Bachelor
2022/2023
Business Valuation
Type:
Elective course (World Economy)
Area of studies:
Economics
Delivered by:
School of World Economy
When:
4 year, 3 module
Mode of studies:
offline
Open to:
students of all HSE University campuses
Language:
English
ECTS credits:
4
Contact hours:
32
Course Syllabus
Abstract
The course “Business valuation” focuses on the main valuation methods and techniques used to determine the real value of a firm. The course is aimed to improve students’ skills to analyze financial statements of a company and to determine its price. It would let students understand how to distinguish value creation from value destruction and how to select the appropriate method of business valuation for any given situation. The course also touches upon the key principles of valuation for insolvency proceedings, for IPO and M&A and cross-country comparison of valuation legislation and standards. The special issue analyzed within the course is Value creation. It covers such questions as fundamentals of corporate and equity valuation; principles of portfolio analysis; corporate real options. Case studies will be the main tool to learn practical applications of various valuation theories and instruments.
Learning Objectives
- to provide theoretical overview of key methods applied to value different types of business and assets;
- to improve students’ skills to analyze financial statements of a company and to determine its’ price
- to understand how to distinguish value creation from value destruction
- to understand how to select the appropriate method of business valuation for any given situation
Expected Learning Outcomes
- Can choose correct methods and instruments for specific valuation cases.
- understand key features of the key approaches to valuation and can define the most commonly applied standards of value
- understand specific features of valuation process for different purposes
Course Contents
- Business valuation: basic concepts
- Using Financial Statements for valuation and analysis
- Valuation approaches and methods
- Value creation
- Valuation law and standards: cross-country comparison
- Special valuation issues
- Case study analysis
Interim Assessment
- 2022/2023 3rd module0.25 * Final exam + 0.25 * Group project + 0.3 * Valuation report + 0.2 * (Quiz1+Quiz2+Quiz3+Quiz4+MOOC)/5
Bibliography
Recommended Core Bibliography
- Financial analysis: collection of case studies: Учебное пособие / Казакова Н.А., Дун И.Р., Бобкова М.П. - М.:НИЦ ИНФРА-М, 2018. - 54 с.: 60x90 1/16 ISBN 978-5-16-106744-4 - Режим доступа: http://znanium.com/catalog/product/972205
Recommended Additional Bibliography
- Mard, M. J., Hyden, S. D., & Hitchner, J. R. (2007). Valuation for Financial Reporting : Fair Value Measurements and Reporting, Intangible Assets, Goodwill and Impairment (Vol. 2nd ed). Hoboken, N.J.: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=218516