Бакалавриат
2025/2026
Основы банковского дела и финансы
Статус:
Курс обязательный (Международная программа по экономике и финансам)
Кто читает:
Международный институт экономики и финансов
Где читается:
Международный институт экономики и финансов
Когда читается:
2-й курс, 1, 2 семестр
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
10
Контактные часы:
116
Course Syllabus
Abstract
This course provides an introduction to the discipline of Finance and is designed as a foundational course upon which more specialised finance courses build. The course is divided into two parts. The first part revolves around asset pricing theory and its application to the valuation of securities that are traded in financial markets (eg, stocks, bonds, and derivatives). The second part focuses on corporate finance and introduces firms’ investment and financing decisions and their implications for firm value.
Learning Objectives
- The course provides students with foundational analytical and institutional knowledge finance.
- • The first part of the course emphasizes the key concepts of modern theory of finance such as the time value of money, the absence of arbitrage, the trade-off between risk and expected returns, the notion of diversifiable risk and its implications for asset pricing, and the different forms and tests of market efficiency. At the end of this part, students should be able to discuss the main theoretical and empirical drivers of financial and real asset valuation. Students are also expected to acquire general knowledge about standard financial assets and the risks they carry.
- • The second part of the course focuses on the core principles of corporate finance, including firms’ investment and financing decisions and their implications for firm value. Emphasis is placed on capital budgeting and project evaluation, the cost of capital, capital structure choices, and corporate valuation. By the end of this part, students should be able to evaluate investment projects, estimate cash flows, apply standard capital budgeting techniques, and understand the trade-offs firms face when choosing between equity and debt financing. Students are also expected to acquire a working knowledge of the main capital structure theories and valuation methods used in practice.
Expected Learning Outcomes
- Discuss whether stock prices reflect all available information, and evaluate the empirical evidence on informational efficiency in financial markets
- Discuss why financial systems exist, and how they are structured
- Explain how to value financial assets (bonds and stocks)
- Explain how to value real assets and financial assets, and use the key capital budgeting techniques (Net Present Value and Internal Rate or Return)
- Understand how risk affects the return of a risky asset, and hence how risk affects the value of the asset in equilibrium under the fundamental asset pricing paradigms (Capital Asset Pricing Model and Asset Pricing Theory)
- Identify and explain the defining characteristics of a corporation versus other forms of business organisation and discuss the financial management implications of these differences.
- List and explain the types of securities that firms can issue to finance themselves, and their constituent features.
- Calculate and apply different costs of capital in valuation.
- Evaluate whether a project should be undertaken by a firm and how a project should be financed.
- Understand, explain, and apply different capital structure theories.
- Estimate the value of a firm using discounted cash flow analysis and trading multiples.
Course Contents
- Introduction
- Financial markets and instruments
- Capital Budgeting and Valuation
- Valuation of Fixed-Income Securities
- Risk and return
- Asset pricing theories
- Stock valuation
- Derivatives
- Introduction to Corporate Finance
- Capital Budgeting Decisions
- Cost of Capital
- Capital Structure Choice
- Corporate Valuation
Assessment Elements
- ParticipationLecture quizzes are performed during the lecture using an online tool and should be taken while physically present at the lecture. Lecture quizzes are closed-book quizzes. They are designed to test the students' understanding of the material. Classwork tasks include elements of soft skills development such as teamwork, communication abilities, and management skills. Classwork includes participation in seminar discussions, problem-solving (individually and in groups), group presentation on several topics.
- Final examIn order to get a passing grade for the course, the student must sit (all parts) of the examination.
- October midterm
- Home assignments
- Spring midterm
- Winter midterm
Interim Assessment
- 2025/2026 2nd semester0.4 * Final exam + 0.1 * Home assignments + 0.08 * October midterm + 0.15 * Participation + 0.15 * Spring midterm + 0.12 * Winter midterm
Bibliography
Recommended Core Bibliography
- Corporate finance, Berk, J., 2007
- Financial institutions management : a risk management approach, Saunders, A., 2018
- Financial markets and institutions, Mishkin, F. S., 2018
- Fundamentals of corporate finance, Berk, J., 2021
- Principles of corporate finance, Brealey, R. A., 2020
Recommended Additional Bibliography
- Financial theory and corporate policy, Copeland, T. E., 2005
- Ross, S. A., Westerfield, R., & Jordan, B. D. (2012). Fundamentals of corporate finance. Slovenia, Europe: McGraw-Hill. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=edsbas&AN=edsbas.D5D5B17E