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CORPORATE FINANCE (Vilnius University Faculty of Economics and Business Administration. Finance and Banking Master Programme)

VILNIUS UNIVERSITY


Faculty of Economics and Business Administration

 

FINANCE AND BANKING

The course is dedicated to students ofFinance and Banking Master Programme

Prepared by prof. dr. Arvydas Paškevičius


The aim of the course is to form the theoretical and practical abilities and skills to evaluate a company’s corporate governance; to analyse a capital budgeting problem; to estimate a company’s cost of capital; to evaluate a company’s operating and financial leverage and its working capital management.

Student will be able: to evaluate a company’s corporate governance; to analyse a capital budgeting problems; calculate and interpret the weighted average cost of capital (WACC) of a company; to evaluate a company’s operating and financial leverage; explain the effects of leverage, taxes, financial distress, agency costs, and asymmetric information on a company’s cost of equity, cost of capital, and optimal capital structure; describe the expected effect of regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits on shareholders’ wealth and a company’s financial ratios; describe primary and secondary sources of liquidity and factors that influence a company’s liquidity position; to produce and to analyse the financial statements of a company.

Master of Science in Finance and Banking degree program participate in Chartered Financial Analyst (CFA) University Affiliation Program (UAP). Vilnius University is listed on the University Affiliation Program page on the CFA Institute website.Participation in the CFA University Affiliation Program gives us the opportunity to use the latest CFA instructor materials.

The course consists of 24 hours, 5 credits.

SUBJECT (MODULE) DESCRIPTION

VMA     Dear students, we kindly ask you to fill out a questionnaire

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SYLLABUS

1.    Corporate Governance

1.1. Introduction

1.2. Corporate governance: Objectives and guiding principles

1.3. Forms of business and conflicts of interest

1.4. Specific sources of conflict: Agency relationships

1.5. Corporate Governance Evaluation: Board of director Attributes

1.6. Environmental, social, and governance factors

1.7. Valuation implications of corporate governance

       Lecture Notes               Test Questions

2.    Capital Budgeting

2.1. Introduction

2.2. The capital budgeting process

2.3. Basic principles of Capital Budgeting

2.4. Investment decision criteria

2.5. Cash flow projections

2.6. More on cash flow projections

2.7. Project analysis and evaluation

2.8. Other income measures and valuation modelsThe Balance Sheet

                Lecture Notes             Test Questions

3.    Cost of Capital

3.1. Introduction

3.2. Cost of capital

3.3. Costs of the Different sources of capital

3.4. Topics in cost of capital estimation3.2. Standardized Financial Statements

                  Lecture Notes              TestQuestions

4.    Measures of leverage

4.1. Introduction

4.2. Leverage

4.3. Business risk and financial risk4.4. External Financing and Growth

                  Lecture Notes              Test Questions

5.    Capital Structure

5.1. Introduction

5.2. The Capital Structure Decision

5.3. Practical Issues in Capital Structure Policy

                Lecture Notes                 Test Questions

6.    Dividends and Share repurchases: Basics

6.1. Introduction

6.2. Dividends: Forms

6.3. Dividends: Payment Chronology

6.4. Share Repurchases

6.5. Concluding RemarksPresent and Future Values of Multiple Cash Flows

                   Lecture Notes                   Test Questions

7.    Dividends and Share repurchases: Analysis

7.1. Introduction

7.2. Dividend Policy and Company Value: Theory

7.3. Factors Affecting Dividend policy

7.4. Payout Policies

7.5. Analysis of Dividend Safety

                      Lecture Notes             Test Questions

8.    Working Capital Management

8.1. Introduction

8.2. Managing and measuring Liquidity

8.3. Managing the Cash Position

8.4. Investing Short-term Funds

8.5. Managing accounts Receivable

8.6. Managing Inventory

8.7. Managing Accounts Payable

                    Lecture Notes               Test Questions

9.    Financial Statement Analysis

9.1. Introduction

9.2. Common-Size Analysis

9.3. Financial Ratio Analysis

9.4. Pro Forma Analysis

                  Lecture Notes                    Test Questions

SCHEDULE FOR THE WORK

#

S.D.

Data

Time

Room

Chapter

Notes

1

Tue

11-Sep

17:30-19:00

403

1.Corporate Governance

Homework: Chapter 1 Test Questions

2

Tue

11-Sep

19:10-21:00

403

2.Capital Budgeting

3

Thu

13-Sep

17:30-19:00

403

2.Capital Budgeting

Homework: Chapter 2 and 3 Test Questions

4

Thu

13-Sep

19:10-21:00

403

3.Cost of Capital

5

Fri

14-Sep

17:30-19:00

403

4.Measures of leverage

6

Fri

14-Sep

19:10-21:00

403

4.Measures of leverage

7

Tue

18-Sep

17:30-19:00

403

Test # 1

Homework: Chapter 4 and 5 Test Questions

8

Tue

18-Sep

19:10-21:00

403

5.Capital Structure

9

Thu

20-Sep

17:30-19:00

403

6.Dividends and Share repurchases: Basics

Homework: Chapter 6 and 7 Test Questions

10

Thu

20-Sep

19:10-21:00

403

7.Dividends and Share repurchases: Analysis

11

Tue

21-Sep

17:30-19:00

403

8.Working Capital Management

Homework: Chapter 8 and 9 Test Questions

12

Tue

21-Sep

19:10-21:00

403

9.Financial Statement Analysis

13

Tue

2-Oct

17:30-19:00

EC

Exam

LITERATURE

Michelle R. Clayman, CFA, Martin S. Fridson, CFA, George H. Troughton, CFA.

2012

Corporate Finance: a practical approach

2nd Edition

Wiley

Ross, Stephen A. Westerfield, Randolph W.

Jordan, Bradford D.

2009

Fundamentals of

Corporate Finance

9th Edition

McGraw-Hill/Irwin

Supplementary reading

Kester W. Carl, Richard S. Ruback, Peter Tufano

2010

Case Problems In Finance

Robert F. Bruner, Kenneth Eades, Michael Schill

2010

Case Studies in Finance

EVALUATION

Assessment requirements:

Analysis and solutions of tasks and problems at seminars, interim tests, examination.

Final assessment criteria:

The grade assigned for problem solution at seminars is multiplied by 0.20.

The grade assigned for Test # 1 (closed and open-ended tasks / questions) is multiplied by 0.40.

Examination shall be taken by electronic means at the Examination center. Students are required to solve tasks presented in the test. The grade of the examination is multiplied by 0.4 and shall be added to the final result.

Composition of the final accumulative grade

The final accumulative grade shall be composed of: 

Problem solutions at seminars – 20 %

Test # 1 – 40%

Examination – 40%

        TEST RESULTS   

  



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