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Intermediate Corporate Finance
| Faculteit | Economie en Bedrijfskunde |
| Jaar | 2021/22 |
| Vakcode | EBB079B05 |
| Vaknaam | Intermediate Corporate Finance |
| Niveau(s) | bachelor, uitwisseling |
| Voertaal | Engels |
| Periode | semester II b |
| ECTS | 5 |
| Rooster | rooster |
| Uitgebreide vaknaam | Intermediate Corporate Finance | ||||||||||||||||||||||||||||
| Leerdoelen | Upon completion of the course the student is able to: 1. Combine accounting and other information to derive an overview of the expected cash flows of capital budgeting projects. 2. Describe, explain and compare in considerable detail various valuation techniques, including the WACC method, the APV method and real options.. 3. Describe and explain in considerable detail capital structure and dividend policy theories, and analyse the outcomes under different sets of assumptions. 4. Describe and explain in considerable detail theories about relationships between managerial incentives, information asymmetries and financial decisions. 5. Solve relatively complex capital budgeting and capital structure problems in corporations. 6. Analyse how the various theories can be used to explain phenomena observed in financial markets. 7. Make a well-founded decision about whether or not to apply for a position in the field of finance or to enrol for a master programme in this field. |
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| Omschrijving | In this course, the lessons learnt from studying the valuation of financial assets, will be applied to the valuation of real assets, such as factories and machines. Various methods for real asset valuation will be considered, including the Weighted-Average-Cost-of-Capital method, the Adjusted Present Value method and real options approaches. Also ways to derive expected future cash flows (being an important input for real asset valuations) from accounting statements and other information will be discussed. In addition to the valuation of real assets, the financing of firms will be covered in this course. Taking the irrelevance theorem as a starting point, the course will explore the consequences of, for instance, taxes, agency problems and information asymmetries, on the capital structure of firms. A similar set of arguments will be applied to firms' pay-out policies. | ||||||||||||||||||||||||||||
| Uren per week | variabel | ||||||||||||||||||||||||||||
| Onderwijsvorm |
-gastcollege , -hoorcollege , -werkcollege
(Total contact hours: 33) |
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| Toetsvorm | -schriftelijk tentamen (open vragen) | ||||||||||||||||||||||||||||
| Vaksoort | bachelor | ||||||||||||||||||||||||||||
| Coördinator | dr. L. Dam | ||||||||||||||||||||||||||||
| Docent(en) | B.F.C. Claassen ,dr. L. Dam ,drs. M.E. Helmantel | ||||||||||||||||||||||||||||
| Verplichte literatuur |
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| Entreevoorwaarden | |||||||||||||||||||||||||||||
| Opmerkingen | The course builds on the knowledge obtained from the first year courses Financial Accounting for E&BE and Asset Pricing and Capital Budgeting, and the second year course Capital Structure and Financial Planning. Secretary: Grietje Pol, phone +31(0)50 3633685, e-mail g.pol@rug.nl, room 5411.0836 | ||||||||||||||||||||||||||||
| Opgenomen in |
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