Аспирантура
2021/2022
Современные исследования в корпоративных финансах
Статус:
Курс по выбору
Направление:
38.06.01. Экономика
Кто читает:
Школа финансов
Когда читается:
2-й курс, 1 семестр
Формат изучения:
без онлайн-курса
Язык:
английский
Кредиты:
4
Контактные часы:
60
Course Syllabus
Abstract
The course is absolutely necessary for developing the analytical skills in the area of corporate financial decisions and understanding their relevance to the empirical evidence in developed and emerging markets. It covers the extensions for the key concepts in corporate finance explaining hurdle rates and cost of equity analysis in the integrated and segmented capital markets, the financing and payout decisions and the empirical research in the field of developed and emerging markets data, and the corporate control and governance issues with the emphasis on financial architecture of the modern firm. The course is thought to become a core theoretical background to the related financial courses for advanced studies.
Learning Objectives
- The course is focused on methodology of analysis of different corporate financial decisions, their empirical testing, empirical evidence and new developments. Corporate finance advanced provides an important input to the development of research skills in finance.
- Understand how the key concepts for corporate financial decisions have been further developed
- Learn the remaining puzzles in corporate finance empirical evidence in the key concepts
- Learn how the empirical studies are built upon the theoretical arguments in the field
- Apply theoretical conceptions to the corporate sector in Russia, other emerging markets and European countries given the actual data on predetermined firms
Expected Learning Outcomes
- Be able to analyze the financial architecture of the firms on developed and emerging markets
- Be able to analyze the financing policy of the firm
- Be able to analyze the payout policy of the firms on developed and emerging markets
- Be able to apply decision tree approach to capital budgeting problems
- Be able to apply different methods to determine cost of equity capital
- Be able to apply different methods to determine the life cycle of the firm
- Be able to apply different methods to estimate the cost of debt
- Be able to apply the real options techniques to capital budgeting problems
- Be able to choose and apply methods of determining the optimal leverage for non-financial firms
- Be able to estimate internal capital market efficiency
- Be familiar with major empirical studied on corporate financing policy
- Be familiar with major empirical studies on the payout policy
- Be familiar with the components of the corporate governance
- Be familiar with the concept of the corporate financial architecture
- Understand how to test empirically different capital structure theaories
- Understand the concept of real option with respect to capital budgeting
- Understand the concept of the organizational life cycle
- Understand the key concepts of capital structure
- Understand the key theories and concepts with respect to payout policy
- Understand the limitation of asset pricing models
- Understand the specifics of the cost of capital estimation on emerging markets
Course Contents
- Corporate cost of capital. Corporate hurdle rates analysis: the case of emerging markets
- Designing capital structure decisions. Empirical results, new trends and policy implications
- Investing decisions under uncertainty. Real options: managerial flexibility and corporate decisions
- Returning Cash to Shareholders. Payout Policies Puzzles and Empirical Research
- Corporate Financial Architecture: the Patterns and Policies within LCO
Assessment Elements
- Team project: stage 1 LCO
- Team project: stage 2. WACC
- Team project: stage 3 - capital structure
- Case studies on capital structure
- Case studies on investing decisions under uncertainty
- Case studies on real options
- Team project: stage 4 - financial architecture
- Final exam
- Case studies in payout policy
Interim Assessment
- 2021/2022 1st semester0.08 * Team project: stage 4 - financial architecture + 0.08 * Case studies in payout policy + 0.07 * Team project: stage 2. WACC + 0.08 * Team project: stage 3 - capital structure + 0.4 * Final exam + 0.07 * Case studies on real options + 0.07 * Team project: stage 1 LCO + 0.08 * Case studies on capital structure + 0.07 * Case studies on investing decisions under uncertainty
Bibliography
Recommended Core Bibliography
- Alberto Moel, & Peter Tufano. (1998). Bidding for the Antamina Mine: Valuation and Incentives in a Real Options Context. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.C59C9DE
Recommended Additional Bibliography
- Childs, P. D., Ott, S. H., & Triantis, A. J. (1998). Capital Budgeting for Interrelated Projects: A Real Options Approach. Journal of Financial and Quantitative Analysis, (03), 305. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.a.cup.jfinqa.v33y1998i03p305.334.00
- Friedl, G., Copeland, T., & Antikarov, V. (2018). Real Options. A Practitioner´s Guide, Book Review. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.5BD264EB
- Herath, H. S. B., & Park, C. S. (1999). Economic Analysis of R&D Projects: An Options Approach. Engineering Economist, 44(1), 1. https://doi.org/10.1080/00137919908967506
- Trigeorgis, L. (1996). Real Options : Managerial Flexibility and Strategy in Resource Allocation. Cambridge, Mass: MIT Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=11389