This is an online corporate finance class, composed of an introductory session and 36 more sessions that cover the subject. The material for this class can be obtained online at
http://www.stern.nyu.edu/~adamodar/New_Home_Page/corpfin.html
Aulas do Curso
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Class Setup
Introduction to Class
1
Session 1: Corporate Finance: What is it?
Introduction to Corporate Finance
2
Session 2: The Objective in Corporate Finance
Sets up the objective in corporate finance decision making
3
Session 3: The Objective in Corporate Finance - Reality
Looks at the real world issues with maximizing stock prices.
4
Session 4: Defining and Measuring Risk
Looks at how we define risk in finance and alternate models for risk and return.
5
Session 5: Estimating Hurdle Rates - The Risk free Rate
Estimate the foundation for all discount rates, a risk free rate.
6
Session 6: Estimating Hurdle Rates - Equity Risk Premiums - Historical & Survey
Assess the historical and survey estimates of equity risk premiums as predictors of the future risk premium
7
Session 7: Estimating Hurdle Rates - Implied ERP, Country Risk and Company Risk
Estimate a forward-looking, dynamic equity risk premium and extend risk premium estimation to countries and companies.
8
Session 8: Estimating Hurdle Rates - Regression Betas
Look at how a regression of stock against market returns can help us understanding stock price performance and risk.
9
Session 9: Estimating Hurdle Rates - Betas and Fundamentals
Examine the determinants of betas
10
Session 10: Estimating Hurdle Rates - Bottom up Betas
Estimate beta for a company, starting with its business breakdown and building up.
11
Session 11: Estimating Hurdle Rates - More on bottom up betas
Examine how to estimate betas for emerging market companies and private businesses.
12
Session 12: Estimating Hurdle Rates - Debt & its Cost
Define what goes into debt and what it costs to borrow money
13
Session 13: Estimating Hurdle Rates- Financing Weights & Cost of Capital
Determine the weights to use in estimating a cost of capital & how it differs from a cost of equity
14
Session 14: Investment Returns I- Setting the Table
Contrast earnings with cash flows and explain how to estimate the accounting returns on a project.
15
Session 15: Investment Returns II - Getting to Time Weighted Cash Flows
Go from earnings to cash flows to incremental time-weighted cash flow based measures of return.
16
Session 16: Investment Returns III - Wrapping up Loose Ends
Look at the effects of currency choices on investment analysis & examine how best to deal with uncertainty in analysis
17
Session 17: Optimal Financing Mix I - The Trade Off
Look at the pluses & minuses of using debt, as opposed to equity
18
Session 18: Optimal Financing Mix II- The cost of capital approach
Describe the cost of capital approach to deriving the optimal financing mix for a company
19
Session 19: Optimal Financing Mix III - Following up the Cost of Capital Approach
Evaluate why moving to the optimal financing mix benefits stockholders in a company & deal with concerns
20
Session 20: Optimal Financing Mix IV - Wrapping up the Cost of Capital Approach
Extend the cost of capital approach to a diverse set of companies (cyclical, commodity, private) & examine determinants …
21
Session 21: Optimal Financing Mix V - Alternate Approaches
Look at the Adjusted Present Value (APV) approach as well as sector averages as guides to the optimal financing mix
22
Session 22: Moving to the Optimal Financing Mix
Examine whether & how quickly a firm that has too much or too little debt should move to its "right' mix
23
Session 23: The Right Type of Financing
Determine the right kind of financing for a company & evaluate existing financing to see if it matches up
24
Session 24: Dividend Policy - Trends & Measures
Describe historical patterns/trends in dividend policy & look at measures of dividends paid
25
Session 25: Divided Policy - The Trade Off
Look at the reasons, good and bad, why companies initiate and change dividends
26
Session 26: Dividend Policy - Assessment
Evaluate how much companies can afford to return to stockholders & compare to actual cash returned
27
Session 27: Dividend Policy - Action & Follow Up
Use the dividend assessment to make judgments on whether companies should return more or less cash than they are.
28
Session 28: Dividend Policy - The End Game
Examine how companies end up with dysfunctional dividend policies & how they can change them
29
Session 29: Valuation - First Steps
Lay out different ways in which you can approach valuation and define the key drivers of value
30
Session 30: Valuation - Cash Flows & Discount Rates
Look at the estimation process and challenges associated with estimating cash flows & discount rates in valuation
31
Session 31: Cash Flows & Growth Rates
Cash flows and growth rates, for valuation
32
Session 32: Terminal Value
Rules on keeping terminal value in check
33
Session 33: Valuation Loose Ends
Dealing with the loose ends in valuation
34
Session 34: The Value of Control
A corporate finance view of the value of control
35
Session 35: Relative Valuation
Relative valuation
36
Session 36: Closing Thoughts
Wrapping up the final pieces of Corporate Finance
