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Бакалавриат 2021/2022

Международные корпоративные финансы

Статус: Курс по выбору (Экономика)
Направление: 38.03.01. Экономика
Кто читает: Школа финансов
Когда читается: 4-й курс, 3 модуль
Формат изучения: с онлайн-курсом
Охват аудитории: для своего кампуса
Язык: английский
Кредиты: 3

Course Syllabus

Abstract

This course is a corporate finance course of a basic level. The key goal is to provide the student with sufficient knowledge to understand the logic of the modern financial analysis of strategic decisions in multinational corporations including investment and financing policies. The course is focused on the specific features of decision-making process in multinational corporations. The first part of the course constitutes the introduction to the analysis of operating, sovereign and institutional risks of multinational corporation. The second part of the course reviews specific tools and techniques applicable to the investment valuation of multinational company. The third part is devoted to the diversity of instruments available for emerging market company in global capital markets. The course includes 3 case studies on (1) investment valuation in multinational corporation and country risk analysis; (2) managing currency risk exposure; (3) raising capital in global capital markets. To follow the course Basic course in Accounting is a recommended prerequisite. The course covers such topics as types of risks of multinational corporation; currency risk in international projects; global asset pricing models; specific features of investment valuation for international projects; capital structure with the focus on particularities of raising capital in global capital markets. A link for MOOC: https://www.coursera.org/learn/global-financing-solutions?
Learning Objectives

Learning Objectives

  • Main features multinational companies and explain why we should pay attention to international character of the company
  • Key hedging techniques applicable to currency risk of international project
  • How and when to use derivatives as currency risk hedging instrument
  • The logic and the mechanism of raising the capital by multinational companies
Course Contents

Course Contents

  • Topic 1. Introduction to International Corporate Finance. Risks of multinational corporation.
  • Topic 2. Currency risks of multinational corporation.
  • Topic 3. Required return of multinational corporation. Cost of capital for international projects.
  • Topic 4. Multinational Corporation in Global Capital Markets 1: Capital structure and Debt Capital Markets
  • Topic 5. Multinational Corporation in Global Capital Markets 2: Equity Capital Markets.
  • Topic 6. International Projects: some valuation issues.
Assessment Elements

Assessment Elements

  • non-blocking Final exam (in the form of case study)
  • non-blocking Group work in class (cases)
  • non-blocking Individual work in class
Interim Assessment

Interim Assessment

  • 2021/2022 3rd module
Bibliography

Bibliography

Recommended Additional Bibliography

  • Multinational business finance, Eiteman, D. K., 2007