  • Students have skills in analysis of the corporate capital structure; calculating the need for external financing of the corporation; estimation of elements of capital; investment decision-taking; business valuation.
Course Contents

Course Contents

  • Introduction
  • Present and Future Values. NPV, IRR, Payback
  • Valuation of Bonds
  • Valuation of Common Stocks
  • Introduction to Risk and Return trade off
  • Portfolio Theory and CAPM
  • Cost of Capital
  • Capital Budgeting
  • Financing Decisions
  • Payout Policy and Capital Structure
  • Derivatives: options, forwards and futures
  • International Corporate Finance
Assessment Elements

Assessment Elements

  • non-blocking 2-Homework projects
  • blocking End Term Exam
    The exam is to be held in written form on the https://et.hse.ru/ online platform. The exam will be asynchronously proctored via the “Examus” proctoring system (https://hse.student.examus.net). It is necessary to login 15 minutes before the exam is due to begin. Every student can test the “Examus” system here: https://student.examus.net/?sessionId=24799&serverOrigin=https://stage.examus.net/. Student must be familiarized with information on proctoring, and follow the rules mentioned in the guidelines: https://spb.hse.ru/mirror/pubs/share/367863268.pdf. During the exam it is allowed to use MS Excel, calculators and make notes on the blank piece of paper. Usage of other devices, materials, software or any other violation of exam rules are strictly prohibited and, if identified, will be penalized with reduction of grade for the test to 0.
  • non-blocking Assignment & Class Participations
  • non-blocking Mid Term
Interim Assessment

Interim Assessment

  • Interim assessment (3 module)
    0.2 * 2-Homework projects + 0.1 * Assignment & Class Participations + 0.4 * End Term Exam + 0.3 * Mid Term
Bibliography

Bibliography

Recommended Core Bibliography

  • Brealey, R. A., & Myers, S. C. (2012). Principles of corporate finance. Slovenia, Europe: Irwin. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.CC4D54D7

Recommended Additional Bibliography

  • Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191