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Бакалавриат 2023/2024

Корпоративные финансы

Статус: Курс обязательный (Экономика)
Направление: 38.03.01. Экономика
Когда читается: 3-й курс, 3, 4 модуль
Формат изучения: без онлайн-курса
Охват аудитории: для своего кампуса
Язык: английский
Кредиты: 6
Контактные часы: 64

Course Syllabus

Abstract

The course is designed to introduce students to the principles and techniques of evaluating the most important corporate financial decisions. The first part aims to explain the concepts of leverage and its effect on a firm’s measures of risk both in a perfect and imperfect markets. It discusses both a mainstream and alternative theories. It continues with an outline of payout policy in perfect and imperfect markets. The course focuses on firms valuation in the presence of leverage. Then the course examines banking and methods of banking decisions on lending and funding, modern credit analysis tools, systemic risk monitoring and financial monitoring capabilities. Finally, the course covers special topics, such as optimal portfolio choice, risk management, financed derivatives. After mastering this course, students will gain substantial knowledge about the corporate financial decision-making and will have skills to apply such models in solving real life problems in finance.
Learning Objectives

Learning Objectives

  • Describe and explain the Modigliani-Miller theorem and the effect of leverage on the cost of equity.
  • Justify and evaluate the different capital structures of companies under various contexts such as: perfect markets, with debt and taxes, and financial distress.
  • Build and apply business valuation models effectively.
  • Identify and validate business payout/dividend policies.
  • Estimate adequate valuation of financial assets such as bonds and stocks and determine optimal portfolios under the market efficiency context.
  • Measure and evaluate the applicability of derivate instruments for the corporate value maximization.
  • Assess corporate management, lending & risk policy, and loan decision undertaking policies of credit organizations
Expected Learning Outcomes

Expected Learning Outcomes

  • Analyze Financial Statements in order to compute Cash Flow statement
  • Review basics of Capital Asset Pricing Model
  • Review Modigliani and Miller propositions
  • Review of relation between leverage and expected return
  • Review Modigliani and Miller propositions with the effect of taxes
  • Review at the effect of adverse selection and asymmetric information on capital structure
  • Review pecking order theory
  • Review how market imperfections affect pay-out policies
  • Compute valuation model
  • Calculations of bonds and stocks fair/theoretical values.
  • Estimation of beta coefficient and compute cost of capital
  • Estimations of optimal portfolios
  • Determination of the usefulness of the different derivative instruments available.
  • Assessment and determination of fair and theoretical values of derivative instruments.
  • Mastering of derivative hedging to mitigate risks of the company
  • Reflect on the main directions of banking regulation by the mega-regulator.
  • Reflect on the basic essence of risk management and risk reduction tools.
  • Reflect on the main areas of financial monitoring and be able to apply them in practice.
  • Reflect on the organizational structure of the bank
Course Contents

Course Contents

  • Review of the prerequisites
  • Capital Structure in a Perfect Market
  • Capital Structure with Debt and Taxes, Capital Structure and Financial Distress
  • Alternative Theories of Capital Structure
  • Dividend Policy
  • Leasing
  • Capital Budgeting and Valuation with Leverage
  • Business Valuation and Financial Modelling: A Case Study
  • Bonds & Stocks Valuations, Capital Markets & Risk Pricing
  • Optimal Portfolios, the CAPM, the Cost of Equity and the Cost of Capital, Investor Behavior and Market Efficiency
  • Forwards, Futures and Options
  • Valuing Options Forward/Future, Money Market & Options Market Hedging
  • Financial assessment of Credit Organizations
  • Risk-management in Credit Organization
  • Organizational basis of banking activities
  • Principles of regulation of banking activities by the Central Bank of the Russian Federation
Assessment Elements

Assessment Elements

  • non-blocking Домашнее Задание
  • blocking КР1
  • blocking КР2
  • blocking КР3
  • blocking Final
Interim Assessment

Interim Assessment

  • 2023/2024 4th module
    0.3 * Final + 0.2 * Домашнее Задание + 0.2 * КР1 + 0.15 * КР2 + 0.15 * КР3
Bibliography

Bibliography

Recommended Core Bibliography

  • Berk, J. B., & DeMarzo, P. M. (2014). Corporate Finance: The Core, Global Edition (Vol. Third edition). Boston: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1417990
  • Berk, J. B., & DeMarzo, P. M. (2017). Corporate Finance: The Core, Global Edition: Vol. Fourth edition. Pearson.
  • Berk, J., DeMarzo, P., & Harford, J. V. T. (2014). Fundamentals of Corporate Finance, Global Edition (Vol. Third edition). Harlow: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1419502
  • 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.BA880E76
  • 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
  • Банковское дело : учебник / Н. Е. Бровкина, Н. И. Валенцева, С. Б. Варламова [и др.] ; под ред. О. И. Лаврушина. — Москва : КноРус, 2023. — 630 с. — ISBN 978-5-406-10408-8. — URL: https://book.ru/book/945191 (дата обращения: 25.08.2023). — Текст : электронный.
  • Иванов, В. В.  Деньги, кредит, банки : учебник и практикум для вузов / В. В. Иванов, Б. И. Соколов ; под редакцией В. В. Иванова, Б. И. Соколова. — Москва : Издательство Юрайт, 2023. — 371 с. — (Высшее образование). — ISBN 978-5-534-01182-1. — Текст : электронный // Образовательная платформа Юрайт [сайт]. — URL: https://urait.ru/bcode/511512 (дата обращения: 28.08.2023).

Recommended Additional Bibliography

  • Corporate finance, Ross, S., 1999