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FUNDAMENTALS OF CORPORATE FINANCE (Vilnius University Faculty of Economics and Business Administration. Marketing and Global Business Group)

VILNIUS UNIVERSITY

Faculty of Economics and Business Administration

FUNDAMENTALS OF CORPORATE FINANCE

The course is dedicated to students of Vilnius University, Faculty of Economics and Business Administration, Marketing and global business group
Prepared by prof. dr. Arvydas Paškevičius

The course Fundamentals of Corporate Finance introduces the fundamentals of financial management of a public company, therefore it may be attended by the students who are only starting to study financial disciplines.

The course of Fundamentals of Corporate Finance covers the concepts of cash flows, the fundamentals of financial analysis and introduces the principles of long-term financial planning and various cases of calculation of time value of money.

The purpose of the course is not only to acquaint the students with the fundamental concepts of corporate managerial finance but also to formulate practical skills while solving elementary financial problems. Therefore, the course includes not only theoretical lectures but also practical work and home assignments. The course consists of 48 hours, 5 credits.

SUBJECT (MODULE) DESCRIPTION

VMA 

Examination Centre schedule

How do I find the examination center?

SYLLABUS

1.    Introduction to Corporate Finance

1.1. Corporate Finance and the Financial Manager
1.2. The Forms of Business Organization

1.3. The Goal of Financial Management
1.4. The Agency Problem and Control of the Corporation

1.5. Financial Markets and the Corporation

       Lecture Notes               Test Questions

2. Financial Statements and Cash Flow

2.1. The Balance Sheet
2.2. The Income Statement
2.3. Cash flow

               Lecture Notes             Test Questions 

3. Working with Financial Statements

3.1. Cash Flow and Financial Statements: A Closer Look
3.2. Standardized Financial Statements
3.3. Ratio Analysis
3.4. The Du Pont Identity
3.5. Using Financial Statement information

                  Lecture Notes       Q&P       Test Questions 

4. Long-term Financial Planning and Growth

4.1. What is Financial Planning?
4.2. Financial Planning Models: A First Look
4.3. The Percentage of Sales Approach
4.4. External Financing and Growth

                  Lecture Notes     Q&P        Test Questions 

5. The Time Value of Money

5.1. Future Value and Compounding
5.2. Present Value and Discounting
5.3. More on Present and Future Values

                Lecture Notes      Q&P       Test Questions 

6. Discounted Cash Flow Valuation

6.1. Present and Future Values of Multiple Cash Flows
6.2. Valuing Level Cash Flows: Annuities and Perpetuities
6.3. Comparing Rates: The Effect of Compounding

6.4. Loan Types and Loan Amortization

                   Lecture Notes       Q&P        Test Questions 

7. Interest Rates and Bond Valuation

7.1. Bonds and Bond Valuation

7.2. More on Bond Features

7.3. Bond Ratings

7.4. Some Different Types of Bonds

7.5. Bond Markets

7.6. Inflation and Interest Rates

7.7. Determinants of Bond Rates

                     Lecture Notes     Q&P       Test Questions 

8. Stock Valuation

8.1. Common Stock Valuation

8.2. Some Features of Common and Preferred Stock

8.3. Stock Markets

                   Lecture Notes       Q&P        Test Questions 

LITERATURE

1. Fundamentalsof Corporate Finance, Ross, S. A. 2019.

2.Principles of Corporate Finance, Brealey, Myers, 2010.

3. Financial Management, Ray M. Brooks. 2010.

4. Capital Markets, Fabozzi Modigliani. 2010 .

Textbook materials (access can be granted individually)   Ch1   Ch2   Ch3 Ch4   Ch5   Ch6   Ch7   Ch8   

SCHEDULE

Nr.

S.D.

Data

Time

Room

Chapter

1

Tue

4-Sep

8:30-10:00

210

Introduction to the Course. Introduction to Corporate Finance

2

Tue

4-Sep

10:30-12:00

210

Financial Statements and Cash Flow

3

Tue

11-Sep

8:30-10:00

210

Financial Statements and Cash Flow

4

Tue

11-Sep

10:30-12:00

210

Financial Statements and Cash Flow. The preparation to the test

5

Tue

18-Sep

8:30-10:00

210

Working With Financial Statements

6

Tue

18-Sep

10:30-12:00

210

Working With Financial Statements

7

Tue

25-Sep

8:30-10:00

210

Test #1 (Ch1-2)

8

Tue

25-Sep

10:30-12:00

210

Working With Financial Statements.Long-term Financial Planning and Growth

9

Tue

2-Oct

8:30-10:00

210

Working With Financial Statements. Practice and the preparation to the test.Long-term Financial Planning and Growth

10

Tue

2-Oct

10:30-12:00

210

Long-term Financial Planning and Growth. Practice and the preparation to the test

11

Tue

9-Oct

8:30-10:00

210

Long-term Financial Planning and Growth. Preparation to the test. The Time Value of Money

12

Tue

9-Oct

10:30-12:00

210

The Time Value of Money Discounted Cash Flow Valuation

13

Tue

16-Oct

8:30-10:00

210

Test #2 (Ch3-4) ok

14

Tue

16-Oct

10:30-12:00

210

The Time Value of Money Discounted Cash Flow Valuation

15

Tue

23-Oct

8:30-10:00

210

The Time Value of Money Discounted Cash Flow Valuation

16

Tue

23-Oct

10:30-12:00

210

Discounted Cash Flow Valuation. Practice

17

Tue

30-Oct

8:30-10:00

210

Discounted Cash Flow Valuation. Practice and the preparation to the test

18

Tue

30-Oct

10:30-12:00

210

Discounted Cash Flow Valuation. Practice and the preparation to the test

19

Tue

6-Nov

8:30-10:00

210

Test #3 (Ch5-6)

20

Tue

6-Nov

10:30-12:00

210

Interest Rates and Bond Valuation.

21

Tue

13-Nov

8:30-10:00

210

Interest Rates and Bond Valuation. Practice and the preparation to the test. Stock Valuation.

22

Tue

13-Nov

10:30-12:00

210

Stock Valuation. Practice and the preparation to the test.

23

Tue

20-Nov

8:30-10:00

210

Stock Valuation. Practice and the preparation to the test.

24

Tue

20-Nov

10:30-12:00

210

Stock Valuation. Practice and the preparation to the test.

25

Tue

27-Nov

8:30-10:00

EC

Test #4 (Ch7-8)

26

Tue

4-Dec

8:30-10:00

EC

Exam


EVALUATION

Assessment requirements:

Analysis and solutions of tasks and problems at seminars, attendance of lectures and practical classes, interim tests, examination.

Final assessment criteria:

The grade assigned for problem solution at seminars is multiplied by 20%.

Colloquium tests shall be taken by electronic means at the Examination center. Students are required to solve not less than 50% of all tasks presented in four tests. Where the grade for the colloquium is above 5, it is multiplied by 20% and shall be added to the final result. It is necessary to pass all 4 tests. Students who during semester have passed all tests and have accumulated positive assessment may be absent exam.

Composition of the final accumulative grade:

The final accumulative grade shall be composed of:

Problem solutions at seminars and lectures – 20 %

Grade from colloquium 1 – 20% (CH 1-2) ()

Grade from colloquium 2 – 20%   (CH 3-4) ()

Grade from colloquium 3 – 20%   (CH 5-6) ()

Grade from colloquium 4 – 20%   (CH 7-8) ()

Exam   

TEST RESULTS

  



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