International Corporate Finance

2023/2024

Учебный год

ENG

Обучение ведется на английском языке

3

Кредиты

Кто читает:

Школа финансов

Статус:

Курс по выбору

Когда читается:

1-й курс, 4 модуль

Преподаватель

Черкасова Виктория Артуровна

Course Syllabus

Abstract

This course is an advanced level corporate finance course. The key goal is to provide the student with sufficient knowledge to understand the logic of the modern financial analysis of strategic decisions in multinational corporations including investment and financing policies. The course is focused on the specific features of decision-making process in multinational corporations in emerging capital markets. The first part of the course constitutes the introduction to the analysis of currency and country risks of multinational corporation. The second part of the course reviews specific tools and techniques applicable to the investment valuation of multinational company in emerging capital markets. The third part is devoted to managing the financial flows of a multinational company. The course includes 5 case studies on (1) investment valuation in multinational corporation and country risk analysis; (2) managing currency risk exposure; (3) raising capital in emerging capital markets; (4) creating the budgeting in international subsidiary 5) taxes accounting in investment strategy. The course covers such topics as types of risks of multinational corporation; currency risk in international projects; specific features of investment valuation for international projects; capital structure with the focus on particularities of raising capital in emerging capital markets; transfer mechanisms in multinational corporation.

Learning Objectives

• • Main features multinational companies and explain why we should pay attention to international character of the company • Key hedging techniques applicable to currency risk of international project • How and when to use derivatives as currency risk hedging instrument • The logic and the mechanism of raising the capital by multinational companies • Inclusion of changes in exchange rates and inflation in the analysis of foreign investments.

Expected Learning Outcomes

• • Be able to classify the risks of multinational corporation • Be able to evaluate the currency risk exposure
• • Be able to describe the process of raising the capital by multinational companies and analyze different instruments of capital markets available for multinational companies
• • Be able to take into account the international character of the business while making equity valuation • Be able to value the potential investment projects of the multinational company
• - evaluate working capital and transform it into international reporting
• - transform transfer pricing into international reporting

Course Contents

• Topic 1. Risk and performance of international investment projects
• Topic 2. Country risk and financing of international projects
• Topic 3. Сapital budgeting in multinational companies
• Topic 4. Current asset management and short-term financing
• Topic 5. Managing the financial flows of a multinational company

Assessment Elements

• Кейс 1
• Кейс 2
• Кейс 3
• Кейс 4

Interim Assessment

• 2023/2024 4th module
  0.25 * Кейс 1 + 0.25 * Кейс 2 + 0.25 * Кейс 3 + 0.25 * Кейс 4

Bibliography

Recommended Core Bibliography

• Butler, K. C. (2016). Multinational Finance : Evaluating the Opportunities, Costs, and Risks of Multinational Operations (Vol. Sixth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1221493
• 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
• Eiteman, D. K., Stonehill, A. I., & Moffett, M. H. (2013). Multinational Business Finance: Global Edition (Vol. Global ed., 13th ed). Boston [Mass.]: Pearson. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1417955
• Moffett, M. H., Stonehill, A. I., & Eiteman, D. K. (2016). Fundamentals of Multinational Finance, Global Edition: Vol. Fifth edition, Global edition. Pearson.
• Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, & Antonio Salvi. (2018). Corporate Finance : Theory and Practice. Post-Print. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsrep&AN=edsrep.p.hal.journl.hal.02298273
• Tse, T. C. M. (2018). Corporate Finance: The Basics. Abingdon, Oxon: Routledge. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1588504

Recommended Additional Bibliography

• Wiley Finance : International Corporate Finance Jacque, Laurent L. John Wiley & Sons, Incorporated 2014 ISBN: ISBN number:9781118781869, ISBN number:9781118783696