- To provide students with knowledge and skills in taking corporate financial and investment decisions, develop analytic instruments to assess the effectiveness and efficiency of such decisions, elaborate models of corporate financial management.
- Students have knowledge in modern concepts of corporate finance; principles of the corporate financial policy; principles of investment decision-taking; methods of project efficiency measurement; basic principles of valuation; models of valuation
- Students are able to apply modern models for the analysis of capital structure, dividend policy, the financial architecture of the company, financial corporate control and corporate governance; to reveal the fundamental factors affecting corporate financial and investment decisions; to evaluate the efficiency of investment projects of different types
- Students are able to calculate the cost of capital, to analyze empirical data that determines risk factors; to build long-term and short-term financial models, describing the company's growth; to understand the principles of the credit policy of the company, the relationship of long-term and short-term decisions and their impact on the company’s value; to perform the company’s valuation based on different approaches.
- Students have skills in analysis of the corporate capital structure; calculating the need for external financing of the corporation; estimation of elements of capital; investment decision-taking; business valuation.
- Present and Future Values. NPV, IRR, Payback
- Valuation of Bonds
- Valuation of Common Stocks
- Introduction to Risk and Return trade off
- Portfolio Theory and CAPM
- Cost of Capital
- Capital Budgeting
- Financing Decisions
- Payout Policy and Capital Structure
- Derivatives: options, forwards and futures
- International Corporate Finance
- 2-Homework projects
- End Term ExamThe exam is to be held in written form on the https://et.hse.ru/ online platform. The exam will be synchronously proctored via the “Examus” proctoring system (https://hse.student.examus.net). It is necessary to login 15 minutes before the exam is due to begin. Every student can test the “Examus” system here: https://student.examus.net/?sessionId=24799&serverOrigin=https://stage.examus.net/. Student must be familiarized with information on proctoring, and follow the rules mentioned in the guidelines: https://spb.hse.ru/mirror/pubs/share/367863268.pdf. During the exam it is allowed to use MS Excel, calculators and make notes on the blank piece of paper. Usage of other devices, materials, software or any other violation of exam rules are strictly prohibited and, if identified, will be penalized with reduction of grade for the test to 0.
- Assignment & Class Participations
- Mid Term
- Interim assessment (4 module)0.2 * 2-Homework projects + 0.1 * Assignment & Class Participations + 0.4 * End Term Exam + 0.3 * Mid Term
- Vernimmen, P. (2017). Corporate Finance : Theory and Practice (Vol. Fifth edition). Hoboken: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1606902
- Jensen, M. C. (2010). Value Maximization, Stakeholder Theory, and the Corporate Objective Function. Journal of Applied Corporate Finance, 22(1), 32–42. https://doi.org/10.1111/j.1745-6622.2010.00259.x