Магистратура
2025/2026
Корпоративные финансы
Статус:
Курс обязательный (Магистр аналитики бизнеса)
Где читается:
Факультет экономических наук
Когда читается:
1-й курс, 2, 3 модуль
Онлайн-часы:
20
Охват аудитории:
для своего кампуса
Язык:
английский
Кредиты:
6
Контактные часы:
22
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
- 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. Understand the connection between key concepts of corporate finance and financial decisions. Apply theoretical concepts to real companies in emerging markets.
Expected Learning Outcomes
- to assess corporate performance applying value creation, or economic profit criteria at different life cycle stages of real world firms;
- to apply differentiate methods for cost of debt and cost of equity analysis for developed markets as compared to emerging capital markets and be capable to incorporate country risk, currency risk and other premiums;
- to understand major empirical methods for verification of motives for corporate financing and payout policies and apply these frameworks for identification of motives behind different financial decisions of real world corporations;
- to assess the interaction of financing and payout policies in real world companies;
- to choose and apply methods of determining the optimal leverage for non-financial firms;
- to analyze the types of financial architecture of real life firms and their possible impact over corporate performance;
- to apply real options valuation (ROV) techniques to investing decisions;
- to identify the impact of internal capital market on corporate decisions and performance;
- to apply the framework for synergy analysis in strategic deals;
- to apply value creation framework for different types of corporate restructuring;
Course Contents
- Topic 1-1. Corporate finance framework for company analysis. Part 1
- Topic 1-2 Corporate finance framework for company analysis. Part 2
- Topic 2. Designing capital structure decisions. The trade-off framework
- Topic 3. Designing capital structure decisions. Agency costs and Information
- Topic 4. Corporate cost of capital.
- Topic 5.Returning Cash to Shareholders. Disappearing dividends
- Topic 6-1. Investing decisions under uncertainty (Part 1)
- Topic 6-2. Investing decisions under uncertainty. (Part 2: Expert’s insights and case of investing in electricity generation industry)
- Topic 7. Real options: managerial flexibility and corporate decisions
- Topic 8. Corporate financial architecture
- Topic 9. Corporate financial design: Internal capital markets
- Topic 10. Strategic deals and market for corporate control
- Topic 11. Changing corporate landscape: Expert insights (Ilya Partin)
- Topic 12. CEO personal traits, incentives and corporate financial decisions
Assessment Elements
- Introductory project - stage 1
- Introductory project - stage 2
- Capstone project - stage 1
- Capstone project - stage 2
- Capstone project - stage 3
- Capstone project - stage 4
- Capstone project final presentation (stage 5)
- Case studies (mean value)
- Tests across topics 8-12
Interim Assessment
- 2025/2026 3rd module0.06 * Capstone project - stage 1 + 0.06 * Capstone project - stage 2 + 0.06 * Capstone project - stage 3 + 0.07 * Capstone project - stage 4 + 0.3 * Capstone project final presentation (stage 5) + 0.25 * Case studies (mean value) + 0.05 * Introductory project - stage 1 + 0.05 * Introductory project - stage 2 + 0.1 * Tests across topics 8-12