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CORPORATE FINANCE (BS at Vilnius University 3'rd year International Business Group)

                                VILNIUS UNIVERSITY 
                                    BUSINESS SCHOOL 

International Business Group

FUNDAMENTALS OF CORPORATE FINANCE

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

 

ORGANIZATION OF STUDIES

Dear students
The Rector provides the opportunity to conduct studies remotely.
When organizing studies remotely, we will take advantage of several programs.
First, this page, which contains all the information (lectures, syllabi, exercise tasks, case study tasks, and exam questions).
Second, the VMA e-learning, where you will find pilot tests, an exam that will be held remotely from home and a link to this page.
Third,we will organize lectures, seminars, consultations and exams using the MS teams program. For instructions on how to install MS Teams can be found HOW TO ATTEND A VIDEO LECTURE (Instructions in English are given at the end).

After installing MS Teams, use the link to join the    International business 3k. CORPORATE FINANCE

 

SCHEDULE

 

Nr.

S.D.

Data

Time

Room

Chapter

Notes

1

Thu

17-Sep

9:00-10:30

 online

Introduction to the Course. Introduction to Corporate Finance

Homework: 1 topic test questions

2

Thu

17-Sep

11:00-12:30

 online

Introduction to Corporate Finance. The preparation to the test

3

Thu

24-Sep

9:00-10:30

online

Financial Statements and Cash Flow

4

Thu

24-Sep

11:00-12:30

online

Financial Statements and Cash Flow. The preparation to the test

Homework: Chapter 2 test questions

5

Thu

1-Oct

9:00-10:30

online

Financial Statements and Cash Flow. The preparation to the test

6

Thu

1-Oct

11:00-12:30

online

Working With Financial Statements

Homework: Preparing for the test. Self-test

7

Thu

8-Oct

9:00-10:30

online

Test #1 (Ch1-2)

It is mandatory to turn on the MS TEAMS and the video camera during the test

8

Thu

8-Oct

11:00-12:30

online


Homework: Chapter 3 Questions and Problems #1-17,26,29 (page 88-89) 

9

Thu

15-Oct

9:00-10:30

online

Long-term Financial Planning and Growth

10

Thu

15-Oct

11:00-12:30

online

Working With Financial Statements. Practice and the preparation to the test. 

Homework: Chapter 3 test questions         Chapter 4 Q&P # 1-14 (page 120-123).  Chapter 4 test questions 

11

Thu

22-Oct

9:00-10:30

online

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

12

Thu

22-Oct

11:00-12:30

online

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

Homework: Preparing for the test #2. Self-test

13

Thu

29-Oct

9:00-10:30

online

Test #2 (Ch3-4)

It is mandatory to turn on the MS TEAMS and the video camera during the test

14

Thu

29-Oct

11:00-12:30

online

The Time Value of Money 

Homework: Chapter 5 Q&P # 1-10 (page 152-153).  Chapter 5 test questions               

15

Thu

5-Nov

9:00-10:30

online

Discounted Cash Flow Valuation 

16

Thu

5-Nov

11:00-12:30

online

The Time Value of Money.  Practice and the preparation to the test.

Homework: Chapter 6 Q&P # 1-15 (page 191-192).  Chapter 6 test questions 

17

Thu

12-Nov

9:00-10:30

online

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

18

Thu

12-Nov

11:00-12:30

online

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

Homework: Preparing for the test #3. Self-test

19

Thu

19-Nov

9:00-10:30

online

Test #3 (Ch5-6)

It is mandatory to turn on the MS TEAMS and the video camera during the test

20

Thu

19-Nov

11:00-12:30

online

Interest Rates and Bond Valuation.

Homework: Chapter 7 Q&P # 1-12, 15 (page 238-239).  Chapter 7 test questions 

21

Thu

26-Nov

9:00-10:30

online

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

22

Thu

26-Nov

11:00-12:30

online

Stock Valuation. 

Homework: Chapter 8 Q&P # 1-12, (page  267-268).  Chapter 8 test questions 

23

Thu

3-Dec

9:00-10:30

online

Stock Valuation. Practice and the preparation to the test.

24

Thu

3-Dec

11:00-12:30

online

Stock Valuation. Practice and the preparation to the test.

Homework: Preparing for the test #4. Self-test

25

Thu

10-Dec

9:00-10:30

online

Test #4 (Ch7-8)

It is mandatory to turn on the MS TEAMS and the video camera during the test
Homework: Preparing for the examination. Self-test #1, Self-test #2, Self-test #3, Self-test #4, 

26

Thu

17-Dec

9:00-10:30

online

EXAM

It is mandatory to turn on the MS TEAMS and the video camera during the EXAM

 

SYLABUS

 

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 .

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%

Grade from colloquium 2 – 20%

Grade from colloquium 3 – 20%

Grade from colloquium 4 – 20%

TEST RESULTS

  



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