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Regular version of the site

Investment Management

2022/2023
Academic Year
ENG
Instruction in English
3
ECTS credits
Delivered at:
School of Finance
Course type:
Elective course
When:
4 year, 3 module

Instructors


Пупшев Андрей Сергеевич

Course Syllabus

Abstract

The main topics covered include: (1) project evaluation criteria (2) justification for required level of cost of capital (3) project evaluation under uncertainty (4) investment program creation. In the course are used the adapted situations from the practice of Russian companies. Participants will have the opportunity to apply this knowledge to the investment projects evaluation in real companies in emerging capital markets. As a result, students obtain theoretical knowledge and practical skills in the analysis of the investment project; use these results in justification of optimal management decisions, in the strategy development and tactics of financial and investment activities. The course is taught in collaboration with the managers and partners of Ernst & Young Company. The lower limit of the rating when selecting applicants is 5
Learning Objectives

Learning Objectives

  • The course aims to study methods of investment projects efficiency, to receive investment analysis skills required in developing company's strategy.
Expected Learning Outcomes

Expected Learning Outcomes

  • to analyze and interpret financial and analytical information, work with data from company’s financial statements (ПК-7) – cases, practical exercises, analytical tasks
  • to apply traditional criteria of project valuation (ПК-2) – cases, practical exercises, analytical tasks
  • to get and use the necessary information from open excess to apply it to project valuation (ПК-4) – cases, analytical tasks
  • to work in teams (СЛК-7) – cases, analytical tasks based on real information
  • to work with information from a variety of sources (ИК- 4) – analytical tasks that assume the calculation cost of capital, cash flows based on the data from financial statements
Course Contents

Course Contents

  • 1. Financial modelling in project evaluation
  • 2. Project analysis under certainty
  • 3. Investment program creation
  • 4. Experience of international consultants in Russia (Ernst&Young).
  • 5. Project analysis under risk
  • 6. Coordination of project participants
Assessment Elements

Assessment Elements

  • non-blocking Class participation
  • non-blocking Team projects
    Feasibility study of the project for Ernst&Young company includes (it is necessary to choose a project either with state participation or with foreign investor and prepare): 1. The main participants of the project 2. The preparation of technical and economic proposals 3. Determination of the capital structure and its cost 4. Determination of the main technical and economic parameters 5. Preparation of a financial model with forecasts of future cash flows 6. Industry analysis as the most important stage in the preparation of the technical and economic proposals 7. Calculations of financial indicators 8. Conducting sensitivity analysis 9. Using of scenario method to assess project risks. Teams consist of 4-6 people.
  • non-blocking Midterm test
    The midterm consists of 5 cases. It is necessary to write solutions to these cases. Time of writing for first midterm is 1 hour 30 min. Students can use printed lecture presentations, tables with annuities and a calculator.
Interim Assessment

Interim Assessment

  • 2022/2023 3rd module
    0.25 * Team projects + 0.05 * Class participation + 0.7 * Midterm test
Bibliography

Bibliography

Recommended Core Bibliography

  • Борисова, О. В.  Инвестиции в 2 т. Т. 1. Инвестиционный анализ : учебник и практикум для бакалавриата и магистратуры / О. В. Борисова, Н. И. Малых, Л. В. Овешникова. — Москва : Издательство Юрайт, 2019. — 218 с. — (Бакалавр и магистр. Академический курс). — ISBN 978-5-534-01718-2. — Текст : электронный // Образовательная платформа Юрайт [сайт]. — URL: https://urait.ru/bcode/432922 (дата обращения: 28.08.2023).

Recommended Additional Bibliography

  • Инвестиционный анализ : учебное пособие / И.Ф. Смирнов. — Москва : ИНФРА-М, 2019. — 232 с. - Режим доступа: http://znanium.com/catalog/product/1045169
  • Инвестиционный анализ / Блау С.Л., - 2-е изд. - Москва :Дашков и К, 2018. - 256 с.: ISBN 978-5-394-02843-4 - Текст : электронный. - URL: http://znanium.com/catalog/product/512662