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Corporate Finance

2021/2022
Учебный год
ENG
Обучение ведется на английском языке
5
Кредиты
Кто читает:
Практико-ориентированные магистерские программы факультета экономических наук
Статус:
Курс обязательный
Когда читается:
1-й курс, 2, 3 модуль

Преподаватель

Course Syllabus

Abstract

The course develops conceptual framework to analyze the broad area of corporate financial decisions (investing, financing, payout, strategic deals) and provides the prevailing empirical evidence for their motives and corporate performance impact in developed and emerging capital markets. It covers topics in corporate financial architecture including governance issues and board’s role, ownership structure and how particular types of architecture influence corporate performance of a firm. It is among core professional compulsory courses of the program and provides theoretical background to other financial courses in the program and core research workshop “Research methods in finance and accounting”.
Learning Objectives

Learning Objectives

  • Understand the connection between key concepts of corporate finance and financial decisions.
  • Know the key concepts of corporate finance and the recent trends in financial studies.
  • Know what empirical research is based on theoretical arguments in the field.
  • Apply theoretical concepts to real companies in emerging markets.
Expected Learning Outcomes

Expected Learning Outcomes

  • 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;
  • Understand major empirical methods to analyze corporate financing policy, payout policy;
  • Understand possible impact of the corporate governance mechanism over performance;
  • Be able to apply different methods to determine the life cycle of the firm;
  • Be able to apply the real options techniques to capital budgeting problems;
  • Be able to choose and apply methods of determining the optimal leverage for non-financial firms;
  • 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;
Course Contents

Course Contents

  • Topic 1. Corporate finance framework for company analysis. Introduction to finance-based Models. Life Cycle of Organizations. Knowledge Economy. Expert’s insights
  • Topic 2. Designing capital structure decisions. The trade-off framework in Capital Structure Decisions. Capital Structure Theory: expert’s insights
  • Topic 3. Corporate cost of capital. Returning Cash to Shareholders. Disappearing dividends. CAPM Models & Cost of Debt. Payout Policies.
  • Topic 4. Investing Decisions Under Uncertainty. Making Investment decisions. Expert’s insights: Case for Projects on Electricity Generation. Expert’s insights: Working with Tables.
  • Topic 5. Managerial Flexibility. Real Options Analysis and Its Applications. Managerial Flexibility. Real Options Analysis and Its Applications. Corporate Financial Architecture.
  • Topic 6. Corporate Financial Architecture. Corporate Financial Design: Corporate Diversification and Internal capital market. Changing Corporate Landscape by strategic deals. Changing Corporate Landscape by strategic deals. Expert’s insights.
  • Topic 7. Changing Corporate Landscape by Successful Turnaround Strategies. Changing Corporate Landscape by Successful Turnaround Strategies. Expert’ s Insights. The Impact of CEO Incentives and Behavioral Characteristics on Corporate Policies.
  • Topic 8. Corporate Financial Architecture
  • Topic 9. Corporate Financial Design: Internal capital market
  • Topic 10. Strategic deals and the market for corporate control. Part 1.
  • Topic 11. Strategic deals and the market for corporate control. Business Expert’ s Insights .
  • Topic 12.Changing corporate landscape by successful turnaround strategies. Business Expert’ s Insights
  • Topic 13. The impact of CEO incentives and behavioral characteristics on corporate policies
Assessment Elements

Assessment Elements

  • non-blocking Cumulative mark
  • non-blocking Final exam: Group project
Interim Assessment

Interim Assessment

  • 2021/2022 3rd module
    0.5 * Final exam: Group project + 0.5 * Cumulative mark
Bibliography

Bibliography

Recommended Core Bibliography

  • Berk, J. B., & DeMarzo, P. M. (2017). Corporate Finance: The Core, Global Edition: Vol. Fourth edition. Pearson.
  • 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.

Recommended Additional Bibliography

  • Damodaran, A. (2015). Applied Corporate Finance (Vol. Fourth edition). Hoboken, New Jersey: Wiley. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsebk&AN=1639191