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Магистратура 2021/2022

Корпоративные финансы (продвинутый уровень)

Направление: 38.04.08. Финансы и кредит
Кто читает: Школа финансов
Когда читается: 1-й курс, 1, 2 модуль
Формат изучения: с онлайн-курсом
Онлайн-часы: 36
Охват аудитории: для своего кампуса
Прогр. обучения: Стратегическое управление финансами фирмы
Язык: английский
Кредиты: 6
Контактные часы: 48

Course Syllabus

Abstract

This course develops the proper framework for the application of risk-return principles to overall corporate financial decisions. It develops analytical skills for investigating and interpreting corporate financial policies and financial architecture of a company and how to connect the concepts 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 the financial architecture of the modern firm. The course is thought to become a core theoretical background to the related financial courses for advanced studies and research workshops.
Learning Objectives

Learning Objectives

  • AIM. The course is focused on methodology of analysis of different corporate financial decisions, the empirical evidence of concept’s tests and new developments in the conceptual framework. Corporate finance advanced provides an important input to the development of research skills in finance.
  • TASK 1. Understand the interaction of key concepts of corporate financial decisions
  • TASK 2. Learn the remaining puzzles in empirical evidence and how the key concepts are being further developed
  • TASK 3. Learn how the empirical studies are built upon the theoretical arguments in the field
  • TASK 4. Apply theoretical conceptions to the real life companies corporate sector in Russia, other emerging markets and European countries given the actual data on predetermined firms
Expected Learning Outcomes

Expected Learning Outcomes

  • Be able to apply different methods to determine the life cycle of the firm
  • Be able to estimate internal capital market efficiency
  • Be familiar with the concept of the corporate financial architecture
  • Understand the limitation of asset pricing models
  • Understand the specifics of the cost of capital estimation on emerging markets
  • Be able to analyze the performance of a firm applying economic profit criteria
  • Be able to apply different methods for cost of debt and cost of equity estimation in developed and emerging capital markets
  • Be able to choose and apply methods of determining the optimal leverage for non-financial firms
  • Understand major empirical methods to analyze corporate financing policy, payout policy
  • Understand possible impact of the corporate governance mechanism over performance
Course Contents

Course Contents

  • Corporate finance framework for company analysis
  • Designing capital structure decisions. The trade-off framework
  • Designing capital structure decisions. Agency costs and Information
  • Corporate cost of capital
  • Returning Cash to Shareholders. Disappearing dividends
  • Investing decisions under uncertainty
  • Managerial Flexibility: Real Options Analysis and its Applications
  • Corporate Financial Architecture
Assessment Elements

Assessment Elements

  • non-blocking Team project
  • non-blocking Case studies
  • non-blocking Final exam
Interim Assessment

Interim Assessment

  • 2021/2022 2nd module
    0.4 * Final exam + 0.25 * Case studies + 0.35 * Team project
Bibliography

Bibliography

Recommended Core Bibliography

  • Arnold, G. (2010). Financial Times Handbook of Corporate Finance : A Business Companion to Financial Markets, Decisions and Techniques (Vol. 2nd ed). New York, NY: Financial Times/ Prentice Hall. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1417523
  • Asquith, P., & Weiss, L. A. (2016). Lessons in Corporate Finance : A Case Studies Approach to Financial Tools, Financial Policies, and Valuation. Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1202839
  • Baker, H. K., Veit, E. T., & Singleton, J. C. (2010). Survey Research in Corporate Finance : Bridging the Gap Between Theory and Practice. New York: Oxford University Press. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=349677
  • 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
  • Corporate Finance: Theory and Practice / Pierre Vernimmen, Pascal Quiry, Maurizio Dal-locchio, Yann Le Fur, Antonio Salvi. – 5th ed. – Chichester: John Wiley & Sons Ltd, 2018. – 1010 p.
  • Financial markets and corporate strategy, Hillier, D., 2012

Recommended Additional Bibliography

  • Atanasov, V., & Black, B. (2016). Shock-Based Causal Inference in Corporate Finance and Accounting Research. Critical Finance Review, (2), 207. https://doi.org/10.1561/104.00000036
  • Corelli, A. Analytical Corporate Finance / Angelo Corelli. – 2nd ed. – Cham, Switzerland: Springer Nature Switzerland AG, 2018. – (Springer Texts in Business and Economics). - Текст: электронный // DB Springer Books [сайт]. - URL: https://link.springer.com/book/10.1007/978-3-319-95762-3